Newtek Business Services
Annual Report 2021

Plain-text annual report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-K For the fiscal year ended December 31, 2021 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to_____ Commission file number: 814-01035 NEWTEK BUSINESS SERVICES CORP. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 4800 T Rex Avenue, Suite 120, Boca Raton, Florida (Address of principal executive offices) 46-3755188 (I.R.S. Employer Identification No.) 33431 (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 Common Stock, par value $0.02 per share 5.75% Notes due 2024 5.50% Notes due 2026 Trading Symbol(s) NEWT NEWTL NEWTZ Name of each exchange on which registered Nasdaq Global Market LLC Nasdaq Global Market LLC Nasdaq Global Market LLC Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No x Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No x 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 Non-accelerated filer x o Accelerated filer Smaller reporting company Emerging growth company o o 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes x No ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $740.2 million as of the last business day of the registrant’s second fiscal quarter of 2021, based on a closing price on that date of $34.92 on the Nasdaq Global Market. For the purposes of calculating this amount only, all directors and executive officers of the Registrant have been treated as affiliates. As of February 28, 2022, there were 24,158,694 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share. Portions of the registrant’s definitive Proxy Statement relating to the registrant’s 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days following the end of the Company’s fiscal year, are incorporated by reference in Part III of this Annual Report on Form 10-K as indicated herein. DOCUMENTS INCORPORATED BY REFERENCE NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES TABLE OF CONTENTS Item 1. 1A. 1B. 2. 3. 4. 5. 6. 7. Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Mine Safety Disclosures PART I PART II Market for the Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities [Reserved] Management’s Discussion and Analysis of Financial Condition and Results of Operations 7A. Quantitative and Qualitative Disclosures About Market Risk 8. 9. 9A. 9B. 9C. 10. 11. 12. 13. 14. Consolidated Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PART III Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships, Related Party Transactions and Director Independence Principal Accounting Fees and Services PART IV 15. Exhibits and Financial Statement Schedules Exhibits Index Signatures Financial Statements Page 9 43 89 90 90 90 91 99 100 123 123 123 123 124 124 124 125 125 125 125 125 125 129 130 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 2016-1 Trust 2017-1 Trust 2018-1 Trust 2019-1 Trust 2021-1 Trust 2022 Notes 2023 Notes 2024 Notes 2025 Notes 2026 Notes Investment Company Act of 1940, as amended Newtek Small Business Loan Trust, Series 2016-1, terminated in December 2021 Newtek Small Business Loan Trust, Series 2017-1 Newtek Small Business Loan Trust, Series 2018-1 Newtek Small Business Loan Trust, Series 2019-1 Newtek Small Business Loan Trust, Series 2021-1 7.50% Notes due 2022, redeemed in August 2019 6.25% Notes due 2023, redeemed in February 2021 5.75% Notes due 2024 6.85% Notes due 2025 5.50% Notes due 2026 First Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents Accounting Standards Codification, as issued by the FASB Accounting Standards Updates, as issued by the FASB Second Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents Equity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents Equity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents Business Development Company under the 1940 Act The Company's board of directors Capital One Bank, National Association Internal Revenue Code of 1986, as amended Deutsche Bank AG The Company's dividend reinvestment plan Earnings before interest, taxes, depreciation and amortization The Company's 2015 Equity Incentive Plan Securities Exchange Act of 1934, as amended Financial Accounting Standards Board London Interbank Offered Rate Net Asset Value Revolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL, and Capital One Revolving Credit and Security Agreement between NBL SPV2, LLC, a wholly-owned subsidiary of NBL, and Deutsche Bank National Bank of New York City Unsecured revolving line of credit agreement between NMS as lender and Newtek as borrower Preferred Lender Program, as authorized by the SBA Paycheck Protection Program Unsecured revolving line of credit agreement between NMS as lender and Newtek as borrower Regulated investment company under the Code Standard and Poor's United States Small Business Administration Small Business Lending Company U.S. Securities and Exchange Commission Amended 2019 ATM Distribution Agreement ASC ASU 2017 ATM Equity Distribution Agreement 2019 ATM Equity Distribution Agreement 2020 ATM Equity Distribution Agreement BDC Board Capital One Code Deutsche Bank DRIP EBITDA Equity Incentive Plan Exchange Act FASB LIBOR NAV NBL Capital One Facility NBL Deutsche Bank Facility NBNYC Related Party RLOC PLP PPP Related Party RLOC RIC S&P SBA SBLC SEC SMB Sterling Sterling Receivable and Inventory Facility Stock Purchase Agreement Taxable Subsidiaries Trustee U.S. GAAP or GAAP Small-and-medium sized businesses Sterling National Bank Loan and Security Agreement between NBC and Sterling, as lender, to fund accounts receivable and inventory financing arrangements Stock Purchase Agreement dated August 2, 2021, between the Company, NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC Companies formed by Newtek which are taxed as corporations for income tax purposes U.S. Bank, National Association Generally accepted accounting principles in the United States Portfolio Companies and Subsidiaries NSBF NBL NCL Exponential NMS Premier Mobil Money NTS IPM SIDCO EWS NBC SBL BSP NPS or PMT NIA TAM EMCAP POS Newtek Small Business Finance, LLC, a consolidated subsidiary Newtek Business Lending, LLC, a wholly-owned controlled portfolio company Newtek Conventional Lending, LLC, a 50% owned portfolio company Exponential Business Development Co., Inc., a Taxable Subsidiary Newtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company Premier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018 Mobil Money, LLC, a wholly-owned controlled portfolio company Newtek Technology Solutions, Inc., a wholly-owned controlled portfolio company International Professional Marketing, Inc., a former wholly-owned controlled portfolio company which merged into NTS on July 1, 2021 SIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company Excel WebSolutions, LLC, a wholly-owned controlled portfolio company CDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company Small Business Lending, LLC, a wholly-owned controlled portfolio company ADR Partners, LLC dba banc-serv Partners, LLC, a former wholly-owned controlled portfolio company PMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company Newtek Insurance Agency, LLC, a wholly-owned controlled portfolio company Titanium Asset Management LLC, a wholly-owned controlled portfolio company EMCAP Loan Holdings, LLC POS on Cloud, LLC, dba Newtek Payment Systems, a controlled portfolio company 6 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND PROJECTIONS This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties, including statements as to: • • • • • • • • • • • • • • • • • • • our future operating results; our business prospects and the prospects of our portfolio companies and our and their ability to achieve our respective objectives, including the potential impact of the novel strain of the coronavirus known as “COVID-19”; the impact of investments that we expect to make; our informal relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; our ability to access debt markets and equity markets; our ability to consummate the transactions contemplated by the Stock Purchase Agreement; our receipt of certain Regulatory Approvals to operate as a bank holding company and acquire NBNYC; our ability to receive approval from shareholders to withdraw our election as a BDC; our management’s ability to operate as a bank holding company; our intended operations and structure as a bank holding company; our tax and accounting treatment as a C Corporation if we convert to a bank holding company; the decrease in our dividend payout due to no longer operating as a BDC and RIC if we receive approval from shareholders to withdraw our election as a BDC and the transaction with NBNYC is consummated; our expected financings and investments; our regulatory structure and tax status; our ability to operate as a BDC and a RIC; • • • • • NSBF’s ability to maintain its license and PLP status under the SBA 7(a) program; • NSBF’s ability to originate SBA 7(a) loans; • NSBF’s ability to sell the guaranteed portions of SBA 7(a) loans at premiums; competition with other entities and our affiliates for investment opportunities; • the adequacy of our cash resources and working capital; • the timing of cash flows, if any, from the operations of our portfolio companies; • the impact of inflation on our business prospects and the prospects of our portfolio companies; • the timing, form and amount of any dividend distributions; • the valuation of any investments in our portfolio companies, particularly those having no liquid trading market; • our ability to recover unrealized losses; and • the ability to enter into joint ventures or other financing arrangements. • • These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation: • • • • • • • • an economic downturn could impair our portfolio companies’ ability to continue to operate or repay their borrowings, which could lead to the loss of some or all of our investments in such portfolio companies; an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies; an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets; the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy; a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities; our ability to attract and retain personnel, including key personnel; the speculative and illiquid nature of our investments; our regulatory structure and tax structure; 7 our ability to qualify for and maintain our tax treatment as a RIC under the Code, and as a BDC; the impact of fluctuations in interest rates on our business including as a result of the decommissioning of LIBOR and implementation of alternatives to LIBOR; the future authorization or reauthorization of the PPP, and NSBF’s ability to participate in any such program; • • • • NSBF’s ability to comply with the laws, rules and guidance regarding the current or any reauthorized PPP; • NSBF’s ability to comply with the laws, rules and guidance regarding the SBA 7(a) program; • • the ability of NSBF’s SBA 7(a) borrowers to pay principal and interest, including after any deferment period granted by NSBF; and the risks, uncertainties and other factors we identify in “Risk Factors” and elsewhere in this report and in our filings with the SEC. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward- looking statements based on those assumptions also could be inaccurate. Important assumptions include the ability of NSBF to continue to originate loans under the SBA 7(a) program, maintain its PLP status and continue to sell SBA guaranteed portions of SBA 7(a) loans at premiums; our ability to originate new loans and investments; certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in “Risk Factors” and elsewhere in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. However, we will update this report to reflect any material changes to the information contained herein. The forward- looking statements in this report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act. 8 ITEM 1. BUSINESS. We are an internally managed non-diversified closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. Additionally, we have elected to be treated as a RIC under the Code for U.S. federal income tax purposes, beginning with our 2015 tax year. Our investment activities are managed by our executive officers and supervised by our Board. As a BDC, our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance platform, which we sometimes refer to as an “ecosystem,” and our equity investments in certain portfolio companies that we control. Our Business We are an internally managed BDC that is a leading national non-bank lender that provides, together with our controlled portfolio companies, a wide range of business and financial solutions under the Newtek® brand to the SMB market. Newtek’s and its portfolio companies’ products and services include: Business Lending, including SBA 7(a) loans, SBA 504 loans and conventional loans, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, personal and commercial lines 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 cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management technology software which is similar to, but we believe is better suited for our needs, than the system popularized by Salesforce.com. We believe that our NewTracker® technology and low cost business model distinguishes us from our competitors. We define SMBs as companies having revenues of $1.0 million to $100.0 million. We focus on serving the SMB market, which we estimate to be over 30 million businesses in the United States. We believe that these businesses have historically been underserved by traditional financial institutions and typically lack the capital resources to build a competitive business and marketing infrastructure on their own. Further, in today’s economic climate, we believe SMBs have particular difficulty obtaining capital from traditional lending sources. While we do not compete directly with alternative online lenders such as The Lending Club, Prosper.com, OnDeck Capital, Inc. and Kabbage Inc., we do provide financing solutions as an alternative to traditional lending. We believe there is significant demand for such alternative financing among SMBs. Our lending solutions and our controlled portfolio companies’ outsourced business and financial solutions help clients manage and grow their businesses and compete effectively in today’s marketplace. We obtain our customers through referrals from various business partners, such as banks, insurance companies, credit unions and other affinity groups, as well as through our own direct sales force and advertising campaigns. We source, acquire and process SMB customers in a cost-effective manner without reliance on high cost sales staff and time consuming application processes. In lending, we believe we are a leading capital provider to SMBs based on our loan volume. We originate loans through a variety of sourcing channels and through a disciplined underwriting process, and seek to achieve attractive risk-weighted returns. Our multi-faceted relationships with certain borrowers allow us to closely monitor their credit profile and take an active role in managing our investments. Further, our lending capabilities, coupled with the broad outsourced business and financial solutions of our controlled portfolio companies, create attractive cross-selling opportunities within our client base. We believe our business model creates powerful network effects which can help drive growth and operating leverage in our business. In addition, our SBA 7(a) loans originated by NSBF are structured so that the government guaranteed portion can be rapidly sold, which, based on our historic ability to securitize the unguaranteed portions, and assuming the continuation of current market conditions, allows us to quickly recover our principal and earn excess capital on each SBA 7(a) loan we originate, usually in less than a year. We may in the future determine to retain the government guaranteed or unguaranteed portions of SBA 7(a) loans for longer periods pending deployment of excess capital. From 2012 through 2021, based on dollar volume of loan approvals, NSBF has consistently been the largest non-bank SBA 7(a) lender, and as of December 31, 2021, is the second largest SBA 7(a) lender in the United States. Newtek and its controlled portfolio companies use NewTracker®, our patented technology for receiving, processing and monitoring prospective customers. NewTracker® enables Newtek and its controlled portfolio companies to acquire SMB customers in a cost effective manner as it is all accomplished by skilled staff using state of the art technology without the need for high cost sales staff or applications processors. NewTracker® also permits our referral partners to have a real time window into the back office processing of the referrals they provide. In addition, NewTracker® automatically pre-populates necessary 9 forms or applications so the processing is efficient and cost effective. Finally, NewTracker® also identifies opportunities for the cross-sale of other Newtek branded products or solutions. On August 2, 2021, the Company entered into the Stock Purchase Agreement with NBNYC and certain NBNYC shareholders (the “Sellers”) to acquire all of the issued and outstanding stock of NBNYC. This acquisition is part of a plan to reposition the Company as a bank holding company, and is subject to the approval of, among others, federal banking regulators and the SBA and the Company’s shareholders to withdraw the Company’s election as a BDC under the 1940 Act. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Executive Summary” and “Risk Factors - Risks Related to Converting to a Financial Holding Company.” Business Finance Ecosystem SBA 7(a) Lending Our portfolio includes guaranteed and unguaranteed non-affiliate SBA 7(a) loan investments that were made through NSBF, a nationally licensed SBA lender under the federal Section 7(a) loan program, which is part of our business finance ecosystem. The SBA is an independent government agency that facilitates one of the nation’s largest sources of SMB financing by providing credit guarantees for its loan programs. SBA 7(a) loans are partially guaranteed by the SBA, with SBA guarantees typically ranging between 50% and 90% of the principal and interest due. NSBF has a dedicated Senior Lending Team (as defined below) that originates and services SBA 7(a) loans to qualifying SMBs. NSBF sells the guaranteed portions of its SBA 7(a) loans, typically within two weeks of origination, and retains the unguaranteed portion until accumulating sufficient loans for a securitization. NSBF’s securitization process is as follows. After accumulating sufficient loans, the loans are transferred to a special purpose vehicle (a “Trust”), which in turn issues notes against the Trust’s assets in a private placement. The Trust’s primary source of income for repaying the securitization notes is the cash flows generated from the unguaranteed portion of SBA 7(a) loans owned by the Trust. Principal on the securitization notes is to be paid by cash flow in excess of that needed to pay various fees related to the operation of the Trust and interest on the debt. Securitization notes have an expected maturity of approximately five years, and the Trust is dissolved when the securitization notes are paid in full, either at or prior to maturity. Our business finance ecosystem is comprised of SBA 7(a) lending through NSBF, as well as through our portfolio companies that make SBA 504 loans, non-conforming conventional loans and provide accounts receivable and inventory financing, as discussed below. We believe NSBF’s SBA license, combined with NSBF’s PLP designation, provides us with a distinct competitive advantage over other SMB lenders that have not overcome these significant barriers-to-entry in our primary loan market. NSBF originated $560.6 million of SBA 7(a) loans during 2021 and $196.8 million of SBA 7(a) loans during 2020. As discussed below, one result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic was that in March 2020 through June 30, 2021, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans, which materially decreased NSBF’s originations of SBA 7(a) loans during 2020. See “The CARES Act — Paycheck Protection Program,” below. Further, in December 2020, Congress passed the Economic Aid Act (as defined below), which provided funding for PPP loans through March 31, 2021, and on January 11, 2021, the Company announced that NSBF would offer PPP loans through the end of the PPP. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans. We believe that we will continue to be introduced to a variety of high-quality investment opportunities through our existing loan sourcing channels and our controlled portfolio companies’ relationships with their clients. Under the SBA’s 7(a) lending program, a bank or other lender such as NSBF underwrites a loan between $5,000 and $5.0 million for a variety of general business purposes based on the SBA’s Loan Program Requirements (defined below) and the SBA provides a partial guarantee on the loan. Depending on the loan size, the SBA typically guarantees between 50% and 90% of the principal and interest due. The recoveries and expenses on the unguaranteed portions of these loans are shared pari passu between the SBA and the lender, which substantially reduces the loss severity on the unguaranteed portion of a loan for SBA 7(a) loan investors. SBA 7(a) loans are typically between ten and 25 years in maturity, four to five years in duration and bear interest at the prime rate plus a spread from 2.25% to 2.75%. Since the guaranteed portions of SBA 7(a) loans carry the full faith and credit of the U.S. government, lenders may, and frequently do, sell the guaranteed portion of SBA 7(a) loans in the capital markets, hold the unguaranteed portion and retain all loan servicing rights. NSBF has a dedicated capital markets team that sells the guaranteed portions of its SBA 7(a) loans and securitizes the unguaranteed portions of its SBA 7(a) loans. Historically, NSBF has sold the guaranteed portions of its originated SBA 7(a) loans shortly after origination and retained the unguaranteed portions until accumulating sufficient loans for a securitization. NSBF has typically sold SBA guaranteed portions of SBA 7(a) loans at premiums ranging from 106% to 120% of par value, and any portion of the premium that is above 110% of par value is shared equally between NSBF and the SBA. However, there 10 is no guarantee that NSBF will be able to continue to earn premiums of 106% to 120% on future sales. See “Item 1A. Risk Factors - We have specific risks associated with SBA loans.” Since December 2010, NSBF has maintained its securitization program for unguaranteed portions of its SBA 7(a) loans and has successfully completed 11 securitization transactions with Standard & Poor’s AA or A ratings and advance rates as high as 83.5% of par value. NSBF’s most recent securitization occurred in December 2021, when it sold $103.4 million of Unguaranteed SBA 7(a) Loan- Backed Notes, Series 2021-1, consisting of $79.7 million of Class A Notes and $23.8 million Class B Notes, rated “A” and “BBB-”, respectively, by S&P Global, Inc. NSBF may complete additional securitizations in the future. We may determine to retain the government guaranteed or unguaranteed portions of loans for longer periods, pending deployment of excess capital. NSBF has focused on making smaller loans, approximately $1.0 million or less, in order to maintain a diversified pool of loans that are dispersed both geographically and among industries, with a goal of limiting NSBF’s exposure to regional and industry-specific economic downturns. Specifically, as of December 31, 2021, NSBF’s loan portfolio consisted of 2,761 loans originated across 50 states in 78 different industries as defined by the North American Industry Classification System (“NAICS”). The following charts summarize NSBF’s mix of investment concentrations by industry and geography as of December 31, 2021 (in thousands): Distribution by NAICS Code Description NAICS Code Description Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Truck Transportation Specialty Trade Contractors Ambulatory Health Care Services Repair and Maintenance Administrative and Support Services Merchant Wholesalers, Durable Goods Fabricated Metal Product Manufacturing Other Total Distribution by State State Florida California New York Texas Connecticut Pennslyvania New Jersey Illinois Georgia North Carolina Other Total Number of Loans Aggregate Balance ($) Average Balance ($) Percentage of Balance 314 $ 126 271 85 155 145 129 122 74 45 1,295 2,761 $ 35,323 $ 26,439 24,848 24,503 23,584 20,548 18,201 16,942 14,725 13,840 213,017 431,970 $ 112 210 92 288 152 142 141 139 199 308 164 156 8.2 % 6.1 % 5.8 % 5.7 % 5.5 % 4.8 % 4.2 % 3.9 % 3.4 % 3.2 % 49.2 % 100.0 % Number of Loans Aggregate Balance ($) Average Balance ($) Percentage of Balance 307 $ 274 239 208 126 91 125 94 93 87 1,117 2,761 $ 45,876 $ 39,524 37,496 33,858 21,565 20,064 19,463 15,829 14,926 14,630 168,740 431,970 $ 149 144 157 163 171 220 156 168 160 168 151 156 10.6 % 9.1 % 8.7 % 7.8 % 5.0 % 4.6 % 4.5 % 3.7 % 3.5 % 3.4 % 39.1 % 100.0 % NSBF evaluates the credit quality of its loan portfolio by employing a risk rating system that is similar to the Uniform Classification System, which is the asset classification system adopted by the Federal Financial Institution Examinations Council. NSBF’s risk rating system is granular with multiple risk ratings in both the Acceptable and Substandard categories. Assignment of the ratings are predicated upon numerous factors, including credit risk scores, collateral type, loan to value 11 ratios, industry, financial health of the business, payment history, other internal metrics/analysis, and qualitative assessments. Risk ratings are refreshed as appropriate based upon considerations such as market conditions, loan characteristics, and portfolio trends. NSBF’s gross SBA loans by credit quality indicator are as follows: Risk Rating Portfolio Risk Rating 1 – 4 Risk Rating 5 Risk Rating 6 Risk Rating 6/7 and 7 Total Number of Loans Aggregate Balance ($) Average Balance ($) Percentage of Balance 2,547 $ 27 186 1 2,761 $ 369,121 $ 10,443 52,087 320 431,970 $ 145 387 280 320 156 85.4 % 2.4 % 12.1 % 0.1 % 100.0 % The weighted average term to maturity and weighted average interest rate of NSBF’s loan portfolio as of December 31, 2021 was 14.4 years and 6.1%, respectively. Receivables Financing, Inventory Financing and SBA 504 Lending The Company’s business finance ecosystem also includes NBC and NBL, both controlled portfolio companies, as well as NCL, a joint venture. NBC provides receivables financing, inventory financing and health care receivables financing to SMBs, which may obtain $10,000 to $2.0 million per month through the sale of their trade receivables or the financing or their inventories. In addition, NBL originates and funds SBA 504 loans, which provide financing of fixed assets such as real estate or equipment, and also provides loan origination services to our joint venture (see below). Non-Conforming Commercial Lending On November 27, 2018, the Company’s wholly-owned affiliate, Newtek Commercial Lending, Inc., and a wholly-owned affiliate of BlackRock TCP Capital Corp. (NASDAQ:TCPC) (“BlackRock TCP”), Conventional Lending TCP Holdings LLC, entered into a joint venture, NCL, governed by the Limited Liability Company Agreement for the JV. The Company and BlackRock TCP each committed to contribute an equal share of equity funding to the JV and each have equal voting rights on all material matters, with the intent to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The purpose of the JV was to originate commercial loans to middle-market companies as well as small businesses. Additionally, on April 29, 2019, the JV closed a $100 million senior-secured revolving credit facility, with a $100 million accordion feature, with Deutsche Bank. As a result of, among other things, the economic uncertainty caused by the COVID-19 pandemic, the JV ceased originating loans during 2020 and in December 2020, DB and the JV agreed to amend the facility to end the revolving period. On January 28, 2022, NCL closed a conventional commercial loan securitization with the sale of $56.3 million Class A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of conventional commercial business loans, including loans secured by liens on commercial or residential mortgaged properties, originated by NCL and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. The proceeds of the securitization were used, in part, to repay the Deutsche Bank credit facility and return capital to the JV partners. For more information, see “Recent Developments.” Third Party Loan Servicing SBL, a wholly-owned, controlled portfolio company, engages in third-party loan servicing for SBA and non-SBA loans and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. SBL provides loan origination solutions to NSBF and also provides loan origination and servicing solutions to NBL, NCL, and third parties such as banks, credit unions and government agencies including the FDIC. 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 provided an over $2.00 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA paid all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allowed NSBF, as an SBA 7(a) lender, to originate 12 loans under the 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 first round of the PPP closed on August 8, 2020. Under the PPP, SBA 7(a) lenders were 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 was capped at 1.00%, and the loans are forgivable after an 8 up to a 24 week forgiveness period, provided that the borrower used the loans for eligible purposes (e.g., payroll/benefits (excluding employee compensation above $100,000), mortgage interest, rent and utilities) and maintained its payroll levels. The amount of loan forgiveness will be reduced if the borrower reduced salaries or terminated employees during the forgiveness period. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, in March 2020 the Company’s Executive Committee and Senior Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans. NSBF funded the balance of its PPP loans by the end of July 2021. From March 2020 to July 2021, NSBF funded approximately 26,190 PPP loans totaling $1.9 billion. Income earned in connection with the PPP should not be viewed as recurring. NSBF has since redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans. Controlled Portfolio Companies In addition to our debt investments in portfolio companies through our business finance ecosystem, we also hold controlling interests in certain portfolio companies that, as of December 31, 2021, represented approximately 30% of our total investment portfolio. Specifically, we hold controlling interests in NMS, Mobil Money, NTS, SBL, NBC, NBL, NCL, TAM, NPS, NIA, EWS, POS, and SIDCO. We refer to these entities (among others), collectively, as our “controlled portfolio companies.” Our controlled portfolio companies provide us with an extensive network of business relationships that supplement our referral sources and that we believe will help us to maintain a robust pipeline of lending opportunities and expand our business finance ecosystem. The revenues that our controlled portfolio companies generate, after deducting operating expenses, may be distributed to us. As a BDC, our Board will determine quarterly the fair value of our controlled portfolio companies in a similar manner as our other investments. In particular, our investments in our controlled portfolio companies are valued using a valuation methodology that incorporates both the market approach (guideline public company method) and the income approach (discounted cash flow analysis). In following these approaches, factors that we may take into account in determining the fair value of our investments include, as relevant: available current market data, including relevant and applicable market trading comparables, the portfolio company’s earnings and discounted cash flows of forecasted future earnings, comparisons of financial ratios of peer companies that are public, and enterprise values, among other factors. In addition, the Company has engaged third party valuation firms to provide valuation consulting services for the valuation of certain of our controlled portfolio companies. Newtek Merchant Solutions (NMS) NMS (a 2001 investment) 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. NMS utilizes a multi-pronged sales approach of both direct and indirect sales. NMS’ primary sales efforts focus on direct sales through our Your Business Solutions Company® brand. Their indirect sales channels consist of alliance partners, principally financial institutions (banks, credit unions, insurance companies and other related businesses), and independent sales agents across the United States. These referring organizations and associations are typically paid a percentage of the processing revenue derived from the respective merchants that they successfully refer to NMS. In 2021, NMS processed merchant transactions with sales volumes of $5.0 billion. We believe NMS has a number of competitive advantages which we believe will enable it to effectively compete in this market. These are: • • • focus on non-traditional business generation: referral relationships, wholesale solicitations and financial institutions rather than independent sales agents; seeks to be a market leader in the implementation of technology in the payment processing business; It maintains its own staff of trained and skilled customer service representatives; and 13 • It markets and sells the latest in point-of-sale technology hardware and offers processing related cyber-security services. NMS maintains its principal customer service and sales support offices in Lake Success, New York. NMS’s personnel assist merchants with initial installation of equipment and on-going service, as well as any other special processing needs that they may have. NMS’ development and growth are focused on selling NMS’ services to internally generated referrals, merchant referrals identified by Newtek alliance partners and by independent sales representatives. We believe NMS is different than most electronic payment processing companies who acquire their clients primarily through independent sales agents. NMS believes that its business model provides it with a competitive advantage by enabling it to acquire new merchant customers at a lower cost level for third-party commissions than the industry average. NMS’ business model allows it to own the customer as well as the stream of residual payments, as opposed to models which rely more heavily on independent sales agents. POS on Cloud, LLC (POS) and Mobil Money, LLC Our investment in payment processing companies additionally includes, POS, dba Newtek Payment Systems, a 2019 investment in a cloud based Point of Sale (POS) system for a variety of restaurant, retail, assisted living, parks and golf course businesses, which provides not only payments and purchase technology solutions, but also inventory, customer management, reporting, employee time clock, table and menu layouts, and ecommerce solutions as the central operating system for an SMB. Mobil Money is a portfolio of taxi cab merchants and related licensed payment processing software. Newtek Technology Solutions (NTS) NTS offers web hosting and eCommerce, managed IT services, secure private cloud hosting, managed backup and disaster recovery, professional services including hardware and software integration, web design, and web development, hardware and software procurement services, information security solutions, and other related services to customers worldwide. NTS provides a full suite of outsourced IT infrastructure services, including managed IT services, private cloud (virtual) servers, shared server hosting, dedicated server hosting, and managed backup and disaster recovery, under the Newtek® Technology Solutions, Newtek® Web Services and Newtek Web Hosting® brands, for which it receives recurring monthly fees, as well as other fees such as set-up fees, consulting fees, and domain name registration fees, among others. While there are many competitors in this space, we believe that NTS’ focus on proactive, reliable, and secure solutions sets NTS apart. Platforms are available within NTS’ cloud and non-cloud environment and are fully managed offerings as compared to NTS’ competitors. NTS has a complete line of cloud-based business and eCommerce packages and Cloud Spaces to streamline the decision process for business owners and accommodate designers and developers that wish to build sites in both Microsoft and Linux environments. Included with this service offering is full customer service with a real human interface available on a 24/7/365 basis, which we believe further distinguishes NTS from its competitors who usually offer hosting without the support needed for the SMB market customer. NTS currently operates data centers in Scottsdale, Arizona, Phoenix, Arizona, and Edison, New Jersey. In the second quarter of 2020, NTS moved its main data center in Scottsdale to a new facility in Phoenix, which has resulted in a material reduction of NTS’ data center expense. The data center facilities NTS employs to host its technologies conforms to The Uptime Institute’s 4-Tier Classification System which has become a global standard for third-party validation of data center critical infrastructure. The Tier Classification System defines the requirements and benefits of four distinct Tier classifications for data center infrastructure. Each Tier sets the appropriate criteria for power, cooling, maintenance, and capability to withstand a fault. Tiers are progressive; each Tier incorporates the requirements of all the lower Tiers. NTS operates its critical infrastructure within facilities that have a minimum rating of Tier 3-Certified. NTS data centers meet and exceed Uptime Institute Tier-3 standards in all categories which allows NTS to pursue and service, compliance-sensitive workloads from the financial services, healthcare, government and military sectors. In addition, NTS includes redundant, carrier-neutral network design for all its communications paths, multiple locations to host services, and a built in DDOS mitigation platform into the design of its data center services. 14 Throughout its affiliation with Newtek, over 70% of new NTS customers have come as a result of internal and external referrals without material expenditures by NTS for marketing or advertising. We believe that many of NTS’ competitors are very price sensitive, offering minimal services at cut-rate pricing. While being cost competitive with most Linux- and Windows-based web hosting services, we believe that NTS has emphasized higher quality uptime, service and support as well as multiple control panel environments for the designer and developer community. NTS has also launched a turnkey hosting service to meet financial institution needs for server hosting, disaster recovery and/or data storage, which we believe enables these entities to comply with their strict regulatory requirements that demand very high security protocols and practices be in place. In July 2021, International Professional Marketing (IPM), a former wholly-owned portfolio company, merged into NTS. SIDCO SIDCO, a former wholly-owned portfolio company, became a subsidiary of NTS in January 2021 as part of a reorganization of the Company’s managed technology portfolio companies. SIDCO consults, strategizes, designs, and implements technology solutions for enterprise and commercial clients across the U.S., and is expected to complement the offerings of NTS. Small Business Lending, LLC (SBL) SBL provides third-party loan servicing for SBA and non-SBA loans and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. SBL provides loan origination solutions to NSBF and is also the loan origination and loan servicing provider for NBL and NCL. Newtek Business Lending, LLC (NBL) NBL provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets such as real estate or equipment. In addition, NBL provides loan origination services in connection with the Company’s non-conforming commercial loans. Newtek Conventional Lending, LLC (NCL) On May 20, 2019, the Company and its joint venture partner launched NCL to provide non-conforming conventional commercial and industrial term loans of up to $15.0 million 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. Additionally, on April 29, 2019, the JV closed a $100 million senior-secured revolving credit facility, with a $100 million accordion feature, with Deutsche Bank. As a result of, among other things, the economic uncertainty caused by the COVID-19 pandemic, the JV ceased originating loans during 2020 and in December 2020, DB and the JV agreed to amend the facility to end the revolving period. On January 28, 2022, NCL closed a conventional commercial loan securitization with the sale of $56.3 million Class A Notes, The proceeds of the securitization were used, in part, to repay the Deutsche Bank credit facility and return capital to the JV partners. For more information, see “Recent Developments.” Newtek Business Credit Solutions (NBC) NBC provides accounts receivable and inventory financing to SMBs. Newtek Insurance Agency (NIA) NIA is a retail and wholesale brokerage insurance agency licensed in 50 states specializing in the sale of personal, commercial and health/benefits lines insurance products to customers of all of the Newtek portfolio companies as well as Newtek alliance partners. NIA offers insurance products from multiple insurance carriers providing a wide range of choice for its customers. NIA is also implementing programs with alliance partners to market commercial and personal insurance. A major sales channel for NIA is the SMB customer base of our lending platform and the other controlled portfolio companies which allow for many opportunities for cross sales between business lines. 15 Newtek Payroll and Benefits Solutions (NPS) NPS offers an array of industry standard and very competitively priced payroll management, benefit, payment and tax reporting services to SMBs. These payroll and benefit solutions are marketed through all of Newtek’s available channels including the alliance partnerships and direct marketing campaigns. NPS also benefits by the access to the SMB customer base of the lending platform and the other controlled portfolio companies. NPS provides full service payroll and benefit solutions across all industries, processing payroll via software as a service (SaaS) or phone solutions. They have an established and reliable platform that is not limited by client size, industry type or delivery interface. NPS assists clients in managing their payroll processing needs by calculating, collecting and disbursing their payroll funds, remitting payroll taxes and preparing and filing all associated tax returns. In addition, NPS offers clients a range of ancillary service offerings, including workers’ compensation insurance, time and attendance, 401(k) administration, pay cards, employee benefit plans, employee background screening, COBRA services, tax credit recovery, Section 125 and flexible benefits spending plans and expense management services. Certified Capital Companies (Capcos) Under state-created Capco programs, states provide a Capco with tax credits generally equal to the amount of funds the Capco raises from insurance company investors. The Capcos then issue the tax credits to its investors — a process which is designed to reduce the Capco’s investors’ state tax liabilities. In exchange for receiving the tax credits, the Capco is obligated to invest the funds raised in certain qualified businesses, which generally are defined by statute to include only businesses that meet certain criteria related to the size, location, number of employees, and other characteristics of the business. If a Capco fails to comply with the performance requirements of each state’s different Capco program, the tax credits are subject to forfeiture. Under state law, a Capco that has invested in qualified businesses an amount equal to 100% of its initial certified capital is able to decertify (i.e., terminate its status as a Capco) and no longer be subject to any state Capco regulation. Upon voluntary decertification, the programs in about half of the states require that a Capco share any distributions to its equity holders with the state sponsoring the Capco. For those states that require a share of distributions, the sharing percentages vary, but are generally from 10% to 30%, usually on distributions above a specified internal rate of return for the equity owners of the Capco. Based on the above and that the Capcos were formed to make investments in businesses, the entities were determined to be investment companies and are therefore consolidated subsidiaries of Newtek. Our Capcos have historically invested in SMBs and, in addition to interest income and investment returns, have generated non-cash income from tax credits and non-cash interest and insurance expenses in addition to cash management fees and expenses. We have de-emphasized our Capco business in favor of growing our controlled portfolio companies and do not anticipate creating any new Capcos. While observing all requirements of the Capco programs and, in particular, financing qualified businesses meeting applicable state requirements as to limitations on the proportion of ownership of qualified businesses, we believe the growth of our controlled portfolio companies produces a strategic focus on providing goods and services to SMBs such as those in which our Capcos invest. We continue to invest in and lend to SMBs through our existing Capcos and intend to meet the goals of the Capco programs. As the Capcos reach 100% investment we will seek to decertify them as Capcos, liquidate their remaining assets and thereby reduce their operational costs, particularly the legal and accounting costs associated with compliance. Twelve of our original sixteen Capcos have reached this stage and been de-certified and liquidated. Newtek Branding We have developed our branded line of business products and financial solutions to offer a full service suite of business and financial solutions for the United States. SMB market. Newtek reaches potential customers through its integrated multi-channel approach featuring direct, indirect and direct outbound solicitation efforts. We continue to utilize and grow our primary marketing channel of strategic alliance partners as well as a direct marketing strategy to SMB customers through our “go to market” brand, Your Business Solutions Company®. Through our web presence, www.newtekone.com, we believe we are establishing ourselves as a preferred “go-to” provider for SMB financing and business solutions offered by NSBF and our controlled portfolio companies. 16 We market services through referrals from our strategic alliance partners such as Amalgamated Bank, Stifel Bank, Axiom Bank, Credit Union National Association, ENT Federal Credit Union, Legacy Bank, Morgan Stanley Smith Barney, Navy Federal Credit Union, New York Community Bank, Raymond James, Randolph Brooks Federal Credit Union, UBS, Meineke Dealers Purchasing Cooperative, Transworld Business Advisors, Army Navy Federal Credit Union, Teachers Federal Credit Union, Nassau Federal Educators Federal Credit Union, Spire Federal Credit Union, Aamco, 1800 Accountants, and True Value Company, among others, (using our patented NewTracker® referral management system) as well as direct referrals from our web presence, www.newtekone.com. Our NewTracker® referral system has a software application patent covering the systems and methods for tracking, reporting and performing processing activities and transactions in association with referral data and related information for a variety of product and service offerings in a business-to-business environment. We believe that the NewTracker® system provides for transparency between Newtek and referring parties and has been material in our ability to obtain referrals from a wide variety of sources. The NewTracker patented system allows us and our alliance partners to review in real time the status of any referral as well as to provide real time compliance oversight by the respective alliance partner, which we believe creates confidence among the referred business client, the referring alliance partner and us. We own the NewTracker® patent, as well as all trademarks and other patented intellectual property used by us and our controlled portfolio companies. Additional referrals are obtained from individual professionals in geographic markets that have signed up to provide referrals and earn commissions through our BizExec and TechExec Programs. Our BizExecs and TechExecs are traditionally information technology professionals, CPAs, independent insurance agents and sales and/or marketing professionals. In addition, electronic payment processing services are marketed through independent sales agents, and web technology and eCommerce services are marketed through internet-based marketing and third-party resellers. We believe a common thread across all business lines of our controlled portfolio companies relates to acquiring customers at low cost and making strategic alliances primarily where we pay fees only for successful referrals. We seek to bundle our marketing efforts through our brand, our portal, NewTracker® and our web presence as Your Business Solutions Company® and one easy entry point of contact. We expect that this approach will allow us to continue to cross-sell the financing solutions of our business finance ecosystem to customers of our controlled portfolio companies and build upon our extensive deal sourcing infrastructure. The compensation which we pay for referrals is consistent with industry practices. Market Opportunity We believe that the limited amount of capital and financial products available to SMBs, coupled with the desire of these companies for flexible and partnership-oriented sources of capital and other financial products, creates an attractive investment environment for us to further expand our business finance ecosystem and overall brand. We believe the following factors will continue to provide us with opportunities to grow and deliver attractive returns to shareholders. The SMB market represents a large, underserved market. We estimate the SMB market to include over 30 million businesses in the United States. We believe that SMBs, most of which are privately-held, are relatively underserved by traditional capital providers such as commercial banks, finance companies, hedge funds and collateralized loan obligation funds. Further, we believe that such companies generally possess conservative capital structures with significant enterprise value cushions, as compared to larger companies with more financing options. While the largest originators of SBA 7(a) loans have traditionally been regional and national banks, from 2012 through 2021, NSBF has consistently been the largest non-bank originator of SBA 7(a) loans by dollar volume of loan approvals and is currently the second largest SBA 7(a) lender in the United States. As a result, we believe we and our controlled portfolio companies are well positioned to provide financing to the types of SMBs that we have historically targeted and we have the technology and infrastructure in place presently to do it cost effectively in all 50 states and across many industries. The increased capital requirements and other regulations placed on banks may reduce lending by traditional large financial institutions and community banks. While many SMBs were previously able to raise debt financing through traditional large financial institutions, we believe this approach to financing will continue to be constrained as continued implementation of U.S. and international financial reforms, such as Basel III, phase in and rules and regulations are promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act. We believe that these regulations will increase capital requirements and have the effect of further limiting the capacity of traditional financial institutions to hold non-investment grade loans on their balance sheets. As a result, we believe that many of these financial institutions have de-emphasized their service and product offerings to SMBs, which we believe will make a higher volume of deal flow available to us. 17 Increased demand for comprehensive, business-critical SMB solutions. Increased competition and rapid technological innovation are creating an increasingly competitive business environment that requires SMBs to fundamentally change the way they manage critical business processes. This environment is characterized by greater focus on increased quality, lower costs, faster turnaround and heightened regulatory scrutiny. To make necessary changes and adequately address these needs, we believe that companies are focusing on their core competencies and utilizing cost-effective outsourced solutions to improve productivity, lower costs and manage operations more efficiently. Our controlled portfolio companies provide critical business solutions such as electronic payment processing, managed IT solutions, personal and commercial insurance services and full-service payroll and benefit solutions, receivables financing, funding of SBA 504 loans, which provide financing of fixed assets such as real estate or equipment, and non-conforming (non-SBA) commercial loans. We believe that each of these market segments are underserved for SMBs and since we are able to provide comprehensive financial and business solutions under one (the Newtek) platform, we beleive that we are well positioned to continue to realize growth from these product offerings. Competitive Advantages We believe that we are well positioned to take advantage of investment opportunities in SMBs due to the following competitive advantages: Internally Managed Structure and Significant Management Resources. We are internally managed by our Executive Committee under the supervision of our Board and do not depend on an external investment advisor. As a result, we do not pay investment advisory fees and all of our income is available to pay our operating costs, which include employing investment and portfolio management professionals, and to make distributions to our shareholders. We believe that our internally managed structure provides us with a lower cost operating expense structure, when compared to other publicly traded and privately-held investment firms which are externally managed, and allows us the opportunity to leverage our non-interest operating expenses as we grow our investment portfolio. Our Senior Lending Team has developed one of the largest independent loan origination and servicing platforms that focuses exclusively on SMBs. Business Model Enables Attractive Risk-Weighted Return on Investment in SBA 7(a) Lending. Our SBA 7(a) loans are structured so as to permit rapid sale of the U.S. government guaranteed portions, often within weeks of origination, and the unguaranteed portions have been successfully securitized, with the securitization notes being sold, usually within a year of loan origination. The return of principal and premium may result in an advantageous risk-weighted return on our original investment in each loan. We may determine to retain the government guaranteed or unguaranteed portions of loans pending deployment of excess capital. State of the Art Technology. Our patented NewTracker® software enables us to board a SMB customer, process the application or inquiry, assemble necessary documents, complete the transaction and create a daily reporting system that is sufficiently unique as to receive a U.S. patent. NewTracker® enables us to identify a transaction, similar to a merchandise barcode or the customer management system used by SalesForce.com, then process a business transaction and generate internal reports used by management and external reports for strategic referral partners. NewTracker® allows our referral partners to have digital access into our back office and follow on a real time, 24/7 basis the processing of their referred customers. NewTracker® has been applied to all of the business and financial solutions we offer directly or through our controlled portfolio companies. Established Direct Origination Platform with Extensive Deal Sourcing Infrastructure. We have established a direct origination pipeline for investment opportunities without the necessity for financial institutions or brokers as well as broad marketing channels that we believe allow for highly selective underwriting. We believe the combination of our brand, our portal, our patented NewTracker® technology, and our web presence as Your Business Solutions Company® have created an extensive deal sourcing infrastructure. Although we pay fees for loan originations that are referred to us by our alliance partners, our investment team works directly with the borrower to assemble and underwrite loans. We rarely invest in pre-assembled loans that are sold by investment banks or brokers. As a result, we believe that our unique national origination platform allows us to originate attractive credits at a low cost. During 2021 and 2020 we funded $560.6 million and $196.8 million, respectively, of SBA 7(a) loans, with 2020 originations being negatively impacted by the Executive Committee’s and Senior Lending Team’s decision to focus on PPP loan referrals, and not SBA 7(a) loan referrals, as a result of the COVID-19 pandemic. We anticipate that our principal source of investment opportunities will continue to be in the same types of SMBs to which we currently provide financing. Our Executive Committee and Senior Lending Team also seeks to leverage our extensive network of additional referral sources, including law firms, accounting firms, financial, operational and strategic consultants and financial institutions, with whom we have completed investments. We believe our current infrastructure and expansive relationships will continue to enable us to review a significant amount of direct (or non-brokered) investment opportunities. 18 Experienced Senior Lending Team with Proven Track Record. We believe that our Senior Lending Team is one of the leading capital providers to SMBs. Our Senior Lending Team has expertise in managing the SBA process and has managed a diverse portfolio of investments with a broad geographic and industry mix. While the primary focus of NSBF is to expand its debt financing activities in SBA 7(a) loans, our Senior Lending Team is also focused on growing our business finance ecosystem through our controlled portfolio companies, including NBC, which provides receivables financing, inventory financing and health care receivables financing, NBL, which originates and funds SBA 504 loans, and our joint venture program, which seeks to fund non-conforming (non-SBA) commercial loans. Flexible, Customized Financing Solutions for Seasoned, Smaller Businesses. While NSBF’s primary focus is to expand its lending by activities by providing SBA 7(a) loans to SMBs, we also seek to offer SMBs a variety of attractive financing structures, as well as cost effective and efficient business solutions, to meet their capital needs through our subsidiaries and controlled portfolio companies. In particular, through our controlled portfolio companies, we offer larger loans, between $5.0 million and $15.0 million, greater than loans available with the SBA guarantee, but with a higher interest rate to compensate for the increased risk. Unlike many of our competitors, we believe we have the business finance ecosystem that allows us to provide a complete package of business and financing solutions for SMBs, which allows for cross-selling opportunities and improved client retention. We expect that a large portion of our capital will be loaned to companies that need growth capital, acquisition financing or funding to recapitalize or refinance existing debt facilities. Our lending will continue to focus on making loans to SMBs that: • • • • • have 3 to 10 years of operational history; significant experience in management; credit worthy owners who provide a personal guarantee for our investment; show a strong balance sheet to collateralize our investments; and show sufficient cash flow to be able to service the payments on our investments comfortably. Although we may make investments in start-up businesses, we generally seek to avoid investing in high-risk, early-stage enterprises that are only beginning to develop their market share or build their management and operational infrastructure with limited collateral. Disciplined Underwriting Policies and Rigorous Portfolio Management. We pursue rigorous due diligence of all prospective investments originated through our business finance ecosystem. Our Senior Lending Team has developed what we believe to be an extensive underwriting due diligence process, which includes a review of the operational, financial, legal and industry performance and outlook for the prospective investment, including quantitative and qualitative stress tests, review of industry data and when necessary, consultation with outside experts regarding the creditworthiness of the borrower. These processes continue during the portfolio monitoring process, when we will conduct field examinations, when appropriate, review all compliance certificates and covenants and regularly assess the financial and business conditions and prospects of portfolio companies. In addition, SBL, an S&P rated servicer, is a third-party servicer for commercial, SBA 7(a) and other government guaranteed investments, whose exceptional servicing capabilities with compact timelines for loan resolutions and dispositions has attracted various third-party portfolios to SBL. SBL also services the loans funded by NBL and our joint venture, and provides loan origination and closing services to NSBF pursuant to an SBA approved lender service provider agreement. Business Development Company Status Our predecessor was formed on June 29, 1999 under the laws of the State of New York and, on November 12, 2014, in connection with our election to be regulated as a BDC, merged with and into us for the purpose of reincorporating under the laws of the State of Maryland. As a BDC, we are required to meet regulatory tests, including the requirement to invest at least 70% of our gross assets in “qualifying assets.” Qualifying assets generally include debt or equity securities of private or thinly traded public U.S. companies and cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, as a BDC, and pursuant to the approval that we received from our shareholders on July 26, 2018, which became effective July 27, 2018, we are not permitted to incur indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 150% (i.e., the amount of debt may not exceed 66 2/3% of the value of our total assets). See “Regulation.” 19 As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we timely distribute to our shareholders. To maintain our RIC tax treatment, we must meet specified source-of-income and asset diversification requirements and distribute annually at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any (the “Annual Distribution Requirement”). Investments We engage in various investment strategies from time to time in order to achieve our overall investment objectives. Portfolio Company Characteristics We have and will continue to target investments in future portfolio companies that generate both current income and capital appreciation. In each case, the following criteria and guidelines are applied to the review of a potential investment however, not all criteria are met in every single investment, nor do we guarantee that all criteria will be met in the investments we will make in the future. We have and will continue to limit our investments to the SMB market. Experienced Management with Meaningful Investment. We seek to invest in companies in which senior or key managers have significant company-or industry-level experience and have significant equity ownership. It has been our experience that these experienced managers are more committed to the portfolio company’s success and more likely to manage the company in a manner that protects our debt and equity investments. Significant Invested Capital. We believe that the existence of an appropriate amount of equity beneath our debt capital provides valuable support for our investment. In addition, the degree to which the particular investment is a meaningful one for the portfolio company’s owners (and their ability and willingness to invest additional equity capital as and to the extent necessary) are also important considerations. Appropriate Capital Structures. We seek to invest in portfolio companies that are appropriately capitalized. First, we examine the amount of equity that is being invested by the company’s equity owners to determine whether there is a sufficient capital cushion beneath our invested capital. We also analyze the amount of leverage, and the characteristics of senior debt with lien priority over our senior subordinated debt. A key consideration is a strong balance sheet and sufficient free cash flow to service any debt we may invest. Strong Competitive Position. We seek to invest in portfolio companies that have developed strong, defensible product or service offerings within their respective market segment(s). These companies should be well positioned to capitalize on organic and strategic growth opportunities, and should compete in industries with strong fundamentals and meaningful barriers to entry. We further analyze prospective portfolio investments in order to identify competitive advantages within their industry, which may result in superior operating margins or industry-leading growth. Customer and Supplier Diversification. We expect to invest in portfolio companies with sufficiently diverse customer and supplier bases. We believe these companies will be better able to endure industry consolidation, economic contraction and increased competition than those that are not sufficiently diversified. However, we also recognize that from time to time, an attractive investment opportunity with some concentration among its customer base or supply chain will present itself. We believe that concentration issues can be evaluated and, in some instances (whether due to supplier or customer product or platform diversification, the existence and quality of long-term agreements with such customers or suppliers or other select factors), mitigated, thus presenting a superior risk- weighted pricing scenario. Investment Objectives Debt Investments We target our debt investments, which are principally made through our business finance ecosystem under the SBA 7(a) program, to produce generally, a coupon rate of prime plus 2.25% to 2.75% which enables us to generate rapid sales of the guaranteed portions of SBA 7(a) loans in the secondary market, historically producing gains and with a yield on investment in excess of 30%. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA 7(a) loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity. As of December 31, 2021, substantially all of our SBA 7(a) portfolio at fair value consisted of debt investments that were secured by first or second priority liens on the assets of the portfolio company. 20 • • First Lien Loans. Our first lien loans generally have terms of one to 25 years, provide for a variable interest rate, contain no prepayment penalties (however, the SBA will charge the borrower a prepayment fee if the loan has a maturity of 15 or more years and is prepaid during the first three years) and are secured by a first priority security interest in all existing and future assets of the borrower. Our first lien loans may take many forms, including revolving lines of credit, term loans and acquisition lines of credit. Second Lien Loans. Our second lien loans generally have terms of five to 25 years, also primarily provide for a variable interest rate, contain no prepayment penalties (however, the SBA will charge the borrower a prepayment fee if the loan has a maturity of 15 or more years and is prepaid during the first three years) and are secured by a second priority security interest in all existing and future assets of the borrower. We typically only take second lien positions on additional collateral where we also have first lien positions on business assets. • Unsecured Loans. We make few unsecured investments, primarily to our controlled portfolio companies, which because of our equity ownership are deemed to be more secure. Typically, these loans are to meet short-term funding needs. We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have strong protections, including default penalties, information rights and, in some cases, affirmative, negative and financial covenants. In addition to the investment objectives described above, the Company temporarily shifted its debt investment strategy beginning in the first half of 2020 to focus on PPP lending in response to the COVID-19 pandemic, and NSBF continued to fund PPP loans until July 2021. As such, the Company’s investment objectives relating to its PPP lending during fiscal years 2020 and 2021 may differ from the objectives described above. For more information, see “Item 7— Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Equity Investments 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 immediate return. Our objective 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 as another means of supporting their development and that of the integrated whole. In Capco investments, we often make debt investments in conjunction with being granted equity in the company in the same class of security as the business owner receives upon funding. We generally seek to structure our equity investments to provide us with minority rights provisions and event-driven put rights. Investment Process The following discussion relates to the Company’s investment selection process in connection with SBA 7(a) lending. The Company’s investment selection process for PPP lending during fiscal 2021 may differ from the process described below. For more information, see “Item 7— Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The members of our Senior Lending Team and our Executive Committee are responsible for all aspects of our investment selection process. The discussion below describes our investment procedures. The stages of our investment selection process are as follows: Loan and Deal Generation/Origination We believe that the combination of our brand, our portal, our patented NewTracker® technology, and our web presence as Your Business Solutions Company® have created an extensive loan and deal sourcing infrastructure. This is maximized through long-standing and extensive relationships with industry contacts, commercial and investment bankers, entrepreneurs, services providers (such as lawyers and accountants), as well as current and former clients, portfolio companies and our extensive network of strategic alliance partners. We supplement our relationships by the selective use of advertising aimed primarily at lending to the SMB market. We believe we have developed a reputation as a knowledgeable and reliable source of capital, providing value-added advice, prompt processing, and management and operations support to our portfolio companies. 21 We market our loan and investment products and services, and those of our controlled portfolio companies, through referrals from our alliance partners such as Amalgamated Bank, Stifel Bank, Axiom Bank, Credit Union National Association, ENT Federal Credit Union, Legacy Bank, Morgan Stanley Smith Barney, Navy Federal Credit Union, New York Community Bank, Raymond James, Randolph Brooks Federal Credit Union, UBS, Meineke Dealers Purchasing Cooperative, Transworld Business Advisors, Army Navy Federal Credit Union, Teachers Federal Credit Union, Nassau Federal Educators Federal Credit Union, Spire Federal Credit Union, Aamco, 1800 Accountants, and True Value Company, among others using our patented NewTracker® referral system as well as direct referrals from our web presence, www.newtekone.com. The patent for our NewTracker® referral system is a software application patent covering the systems and methods for tracking, reporting and performing processing activities and transactions in association with referral data and related information for a variety of product and service offerings in a business-to-business environment providing further for security and transparency between referring parties. NewTracker® allows us and our alliance partners to review in real time the status of any referral as well as to provide real time compliance oversight by the respective alliance partner, which we believe creates confidence between the referred business client, the referring alliance partner and us. Additional deal sourcing and referrals are obtained from individual professionals in geographic markets that have signed up to provide referrals and earn commissions through our BizExec and TechExec Programs. The BizExecs and TechExecs are traditionally information technology professionals, CPAs, independent insurance agents and sales and/or marketing professionals. In addition, electronic payment processing services are marketed through independent sales representatives and web technology and eCommerce services are marketed through internet-based marketing and third- party resellers. A common thread across all business lines of our subsidiaries and controlled portfolio companies relates to acquiring customers at low cost. We seek to bundle our marketing efforts through our brand, our portal, NewTracker®, our web presence as Your Business Solutions Company® and one easy entry point of contact. We expect that this approach will allow us to continue to cross-sell the business and financial solutions of our subsidiaries and controlled portfolio companies to our customers and customers of our controlled portfolio companies, and to build upon our extensive deal sourcing infrastructure. Screening We screen all potential debt or equity investment proposals that we receive for suitability and consistency with our investment criteria. See “Portfolio Company Characteristics,” above. In screening potential investments, our Senior Lending Team and our Executive Committee utilize a value-oriented investment philosophy and commit resources to managing downside exposure. If a potential investment meets our basic investment criteria, a business service specialist or other member of our team is assigned to perform preliminary due diligence. SBA Lending Procedures We originate loans under the SBA 7(a) Program (authorized by section 7(a) of the Small Business Act, 15 U.S.C. 636(a)), in accordance with our credit and underwriting policy, which incorporates by reference the applicable regulations and the SBA Standard Operating Procedures, Lender and Development Company Loan Program (“SOP 50 10 and 50 57 2”) (collectively, “SBA Loan Program Requirements”) as they relate to the financing and servicing of such loans. During the initial application process for a loan originated under the SBA 7(a) Program, a Newtek business service specialist assists and guides the applicant through the application process, which begins with the submission of an online form through our customized loan portal. The online loan processing system collects required information and ensures that all necessary forms are provided to the applicant and filled out. The system conducts two early automatic screenings focused primarily on whether (i) the requested loan is for an eligible purpose, (ii) the requested loan is for an eligible amount and (iii) the applicant is an eligible borrower. If the applicant is eligible to fill out the entire application, the online system pre-qualifies the applicant based on preset credit parameters that meet the standards of Newtek and the SBA. Once the online form and the application materials have been completed, our underwriting department (the “Underwriting Department”) becomes primarily responsible for reviewing and analyzing the application in order to accurately assess the level of risk being undertaken in making a loan. The Underwriting Department is responsible for assuring that all information necessary to prudently analyze the risk associated with a loan application has been obtained and has been analyzed. Credit files are developed and maintained with the documentation received during the application process in such a manner as to facilitate file review during subsequent developments during the life of the loan. 22 Required Information For a loan originated under the SBA 7(a) Program, the primary application document is SBA Form 1919 (Borrower Information Form) (“Form 1919”). Among other things, Form 1919 requires identifying information about the applicant, loan request, indebtedness, the principals, current or previous government financing, and certain other disclosures. In addition to Form 1919, the following additional information is required: • • • • • • • • • • • • an SBA Form 912 (Statement of Personal History), if the relevant questions in Form 1919 are answered affirmatively; an SBA Form 413 (Personal Financial Statement), for all owners of 20% or more (including the assets of the owner’s spouse and any minor children), and proposed guarantors; business financial statements dated within 180 days prior to submission to SBA, consisting of (a) year-end balance sheets for the last three years, including detailed debt schedule, (b) year- end profit & loss (P&L) statements for the last three years, (c) reconciliation of net worth, (d) interim balance sheet, and (e) interim P&L statements; a list of names and addresses of any subsidiaries and affiliates, including concerns in which the applicant holds a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with the applicant, and business financial statements meeting the same requirements as above of such subsidiaries and affiliates; formation documents for all obligor entities to validate existence and structure; the applicant’s original business license or certificate of doing business; records of any loans the applicant may have applied for in the past; signed personal and business U.S. federal income tax returns of the principals of the applicant’s business for previous three years; personal resumes for each principal; a brief history of the business and its challenges, including an explanation of why the SBA loan is needed and how it will help the business; a copy of the applicant’s business lease, or note from the applicant’s landlord, giving terms of proposed lease; and if purchasing an existing business, (a) current balance sheet and P&L statement of business to be purchased, (b) previous two years U.S. federal income tax returns of the business, (c) proposed Bill of Sale including Terms of Sale, and (d) asking price with schedule of inventory, machinery and equipment, furniture and fixtures. We view current financial information as the foundation of sound credit analysis. To that end, we verify all business income tax returns with the Internal Revenue Service and generally request that financial statements be submitted on an annual basis after the loan closes. For business entities or business guarantors, we request U.S. federal income tax returns for each fiscal year-end to meet the prior three-year submission requirement. For interim periods, we will accept management-prepared financial statements. The most recent financial information may not be more than 180 days old at the time of the approval of the loan, but we generally request that the most recent financial information not be older than 90 days in order to provide time for underwriting and submission to SBA for guaranty approval, if required. For individuals or personal guarantors, we require a personal financial statement dated within 180 days of the application (sixty days is preferred) and personal income tax returns for the prior three years. In connection with each yearly update of business financial information, the personal financial information of each principal must also be updated. Spouses are required to sign all personal financial statements in order for the Underwriting Department to verify compliance with the SBA’s personal resource test. In addition, the Underwriting Department will ensure that there has been no adverse impact on financial condition of the applicant or its principals since the approval of the loan. If closing does not occur within ninety days of the date on which the loan is approved, updated business and personal financial statements must be obtained and any adverse change must be addressed before the proceeds of the loan may be disbursed. If closing does not occur within six months of the date on which the loan is approved, the applicant is generally required to reapply for the loan. 23 Stress Test The standard underwriting process requires a stress test on the applicant’s interest rate to gauge the amount of increase that can be withstood by the applicant’s cash flow and still provide sufficient cash to service debt. The applicant’s cash flow is tested up to a 2% increase in interest rate. If the applicant’s debt service coverage ratio decreases to 1:1 or less than 1:1, the loan may only be made as an exception to our Underwriting Guidelines and would require the approval of our credit committee. Required Site Visit No loan will be funded without an authorized representative of NSBF first making a site visit to the business premises. We generally use a contracted vendor to make the required site visit but may from time to time send our own employees to perform this function. Each site visit will generate a narrative of the business property as well as photographs of the business property. Additional site visits will be made when a physical on-site inspection is warranted. Credit Assessment of Applicant Loan requests are assessed primarily based upon an analysis of the character, cash flow, capital, liquidity and collateral involved in the transaction. Character: We require a personal credit report to be obtained on any principal or guarantor involved in a loan transaction. Emphasis is placed upon the importance of individual credit histories, as this is a primary indicator of an individual’s willingness and ability to repay debt. Any material negative credit information must be explained in writing by the principal, and must be attached to the personal credit report in the credit file. No loan will be made where an individual’s credit history calls into question the repayment ability of the business operation. A loan request from an applicant who has declared bankruptcy within the ten years preceding the loan application will require special consideration. A thorough review of the facts behind the bankruptcy and impact on creditors will be undertaken in determining whether the principal has demonstrated the necessary willingness and ability to repay debts. In addition, we will examine whether the applicant and its principals and guarantors have abided by the laws of their community. Any situation where a serious question concerning a principal’s character exists will be reviewed on a case-by-case basis. Unresolved character issues are grounds for declining a loan request regardless of the applicant’s financial condition or performance. Cash Flow: We recognize that cash flow is the primary and desired source of repayment on any loan, and therefore is the primary focus of the credit decision. Any transaction in which the repayment is not reasonably assured through cash flow will be declined, regardless of other possible credit strengths. At a minimum, combined EBITDA will be used to evaluate repayment ability. Other financial analysis techniques will be employed as needed to establish the reasonableness of repayment. Where repayment is based on past experience, the applicant must demonstrate minimum combined cash flow coverage of 1.2 times based upon the most recent fiscal year-end financial statement. A determination of the ability to repay will not be based solely upon interim operating results. Where repayment ability is not evident from historical combined earnings (including new businesses and changes of ownership), projections will be analyzed to determine whether repayment ability is reasonably assured. For changes in ownership, monthly cash flow forecasts will be analyzed to determine adequacy to meet all of the borrower’s needs. For business acquisition applications, the applicant will be required to submit projections and support such projections by detailed assumptions made for all major revenue and expense categories and an explanation of how the projections will be met. Analysis must include comparisons with relevant Risk Management Association (“RMA”) industry averages. EBITDA must be reasonably forecast to exceed debt service requirements by at least 1.2 times, after accounting for the initial phase of operations. For change of ownership applications, projections will also be measured against the actual historical financial results of the seller of the business concern. Projections must demonstrate repayment ability of not less than 1.2 times. Capital: Capital is a strong traditional indicator of the financial health of a business. For going concern entities, the pro-forma leverage position, as measured by the debt to tangible net worth ratio, may not exceed the RMA industry median or 4 to 1, whichever is greater. For change of ownership transactions, generally 25% of total project costs should be contributed as equity resulting in debt to tangible net worth ratio of 3 to 1. For a change of ownership transaction where a substantial portion of intangibles are included within the transaction, adequacy of capital will be determined based upon an evaluation of the business value and level of injection. In determining the legitimacy of the business value, the loan underwriter must utilize two SBA approved valuation methods, as outlined in SBA SOP 50 10. If the business value is found to be acceptable, and the equity injection into the project is within our requirements as outlined herein, then the capital position will be considered satisfactory. 24 As a general rule, shareholder and affiliate loans may be added back to net worth only if such loans will be subordinated for the life of the SBA loan, with no principal or interest payments to be made. Financing by the seller of the business may also be considered as equity if the loan will be placed on full standby for the life of the SBA loan. Adjustments to net worth to account for the difference between the book value and appraised value of fixed assets may be made only when supported by a current appraisal. Appraisals on a “subject to” basis are not acceptable. Liquidity: Liquidity, as measured by the current ratio, must be in line with the RMA industry average. An assessment of the adequacy of working capital is required. An assessment of the liquidity of a business is essential in determining the ability to meet future obligations. Lending to cash businesses such as hotels and restaurants requires less analysis of the liquidity of the business due to the timing of cash receipts. Industries with large receivables, payables, and inventory accounts require thorough review of the cash cycle of the business and evaluation of the applicant’s ability to manage these accounts. The current and quick ratios and turnover of receivables, payables and inventory are measured against the RMA industry median in determining the adequacy of these liquidity measures. Collateral: We are required to reasonably secure each loan transaction with all worthwhile and available assets. Pursuant to SBA SOP 50 10, we may not (and will not) decline a loan if the only weakness in the application is the value of collateral in relation to the loan amount, provided that all assets available to the business and its principals have been pledged. As set forth in SBA SOP 50 10, the SBA considers a loan to be fully secured if the lender has taken a security interest in all available fixed assets with a combined “net book value” adjusted up to the loan amounts below. For 7(a) loans, “fixed assets” means real estate, including land and structures and machinery and equipment owned by the business. “Net book value” is defined as an asset’s original price minus depreciation and amortization. We attempt to secure each loan transaction with as much real estate and liquid asset collateral as necessary; however, all fixed assets must be evaluated. Fixed assets are evaluated on the basis of the net book value to determine the realizable value among collateral types. Valuation factors are applied as follows: • • Commercial real estate — 75% Residential real estate — 85% • Vacant land — 50% • Machinery & Equipment — 50% • Furniture & Fixtures — 10% • Accounts receivable & inventory —10% • • • Leasehold improvements — 5% Certificate of Deposit — 100% Regulated Licenses — will vary dependent upon type of license and geographic area. The liquidation rate used must be fully justified. In addition to an assessment of the criteria specified above, there are certain special industry-specific requirements that will be considered in the loan application decision. Change of Ownership: The minimum equity injection required in a change of ownership transaction is generally 20% but may be lower for specific industries such as medical and dental practices, gas stations and convenience stores, flag hotels and “strong” non-lodging franchises. In the event of financing from the seller of the business, the applicant must inject not less than 10% of the project cost; the seller of the business may provide the balance on a complete standby basis for the life of the SBA loan. Exceptions to the equity requirement are reviewed on a case-by-case basis. 25 For a change of ownership transaction, the application must be accompanied by a business plan including reasonable financial projections. The financial performance of the seller of the business must be evaluated based upon three years of corporate income tax returns and a current interim financial statement. Projections for the applicant must be in line with the historical financial performance at the business location. In cases where financial performance of the seller of the business is poor, a satisfactory explanation must be provided to detail the circumstances of performance. Projections for the applicant must be accompanied by detailed assumptions and be supported by information contained in the business plan. Management should have related experience in the industry and demonstrate the ability to successfully operate the business. In the absence of satisfactory related experience, an assessment of management’s experience and capabilities, given the complexity and nature of the business, will be made. In the case of a franchise, we will generally take into account the reputation of a franchisor for providing worthwhile management assistance to its franchisees. We carefully review change of ownership transactions. The loan underwriter will review the contract for sale, which will be included in the credit file. The contract for sale must include a complete breakdown of the purchase price, which must be justified through either a third party appraisal or directly by the loan underwriter through an approved valuation method specified in SBA SOP 50 10. The contract of sale must evidence an arm’s length transaction (but transactions between related parties are permitted so long as they are on an arm’s-length basis) which will preserve the existence of the small business or promote its sound development. In addition, a satisfactory reason for the sale of the business must be provided. The seller of the business must provide the prior three years of business tax returns and a current interim financial statement, as applicable. As part of due diligence for a change of ownership transaction, the closing department will order and review lien searches run on the seller as well as the borrower/buyer. If such a search identifies any adverse information or unexpected liens, the credit will be referred back to underwriting so that a prudent credit decision may be made on the application in light of the new information. Real Estate Transactions: Loan proceeds for the acquisition or refinancing of land or an existing building or for renovation or reconstruction of an existing building must meet the following criteria: • • the property must be at least 51% owner-occupied pursuant to SBA policies; and loan proceeds may not be used to remodel or convert any rental space in the property. For new construction, the Applicant must occupy 60% of the Rentable Property, may permanently lease to a third party up to 20% and temporarily lease an additional 20% with the intention of using some of the additional 20% within 3 years and all of it within 10 years. NSBF policy regarding the use of real estate appraisals and environmental reports is intended to provide for a secure, orderly and independent process for the ordering, receipt and approval of independent valuation and environmental reports. Commercial real estate appraisals are required on all primary collateral prior to the loan closing. In general, appraisals will be required as follows: • • • For loans greater than $500,000 is secured by commercial real property; or For loans $500,000 or less secured by commercial real property, an appraisal will be required if such appraisal is necessary for appropriate evaluation of creditworthiness. The appraiser must be either State-licensed or State-certified (except when the property’s estimated value is over $1,000,000, when the appraiser must be State-certified) and the appraisal report must conform to Uniform Standards of Professional Appraisal Practice (USPAP); • Appraisal reviews are required for all commercial real estate with an appraised value of $500,000 or more conducted by a licensed/certified and independent MAI appraiser. Environmental screenings and an environmental questionnaire are required for all commercial real estate taken as collateral. The type and depth of an Environmental Investigation to be performed varies with the risks of Contamination. In general, environmental reports are required as follows: • for real estate valued up to $500,000 — a transaction screen including a records review; 26 • • for real estate valued in excess of $500,000 — a Phase I Environmental Report; and a Phase I Environmental Report will be required regardless of property value: gasoline service stations, car washes, dry cleaners and any other business known to be in environmentally polluting industries. In all cases for commercial real estate taken as collateral: • • if further testing is recommended, the recommended level of testing will be performed prior to the loan closing; and if the report indicates remedial action to be taken by the business, such actions must be completed prior to the loan closing and a closure letter must be provided prior to funding. Medical Professionals: In connection with a loan application relating to the financing of a medical business, all medical licenses will be verified, with the loss or non-renewal of license constituting grounds for denial of the application. In addition, medical professionals must provide evidence of malpractice liability insurance of at least $2.0 million or the loan amount, whichever is higher. Malpractice insurance must be maintained for the life of the loan. Franchise Lending: All franchise loan applications will be evaluated as to eligibility by accessing SBA’s Franchise Directory as required by SBA, which does not permit assistance to a franchise that has not been approved and listed on its Franchise Directory. The underwriter will review the Franchise Disclosure Document and the Franchise Agreement in the course of underwriting the credit. Credit Package For each loan application, the loan underwriter will prepare a credit package (the “Credit Package”). All credit and collateral issues are addressed in the Credit Package, including but not limited to, the terms and conditions of the loan request, use of proceeds, collateral adequacy, financial condition of the applicant and business, management strength, repayment ability and conditions precedent. The Underwriting Department will recommend approval, denial or modification of the loan application. The Credit Package is submitted to our credit committee for further review and final decision regarding the loan application. Other than rejections for ineligibility of the applicant, the type of business or the loan purpose, NSBF may decline a loan application for the following reasons: • • • • • • • • • • • after taking into consideration prior liens and considered along with other credit factors, the net value of the collateral offered as security is not sufficient to protect the interest of the U.S. Government; lack of reasonable assurance of ability to repay loan (and other obligations) from earnings; lack of reasonable assurance that the business can be operated at a rate of profit sufficient to repay the loan (and other obligations) from earnings; disproportion of loan requested and of debts to tangible net worth before and after the loan; inadequate working capital after the disbursement of the loan; the result of granting the financial assistance requested would be to replenish funds distributed to the owners, partners, or shareholders; lack of satisfactory evidence that the funds required are not obtainable without undue hardship through utilization of personal credit or resources of the owner, partners or shareholders; the major portion of the loan requested would be to refinance existing indebtedness presently financed through normal lending channels; credit commensurate with applicant’s tangible net worth is already being provided on terms considered reasonable; gross disproportion between owner’s actual investment and the loan requested; lack of reasonable assurance that applicant will comply with the terms of the loan agreement; 27 • • unsatisfactory experience on an existing loan; or economic or physical injury not substantiated. If a loan application is accepted, we will issue an approval letter to the applicant. After approval, the SBA and NSBF enter into a Loan Authorization Agreement which sets forth the terms and conditions for the SBA’s guaranty on the loan. The closing of a loan is handled by the closing and legal department consisting of loan closer, in-house attorneys and paralegals, whose primary responsibility is to close the loan in accordance with prudent lending standards and in compliance with SBA requirements thereby seeking to preserve SBA’s guaranty of repayment. Before loan proceeds are disbursed, the closing staff will review all required documentation (including but not limited to entity documentation, proof of insurance and licensing, environmental reports and appraisals, and will verify the applicant’s required capital injection, ensure that loan proceeds are being used as authorized and obtain required lien positions. Maintenance of Credit Files Loan files (consisting of credit files, due diligence, loan closing documentation) are maintained and administered in the Newtek Loan Portal and permanently stored in the Newtek Filevault. The loan file contains all documentation necessary to show: (a) the basis and purpose of the loan, (b) compliance with policy, regulation, loan conditions (such as rate, terms of repayment, collateral), and (c) the authority for granting the loan. The loan file is subject to review or audit by the SBA at any time. The files are organized pursuant to a specified format which facilitates the consistency and readability of the documentation for reviewers and/or auditors. Portfolio and servicing documentation are also administered in the Newtek Loan Portal and permanently stored in the Newtek File Vault. Other, Primarily Equity Investments Due Diligence and Underwriting In making loans or equity investments other than SBA 7(a) loans or similar conventional loans to SMBs, our Executive Committee will take a direct role in screening potential loans or investments, in supervising the due diligence process, in the preparation of deal documentation and the completion of the transactions. The members of the Executive Committee and/or Senior Lending Team complete due diligence and analyze the relationships among the prospective portfolio company’s business plan, operations and expected financial performance. Due diligence may address some or all of the following depending on the size and nature of the proposed investment: • • • on-site visits with management and relevant key employees; in-depth review of historical and projected financial statements, including covenant calculation work sheets; interviews with customers and suppliers; • management background checks; • • review reports by third-party accountants, outside counsel and other industry, operational or financial experts; and/or review material contracts. During the underwriting process, significant, ongoing attention is devoted to sensitivity analyses regarding whether a company might bear a significant “downside” case and remain profitable and in compliance with assumed financial covenants. These “downside” scenarios typically involve assumptions regarding the loss of key customers and/or suppliers, an economic downturn, adverse regulatory changes and other relevant stressors that we attempt to simulate in our quantitative and qualitative analyses. Further, we continually examine the effect of these scenarios on financial ratios and other metrics. Approval, Documentation and Closing Upon the completion of the due diligence process, the Executive Committee will review the results and determine if the transaction should proceed to approval. If approved by our Senior Lending Team and Executive Committee, the underwriting professionals heretofore involved proceed to documentation. 28 As and to the extent necessary, key documentation challenges are brought before our Senior Lending Team and Executive Committee for prompt discussion and resolution. Upon the completion of satisfactory documentation and the satisfaction of closing conditions, final approval is sought from our Executive Committee before closing and funding. Ongoing Relationships with Portfolio Companies Monitoring, Managerial Assistance We have and will continue to monitor our portfolio companies on an ongoing basis. We monitor the financial trends of each portfolio company to determine if it is meeting its business plan and to assess the appropriate course of action for each company. We generally require our portfolio companies to provide annual audits, quarterly unaudited financial statements with management discussion and analysis and covenant compliance certificates, and monthly unaudited financial statements. Using these monthly financial statements, we calculate and evaluate all financial covenants and additional financial coverage ratios that might not be part of our covenant package in the loan documents. For purposes of analyzing a portfolio company’s financial performance, we sometimes adjust their financial statements to reflect pro-forma results in the event of a recent change of control, sale, acquisition or anticipated cost savings. Additionally, we believe that, through our integrated marketing and sale of each business and financial solution offered by NSBF and our controlled portfolio companies, to our controlled portfolio companies and non-affiliate portfolio companies, we have in place extensive and robust monitoring capabilities. We have several methods of evaluating and monitoring the performance and fair value of our investments, including the following: • • • • • assessment of success in adhering to each portfolio company’s business plan and compliance with covenants; periodic and regular contact with portfolio company management to discuss financial position, requirements and accomplishments; comparisons to our other portfolio companies in the industry, if any; attendance at and participation in board meetings; and/or review of monthly and quarterly financial statements and financial projections for portfolio companies. As part of our valuation procedures, we risk rate all of our investments including loans. In general, our rating system uses a scale of 1 to 8, with 1 being the lowest probability of default and principal loss. Our internal rating is not an exact system, but is used internally to estimate the probability of: (i) default on our debt securities and (ii) loss of our debt or investment principal, in the event of a default. In general, our internal rating system may also assist our valuation team in its determination of the estimated fair value of equity securities or equity-like securities. Our internal risk rating system generally encompasses both qualitative and quantitative aspects of our portfolio companies. 29 Our internal loan and investment risk rating system incorporates the following eight categories: Rating 1 2 3 4 5 6 7 8 Summary Description Acceptable — Highest Quality — Loans or investments that exhibit strong financial condition and repayment capacity supported by adequate financial information. Generally, as loans these credits are well secured by marketable collateral. These credits are current and have not demonstrated a history of late-pay or delinquency. There are no or few credit administration weaknesses. This score represents a combination of a strong acceptable credit and adequate or better credit administration. Newly underwritten loans or investments may be rated in this category if they clearly possess above-average attributes in all of the above areas. In general, as investments these credits are performing within our internal expectations, and potential risks to the applicable investment are considered to be neutral or favorable compared to any potential risks at the time of the original investment. Acceptable — Average Quality — These loans or investments are supported by financial condition and repayment strengths that offset marginal weaknesses. Generally, as loans these credits are secured but may be less than fully secured. These loans are current or less than 30 days past due and may or may not have a history of late payments. They may contain non-material credit administration weaknesses or errors in verifying that do not put the guaranty at risk or cause wrong or poor credit decisions to be made. This risk rating should also be used to assign an initial risk rating to loans or investments that are recommended for approval by underwriting. Without a performance history and/or identified credit administration deficiencies, emphasis should be placed on meeting or exceeding underwriting standards collateral protection, industry experience, and guarantor strength. It is expected that most of our underwritten loans will be of this quality. Acceptable — Below Average — These loans or investments are the low-end range of acceptable. Loans would be less than fully secured and probably have a history of late pay and/or delinquency, though not severe. They contain one or more credit administration weaknesses that do not put the guaranty at risk or cause wrong or poor credit decisions to be made. This risk rating may also be used to identify new loans or investments that may not meet or exceed all underwriting standards, but are approved because of offsetting strengths in other areas. These credits, while of acceptable quality, typically do not possess the same strengths as those in the 1 or 2 categories. In general, the investment may be performing below internal expectations and quantitative or qualitative risks may have increased materially since the date of the investment. Other Assets Especially Mentioned (OAEM or Special Mention) — Strong — These loans or investments are currently protected by sound worth and cash flow or other paying capacity, but exhibit a potentially higher risk situation than acceptable credits. While there is an undue or unwarranted credit risk, it is not yet to the point of justifying a substandard classification. Generally, these loans demonstrate some delinquency history and contain credit administration weaknesses. Performance may show signs of slippage, but can still be corrected. Credit does not require a specific allowance at this point but a risk of loss is present. Substandard — Workout — These assets contain well defined weaknesses and are inadequately protected by the current sound worth and paying capacity of the borrower. Generally, loan collateral protects to a significant extent. There is a possibility of loss if the deficiencies are not corrected and secondary sources may have to be used to repay credit. Credit administration can range from very good to adequate indicating one or more oversights, errors, or omissions which are considered significant but not seriously misleading or causing an error in the loan decision. Performance has slipped and there are well-defined weaknesses. A specific allowance is in order or risk of loss is present. Substandard — Liquidation — These assets contain well defined weaknesses and are inadequately protected by the current sound worth and paying capacity of the borrower or investee. In addition, the weaknesses are so severe that resurrection of the credit is unlikely. For loans, secondary sources will have to be used for repayment. Credits in this category would be severely stressed, non-accrual, and the business may be non-viable. There could be character and significant credit administration issues as well. A specific allowance should be established or the lack of one clearly justified. Doubtful — This classification contains all of the weaknesses inherent in a substandard classification but with the added characteristic that the weaknesses make collection or repayment of principal in full, on the basis of existing facts, conditions and values, highly questionable and improbable. The probability of loss is very high, but the exact amount may not be estimable at the current point in time. Loans in this category are severely stressed, generally non-accrual and/or involve a non-viable operation. Collateral may be difficult to value because of limited salability, no ready and available market, or unknown location or condition of the collateral. Credit administration weaknesses can range from few to severe and may jeopardize the credit as well as the guaranty. All such loans or investments should have a specific allowance. Loss — Loans or investments classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is no longer warranted. This classification does not mean that the credit has no recovery or salvage value but, rather, it is not practical to defer writing off this asset. It is also possible that the credit decision cannot be supported by the credit administration process. Documents and verification are lacking; analysis is poor or undocumented, there is no assurance that the loan is eligible or that a correct credit decision was made. Loss loans are loans where a loss total can be clearly estimated. Losses should be taken during the period in which they are identified. 30 We will monitor and, when appropriate, change the investment ratings assigned to each loan or investment in our portfolio. In connection with our valuation process, our management team will review these investment ratings on a quarterly basis, and our Board will review and affirm such ratings. The investment rating of a particular investment should not, however, be deemed to be a guarantee of the investment’s future performance. Historically, we have offered to provide significant operating and managerial assistance to our portfolio companies and have provided significant operating and managerial assistance to our controlled portfolio companies. As a BDC, we will continue to offer, and must provide upon request, managerial assistance to our portfolio companies. This assistance will typically involve, among other things, monitoring the operations and financial performance of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial assistance. We may sometimes receive fees for these services. Valuation Procedures We conduct the valuation of our assets, pursuant to which our net asset value shall be determined, at all times consistent with GAAP and the 1940 Act. Our valuation procedures are set forth in more detail below: Securities for which market quotations are readily available on an exchange shall be valued at such price as of the closing price on the day of valuation. We may also obtain quotes with respect to certain of our investments from pricing services or brokers or dealers in order to value assets. When doing so, we will determine whether the quote obtained is sufficient according to GAAP to determine the fair value of the security. If determined adequate, we will use the quote obtained. We also employ independent third-party valuation firms for certain of our investments for which there is not a readily available market value. Securities for which reliable market quotations are not readily available or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of our Board, does not represent fair value, which we expect will represent a substantial majority of the investments in our portfolio, shall be valued as follows: (i) each portfolio company or investment is initially valued by the investment professionals responsible for the portfolio investment; (ii) preliminary valuation conclusions are documented and discussed with our Senior Lending Team and Executive Committee; (iii) independent third-party valuation firms engaged by, or on behalf of, the Board will conduct independent appraisals, review management’s preliminary valuations and prepare separate preliminary valuation conclusions on a selected basis; (iv) the Board reviews the preliminary valuations of members of our Senior Lending Team and Executive Committee and/or that of the third-party valuation firm and responds to the valuation recommendation with comments, if any; and (v) the Board will discuss valuations and determine the fair value of each investment in our portfolio in good faith. Determination of fair value involves subjective judgments and estimates not susceptible to substantiation by auditing procedures. Accordingly, under current auditing standards, the notes to our financial statements will refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our financial statements. The determination of fair value will generally be based on the following factors, as relevant: • • • • • • • • the nature and realizable value of any collateral; adherence to the portfolio company’s business plan and compliance with covenants; periodic and regular contact with the portfolio company’s management to discuss financial position, requirements and accomplishments; comparison to portfolio companies in the same industry, if any; the portfolio company’s ability to make payments; the portfolio company’s earnings and discounted cash flow; the markets in which the portfolio company does business; and comparisons to publicly traded securities. 31 Securities for which market quotations are not readily available or for which a pricing source is not sufficient may include, but are not limited to, the following: • • • • • • private placements and restricted securities that do not have an active trading market; securities whose trading has been suspended or for which market quotes are no longer available; debt securities that have recently gone into default and for which there is no current market; securities whose prices are stale; securities affected by significant events; and securities that our investment professionals believe were priced incorrectly. Rule 2a-5 under the 1940 Act was adopted by the SEC in December 2020 and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule’s requirements on or before the compliance date in September 2022. Competition We compete for SBA 7(a) and other SMB loans with other financial institutions and various SMB lenders, as well as other sources of funding. Additionally, competition for investment opportunities has emerged among alternative investment vehicles, such as collateralized loan obligations, some of which are sponsored by other alternative asset investors, as these entities have begun to focus on making investments in SMBs. As a result of these new entrants, competition for our investment opportunities may intensify. Many of these entities have greater financial and managerial resources than we do, but we believe that they invariably lack the ability to process loans as quickly as we can and do not have the depth of our customer service capabilities. We believe we will be able to compete with these entities primarily on the basis of our financial technology infrastructure, our experience and reputation, our deep industry knowledge and ability to provide customized business solutions, our willingness to make smaller investments than other specialty finance companies, the breadth of our contacts, our responsive and efficient investment analysis and decision-making processes, and the investment terms we offer. We and our controlled portfolio companies compete in a large number of markets for the sale of financial and business solutions to SMBs. Each of our controlled portfolio companies competes not only against suppliers in its particular state or region of the country but also against suppliers operating on a national or even a multi-national scale. None of the markets in which our controlled portfolio companies compete are dominated by a small number of companies that could materially alter the terms of the competition. Our electronic payment processing portfolio companies compete with entities including Global Payments, First National Bank of Omaha and Paymentech, L.P. Our managed technology solutions portfolio company competes with 1&1, Hosting.com, Discount ASP, Maxum ASP, GoDaddy®, Yahoo!®, BlueHost®, iPowerWeb®, Amazon Web Services®, Microsoft® Azure, Google®, and RackSpace among others. Our business finance ecosystem competes with regional and national banks and non-bank lenders. Other companies, including Intuit®, are bundling electronic payment processing, web hosting and payroll services similar to ours in offerings that compete in the same SMB market. In many cases, we believe that our competitors are not as able as we are to take advantage of changes in business practices due to technological developments and, for those with a larger size, are unable to offer the personalized service that many SMB owners and operators desire. While we compete with many different providers in our various businesses, we have been unable to identify any direct and comprehensive competitors that deliver the same broad suite of services focused on the needs of the SMB market with the same marketing strategy as we do. We believe that some of the competitive advantages of our platform include: • compatible products such as our e-commerce offerings that we are able to bundle to increase sales, reduce costs and reduce risks for our customers and enable us to sell two, three, or four products at the same time; 32 • • • • • • • the patented NewTracker® referral system, which allows us and our portfolio companies to process new business utilizing a web-based, centralized processing point and provides back end scalability, and allows our alliance partners to offer a centralized access point for their SMB clients as part of their larger strategic approach to marketing, thus demonstrating their focus on providing a suite of services to the SMB market in addition to their core service; the focus on developing and marketing business solutions and financial products and services aimed at the SMB market; scalability, which allows us to size our business solutions capabilities very quickly to meet customer and market needs; the ability to offer personalized service and competitive rates; a strategy of multiple channel distribution, which gives us maximum exposure in the marketplace; high quality customer service 24/7/365 across all business lines, with a focus primarily on absolute customer service and; a telephonic interview process, as opposed to requiring handwritten or data-typing processes, which allows us to offer high levels of customer service and satisfaction, particularly for SMB owners who do not get this service from our competitors Revenues by Geographic Area During the years ended December 31, 2021, 2020 and 2019, all of our revenue was derived from customers in the United States. Human Capital including Senior Lending Team and Executive Committee As an internally managed BDC, the long-term success of our Company depends on our people. Our team comprises experienced investment professionals, executive officers and treasury, finance, risk management, administrative support, IT and human resources professionals. The key members of our senior lending team (“Senior Lending Team”), many of whom have worked together for more than ten years, each have over 25 years of experience in finance-related fields. These investment professionals have worked together to screen opportunities, underwrite new investments and manage a portfolio of investments in SMBs through two recessions, a credit crunch, the dot-com boom and bust and a historic, leverage-fueled asset valuation bubble. Each member brings a complementary component to a team well-rounded in finance, accounting, operations, strategy, business law and executive management. Because we are internally managed by our Executive Committee, which includes Barry Sloane, Peter Downs, Michael A. Schwartz and Nicholas Leger, under the supervision of our Board, and do not depend on a third-party investment advisor, we do not pay investment advisory fees and all of our income is available to pay our operating costs and to make distributions to our shareholders. While our portfolio companies are independently managed, our Executive Committee also oversees our controlled portfolio companies and, to the extent that we may make additional equity investments in the future, the Executive Committee will also have primary responsibility for the identification, screening, review and completion of such investments. We do not expect to focus our resources on investing in additional stand-alone equity investments, but may elect to do so from time to time on an opportunistic basis, if such opportunities arise. Messrs. Sloane and Downs have been involved together in the structuring and management of equity investments for the past 18 years. The retention of our Senior Lending Team and Executive Committee is material to the management of our business. The departure of key investment personnel could adversely affect our business and cause us to lose current and potential investment opportunities. As such, we offer a competitive compensation and benefits structure that we believe is attractive to our current and prospective professionals. As we hire and develop individuals, we take succession planning into account and have succession plans in place for each of our senior leaders. 33 As of December 31, 2021 our workforce consisted of 104 professionals. We strive to continue to create a welcoming and inclusive work environment for our employees. We are committed to recruiting, motivating. and developing a diversity of talent and to create an inclusive community where all individuals are welcomed, valued, respected, and heard. In order to support a culture of learning, we provide many training opportunities for our employees to continue to build their skills and increase their effectiveness as members of a team, including offering a variety of external and internal classes and training sessions as well as hands-on learning and one-on-one mentorship. We continue to encourage dialogue between managers and employees and have increased the frequency of our communications with employees during the COVID-19 pandemic. We are committed to fostering a workplace conducive to the open communication of any concerns regarding unethical, fraudulent or illegal activities. Feedback from employees on matters related to their employment or our operations including its financial statement disclosures, accounting, internal accounting controls or auditing matters is greatly appreciated and helps to build a stronger organization. Each director, officer, regular full-time, part-time and temporary employee of the Company has the ability to report confidentially under the Company’s whistleblower policy: (a) questionable or improper accounting, internal controls, auditing matters, disclosure, or fraudulent business practices and (b) illegal or unethical behavior that has occurred, is ongoing, or is about to occur of an applicable law, rule, regulation or policy of the Company. We protect the confidentiality of those making reports of possible misconduct to the maximum extent permitted by law. Our no retaliation policy prohibits retaliation against those who report activities believed in good faith to be a violation of any law, rule, regulation or internal policy. We maintain and ensure compliance of all directors, officers and employees to our Code of Business Conduct and Ethics (the “Code of Ethics”) which is acknowledged in writing on joining and annually by all our employees, as a continued condition of employment. Our Code of Ethics establishes applicable policies, guidelines, and procedures that promote ethical practices and conduct by the Company and all its employees, officers, and directors. Our Code of Ethics can be found on our website at https:/investor.newtekbusinessservices.com/corporate-governance. We aim to provide a safe environment at work. During the COVID-19 pandemic, the safety of our employees, clients, customers, and vendors has been at the forefront of our decisions regarding when it is safe for employees to return to work in the office. Accordingly, we have encouraged employees to work from home in regions where doing so is recommended by local guidance. Following local and CDC guidance, we have made our offices accessible to those who prefer to work in the office, with restrictions and safety protocols in place, including limiting office capacity. For those hesitant to return to the office, we have continued to support remote work as an option during the ongoing COVID-19 pandemic. In addition to protecting the physical safety of our employees, we seek to promote a safe environment that is free of harassment or bullying. We do not tolerate discrimination and harassment of any kind including but not limited to sexual, gender identity, race, religion, ethnicity, age, or disability, among others. During the pandemic, we have encouraged employee health and wellness by being aware that employees need flexibility during this time and have different needs. We have made information and services available to support employees. We emphasize employee engagement, particularly during the ongoing pandemic, by encouraging ongoing dialogue with managers, colleagues and leaders. Communications have been more frequent during this time so that employees can stay connected and that we understand our employees’ diverse needs. We monitor our attrition and analyze reasons for leaving the Company. We value employee feedback and make adjustments to employees’ needs and concerns as they are raised. Available Information We are subject to the informational requirements of the SEC and in accordance with those requirements file reports, proxy statements and other information with the SEC. The SEC maintains a web site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the SEC’s web site is http://www.sec.gov. Our principal offices are located at 4800 T Rex Avenue, Suite 120, Boca Raton, Florida and our telephone number is (212) 356-9500. Our website may be directly accessed at http://www.newtekone.com. We make available through our website, free of charge, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. These documents may be directly accessed at https://investor.newtekbusinessservices.com. Information contained on our website is not a part of this report. Regulation We have elected to be regulated as a BDC under the 1940 Act. We have also elected to be treated for tax purposes as a RIC under Subchapter M of the Code. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or 34 underwriters and requires that a majority of the directors be persons other than “interested persons,” as that term is defined in the 1940 Act. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by “a majority of our outstanding voting securities” as defined in the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company’s voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. In connection with the Company’s pending acquisition of NBNYC and plan to reposition the Company as a bank holding company, which is subject to the approval of, among others, federal banking regulators and the SBA, the Company anticipates seeking approval of the Company’s shareholders to withdraw the Company’s election as a BDC under the 1940 Act. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Executive Summary” and “Risk Factors - Risks Related to Converting to a Financial Holding Company.” We generally are not able to issue and sell our common stock at a price below net asset value per share. We may, however, issue and sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value of our common stock if (1) our Board determines that such sale is in our best interests and the best interests of our stockholders, and (2) our stockholders have approved our policy and practice of making such sales within the preceding 12 months. In any such case, the price at which our securities are to be issued and sold may not be less than a price which, in the determination of our board of directors, closely approximates the market value of such securities. At an August 3, 2021 special meeting of shareholders, our shareholders authorized us to sell shares of our common stock until the earlier of our 2022 annual meeting of shareholders or August 2, 2022, at a price below its then current net asset value per share subject to certain conditions (including that the cumulative number of shares sold does not exceed 20% of its then outstanding common stock immediately prior to each such sale). During 2021, the Company did not sell any shares of its common stock at a price below then-current net asset value per share. Under the 1940 Act, a BDC generally may not issue senior securities unless the ratio of its total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, is at least 200%. This means that a BDC generally may borrow up to $1 for every $1 of investor equity. However, legislation enacted in March 2018 modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if, among other things, shareholders representing at least a majority of the votes cast, when quorum is met, approve a proposal to do so. At a special meeting of shareholders held on July 26, 2018, our stockholders approved a proposal to reduce our minimum required asset coverage to 150%, effective July 27, 2018. As a result, we generally may borrow up to $2 for every $1 of investor equity. See “Senior Securities; Coverage Ratio.” We may be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our Board who are not interested persons and, in some cases, prior approval by the SEC. We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, we may, for the purpose of public resale, be deemed an “underwriter” as that term is defined in the Securities Act of 1933, or the Securities Act. We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Prior to January 19, 2021, except for registered money market funds, we generally were prohibited from acquiring more than 3% of the voting stock of any registered investment company, investing more than 5% of the value of our total assets in the securities of one investment company, or investing more than 10% of the value of our total assets in the securities of more than one investment company without obtaining exemptive relief from the SEC. However, the SEC adopted new rules, which became effective on January 19, 2021, that allow us to acquire the securities of other investment companies in excess of the 3%, 5% and 10% limitations without obtaining exemptive relief if we comply with certain conditions. With regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted that such investments might indirectly subject our stockholders to additional expenses as they will indirectly be responsible for the costs and expenses of such companies. None of our investment policies are fundamental and any may be changed without stockholder approval. 35 Exemptive Relief On May 10, 2016, we received an order from the SEC for exemptive relief that, with the shareholders’ approval we received on July 27, 2016, allows us to take certain actions that would otherwise be prohibited by the 1940 Act, as applicable to BDCs. Specifically, the order permits us to (i) issue restricted stock awards to our officers, employees and employee and non-employee directors, (ii) issue stock options to our employees, (iii) withhold shares of the Company’s common stock to satisfy tax withholding obligations relating to the vesting of restricted stock or the exercise of options that were granted to pursuant to the 2014 Plan or the Amended Stock Plan, and (iv) permit participants to pay the exercise price of Options that were granted to them pursuant to the 2014 Plan or will be granted to them pursuant to Amended Stock Plan with shares of Applicant’s common stock. Qualifying Assets Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. The principal categories of qualifying assets relevant to our proposed business are the following: (1) Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which: (a) is organized under the laws of, and has its principal place of business in, the United States; (b) is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act: and (c) does not have any class of securities listed on a national securities exchange; or if it has securities listed on a national securities exchange such company has market capitalization of less than $250 million; is controlled by the BDC and has an affiliate of a BDC on its board of directors; or meets such other criteria as may be established by the SEC. Control, as defined by the 1940 Act, is presumed to exist where a BDC beneficially owns more than 25% of the outstanding voting securities of the portfolio company. (2) Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements. (3) Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company. (4) Securities received in exchange for or distributed on or with respect to securities described in (1) through (3) above, or pursuant to the exercise of warrants or rights relating to such securities. (5) Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment. Significant Managerial Assistance A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in “Qualifying Assets” above. BDCs generally must offer to make available to the issuer of the securities significant managerial assistance, except in circumstances where either (i) the BDC controls such issuer of securities or (ii) the BDC purchases such securities in conjunction with one or more other persons acting together and one of the other persons in the group makes available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company. 36 Temporary Investments Pending investment in other types of “qualifying assets,” as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments, so that 70% of our assets are qualifying assets. Typically, we invest in highly rated commercial paper, U.S. Government agency notes, U.S. Treasury bills or in repurchase agreements relating to such securities that are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed- upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. Consequently, repurchase agreements are functionally similar to loans. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, the 1940 Act and certain diversification tests in order to qualify as a RIC for U.S. federal income tax purposes typically require us to limit the amount we invest with any one counterparty. Our management monitors the creditworthiness of the counterparties with which we enter into repurchase agreement transactions. Warrants and Options Under the 1940 Act, a BDC is subject to restrictions on the amount of warrants, options, restricted stock or rights to purchase shares of capital stock that it may have outstanding at any time. Under the 1940 Act, we may generally only offer warrants provided that (i) the warrants expire by their terms within ten years, (ii) the exercise or conversion price is not less than the current market value at the date of issuance, (iii) our stockholders authorize the proposal to issue such warrants, and our Board approves such issuance on the basis that the issuance is in the best interests of the Company and its stockholders and (iv) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants, as well as options and rights, at the time of issuance may not exceed 25% of our outstanding voting securities. In particular, the amount of capital stock that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase capital stock cannot exceed 25% of the BDC’s total outstanding shares of capital stock. Senior Securities; Coverage Ratio We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if we meet certain asset coverage requirements. On April 27, 2018, we announced that our Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act”) of the Board, approved a proposal to reduce our asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act, from 200% to 150%. Such change would have been effective April 27, 2019. However, on July 26, 2018, our stockholders approved a proposal to reduce our asset coverage requirement to 150%, effective July 27, 2018. In addition, we may not be permitted to declare any cash dividend or other distribution on our outstanding common shares, or purchase any such shares, unless, at the time of such declaration or purchase, we have asset coverage of at least 150% after deducting the amount of such dividend, distribution, or purchase price. We may also borrow amounts up to 5% of the value of our total assets for temporary purposes. For a discussion of the risks associated with the resulting leverage, see “Risk Factors – Risks Related to Our Business And Structure – Because we borrow money, the potential for loss on amounts invested in us is magnified and may increase the risk of investing in us.” As of December 31, 2021, we had an aggregate principal amount of senior securities outstanding of $479.5 million and our asset coverage ratio was 184%. Issuance of Shares Below Current Net Asset Value At a special meeting of shareholders held on August 3, 2021, our stockholders authorized us to issue common stock at a discount from our NAV per share, effective for a period expiring on the earlier of August 2, 2022, or the date of our 2022 annual meeting of stockholders. We have agreed to limit the number of shares that we issue at a price below NAV pursuant to this authorization so that the aggregate dilutive effect on our then outstanding shares will not exceed 20%. During the year 37 ended December 31, 2021, the Company did not sell any shares of common stock at a price below NAV per share. Code of Ethics We have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain transactions by our personnel. Our code of ethics generally does not permit investments by our employees in securities that may be purchased or held by us. The code of ethics is published and available on the Company’s website at https://investor.newtekbusinessservices.com/corporate-governance is attached as an exhibit and is available on the EDGAR Database on the SEC’s Internet site at www.sec.gov. You may also obtain copies of the code of ethics, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. Compliance Policies and Procedures We have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a chief compliance officer to be responsible for administering the policies and procedures. Mr. Michael Schwartz currently serves as our Chief Compliance Officer. Privacy Principles We are committed to maintaining the privacy of our shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties. Generally, we do not receive any non-public personal information relating to our shareholders, although certain non-public personal information of our shareholders may become available to us. We do not disclose any non-public personal information about our shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent). Sarbanes-Oxley Act of 2002 The Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example: • • • • pursuant to Rule 13a-14 of the Exchange Act, our Chief Executive Officer and Chief Accounting Officer must certify the accuracy of the consolidated financial statements contained in our periodic reports; pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures; pursuant to Rule 13a-15 of the Exchange Act, our management must prepare a report regarding its assessment of our internal controls over financial reporting; and pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith. Proxy Voting Policies and Procedures We vote proxies relating to our portfolio securities in a manner in which we believe is in the best interest of our stockholders. We review on a case-by-case basis each proposal submitted to a stockholder vote to determine its impact on the portfolio securities held by us. Although we generally vote against proposals that may have a negative impact on our portfolio securities, 38 we may vote for such a proposal if there exists compelling long-term reasons to do so. Our proxy voting decisions are made by our Senior Lending Team and our Executive Committee, which are responsible for monitoring each of our investments. To ensure that our vote is not the product of a conflict of interest, we require that: (i) anyone involved in the decision making process disclose to our chief compliance officer any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (ii) employees involved in the decision making process or vote administration are prohibited from revealing how we intend to vote on a proposal in order to reduce any attempted influence from interested parties. Stockholders may obtain information regarding how we voted proxies with respect to our portfolio securities by making a written request for information to: Chief Compliance Officer, 1981 Marcus Avenue, Suite 130, Lake Success, NY 11042. Other We will be periodically examined by the SEC for compliance with the Exchange Act and the 1940 Act. We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office. We are required to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation. We have designated Michael Schwartz to be our Chief Compliance Officer to be responsible for administering these policies and procedures. Nasdaq Global Market Requirements We have adopted certain policies and procedures intended to comply with the Nasdaq Global Market’s corporate governance rules. We will continue to monitor our compliance with all future listing standards that are approved by the SEC and will take actions necessary to ensure that we are in compliance therewith. Regulation as a Small Business Lending Company Our wholly-owned subsidiary, NSBF, is licensed by the SBA as an SBLC that originates loans through the SBA 7(a) Program. The SBA 7(a) Program is the SBA’s primary loan program. In order to operate as an SBLC, a licensee is required to maintain a minimum regulatory capital (as defined by SBA regulations) of the greater of (1) 10% of its outstanding loans receivable and other investments or (2) $1.0 million. In addition, a SBLC is subject to certain other regulatory restrictions. The SBA generally reduces risks to lenders by guaranteeing major portions of qualified loans made to small businesses. This enables lenders to provide financing to small businesses when funding may otherwise be unavailable or not available on reasonable terms. Under the SBA 7(a) Program, the SBA typically guarantees 75% of qualified loans over $150,000. The eligibility requirements of the SBA 7(a) Program vary by the industry of the borrower and affiliates and other factors. The SBA grants PLP status to certain lenders originating SBA 7(a) loans based on achievement of certain standards in lending which are regularly monitored by the SBA. NSBF has been granted national PLP status and originates, sells and services SBA 7(a) loans. As a Preferred Lender, NSBF is authorized to place SBA guarantees on SBA 7(a) loans without seeking prior SBA review and approval. Designated PLP lenders are delegated the authority to process, close, service, and liquidate most SBA guaranteed loans without prior SBA review. PLP lenders are authorized to make SBA guaranteed loans, subject only to a brief eligibility review and assignment of a loan number by SBA. In addition, they are expected to handle servicing and liquidation of all of their SBA loans with limited involvement of SBA. If NSBF were to lose PLP status, it would have a material adverse impact on NSBF’s ability to originate loans at current levels. See “Item 1A. Risk Factors – NSBF’s failure to maintain PLP status or maintain its SBA 7(a) license could adversely affect our results of operations.” 39 Among other things, SBLCs are required to: submit to the SBA for review a credit policy that demonstrates the SBLC’s compliance with the SBA Loan Program Requirements for origination, servicing and liquidation of 7(a) loans; submit to the SBA for review and approval annual validation, with supporting documentation and methodologies, demonstrating that any scoring model used by the SBLC is predictive of loan performance; obtain SBA approval for loan securitization and borrowings; and adopt and fully implement an internal control policy which provides adequate direction for effective control over and accountability for operations, programs, and resources. Pursuant to the SBA’s regulations, the SBA is released from liability on its guaranty of a 7(a) loan and may, in its sole discretion, refuse to honor a guaranty purchase request in full or in part, or recover all or part of the funds already paid in connection with a guaranty purchase, if the lender failed to comply materially with a SBA Loan Program Requirement; failed to make, close, service or liquidate the loan in a prudent manner; placed the SBA at risk through improper action or inaction; failed to disclose a material fact to the SBA in a timely manner; or misrepresented a material fact to the SBA regarding the loan. In certain instances, the SBA may refuse to honor a guaranty purchase request in full (referred to by the SBA as a “denial”) or in part (referred to by the SBA as a “repair”), or recover all or part of the funds already paid in connection with a guaranty purchase. In the event of a repair or denial, liability on the guaranty, in whole or part, would be transferred to NSBF. In addition, the growth in the number of loans made by NSBF, changes in SBA regulations and economic factors may adversely impact our current repair and denial rates. See “Item 1A. Risk Factors – We have specific risks associated with SBA loans.” In connection with NSBF’s 2018 examination by the SBA, NSBF entered into a voluntary agreement with the SBA pursuant to NSBF’s commitment to operate under the SBA Loan Program Requirements. The agreement formalized many of the actions previously taken by NSBF to strengthen its operational procedures as they relate to NSBF’s delegated lender authority. Consistent with the terms of the agreement, NSBF has established a segregated restricted cash account in the amount of $10 million to account for potential post-purchase repairs and denials of guaranteed portions of SBA 7(a) loans, and agreed to take certain actions to demonstrate the sufficiency of NSBF’s liquidity and establish certain additional reporting and compliance procedures. We continue to assess and develop our policies and procedures to facilitate the successful implementation of our business, liquidity and operations. The SBA restricts the ability of an SBLC to lend money to any of its officers, directors and employees or to invest in associates thereof. The SBA also prohibits, without prior SBA approval, a “change of control” of an SBLC. A “change of control” is any event which would result in the transfer of the power, direct or indirect, to direct the management and policies of a SBLC, whether through ownership, contractual arrangements or otherwise. SBLCs are periodically examined and audited by the SBA to determine compliance with SBA regulations. Taxation as a Regulated Investment Company For any taxable year in which we: • • qualify as a RIC; and satisfy the Annual Distribution Requirement, We generally will not be subject to U.S. federal income tax on the portion of our income we distribute (or are deemed to distribute) to stockholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to our stockholders. We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our net ordinary income for each calendar year, (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year and (3) any ordinary income and net capital gains that we recognized in preceding years, but were not distributed during such years, and on which we paid no corporate-level U.S. federal income tax (the “Excise Tax Avoidance Requirement”). We generally will endeavor in each taxable year to make sufficient distributions to our stockholders to avoid any U.S. federal excise tax on our earnings. In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things: • • • continue to qualify as a BDC under the 1940 Act at all times during each taxable year; derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities, net income from certain “qualified publicly traded partnerships,” or other income derived with respect to our business of investing in such stock or securities (the “90% Income Test”); and diversify our holdings so that at the end of each quarter of the taxable year: 40 • • at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain “qualified publicly traded partnerships” (the “Diversification Tests”). Qualified earnings may exclude such income as management fees received in connection with our subsidiaries or other potential outside managed funds and certain other fees. We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as PIK interest, deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock, or certain income with respect to equity investments in foreign corporations. Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount. The Company does not currently hold investments that have original issue discount. Gain or loss realized by us from the sale or exchange of warrants acquired by us as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long we held a particular warrant. Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order to satisfy the Annual Distribution Requirement and the Excise Tax Avoidance Requirement. However, under the 1940 Act, we are not permitted to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain “asset coverage” tests are met. Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous. If we are prohibited from making distributions or are unable to obtain cash from other sources to make the distributions, we may fail to qualify as a RIC, which would result in us becoming subject to corporate-level federal income tax. In addition, we will be partially dependent on our subsidiaries for cash distributions to enable us to meet the RIC distribution requirements. Some of our subsidiaries may be limited by the Small Business Investment Act of 1958, and SBA regulations, from making certain distributions to us that may be necessary to maintain our status as a RIC. We may have to request a waiver of the SBA’s restrictions for our subsidiaries to make certain distributions to maintain our RIC status. We cannot assure you that the SBA will grant such waiver. If our subsidiaries are unable to obtain a waiver, compliance with the SBA regulations may cause us to fail to qualify as a RIC, which would result in us becoming subject to corporate-level federal income tax. The remainder of this discussion assumes that we will qualify as a RIC and will have satisfied the Annual Distribution Requirement for the year ended December 31, 2021. Any transactions in options, futures contracts, constructive sales, hedging, straddle, conversion or similar transactions, and forward contracts will be subject to special tax rules, the effect of which may be to accelerate income to us, defer losses, cause adjustments to the holding periods of our investments, convert long-term capital gains into short-term capital gains, convert short-term capital losses into long-term capital losses or have other tax consequences. These rules could affect the amount, timing and character of distributions to stockholders. We do not currently intend to engage in these types of transactions. A RIC is limited in its ability to deduct expenses in excess of its “investment company taxable income” (which is, generally, ordinary income plus net realized short-term capital gains in excess of net realized long-term capital losses). If our expenses in a given year exceed gross taxable income (e.g., as the result of large amounts of equity-based compensation), we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. 41 Due to these limits on the deductibility of expenses, we may for tax purposes have aggregate taxable income for several years that we are required to distribute and that is taxable to our stockholders even if such income is greater than the aggregate net income we actually earned during those years. Such required distributions may be made from our cash assets or by liquidation of investments, if necessary. We may realize gains or losses from such liquidations. In the event we realize net capital gains from such transactions, stockholders may receive a larger capital gain distribution than in the absence of such transactions. Investment income received from sources within foreign countries, or capital gains earned by investing in securities of foreign issuers, may be subject to foreign income taxes withheld at the source. In this regard, withholding tax rates in countries with which the United States does not have a tax treaty are often as high as 35% or more. The United States has entered into tax treaties with many foreign countries that may entitle us to a reduced rate of tax or exemption from tax on this related income and gains. The effective rate of foreign tax cannot be determined at this time since the amount of our assets to be invested within various countries is not now known. We do not anticipate being eligible for the special election that allows a RIC to treat foreign income taxes paid by such RIC as paid by its stockholders. If we purchase shares in a “passive foreign investment company,” or PFIC, we may be subject to U.S. federal income tax on a portion of any “excess distribution” or gain from the disposition of such shares even if such income is distributed as a taxable dividend by us to our stockholders. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from such distributions or gains. If we invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, or QEF, in lieu of the foregoing requirements, we will be required to include in income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to it. Alternatively, we can elect to mark-to-market at the end of each taxable year our shares in a PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in income. Under either election, we may be required to recognize in a year income in excess of our distributions from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% U.S. federal excise tax. We intend to limit and/or manage our holdings in PFICs to minimize our liability for any taxes and related interest charges. Income inclusion from a QEF will be “good income” for purposes of the 90% Income Test provided that they are derived in connection with an investment in stocks and securities or the QEF distributes such income to us in the same taxable year to which the income is included in our income. Foreign exchange gains and losses realized by us in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to our stockholders. Any such transactions that are not directly related to our investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future Treasury regulations, produce income not among the types of “qualifying income” from which a RIC must derive at least 90% of its annual gross income. Failure to Qualify as a RIC If we fail to satisfy the 90% Income Test or the Diversification Tests for any taxable year, we may nevertheless continue to qualify as a RIC for such year if certain relief provisions are applicable (which may, among other things, require us to pay certain corporate-level federal taxes or to dispose of certain assets). If we were unable to qualify for treatment as a RIC and the foregoing relief provisions are not applicable, we would be subject to tax on all of our taxable income at regular corporate rates, regardless of whether we make any distributions to our stockholders. Distributions would not be required, and any distributions would be taxable to our stockholders as ordinary dividend income to the extent of our current and accumulated earnings and profits and, subject to certain limitations, may be eligible for the 20% maximum rate for non-corporate taxpayers provided certain holding period and other requirements were met. Subject to certain limitations under the Code, corporate distributees would be eligible for the dividends-received deduction. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder’s tax basis, and any remaining distributions would be treated as a capital gain. Generally, a non-taxable return of capital will reduce an investor’s basis in our stock for federal tax purposes, which will result in higher tax liability when the stock is sold. Stockholders should read any written disclosure accompanying a distribution carefully and should not assume that the source of any distribution is our ordinary income or gains. Certain written disclosure will present a calculation of return of capital on a tax accounting basis. 42 To requalify as a RIC in a subsequent taxable year, we would be required to satisfy the RIC qualification requirements for that year and dispose of any earnings and profits from any year in which we failed to qualify as a RIC. Subject to a limited exception applicable to RICs that qualified as such under Subchapter M of the Code for at least one year prior to disqualification and that requalify as a RIC no later than the second year following the non-qualifying year, we could be subject to tax on any unrealized net built-in gains in the assets held by us during the period in which we failed to qualify as a RIC that are recognized within the subsequent 5 years, unless we made a special election to pay corporate-level tax on such built-in gain at the time of our requalification as a RIC. If the Company obtains the approvals of, among others, federal banking regulators and the SBA, and the Company’s shareholders to withdraw the Company’s election as a BDC under the 1940 Act, in order to complete the NBNYC acquisition, we anticipate that the Company will no longer qualify as a RIC beginning with the taxable year that the Company withdraws its BDC election. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Executive Summary” and “Risk Factors - Risks Related to Converting to a Financial Holding Company.” 43 ITEM 1A. RISK FACTORS. The following is a summary of the risk factors that we believe are most relevant to our business. These are factors that, individually or in the aggregate, we think could cause our actual results to differ significantly from anticipated or historical results. If any of the following risks occur, our business, financial condition and results of operations could be materially and adversely affected. In that case, the value of our common stock could decline and shareholders may lose all or part of their investment. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider the following to be a complete discussion of all potential risks or uncertainties. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. An investment in our securities involves risks. The following is a summary of the principal risks that you should carefully consider before investing in our securities. Risks Related to Converting to a Financial Holding Company • We operate in a highlight regulated environment, and if we are found to be in violation of any of the federal, state or local laws or regulations applicable to us, our business could suffer. • We will become subject to extensive regulation and supervision upon becoming a financial holding company, which may adversely affect our business. • • If we withdraw the Company’s election to be regulated as a BDC in the future, we will no longer be subject to regulation under the 1940 Act. Loss of pass-through tax treatment would substantially reduce net assets and income available for dividends. Risks Related to the Economy • • • • • Political, social and economic uncertainty related to the COVID-19 pandemic creates and exacerbates risks. The COVID-19 pandemic has caused severe disruptions in the U.S. economy and has disrupted financial activity in the areas in which we or our portfolio companies operate. Economic recessions could impair our portfolio companies and harm our operating results. Capital markets are currently experiencing disruption and instability and we cannot predict how long these conditions will continue. Such market conditions could materially and adversely affect debt and equity capital markets in the United States and abroad, which could have a negative impact on our business, financial condition and results of operations. If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely. Risks Related to Our Business and Structure • We are dependent upon our Senior Lending Team and our Executive Committee for our future success, and if we are unable to hire and retain qualified personnel or if we lose any member of our Senior Lending Team or our Executive Committee our ability to achieve our investment objective could be significantly harmed. • Our investment portfolio is recorded at fair value, with our Board having final responsibility for overseeing, reviewing and approving, in good faith, its estimate of fair value and, as a result, there is uncertainty as to the value of our portfolio investments. Because we borrow money, the potential for loss on amounts invested in us is magnified and may increase the risk of investing in us. • • Any unrealized depreciation we experience in our portfolio may be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to affected loans or a potential impairment of the value of affected equity investments. This could result in realized losses in the future and ultimately in reductions of our income and gains available for distribution in future periods. If we are unable to source investments effectively, we may be unable to achieve our investment objective. • • Any failure on our part to maintain our status as a BDC would reduce our operating flexibility. • We may experience fluctuations in our quarterly and annual results. • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. 44 Because we have received the approval of our stockholders, we are subject to 150% asset coverage beginning after July 26, 2018. • • We may not be able to pay distributions to our shareholders, our distributions may not grow over time and a portion of our distributions may be a return of capital. Risk Related to SBA Lending • NSBF, our wholly-owned subsidiary, is subject to regulation by the SBA, which has specific risks. • We have specific risks associated with SBA loans. Risks Related to U.S. Federal Income Tax • We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC or are unable to make the distributions required to maintain RIC tax treatment. • Because we intend to distribution substantially all of our income to our shareholders to maintain our tax treatment as a RIC, we will continue to need additional capital to finance our growth, and regulations governing our operations as a BDC will affect our ability to, and the way in which we, raise additional capital and make distributions. Risks Related to Our Investments Generally • Our investments are very risky and highly speculative. • We are subject to risks associated with the discontinuation of LIBOR, which will affect our cost of capital and results of operations. • • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers, The lack of liquidity in our investments may adversely affect our business. which subjects us to a risk of significant loss if any of these issuers defaults on its obligations under any of its debt instruments or as a result of a downturn in the particular industry. • Defaults by our portfolio companies will harm our operating results. • • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses. Risks Related to Our Securities • Our common stock price may be volatile and may decrease substantially. • Our shareholders may experience dilution upon repurchase of common shares. • Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock. RISKS RELATED TO CONVERTING TO A FINANCIAL HOLDING COMPANY We operate in a highly regulated environment, and if we are found to be in violation of any of the federal, state, or local laws or regulations applicable to us, our business could suffer. The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, was enacted in 2010. The Dodd-Frank Act significantly changed federal financial services regulation and affects, among other things, the lending, deposit, investment, trading, and operating activities of financial institutions and their holding companies. In addition to the statutory requirements under the Dodd-Frank Act, the legislation also delegated authority to US banking, securities and derivatives regulators to impose additional restrictions through required rulemaking. The Dodd-Frank Act requires a company that owns an bank to serve as a “source of strength” to the institution. We believe that we have the ability to serve in the future as a source of strength to NBNYC, subject to the relevant Regulatory Approvals and required shareholder approval to withdraw our election as a BDC. A company that owns a bank is also subject to the Dodd-Frank Act “Volcker Rule.” We do not believe that the “Volcker Rule” materially impacts our operations as presently conducted. For so long as we remain a BDC, the 1940 Act imposes numerous constraints on our operations. For a discussion of those constraints. See “Item 1. Business — Regulation” in this Annual Report on Form 10-K. Any failure to comply with the requirements imposed on BDCs by the 1940 Act, if applicable, could have material adverse consequences to us or our investors, including possible enforcement action by the SEC. 45 Other changes in the laws or regulations applicable to us more generally, may negatively impact the profitability of our business activities, require us to change certain of our business practices, materially affect our business model, limit the activities in which we may engage, affect retention of key personnel, require us to raise additional regulatory capital, increase the amount of liquid assets that we hold, otherwise affect our funding profile or expose us to additional costs (including increased compliance costs). Any such changes may also require us to invest significant management attention and resources to make any necessary changes and may adversely affect our ability to conduct our business as previously conducted or our results of operations or financial condition. We are also subject to, and may become subject to, a wide range of federal, state, and local laws and regulations, such as local licensing requirements, and retail financing, debt collection, consumer protection, environmental, health and safety, creditor, wage-hour, anti-discrimination, whistleblower and other employment practices laws and regulations and we expect these costs to increase going forward. The violation of these or future requirements or laws and regulations could result in administrative, civil, or criminal sanctions against us, which may include fines, a cease and desist order against the subject operations or even revocation or suspension of our license to operate the subject business. As a result, we have incurred and may incur increased capital and operating expenditures and other costs to comply with these requirements and laws and regulations. Changes in laws, regulations, or policies may adversely affect our business. We are unable to predict all of the ways in which this change in the regulatory environment could impact our anticipated business models or objectives. The laws and regulations governing lending, servicing, and debt collection activities or the regulatory or enforcement environment at the federal level or in any of the states in which we anticipate operating may change at any time which may have an adverse effect on our current or anticipated business. We are unable to predict how future legislative proposals or programs will be administered or implemented or in what form, or whether any additional or similar changes to statutes or regulations, including the interpretation or implementation thereof, will occur in the future. Any such action could affect us in substantial and unpredictable ways and could have an adverse effect on our anticipated business operations. Our inability to comply with regulatory requirements in a particular jurisdiction could have a material adverse effect on our anticipated operations in that market and on our reputation generally. No assurance can be given that applicable laws or regulations will not be amended or construed differently or that new laws and regulations will not be adopted, either of which could materially adversely affect our anticipated business. We will become subject to extensive regulation and supervision upon becoming a financial holding company, which may adversely affect our business. Upon becoming a financial holding company, we will become subject to a wide range of statutory and regulatory restrictions and requirements that will affect many aspects of our business, including our lending practices, capital structure, investment practices, dividend policy and growth. We may be required to restructure, terminate or divest certain of our businesses to comply with applicable requirements, which may impose additional costs and adversely affect our business, results of operations or financial condition. Failure to comply with laws, regulations, policies or other regulatory guidance could result in civil or criminal sanctions by regulatory agencies, civil monetary penalties and damage to our reputation. In addition, we will be required to serve as a “source of strength” to NBNYC. A company that owns a bank is also subject to the Dodd-Frank Act “Volcker Rule.” We do not believe that the “Volcker Rule” materially impacts our operations as presently conducted. Congress and federal regulatory agencies continually review banking laws, regulations, policies and other supervisory guidance for possible changes. Other changes in the laws or regulations that will be applicable to us as a financial holding company, including changes in the interpretation or implementation of those regulations or policies, may negatively impact the profitability of our business activities, require us to change certain of our business practices, materially affect our business model, limit the activities in which we may engage, affect retention of key personnel, require us to raise additional regulatory capital, increase the amount of liquid assets that we hold, otherwise affect our funding profile or expose us to additional costs (including increased compliance costs). Any such changes may also require us to invest significant management attention and resources to make any necessary changes and may adversely affect our ability to conduct our business as previously conducted or our results of operations or financial condition. Federal law may discourage certain acquisitions of our common stock which could have a material adverse effect on our shareholders. Federal law may make it more difficult for someone to acquire our common stock in certain circumstances. Under federal law and subject to certain exemptions, a person, entity or group must notify the federal banking agencies before acquiring control of a bank holding company. An acquisition of 10% or more of any class of voting stock of a bank holding company generally 46 creates a rebuttable presumption that the acquirer “controls” the bank holding company. In addition, a bank holding company must obtain the prior approval of the Board of Governors of the Federal Reserve System before, among other things, acquiring direct or indirect ownership or control of more than 5 percent of the voting shares of any bank, including NBNYC. If the transaction is consummated, investors will be responsible for ensuring that they do not, directly or indirectly, acquire shares of our common stock in excess of the amount which can be acquired without regulatory approval. These provisions could delay or prevent a third party from acquiring us, despite the possible benefit to our shareholders, or otherwise adversely affect the market price of our common stock. If we withdraw the Company’s election to be regulated as a BDC in the future, we will no longer be subject to regulation under the 1940 Act. As part of our plan to reposition the Company as a bank holding company, we intend to ask our shareholders to approve the proposal to withdraw our election to be regulated as a BDC under the 1940 Act. If our shareholders approve the withdrawal of our BDC election, we will, effective upon receipt by the SEC of our application for withdrawal, no longer be regulated as a BDC and will no longer be subject to the regulatory provisions of the 1940 Act, which is designed to protect the interests of investors in investment companies, including certain laws and regulations related to insurance, custody, capital structure, composition of the Board of Directors, affiliated transactions, leverage limitations, and compensation arrangements. The withdrawal of the Company’s election to be regulated as a BDC would result in a significant change in our accounting and financial reporting requirements. If the Company withdraws its election to be regulated as a BDC, the Company would no longer be subject to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, which would result in a significant change in our accounting and financial reporting requirements. Our financial statements are currently presented and accounted for under the specialized method of accounting applicable to investment companies, which requires us to recognize our investments, including controlled investments, at fair value. As a BDC, we are currently precluded from consolidating any entity other than another investment company that acts as an extension of our investment operations and facilitates the execution of our investment strategy or an investment in a controlled operating company that provides substantially all of its services to us. Our financial statements currently consolidate the accounts of the Company and NSBF, and excludes other wholly-owned portfolio investments. Our financial statements reflect our investments at fair value, as determined in good faith by our Board of Directors. Certain of our portfolio companies’ financial statements are separately provided as significant unconsolidated wholly-owned subsidiaries. If the Company withdraws its election to be regulated as a BDC, the Company expects that it will be required to consolidate the financial statements of certain of its controlled or majority-owned portfolio investments together with those of the Company, which would be a significant change in our accounting and financial reporting requirements. Our shareholders would no longer have the protections of the 1940 Act upon the withdrawal of the Company’s election to be regulated as a BDC. If the Company ceases to operate as a BDC, our shareholders would no longer have the following protections of the 1940 Act: • we would no longer be subject to the requirement under the 1940 Act that we maintain a ratio of assets to senior securities of at least 150%; • we would no longer be subject to provisions of the 1940 Act prohibiting us from protecting any director or officer against any liability to the Company or our shareholders arising from willful malfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of that person’s office; • we would no longer be required to provide and maintain an investment company blanket bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement; • while the majority of our directors would still be required to be “independent” under applicable NASDAQ regulations, we would no longer be required to ensure that a majority of our directors are persons who are not “interested persons,” as defined in the 1940 Act, and certain persons who would be prevented from serving on our Board of Directors if we were a BDC would be able to serve on our Board of Directors; • we would no longer be subject to provisions of the 1940 Act regulating transactions between BDCs and certain affiliates; • we would no longer be subject to provisions of the 1940 Act restricting our ability to issue shares below net asset value or in exchange for services or to issue warrants and options; • we would no longer be required to disclose the Company’s net asset value per share in our financial statements; • we would no longer be subject to provisions of the 1940 Act restricting our ability to change the nature of our business or fundamental investment policies without having to obtain the approval of our shareholders; • we would no longer be subject to the provisions of the 1940 Act limiting our ability to grant stock based compensation to officers, directors and employees or to provide a profit sharing program for them; and 47 • we would no longer be subject to the other protective provisions set out in the 1940 Act and the rules and regulations promulgated under the 1940 Act. In addition, we are very much affected by the legal, regulatory, tax and accounting regimes under which we operate. We periodically evaluate whether those regimes and our existing corporate structure are the optimum means for the operation and capitalization of our business. As a result of these evaluations, we may decide to proceed with structural and organizational changes (certain of which may require the approval of our shareholders), which could result in material dispositions of various assets, changes in our corporate form or other fundamental changes. We may incur certain costs in completing these evaluations and may receive no benefit from these expenditures, particularly if we do not proceed with any changes. Loss of pass-through tax treatment would substantially reduce net assets and income available for dividends. We have operated so as to qualify as a RIC. If we meet source of income, diversification and distribution requirements, we will qualify for effective pass-through tax treatment. Upon withdrawing our election to be regulated as a BDC, we would cease to qualify for such pass-through tax treatment. If we fail to qualify as a RIC, we will have to pay corporate-level taxes on all of our income whether or not we distribute it, which would substantially reduce the amount of income available for distribution to our shareholders, and all of our distributions will be taxed to our shareholders as ordinary corporate distributions. We anticipate that if the Company obtains the required regulatory approvals to complete the NBNYC acquisition, and the approval of the Company’s shareholders to withdraw the Company’s election as a BDC under the 1940 Act, the Company will no longer qualify as a RIC beginning with the taxable year that the Company withdraws its BDC election. For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Executive Summary” and “Risk Factors - Risks Related to Converting to a Financial Holding Company.” RISKS RELATED TO THE ECONOMY Political, social and economic uncertainty, including uncertainty related to the COVID-19 pandemic, creates and exacerbates risks. Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. For example, in December 2019, COVID-19 emerged in China and proceeded to spread rapidly to other countries, including the United States. See “—The COVID-19 pandemic has caused severe disruptions in the U.S. economy and has disrupted financial activity in the areas in which we or our portfolio companies operate.” General uncertainty surrounding the dangers and impact of COVID-19 (including the preventative measures taken in response thereto) and additional uncertainty regarding new variants of COVID- 19, most notably the Delta and Omicron variants, has to date created significant disruption in supply chains and economic activity, contributed to labor difficulties and is having a particularly adverse impact on transportation, hospitality, tourism, entertainment and other industries, including industries in which certain of our portfolio companies operate which has in turn created significant business disruption issues for certain of our portfolio companies, and materially and adversely impacted the value and performance of certain of our portfolio 48 companies. In addition, disruptions in the capital markets caused by the COVID-19 pandemic have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our and our prospective portfolio companies’ operating results and the fair values of our debt and equity investments. The COVID-19 pandemic is continuing as of the date hereof, and its extended duration may have further adverse impacts on our portfolio companies, including for the reasons described herein. The COVID-19 pandemic has caused severe disruptions in the U.S. economy and has disrupted financial activity in the areas in which we or our portfolio companies operate. As of the filing date of this Annual Report, the COVID-19 pandemic is continuing. This outbreak 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. Many states, including those in which we and our portfolio companies operate, have issued orders requiring the closure of, or certain restrictions on the operation of, non-essential businesses and/or requiring residents to stay at home. The COVID-19 pandemic and restrictive measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, or the re-introduction of business shutdowns, cancellations of events and restrictions on travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter. While several countries, as well as certain states, counties and cities in the United States, began to relax the early public health restrictions with a view to partially or fully reopening their economies, many cities world-wide have since experienced a surge in the reported number of cases, hospitalizations and deaths related to the COVID-19 pandemic. This recent increase in cases led to the re- introduction of restrictions and business shutdowns in certain states, counties and cities in the United States and globally and could continue to lead to the re-introduction of such restrictions and business shutdowns elsewhere. Beginning in December 2020, the U.S. Food and Drug Administration authorized certain vaccines for emergency use. However, it remains unclear how quickly the vaccines will be distributed or when “herd immunity” will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. Delays in distributing the vaccines or an actual or perceived failure to achieve “herd immunity” could lead people to continue to self-isolate and not participate in the economy at pre-pandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, and our business and operations, as well as the business and operations of our portfolio companies, could be materially adversely affected by a prolonged recession in the U.S. and other major markets. The impact of COVID-19 led to significant volatility and declines in the global public equity markets and it is uncertain how long this volatility will continue. As COVID-19 continues to spread, the potential impacts, including a global, regional or other economic recession, are increasingly uncertain and difficult to assess. 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, the impacts of which could last for some period after the pandemic is controlled and/or abated. General uncertainty surrounding the dangers and impact of COVID-19 (including the preventative measures taken in response thereto and additional uncertainty regarding new variants of COVID-19 that have emerged) has to date created significant disruption in supply chains and economic activity and are having a particularly adverse impact on transportation, hospitality, tourism, entertainment and other industries, including industries in which certain of our portfolio companies operate which has in turn created significant business disruption issues for certain of our portfolio companies, and materially and adversely impacted the value and performance of certain of our portfolio companies. The COVID-19 pandemic is continuing as of the filing date of this Annual Report, and its extended duration may have further adverse impacts on our portfolio companies after December 31, 2021, including for the reasons described herein. 49 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. Moreover, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact our operations and the operations of our borrowers, customers, portfolio companies and business partners. A number of factors impacting us or our borrowers, customers or business partners could materially adversely affect our business, results of operations, and financial condition, including but not limited to: • • • • • • • increases in loan delinquencies, losses and charge-offs; increases in borrowers seeking and being granted deferments of principal and interest payments, especially following the conclusion of the six months of payments made directly by the SBA under provisions of the CARES Act, which could negatively impact cash flow from net interest and servicing payments normally available to the Company, during the deferment period; collateral for loans, including real estate, may decline in value, which could cause loan losses to increase; demand for our, and our portfolio companies’, business products and solutions may decline, making it difficult to grow or maintain our assets and income; net worth and liquidity of the guarantors on our loans may decline, which could cause loan losses to increase; our risk management policies and practices may be negatively impacted by among, other things, changes in the SBA 7(a) loan program, including changes to SBA rules, regulations and SBA standard operating procedures; cyber risk has increased as criminals have sought to take advantage of the changes of business practices necessitated by COVID-19. 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. As of the date of this Form 10-K, 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 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 or remain reopened, 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. 50 Economic recessions or downturns, including as a result of the COVID-19 pandemic, 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 COVID-19 pandemic has disrupted economic markets, and the prolonged economic impact is uncertain. 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 impact 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, including China, 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, we may have non-performing assets or 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. Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Specifically, the rising conflict between Russia and Ukraine, and resulting market volatility, could adversely affect our business, financial condition or results of operations. In response to the conflict between Russia and Ukraine, the U.S. and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. These market and economic disruptions could also negatively impact the operating results of our portfolio companies. Capital markets are currently experiencing disruption and instability and we cannot predict how long these conditions will continue. Such market conditions could materially and adversely affect debt and equity capital markets in the United States and abroad, which could have a negative impact on our business, financial condition and results of operations. As a BDC, we must maintain our ability to raise additional capital for investment purposes. Without sufficient access to the capital markets or credit markets, we may be forced to curtail our business operations or we may not be able to pursue new business opportunities. The U.S. capital markets have experienced extreme volatility and disruption since the emergence of the COVID-19 pandemic, as evidenced by the volatility in global stock markets as a result of, among other things, uncertainty surrounding the pandemic and the fluctuating price of commodities such as oil. Despite actions of the U.S. federal government and foreign governments, these events have contributed to unpredictable general economic conditions that are materially and adversely impacting the broader financial and credit markets and reducing the availability of debt and equity capital for the market as a whole. These conditions could continue for a prolonged period of time or worsen in the future. 51 Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the full impact of the COVID-19 pandemic on our business. The extent of such impact will depend on future developments, which are highly uncertain, including the duration or reoccurrence of any potential business or supply chain disruption, the duration and severity of the COVID-19 pandemic and the actions taken by governments and their citizens to contain the COVID-19 pandemic or treat its impact. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: • • • • Current market conditions may make it difficult to raise equity capital because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than the NAV per share without first obtaining approval for such issuance from our stockholders and our independent directors. In addition, these market conditions may make it difficult to access or obtain new indebtedness with similar terms to our existing indebtedness. Significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may adversely affect the pace of our investment activity and economic activity generally. The illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital, and any required sale of all or a portion of our investments as a result, could have a material adverse effect on our business, financial condition or results of operations. The United Kingdom referendum decision to leave the European Union may create significant risks and uncertainty for global markets and our investments. The decision made in the United Kingdom referendum to leave the European Union has led to volatility in global financial markets, and in particular in the markets of the United Kingdom and across Europe, and may also lead to weakening in consumer, corporate and financial confidence in the United Kingdom and Europe. Under the terms of the withdrawal agreement negotiated and agreed to between the United Kingdom and the European Union, the United Kingdom's departure from the European Union was followed by a transition period which ran until December 31, 2020 and during which the United Kingdom continued to apply European Union law and was treated for all material purposes as if it were still a member of the European Union. On December 24, 2020, the European Union and United Kingdom governments signed a trade deal (the “Trade Agreement”) that applied provisionally from January 1, 2021 until the end of April 2021, when the European Parliament approved the Trade Agreement, and that now governs the relationship between the United Kingdom and the European Union. The Trade Agreement implements significant regulation around trade, transport of goods and travel restrictions between the United Kingdom and the European Union. Notwithstanding the foregoing, the longer term economic, legal, political and social framework to be put in place between the United Kingdom and the European Union are unclear at this stage and are likely to lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the United Kingdom and in wider European markets for some time. In particular, the decision made in the United Kingdom referendum may lead to a call for similar referenda in other European jurisdictions which may cause increased economic volatility and uncertainty in the European and global markets. This volatility and uncertainty may have an adverse effect on the economy generally and on our ability, and the ability of our portfolio companies, to execute our respective strategies and to receive attractive returns. In particular, currency volatility may mean that our returns and the returns of our portfolio companies will be adversely affected by market movements and may make it more difficult, or more expensive, for us to implement appropriate currency hedging. Potential declines in the value of the British Pound and/or the euro against other currencies, along with the potential downgrading of the United Kingdom’s sovereign credit rating, may also have an impact on the performance of any of our portfolio companies located in the United Kingdom or Europe. A failure or the perceived risk of a failure to raise the statutory debt limit of the U.S. could have a material adverse effect on our business, financial condition and results of operations. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, including the most recent increase in December 2021, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. 52 The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations. If we cannot obtain additional capital because of either regulatory or market price constraints, we could be forced to curtail or cease our new lending and investment activities, our net asset value could decrease and our level of distributions and liquidity could be affected adversely. Our ability to secure additional financing and satisfy our financial obligations under indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to the prevailing general economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. The prolonged continuation or worsening of current economic and capital market conditions could have a material adverse effect on our ability to secure financing on favorable terms, if at all. If we are unable to obtain additional debt capital, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage to the extent that our investment strategy is successful and we may be limited in our ability to make new commitments or fundings to our portfolio companies. RISKS RELATED TO OUR BUSINESS AND STRUCTURE We are dependent upon our Senior Lending Team and our Executive Committee for our future success, and if we are unable to hire and retain qualified personnel or if we lose any member of our Senior Lending Team or our Executive Committee our ability to achieve our investment objective could be significantly harmed. We depend on our Senior Lending Team and Executive Committee as well as other key personnel for the identification, final selection, structuring, closing and monitoring of our investments. These executive officers and employees have critical industry experience and relationships that we rely on to implement our business plan. Our future success depends on the continued service of our Senior Lending Team and our Executive Committee and the replacement of any departing individuals with others of comparable skills and experience. The departure of any of the members of our Senior Lending Team, our Executive Committee or a significant number of our senior personnel could have a material adverse effect on our ability to achieve our investment objective. As a result, we may not be able to operate our business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer. Our financial condition and results of operations will depend on our ability to manage and deploy capital effectively. Our ability to achieve our investment objective will depend on our ability to manage and deploy capital, which will depend, in turn, on our management’s ability to identify, evaluate and monitor, and our ability to finance and invest in, companies that meet our investment criteria. Accomplishing our investment objective on a cost-effective basis will largely be a function of our management’s handling of the investment process, its ability to provide competent, attentive and efficient services and our access to investments offering acceptable terms. In addition to monitoring the performance of our existing investments, our Senior Lending Team and our Executive Committee is called upon, from time to time, to provide managerial assistance to some of our portfolio companies. These demands on their time may distract them or slow the rate of investment. Even if we are able to grow and build upon our investment operations, any failure to manage our growth effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. The results of our operations will depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if we cannot successfully operate our business or implement our investment policies and strategies as described herein, it could negatively impact our ability to pay dividends. 53 We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. We compete for investments with other financial institutions and various SMB lenders, as well as other sources of funding. Additionally, competition for investment opportunities has emerged among alternative investment vehicles, such as CLOs, some of which are sponsored by other alternative asset investors, as these entities have begun to focus on making investments in SMBs. As a result of these new entrants, competition for our investment opportunities may intensify. Many of our competitors will be substantially larger and have considerably greater financial, technical and marketing resources than us. For example, some competitors may have a lower cost of capital and access to funding sources that will not be available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we will have. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we will be able to offer. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we are forced to match our competitors’ pricing, terms and structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. Furthermore, many of our competitors will have greater experience operating under, or will not be subject to, the regulatory restrictions that the 1940 Act will impose on us as a BDC, or the source-of-income, asset diversification, and distribution requirements we must satisfy to maintain our tax treatment as a RIC. If we are unable to source investments effectively, we may be unable to achieve our investment objective. Our ability to achieve our investment objective depends on our Senior Lending Team’s and our Executive Committee’s ability to identify, evaluate and invest in suitable companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of our marketing capabilities, our management of the investment process, our ability to provide efficient services and our access to financing sources on acceptable terms. In addition to monitoring the performance of our existing investments, members of our Senior Lending Team, our Executive Committee and our other investment professionals may also be called upon to provide managerial assistance to our portfolio companies. These demands on their time may distract them or slow the rate of investment. To grow, we need to continue to hire, train, supervise and manage new employees and to implement computer and other systems capable of effectively accommodating our growth. However, we cannot provide assurance that any such employees will contribute to the success of our business or that we will implement such systems effectively. Failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. Our business model depends to a significant extent upon strong referral relationships, and our inability to maintain or further develop these relationships, as well as the failure of these relationships to generate investment opportunities, could adversely affect our business. We expect that members of our Senior Lending Team and our Executive Committee will maintain their relationships with intermediaries, financial institutions, investment bankers, commercial bankers, financial advisors, attorneys, accountants, consultants, alliance partners, and other individuals within their networks, and we will rely, to a significant extent, upon these relationships to provide us with potential investment opportunities. If our Senior Lending Team and our Executive Committee fail to maintain its existing relationships or develop new relationships with sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom members of our Senior Lending Team and our Executive Committee have relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us. Our investment portfolio is recorded at fair value, with our Board having final responsibility for overseeing, reviewing and approving, in good faith, its estimate of fair value and, as a result, there is uncertainty as to the value of our portfolio investments. Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined by us, with our Board having final responsibility for overseeing, reviewing and approving, in good faith, our estimate of fair value. Typically, there is not a public market for the securities of the privately held companies in which we invest. As a result, we value these securities annually and quarterly at fair value based on various inputs, including management, third-party valuation firms and our audit committee, and with the oversight, review and approval of our Board. 54 The determination of fair value and consequently, the amount of unrealized gains and losses in our portfolio, are to a certain degree, subjective and dependent on a valuation process approved by our Board. Certain factors that may be considered in determining the fair value of our investments include external events, such as private mergers, sales and acquisitions involving comparable companies. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. Our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to this uncertainty, our fair value determinations may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our common stock based on an overstated net asset value would pay a higher price than the value of our investments might warrant. Conversely, investors selling stock during a period in which the net asset value understates the value of our investments will receive a lower price for their stock than the value of our investments might warrant. Any unrealized depreciation we experience in our portfolio may be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to affected loans or a potential impairment of the value of affected equity investments. This could result in realized losses in the future and ultimately in reductions of our income and gains available for distribution in future periods. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by our Board. Decreases in the market values or fair values of our investments will be recorded as unrealized depreciation. Any unrealized depreciation in our portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to affected loans or a potential impairment of the value of affected equity investments. This could result in realized losses in the future and ultimately in reductions of our income and gains available for distribution in future periods. Because we borrow money, the potential for loss on amounts invested in us is magnified and may increase the risk of investing in us. Borrowings, also known as leverage, magnify the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, investors will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique. Illustration: The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing in the table below: 1 Assumed Return on Our Portfolio (net of expenses) 2 Corresponding net return to shareholders (10)% (30.18)% (5)% (17.10)% 0% (4.02)% 5% 9.06% 10% 22.14% (1) Assumes $1,056.6 million in total assets, $479.4 million in debt outstanding, $403.9 million in net assets as of December 31, 2021, and an average cost of funds of 3.38%. Actual interest payments may be different. (2) In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our December 31, 2021 total assets of at least 1.54%. Our ability to achieve our investment objective may depend in part on our ability to access additional leverage on favorable terms, and there can be no assurance that such additional leverage can in fact be achieved. 55 To the extent we borrow money to finance our investments, changes in interest rates will affect our cost of capital and net investment income. To the extent we borrow money to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we borrow money to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and/or long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. If we do not implement these techniques properly, we could experience losses on our hedging positions, which could be material. In addition, depending on the frequency and magnitude of rising interest rates, these interest rate increases could negatively impact premiums received on the sale of guaranteed SBA loans, and further, could increase prepayment speeds on outstanding SBA loans, potentially negatively impacting the Company’s financial results. Because we have received the approval of our shareholders, we are subject to 150% asset coverage beginning after July 26, 2018. At the Company’s Special Meeting of Shareholders, held on July 26, 2018, its shareholders approved, among other things, the reduction of the Company’s asset coverage requirements for senior securities from 200% to 150%, effective July 27, 2018. As a result, we are able to increase our leverage up to an amount that reduces our asset coverage ratio from 200% to 150% (i.e., the amount of debt may not exceed 66 2/3% of the value of our assets) beginning on July 27, 2018, assuming that additional borrowings are available. As of December 31, 2021, we had aggregate principal amount of senior securities outstanding of $479,451,000, and our asset coverage was 184%. Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, investors will experience increased risks of investing in our securities. If the value of our assets increases, then the additional leverage would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not increased our leverage. Conversely, if the value of our assets decreases, the additional leverage would cause net asset value to decline more sharply than it otherwise would have had we not increased our leverage. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the additional leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not increased our leverage. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique. In addition, the ability of BDCs to increase their leverage will increase the capital available to BDCs and thus competition for the investments that we seek to make. This may negatively impact pricing on the investments that we do make and adversely affect our net investment income and results of operations. Any failure on our part to maintain our status as a BDC could reduce our operating flexibility. We have elected to be regulated as a BDC under the 1940 Act. The 1940 Act imposes numerous constraints on the operations of BDCs. For example, BDCs are required to invest at least 70% of their gross assets in specified types of securities, primarily in private companies or thinly-traded U.S. public companies, cash, cash equivalents, U.S. government securities and other high quality debt investments that mature in one year or less. Furthermore, any failure to comply with the requirements imposed on BDCs by the 1940 Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. In addition, upon approval of a majority of our shareholders, we may elect to withdraw our status as a BDC. If we decide to withdraw our election, or if we otherwise fail to maintain our qualification, as a BDC, we may be subject to the substantially greater regulation under the 1940 Act as a closed-end investment company. Compliance with such regulations could significantly decrease our operating flexibility, and could significantly increase our costs of doing business For more information, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Executive Summary” and “Risk Factors - Risks Related to Converting to a Financial Holding Company.” 56 Regulations governing our operation as a BDC affect our ability to raise additional capital and the way in which we do so. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage. We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, and pursuant to the approval that we received from our shareholders on July 26, 2018, we are permitted, as a BDC, to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 150% of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. See “Regulation.” If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common shareholders. Continuing to expand our debt financing activities in SBA 7(a) loans, SBA 504 loans and conventional loans will require us to raise additional capital. The failure to continue to generate such loans on a consistent basis could have a material impact on our results of operations, and accordingly, our ability to make distributions to our shareholders. We generally may not issue and sell our common stock at a price below net asset value per share. However, at an August 3, 2021 special meeting of shareholders, our shareholders authorized us to sell shares of our common stock (during the following 12 months or until our 2022 annual meeting of shareholders) at a price below its then current net asset value per share subject to certain conditions (including that the cumulative number of shares sold does not exceed 20% of its then outstanding common stock immediately prior to each such sale). We also may sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value per share of our common stock if our Board determines that such sale is in our best interests and in the best interests of our shareholders, and our shareholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease, and shareholders may experience dilution. We may not be able to pay distributions to our shareholders, our distributions may not grow over time and a portion of our distributions may be a return of capital. We intend to pay distributions to our shareholders out of assets legally available for distribution. We cannot assure investors that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described in this annual report. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC can limit our ability to pay distributions. All distributions will be paid at the discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC tax treatment, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. We cannot assure investors that we will pay distributions to our shareholders in the future. When we make distributions, we will be required to determine the extent to which such distributions are paid out of current or accumulated earnings and profits. Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of an investor’s basis in our stock and, assuming that an investor holds our stock as a capital asset, thereafter as a capital gain. Generally, a non-taxable return of capital will reduce an investor’s basis in our stock for federal tax purposes, which will result in higher tax liability when the stock is sold. Stockholders should read any written disclosure accompanying a distribution carefully and should not assume that the source of any distribution is our ordinary income or gains. Our Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse. Although we must obtain shareholder approval to cease to be, or withdraw our election as, a BDC, our Board has the authority to modify or waive our investment objective, current operating policies, investment criteria and strategies without prior notice and without shareholder approval. We cannot predict the effect any changes to our current operating policies, investment criteria and strategies would have on our business, net asset value, operating results and value of our stock. However, the effects might be adverse, which could negatively impact our ability to make distributions and cause shareholders to lose all or part of their investment. 57 Internal control deficiencies could impact the accuracy of our financial results or prevent the detection of fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock. Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. Any failure by us to identify future deficiencies in our internal control over financial reporting in a timely manner or remediate any such deficiencies, could prevent us from accurately and timely reporting our financial results. Inferior internal controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock. We are required to disclose changes made in our internal control and procedures on a quarterly basis and our management is required to assess the effectiveness of these controls annually. An independent assessment of the effectiveness of our internal controls could detect problems that our management’s assessment might not. Undetected material weaknesses in our internal controls could lead to financial statement restatements and require us to incur the expense of remediation. In the event that we are unable to maintain or achieve compliance with Section 404 of the Sarbanes-Oxley Act and related rules, the market price of our common stock may be adversely affected. Our business is subject to increasingly complex corporate governance, public disclosure and accounting requirements that are costly and could adversely affect our business and financial results. We are subject to changing rules and regulations of federal and state government as well as the stock exchange on which our common stock is listed. These entities, including the Public Company Accounting Oversight Board, the SEC and the Nasdaq Global Market, have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations and requirements in response to laws enacted by Congress. Our efforts to comply with existing requirements, or any revised or amended requirements, have resulted in, and may continue to result in, an increase in expenses and a diversion of management’s time from other business activities. In addition, our failure to keep pace with any such rules, or for our management to appropriately address compliance with such rules fully and in a timely manner, exposes us to an increasing risk of inadvertent non-compliance. While our management team takes reasonable efforts to ensure that we are in full compliance with all laws applicable to its operations, the increasing rate and extent of regulatory change increases the risk of a failure to comply, which may result in our ability to operate our business in the ordinary course or may subject us to potential fines, regulatory findings or other matters that may materially impact our business. Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. We and our portfolio companies are subject to applicable local, state and federal laws and regulations, including, without limitation, federal immigration laws and regulations. New legislation may be enacted or new interpretations, rulings or regulations could be adopted, including those governing the types of investments we are permitted to make, any of which could harm us and our shareholders, potentially with retroactive effect. Additionally, any changes to the laws and regulations governing our operations relating to permitted investments may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. Such changes could result in material differences to the strategies and plans set forth herein and may result in our investment focus shifting from the areas of expertise of our Senior Lending Team and our Executive Committee to other types of investments in which our Senior Lending Team and our Executive Committee may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment. 58 RISKS RELATED TO SBA LENDING NSBF, our wholly-owned subsidiary, is subject to regulation by the SBA, which has specific risks. Our wholly-owned subsidiary, NSBF, is licensed by the SBA as an SBLC. In order to operate as an SBLC, a licensee is required to maintain a minimum regulatory capital (as defined by SBA regulations) of the greater of (1) 10% of its outstanding loans receivable and other investments or (2) $1.0 million. Moreover, before consenting to a securitization, NSBF and other securitizers must, among other things, be considered well capitalized by the SBA. For NSBF and other SBLC securitizers, the SBA will consider it well capitalized if it maintains a minimum unencumbered paid in capital and paid in surplus equal to at least 10% of its assets, excluding the guaranteed portion of 7(a) loans. In addition, an SBLC is subject to certain other regulatory restrictions. Among other things, SBLCs are required to: establish, adopt, and maintain a formal written capital plan; submit to the SBA for review a credit policy that demonstrates the SBLC’s compliance with the applicable regulations and the SBA’s Standard Operating Procedures for origination, servicing and liquidation of 7(a) loans; submit to the SBA for review and approval annual validation, with supporting documentation and methodologies, demonstrating that any scoring model used by the SBLC is predictive of loan performance; obtain SBA approval for loan securitization and borrowings; and adopt and fully implement an internal control policy which provides adequate direction for effective control over and accountability for operations, programs, and resources. Additionally, in connection with our 2018 examination by the SBA, NSBF entered into a voluntary agreement with the SBA to meet certain other requirements and conditions. See “Item 1A. Risk Factors – If NSBF fails to comply with SBA regulations in connection with the origination, servicing, or liquidation of an SBA 7(a) loan, liability on the SBA guaranty, in whole or in part, could be transferred to NSBF.” We have specific risks associated with SBA loans. We have generally sold the guaranteed portion of SBA loans in the secondary market. Such sales have resulted in our earning premiums and creating a stream of servicing income. Sale prices for guaranteed portions of SBA 7(a) loans can be negatively impacted by market conditions, in particular a higher interest rate environment, which can 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. There can be no assurance that we will be able to continue originating these loans, or that a secondary market will exist for, or that we will continue to realize premiums upon the sale of the guaranteed portions of the SBA 7(a) loans. If NSBF fails to comply with SBA regulations in connection with the origination, servicing, or liquidation of an SBA 7(a) loan, liability on the SBA guaranty, in whole or part, could be transferred to NSBF. Since we sell the guaranteed portion of substantially all of our SBA 7(a) loan portfolio, we retain credit risk on the non-guaranteed portion of the SBA loans. We share pro rata with the SBA in any recoveries. In the event of default on an SBA loan, our pursuit of remedies against a borrower is subject to SBA approval. If we fail to comply with certain of the SBA’s regulations in connection with the origination, servicing, or liquidation of an SBA 7(a) loan, the SBA may be released from liability on its guaranty of a 7(a) loan, and may refuse to honor a guaranty purchase request in full (referred to by SBA as a “denial”) or in part (referred to by SBA as a “repair”), or recover all or part of the funds already paid in connection with a guaranty purchase. In the event of a repair or denial, liability on the guaranty, in whole or part, would be transferred to NSBF. In addition, the growth in the number of loans made by NSBF, changes in SBA regulations and economic factors may adversely impact our current repair and denial rate. In connection with NSBF’s 2018 examination by the SBA, NSBF entered into a voluntary agreement with the SBA. We have adopted the agreement pursuant to our commitment to operate under the SBA’s Loan Program Requirements and the agreement formalizes many of the actions NSBF had previously taken to strengthen its operational procedures as they relate to NSBF’s delegated lender authority. Consistent with the terms of the agreement, NSBF established a segregated restricted cash account in the amount of $10 million to account for potential post-purchase repairs and denials of guaranteed portions of SBA 7(a) loans, and take certain actions to demonstrate the sufficiency of NSBF’s liquidity and establish certain additional reporting and compliance procedures. We continue to assess and develop our policies and procedures to facilitate the successful implementation of our business, liquidity and operations. Curtailment of the government-guaranteed loan programs could adversely affect our results of operations. Although the SBA 7(a) Program has been in existence since 1953, there can be no assurance that the federal government will maintain the SBA 7(a) program, or that it will continue to guarantee loans at current levels. Furthermore, in an effort to support 59 our communities during the pandemic, we participated in the PPP under the CARES Act whereby we made loans to small businesses and those loans are subject to the regulatory requirements that require forbearance of loan payments for a specified time or 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 may be 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 would 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 SBA 7(a) 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. NSBF’s failure to maintain PLP status or maintain its SBA 7(a) license would adversely affect our results of operations. NSBF has been granted PLP status and originates, sells and services small business loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, PLP status allows NSBF to expedite 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 loan origination volume which would negatively impact our results of operations. There can be no assurance that NSBF will be able to maintain its status as a PLP or that NSBF can maintain its SBA 7(a) license. If NSBF cannot continue originating and selling government guaranteed loans at current levels, we would experience a decrease in future servicing spreads and earned premiums and negatively impact our results of operations. Our loans under the Section 7(a) Loan Program involve a high risk of default and such default could adversely impact our results of operations. Loans to small businesses involve a high risk of default. Such loans are generally not rated by any statistical rating organization. Small businesses usually have smaller product lines and market shares than larger companies and therefore may be more vulnerable to competition and general economic conditions. These businesses’ success typically depends on their management talents and efforts of one person or a small group of persons whose death, disability or resignation would adversely affect the business. Because these businesses frequently have highly leveraged capital structures, reduced cash flow resulting from economic downturns can severely impact the businesses’ ability to meet their obligations, which could impact our results of operations. The portions of Section 7(a) loans to be retained by us do not benefit directly from any SBA guarantees; in an event of default, however, we and the SBA typically cooperate in collateral foreclosure or other work-out efforts and share in any resulting collections. The loans we make under the Section 7(a) Loan Program face competition. There are several other non-bank lenders as well as a large number of banks that participate in the SBA Section 7(a) Loan Program. All of these participants compete for the business of eligible borrowers. In addition, pursuant to the 1940 Act, the Company is limited as to the amount of indebtedness it may have. Accordingly, we may be at a competitive disadvantage with regard to other lenders or financial institutions that may be able to achieve greater leverage at a lower cost and are not subject to SBA regulations. 60 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. A government shutdown 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 partial government shut down in December 2018 until January 2019, the longest standing partial shutdown in history, resulted in a halt to the SBA 7(a) program. The government could again experience a government shutdown 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 government shutdown could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations. 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. During the duration of the PPP, NSBF funded approximately 10,570 PPP loans totaling $1.19 billion. Since the opening of the PPP, several large banks participating in the PPP have been subject to litigation regarding the process and procedures that such banks have used in processing applications for the PPP. The Company and NSBF may be exposed to the risk of litigation, from both customers and non-customers that approached the Company and NSBF regarding PPP loans, regarding its process and procedures used in processing applications for the PPP. If any such litigation is filed against the Company or NSBF and is not resolved in a manner favorable to the Company or NSBF, it may result in significant financial liability or adversely affect the Company’s or NSBF’s reputation. In addition, litigation can be costly, regardless of outcome. Any financial liability, litigation costs or reputational damage caused by PPP related litigation could have a material adverse impact on our business, financial condition and results of operations. NSBF also has credit risk on PPP loans if a determination is made by the SBA that there is a deficiency in the manner in which a PPP loan was originated, funded, or serviced by NSBF, such as an issue with the eligibility of a borrower to receive a PPP loan, which may or may not be related to the ambiguity in the laws, rules and guidance regarding the operation of the PPP or additional or new laws, rules, and guidance. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a deficiency in the manner in which the PPP loan was originated, funded, or serviced by NSBF, the SBA may deny its liability under the guaranty, reduce the amount of the guaranty, or, if it has already paid under the guaranty, seek recovery of any loss related to the deficiency from the Company. In addition, in order to facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold participating interests to four banks. See “PPP Loan Participations.” In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan note, the PPP loan documents and service the PPP loan (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party 61 eligible for the guarantee purchase of the PPP loan. NSBF has agreed that it will repurchase from the Participants on demand the Participants’ Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF. We could be adversely affected by weakness in the residential housing and commercial real estate markets. Weakness in residential home and commercial real estate values could impair our ability to collect on defaulted SBA loans as real estate is pledged in many of our SBA loans as part of the collateral package. RISKS RELATED TO U.S. FEDERAL INCOME TAX We will be subject to corporate-level income tax if we are unable to maintain our treatment as a RIC or are unable to make the distributions required to maintain RIC tax treatment. Although we have elected to be treated as a RIC, no assurance can be given that we will be able to maintain our tax treatment as a RIC in the future. To maintain our tax treatment as a RIC, we must meet certain source-of-income, asset diversification, and distribution requirements. The income source requirement will be satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources. The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. Failure to meet those requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of our qualification as a RIC. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. The Annual Distribution Requirement for a RIC will be satisfied if we distribute to our shareholders on an annual basis at least 90% of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses, if any. Because we use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirement. If we are unable to obtain cash from other sources, we could fail to qualify for tax treatment as a RIC. If we fail to qualify for RIC tax treatment for any reason and remain or become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. The current U.S. presidential administration has proposed significant changes to the existing U.S. tax rules, and there are a number of proposals in Congress that would similarly modify the existing U.S. tax rules. The likelihood of any such legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our stockholders of such qualification, or could have other adverse consequences. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities. 62 Because we intend to distribute substantially all of our income to our shareholders to maintain our tax treatment as a RIC, we will continue to need additional capital to finance our growth, and regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital and make distributions. As a RIC, we generally are required to distribute substantially all of our ordinary income to meet the Annual Distribution Requirement and the Excise Tax Avoidance Requirement (discussed below), which consequently increases the need to raise additional debt and equity capital. Furthermore, as a result of issuing senior securities, we would also be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred stock, the preferred stock would rank “senior” to common stock in our capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of our common shareholders, and the issuance of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest. We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. For U.S. federal income tax purposes, we are required to include in our taxable income certain amounts that we have not yet received in cash, such as original issue discount, which may arise if we receive warrants in connection with the origination of a loan or possibly in other circumstances, or PIK interest. Such original issue discount or increases in loan balances as a result of contractual PIK arrangements will be included in our taxable income before we receive any corresponding cash payments. We also may be required to include in our taxable income certain other amounts that we will not receive in cash. Since, in certain cases, we may recognize taxable income before or without receiving corresponding cash payments, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain our tax treatment as a RIC. Accordingly, to satisfy our RIC distribution requirements, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities. If we are not able to obtain cash from other sources, we may fail to qualify for tax treatment as a RIC and thus become subject to corporate-level income tax. 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 U.S. 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. RISKS RELATED TO OUR INVESTMENTS GENERALLY Our investments are very risky and highly speculative. We invest primarily in senior secured term loans and select equity investments issued by companies, some of which are highly leveraged. The majority of senior secured loans are SBA 7(a) loans and the majority of equity investments are comprised of controlled affiliate equity investments. 63 Senior Secured Loans. There is a risk that the collateral securing our loans, in most cases real estate, may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital, and, in some circumstances, our lien could be subordinated to claims of other creditors. In addition, deterioration in a portfolio company’s financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we be forced to enforce our remedies. In some cases we may take second lien position on additional business or personal assets to secure further our first lien positions. Equity Investments. We occasionally invest directly in the equity securities of portfolio companies. The equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. In addition, investing in SMBs involves a number of significant risks, including: • • • • • • these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment; they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us; they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity; and our executive officers and directors may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies. An investment strategy focused primarily on smaller privately held companies involves a high degree of risk and presents certain challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns. Our portfolio consists primarily of debt and equity investments in smaller privately-owned companies. Investing in these types of companies involves a number of significant risks. Typically, the debt in which we invest is not initially rated by any rating agency; however, we believe that if such investments were rated, they would be below investment grade. Below investment grade securities, which are often referred to as “high yield” or “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Compared to larger publicly-owned companies, these small companies may be in a weaker financial position and experience wider variations in their operating results, which may make them more vulnerable to economic downturns. Typically, these companies need more capital to compete; however, their access to capital is limited and their cost of capital is often higher than that of their competitors. Our portfolio companies often face intense competition from larger companies with greater financial, technical and marketing resources and their success typically depends on the managerial talents and efforts of an individual or a small group of persons. Therefore, any loss of its key employees could affect a portfolio company’s ability to compete effectively and harm its financial condition. Further, some of these companies conduct business in regulated industries that are susceptible to regulatory changes. These factors could impair the cash flow of our portfolio companies and result in other events, such as bankruptcy. These events could limit a portfolio company’s ability to repay its obligations to us, which may have an adverse effect on the return on, or the recovery of, our investment in these businesses. Deterioration in a borrower’s financial condition and prospects may be accompanied by deterioration in the value of the loan’s collateral. 64 Generally, little public information exists about these companies, and we are required to rely on the ability of our Senior Lending Team and our Executive Committee to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger competitors. These factors could adversely affect our investment returns as compared to companies investing primarily in the securities of public companies. We are exposed to risks associated with changes in interest rates. Because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. A reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net investment income. However, an increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates and also could increase our interest expense, thereby decreasing our net income. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. Further, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. The majority of our debt investments are based on floating rates, primarily the Prime Rate. General interest rate fluctuations can be expected to have a substantial impact on the interest income we receive on our debt investments. For example, a reduction in interest rates could decrease the value of any investments we hold which earn floating interest rates. Alternatively, an increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates. General interest rate fluctuations may also have an impact on the value of our stock and our rate of return on invested capital. Because we have borrowed money, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. For example, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield, thereby decreasing our net income. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. If general interest rates rise, there is a risk that the borrowers on our debt investments in floating rate loans will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our borrowers, which could adversely affect our net investment income in the future as interest rates continue to fluctuate. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed-rate securities that have longer maturities. Moreover, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. U.S. Federal Reserve policy, including with respect to certain interest rates and the decision to end its quantitative easing policy, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could adversely affect our business. We may enter into certain hedging transactions, such as interest rate swap agreements, in an effort to mitigate our exposure to adverse fluctuations in interest rates and we may increase our floating rate investments to position the portfolio for rate increases. However, we cannot assure you that such transactions will be successful in mitigating our exposure to interest rate risk or if we will enter into such interest rate hedges. Hedging transactions may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments. We do not have a policy governing the maturities of our investments. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term securities. A decline in the prices of the debt we own could adversely affect our net asset value. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate. 65 In periods of rising interest rates, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum interest rates (such as a LIBOR floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates. If general interest rates rise, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments. To the extent that we make floating rate debt investments, a rise in the general level of interest rates would lead to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase in the amount of the Incentive Fee payable to the Adviser. General interest rate fluctuations may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our ability to achieve our investment objective and the rate of return on invested capital. Because we may borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest these funds. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We are subject to risks associated with the discontinuation of LIBOR, which will affect our cost of capital and results of operations. LIBOR is the basic rate of interest used in lending transactions between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. We typically use LIBOR as a reference rate in term loans we extend to portfolio companies such that the interest due to us pursuant to a term loan extended to a portfolio company is calculated using LIBOR. The terms of our debt investments generally include minimum interest rate floors which are calculated based on LIBOR. On March 5, 2021, the United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced that the 1-week and 2-month U.S. dollar LIBOR settings will cease publication after December 31, 2021 and the overnight 1, 3, 6 and 12 months U.S. dollar LIBOR settings will cease publication after June 30, 2023. However, the FCA has indicated it will not compel panel banks to continue to contribute to LIBOR after the end of 2021 and the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have encouraged banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate no later than December 31, 2021. To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee ("ARRC"), a U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. On July 29, 2021, the ARCC formally recommended the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative replacement rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere. Although there have been a few issuances utilizing SOFR or the Sterling Over Night Index Average, an alternative reference rate that is based on transactions, it is unknown whether these alternative reference rates will attain market acceptance as replacements for LIBOR. The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR- linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. In addition, while the majority of our LIBOR-linked loans contemplate that LIBOR may cease to exist and allow for amendment to a new base rate without the approval of 100% of the lenders, if LIBOR ceases to exist, we will still need to renegotiate the credit agreements extending beyond June 2023 with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these 66 portfolio companies and, as a result on our results of operations. Moreover, if LIBOR ceases to exist, we may need to renegotiate certain terms of our credit facilities. If we are unable to do so, amounts drawn under our credit facilities may bear interest at a higher rate, which would increase the cost of our borrowings and, in turn, affect our results of operations. Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies. Certain of our portfolio companies may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Our investments in leveraged portfolio companies may be risky, and you could lose all or part of your investment. Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or in some cases senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have sufficient remaining assets to repay its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us. Certain loans that we make are secured by a second priority security interest in the same collateral pledged by a portfolio company to secure senior first lien debt owed by the portfolio company to commercial banks or other traditional lenders. Often the senior lender has procured covenants from the portfolio company prohibiting the incurrence of additional secured debt without the senior lender’s consent. Prior to and as a condition of permitting the portfolio company to borrow money from us secured by the same collateral pledged to the senior lender, the senior lender will require assurances that it will control the disposition of any collateral in the event of bankruptcy or other default. In many such cases, the senior lender will require us to enter into an “intercreditor agreement” prior to permitting the portfolio company to borrow from us. Typically the intercreditor agreements we will be requested to expressly subordinate our debt instruments to those held by the senior lender and further provide that the senior lender shall control: (1) the commencement of foreclosure or other proceedings to liquidate and collect on the collateral; (2) the nature, timing and conduct of foreclosure or other collection proceedings; (3) the amendment of any collateral document; (4) the release of the security interests in respect of any collateral; and (5) the waiver of defaults under any security agreement. Because of the control we may cede to senior lenders under intercreditor agreements we may enter, we may be unable to realize the proceeds of any collateral securing some of our loans. If we make subordinated investments, the obligors or the portfolio companies may not generate sufficient cash flow to service their debt obligations to us. We may make subordinated investments that rank below other obligations of the obligor in right of payment. Subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or economic conditions in general. If we make a subordinated investment in a portfolio company, the portfolio company may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations. 67 The disposition of our investments may result in contingent liabilities. We currently expect that substantially all of our investments will involve loans and private securities. In connection with the disposition of an investment in loans and private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us. There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. Even though we may have structured certain of our investments as secured loans, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, and based upon principles of equitable subordination as defined by existing case law, a bankruptcy court could subordinate all or a portion of our claim to that of other creditors and transfer any lien securing such subordinated claim to the bankruptcy estate. The principles of equitable subordination defined by case law have generally indicated that a claim may be subordinated only if its holder is guilty of misconduct or where the senior loan is re-characterized as an equity investment and the senior lender has actually provided significant managerial assistance to the bankrupt debtor. We may also be subject to lender liability claims for actions taken by us with respect to a borrower’s business or instances where we exercise control over the borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken in rendering significant managerial assistance or actions to compel and collect payments from the borrower outside the ordinary course of business. The lack of liquidity in our investments may adversely affect our business. We generally invest in companies whose securities are not publicly traded, and whose securities will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. There is no established trading market for the securities in which we invest. The illiquidity of these investments may make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. As a result, we do not expect to achieve liquidity in our investments in the near-term. Further, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding such portfolio company. Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio. Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or a subsequent financing; or (3) attempt to preserve or enhance the value of our investment. We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. We will have the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we do not want to increase our concentration of risk, we prefer other opportunities, we are subject to BDC requirements that would prevent such follow-on investments, or the follow-on investment would affect our qualification as a RIC. Our portfolio may lack diversification among portfolio companies which may subject us to a risk of significant loss if one or more of these companies default on its obligations under any of its debt instruments. Our portfolio holds a limited number of controlled affiliate portfolio companies. Beyond the asset diversification requirements associated with our qualification as a RIC under the Code, we do not have fixed guidelines for diversification, and our investments may be concentrated in relatively few companies. As our portfolio is less diversified than the portfolios of some larger funds, we are more susceptible to failure if a single loan fails. Similarly, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. 68 We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers, which subjects us to a risk of significant loss if any of these issuers defaults on its obligations under any of its debt instruments or as a result of a downturn in the particular industry. We are classified as a non-diversified investment company within the meaning of the 1940 Act, and therefore we may invest a significant portion of our assets in a relatively small number of issuers in a limited number of industries. As of December 31, 2021, our three largest investments, NMS, NTS and NBL equaled approximately 11%, 3% and 4%, respectively, of the fair value of our total assets. Beyond the asset diversification requirements associated with our qualification as a RIC, we do not have fixed guidelines for diversification, and while we are not targeting any specific industries, relatively few industries may become significantly represented among our investments. To the extent that we assume large positions in the securities of a small number of issuers, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer, changes in fair value over time or a downturn in any particular industry. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated. Our portfolio may be concentrated in a limited number of industries. A downturn in any particular industry in which we are invested could significantly impact the aggregate returns we realize. If an industry in which we have significant investments suffers from adverse business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be affected adversely, which, in turn, could adversely affect our financial position and results of operations. Because we may not hold controlling equity interests in certain of our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. We do not currently hold controlling equity positions in the majority of our portfolio companies where our investments are in the form of debt, particularly SBA loans. As a result, we are subject to the risk that a portfolio company may make business decisions with which we disagree, and that the management and/or shareholders of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments. Defaults by our portfolio companies will harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. Any extension or restructuring of our loans could adversely affect our cash flows. In addition, if one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might recharacterize our debt holding and subordinate all or a portion of our claim to that of other creditors. If any of these occur, it could materially and adversely affect our operating results and cash flows. For example, the Company closed on its $5.4 million investment in ADR Partners, LLC dba banc-serv Partners, LLC (“BSP”) in June 2016. Subsequently, as previously disclosed, the Company invested $1.7 million in additional capital and recorded $7.1 million in unrealized losses on the BSP investment to write down the fair value of the investment to $0.0 by June 30, 2019. The BSP investment resulted in protracted litigation with Kerri Agee, the former owner and President of BSP, who filed for bankruptcy and was indicted in 2019 for, and convicted in 2021 of, defrauding the SBA. The Agee litigation concluded with Newtek Business Services Holdco 5, Inc. (“Holdco 5”), a Company subsidiary, obtaining a nondischargeable judgment against Agee in the amount of $6.2 million in January 2022. Holdco 5 intends to vigorously pursue all of its rights relating to this matter, though there can be no assurances of the possibility of recovering some or substantially all of the assets referred to in the judgement. HoldCo 5 has not recorded any gain contingency relating to this litigation. 69 If we and our portfolio companies are unable to protect our intellectual property rights, our business and prospects could be harmed, and if we and our portfolio companies are required to devote significant resources to protecting their intellectual property rights, the value of our investment could be reduced. The proprietary software essential to our business and that of our controlled portfolio companies is owned by us and made available to them for their use. Our future success and competitive position will depend in part upon our ability to maintain and protect proprietary technology used in our products and services. We will rely, in part, on patent, trade secret and trademark law to protect that technology, but competitors may misappropriate our intellectual property, and disputes as to ownership of intellectual property may arise. We may, from time to time, be required to institute litigation to enforce the patents, copyrights or other intellectual property rights, protect trade secrets, determine the validity and scope of the proprietary rights of others or defend against claims of infringement. Such litigation could result in substantial costs and diversion of resources. Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. We will be subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity; most of our SBA loans do not carry prepayment penalties. When this occurs, we will generally reinvest these proceeds in temporary investments or repay outstanding debt, depending on future investment in new portfolio companies. Temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our securities. We may not realize gains from our equity investments. Certain investments that we may make in the future include warrants or other equity securities. Investments in equity securities involve a number of significant risks, including the risk of further dilution as a result of additional issuances, inability to access additional capital and failure to pay current distributions. Investments in preferred securities involve special risks, such as the risk of deferred distributions, credit risk, illiquidity and limited voting rights. In addition, we may from time to time make non-control, equity investments in portfolio companies. Our goal is ultimately to realize gains upon our disposition of such equity interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We will often seek puts or similar rights to give us the right to sell our equity securities back to the portfolio company issuer. We may be unable to exercise these puts rights for the consideration provided in our investment documents if the issuer is in financial distress. An increase in non-accrual assets would reduce our income and increase our expenses. If our level of non-accrual assets in our SBA lending business rises in the future, it could adversely affect our investment income and earnings. Non-accrual assets are primarily loans on which borrowers are not making their required payments. Non-accrual assets also include loans that have been restructured to permit the borrower to have smaller payments and real estate that has been acquired through foreclosure of unpaid loans. To the extent that our financial assets are non-accrual, we will have less cash available for lending and other activities. If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses. To attempt to mitigate credit risks, we will typically take a security interest in the available assets of our portfolio companies. There is no assurance that we will obtain or properly perfect our liens. There is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of a portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or that we will be able to collect on the loan should we be forced to enforce our remedies. 70 In addition, because we may invest in technology-related companies, a substantial portion of the assets securing our investment may be in the form of intellectual property, if any, inventory and equipment and, to a lesser extent, cash and accounts receivable. Intellectual property, if any, that is securing our loan could lose value if, among other things, the company’s rights to the intellectual property are challenged or if the company’s license to the intellectual property is revoked or expires, the technology fails to achieve its intended results or a new technology makes the intellectual property functionally obsolete. Inventory may not be adequate to secure our loan if our valuation of the inventory at the time that we made the loan was not accurate or if there is a reduction in the demand for the inventory. Similarly, any equipment securing our loan may not provide us with the anticipated security if there are changes in technology or advances in new equipment that render the particular equipment obsolete or of limited value, or if the company fails to adequately maintain or repair the equipment. Any one or more of the preceding factors could materially impair our ability to recover principal in a foreclosure. The Company is a Guarantor on a number of credit facilities entered into by certain of its subsidiaries and controlled portfolio companies As discussed further herein, the Company is a guarantor on credit facilities entered into by NSBF, NBL, NMS and NBC with various lenders. If any of these borrowers default on these lines of credit, we would be required to make payments under the guarantees, which could have a material adverse effect on our financial condition and results of operations. We may expose ourselves to risks as we engage in hedging transactions. In the second half of 2021, the Company began using derivatives to hedge interest rate exposure on specific fixed rate loans originated by the Company or its portfolio companies until such fixed rate loans are sold or securitized. We may continue to enter into such hedging transactions in an effort to mitigate our exposure to adverse fluctuations in interest rates and we may increase our floating rate investments to position the portfolio for rate increases. However, we cannot assure you that such transactions will be successful in mitigating our exposure to interest rate risk or if we will continue to enter into such interest rate hedges. Hedging transactions may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investment. Moreover, as we engage in hedging transactions, we expose ourselves to certain risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of certain of our portfolio positions from changes in market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against interest rate fluctuations affecting the value of securities in our portfolio. Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. In November 2020, the SEC adopted new rules regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. BDCs that use derivatives would be subject to a value-at-risk leverage limit, certain other derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements would apply unless the BDC qualified as a “limited derivatives user,” as defined in the SEC’s adopted rules. A BDC that enters into reverse repurchase agreements or similar financing transactions would need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of the Section 18 of the 1940 Act when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivative transactions under the adopted rule. Under the adopted rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this test, it is required to treat unfunded commitments as a derivatives transaction subject to the requirements of the rule. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. In June 2021, the Company adopted a Policy and Procedure for Use of Derivatives which it believes conforms to the new SEC rules. To the extent we borrow money to finance our investments, changes in interest rates will affect our cost of capital and net 71 investment income. To the extent we borrow money to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we borrow money to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and/or long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. If we do not implement these techniques properly, we could experience losses on our hedging positions, which could be material. In addition, depending on the frequency and magnitude of rising interest rates, these interest rate increases could negatively impact premiums received on the sale of guaranteed SBA loans, and further, could increase prepayment speeds on outstanding SBA loans, potentially negatively impacting the Company’s financial results. We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. The Biden Administration has proposed significant changes to the existing U.S. tax rules, and there are a number of proposals in Congress that would similarly modify the existing U.S. tax rules. The likelihood of any such legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our investors of such qualification, or could have other adverse consequences. Investors are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our common stock. RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK MERCHANT SOLUTIONS (NMS) We could be adversely affected if either of NMS’ two bank sponsorships is terminated. Because NMS is not a bank, it is unable to belong to and directly access the Visa® and MasterCard® bankcard associations. The Visa® and MasterCard® operating regulations require NMS to be sponsored by a bank in order to process bankcard transactions. A bank sponsorship is an agreement under which a financial institution that has a membership with MasterCard®, Visa® or American Express sponsors an independent sales organization, like NMS, that markets credit card processing services to merchants who accept credit cards as a form of payment, gains access to the Visa®, MasterCard®, and American Express networks. NMS is currently sponsored by two banks. If either of the sponsorships is terminated, and NMS is not able to secure or transfer the respective merchant portfolio to a new bank sponsor or sponsors, the business, financial condition, results of operations and cash flows of the electronic payment processing business could be materially adversely affected. If both the sponsorships are terminated and NMS is unable to secure a bank sponsor for the merchant portfolios, it will not be able to process bankcard transactions for the affected portfolios. Consequently, the loss of both of NMS’ sponsorships would have a material adverse effect on our business. Furthermore, NMS’ agreements with sponsoring banks gives the sponsoring banks substantial discretion in approving certain elements of its business practices, including its solicitation, application and qualification procedures for merchants, the terms of their agreements with merchants, the processing fees that they charge, their customer service levels and its use of independent sales organizations and independent sales agents. We cannot guarantee that NMS’ sponsoring banks’ actions under these agreements would not be detrimental to us. Other service providers, some of whom are NMS’ competitors, are necessary for the conduct of NMS’ business. The termination by service providers of these arrangements with NMS or their failure to perform these services efficiently and effectively may adversely affect NMS’ relationships with the merchants whose accounts it serves and may cause those merchants to terminate their processing agreements with NMS. 72 If NMS or its processors or bank sponsors fail to adhere to the standards of the Visa® and MasterCard® bankcard associations, its registrations with these associations could be terminated and it could be required to stop providing payment processing services for Visa® and MasterCard®. Substantially all of the transactions NMS processes involve Visa® or MasterCard®. If NMS, its bank sponsors or its processors fail to comply with the applicable requirements of the Visa® and MasterCard® bankcard associations, Visa® or MasterCard® could suspend or terminate its registration. The termination of NMS’ registration or any changes in the Visa® or MasterCard® rules that would impair its registration could require it to stop providing payment processing services, which would have a material adverse effect on its business and could be detrimental to us. On occasion, NMS experiences increases in interchange and sponsorship fees. If it cannot pass along these increases to its merchants, its profit margins will be reduced. NMS pays interchange fees or assessments to bankcard associations for each transaction it processes using their credit, debit and gift cards. From time to time, the bankcard associations increase the interchange fees that they charge processors and the sponsoring banks, which generally pass on such increases to NMS. From time to time, the sponsoring banks increase their fees as well. If NMS is not able to pass these fee increases along to merchants through corresponding increases in its processing fees, its profit margins in this line of business will be reduced. Unauthorized disclosure of merchant or cardholder data, whether through breach of our computer systems or otherwise, could expose us to liability and business losses. Through NMS, we collect and store sensitive data about merchants and cardholders, and we maintain a database of cardholder data relating to specific transactions, including payment, card numbers and cardholder addresses, in order to process the transactions and for fraud prevention and other internal processes. If anyone penetrates our network security or otherwise misappropriates sensitive merchant or cardholder data, we could be subject to liability or business interruption. While we subject these systems to periodic independent testing and review, we cannot guarantee that our systems will not be penetrated in the future. If a breach of our system occurs, we may be subject to liability, including claims for unauthorized purchases with misappropriated card information, impersonation or other similar fraud claims. Similar risks exist with regard to the storage and transmission of such data by our processors. In the event of any such a breach, we may also be subject to a class action lawsuit. SMBs are less prepared for the complexities of safeguarding cardholder data than their larger counterparts. In the event of noncompliance by a customer of card industry rules, we could face fines from payment card networks. There can be no assurance that we would be able to recover any such fines from such customer. NMS is liable if its processing merchants refuse or cannot reimburse charge-backs resolved in favor of their customers. If a billing dispute between a merchant and a cardholder is not ultimately resolved in favor of the merchant, the disputed transaction is “charged back” to the merchant’s bank and credited to the account of the cardholder. If NMS or its processing banks are unable to collect the charge-back from the merchant’s account, or if the merchant refuses or is financially unable due to bankruptcy or other reasons to reimburse the merchant’s bank for the charge-back, NMS must bear the loss for the amount of the refund paid to the cardholder’s bank. Most of NMS’ merchants deliver products or services when purchased, so a contingent liability for charge-backs is unlikely to arise, and credits are issued on returned items. However, some of its merchants do not provide services until sometime after a purchase, which increases the potential for contingent liability and future charge-backs. NMS and the sponsoring bank can require that merchants maintain cash reserves under its control to cover charge-back liabilities but such reserves may not be sufficient to cover the liability or may not even be available to them in the event of a bankruptcy or other legal action. NMS has potential liability for customer or merchant fraud. Credit card fraud occurs when a merchant’s customer uses a stolen card (or a stolen card number in a card-not-present transaction) to purchase merchandise or services. In a traditional card-present transaction, if the merchant swipes the card, receives authorization for the transaction from the card issuing bank and verifies the signature on the back of the card against the paper receipt signed by the customer, the card issuing bank remains liable for any loss. In a fraudulent card-not-present transaction, even if the merchant receives authorization for the transaction, the merchant is liable for any loss arising from the transaction. Many NMS customers are small and transact a substantial percentage of their sales over the Internet or by telephone or mail orders. Because their sales are card- not-present transactions, these merchants are more vulnerable to customer fraud than larger merchants, and NMS could experience charge-backs arising from cardholder fraud more frequently with these merchants. 73 Merchant fraud occurs when a merchant, rather than a customer, knowingly uses a stolen or counterfeit card or card number to record a false sales transaction or intentionally fails to deliver the merchandise or services sold in an otherwise valid transaction. Anytime a merchant is unable to satisfy a charge-back, NMS is ultimately responsible for that charge-back unless it has required that a cash reserve be established. We cannot assure that the systems and procedures NMS has established to detect and reduce the impact of merchant fraud are or will be effective. Failure to effectively manage risk and prevent fraud could increase NMS charge-back liability and adversely affect its results of operations. NMS payment processing systems may fail due to factors beyond its control, which could interrupt its business or cause it to lose business and likely increase costs. NMS depends on the uninterrupted operations of our computer network systems, software and our processors’ data centers. Defects in these systems or damage to them due to factors beyond its control could cause severe disruption to NMS’ business and other material adverse effects on its payment processing businesses. The electronic payment processing business is undergoing very rapid technological changes which may make it difficult or impossible for NMS to compete effectively. The introduction of new technologies, primarily mobile payment capabilities, and the entry into the payment processing market of new competitors, Apple, Inc., for example, could dramatically change the competitive environment and require significant changes and costs for NMS to remain competitive. There is no assurance that NMS will have the capability to stay competitive with such changes. NMS and others in the payment processing industry have come under increasing pressures from various regulatory agencies seeking to use the leverage of the payment processing business to limit or modify the practices of merchants which could lead to increased costs. Various agencies, particularly the Federal Trade Commission (“FTC”), have within the past few years attempted to pressure merchants to discontinue or modify various sales or other practices. As a part of the payment processing industry, processors such as NMS could experience pressure and/or litigation aimed at restricting access to credit card sales by such merchants. These efforts could cause an increase in the cost to NMS of doing business or otherwise make its business less profitable and may subject NMS to assess penalties for not taking actions deemed sufficiently aggressive to limit such practices. As a result of a litigation brought by 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. Increased regulatory focus on the payments industry may result in costly new compliance burdens on NMS’ clients and on NMS itself, leading to increased costs and decreased payments volume and revenues. Regulation of the payments industry has increased significantly in recent years. Complying with these and other regulations increases costs and can reduce revenue opportunities. Similarly, the impact of such regulations on clients may reduce the volume of payments processed. Moreover, such regulations can limit the types of products and services that are offered. Any of these occurrences can materially and adversely affect NMS’ business, prospects for future growth, financial condition and results of operations. Examples include: • Data Protection and Information Security. Aspects of NMS’ operations and business are subject to privacy and data protection regulation. NMS’ financial institution clients are subject to similar requirements under the guidelines issued by the federal banking agencies. In addition, many individual states have enacted legislation requiring consumer notification in the event of a security breach. • Anti-Money Laundering and Anti-Terrorism Financing. The U.S.A. PATRIOT Act requires NMS to maintain an anti-money laundering program. Sanctions imposed by the U.S. Treasury Office of Foreign Assets Control, or OFAC, restrict NMS from dealing with certain parties considered to be connected with money laundering, terrorism or narcotics. NMS has controls in place designed to ensure OFAC compliance, but if those controls should fail, it could be subject to penalties, reputational damage and loss of business. • Money Transfer Regulations. As NMS expands its product offerings, it may become subject to money transfer regulations, increasing regulatory oversight and costs of compliance. 74 • Formal Investigation. If NMS is suspected of violating government statutes, such as the Federal Trade Commission Act or the Telemarketing and Consumer Fraud and Abuse Prevention Act, governmental agencies may formally investigate NMS. As a result of such a formal investigation, criminal or civil charges could be filed against NMS and it could be required to pay significant fines or penalties in connection with such investigation or other governmental investigations. Any criminal or civil charges by a governmental agency, including any fines or penalties, could materially harm NMS’ business, results of operations, financial position and cash flows. Currently, NMS is operating under an order for injunctive relief it voluntarily entered into with the Federal Trade Commission. RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK TECHNOLOGY SOLUTIONS (NTS) NTS operates in a highly competitive industry in which technological change can be rapid. The information technology business and its related technology involve a broad range of rapidly changing technologies. NTS equipment and the technologies on which it is based may not remain competitive over time, and others may develop superior technologies that render its products non-competitive, without significant additional capital expenditures. Some of NTS’ competitors are significantly larger and have substantially greater market presence as well as greater financial, technical, operational, marketing and other resources and experience than NTS. In the event that such a competitor expends significant sales and marketing resources in one or several markets, NTS may not be able to compete successfully in such markets. We believe that competition will continue to increase, placing downward pressure on prices. Such pressure could adversely affect NTS gross margins if it is not able to reduce its costs commensurate with such price reductions. There can be no assurances that NTS will remain competitive. NTS’ technology solutions business depends on the efficient and uninterrupted operation of its computer and communications hardware systems and infrastructure. Despite precautions taken by NTS against possible failure of its systems, interruptions could result from natural disasters, power loss, the inability to acquire fuel for its backup generators, telecommunications failure, terrorist attacks and similar events. NTS also leases telecommunications lines from local, regional and national carriers whose service may be interrupted. NTS’ business, financial condition and results of operations could be harmed by any damage or failure that interrupts or delays its operations. There can be no assurance that NTS’ insurance will cover all of the losses or compensate NTS for the possible loss of clients occurring during any period that NTS is unable to provide service. NTS’ inability to maintain the integrity of its infrastructure and the privacy of confidential information would materially affect its business. The NTS infrastructure is potentially vulnerable to physical or electronic break-ins, viruses or similar problems. If its security measures are circumvented, it could jeopardize the security of confidential information stored on NTS’ systems, misappropriate proprietary information or cause interruptions in NTS’ operations. We may be required to make significant additional investments and efforts to protect against or remedy security breaches. Security breaches that result in access to confidential information could damage our reputation and expose us to a risk of loss or liability. The security services that NTS offers in connection with customers’ networks cannot assure complete protection from computer viruses, break-ins and other disruptive problems. The occurrence of these problems may result in claims against NTS or us or liability on our part. These claims, regardless of their ultimate outcome, could result in costly litigation and could harm our business and reputation and impair NTS’ ability to attract and retain customers. NTS could be adversely affected by information security breaches or cyber security attacks. NTS’ web and cloud services involve the storage and transmission of our customers’, employees’, and portfolio companies’ proprietary information. NTS’ business relies on its digital technologies, computer and email systems, software, and networks to conduct its operations. NTS’ technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of NTS or third parties with whom NTS deals, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to NTS’ business strategy that its facilities and infrastructure remain secure and are perceived by the marketplace to be secure. Although NTS believes it employs appropriate security technologies, NTS cannot guarantee that the security technologies (including data encryption processes, intrusion detection systems) it employs or, the comprehensive risk assessments it conducts, or its other internal control procedures will assure the security of its customers’ data. If NTS’ security measures are breached as a result of third-party action, employee error or 75 otherwise, and as a result, its customers’ data becomes available to unauthorized parties, NTS and our other portfolio companies could incur liability and its reputation would be damaged, which could lead to the loss of current and potential customers. In addition, NTS will be required to expend significant capital and other resources to detect, remedy, protect against or alleviate breaches of its network and security, and it may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, NTS may be unable to anticipate these techniques or implement adequate preventative measures. For example, in early 2018 following an unauthorized third party misappropriating three of NTS’ domain names, NTS’ management and forensic investigators determined that attackers compromised a portion of its shared webhosting system, and may have acquired certain customer information limited to its shared webhosting customers, and/or gained access to certain of its shared webhosting servers. In response, NTS took a range of steps designed to further secure its systems, enhance its security protections, enhance access controls, and prevent future unauthorized activity. For more information on risks relating to cybersecurity, see “Risks Related to Cybersecurity.” NTS’ business depends on Microsoft Corporation and others for the licenses to use software as well as other intellectual property in the managed technology solutions business. NTS’ managed technology business is built on technological platforms relying on the Microsoft Windows® products and other intellectual property that NTS currently licenses. As a result, if NTS is unable to continue to have the benefit of those licensing arrangements or if the products upon which its platform is built become obsolete, its business could be materially and adversely affected. RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK INSURANCE AGENCY (NIA) NIA depends on third parties, particularly property and casualty insurance companies, to supply the products marketed by its agents. NIA contracts with property and casualty insurance companies typically provide that the contracts can be terminated by the supplier without cause. NIA’s inability to enter into satisfactory arrangements with these suppliers or the loss of these relationships for any reason would adversely affect the results of its insurance business. Also, NIA’s inability to obtain these products at competitive prices could make it difficult for it to compete with larger and better capitalized providers of such insurance services. If NIA fails to comply with government regulations, its insurance agency business would be adversely affected. NIA insurance agency business is subject to comprehensive regulation in the various states in which it conducts business. NIA’s success will depend in part upon its ability to satisfy these regulations and to obtain and maintain all required licenses and permits. NIA’s failure to comply with any statutes and regulations could have a material adverse effect on it. Furthermore, the adoption of additional statutes and regulations, changes in the interpretation and enforcement of current statutes and regulations could have a material adverse effect on it. NIA does not have any control over the commissions it earns on the sale of insurance products which are based on premiums and commission rates set by insurers and the conditions prevalent in the insurance market. NIA earns commissions on the sale of insurance products. Commission rates and premiums can change based on the prevailing economic and competitive factors that affect insurance underwriters. In addition, the insurance industry has been characterized by periods of intense price competition due to excessive underwriting capacity and periods of favorable premium levels due to shortages of capacity. We cannot predict the timing or extent of future changes in commission rates or premiums or the effect any of these changes will have on the operations of NIA. 76 RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK PAYROLL AND BENEFIT SOLUTIONS (NPS) Unauthorized disclosure of employee data, whether through a cyber-security breach of our computer systems or otherwise, could expose NPS to liability and business losses. NPS collects and stores sensitive data about individuals in order to process the transactions and for other internal processes. If anyone penetrates its network security or the security of the third-party payroll processing platform in utilizes, or otherwise misappropriates sensitive individual data, NPS could be subject to liability or business interruption. NPS is subject to laws and rules issued by different agencies concerning safeguarding and maintaining the confidentiality of this information. Its activities have been, and will continue to be, subject to an increasing risk of cyber-attacks, the nature of which is continually evolving. Cyber-security risks include unauthorized access to privileged and sensitive customer information, including passwords and account information of NPS’ customers. While it subjects its data systems to periodic independent testing and review, NPS cannot guarantee that its systems or the systems of the third-party payroll processing platform in utilizes will not be penetrated in the future. Experienced computer programmers and hackers may be able to penetrate NPS’ network security or the security of its third-party payroll processing platform, and misappropriate or compromise our confidential information, create system disruptions, or cause shutdowns. As a result, NPS’ customers’ information may be lost, disclosed, accessed or taken without its customers’ consent. If a breach of these systems occurs, NPS may be subject to liability, including claims for impersonation or other similar fraud claims. In the event of any such breach, NPS may also be subject to a class action lawsuit. Any significant violations of data privacy could result in the loss of business, litigation and regulatory investigations and penalties that could damage NPS’ reputation, and the growth of its business could be adversely affected. For more information on risks relating to cybersecurity, see “Risks Related to Cybersecurity.” NPS is subject to risks surrounding Automated Clearing House (“ACH”) payments. Credit risk in ACH payments arises when a party to a contract fails to deposit funds required to settle the contract. This can occur if a client of NPS suffers losses, enters into bankruptcy or defrauds NPS. In such an event, NPS could bear the financial burden of settling the customer’s contract. NPS’ systems may be subject to disruptions that could adversely affect its business and reputation. NPS’ payroll business relies heavily on its payroll, financial, accounting and other data processing systems. If any of these systems or any of the vendors which supply them fails to operate properly or becomes disabled even for a brief period of time, NPS could suffer financial loss, a disruption of its business, liability to clients, regulatory intervention or damage to its reputation. NPS has disaster recovery plans in place to protect its businesses against natural disasters, security breaches, military or terrorist actions, power or communication failures or similar events. Despite NPS’ preparations, its disaster recovery plans may not be successful in preventing the loss of client data, service interruptions, and disruptions to its operations or damage to its important facilities. If NPS fails to adapt its technology to meet client needs and preferences, the demand for its services may diminish. NPS operates in industries that are subject to rapid technological advances and changing client needs and preferences. In order to remain competitive and responsive to client demands, NPS continually upgrades, enhances and expands its existing solutions and services. If NPS fails to respond successfully to technological challenges, the demand for its services may diminish. NPS could incur unreimbursed costs or damages due to delays in processing inherent in the banking system. NPS generally determines the availability of customer (employer) funds prior to making payments to employees or taxing authorities, and such employer funds are generally transferred in to its accounts prior to making payments out. Due to the structure of the banking system however, there are times when NPS may make payroll or tax payments and not immediately receive the funds to do so from the employer. There can be no assurance that the procedures NPS has in place to prevent these occurrences or mitigate the damages will be sufficient to prevent loss to its business. In addition, NPS could incur unreimbursed costs or damages due to delays in processing customer payrolls or payroll taxes in a timely manner. 77 RISKS RELATED TO OUR CONTROLLED PORTFOLIO COMPANIES - NEWTEK BUSINESS CREDIT SOLUTIONS (NBC) An unexpected level of defaults in NBC’s accounts receivables or inventory portfolios would reduce its income and increase its expenses. If NBC’s level of non-accrual assets in its receivable financing or inventory financing business rises in the future, it could adversely affect its revenue, earnings and cash flow. Non-accrual assets primarily consist of receivables for which the customer has not made timely payment. In certain situations, NBC may restructure the receivable to permit such a customer to have smaller payments over a longer period of time. Such a restructuring or non-payment by a receivables or inventory customer will result in lower revenue and less cash available for NBC’ operational activities. NBC’s reserve for credit losses may not be sufficient to cover unexpected losses. NBC’s business depends on the behavior of its customers. In addition to its credit practices and procedures, NBC maintains a reserve for credit losses on its accounts receivable and inventory portfolios, which it has judged to be adequate given the receivables it purchases. NBC periodically reviews its reserve for adequacy considering current economic conditions and trends, charge-off experience and levels of non-accrual assets, and adjusts its reserve accordingly. However, because of recent unstable economic conditions, its reserves may prove inadequate, which could have a material adverse effect on its financial condition and results of operations. NBC depends on outside financing to support its receivables financing and inventory financing business. NBC’s receivables and inventory financing business depends on outside financing to support its acquisition of receivables. Termination of the credit lines for any reason would have a material adverse effect on its business, including but not limited to, the liquidation of its receivables portfolios to pay down the lines. If funds from such sale were insufficient to completely pay down the line of credit, NBC’s would be responsible for any short fall. We are a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35.0 million. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At December 31, 2021, total principal owed by NBC was $7.6 million. We have guaranteed NBC’s obligations under this facility. If NBC defaults on this line of credit, we would be required to make payments under the guarantee, which could have a material adverse effect on our financial condition and results of operations. In addition, if NBC loses this line of credit and NBC is unable to renew or replace this line of credit, it would materially impact the business of NBC and have a material adverse effect on its financial condition and results of operations. LEGAL PROCEEDINGS - PORTFOLIO COMPANIES Our portfolio companies may, from time to time, be involved in various legal matters, which may have an adverse effect on their operations and/or financial condition. From time to time, we may be subject to legal actions as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas. In any such claims or actions, demands for substantial monetary damages may be asserted against our portfolio companies and may result in financial liability for us or an adverse effect on our reputation among investors. We may be unable to accurately estimate our portfolio companies’ exposure to litigation risk. In regulatory enforcement matters, claims for disgorgement, the imposition of penalties, and the imposition of other remedial sanctions against our portfolio companies are possible, and may have a material adverse effect on our results of operations. For example, the Company closed on its $5.4 million investment in ADR Partners, LLC dba banc-serv Partners, LLC (“BSP”) in June 2016. Subsequently, as previously disclosed, the Company invested $1.7 million in additional capital and recorded $7.1 million in unrealized losses on the BSP investment to write down the fair value of the investment to $0.0 by June 30, 2019. The BSP investment resulted in protracted litigation with Kerri Agee, the former owner and President of BSP, who filed for bankruptcy and was indicted in 2019 for, and convicted in 2021 of, defrauding the SBA. The Agee litigation concluded with Newtek Business Services Holdco 5, Inc. (“Holdco 5”), a Company subsidiary, obtaining a nondischargeable judgment against Agee in the amount of $6.2 million in January 2022. Holdco 5 intends to vigorously pursue all of its rights relating to this matter, though there can be no assurances of the possibility of recovering some or substantially all of the assets referred to in the judgement. HoldCo 5 has not recorded any gain contingency relating to this litigation. 78 Additionally, as a result of a litigation brought by 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. RISKS RELATED TO OUR CAPCO BUSINESS The Capco programs and the tax credits they provide are created by state legislation and implemented through regulation, and such laws and rules are subject to possible action to repeal or retroactively revise the programs for political, economic or other reasons. Such an attempted repeal or revision would create substantial difficulty for the Capco programs and could, if ultimately successful, cause us material financial harm. The tax credits associated with the Capco programs and provided to our Capcos’ investors are to be utilized by the investors over a period of time, which is typically ten years. Much can change during such a period and it is possible that one or more states may revise or eliminate the tax credits. Any such revision or repeal could have a material adverse economic impact on our Capcos, either directly or as a result of the Capco’s insurer’s actions. Any such final state action that jeopardizes the tax credits could result in the provider of our Capco insurance assuming partial or full control of the particular Capco in order to minimize its liability under the Capco insurance policies issued to our investors. Because our Capcos are subject to requirements under state law, a failure of any of them to meet these requirements could subject the Capco and our shareholders to the loss of one or more Capcos. Despite the fact that we have met all applicable minimum requirements of the Capco programs in which we still participate, each Capco remains subject to state regulation until it has invested 100% of its funds and otherwise remains in full legal compliance. There can be no assurance that we will continue to be able to do so. A major regulatory violation, while not fatal to our Capco business, would materially increase the cost of operating the Capcos. We know of no other publicly-held company that sponsors and operates Capcos as a part of its business. As such, there are, to our knowledge, no other companies against which investors may compare our Capco business and its operations, results of operations and financial and accounting structures. In the absence of any meaningful peer group comparisons for our Capco business, investors may have a difficult time understanding and judging the strength of our business. This, in turn, may have a depressing effect on the value of our stock. RISKS RELATED TO OUR SECURITIES As of December 31, 2021, our CEO beneficially owns and has shared voting power over approximately 4.8% of our common stock, and may be able to exercise significant influence over the outcome of most shareholder actions. Because of his ownership of and shared voting power over our stock, Barry Sloane, our Chairman, Chief Executive Officer and President, may be able to exercise significant influence over actions requiring shareholder approval, including the election of directors, the adoption of amendments to the certificate of incorporation, approval of stock incentive plans and approval of major transactions such as a merger or sale of assets. This could delay or prevent a change in control of the Company, deprive our shareholders of an opportunity to receive a premium for their common stock as part of a change in control and have a negative effect on the market price of our common stock. Our common stock price may be volatile and may decrease substantially. The trading price of our common stock may fluctuate substantially. The price of our common stock may be higher or lower depending on many factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to, the following: • • • • price and volume fluctuations in the overall stock market from time to time; investor demand for our stock; significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; changes in regulatory policies or tax guidelines with respect to RICs, BDCs, or SBLCs; 79 • • • • • • failure to qualify as a RIC, or the loss of RIC status; any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; changes, or perceived changes, in the value of our portfolio investments; departures of key Company personnel; operating performance of companies comparable to us; or general economic conditions and trends and other external factors. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Due to the potential volatility of our stock price once a market for our stock is established, we may become the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business. Future issuances of our common stock or other securities, including preferred shares, may dilute the per share book value of our common stock or have other adverse consequences to our common shareholders. Our Board has the authority, without the action or vote of our shareholders, to issue all or part of the approximately 175,841,306 authorized but unissued shares of our common stock. Our business strategy relies upon investments in and acquisitions of businesses using the resources available to us, including our common stock. Additionally, we anticipate granting additional options or restricted stock awards to our employees and directors in the future. Absent exemptive relief, a BDC generally may not issue restricted stock to its directors, officers and employees. In May 2016, the SEC issued an order granting the Company’s request for exemptive relief to allow us to amend our equity compensation plan and make such grants and awards, subject to shareholder approval. We may also issue additional securities, through public or private offerings, in order to raise capital. Future issuances of our common stock will dilute the percentage of ownership interest of current shareholders and could decrease the per share book value of our common stock. In addition, option holders may exercise their options at a time when we would otherwise be able to obtain additional equity capital on more favorable terms. In July 2016, our shareholders approved the amendments to our equity compensation plan, and certain restricted stock awards granted thereunder. We may also issue additional securities, through public or private offerings, in order to raise capital. Future issuances of our common stock will dilute the percentage of ownership interest of current shareholders and could decrease the per share book value of our common stock. In addition, option holders may exercise their options at a time when we would otherwise be able to obtain additional equity capital on more favorable terms. Pursuant to our amended and restated charter, our Board is authorized to classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock of any class or series from time to time, into one or more classes or series of stock, including preferred stock. If we issue preferred stock, the preferred stock would rank “senior” to common stock in our capital structure, preferred shareholders would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of our common shareholders, and the issuance of preferred stock could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest. We will not generally be able to issue and sell our common stock at a price below net asset value per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then current net asset value per share of our common stock if our Board determines that such sale is in our best interests and in the best interests of our shareholders, and our shareholders approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease, and shareholders may experience dilution. 80 Our shareholders may experience dilution upon the repurchase of common shares. The Company has instituted in the past, and may institute in the future, programs that may allow the Company to repurchase the Company’s outstanding common shares on the open market. Under such programs, purchases generally may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations, which may have a dilutive effect on current shareholders. Most recently, on December 17, 2018, the Company announced that its Board approved a share repurchase program under which the Company was able to repurchase up to 300,000 of the Company’s outstanding common shares on the open market. The program terminated on June 18, 2019, was extended on June 21, 2019 and terminated on December 18, 2019. Dilution may occur under repurchase programs if the Company repurchases shares of its common stock at prices that are below the Company’s net asset value per share. This may cause a proportionately smaller increase in our shareholders' interest in our earnings and assets and their voting interest in us than the decrease in our assets resulting from such repurchase. As a result of any such dilution, our market price per share may decline. The actual dilutive effect will depend on the number of shares of common stock that could be so repurchased, the price and the timing of any repurchases under any such program. The authorization and issuance of “blank check” preferred shares could have an anti-takeover effect detrimental to the interests of our shareholders. Our certificate of incorporation allows our Board to issue preferred shares with rights and preferences set by the Board without further shareholder approval. The issuance of these “blank check” preferred shares could have an anti-takeover effect detrimental to the interests of our shareholders. For example, in the event of a hostile takeover attempt, it may be possible for management and the Board to impede the attempt by issuing the preferred shares, thereby diluting or impairing the voting power of the other outstanding common shares and increasing the potential costs to acquire control of us. Our Board has the right to issue any new shares, including preferred shares, without first offering them to the holders of common shares, as they have no preemptive rights. The Company does not currently intend to issue preferred shares. Our business and operation could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. While we are currently not subject to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of securities litigation or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. Additionally, such securities litigation and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism. Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. The Maryland General Corporation Law and our charter and bylaws contain provisions that may discourage, delay or make more difficult a change in control of Newtek or the removal of our directors. We are subject to the Maryland Business Combination Act, subject to any applicable requirements of the 1940 Act. Our Board has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our Board, including approval by a majority of our independent directors. If the resolution exempting business combinations is repealed or our Board does not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act acquisitions of our stock by any person. If we amend our Bylaws to repeal the exemption from the Maryland Control Share Acquisition Act, the Maryland Control Shares Acquisition Act may make it more difficult for a third party to obtain control of us and increase the difficulty of consummating such a transaction. 81 The SEC staff has rescinded its position that, under the 1940 Act, an investment company may not avail itself of the Maryland Control Share Act. As a result, we may amend our bylaws to be subject to the Maryland Control Share Acquisition Act only if our Board determines that it would be in our best interest. We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our Board in three classes serving staggered three- year terms and authorizing our Board to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock, to amend our charter without shareholder approval and to increase or decrease the number of shares of stock that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our shareholders. Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock. All of the common stock held by our executive officers and directors, represents approximately 1,367,000 shares, or approximately 6% of our total outstanding shares as of December 31, 2021. Such shares are generally freely tradable in the public market. Sales of substantial amounts of our common stock, or the availability of such common stock for sale, could adversely affect the prevailing market prices for our common stock. If this occurs and continues, it could impair our ability to raise additional capital through the sale of securities should we desire to do so. If we issue preferred stock, the net asset value and market value of our common stock will likely become more volatile. We cannot assure you that the issuance of preferred stock would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock would likely cause the net asset value and market value of the common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of the common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of common stock than if we had not issued preferred stock. Any decline in the net asset value of our investments would be borne entirely by the holders of common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of common stock than if we were not leveraged through the issuance of preferred stock. This greater net asset value decrease would also tend to cause a greater decline in the market price for the common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings, if any, on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. To counteract such an event, we might need to liquidate investments to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher advisory fees if our total return exceeds the dividend rate on the preferred stock. Holders of preferred stock may have different interests than holders of common stock and may at times have disproportionate influence over our affairs. Stockholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock or issue securities to subscribe to, convert to or purchase shares of our common stock. The 1940 Act prohibits us from selling shares of our common stock at a price below the current net asset value per share of such stock, with certain exceptions. One such exception is prior shareholder approval of issuances below net asset value provided that our Board makes certain determinations. At an August 3, 2021 special meeting of shareholders, our shareholders authorized us to sell shares of our common stock until the earlier of our 2022 annual meeting of shareholders or August 2, 2022, at a price below its then current net asset value per share subject to certain conditions (including that the cumulative number of shares sold does not exceed 20% of its then outstanding common stock immediately prior to each such sale). Any decision to sell shares of our common stock below the then current net asset value per share of our common stock or securities to subscribe to, convert to, or purchase shares of our common stock would be subject to the determination by our Board that such issuance is in our and our shareholders’ best interests. If we were to sell shares of our common stock below net asset value per share, such sales would result in an immediate dilution to the net asset value per share. This dilution would occur as a result of the sale of shares at a price below the then current net asset value per share of our common stock and a proportionately greater decrease in a shareholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. In addition, if we issue securities to subscribe to, convert to or purchase shares of common stock, the exercise or conversion of such securities would increase the number of outstanding shares of our common stock. Any such exercise would be dilutive on the voting power of existing 82 shareholders, and could be dilutive with regard to dividends and our net asset value, and other economic aspects of the common stock. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted; however, the example below illustrates the effect of dilution to existing shareholders resulting from the sale of common stock at prices below the net asset value of such shares. RISKS RELATED TO OUR NOTES The 2024 Notes, the 2025 Notes and the 2026 Notes, together, the “Notes,” are unsecured and therefore are effectively subordinated to any secured indebtedness we have outstanding or may incur in the future. In July 2019, February 2021 and May 2021, we issued $63.25 million, $5.0 million and $10.0 million in aggregate principal amount of the 2024 Notes, respectively. In December 2021, we redeemed $40.0 million in aggregate principal of the 2024 Notes. In January 2021, we issued $115.0 million in aggregate principal amount of the 2026 Notes. In November 2020, we issued $5.0 million in aggregate principal amount of the 2025 Notes and in January 2021 we issued an additional $10.0 million in aggregate principal amount of the 2025 Notes. The Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have outstanding or may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security). In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the existing or future secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. The Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries. The Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Any assets of our subsidiaries will not be directly available to satisfy the claims of our creditors, including holders of the Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes are structurally subordinated to all indebtedness and other liabilities (including trade payables) of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise. The indenture under which the Notes were issued contains limited protection for holders of the Notes. The indentures under which the Notes were issued offers limited protection to holders of the Notes. The terms of the indentures and the Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the Notes. In particular, the terms of the indentures and the Notes do not place any restrictions on our or our subsidiaries’ ability to: • issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings; 83 • • • • pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, giving effect to (i) any exemptive relief granted to us by the SEC and (ii) no-action relief granted by the SEC to another BDC (or to the Company if it determines to seek such similar no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act in order to maintain the BDC’s status as a RIC under Subchapter M of the Code (these provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock, or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 150% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase); sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets); enter into transactions with affiliates; create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions; • make investments; or • create restrictions on the payment of dividends or other amounts to us from our subsidiaries. In addition, the indentures do not require us to offer to purchase the Notes in connection with a change of control, asset sale or any other event. Furthermore, the terms of the indentures and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity. Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for holders of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes. Other debt we issue or incur in the future could contain more protections for its holders than the indentures and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes. If we default on our obligations to pay other indebtedness that we may incur in the future, we may not be able to make payments on the Notes. In the future, we may enter into agreements to incur additional indebtedness, including a secured credit facility. A default under such agreements to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on such future additional indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing such future additional indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders of other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt. Because any future credit facilities likely will have customary cross-default provisions, if the indebtedness under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. 84 We may choose to redeem the Notes when prevailing interest rates are relatively low. We may choose to redeem the remaining 2024 Notes outstanding and 2026 Notes, especially if prevailing interest rates are lower than the interest rates on the 2024 Notes or 2026 Notes. In addition, we may choose to redeem the 2025 Notes at any time at our option. If prevailing rates are lower at the time of redemption, holders of the Notes may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches. On March 22, 2018, the Company redeemed all $40.25 million in aggregate principal amount of the 2021 Notes on the redemption date 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. On August 29, 2019, the Company redeemed all $8.324 million in aggregate principal amount of the 2022 Notes on the redemption date 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. On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on the redemption date at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2020 through, but excluding, the redemption date. On December 29, 2021, the Company partially redeemed $40.0 million in aggregate principal amount of the $78.25 million of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date. The trading market or market value of our publicly traded debt securities may fluctuate. The 2024 and 2026 Notes are new issues of debt securities listed on the Nasdaq Global Market under the symbols “NEWTL” and “NEWTZ,” respectively. Although the Notes are listed on Nasdaq, we cannot assure you that a trading market for our publicly issued debt securities will be maintained. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, our publicly issued debt securities. These factors include, but are not limited to, the following: • • • • • • the time remaining to the maturity of these debt instruments; the outstanding principal amount of debt securities with terms identical to these debt securities; the ratings assigned by the national statistical rating agencies; the general economic environment; the supply of debt securities trading in the secondary market, if any; the level, direction and volatility of market interest rates generally; and • market rates of interest higher or lower than rates borne by the debt securities. You should be aware that there may be a limited number of buyers should holders of the Notes decide to sell the securities. This too may materially adversely affect the market value of the debt securities of the trading market for the debt securities. RISKS RELATED TO CYBERSECURITY We could be adversely affected by information security breaches or cyber security attacks. Our business operations and our portfolio companies’ business operations rely upon secure information technology systems for data processing, storage and reporting. Despite security and controls design, implementation and updating, such information technology systems could become subject to cyber-attacks. Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition. 85 In addition, our business operations and our portfolio companies’ business operations involve the storage and transmission of Newtek, portfolio company, customer and employee proprietary information. Our businesses rely on our digital technologies, computer and email systems, software, and networks to conduct operations. Our technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of us, our portfolio companies, or third parties with whom we and our portfolio companies deal, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to our business strategy that our facilities and infrastructure remain secure and are perceived by the marketplace to be secure. Although we believe we and our IT providers employ appropriate security technologies (including data encryption processes, intrusion detection systems), and conduct comprehensive risk assessments and other internal control procedures to assure the security of our and our customers’ data, we cannot guarantee that these measures will be sufficient for this purpose. If our and our IT provider’s security measures are breached as a result of third-party action, employee error or otherwise, and as a result our or our customers’ data becomes available to unauthorized parties, we could incur liability and our reputation would be damaged, which could lead to the loss of current and potential customers. If we experience any breaches of our network security or sabotage, we might be required to expend significant capital and other resources to detect, remedy, protect against or alleviate these and related problems, and we may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. For example, in early 2018, an unauthorized third-party misappropriated three of NTS’ domain names. NTS’ management and forensic investigators determined that attackers compromised a portion of NTS’ shared webhosting system, and may have acquired certain customer information limited to its shared webhosting customers, and/or gained access to certain of its shared webhosting servers. In response, NTS has taken a range of steps designed to further secure its systems, enhance its security protections, enhance access controls, and prevent future unauthorized activity. As cyber threats continue to evolve, we and our portfolio companies may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. Although we have insurance in place that covers such incidents, the cost of a breach or cyber-attack could well exceed any such insurance coverage. The failure in cyber-security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively. The occurrence of a disaster, such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data. We and our portfolio companies depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. If unauthorized parties gain access to such information and technology systems, they may be able to steal, publish, delete or modify private and sensitive information, including nonpublic personal information related to stockholders (and their beneficial owners) and material nonpublic information. The systems we have implemented to manage risks relating to these types of events could prove to be inadequate and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately secure private information. Breaches such as those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing them from being addressed appropriately. The failure of these systems or of disaster recovery plans for any reason could cause significant interruptions in our and our portfolio companies’ operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to stockholders, material nonpublic information and other sensitive information in our possession. 86 A disaster or a disruption in the infrastructure that supports our business, including a disruption involving electronic communications or other services used by us or third parties with whom we conduct business, or directly affecting our headquarters, could have a material adverse impact on our ability to continue to operate our business without interruption. Our disaster recovery programs may not be sufficient to mitigate the harm that may result from such a disaster or disruption. In addition, insurance and other safeguards might only partially reimburse us for our losses, if at all. Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incident that affects our data, resulting in increased costs and other consequences as described above. In addition, cybersecurity has become a top priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage. We and our service providers continue to be impacted by government actions in response to the global COVID-19 pandemic, which are obstructing the regular functioning of business workforces (including requiring employees to work from external locations and their homes). Policies of extended periods of remote working, whether by us or by our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic. Accordingly, the risks described above are heightened under current conditions. We and our portfolio companies are subject to risks associated with “phishing” and other cyber-attack. Our business and the business of our portfolio companies relies upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation and updating, ours and our portfolio companies’ information technology systems could become subject to cyber-attacks. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking”, malicious software coding, social engineering or “phishing” attempts) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of service attacks on websites (i.e., efforts to make network services unavailable to intended users). Our employees have been and expect to continue to be the target of fraudulent calls, emails and other forms of activities. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, regulatory fines or penalties, or other adverse effects on our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks related to cyber-attacks. Our and our service providers’ increased use of mobile and cloud technologies could heighten the risk of a cyber-attack as well as other operational risks, as certain aspects of the security of such technologies may be complex, unpredictable or beyond their control. Our and other service providers’ reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyber-attacks could disrupt their operations and result in misappropriation, corruption or loss of personal, confidential or proprietary information. In addition, there is a risk that encryption and other protective measures against cyber-attacks may be circumvented, particularly to the extent that new computing technologies increase the speed and computing power available. Additionally, remote working environments may be less secure and more susceptible to cyber-attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic. Accordingly, the risks associated with cyber-attacks are heightened under current conditions. GENERAL RISK FACTORS We may experience fluctuations in our quarterly and annual results. 87 We may experience fluctuations in our quarterly and annual operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the debt securities we acquire, the default rate of such securities, the level of portfolio dividend and fee income, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. Government intervention in the credit markets could adversely affect our business. The central banks and, in particular, the U.S. Federal Reserve, have taken unprecedented steps since the financial crises of 2008-2009 and the COVID-19 global pandemic. It is impossible to predict if, how, and to what extent the United States and other governments would further intervene in the credit markets. Such intervention is often prompted by politically sensitive issues involving family homes, student loans, real estate speculation, credit card receivables, pandemics, etc., and could, as a result, be contrary to what we would predict from an “economically rational” perspective. On the other hand, recent governmental intervention could mean that the willingness of governmental bodies to take additional extraordinary action is diminished. As a result, in the event of near- term major market disruptions, like those caused by the COVID-19 pandemic, there might be only limited additional government intervention, resulting in correspondingly greater market dislocation and materially greater market risk. Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. We and our portfolio companies are subject to regulation by laws at the local, state, and federal levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. For example, the current U.S. presidential administration could support an enhanced regulatory agenda that imposes greater costs on all sectors and on financial services companies in particular. Any such new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term. Changes to the laws and regulations governing our permitted investments may require a change to our investment strategy. Such changes could differ materially from our strategies and plans as set forth in this report and may shift our investment focus from the areas of expertise of our Adviser. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment in us. Terrorist attacks, acts of war, global health emergencies, or natural disasters may affect any market for our securities, impact the businesses in which we invest and harm our business, operating results and financial condition. Terrorist acts, acts of war, global health emergencies or natural disasters may disrupt our operations, as well as the operations of the businesses in which we invest. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, military or security operations, global health emergencies or natural disasters could further weaken the domestic/global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. Losses from terrorist attacks, global health emergencies and natural disasters are generally uninsurable. We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our securities and our ability to make distributions to our shareholders. Our business is highly dependent on our communications and information systems. Certain of these systems are provided to us by third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third party service provider, could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our securities and our ability to make distributions to our shareholders. 88 We are subject to risks related to corporate social responsibility. Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business. The effect of global climate change may impact the operations of our portfolio companies. There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. In December 2015 the United Nations, of which the U.S. is a member, adopted a climate accord (the "Paris Agreement") with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. On November 4, 2016, the past administration announced that the U.S. would cease participation in the Paris Agreement with the withdrawal taking effect on November 4, 2020. However, on January 20, 2021, President Joseph R. Biden signed an executive order to rejoin the Paris Agreement. As a result, some of our portfolio companies may become subject to new or strengthened regulations or legislation, which could increase their operating costs and/or decrease their revenues. ITEM 1B. UNRESOLVED STAFF COMMENTS. None. 89 Table of Contents ITEM 2. PROPERTIES. We conduct our principal business activities in facilities leased from unrelated parties at market rates. Our headquarters are located in Boca Raton, Florida. Our operating subsidiaries have properties which are material to the conduct of their business as noted below. In addition, our Capcos maintain offices in each of the states in which they operate. Below is a list of our leased offices and space as of December 31, 2021 which are material to the conduct of our business: Location 4800 T Rex Avenue Boca Raton, FL 33431 1981 Marcus Avenue Lake Success, NY 11042 1985 Marcus Avenue Lake Success, NY 11042 14 East Washington Street Orlando, FL 32801 ITEM 3. LEGAL PROCEEDINGS. Purpose Approximate square feet Lease expiration April 2026 April 2027 Corporate headquarters and NSBF lending operations Lending operations, corporate operations, NY Capco offices and certain controlled portfolio companies’ offices April 2027 Lending operations and certain controlled portfolio companies’ offices August 2022 NSBF lending operations and certain controlled portfolio companies’ offices 7,800 44,800 7,300 1,700 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 this Annual Report on Form 10-K for the year ended December 31, 2021. For example, the Company closed on its $5.4 million investment in BSP in June 2016. Subsequently, as previously disclosed, the Company invested $1.7 million in additional capital and recorded $7.1 million in unrealized losses on the BSP investment to write down the fair value of the investment to $0.0 by June 30, 2019. The BSP investment resulted in protracted litigation with Kerri Agee, the former owner and President of BSP, who filed for bankruptcy and was indicted in 2019 for, and convicted in 2021 of, defrauding the SBA. The Agee litigation concluded with Holdco 5 obtaining a nondischargeable judgment against Agee in the amount of $6.2 million in January 2022. Holdco 5 intends to vigorously pursue all of its rights relating to this matter, though there can be no assurances of the possibility of recovering some or substantially all of the assets referred to in the judgement. HoldCo 5 has not recorded any gain contingency relating to this litigation. In addition, as a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices. ITEM 4. MINE SAFETY DISCLOSURES. None. 90 ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Price Range of Common Stock Our common stock is traded on the Nasdaq Global Market under the symbol “NEWT.” High and low prices for the common stock over the previous two years are set forth below, based on the highest and lowest intraday sales price per share during that period. PART II 2020 First Quarter Second Quarter Third Quarter Fourth Quarter 2021 First Quarter Second Quarter Third Quarter Fourth Quarter High $23.09 $18.84 $20.50 $19.82 $28.63 $38.78 $36.41 $32.38 Price Range Low $7.59 $9.03 $16.73 $16.24 $18.77 $26.41 $24.07 $25.63 1 NAV $15.00 $15.66 $15.13 $15.45 $16.28 $16.38 $16.23 $16.72 Premium of High Sales Price to 2 NAV Premium of Low Sales Price to 2 NAV 54% 20% 35% 28% 76% 137% 124% 94% (49)% (42)% 11% 5% 15% 61% 48% 53% (1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The values reflect net asset value per share and are based on outstanding shares at the end of each period. (2) Calculated as the respective high or low sales price divided by net asset value and subtracting 1. The last reported price for our common stock on February 28, 2022 was $27.29 per share. Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that our shares of common stock will trade at a discount from net asset value or at premiums that are unsustainable over the long term are separate and distinct from the risk that our net asset value will decrease. It is not possible to predict whether our shares will trade at, above, or below net asset value. Since our conversion to a BDC, our shares of common stock have traded at prices both less than and exceeding our NAV per share. Holders As of February 28, 2022, there were approximately 91 holders of record of our common stock. Fees and Expenses The following table is intended to assist stockholders in understanding the costs and expenses that stockholders will bear directly or indirectly. We caution you that many of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this Annual Report contains a reference to fees or expenses paid by “you,” “us” or “Newtek,” or that “we” will pay fees or expenses, the Company will pay such fees and expenses out of its net assets and, consequently, stockholders will indirectly bear such fees or expenses as an investor in Newtek Business Services Corp. However stockholders will not be required to deliver any money or otherwise bear personal liability or responsibility for such fees or expenses. 91 Stockholder transaction expenses: 1 Sales load (as a percentage of offering price) 2 Offering expenses borne by the Company (as a percentage of offering price) 3 Dividend reinvestment plan fees 4 Total stockholder transaction expenses (as a percentage of offering price) 5 Annual expenses (as a percentage of net assets attributable to common stock) : 6 Operating expenses 7 Interest payments on borrowed funds 8 Other expenses 9 Acquired funds fees and expenses Total annual expenses 10 — % — % $ 15.00 — % 15.40 % 5.08 % 0.02 % — % 20.50 % (1) In the event that the securities applicable to a prospectus relates to shares that are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load and the example will be updated accordingly. (2) A prospectus supplement corresponding to each offering will disclose the applicable estimated amounts of offering expenses of the offering and offering expenses borne by the Company as a percentage of the offering price. (3) The expenses of the dividend reinvestment plan are included in “other expenses.” The plan administrator’s fees will be paid by the Company. There will be no brokerage charges or other charges to stockholders who participate in the plan except that, if a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a $15.00 transaction fee plus a $0.10 per share brokerage commission from the proceeds. (4) (5) (6) Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any. The annualized expenses are based on the Company’s expenses and net asset value for the year ended December 31, 2021 and as of December 31, 2021. “Operating expenses” represents an estimate of the Company’s annual operating expense. The Company does not have an investment advisor. We are internally managed by our executive officers under the supervision of our Board. As a result, we do not pay investment advisory fees. Instead we pay the operating costs associated with employing investment management professionals. The Company may borrow funds from time to time to make investments to the extent that the economic situation is conducive to doing so. “Interest Payments on Borrowed Funds” represents (7) estimated interest and fee payments on borrowed funds by estimating our annualized interest, fees and other debt-related expenses incurred for the year ended December 31, 2021, including our bank notes payable, 2024 Notes, 2025 Notes, 2026 Notes, Notes payable - related party and securitization notes payable. (8) (9) “Other expenses” consist of estimated transfer agent expenses related to our dividend reinvestment plan. We have no current intention to invest in the securities of other investment companies. However, we are permitted to make such investments in limited circumstances under the 1940 Act. If we were to make such investments, we would incur fees and our stockholders would pay two levels of fees. As we have no current expectation of making any such investments, any estimate of the amount of such fees would be highly speculative. The holders of shares of our common stock indirectly bear the cost associated with our annual expenses. (10) Example The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. A stockholder would pay the following expenses on a $1,000 investment, assuming a 5% annual return $ 215 $ 679 $ 1,190 $ 2,708 1 Year 3 Years 5 Years 10 Years 92 The example and the expenses in the tables above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. Further, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of shares of our common stock, generally determined by dividing the total dollar amount of the dividend payable to a participant by the market price per share of our common stock at the close of trading on the dividend payment date, which may be at, above or below net asset value. Sales of Unregistered Securities We issue shares of common stock that are not subject to the registration requirements of the Securities Act in connection with the DRIP. During the years ended December 31, 2021 and December 31, 2020 we issued 72,200 and 50,900 shares of common stock, respectively, valued at $1.9 million and $0.8 million, respectively to shareholders in connection with the DRIP. We also issue shares of common stock that are not subject to the registration requirements of the Securities Act in connection with dividends on unvested restricted stock awards. During the years ended December 31, 2021 and December 31, 2020 we issued an additional 19,200 and 12,400 shares, respectively, valued at $0.5 million and $0.2 million, respectively, related to dividends on unvested restricted stock awards. Distributions In order to be subject to tax as a RIC, we must timely distribute to our shareholders, in respect of each taxable year, dividends for U.S. federal income tax purposes of an amount generally at least equal to the Annual Distribution Requirement. Upon satisfying this requirement in respect of a taxable year, we generally will not be subject to corporate-level U.S. federal income taxes on any income we distribute to our shareholders as dividends for U.S. federal income tax purposes. However, as a RIC we will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income and gains unless we make distributions treated as dividends for U.S. federal income tax purposes in a timely manner to our shareholders in respect of each calendar year of an amount at least equal to the Excise Tax Avoidance Requirement. We will not be subject to this excise tax on any amount on which we incurred U.S. federal corporate income tax (such as the tax imposed on a RIC’s retained net capital gains). Depending on the level of taxable income earned in a taxable year, we may choose to carry over taxable income in excess of current taxable year distributions treated as dividends for U.S. federal income tax purposes from such taxable income into the next taxable year and incur a 4% U.S. federal excise tax on such taxable income, as required. The maximum amount of excess taxable income that may be carried over for distribution in the next taxable year under the Code is the total amount of distributions treated as dividends for U.S. federal income tax purposes paid in the following taxable year, subject to certain declaration and payment guidelines. To the extent we choose to carry over taxable income into the next taxable year, distributions declared and paid by us in a taxable year may differ from our taxable income for that taxable year as such distributions may include the distribution of current taxable year taxable income, the distribution of prior taxable year taxable income carried over into and distributed in the current taxable year, or returns of capital. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings. Our ability to make distributions will be limited by the asset coverage requirements under the 1940 Act. See “Item 1. Business— Regulation.” 93 Table of Contents The following table summarizes our dividend declarations and distributions through December 31, 2021: (1) Record Date March 30, 2015 June 29, 2015 October 22, 2015 November 18, 2015 January 7, 2016 March 22, 2016 June 20, 2016 September 20, 2016 December 15, 2016 March 20, 2017 May 31, 2017 September 22, 2017 December 18, 2017 March 20, 2018 June 15, 2018 September 17, 2018 December 18, 2018 March 15, 2019 June 14, 2019 September 20, 2019 December 16, 2019 March 18, 2020 July 15, 2020 September 21, 2020 December 18, 2020 March 22, 2021 June 15, 2021 September 20, 2021 December 20, 2021 Payment Date April 13, 2015 July 15, 2015 November 3, 2015 December 31, 2015 January 19, 2016 March 31, 2016 June 30, 2016 September 30, 2016 December 30, 2016 March 31, 2017 June 30, 2017 September 29, 2017 December 28, 2017 March 30, 2018 June 29, 2018 September 28, 2018 December 28, 2018 March 29, 2019 June 28, 2019 September 30, 2019 December 30, 2019 March 31, 2020 July 31, 2020 September 30, 2020 December 30, 2020 March 31, 2021 June 30, 2021 September 30, 2021 December 30, 2021 Distribution Declared $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 0.39 0.47 0.50 2.69 0.40 0.35 0.35 0.43 0.40 0.36 0.40 0.44 0.44 0.40 0.42 0.48 0.50 0.40 0.46 0.58 0.71 0.44 0.56 0.58 0.47 0.50 0.70 0.90 1.05 16.77 (1) The Special dividend was declared as a result of the Company’s RIC election for tax year 2015 and represents the distribution of 100% of the Company’s accumulated earnings and profits through December 31, 2014. Pursuant to applicable Treasury Regulation and IRS guidance, 27% of the dividend was paid in cash and 73% was paid in newly issued shares of our common stock. Our Board maintains a variable distribution policy with the objective of distributing four quarterly distributions in an amount that approximates 90 - 100% of our estimated annual taxable income for a particular taxable year. In addition, at the end of our taxable year, our Board may choose to pay an additional special distribution, or fifth distribution, so that we may distribute approximately all of our annual taxable income in the taxable year in which it was earned, or may elect to maintain the option to spill over our excess taxable income into the following taxable year as part of any future distribution payments. Distributions in excess of our current and accumulated earnings and profits would generally be treated first as a return of capital to the extent of a shareholder’s tax basis in our shares, and any distributions paid in excess of a shareholder’s tax basis in our shares would generally be treated as a capital gain. The determination of the tax attributes of our distributions is made annually as of the end of our taxable year and is generally based upon our taxable income for the full taxable year and distributions paid for the full taxable year. Of the distributions declared during the years ended December 31, 2021 and 2020, 100% were distributions derived from our current and accumulated earnings and profits and capital gains, see NOTE 18—INCOME TAXES. There can be no certainty to shareholders that this determination is representative of the tax attributes of the 2022 distributions that we anticipate would be made to shareholders. 94 Table of Contents We maintain an “opt-out” dividend reinvestment plan for our common shareholders. As a result, if we declare a distribution, cash distributions will be automatically reinvested in additional shares of our common stock unless the shareholder specifically “opts out” of the dividend reinvestment plan and chooses to receive cash distributions. During the years ended December 31, 2021 and 2020, we issued 72,200 and 50,900 shares, respectively, of common stock to shareholders in connection with the DRIP. The Company has a stock-based compensation plan as discussed in NOTE 12—STOCK BASED COMPENSATION. Securities authorized for issuance under equity compensation plans as of December 31, 2021: Plan Category Equity compensation plans approved by security holders Equity compensation plans not approved by security holders (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (b) Weighted-average exercise price of outstanding options, warrants and rights (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) None None 2,562,218 shares None None None 95 Table of Contents Stock Performance Graph The following graph compares the return on our common stock with that of the Standard & Poor’s 500 Stock Index, the NASDAQ Composite Index, the Russell 2000, and S&P Small Cap 600 for the period from December 31, 2016 through December 31, 2021. The graph assumes that, on January 1, 2017, a person invested $100 in each of our common stock, the Nasdaq Composite, S&P 500 Index, Russell 2000 and S&P Small Cap 600. The graph measures total shareholder return, which takes into account both changes in stock price and dividends. It assumes that dividends paid are invested in like securities. Senior Securities Information about our senior securities is shown in the following table as of the end of each fiscal year for the past ten years. The information as of December 31, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, and 2012 has been derived from Newtek Business Services Corp. and Subsidiaries’, and Newtek Business Services, Inc. and Subsidiaries’, consolidated financial statements, which have been audited by independent registered public accounting firms. Information as of December 31, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013 was audited by RSM US LLP and information as of December 31, 2012 was audited by our previous independent registered public accounting firm. RSM US LLP’s report on the senior securities table as of December 31, 2021 is attached as an exhibit to this Annual Report. Class and Year Total Amount Outstanding Exclusive of Treasury Securities (in thousands) (1) Asset Coverage (2) Ratio Per Unit Involuntary Liquidation (3) Preference Per Unit Average Market (4) Value Per Unit 96 Securitization Trust December 31, 2021 $ Bank Notes Payable Notes Payable Related Parties Notes due 2026 2020 2019 2018 2017 2016 2015 2014 2013 2012 December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 249,750 $ 221,752 276,637 220,137 165,432 120,945 91,745 79,520 60,140 22,039 3,537 $ 3,595 2,754 2,839 3,018 3,184 3,692 3,634 2,966 5,933 17,667 9,234 25,392 18,010 — 75,512 11,641 6,716 4,327 3,284 77,147 33,096 62,633 37,111 71,324 275,081 59,990 — — — 7,681 — — — — — — — — — 50,000 86,339 30,000 34,700 — 5,100 29,100 43,023 41,218 39,823 11,450 24,090 12,163 16,840 7,001 1,400 5,647 — — — 115,000 — — — — — — — — — 97 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — $ N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1,035 — — — — — — — — — Notes due 2025 Notes due 2024 (5) Notes due 2023 (6) Notes due 2022 (7) December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 58,889 159,457 — — — — — — — — 23,094 12,605 12,044 — — — — — — — — 13,866 13,248 10,869 — — — — — — — — — 75,078 59,988 46,265 40,697 — — 15,000 5,000 — — — — — — — — 38,250 63,250 63,250 — — — — — — — — 57,500 57,500 57,500 — — — — — — — — — 8,324 8,324 8,324 8,324 — — 98 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1,014 963 1,009 N/A N/A N/A N/A N/A N/A N/A — 983 1,027 1,023 N/A N/A N/A N/A N/A N/A N/A N/A N/A 968 1,018 969 1,025 N/A N/A Notes due 2021 (8) 2012 — — December 31, 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 — — — — 40,250 40,250 — — — — — — — — 12,406 9,568 — — — — — — — — — — — — — — — N/A N/A N/A N/A N/A 1,019 972 N/A N/A N/A N/A (1) (2) Total amount of each class of senior securities outstanding at the end of the period presented. Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. Not applicable for senior securities that are not registered for public trading. The average market values per unit for our 2026 Notes, 2024 Notes, 2023 Notes, 2022 Notes, and for our 2021 Notes are based on the average daily prices of such notes and are expressed per $1,000 of indebtedness. On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The Company partially redeemed $40.0 million in aggregate principal amount of the 2024 Notes on December 29, 2021. The Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on February 22, 2021. The Company redeemed all $8.324 million in aggregate principal amount of the 2022 Notes on August 29, 2019. The Company redeemed all $40.25 million in aggregate principal amount of the 2021 Notes on March 23, 2018. (3) (4) (5) (6) (7) (8) ITEM 6. [RESERVED]. 99 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Introduction and Certain Cautionary Statements The following discussion and analysis of our financial condition and results of operations is intended to assist in the understanding and assessment of significant changes and trends related to the results of operations and financial position of the Company together with its subsidiaries. This discussion and analysis should be read in conjunction with the consolidated financial statements and the accompanying notes. The statements in this Annual Report may contain forward-looking statements relating to such matters as anticipated future financial performance, business prospects, legislative developments and similar matters. We note that a variety of factors could cause our actual results to differ materially from the anticipated results expressed in the forward-looking statements such as intensified competition and/or operating problems in our operating business projects and their impact on revenues and profit margins or additional factors as described under “Risk Factors” above. Executive Overview We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial solutions to SMBs. Newtek's and its portfolio companies’ business and financial solutions include: Business Lending, including origination of SBA 7(a), SBA 504, and non-conforming (non SBA) conventional loans, as well as PPP loans in the second and third quarters of 2020, as well as the first quarter of 2021, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll and Benefits Solutions to SMB accounts nationwide across all industries. We have an established and reliable platform that is not limited by client size, industry type, or location. As a result, we believe we have a strong and diversified client base across every state in the United States. and across a variety of different industries. In addition, we have developed a financial and technology based business model that enables us and our controlled portfolio companies to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management technology software, which is similar to, but we believe better suited for our needs than, the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors. On August 2, 2021, the Company entered into the Stock Purchase Agreement to acquire all of the issued and outstanding stock of NBNYC. This acquisition is part of a plan to reposition the Company as a bank holding company that intends to elect financial holding company status, and is subject to Regulatory Approvals and the approval of the Company’s shareholders to withdraw the Company’s election as a BDC under the 1940 Act. The transaction is currently expected to close during the third quarter of 2022. The consideration payable by the Company at closing will be $20.0 million in cash, subject to certain adjustments. In addition, the Stock Purchase Agreement contemplates that, as of the closing and subject to Regulatory Approvals, NBNYC will dividend to the NBNYC selling shareholders (“Sellers”) both NBNYC’s owned property in Flushing, New York and cash in the amount equal to the excess, if any, of NBNYC’s tangible common equity as of the closing date over $20.0 million. The Stock Purchase Agreement contains certain customary representations and warranties made by each party. The Company and the Sellers have the right to terminate the Stock Purchase Agreement under certain circumstances, including if the purchase has not occurred on or prior to November 2, 2022 or if the requisite applications and Regulatory Approvals have been denied. If the Stock Purchase Agreement is terminated in certain circumstances specified therein, the Company may be required to pay NBNYC a fee of $0.2 million. Following the closing of the transaction, the Company intends to operate as a bank holding company. Specifically, subject to certain Regulatory Approvals and the approval of the Company’s shareholders to withdraw the Company’s election as a BDC under the 1940 Act, the Company intends to contribute certain of its wholly-owned lending portfolio companies to NBNYC, and to provide a centralized lending operations through NBNYC. The Company intends to further develop the Company’s current patented technology, which the Company intends to complement its proposed banking offerings, subject to Regulatory Approvals. The Company also intends to retain its current board of directors and management, as supplemental by additional personnel with banking experience. However, there can be no assurances that the Company will close the transaction, receive the required Regulatory Approvals, receive the approval of the Company’s shareholders to withdraw the Company’s election as a BDC under the 1940 Act, or that the Company will be able to successfully operate as a bank holding company. 100 If the Company obtains the required Regulatory Approvals, obtains the approval of its shareholders to withdraw its election to be treated as a BDC, and converts to a bank holding company, the Company will no longer be subject to the 1940 Act, and the Company would lose its ability to be taxed on a pass-through basis as a RIC. Additionally, as a bank holding company, the Company would be subject to regulation and supervision that may be different from its current regulation and supervision, and would be required to comply with accounting and financial reporting requirements that may be different from its current reporting requirements. Moreover, converting to a bank holding company may make it more difficult for the Company to be acquired. For information on the risks of converting to a bank holding company, see “Item 1A. Risk Factors – Risk Related to Converting to a Bank Holding Company.” 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. (surviving entity of January 2021 merger with Newtek Business Services Holdco 2, 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. However, as part of our plan to reposition ourself as a bank holding company that intends to elect financial holding company status, and if we receive the required Regulatory Approvals, and our shareholders' approval to withdraw the Company's election as a business development company as required under the 1940 Act, we will no longer be subject to the investment restrictions under the 1940 Act, and no longer qualify as a RIC under the Code. See "Risk Factors - Risks of Converting to a Bank Holding Company." Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”. NSBF, a nationally licensed SBA lender under the federal Section 7(a) loan program, has been granted PLP status and originates, sells and services SBA 7(a) loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender with PLP status allows NSBF to expedite the origination of loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status would adversely impact our marketing efforts and ultimately our loan origination volume, which would negatively impact our results of operations. 101 As a BDC, our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance ecosystem and our equity investments in certain portfolio companies that we control. We target our debt investments, which are principally made through our business finance ecosystem under the SBA 7(a) program, to produce a coupon rate of prime plus 2.25% to 2.75% which enables us to generate rapid sales of guaranteed portions of SBA 7(a) loans in the secondary market. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity. The amount of new debt investments, particularly SBA 7(a) loans that we originate, will directly impact future investment income. In addition, future amounts of unrealized appreciation or depreciation on our investments, as well as the amount of realized gains or losses, will also fluctuate depending upon economic conditions and the performance of our investment portfolio. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results. We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have what we believe are strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise the majority of our overall investments in number and dollar volume. While the vast majority of our investments have been structured as debt, we have in the past and expect in the future to make selective equity investments primarily as either strategic investments to enhance the integrated operating platform or, to a lesser degree, under the Capco programs. For investments in our controlled portfolio companies, we focus more on tailoring them to the long term growth needs of the companies than to return. Our objectives with these companies is to foster the development of the businesses as a part of the integrated operational platform of serving the SMB market, so we may reduce the burden on these companies to enable them to grow faster than they would otherwise and as another means of supporting their development. We regularly engage in discussions with third parties with respect to various potential transactions. We may acquire an investment or a portfolio of investments or an entire company or sell a portion of our portfolio on an opportunistic basis. We, our subsidiaries, or our affiliates may also agree to manage certain other funds that invest in debt, equity or provide other financing or services to companies in a variety of industries for which we may earn management or other fees for our services. We may also invest in the equity of these funds, along with other third parties, from which we would seek to earn a return and/or future incentive allocations. We may enter into new joint venture partnerships to create additional third-party capital to originate loans. Some of these transactions could be material to our business. Consummation of any such transaction will be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions including, without limitation, the approval of our board of directors and required regulatory or third- party consents and, in certain cases, the approval of our shareholders. Accordingly, there can be no assurance that any such transaction would be consummated. Any of these transactions or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction. On March 27, 2020, the CARES Act was signed into law in response to the COVID-19 pandemic and established the PPP. NSBF participated in the PPP and funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources used to originate PPP loans to the origination of SBA 7(a) loans. Income earned in connection with the PPP should not be viewed as recurring. COVID-19 Developments In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization and in response to the outbreak, management instituted a work from home policy until it is deemed safe to return to the office. We have and continue to assess the impact of COVID-19 on our portfolio companies. We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide, the effectiveness of governmental responses designed to mitigate strain to businesses and the economy and the magnitude of the economic impact of the outbreak. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, cancellations of events and travel. In addition, while economic activity remains healthy and well improved from the beginning of the COVID-19 pandemic, we continue to observe supply chain interruptions, labor difficulties, 102 commodity inflation and elements of economic and financial market instability both globally and in the United States. We continue to closely monitor our portfolio companies; however, we are unable to predict the duration of any business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Revenues We generate revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. Our debt investments typically have terms of 10 to 25 years and bear interest at prime plus a margin. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We receive servicing income related to the guaranteed portions of SBA investments which we originate and sell into the secondary market. These recurring fees are earned daily and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment, legal and late fees. We record such fees related to loans as other income. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain. In addition, under the PPP that began in the second quarter of 2020 and concluded during the third quarter of 2021, the SBA reimbursed the Company for originating loans and such SBA reimbursements are included as interest income on PPP loans. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources used to generate PPP loans to the origination of SBA 7(a) loans. We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and assets that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments or servicing assets, as appropriate, in the consolidated statements of operations. Expenses Our primary operating expenses are salaries and benefits, interest expense, origination and servicing and other general and administrative costs, such as professional fees, marketing, referral fees, servicing costs and rent. Since we are an internally-managed BDC with no outside adviser or management company, the BDC incurs all the related costs to operate the Company. Guarantees The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35.0 million. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At December 31, 2021, total principal owed by NBC was $7.6 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At December 31, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee. The Company is a guarantor on the NBL Capital One Facility, NBL Deutsche Bank Facility and NBL One Florida Bank Facility. Maximum borrowings under the NBL Capital One Facility are $75.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lenders’ commitments terminate in November 2022, with all amounts due under the NBL Capital One Facility maturing in November 2023. Maximum borrowings under the NBL Deutsche Bank facility $100.0 million with a maturity date in March 2023. Maximum borrowings under the NBL One Florida Bank facility are $20.0 million with a maturity date in September 2023. At December 31, 2021, total principal owed by NBL under these facilities was $35.2 million. At December 31, 2021, the Company determined that it is not probable that payments would be required to be made under these guarantees. The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50.0 million. The Webster Facility matures in November 2023. At December 31, 2021, total principal outstanding was $25.4 million. At December 31, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee. 103 Newtek Conventional Lending, LLC (NCL) We established a 50/50 joint venture, NCL, between Newtek Commercial Lending, Inc., a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL provided non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL ceased funding new loans during 2020 due to the COVID-19 pandemic. On January 28, 2022, NCL closed a conventional commercial loan securitization with the sale of $56.3 million Class A Notes , NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of conventional commercial business loans, including loans secured by liens on commercial or residential mortgaged properties, originated by NCL and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. The proceeds of the securitization were used, in part, to repay the Deutsche Bank credit facility and return capital to the JV partners. Refer to NOTE 3—INVESTMENTS for selected financial information and a schedule of investments of NCL as of December 31, 2021. The Company anticipates relaunching its non-conforming conventional commercial loan program through new joint venture partnerships. Unfunded Commitments At December 31, 2021, the Company had $17.4 million of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments. Loan Portfolio Asset Quality and Composition The following tables set forth distributions of the cost basis of the Company’s SBA 7(a) loan portfolio at December 31, 2021 and December 31, 2020, respectively, in thousands. The tables include loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2021 and December 31, 2020 is $18.5 million and $16.9 million, respectively. Distribution by Business Type As of December 31, 2021 Existing Business Business Acquisition Start-Up Business Total As of December 31, 2020 Existing Business Business Acquisition Start-Up Business Total Business Type # of Loans Balance Average Balance % of Balance 2,162 $ 333 266 2,761 $ 349,999 $ 59,794 22,176 431,970 $ 162 207 96 156 Business Type # of Loans Balance Average Balance % of Balance 342,636 $ 56,797 20,965 420,398 $ 185 207 96 179 1,850 $ 275 222 2,347 $ 104 81.1 % 13.8 % 5.1 % 100.0 % 81.5 % 13.5 % 5.0 % 100.0 % Distribution by Borrower Credit Score December 31, 2021 Credit Score # of Loans Balance Average Balance % of Balance 500 to 550 551 to 600 601 to 650 651 to 700 701 to 750 751 to 800 801 to 850 Not available Total December 31, 2020 500 to 550 551 to 600 601 to 650 651 to 700 701 to 750 751 to 800 801 to 850 Not available Total 15 $ 59 299 754 914 632 86 2 2,761 $ 3,562 $ 15,322 59,139 118,150 140,720 85,479 9,548 49 431,970 $ 237 260 198 157 154 135 111 25 156 Credit Score # of Loans Balance Average Balance % of Balance 19 $ 61 316 704 717 462 65 3 2,347 $ 4,038 $ 16,435 64,564 119,077 125,217 82,507 8,451 109 420,398 $ 213 269 204 169 175 179 130 36 179 Distribution by Primary Collateral Type December 31, 2021 Commercial Real Estate Machinery and Equipment Accts Receivable and Inventory Residential Real Estate Other Unsecured Furniture and Fixtures Liquid Assets Total Collateral Type # of Loans Balance Average Balance % of Balance 228,381 $ 73,433 50,692 47,240 26,509 2,984 1,797 936 431,970 $ 225 171 162 67 285 19 64 67 156 1,016 $ 430 312 707 93 161 28 14 2,761 $ 105 0.8 % 3.5 % 13.7 % 27.4 % 32.6 % 19.8 % 2.2 % 0.0 % 100.0 % 1.0 % 3.9 % 15.4 % 28.3 % 29.8 % 19.6 % 2.0 % 0.0 % 100.0 % 53.0 % 17.0 % 11.7 % 10.9 % 6.1 % 0.7 % 0.4 % 0.2 % 100.0 % December 31, 2020 Collateral Type # of Loans Balance Average Balance % of Balance Commercial Real Estate Machinery and Equipment Accounts Receivable and Inventory Residential Real Estate Other Unsecured Furniture and Fixtures Liquid Assets Total Distribution by Days Delinquent 933 $ 403 259 500 89 124 25 14 2,347 $ 218,958 $ 78,356 44,270 39,406 30,653 5,421 1,695 1,639 420,398 $ 235 194 171 79 344 44 68 117 179 December 31, 2021 Accrual Current 31 to 60 days 61 to 90 days 91 days or greater Non-accrual Total December 31, 2020 Accrual Current 31 to 60 days 61 to 90 days 91 days or greater Non-accrual Total Delinquency Status # of Loans Balance Average Balance % of Balance 2,512 $ 59 — — 190 2,761 $ 365,198 $ 12,646 — — 54,126 431,970 $ 145 214 — — 285 156 Delinquency Status # of Loans Balance Average Balance % of Balance 2,071 $ 62 — 32 182 2,347 $ 340,756 $ 12,679 — 11,520 55,443 420,398 $ 165 205 — 360 305 179 52.1 % 18.6 % 10.5 % 9.4 % 7.3 % 1.3 % 0.4 % 0.4 % 100.0 % 84.6 % 2.9 % — % — % 12.5 % 100.0 % 81.1 % 3.0 % — % 2.7 % 13.2 % 100.0 % Results of Operations for the year ended December 31, 2021 and 2020 Set forth below is a comparison of the results of operations for the years ended December 31, 2021 and 2020. For a comparison of the results of operations for the years ended December 31, 2020 and 2019, see the Company's Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 29, 2021. 106 Comparison of the year ended December 31, 2021 and 2020 Investment Income (in thousands) Investment income: Interest income - PPP loans Interest income - SBA 7(a) loans Interest income - non-control investments Dividend income Servicing income Other income Total investment income Interest Income Year Ended December 31, 2021 Year Ended December 31, 2020 Change $ $ 49,989 $ 28,549 428 9,896 11,307 8,325 108,494 $ 37,743 $ 26,652 403 13,556 11,154 2,693 92,201 $ 12,246 1,897 25 (3,660) 153 5,632 16,293 The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act. Under the PPP, SBA 7(a) lenders were automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses. During the year ended December 31, 2021, NSBF originated $729.0 million of PPP loans resulting in $50.0 million of fees generated. Pursuant to the PPP, the interest rate on PPP loans is capped at 1.0%. For PPP loans made on or after December 27, 2020, SBA will pay lenders fees based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts: (i) for loans of not more than $50,000, an amount equal to the lesser of fifty (50) percent or $2,500; (ii) five (5) percent for loans of more than $50,000 and not more than $350,000; (iii) three (3) percent for loans of more than $350,000 and less than $2.0 million; and (iv) one (1) percent for loans of at least $2.0 million. Such SBA reimbursements are included in Interest Income - PPP loans. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans. The increase in interest income on PPP loans was attributable to the higher volume of PPP loans originated during the year ended December 31, 2021 compared to 2020, which included only a partial period in 2020 as the Company began earning PPP income in April 2020. The increase in interest income from SBA 7(a) loans was attributable to the average outstanding accrual portfolio of SBA non-affiliate investments increasing to $406.2 million from $363.9 million for the year ended December 31, 2021 and 2020, respectively. The increase was partially offset by a decrease in the average Prime Rate in effect on our portfolio from 3.63% to 3.25% over the twelve month period. 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 was earned from the following portfolio companies for the year ended December 31, 2021 and 2020: (in thousands) Newtek Merchant Solutions, LLC (NMS) 1 Newtek Technology Solutions, Inc. 1 International Professional Marketing, Inc. (IPM) 1 SIDCO, LLC Newtek Conventional Lending, LLC Newtek Business Lending, LLC EMCAP Loan Holdings, LLC Total dividend income Year Ended December 31, 2021 Year Ended December 31, 2020 Change $ $ 6,000 $ 250 — — 51 3,500 95 9,896 $ 9,450 $ — 350 825 1,227 1,600 104 13,556 $ (3,450) 250 (350) (825) (1,176) 1,900 (9) (3,660) (1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. 107 Dividend income is dependent on portfolio company earnings and portfolio company capital investment objectives and opportunities. Current year and historical dividend income may not be indicative of future period dividend income, particularly in light of the COVID-19 pandemic. See “COVID-19 Developments.” NSBF Servicing Portfolio and Related Servicing Income The following table represents the NSBF originated servicing portfolio and servicing income earned for the year ended December 31, 2021 and 2020: (in thousands): Total NSBF originated servicing portfolio Total average NSBF originated portfolio earning servicing income Total servicing income earned Year Ended December 31, 2021 Year Ended December 31, 2020 Change $ $ $ 1,839,239 $ 1,151,891 $ 11,307 $ 1,704,160 $ 1,109,155 $ 11,154 $ 135,079 42,736 153 The slight increase in servicing income related to an increase in the total portfolio investments for which we earn servicing income period over period. Additional factors driving the increase include the transfer of loans from non-accrual to accrual status in the first half of 2021, as well as higher SBA 7(a) guarantee percentage being serviced. Other Income Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was related to an increase in legal, prepayment and packaging fees earned as a result of the higher volume of SBA 7(a) loans originated of $560.6 million compared to $196.8 million for the year ended December 31, 2021 and 2020, respectively. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans in March 2020. NSBF funded the balance of its PPP loans by the end of July 2021 and has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans. Expenses: (in thousands) Salaries and benefits Interest Depreciation and amortization Professional fees Origination and loan processing Origination and loan processing - related party Change in fair value of contingent consideration liabilities Loss on extinguishment of debt Other general and administrative costs Total expenses Year Ended December 31, 2021 Year Ended December 31, 2020 Change 17,866 $ 20,515 304 5,610 10,234 19,272 — 1,552 7,454 82,807 $ 14,211 $ 17,877 402 3,718 8,431 9,855 54 — 5,668 60,216 $ 3,655 2,638 (98) 1,892 1,803 9,417 (54) 1,552 1,786 22,591 $ $ 108 Salaries and Benefits The increase in salaries and benefits was attributable to an increase in staffing for the PPP and SBA 7(a) programs, which resulted in an increase in salaries and bonuses and related accruals during the year ended December 31, 2021. Interest Expense The following is a summary of interest expense by facility for the year ended December 31, 2021 and 2020: (in thousands) Notes payable - Securitization Trusts Bank notes payable 1 Notes due 2023 2 Notes due 2024 Notes due 2025 Notes due 2026 Notes payable - related parties Total interest expense Year Ended December 31, 2021 Year Ended December 31, 2020 Change $ $ 5,520 $ 1,536 549 4,714 1,134 6,675 387 20,515 $ 7,853 $ 1,436 4,064 4,057 37 — 430 17,877 $ (2,333) 100 (3,515) 657 1,097 6,675 (43) 2,638 (1) On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on the redemption date at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2020 through, but excluding, the redemption date. (2) On December 29, 2021, the Company partially redeemed $40.0 million in aggregate principal amount of the $78.25 million principal amount of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date. The increase in interest expense period over period is primarily from additional interest on the Notes due 2026 of $6.7 million. In addition, there was additional interest expense on the 2025 and 2024 Notes of $1.1 million and $0.7 million, respectively. The increase was partially offset by the redemption of the 2023 Notes on February 22, 2021 which resulted in a reduction of $3.5 million of interest expense, and a decrease of $2.3 million in interest on Notes payable - Securitization Trusts related to a decrease in the average outstanding balance and interest rates period over period. Professional Fees The increase in professional fees period over period is attributable to fees related to the implementation of a new general ledger system as well as fees related to the Company's plan to reposition itself as a bank holding company. Origination and Loan Processing The increase in Origination and Loan Processing expenses was attributed to an increase in SBA 7(a) loan fundings. Origination and Loan Processing - Related Party The increase in related party origination and loan processing expenses was attributed to an increase in underwriting, origination, closing and compliance fees related to the increase in SBA 7(a) loan fundings period over period. Loss on extinguishment of debt On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on the redemption date of February 22, 2021, at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 1, 2020, through, but excluding, the redemption date. As a result of the redemption of the 2023 Notes, the Company recorded a $1.0 million loss on extinguishment of debt during the year ended December 31, 2021, equivalent to the balance of unamortized deferred financing costs as of the redemption date. On December 29, 2021, the Company redeemed $40.0 million in aggregate principal amount of the $78.25 million in aggregate principal amount of the 2024 Notes on the redemption date of December 29, 2021 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021, through, but excluding, the redemption date. As a 109 result of the partial redemption of the 2024 Notes, the Company recorded a $0.6 million loss on extinguishment of debt during the year ended December 31, 2021, equivalent to the redeemed portion of the remaining balance of unamortized deferred financing costs as of the redemption date. Net Realized Gains and Net Unrealized Appreciation and Depreciation Net realized gains from SBA non-affiliate investments for the year ended December 31, 2021 and 2020 were $53.1 million and $11.4 million, respectively, which included realized losses of $10.4 million and $8.4 million, respectively. Net Realized Gains on SBA Non-Affiliate Investments SBA non-affiliate investments originated SBA guaranteed non-affiliate investments sold Realized gains recognized on sale of SBA guaranteed non-affiliate investments 1 Average sale price as a percent of principal balance December 31, 2021 December 31, 2020 # of Debt Investments $ Amount (in thousands) # of Debt Investments $ Amount (in thousands) Year Ended 781 $ 678 $ — $ — 560,571 419,735 63,484 113.05 % 239 $ 225 $ — $ — 196,752 153,662 19,735 110.78 % (1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans in March 2020 through July 2021, resulting in a higher volume of SBA 7(a) loans for the year ended December 31, 2021 compared to 2020. NSBF redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans in 2021. Net Realized Losses on Controlled Investments (in thousands) Advanced Cyber Security Systems, LLC (ACS) banc-serv Partners, LLC (BSP) Total net realized losses on controlled investments Year Ended December 31, 2021 Year Ended December 31, 2020 Change $ $ (381) $ (885) (1,266) $ — $ — — $ (381) (885) (1,266) During the year ended December 31, 2021, realized losses on controlled investments were $1.3 million. Realized losses on ACS were $0.4 million relating to the dissolution of the entity during 2021 and associated write down of the cost basis of the investment to zero. Realized losses on BSP were $0.9 million. In January 2022, the U.S. Bankruptcy Court of the Southern District of Indiana Indianapolis Division entered a non-dischargable judgment in favor of Newtek Business Services Holdco 5, Inc. in the amount of $6.2 million. The realized loss represents the associated write down of the cost basis of the investment in BSP to the amount of the judgment. Net Unrealized Appreciation (Depreciation) on Investments (in thousands) Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments Net unrealized appreciation (depreciation) on controlled investments Net unrealized depreciation on derivative transactions Change in deferred taxes Total net unrealized appreciation (depreciation) on investments Year Ended December 31, 2021 Year Ended December 31, 2020 Change $ $ 6,380 $ 5,097 2,829 (183) (1,327) 12,796 $ (795) $ (176) (8,237) — 999 (8,209) $ 7,175 5,273 11,066 (183) (2,326) 21,005 110 Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments relates to guaranteed portions of SBA debt investments made which the Company sells into a secondary market. Unrealized appreciation of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the guaranteed portions of the SBA 7(a) loans are sold. The net unrealized depreciation on derivative instruments is attributable to interest rate movement on interest rate futures contracts. Net Unrealized Appreciation (Depreciation) on Controlled Investments Unrealized appreciation (depreciation) was derived from the following portfolio companies for the year ended December 31, 2021 and 2020: (in thousands) Newtek Merchant Solutions, LLC (NMS) 1 Newtek Technology Solutions, Inc. (NTS) CDS Business Services, Inc. PMTWorks Payroll, LLC 2 banc-serv Partners, LLC (BSP) Small Business Lending, LLC Newtek Insurance Agency, LLC Newtek Business Lending, LLC Newtek Conventional Lending, LLC Titanium Asset Management LLC 3 Advanced Cyber Security Systems, LLC Mobil Money, LLC Total net unrealized appreciation (depreciation) on controlled investments 3,000 $ 6,000 (9,040) (1,250) 885 (5,650) (1,750) 7,370 1,535 (52) 381 1,400 2,829 $ Year Ended December 31, 2021 $ $ Year Ended December 31, 2020 Change (9,750) $ 10,200 (6,660) (150) — — (65) — (827) 265 — (1,250) (8,237) $ 12,750 (4,200) (2,380) (1,100) 885 (5,650) (1,685) 7,370 2,362 (317) 381 2,650 11,066 (1) (2) (3) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS and as a result, the year ended December 31, 2020 valuation of NTS and related unrealized appreciation represents that of the combined entity. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. Unrealized gains on BSP were $0.9 million. In January 2022, the U.S. Bankruptcy Court of the Southern District of Indianapolis Division entered a non-dischargable judgment in favor of the Newtek Business Services Holdco 5, Inc. in the amount of $6.2 million. The realized loss and offsetting unrealized gain represent the associated write down of the cost basis of the investment in BSP to the amount of the judgment. Unrealized gains on ACS were $0.4 million. The realized loss and offsetting unrealized gain relate to the dissolution of the entity during 2021 and associated write down of the cost basis of the investment to zero. 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 year ended December 31, 2021 and 2020, we recognized a provision for deferred taxes of $1.3 million and $1.0 million related to the net unrealized appreciation of controlled portfolio company investments, respectively. 111 Liquidity and Capital Resources Overview Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2024 Notes, 2025 Notes, 2026 Notes, securitization transactions and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our borrowings and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. We may raise additional equity or debt capital through both registered offerings off a shelf registration, including “at-the-market”, or ATM, and private offerings of securities. On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018. As of December 31, 2021, our asset coverage was 184% based on $479.5 million of aggregate principal amount of senior securities outstanding. Public Offerings ATM Program On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement, as amended on February 28, 2020. The Amended 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through June 24, 2020, we sold 1,716,517 shares of our common stock at a weighted average price of $21.88 per share. Proceeds, net of offering costs and expenses were $37.6 million. On June 24, 2020, the Company terminated the Amended 2019 ATM Equity Distribution Agreement. The Company paid the ATM placement agents $0.8 million in compensation. We used the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies and for general corporate purposes including funding investments, repaying outstanding indebtedness and other general corporate purposes. On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through December 31, 2021, we sold 1,939,760 shares of our common stock at a weighted average price of $25.91 per share. Proceeds, net of offering costs and expenses were $50.3 million. The company paid the placement agents $1.0 million in compensation during the year ended December 31, 2021. As of December 31, 2021, there were 37,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement. Debt Offerings In January 2021, the Company and the Trustee entered into the Seventh Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $115.0 million aggregate principal amount of 5.50% Notes due 2026, including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The sale of the 2026 Notes generated proceeds of approximately $111.3 million, net of underwriter's fees and expenses. The 2026 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2026 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2022, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price equal to the following amounts, plus accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed plus (2) the sum of the present value of the scheduled payments of interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed from the redemption date until February 1, 2023, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after February 1, 2023 (the date falling three years prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% 112 of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1 of each year, commencing on May 1, 2021, and trade on the Nasdaq Global Market under the trading symbol “NEWTZ.” At December 31, 2021, the Company was in compliance with all covenants related to the 2026 Notes. On November 27, 2020, the Company and Trustee entered into the Fifth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the issuance, offer and sale of $5.0 million aggregate principal amount of its 2025 Notes. The offering was consummated pursuant to the terms of a purchase agreement (the "Purchase Agreement") among the Company and an accredited investor. The Purchase Agreement provided for the 2025 Notes to be issued to the purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act. The net proceeds from the sale of the Notes were approximately $4.8 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The 2025 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2025 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. The Company exercised its option to issue up to $10 million of additional 2025 Notes to the purchaser, and issued $10 million in additional 2025 Notes to the purchaser in an exempt offering in January 2021. In July 2019, the Company and the Trustee entered into the Fourth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $55.0 million aggregate principal amount of 5.75% Notes due 2024. The Company granted an overallotment option of up to $8.25 million in aggregate principal amount of the 2024 Notes. The sale of the 2024 Notes generated proceeds of approximately $53.2 million, net of underwriter's fees and expenses. In July 2019 the underwriters exercised their option to purchase $8.25 million in aggregate principal amount of 2024 Notes for an additional $8.0 million in net proceeds. The 2024 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2024 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. The 2024 Notes will mature on August 1, 2024 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after August 1, 2021, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on February 1, May 1, August 1, and November 1 of each year, commencing on November 1, 2019, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.” At December 31, 2021, the Company was in compliance with all covenants related to the 2024 Notes. On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The new 2024 Notes are treated as a single series with the prior 2024 Notes and have the same terms as the prior 2024 Notes. The existing 2024 Notes have the same CUSIP number and are fungible and rank equally with the prior 2024 Notes. On December 29, 2021, the Company redeemed $40.0 million in aggregate principal amount of the $78.25 million of principal amount of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date. As of December 31, 2021, the outstanding principal balance of the 2024 Notes was $78.25 million. In February 2018, the Company and the Trustee entered into the Third Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $50.0 million aggregate principal amount of 6.25% Notes due 2023. The Company granted an overallotment option of up to $7.5 million in aggregate principal amount of the 2023 Notes. The sale of the Notes generated proceeds of approximately $47.9 million, net of underwriter's fees and expenses. In February 2018, the underwriters exercised their option to purchase $7.5 million in aggregate principal amount of notes for an additional $7.3 million in net proceeds. The 2023 Notes were the Company’s direct unsecured obligations and ranked: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2023 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the 113 Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. The 2023 Notes were scheduled to mature on March 1, 2023 and could be redeemed in whole or in part at the Company’s option at any time or from time to time on or after March 1, 2020, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2023 Notes bear interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1, and December 1 of each year, commencing on June 1, 2018, and trade on the Nasdaq Global Market under the trading symbol “NEWTI.” On February 22, 2021, the Company used the proceeds from the issuance of the 2026 Notes to redeem all $57.5 million in aggregate principal amount of the 2023 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 1, 2020, through, but excluding, the redemption date. In September 2015, the Company and the Trustee entered into the Base Indenture and the First Supplemental Indenture relating to the Company's issuance, offer, and sale of $8.3 million, including the underwriter's partial exercise of their over-allotment option, in aggregate principal amount of the 7.5% Notes due 2022. The 2022 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. On August 29, 2019, the Company redeemed all $8.3 million in aggregate principal amount of the 2022 Notes on the redemption date of August 29, 2019 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1, 2019, through, but excluding, the redemption date. The Base Indenture, and each supplemental indenture thereto, contains certain covenants. The Base Indenture provides for customary events of default and further provides that the Trustee or the holders of 25% in aggregate principal amount of the outstanding Notes may declare such Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. Each supplemental indenture includes covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act (or any successor provisions), to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act and to provide financial information to the holders of the Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by each supplemental indenture thereto. At December 31, 2021, the Company was in compliance with all covenants related to the Notes. Capital One Facilities In May 2017, NSBF amended its Capital One facility to increase the facility from $50.0 million to $100.0 million and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non- guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100.0 million to $150.0 million. 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 December 31, 2021, there was $50.0 million and no balance outstanding under the guaranteed and unguaranteed lines of credit, respectively. At December 31, 2021, we were in full compliance with all applicable loan covenants. 114 Notes Payable - Related Parties In June 2015, the Company entered into the Related Party RLOC with certain controlled portfolio companies. Maximum borrowings under the Related Party RLOC were $38.0 million. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50.0 million. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or at a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%. At December 31, 2021, the Related Party RLOC interest rate was 2.60%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings due to NMS at December 31, 2021 were $11.5 million. Securitization Transactions Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. In the securitization, it uses a special purpose entity (the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. NSBF therefore consolidated the entity using the carrying amounts of the Trust’s assets and liabilities. NSBF reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Consolidated Statements of Assets and Liabilities. In December 2021, NSBF completed its eleventh securitization which resulted in the transfer of $103.4 million of unguaranteed portions of SBA loans to the 2021-1 Trust, The 2021-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $79.7 million of Class A notes and $23.8 million Class B notes, against the 2021-1 Trust assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2048. The Class A and Class B notes bear interest at an average rate of LIBOR plus 1.92% across both classes. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative in accordance with the terms of the 2021-1 securitization transaction documents. In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118.9 million of unguaranteed portions of SBA loans to the 2019-1 Trust, The 2019-1 Trust in turn issued securitization notes for the par amount of $118.9 million, consisting of $93.5 million of Class A notes and $25.4 million Class B notes, against the 2019-1 Trust assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2044. The Class A and Class B notes bear interest at an average rate of LIBOR plus 1.83% across both classes. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative in accordance with the terms of the 2019-1 securitization transaction documents. In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108.6 million of unguaranteed portions of SBA loans to the 2018-1 Trust. The 2018-1 Trust in turn issued securitization notes for the par amount of $108.6 million, consisting of $82.9 million Class A notes and $25.7 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2018-1 securitization transaction documents. In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76.2 million of unguaranteed portions of SBA loans to the 2017-1 Trust. The 2017-1 Trust in turn issued securitization notes for the par amount of $75.4 million, consisting of $58.1 million Class A notes and $17.3 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 2.0% and 3.0%, respectively. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2017-1 securitization transaction documents. 115 In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56.1 million of unguaranteed portions of SBA loans to the 2016-1 Trust. The 2016-1 Trust in turn issued securitization notes for the par amount of $53.4 million, consisting of $43.6 million Class A notes and $9.8 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at an average rate of 1 month LIBOR plus 3.0% and 4.25%, respectively. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2016-1 securitization transaction documents. PPP Loan Participations Beginning in April 2020, NSBF engaged in the origination of PPP loans. To facilitate NSBF’s involvement as a lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold 90% participating interests to the Participants. The participations were sold at par due to the short term maturity of the loans. NSBF and the Participants share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel and Amalgamated amended their participation agreements with NSBF to allow the banks purchase up to 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100%, while Morgan Stanley continues to hold 90% participation interests as of December 31, 2021. In total, during the year ended December 31, 2021, NSBF sold participations in $729.0 million of PPP loans and continues to hold the PPP loan notes and the PPP loan documents in order to service the loans and facilitate the PPP loan forgiveness process. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations. A transfer of financial assets must meet the sale criteria under the accounting rules in ASC Topic 860, Transfers and Servicing, in order to be considered a sale instead of a secured borrowing. The Company determined that the sale criteria are met and the Participants’ interests in the PPP loans are not held on the Company’s consolidated balance sheets. As stated in the PPP loan participation agreements, the intention of the parties is for the participation agreements to be absolute and true sales and not secured borrowings. In accordance with the terms of the PPP loan participation agreements and SBA regulations and guidance, NSBF, as the originating lender, retains all servicing rights and is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. For the 100% participations, the entire financial asset is considered to have been sold since a 100% ownership interest in the underlying asset’s cash flows has been sold to a third party and only the servicing rights remain with NSBF. For the 90% participations, the transfers met all the conditions of a participating interest as defined by ASC 860 to potentially qualify for sale accounting including (i) there is a proportionate ownership interest in an entire financial asset, (ii) all cash flows are divided proportionately among the participants, (iii) the parties’ rights are parri passu, and (iv) no party has the right to pledge or exchange the entire PPP loan unless all participating interest holders agree. The Company obtained true sale opinions and concluded that legal isolation is met under ASC 860-10-45-5a. As required under ASC 860 for sale accounting, the Company does not have an option or obligation to reacquire the assets, except for standard representations and warranties, such as in the event of fraud, gross negligence, or willful misconduct on the part of the Company, or failure to meet the ongoing contractual obligations to service the PPP loans. Owners of participations in PPP loans also have credit protection in the form of a 100% irrevocable government guarantee. Congress enacted the Economic Aid Act on December 27, 2020, which, among other things, provided funding for PPP loans. On March 25, 2021, Congress passed the PPP Extension Act of 2021, which extended the PPP through May 31, 2021. During the duration of the PPP through December 31, 2020, NSBF funded approximately 10,570 PPP loans totaling $1.2 billion, with an additional $729.0 million funded during year ended ended December 31, 2021. For more information, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations - Executive Summary.” NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans. Income earned in connection with the PPP should not be viewed as recurring. Cash Flows and Liquidity As of December 31, 2021, the Company’s unused sources of liquidity consisted of $74.0 million available through the Capital One facility; $15.5 million available through notes payable with related parties; and $2.4 million in unrestricted cash. Restricted cash of $184.5 million as of December 31, 2021 is primarily held by NSBF. The majority, or $182.8 million of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations and loan principal and interest collected which are due to loan participants. 116 The Company generated and used cash as follows: (in thousands) Net cash provided by operating activities Net cash used in investing activities Net cash used in financing activities Net increase in cash and restricted cash Cash and restricted cash, beginning of period Cash and restricted cash, end of period Year Ended December 31, 2021 Year Ended December 31, 2020 $ $ 140,923 $ — (5,488) 135,435 51,425 186,860 $ 17,763 (10) 465 18,218 33,207 51,425 During the year ended December 31, 2021, operating activities provided cash of $140.9 million, consisting primarily of (i) $1.2 billion of proceeds from the sale of SBA 7(a) guaranteed loan investments, (ii) $77.1 million of principal payments received from SBA non-affiliate investments and (iii) a $8.2 million decrease in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded in the period but did not settled during the current period end and the cash was not received from the purchasing broker during the current period; the amount varies depending on loan origination volume and timing of sales at quarter end. These increases were offset by (i) $1.3 billion of SBA 7(a) and PPP loan investments funded and (ii) $55.3 million of investments in controlled portfolio companies. Net cash used in financing activities was $5.5 million consisting primarily of (i) a redemption of $57.5 million and $40.0 million of the 2023 and 2024 Notes, respectively; (ii) $75.4 million of principal payments related to securitization notes payable (iii) $36.3 million of net repayments under our bank notes payable, (iv) net repayments under the Related Party RLOC of $12.6 million and (v) $70.1 million of dividend payments. These uses were offset by (i) $115.0 million, $10.0 million and $15.0 million of issuances of the 2026 Notes, 2025 Notes, and 2024 Notes, respectively, and (ii) $50.0 million of net proceeds from the sale of common shares under the 2020 ATM Equity Distribution Agreement. Contractual Obligations The following table represents the Company’s obligations and commitments as of December 31, 2021: (in thousands) Contractual Obligations Bank notes payable 1 Securitization notes payable 1 Notes due 2024 1 Notes due 2025 1 Notes due 2026 Employment agreements Operating leases Totals Total 2022 2023 Payments due by period 2024 2025 2026 Thereafter $ $ 50,000 $ 249,750 38,250 15,000 115,000 763 10,175 490,388 $ — $ — — — — 763 1,876 2,639 $ 50,000 — — — — — 1,928 63,378 $ $ — 38,250 — — — 1,981 40,231 $ — $ — 15,000 — — 2,035 17,035 $ — $ — — 115,000 — 1,915 116,915 $ — 249,750 — — — — 440 250,190 (1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See NOTE 8—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. 117 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: Level 1 Level 2 Level 3 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. 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. Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts. In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022. Valuation of Investments Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that 118 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. 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 December 31, 2021 and December 31, 2020 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates. Valuation of Servicing Assets The Company accounts for servicing assets in accordance with ASC 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets are measured at fair value at each reporting date and the Company reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy. Income Recognition Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt 119 that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non- accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. In addition, under the PPP that began in the second quarter of 2020, the SBA reimbursed the Company for originating loans. Such SBA reimbursements are included as interest income on PPP loans. Such fees are accounted for under ASC-310 Receivables and deferred until the loan was sold to one of our Participants. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans. We receive servicing income related to the guaranteed portions of SBA loan investments which we sell into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid. We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, legal fees, late fees and prepayment fees. All other income is recorded when earned. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from a portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain. Income Taxes Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. The Company’s U.S. federal and state income tax returns prior to fiscal year 2018 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The Company has elected to be treated as a RIC under the Code beginning with the 2015 tax year and operates in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes Newtek Business Services Corp. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. In order to maintain its RIC tax treatment, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to any income that is distributed to its stockholders as dividends. Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the years ended December 31, 2021 and 2020, no U.S. federal excise taxes were due. The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $12.7 million and $11.4 million at December 31, 2021 and December 31, 2020, respectively, and are recorded as deferred tax liabilities on the consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the consolidated statements of operations. 120 Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,(“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting 2021-01 on the consolidated financial statements, however, the impact of the adoption is not expected to be material.The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements. In May 2020, the SEC adopted amendments to the financial disclosure requirements in Regulation S-X including the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the SEC updated the significance tests in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 by (i) revising the investment test to compare the registrant’s investments in and advances to the acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv) conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendment became effective January 1, 2021. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2020-08 did not have a material impact on its consolidated financial statements since the Company does not have any convertible debt. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards In November 2020, the SEC published Release No. IC-34084 Use of Derivatives by Registered Investment Companies and Business Development Companies and adopted rules amending Rule 18f-4 and Rule 6c-11. Under the newly adopted rules, BDCs that use derivatives will be subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Compliance is required by August 19, 2022. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Off Balance Sheet Arrangements There were no off balance sheet arrangements as of December 31, 2021. 121 Recent Developments NCL On January 28, 2022, NCL closed its conventional commercial loan securitization with the sale of $56.3 million Class A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of conventional commercial business loans, originated by NCL and NBL. The Class A Notes were rated “A” (sf) by DBRS Morningstar, had a 65.0% advance rate, and were priced at a yield of 3.209%. 122 ITEM 7A. 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 $186.9 million at December 31, 2021. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk. We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. As of December 31, 2021, cash deposits in excess of insured amounts totaled approximately $41.0 million. ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. Our consolidated financial statements and related notes begin on Page F-1, which are included in this Annual Report on Form 10-K. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None. ITEM 9A. CONTROLS AND PROCEDURES. . (a) Evaluation of Disclosure Controls and Procedures: As of December 31, 2021 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Accounting Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Accounting Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. 123 (b) Changes in Internal Controls Over Financial Reporting There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting. (b) Management’s Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2021. Internal control over financial reporting is a process designed 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. The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Management performed an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021 based upon criteria in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our assessment, management determined that the Company’s internal control over financial reporting was effective as of December 31, 2021 based on the criteria in Internal Control — Integrated Framework (2013) issued by COSO. (c) Attestation Report of the Registered Public Accounting Firm. RSM US LLP, our independent registered public accounting firm, has issued an attestation report on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021, as stated in its report, which is included under “ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA” of this annual report on Form 10-K. (d) Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred during our most recently completed fiscal quarter, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. ITEM 9B. OTHER INFORMATION. None. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS Not Applicable. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year. 124 Table of Contents ITEM 11. EXECUTIVE COMPENSATION The information required by Item 11 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information required by Item 12 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year. ITEM 13. CERTAIN RELATIONSHIPS, RELATED PARTY TRANSACTIONS AND DIRECTOR INDEPENDENCE The information required by Item 13 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The information required by Item 14 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission not later than 120 days following the end of our fiscal year. PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. (a)(1) Financial Statements. (a)(2) The following financial statement schedule is filed herewith: Schedule of Investments In and Advances to Affiliates as of December 31, 2021 337 No other financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements. (a)(3) Exhibits. The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the Securities and Exchange Commission. Number 3.1 3.2 3.3 4.1 4.2 Description Amended and Restated Articles of Incorporation of Newtek Business Services Corp. (Previously filed in connection with Pre-Effective Amendment No. 3 to the Registrant’s Registration Statement on Form N-2 (File No. 333-191499) filed on November 3, 2014, and incorporated by reference herein). Bylaws of Newtek Business Services Corp. (Incorporated by reference to Exhibit 99.2 to Registrant’s Registration Statement on Form N-14 (File No. 333-195998), filed September 24, 2014). Newtek Conventional Lending II, LLC Limited Liability Company Agreement (Incorporated by reference to Exhibit 3.3 to Newtek’s Form 10-Q for the quarter ended March 31, 2021 (File No. 814-01035), filed May 13, 2021. Form of Common Stock Certificate (Incorporated by reference to Exhibit 99.5 to Registrant’s Registration Statement on Form N-14 (File No. 333-195998), filed September 24, 2014). Description of Securities filed herewith. 125 Table of Contents 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 10.1 10.2 10.3 10.4 10.5 10.6 10.7 10.8 10.9 Base Indenture, dated as of September 23, 2015, between Newtek, as issuer, and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit d.2 to Newtek’s Post-Effective Amendment No. 1 to its Registration Statement on Form N-2, No. 333-204915, filed September 23, 2015). Fourth Supplemental Indenture, dated as of July 29, 2019, between Newtek, as issuer, and U.S. Bank, National Association, as trustee (Incorporated by reference to Exhibit d.8 to Newtek’s Post-Effective Amendment No. 7 to its Registration Statement on Form N-2, No. 333-224976, filed July 29, 2019). Form of Global Note with respect to the 5.75% Notes due 2024 (Incorporated by reference to Exhibit d.8 to Newtek’s Post-Effective Amendment No. 7 to its Registration Statement on Form N-2, No. 333-224976, filed July 29, 2019). Fifth Supplemental Indenture, dated as of November 27, 2020, relating to the 6.85% Notes due 2025, by and between the Company and U.S. Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to Newtek’s Current Report on Form 8-K, filed November 27, 2020). Sixth Supplemental Indenture, dated as of January 6, 2021, relating to the 6.85% Notes due 2025, by and between the Company and U.S. Bank, National Association, as trustee (Incorporated by reference to Exhibit 4.3 to Newtek’s Current Report on Form 8-K filed January 6, 2021). Seventh Supplemental Indenture dated of January 22, 2021 between Newtek Business Services Corp. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.1 to Newtek’s Current Report on Form 8-K filed January 22, 2021). Form of 5.50 % Notes due 2026 (Incorporated by reference to Exhibit 4.2 to Newtek’s Current Report on Form 8-K filed January 22, 2021). Eighth Supplement Indenture dated of February 16, 2021 between Newtek Business Services Corp. and U.S. Bank National Association, as trustee (Incorporated by reference to Exhibit 4.3 to Newtek’s Current Report on Form 8-K filed February 16, 2021). Form of 5.75 % Notes due 2024 (Incorporated by reference to Exhibit 4.4 to Newtek’s Current Report on Form 8-K filed February 16, 2021). Form of Dividend Reinvestment Plan (Previously filed in connection with Pre-Effective Amendment No. 3 to the Registrant’s Registration Statement on Form N-2 (File No. 333-191499) filed on November 3, 2014, and incorporated by reference herein). Newtek Business Services Corp. 2014 Stock Incentive Plan (Incorporated herein by reference to Exhibit 8.6 to Registrant’s Registration Statement on Form N-14 (File No. 333- 195998), filed September 24, 2014). Guaranty, dated as of February 28, 2011, by and between Newtek Business Services, Inc. and Sterling National Bank (Incorporated herein by reference to Exhibit 10.10.2 to Newtek Business Services, Inc.’s Current Report on Form 8-K (File No. 001-16123), filed March 3, 2011). Fourth Amended and Restated Loan and Security Agreement, dated as of May 11, 2017, 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, Sole Bookrunner and Sole Lead Arranger (Incorporated by reference herein to Exhibit 10.1 to Newtek’s Current Report on Form 8-K, filed May 16, 2017). Second Amended and Restated Guaranty of Payment and Performance, dated as of May 11, 2017, delivered by Newtek Business Services Corp. in favor of Capital One, National Association, in its capacity as administrative agent, and the Lenders under the Fourth Amended and Restated Loan and Security Agreement (incorporated by reference herein to Exhibit 10.2 to Newtek’s Current Report on Form 8-K, filed May 16, 2017). Revolving Credit and Security Agreement, dated as of July 31, 2018, by and among Newtek Business Lending, LLC and Capital One, National Association (Incorporated by reference to Exhibit k.4 to Post-Effective Amendment No. 2 to Newtek’s Registration Statement on Form N-2, No. 333-224976, filed August 31, 2018). Guaranty of Payment and Performance, dated as of July 31, 2018, by and among Newtek and Capital One, National Association (Incorporated by reference to Exhibit k.5 to Post-Effective Amendment No. 2 to Newtek’s Registration Statement on Form N-2, No. 333-224976, filed August 31, 2018). Omnibus Amendment No. 3 to Loan Documents, dated as of September 13, 2019, 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 filed herewith. Amended and Restated Form of Custody Agreement dated as of October 30, 2015 by and between Newtek Business Services Corp. and U.S. Bank National Association (Incorporated herein by reference to Exhibit 99.1 to Newtek Business Services Corp.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (File No. 814- 01035) filed on November 5, 2015. 10.10 Membership Purchase Agreement, dated July 23, 2015, by and among Newtek Business Services Corp., Newtek Business Services Holdco1, Inc., Premier Payments LLC and Jeffrey Rubin (Incorporated herein by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 814-01035), filed on July 29, 2015). 126 Table of Contents 10.11 10.17 10.18 10.19 10.21 10.22 10.23 10.24 10.25 10.26 10.27 10.28 10.29 10.30 10.31 14.1 21.1 23.1 31.1 Omnibus Amendment No. 2 to Loan Documents, dated as of June 24, 2019, by and among Newtek Small Business Finance, LLC, and UBS Bank USA, as lender, and Capital One, National Association as Administrative Agent (Incorporated by reference to Exhibit 10.1 to Newtek’s Current Report on Form 8-K, filed June 24, 2019). Credit Agreement dated November 8, 2018, by and among Universal Processing Services of Wisconsin LLC and Premier Payments LLC, and the several banks and other parties from time to time parties thereto as lenders and Webster Bank, National Association. (Incorporated by reference herein to Exhibit k.6 to Newtek’s Post-Effective Amendment No. 3 to its Registration Statement on Form N-2, No. 333-224976, filed December 14, 2018). Parent Guaranty Agreement, dated November 8, 2018, by and among the Company and Webster Bank, National Association. (Incorporated by reference herein to Exhibit k.7 to Newtek’s Post-Effective Amendment No. 3 to its Registration Statement on Form N-2, No. 333-224976, filed December 14, 2018). Limited Liability Agreement, dated as of November 27, 2018, by and between Newtek Commercial Lending, Inc. and Conventional Lending TCP Holdings LLC (Incorporated by reference to Exhibit 10.1 to Newtek’s Current Report on Form 8-K filed November 29, 2018). 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 Exhibit 10.1 to Newtek’s Current Report on Form 8-K, filed May 11, 2020). Stock Purchase Agreement by and among Newtek Business Services Corp. and the Sellers named in Schedule A thereto (incorporated by reference to the Company’s Current Report on Form 8-K, filed August 2, 2021). Employment Agreement by and between Newtek Business Services Corp. and Nicolas Young dated as of August 2, 2021 (incorporated by reference to Exhibit 10.2 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (File No. 814-01035), filed on August 13, 2021). Mortgage Warehouse Loan and Security Agreement, by and between NBL SPV III, LLC and One Florida Bank, dated September 21, 2021 (incorporated by reference to Exhibit 10.1 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 814-010305), filed November 12, 2021). Master Repurchase Agreement, by and between NBL SPV II, LLC and Deutsche Bank AG, dated March 18, 2021 (incorporated by reference to Exhibit 10.1 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 814-010305), filed November 12, 2021). Form of Indemnification Agreement - Peter Downs (incorporated by reference to Exhibit 10.1 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 814-010305), filed November 12, 2021). Form of Indemnification Agreement - Salvatore Mulia (incorporated by reference to Exhibit 10.1 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 814-010305), filed November 12, 2021). Form of Indemnification Agreement - Richard Salute (incorporated by reference to Exhibit 10.1 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 814-010305), filed November 12, 2021). Form of Indemnification Agreement - Barry Sloane (incorporated by reference to Exhibit 10.1 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 814-010305), filed November 12, 2021). Form of Indemnification Agreement - Gregory Zink (incorporated by reference to Exhibit 10.1 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 814-010305), filed November 12, 2021). Form of Indemnification Agreement - Halli Razon (incorporated by reference to Exhibit 10.1 to Newtek’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (File No. 814-010305), filed November 12, 2021). Code of Ethics (Previously filed in connection with Pre-Effective Amendment No. 3 to the Registrant’s Registration Statement on Form N-2 (File No. 333-191499) filed on November 3, 2014, and incorporated by reference herein). Subsidiaries of the Registrant filed herewith. Consent of Independent Registered Public Accounting Firm. Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, furnished herewith. 127 Table of Contents 31.2 32.1 32.2 99.1 99.2 99.3 99.4 Certification by Principal Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, furnished herewith. Certification by Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. 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. Financial Statements of Newtek Merchant Solutions, LLC and Subsidiaries as of and for the year ended December 31, 2021 (audited) filed herewith. Financial Statements of Newtek Merchant Solutions, LLC and Subsidiaries as of and for the year ended December 31, 2020 (audited) filed herewith. Financial Statements of Newtek Merchant Solutions, LLC and Subsidiaries as of and for the year ended December 31, 2019 (audited) filed herewith. Report of Independent Registered Public Accounting Firm on Supplemental Information filed herewith. 128 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. SIGNATURES Date: March 1, 2022 Date: March 1, 2022 NEWTEK BUSINESS SERVICES CORP. By: By: /S/ BARRY SLOANE Barry Sloane Chief Executive Officer, President and Chairman of the Board (Principal Executive Officer) /S/ NICHOLAS LEGER Nicholas Leger Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer) In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature /S/ BARRY SLOANE Barry Sloane /S/ NICHOLAS LEGER Nicholas Leger /S/ RICHARD SALUTE Richard Salute /S/ SALVATORE MULIA Salvatore Mulia /S/ GREGORY ZINK Gregory Zink /S/ PETER DOWNS Peter Downs /S/ FERNANDO PEREZ-HICKMAN Fernando Perez-Hickman /S/ HALLI RAZON-FEINGOLD Halli Razon-Feingold Title Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer) Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer) Director Director Director Director Director Director 129 Date March 1, 2022 March 1, 2022 March 1, 2022 March 1, 2022 March 1, 2022 March 1, 2022 March 1, 2022 March 1, 2022 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Table of Contents Report of Independent Registered Public Accounting Firm Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting Consolidated Statements of Assets and Liabilities as of December 31, 2021 and 2020 Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 Consolidated Statements of Changes in Net Assets for the years ended December 31, 2021, 2020 and 2019 Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019 Consolidated Schedules of Investments as of December 31, 2021 and 2020 Notes to Consolidated Financial Statements 130 PAGE NO. F-1 F-4 F-5 F-6 F-7 F-8 F-9 F-306 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Newtek Business Services Corp. Opinion on the Financial Statements We have audited the accompanying consolidated statements of assets and liabilities of Newtek Business Services Corp. and its subsidiaries (the Company), including the consolidated schedules of investments, as of December 31, 2021 and 2020, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2021, and the related notes to the consolidated financial statements (collectively, the financial statements), and the financial statement schedule of the Company listed in Item 15(a)(2). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America , and in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company.'s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated March 1, 2022, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of SBA unguaranteed and guaranteed non-affiliate investments as of December 31, 2021 and 2020, by correspondence with the borrowers and by other appropriate auditing procedures where replies from the borrowers were not received, and with respect to existence procedures related to controlled and non-controlled investments, by tracing to purchase agreements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. F-1 Valuation of investments As described in Notes 2, 3, 4 and 6 to the consolidated financial statements, the Company’s investments consist of privately held debt and equity instruments that lack observable market prices. All of the Company’s investments (except SBA guaranteed non-affiliate investments) are measured at fair value using unobservable inputs and assumptions, and as such the Company’s investments (except SBA guaranteed non-affiliate investments) as of December 31, 2021 and 2020 are classified as level 3 within the fair value hierarchy as described in Note 6. Determining the fair value of the Level 3 investments requires management to make significant judgments about the valuation methodologies (e.g. market approach vs. income approach) and inputs and assumptions used in the fair value calculation, including, but not limited to, revenue and EBITDA multiples, market yields, discounts for lack of marketability, underlying cash flows, and the impact of economic conditions brought about by the COVID-19 pandemic. As of December 31, 2021 and 2020, total Level 3 investments had a fair value of $615.8 million and $653.34 million respectively. We identified the valuation of level 3 investments as a critical audit matter because of the judgments necessary for management to select and apply valuation techniques and assumptions, the high degree of auditor judgment involved, and the extensive audit effort involved in testing the valuations. Our audit procedures related to the valuation of the Company’s level 3 investments included the following, among others: Controlled and non-controlled investments • We obtained an understanding of and evaluated the methods and assumptions management used to value the Company’s investment portfolio. • We performed an evaluation of certain valuation inputs (e.g. portfolio company revenue and EBITDA) used in the Company’s December 31, 2021 and 2020 valuations by comparing those key inputs used in the prior year valuation to portfolio companies’ prior year audited financial statements and/or schedules prepared by the portfolio companies for a sample of investments. • We tested the completeness and accuracy of information used in the valuations through inspection of portfolio company financial statements and/or schedules prepared by the portfolio company. • We obtained management’s valuation analyses and considered the qualitative considerations made in determining each valuation, including, but not limited to, understanding portfolio company outlook, underlying cash flows, macroeconomic factors, liquidity and leverage characteristics, and other factors. We then compared this information to the valuation calculation in assessing the reasonableness of the fair value calculations. • With the assistance of our valuation specialists, we evaluated the reasonableness of the methods and assumptions used by management, including the validity of observable market data used in the valuation (e.g. comparable guideline public company multiples) as well as market yields (including discounts for lack of marketability). For certain investments, with the assistance of our valuation specialists, we developed a range of independent enterprise value estimates and evaluated against the enterprise values determined by management. Additionally, we considered the external specialist report engaged by management in valuing the Company’s privately held investments. SBA unguaranteed non-affiliate investments – performing loans and non-performing loans • We obtained an understanding of and evaluated the methods and assumptions management uses to value the SBA unguaranteed non-affiliate investments performing and non-performing loans. • We tested the completeness and accuracy of information used in the valuations by agreeing the total amount of schedules to trial balance. • With the assistance of our valuation specialists, we evaluated the reasonableness of the methods and assumptions used by management in the valuation of performing loans (discount rate, default rate, prepayment rate, cost of servicing, etc.) and performed a recalculation for a sample of loans to ensure validity of the valuation model. • With the assistance of our valuation specialists, we evaluated the reasonableness of the methods and assumptions used by management in the valuation of non-performing loans (prepayment rate, probability of default, time to liquidate and discount rate). F-2 Valuation of Servicing assets As described in Notes 2, 5 and 6 to the consolidated financial statements, Servicing assets are measured at fair value. Company’s servicing assets are measured at fair value using unobservable inputs and assumptions, and as such the Company’s servicing assets as of December 31, 2021 and 2020 are classified as level 3 within the fair value hierarchy as described in Note 6. Determining the fair value of the Level 3 servicing assets requires management to make significant judgments about the valuation methodologies and inputs and assumptions used in the fair value calculation, including, but not limited to, servicing costs, default rate, prepayment rate, and the impact of economic conditions brought about by the COVID-19 pandemic. As of December 31, 2021 and 2020, total Level 3 servicing assets had a fair value of $28.01 million and $26.06 million respectively. We identified the valuation of servicing assets as a critical audit matter because of the judgments necessary for management to select and apply valuation techniques and assumptions, the high degree of auditor judgment involved, and the extensive audit effort involved in testing the valuations. Our audit procedures related to the valuation of the servicing assets included the following, among others: • We obtained an understanding of and evaluated the methods and assumptions management uses to value the servicing assets. • We tested the completeness and accuracy of information used in the valuations by agreeing the total principal balance of the loans sold in the schedules to the loan subledger. • With the assistance of externally engaged valuation specialist, developed an independent estimate of fair value for servicing assets as of December 31, 2021 and 2020. • We reviewed the significant assumptions (e.g. discount rate, prepayment rate, default rate and cost of service) used by externally engaged valuation specialist for reasonableness /s/ RSM US LLP We have served as the Company's auditor since 2013. New York, New York March 1, 2022 F-3 To the Shareholders and the Board of Directors of Newtek Business Services Corp. Report of Independent Registered Public Accounting Firm Opinion on the Internal Control Over Financial Reporting We have audited Newtek Business Services Corp's (the Company) internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities of the Company, including the consolidated schedules of investments, as of December 31, 2021 and 2020, and the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2021 and our report dated March 1, 2022, expressed an unqualified opinion. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ RSM US LLP New York, New York March 1, 2022 F-4 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In Thousands, except for Per Share Data) December 31, 2021 December 31, 2020 Investments, at fair value ASSETS SBA unguaranteed non-affiliate investments (cost of $431,970 and $420,400, respectively; includes $344,266 and $312,649, respectively, related to securitization trusts) SBA guaranteed non-affiliate investments (cost of $65,728 and $16,964, respectively) Controlled investments (cost of $157,289 and $138,891, respectively) Non-control/non-affiliate investments (cost of $0 and $0, respectively) Non-control investments (cost of $1,000 and $6,447, respectively) Total investments at fair value Cash Restricted cash Broker receivable Due from related parties Servicing assets, at fair value Right of use assets Other assets Total assets Liabilities: LIABILITIES AND NET ASSETS Bank notes payable Notes due 2023 (par: $0 and $57,500 as of December 31, 2021 and December 31, 2020, Note 8) Notes due 2024 (par: $38,250 and $63,250 as of December 31, 2021 and December 31, 2020, Note 8) Notes due 2025 (par: $15,000 and $5,000 as of December 31, 2021 and December 31, 2020, Note 8) Notes due 2026 (par: $115,000 and $0 as of December 31, 2021 and December 31, 2020, Note 8) Notes payable - Securitization trusts (par: $249,750 and $221,752 as of December 31, 2021 and December 31, 2020, Note 8) Notes payable - related parties Due to related parties Lease liabilities Deferred tax liabilities Due to participants Derivative instruments Accounts payable, accrued expenses and other liabilities Total liabilities Commitment and contingencies (Note 10) Net assets: Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding) Common stock (par value $0.02 per share; authorized 200,000 shares, 24,159 and 21,970 issued and outstanding, respectively) Additional paid-in capital Accumulated undistributed earnings Total net assets Total liabilities and net assets Net asset value per common share F-5 See accompanying notes to consolidated financial statements. $ $ $ $ $ 424,417 $ 72,970 260,398 — 1,000 758,785 2,397 184,463 44,537 4,395 28,008 7,310 26,666 1,056,561 $ 50,000 $ — 37,679 14,545 112,128 246,250 11,450 1,490 9,056 12,733 146,225 183 10,935 652,674 — 483 367,663 35,741 403,887 1,056,561 $ 16.72 $ 407,748 17,822 239,171 — 6,447 671,188 2,073 49,352 52,730 6,112 26,061 6,933 26,530 840,979 86,339 56,505 61,774 4,735 — 218,339 24,090 2,133 8,697 11,406 17,885 — 9,723 501,626 — 439 316,629 22,285 339,353 840,979 15.45 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except for Per Share Data) 2021 Year ended December 31, 2020 2019 Investment income From non-affiliate investments: Interest income - PPP loans Interest income - SBA 7(a) loans Servicing income Other income Total investment income from non-affiliate investments From non-control investments: Interest income Dividend income Total investment income from non-control investments From controlled investments: Interest income Dividend income Other income Total investment income from controlled investments Total investment income Expenses: Salaries and benefits Interest Depreciation and amortization Professional fees Origination and loan processing Origination and loan processing - related party Change in fair value of contingent consideration liabilities Loss on extinguishment of debt Other general and administrative costs Total expenses Net investment income (loss) Net realized and unrealized gains (losses): Net realized gain on non-affiliate investments - SBA 7(a) loans Net realized gain (loss) on controlled investments Net realized gain on derivative transactions Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments Net unrealized appreciation (depreciation) on controlled investments Change in deferred taxes Net unrealized depreciation on servicing assets Net unrealized depreciation on derivative transactions Net realized and unrealized gains Net increase in net assets resulting from operations Net increase in net assets resulting from operations per share Net investment income (loss) per share Dividends and distributions declared per common share Weighted average number of shares outstanding F-6 See accompanying notes to consolidated financial statements. $ $ $ $ $ $ 49,989 $ 25,951 11,307 5,696 92,943 37,743 $ 24,719 11,154 2,693 76,309 428 95 523 2,598 9,801 2,629 15,028 108,494 17,866 20,515 304 5,610 10,234 19,272 — 1,552 7,454 82,807 25,687 53,113 (1,266) 590 6,380 5,097 2,829 (1,327) (6,778) (183) 58,455 $ 84,142 $ 3.69 $ 1.13 $ 3.15 $ 403 104 507 1,933 13,452 — 15,385 92,201 14,211 17,877 402 3,718 8,431 9,855 54 — 5,668 60,216 31,985 11,368 — — (795) (176) (8,237) 999 (1,525) — 1,634 $ 33,619 $ 1.59 $ 1.51 $ 2.05 $ 22,795 21,146 — 28,467 10,078 5,328 43,873 — 111 111 1,024 14,287 — 15,311 59,295 14,305 20,422 501 3,807 9,215 9,944 42 251 6,427 64,914 (5,619) 47,816 2,585 — (225) (6,291) 11,211 (3,164) (5,178) — 46,754 41,135 2.13 (0.29) 2.15 19,326 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (In Thousands) Increase in net assets: Net investment income (loss) Net realized gain on investments Net unrealized (depreciation) appreciation on investments Net increase in net assets resulting from operations Dividends to common stockholders Capital share transactions: Issuance of common stock under dividend reinvestment plan Stock-based compensation expense Purchase of vested stock for employee payroll tax withholding Issuance of common stock, net of offering costs Net increase in net assets from capital share transactions Total increase in net assets Net assets at beginning of year Net assets at end of year Common shares outstanding at end of year Capital share activity: Shares issued under dividend reinvestment plan Shares issued in connection with sales of common stock Purchase of vested stock for employee payroll tax withholding Restricted shares issued under Equity Incentive Plan, net of forfeitures Net increase in capital share activity $ $ 2021 Year Ended December 31, 2020 2019 25,687 $ 52,437 6,018 84,142 (72,067) 1,923 2,103 (1,575) 50,008 52,459 64,534 339,353 403,887 $ 24,159 72 1,940 (57) 234 2,189 31,985 $ 11,368 (9,734) 33,619 (43,393) 810 567 (48) 25,572 26,901 17,127 322,226 339,353 $ 21,970 51 1,382 (3) 10 1,440 (5,619) 50,401 (3,646) 41,136 (41,895) 1,126 636 (92) 33,740 35,410 34,781 287,445 322,226 20,530 54 1,545 (4) 17 1,612 F-7 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Cash flows from operating activities: Net increase in net assets resulting from operations Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: $ 2021 Year Ended December 31, 2020 2019 84,142 $ 33,619 $ 41,135 Net unrealized (appreciation) depreciation on controlled investments Net unrealized (appreciation) depreciation on non-affiliate investments Net unrealized depreciation on servicing assets Net unrealized depreciation on derivative transactions Net realized (gains) losses on controlled investments Net realized gains on non-affiliate investments Allowance for doubtful accounts Change in fair value of contingent consideration liabilities Loss on extinguishment of debt Amortization of deferred financing costs Deferred income taxes Depreciation and amortization Purchase of guaranteed SBA loans Purchase of loans from affiliate Sale of loans to affiliate Funding of guaranteed non-affiliate SBA loans Funding of unguaranteed non-affiliate SBA loans Funding of controlled investments Proceeds from sale of non-affiliate SBA loans Principal received on SBA non-affiliate investments Principal received from controlled investments Principal received from non-control investments Distributions received from investments in excess of basis Return of investment from controlled investments Other, net Changes in operating assets and liabilities: Investment in money market funds Broker receivable Due to/from related parties Other assets Dividends payable Due to participants Accounts payable, accrued expenses and other liabilities Capitalized servicing asset Other, net Net cash provided by (used in) operating activities Cash flows from investing activities: Purchase of fixed assets Cash flows from financing activities: Net repayments on bank notes payable Proceeds from common shares sold, net of offering costs Net (repayments) proceeds under related party line of credit Proceeds from Notes due 2024 (2,829) (11,477) 6,778 183 1,266 (44,388) 397 — 1,552 2,654 1,327 304 (9,096) — 5,394 (1,196,425) (93,147) (55,270) 1,203,474 77,070 750 54 — 34,856 2,851 — 8,193 677 800 — 128,340 1,194 (8,725) 24 140,923 — (36,339) 50,007 (12,640) 15,000 8,237 971 1,525 — — (8,193) — 54 — 1,893 (999) 402 (6,804) (15,296) — (1,340,939) (48,824) (51,437) 1,356,710 61,976 625 9,849 — 19,221 1,342 — (1,557) (1,138) (6,884) — — 6,587 (3,175) (2) 17,763 (10) 56,339 25,571 11,927 — (11,211) 6,515 5,178 — (2,585) (47,816) 33 42 251 1,961 3,164 501 (10,438) — — (387,479) (130,214) (39,650) 445,988 47,171 2,429 — 2,585 4,200 (281.784) 9 (8,557) 351 (2,013) — — (2,093) (8,229) 97 (88,957) (126) (4,700) 33,740 (4,678) 63,250 F-8 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Proceeds from Notes due 2025 Proceeds from Notes due 2026 Redemption of Notes due 2022 Redemption of Notes due 2023 Redemption of Notes due 2024 Payments on Notes Payable - Securitization Trusts Issuance of Notes Payable - Securitization Trusts Dividends paid Additions to deferred financing costs Purchase of vested stock for employee payroll tax withholding Net cash (used in) provided by financing activities Net increase in cash and restricted cash Cash and restricted cash—beginning of year (Note 2) Cash and restricted cash—end of year (Note 2) Non-cash operating, investing and financing activities: Foreclosed real estate acquired Issuance of common shares under dividend reinvestment plan 2021 Year Ended December 31, 2020 2019 10,000 115,000 — (57,500) (40,000) (75,432) 103,430 (70,144) (5,295) (1,575) (5,488) 135,435 51,425 186,860 $ 5,000 — — — — (54,885) — (42,583) (856) (48) 465 18,218 33,207 51,425 $ 2,171 $ 1,923 $ 1,588 $ 810 $ — — (8,324) — — (62,507) 118,920 (40,769) (3,899) (93) 90,940 1,857 31,350 33,207 2,540 1,126 $ $ $ F-9 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 12/30/2031 $ 375.0 $ 375.0 $ 388.9 Term Loan Prime plus 2.75% 12/29/2046 250.0 250.0 260.4 Performing Arts, Spectator Sports, and Related Industries Social Assistance Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2032 Social Assistance Term Loan Prime plus 2.75% 12/29/2046 Repair and Maintenance Nonmetallic Mineral Product Manufacturing Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2046 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2031 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2031 Ambulatory Health Care Services Term Loan Insurance Carriers and Related Activities Fabricated Metal Product Manufacturing Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus 2.75% 12/29/2046 Prime plus 2.75% 12/29/2046 Prime plus 2.75% 12/29/2046 Prime plus 2.75% 12/29/2046 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/29/2031 Construction of Buildings Term Loan Prime plus 2.75% 5/29/2047 3815 Media, Inc. Inspired Education 2 LLC dba Happy Days 2 3 Generations LLC (#) (#) (#) Bright Horizons Preschool, LLC (#) Hacienda Car Wash Inc. The Queen Ready Mix, Inc. Happy Wheels Charter LLC Henry j Fishman MVPC Altitude Roofing LLC CPH Milpitas LLC dba Curry Pizza House Lillie Mae's Place LLC Calderon Insurance Agency dba California Liberty Insurance Arclight Industries LLC Kosovar Corporation dba La Vista Ristorante Italiano Mr. Electric of Anderson Clean Pro 1, LLC RV Liquidation Center dba RV'S- 4-Less Eastern Aero Marine, Inc, dba EAM Worldwide High Q Automotive Consulting andRide 4 U LLC Champion Volleyball Club of Houston LLC NORTHCOMM LLC dba RFS Construction (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Beyond the Numbers CPAs Inc (#) 3201 Peachtree Corners Circle, Peachtree Corners, GA 30092 221 Edinburg Rd, Mercerville, NJ 08619 2800 Baton Rouge Rd, Williamstown, KY 41097 275 Enterprise Dr, Valdosta, GA 31601 2400 S Goliad St., Rockwall, TX 75087 8702 Liberty Rd, Houston, TX 77028 4 Old Elm St., Salusbury, MA 01952 2021 K St. Ste 400 NW, Washington, DC 20006 2909 N Tindle Blvd, Flagstaff, AZ 86004 1806 Milmont Dr, Milpitas, CA 95035 57 Main St., East Haven, CT 06512 5127 Franklin Blvd, #3, Sacramento, CA 95820 340 Quail Run Rd,, Venetia, PA 15367 355 Smith Ridge Rd, South Salem, NY 10590 138 Dorchester St., Greenwood, SC 29646 385 Boston Post Rd, Orange, CT 06477 984 W Shaw Ave, Clovis, CA 93612 5502 NW 37th Ave, Miami, FL 33142 747 N State Rd 7, Plantation, FL 33317 19418 Pinehurst Trail Dr, Humble, TX 77346 213 Cascade View Court, East Wenatchee, WA 98802 1004 Lewis Ave, Billings, MT 59102 241.4 0.06 % 9.2 220.3 10.0 502.5 180.0 337.5 80.0 87.5 99.0 181.2 37.5 340.0 20.3 98.0 9.2 220.3 10.0 502.5 180.0 337.5 80.0 87.5 99.0 181.2 37.5 340.0 20.3 98.0 9.5 9.6 502.2 199.0 295.5 68.6 75.5 105.1 191.5 41.4 380.4 17.5 110.7 305.5 0.10 % 0.06 % — % — % 0.12 % 0.05 % 0.07 % 0.02 % 0.02 % 0.03 % 0.05 % 0.01 % 0.09 % — % 0.03 % 0.08 % 0.35 % 0.33 % 0.04 % 0.02 % 0.04 % Motor Vehicle and Parts Dealers Transportation Equipment Manufacturing Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2031 346.3 346.3 Term Loan Prime plus 2.75% 12/29/2046 1,250.0 1,250.0 1,411.3 Term Loan Prime plus 2.75% 12/29/2046 1,218.8 1,218.8 1,332.6 Term Loan Prime plus 2.75% 12/29/2046 Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2046 161.5 75.0 140.0 161.5 75.0 140.0 176.0 64.3 150.3 F-10 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Monticello Corporation dba Reid Super Save Market #3 and Millclem Cor Pole Dance Carolinas LLC dba PoleFit Carolinas Salon Sora LLC and Frank Marino Nova Engineering Inc Oh Crumb On!, Inc. Hacienda Car Wash Inc. The Dance Affair, Inc Unique Surveillance LLC and Fast Guard Service Worldwide, LLC Lotus Care LLC Shieldcoat Technologies Inc CS Concept Holdings, LLC and CS Holdings 409 South Main, LLC Freedom Construction LLC Alaska Demolition, LLC Colorado Avocado LLC dba Toastique The Beginning Zone M-23 Mechanical Systems Nyssa Mercantile LLC Nyssa Mercantile, LLC PKLoop Peer LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Sk8 House Virginia Beach LLC (#) Riaz and Son Inc and Uddin Family Realty Outdoor Equipment Manufacturer, LLC (#) (#) 600 Preston Ave, Charlottesville, VA 22903 9826 Gilead Rd, C -200, Hunterville, NC 28078 1675 North Military Trail, Boca Raton, FL 33433 4373 Viewridge Ave, Ste A, San Diego, CA 92123 57 East 3rd Ave, Spring Grove, PA 17362 2400 S Goliad St., Rockwall, TX 75087 850 N Winchester Blvd, San Jose, CA 95128 925 South 21st Ave, Hollywood, FL 33020 14000 Sunfish Lake Blvd, NW, MN 55303 308 Ellen Trout Dr, Lufkin, TX 75904 4350 Canada Rd, :, Lakeland, TN 38002 2897 E Massengale Rd, Shelbyville, IN 46176 2817 Rampart Dr, Anchorage, AK 99501 11590 Ridgeline Dr, Colorado Springs, CO 80921 13709 S. Wilkie Ave, Gardena, CA 90059 2974 Betsy Way, San Jose, CA 95133 119 Main St., Nyssa, OR 97913 119 Main St., Nyssa, OR 97913 1051 Kaylie St., Grand Prairie, TX 75052 600 Lynnhaven Pkwy, Virginia Beach, VA 23452 100-15 94th Ave, Ozone Park, NY 11416 3520 NW 51st St., Miami, FL 33142 Food and Beverage Stores Amusement, Gambling, and Recreation Industries Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2031 Couriers and Messengers Term Loan Prime plus 2.75% 12/29/2031 Repair and Maintenance Term Loan Prime plus 2.75% 12/29/2046 Educational Services Term Loan Prime plus 2.75% 12/29/2031 70.0 41.3 86.5 50.0 7.5 52.0 8.1 70.0 41.3 86.5 50.0 7.5 52.0 8.1 74.1 35.4 74.2 42.9 6.4 57.6 6.9 0.02 % 0.01 % 0.02 % 0.01 % — % 0.01 % — % Administrative and Support Services Term Loan Prime plus 2.75% 12/28/2031 1,226.0 1,226.0 1,075.8 0.27 % Ambulatory Health Care Services Term Loan Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 12/28/2031 Prime plus 2.75% 12/28/2046 Term Loan Prime plus 2.75% 12/28/2031 Term Loan Prime plus 2.75% 12/28/2031 22.5 737.5 48.0 10.8 22.5 737.5 48.0 10.8 19.3 831.5 41.5 10.1 — % 0.21 % 0.01 % — % Term Loan Prime plus 2.75% 12/27/2046 1,250.0 1,250.0 1,387.5 0.34 % Term Loan Prime plus 2.75% 6/27/2032 8.8 8.8 9.3 Food Services and Drinking Places Specialty Trade Contractors Administrative and Support Services Food Services and Drinking Places Social Assistance Term Loan Prime plus 2.75% 12/23/2046 190.0 190.0 207.1 Specialty Trade Contractors Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Health and Personal Care Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2031 Term Loan Prime plus 2.75% 12/23/2031 Term Loan Prime plus 2.75% 12/23/2046 Term Loan Prime plus 2.75% 12/23/2031 Term Loan Prime plus 2.75% 12/23/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 12/23/2046 Textile Product Mills Term Loan Prime plus 2.75% 12/23/2031 58.8 57.5 42.0 22.5 15.8 147.8 93.8 58.8 57.5 42.0 22.5 15.8 147.8 93.8 50.4 52.7 45.2 20.7 13.5 166.8 99.2 F-11 See accompanying notes to consolidated financial statements. — % 0.05 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.04 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) CNJ Services LLC LDI Energy Services, LLC Mobile Bottling Source LLC C&C Contracting Rana N. Hassan, M.D P.C Plantation Shutter Co Inc (#) (#) (#) (#) (#) (#) The Handyman Clarksville, LLC (#) Kinly Signs Corporation Hallmark Enterprises LLC Scott Hollingsworth Equipment Company BYC - La Quinta LLC dba Broken Yolk Cafe (#) (#) (#) (#) (#) (#) HHLM LLC LDI Energy Services, LLC dba LDI Excavation QUICK DROP IMPOUNDING, TOWING & RECOVERY, INC (#) Alaska Industrial Paint, LLC and Endeavor Properties LLC Yours II Cosmetology Academy Inc 360 GRIP AND ELECTRIC LLC and Julien Janigo (#) (#) (#) Mercury Pharmacy Corporation (#) Inobe LLC dba BLD2GO Lauren Taylor Beauty LLC dba Evolution Body Works Storm Trooper Transportation Corp Storm Trooper Transportation Corp Robo-Breaking New York (#) (#) (#) (#) (#) 5519 Ironhorse Rd, North Chesterfield, VA 23234 6519 103 West Ave, Tioga, ND 58852 611 Green Sage Way, las Vegas, NV 89138 10620 Southern Highlands Pkwy, Las Vegas, NV 89141 71 Franklin Ave, Franklin Square, NY 11010 11704 Wilshire Blvd, Los Angeles, CA 90275 2727 Union Hall Rd, Clarksville, TN 37040 2485 County Rd 1, South Point, OH 45680 54 Furman Ave, Brooklyn, NY 11207 17621 Perkins Rd, Baton Rouge, LA 70810 78430 CA-111, La Quinta, CA 92253 535 Shawmut Ave, Boston, MA 02118 6519 103 West Ave, Tioga, ND 58852 2565 Lake Rockaway Rd SW, Conyers, GA 30012 1301 North Post Rd, Anchorage, AK 99501 1416 W Columbia Ave, Battle Creek, MI 49015 3500 Eagle Rock Blvd, Los Angeles, CA 90065 480 Chadbourne Rd, Fairfield, CA 94534 1146 W Buckeye Rd, Phoenix, AZ 85007 195 E 4th St. Ste 10, Long Beach, CA 90802 2205 W Highland Ave, San Bernardino, CA 92407 2205 W Highland Ave, San Bernardino, CA 92407 302A W 12th St, New York, NY 10014 Professional, Scientific, and Technical Services Support Activities for Mining Administrative and Support Services Term Loan Prime plus 2.75% 12/23/2031 Term Loan Prime plus 2.75% 12/22/2046 Term Loan Prime plus 2.75% 12/22/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/22/2031 Ambulatory Health Care Services Term Loan Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2031 Prime plus 2.75% 12/22/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/22/2031 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/22/2046 12.8 273.3 187.5 125.0 114.0 87.5 187.5 298.8 12.8 273.3 187.5 125.0 114.0 87.5 187.5 298.8 11.2 301.1 165.2 107.2 98.9 75.0 198.4 311.0 Term Loan Prime plus 2.75% 12/22/2031 1,250.0 1,250.0 1,082.0 Specialty Trade Contractors Transportation Equipment Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2031 Term Loan Prime plus 2.75% 12/22/2046 Personal and Laundry Services Term Loan Prime plus 2.75% 12/22/2031 Support Activities for Mining Support Activities for Transportation Term Loan Prime plus 2.75% 12/22/2031 Term Loan Prime plus 2.75% 12/21/2046 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2047 Educational Services Term Loan Prime plus 2.75% 12/21/2047 Rental and Leasing Services Term Loan Prime plus 2.75% 12/21/2031 Health and Personal Care Stores Food Services and Drinking Places Personal and Laundry Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2031 Term Loan Prime plus 2.75% 12/21/2046 Term Loan Prime plus 2.75% 12/21/2031 Term Loan Prime plus 2.75% 12/21/2031 Term Loan Prime plus 2.75% 12/21/2046 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2031 F-12 See accompanying notes to consolidated financial statements. 65.8 570.4 14.0 328.3 147.3 25.0 823.8 82.5 187.5 98.5 78.8 786.3 463.8 300.0 65.8 570.4 14.0 328.3 147.3 25.0 823.8 82.5 187.5 98.5 78.8 786.3 463.8 300.0 69.6 615.3 12.2 300.7 166.2 28.2 930.0 73.8 160.8 102.9 73.4 680.6 513.6 312.3 — % 0.07 % 0.04 % 0.03 % 0.02 % 0.02 % 0.05 % 0.08 % 0.27 % 0.02 % 0.15 % — % 0.07 % 0.04 % 0.01 % 0.23 % 0.02 % 0.04 % 0.03 % 0.02 % 0.17 % 0.13 % 0.08 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Regal Express Corporation Nextstep Counseling Services, LLC First Lone Star Pharmacy Group II, LLC dba Trinity Pharmacy (#) (#) (#) (#) Vidya Technologies LLC Theramove & Diagnostics LLC (#) First Lone Star Pharmacy Group LLC (#) Unlimited Investors Group, Inc. Northern Steel and Concrete, LLC, a Pennsylvania LLC,Northern Steel an Ponce & Ponce, Inc SoCal Propane LLC LA TAQUERIA INC Venture Coffee Company, LLC dba Venture Roastery Maxwell, Hendry & Simmons LLC (#) (#) (#) (#) (#) (#) (#) MR3 LLC dba dba Union Fence (#) Logo Concepts LLC Leedann Properties LLC Brooker Construction LLC dba Sampson Tree Service VENDALL VENTURES LLC Invisishield, L.L.C Techbee LLC dba TechBee Solutions Milson Restaurants LLC dba El Chico Granbury LGB Tax and Accounting LLC dba Loretta GriefBarbaro EA (#) (#) (#) (#) (#) (#) (#) (#) Term Loan Truck Transportation Ambulatory Health Care Services Term Loan 4122 County Rd 516, Matawan, NJ 07747 1707 Linwood Dr, Paragould, AR 72450 1925 East Rosemeade Pkwy, Carrollton, TX 75007 2509 George Mason Dr, Virginia Term Loan Beach, VA 23456 110 West Rd, Towson, MD 21204 Ambulatory Health Care Services Term Loan 6901 Preston Rd, Dallas, TX 75205 252 Aster Place, Hampstead, NC 28443 Health and Personal Care Stores Insurance Carriers and Related Activities Health and Personal Care Stores Performing Arts, Spectator Sports, and Related Industries Term Loan Term Loan Term Loan Prime plus 2.75% 12/20/2031 Prime plus 2.75% 12/20/2031 Prime plus 2.75% 12/20/2046 Prime plus 2.75% Prime plus 2.75% 12/20/2031 12/20/2031 Prime plus 2.75% 12/20/2031 Prime plus 2.75% 12/20/2031 134.2 31.1 138.9 8.0 8.7 125.4 375.0 134.2 31.1 138.9 8.0 8.7 125.4 375.0 115.0 26.6 143.0 6.8 8.6 107.6 321.5 Term Loan Prime plus 2.75% 12/17/2031 1,091.5 1,091.5 1,028.2 18 Hillcrest Lane, Willingboro, NJ 08046 3015 NW 74th Ave, Miami, FL 33122 220 N San Jacinto St., Hemet, CA 92543 10 Greenwich Ave, GREENWICH, CT 06830 13406 W Center Dr, Lakewood, CO 80228 1619 Jackson St., Fort Myers, FL 33901 1340 Hartford Ave, Johnston, RI 02919 1265 W 1275 North #2, Centerville, UT 84014 534 Mill St SE, Gainesville, GA 30501 2170 SW Conant Ave, Port St. Lucie, FL 34953 25027 South Interstate, WaKeeney, KS 67672 6120 Louetta Rd, Houston, TX 77379 4900 Hopyard Rd, Pleasanton, CA 94588 1151 E US Hwy 377, Ste #110, Granbury, TX 76048 2944 Valentine Pl, Wantagh, NY 11793 Specialty Trade Contractors Merchant Wholesalers, Nondurable Goods Nonstore Retailers Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2031 Term Loan Prime plus 2.75% 12/17/2031 Term Loan Prime plus 2.75% 4/17/2032 Term Loan Prime plus 2.75% 12/17/2031 Real Estate Term Loan Prime plus 2.75% 12/17/2031 Specialty Trade Contractors Clothing and Clothing Accessories Stores Rental and Leasing Services Administrative and Support Services Term Loan Prime plus 2.75% 12/17/2046 Term Loan Prime plus 2.75% 12/17/2031 Term Loan Prime plus 2.75% 12/17/2046 Term Loan Prime plus 2.75% 12/17/2031 Accommodation Term Loan Prime plus 2.75% 12/17/2046 Repair and Maintenance Professional, Scientific, and Technical Services Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/17/2031 Term Loan Prime plus 2.75% 12/17/2031 Term Loan Prime plus 2.75% 12/16/2031 F-13 See accompanying notes to consolidated financial statements. 75.0 340.0 36.5 20.4 152.5 335.0 354.0 248.8 268.4 274.5 37.5 50.0 75.5 75.0 340.0 36.5 20.4 152.5 335.0 354.0 248.8 268.4 274.5 37.5 50.0 75.5 64.3 359.7 33.9 17.6 130.8 374.4 305.7 260.2 236.8 298.0 32.3 42.9 64.7 Term Loan Prime plus 2.75% 12/16/2046 111.6 111.6 125.2 0.03 % 0.01 % 0.04 % — % — % 0.03 % 0.08 % 0.25 % 0.02 % 0.09 % 0.01 % — % 0.03 % 0.09 % 0.08 % 0.06 % 0.06 % 0.07 % 0.01 % 0.01 % 0.02 % 0.03 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SEC LLC JMJ Sales Group LLC Sivalingam Medical Corporation, Inc dba First Valley Medical Group Pool Logic Design and Construction Inc Throop Family Holdings Inc dba Rogue Metal & Supply Empowering Families Educational Services Christopher C Copeland PA Avtek Integration Services, Inc The Great Gatsby Motel Inn Corporation TSM New Beginnings Aqua Salon and Spa LLC Quandry Enterprises LLC dba Twinkle Toes Nanny Good Fortune Supermarket (Rhode Island) Corp Cooks BBQ Products dba Cooks International Erin Dewey dba Castle Rock Bakery First Choice Brokerage Corporation First Choice Strategies LLC &First (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) CTS MANAGEMENT USA INC (#) East Nashville Barre Fitness LLC dba Neighborhood Barre Green Hills (#) Corporate Tax Services, Inc. Nicholas Peter Berry dba Nick Berry Production Lighting Smart Wired Services LLC (#) (#) (#) Sky’s The Limit Yoga Company (#) 4470 Sunset Blvd, Los Angeles, CA 90027 210 S. Linn Ave.,, Wentzville, MO 63385 44725 10th St W, Ste 210, Lancaster, CA 93534 277 W Allen Ave, San Dimas, CA 91773 7130 Crater Lake Hwy, White City, OR 97503 504 W Baseline Rd, STE A, Glendora, CA 91740 8331 SE Royal St., Hobe Sound, FL 33455 4733 122nd Ave N., Unit E, Pinellas Park, FL 33762 214 County Hwy 152, Northville, NY 12134 8850 W Sunset Rd, Las Vegas, NV 89148 6730 Post Rd, North Kingston, RI 02852 1600 E Sunrise Blvd, Fort. Lauderdale, FL 33304 101 Cadillac Dr, Providence, RI 02907 7 World Trade Center, New York, NY 10006 160 Huntington Ave, Ste A & B, Castle Rock, WA 98611 Utilities Term Loan Prime plus 2.75% 12/16/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/16/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2031 Construction of Buildings Merchant Wholesalers, Durable Goods Educational Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2031 Term Loan Prime plus 2.75% 12/16/2031 Term Loan Prime plus 2.75% 12/16/2031 Term Loan Prime plus 2.75% 11/22/2031 Term Loan Prime plus 2.75% 12/15/2031 72.0 50.0 803.5 500.0 212.5 7.5 62.5 68.8 72.0 50.0 803.5 500.0 212.5 7.5 62.5 68.8 62.4 45.1 688.9 428.7 195.7 6.4 55.2 64.2 Accommodation Term Loan Prime plus 2.75% 12/15/2046 100.0 100.0 112.8 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/15/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 12/15/2046 Social Assistance Term Loan Prime plus 2.75% 12/15/2031 27.0 81.3 6.8 27.0 81.3 6.8 Food and Beverage Stores Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/15/2031 650.0 650.0 Term Loan Prime plus 2.75% 12/15/2031 1,000.0 1,000.0 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2031 822 A1A N, Ponte Vedra Beach, FL 32082 17 Marion Ave, Franklin Park, NJ 08823 Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2031 Term Loan Prime plus 2.75% 12/14/2031 3310 Gallatin Pike, Nashville, TN 37216 1250 Broadway 36th Floor, New York, NY 10001 1081 Hayes Ave, San Diego, CA 92103 123 McCreary Rd, New Brighton, PA 15066 115 W 25TH St, Norfolk, VA 23517 Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Administrative and Support Services Term Loan Prime plus 2.75% 12/14/2031 Term Loan Prime plus 2.75% 12/14/2031 Term Loan Prime plus 2.75% 12/14/2031 Term Loan Prime plus 2.75% 12/14/2031 Educational Services Term Loan Prime plus 2.75% 12/13/2031 F-14 See accompanying notes to consolidated financial statements. 23.2 89.5 5.8 664.3 907.3 41.5 54.0 53.6 10.1 12.9 2.7 8.5 5.1 47.3 63.0 62.5 11.7 15.0 3.0 8.0 6.0 47.3 63.0 62.5 11.7 15.0 3.0 8.0 6.0 0.02 % 0.01 % 0.17 % 0.11 % 0.05 % — % 0.01 % 0.02 % 0.03 % 0.01 % 0.02 % — % 0.16 % 0.22 % 0.01 % 0.01 % 0.01 % — % — % — % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) EBG Re-Sell BGF Bobby Q's Inc IV Therapy Management Lloyd Hardware LLC (#) (#) (#) (#) Momentum Metal Finishing, Inc. (#) Grazin Foods LLC dba Graze Craze (#) Phillips Rental RV, LLC Nonnos Ice Cream Shoppe Inc ANR Insulation , LLC dba King Insulation Blooms Pharmacy LLC Stehlik Service and Tire INC (#) (#) (#) (#) (#) Suha Signs LLC dba Signaramaa (#) Suha Restaurants LLC dba The Great Greek Grill (#) Railhead, Inc Suha Promotions LLC dba Fully Promoted NEW FRONTIER INSURANCE AGENCY OF FORT CALHOUN, INC World Diamond Source, Inc Myoung & Lee Inc Freedom Toast LLC dba Sunrise Diner (#) (#) (#) (#) (#) (#) Broadway Ethos Holdings, LLC (#) Clean Energyz LLC Foster the Community LLC (#) (#) 26943 Ruether Ave, Santa Clarita, CA 91351 365 W Sunrise Hwy, Freeport, NY 11520 2 Sears Dr, Paramus, NJ 07652 2319 W. Court St., Janesville, WI 53548 1286 Anvilwood Ave, Sunnyvale, CA 94089 12800 South Memorial Dr, Stes A1 and A2, Bixby, OK 74008 5827 Stanida Circle, Holladay, UT 84121 270 Seabury St., Fall River, MA 02720 25 N 47th Ave, Phoenix, AZ 85043 16347 Middlebelt Rd, Livonia, MI 48154 2410 N Powers Blvd, Colorado Springs, CO 80915 8211 Byron Center Ave SW, Byron Center, MI 49315 8211 Byron Center Ave SW, Byron Center, MI 49315 13800 Coppermine Rd, Herndon, VA 20171 8211 Byron Center Ave SW, Byron Center, MI 49315 510 North 14th, Fort Calhoun, NE 68023 2987 Center Port Circle, Stes 4 & 5, Pompano Beach, FL 33064 10251 Little Brier Creek Lane, Ste 106, Raleigh, NC 27617 401 N Atlantic Ave, Ocean City, MD 21842 218 Elizabeth St, East Jordan, MI 49727 881 Alma Real Dr, Pacific Palisades, CA 90272 13451 and 13453 Fishhawk Blvd, Riverview, FL 33569 Term Loan Nonstore Retailers Food Services and Drinking Places Term Loan Ambulatory Health Care Services Term Loan Building Material and Garden Equipment and Supplies Dealers Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus 2.75% 12/13/2031 Prime plus 2.75% Prime plus 2.75% 10/13/2047 5/13/2032 Prime plus 2.75% 12/13/2031 Prime plus 2.75% 12/13/2047 Food and Beverage Stores Term Loan Prime plus 2.75% 12/10/2031 Rental and Leasing Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/10/2031 Term Loan Prime plus 2.75% 12/10/2046 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/10/2031 Health and Personal Care Stores Term Loan Prime plus 2.75% 12/10/2031 Repair and Maintenance Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Insurance Carriers and Related Activities Merchant Wholesalers, Durable Goods Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 12/10/2046 Term Loan Prime plus 2.75% 4/9/2032 Term Loan Prime plus 2.75% 6/9/2032 Term Loan Prime plus 2.75% 12/9/2031 Term Loan Prime plus 2.75% 4/9/2032 Term Loan Prime plus 2.75% 12/9/2031 Term Loan Prime plus 2.75% 12/9/2031 Term Loan Prime plus 2.75% 12/8/2031 Term Loan Prime plus 2.75% 12/8/2031 Accommodation Term Loan Prime plus 2.75% 12/8/2046 7.5 148.0 4.7 100.0 84.6 17.1 10.0 20.0 500.0 26.0 118.2 20.4 47.1 35.0 18.9 16.0 200.0 17.0 18.9 51.8 7.5 148.0 4.7 100.0 84.6 17.1 10.0 20.0 500.0 26.0 118.2 20.4 47.1 35.0 18.9 16.0 200.0 17.0 18.9 51.8 6.4 167.1 4.4 92.4 95.5 15.5 8.6 22.6 428.7 27.5 122.1 21.7 50.0 30.0 20.1 16.9 211.2 14.6 16.5 56.4 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/8/2046 1,010.8 1,010.8 1,066.6 Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2032 13.1 13.1 13.9 F-15 See accompanying notes to consolidated financial statements. — % 0.04 % — % 0.02 % 0.02 % — % — % 0.01 % 0.11 % 0.01 % 0.03 % 0.01 % 0.01 % 0.01 % — % — % 0.05 % — % — % 0.01 % 0.26 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 12/7/2031 1,137.5 1,137.5 1,000.3 Wilcompute Cali Weights LLC Sweet Pink’s Creamery LLC dba Sweet Charlies Atomic Dog LLC dba Jack's Hard Cider Alley Taco 402, LLC dba Alley Taco 402 Mudshark Studios, LLC Patsy McCraken BB's Childcare, LLC dba Brilliant Brains Learning Center Pinnacle Pools, Inc HMG Strategy, LLC Reliance Healthcare Services LLP dba Always Best Care Senior Services LEBAT Properties, LLC Cliff's Motor Inn, LLC Metalhouse LLC RECS LLC dba Richmond Express Carolina Decompression and Physical Therapy LLC Ryan M. White dba Precision Engraving and Signs Pro Source Services, Inc dba Pro Source Services CDM Field Services, Inc. dba Xcite Automotive Poquoson Law Group, P.C.and Holcomb Solutions, LLC Ascent Holdings LLC and First Ascent, LLC The Four Star Ranch, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#,^) (#,^) (#,^) 200 W Pondera Ave, Lancaster, CA 93534 650 Pressley Rd, Charlotte, NC 28217 391 Quill Dr, Dawsonville, GA 30534 1865 Gettysburg Village Dr, Unit 5, Gettysburg, PA 17325 2002 Missouri Ave, Omaha, NE 68107 1930 NE Oregon St, Portland, OR 97232 514 E Main St., Henryetta, OK 74437 7076 Blondo St., Omaha, NE 68104 20442 Palomar St., Wildomar, CA 92595 55 Post Rd West, Westport, CT 06880 1101 Kings Hwy N, Cherry Hill, NJ 08034 6418 N New Braunfels Ave, San Antonio, TX 78209 4785 Saint Leonard Rd, Saint Leonard, MD 20685 4705 S. Apopka Vineland Rd, Orlando, FL 32819 1804 Dabney Rd, Richmond, VA 23230 11618 US Hwy 70 W, Ste 106, Clayton, NC 27520 2419 Heather Ave, Long Beach, CA 90815 6970 Wallis Rd, West Palm Beach, FL 33413 328 South Jefferson St., Chicago, IL 60661 720 Roger Brown Dr, Newport News, VA 23602 3516 N Spaulding Ave, Chicago, IL 60618 238 Oak St, Medford, NY 11763 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/7/2046 Nonstore Retailers Term Loan Prime plus 2.75% 12/7/2031 Term Loan Prime plus 2.75% 12/7/2031 Food Manufacturing Beverage and Tobacco Product Manufacturing Food Services and Drinking Places Merchant Wholesalers, Durable Goods Insurance Carriers and Related Activities Social Assistance Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/6/2046 Term Loan Prime plus 2.75% 12/6/2031 Term Loan Prime plus 2.75% 12/6/2031 Term Loan Prime plus 2.75% 12/3/2031 Term Loan Prime plus 2.75% 5/3/2032 Term Loan Prime plus 2.75% 12/3/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/3/2031 Food Manufacturing Term Loan Prime plus 2.75% 12/3/2031 Accommodation Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/3/2046 Term Loan Prime plus 2.75% 12/2/2031 Couriers and Messengers Term Loan Prime plus 2.75% 12/1/2031 Ambulatory Health Care Services Term Loan Printing and Related Support Activities Term Loan Prime plus 2.75% 12/1/2031 Prime plus 2.75% 12/1/2031 Specialty Trade Contractors Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/1/2031 Term Loan Prime plus 2.75% 12/1/2031 Term Loan Prime plus 2.75% 11/30/2046 Term Loan Prime plus 2.75% 1/30/2032 Term Loan Prime plus 2.75% 11/30/2046 F-16 See accompanying notes to consolidated financial statements. 42.0 42.5 6.5 42.0 42.5 6.5 47.4 36.4 5.5 22.5 14.4 37.8 14.4 10.2 87.5 38.6 46.0 57.5 315.0 148.3 75.0 18.0 108.1 390.8 168.5 177.0 100.0 22.5 14.4 37.8 14.4 10.2 87.5 38.6 46.0 57.5 315.0 148.3 75.0 18.0 108.1 390.8 168.5 177.0 100.0 24.2 12.3 35.5 12.3 8.8 75.0 33.1 48.1 62.5 270.1 127.3 64.3 16.8 92.7 339.6 179.3 155.3 111.6 0.01 % 0.01 % — % 0.25 % 0.01 % — % 0.01 % — % — % 0.02 % 0.01 % 0.01 % 0.02 % 0.07 % 0.03 % 0.02 % — % 0.02 % 0.08 % 0.04 % 0.04 % 0.03 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) L.O.T Early Learning Center LLC Just Teazzin L.L.C. JMH GROUP, LLC dba Hotworx Studio LR Greenview LLC dba Teaspoon POLARIS BARRE LLC dba PURE BARRE POLARIS Runyaro Richardson dba Self Made Musicnaire J Lan CPA Inc The Piano Outlet, Inc. Edenburg Hospitality Inc (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) Southern Latitude Charters LLC (#,^) Alpine Rings, LLC Those Guys Fitness LLC. Cause of a Kind, LLC (#,^) (#,^) (#,^) Flener IP Law, LLC OneCare Health-Advanced Practice Health & Wellness Corp (#,^) Gerland Investments, Inc dba Premier Martial Arts (#,^) (#) Barahona Plumbing LLC Pho 99 III Vietnamese Restaurant LLC (#,^) (#) Sudha Spirit LLC dba Cork Shop (#) Double Scoop Ice Cream Cascade LLC M & M Liquidation (#,^) (#,^) 650 NW 183rd St, Miami, FL 33169 4815 E Main St., Mesa, AZ 85205 13435 University Ave, Clive, IA 50325 2977 Ygnacio Valley Rd, Unit 2977, Pleasant Hill, CA 94523 1513 Gemini Place, Columbus, OH 43240 14855 Memorial Dr, Houston, TX 77079 12225 South St, Artesia, CA 90701 3775 NW 124th Ave, Coral Springs, FL 33065 2750 SW 145th Ave, Ste 304, Miramar, FL 33027 425 N. Osprey Ave, Sarasota, FL 34236 2040 Independence Commerce Dr, Matthews, NC 28105 2850 Main St., Ste 104, Mesa, AZ 85213 3989 Long Beach Rd, Island Park, NY 11558 77 West Washington St. Ste 800, Chicago, IL 60602 97 Port Richmond Ave, Staten Island, NY 10302 12611 I-10 West, Ste 102, San Antonio, TX 78230 2789 Jefferson Davis Hwy, Unit 107, Stafford, VA 22554 3151 Route 27, Unit K, Franklin Park, NJ 08846 317 East Main St., Branford, CT 06405 2970 Stonecrest Pass, Stonecrest,, GA 30038 16 Millstone, Irvine, CA 92606 Social Assistance Term Loan Prime plus 2.75% 11/30/2031 Personal and Laundry Services Amusement, Gambling, and Recreation Industries Food and Beverage Stores Professional, Scientific, and Technical Services Clothing and Clothing Accessories Stores Professional, Scientific, and Technical Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Professional, Scientific, and Technical Services Scenic and Sightseeing Transportation Clothing and Clothing Accessories Stores Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2046 Term Loan Prime plus 2.75% 3/30/2032 Term Loan Prime plus 2.75% 4/24/2032 Term Loan Prime plus 2.75% 11/24/2031 Term Loan Prime plus 2.75% 11/24/2031 Term Loan Prime plus 2.75% 11/23/2031 Term Loan Prime plus 2.75% 11/23/2031 Term Loan Prime plus 2.75% 11/23/2031 Term Loan Prime plus 2.75% 11/23/2031 Term Loan Prime plus 2.75% 11/23/2031 Term Loan Prime plus 2.75% 11/22/2031 Term Loan Prime plus 2.75% 11/22/2031 Term Loan Prime plus 2.75% 11/22/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/22/2031 Educational Services Term Loan Prime plus 2.75% 4/22/2032 Specialty Trade Contractors Food Services and Drinking Places Food and Beverage Stores Food Services and Drinking Places Nonstore Retailers Term Loan Prime plus 2.75% 11/22/2046 Term Loan Prime plus 2.75% 11/19/2031 Term Loan Prime plus 2.75% 11/19/2031 25.0 25.0 15.2 5.4 7.5 8.0 22.6 12.5 62.5 20.2 15.0 7.5 86.8 15.0 10.0 8.0 24.8 15.0 53.4 25.0 25.0 15.2 5.4 7.5 8.0 22.6 12.5 62.5 20.2 15.0 7.5 86.8 15.0 10.0 8.0 24.8 15.0 53.4 24.2 27.0 14.1 4.6 6.7 6.9 19.3 12.8 66.1 18.3 12.9 6.4 74.4 12.9 8.6 6.9 27.4 12.9 45.8 0.01 % 0.01 % — % — % — % — % — % — % 0.02 % — % — % — % 0.02 % — % — % — % 0.01 % — % 0.01 % 0.03 % — % Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 11/19/2046 11/19/2031 125.0 3.5 125.0 3.5 134.0 3.0 F-17 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) New Magnolia Garden Center, Inc BECCS BROWS LLC Ryshaan LLC dba Fyzical Therapy and Balance Center Kouklet LLC (#,^) (#,^) (#) (#,^) IVF Cryo LLC JJBen, Corporation dba Benson Crane Service (#,^) (#,^) Donald Wells Consulting Co (#,^) Guardian Cyber Solutions, LLC (#,^) West Ballantyne Animal Hospital PLLC Rex Regum Incorporated dba Mr. Electric of Concord CA (#,^) (#,^) Caroline Cecil Textiles, LLC (#,^) Dayo J. Jones dba DayoSense Brevard Water Systems Sales & Services Inc EKGolf Inc Reset Cryotherapy LLC (#,^) (#,^) (#,^) (#,^) Uniglobal Pension Planning Inc (#,^) Casablanca Floral Studio Ghioni Tax & Accounting Solutions, LLC Colin Forde DDS PC dba Family & Cosmetic Dental Design Georgia Two-Way Inc Exit Strategies, LLC dba Spa Society Jay Kalimai LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 9620 Chicago Ridge Mall, Chicago Ridge, IL 60609 3950 Long Beach Blvd, Ste 203, Long Beach, CA 90807 3780 Riverchase Village, Ste 900, Hoover, AL 35244 744 South St., Philadelphia, PA 19147 12526 Promise Creek Lane (Building 3), Unit 326, Fishers, IN 46038 437 Route 212, Saugerties, NY 12477 2347 Bright Meadows, Missouri City, TX 77489 14011 Hollow Crest Place, Riverview, FL 33579 11926 Providence Rd W, Charlotte, NC 28277 3737 Parkmall Court, Concord, CA 95419 3834 N 35th Place, Phoenix, AZ 85018 2306 South Eddy St., Seattle, WA 98108 3101 US-1, Mims, FL 32754 10890 Douglas Ave, Urbandale, IA 50322 1220 20th St, Miami Beach, FL 33139 4114 Legato Rd, Fairfax, VA 22033 106 Ram Cat Alley, Seneca, SC 29678 958 NE Kelly Ave, Gresham, OR 97030 7520 Montgomery Blvd NE Bldg C, Albuquerque, NM 87109 1206 GA Hwy 30 West, Americus, GA 31719 500 Ave at Port Imperial, Ste E, Weehawken, NJ 07086 310 S Robinson Dr, Waco, TX 76706 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2046 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/19/2032 Food Manufacturing Term Loan Prime plus 2.75% 11/19/2031 Professional, Scientific, and Technical Services Rental and Leasing Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Specialty Trade Contractors Professional, Scientific, and Technical Services Food Services and Drinking Places Administrative and Support Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/19/2046 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Prime plus 2.75% 11/17/2031 Term Loan Prime plus 2.75% 11/17/2031 3.5 84.8 8.7 6.5 30.0 154.7 12.5 10.0 10.6 11.9 5.5 11.0 27.8 4.6 35.0 3.5 84.8 8.7 6.5 30.0 154.7 12.5 10.0 10.6 11.9 5.5 11.0 27.8 4.6 35.0 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2031 Prime plus 2.75% 11/16/2031 105.0 105.0 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2031 Term Loan Prime plus 2.75% 11/12/2031 2.7 5.0 2.7 5.0 Ambulatory Health Care Services Term Loan Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 11/12/2031 Prime plus 2.75% 11/12/2046 162.5 162.5 176.5 30.0 27.5 32.0 30.0 27.5 32.0 25.7 23.8 36.1 Personal and Laundry Services Term Loan Prime plus 2.75% 11/12/2031 Gasoline Stations Term Loan Prime plus 2.75% 11/12/2046 F-18 See accompanying notes to consolidated financial statements. 3.0 93.2 8.1 5.6 31.2 144.2 10.7 8.6 9.1 10.2 4.8 9.7 23.9 4.3 31.9 90.0 2.3 4.3 — % 0.02 % — % — % 0.01 % 0.04 % — % — % — % — % — % — % 0.01 % — % 0.01 % 0.02 % — % — % 0.04 % 0.01 % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Kebab Daddy Inc Cresson-Inn Bar & Grille, Inc. US Ideal Diamond Cutting Works Inc (#,^) (#,^) (#,^) New Generation Products LLC (#,^) The Loyal Subjects Wave 2, LLC (#,^) Bofill's Barbeque LLC Codame Enterprises LLC dba Firehouse Subs #142 Sargas Pharmaceutical Adherence & Compliance Intl, LLC (#) (#,^) (#,^) Solo Creer LLC dba DoodyCalls (#,^) Branded Goods LLC ORCHID ENERGY SOLUTIONS (#,^) (#,^) LA SCAPES LLC Michelle Rianne Turney dba The Collective Salon Suites (#,^) (#,^) The Soda Spot LLC Ricky W. Kent dba VT-Doors-N- More (#,^) (#,^) Ecuadane, Inc. Top Knot Studio, LLC dba Goldenrod Parlor Sivalingam Medical Corporation, Inc dba First Valley Medical Group (#,^) (#,^) (#,^) Bettencourt Flying Service, Inc. (#,^) ECOCOSM, INC. New Mexico Rey LLC (#,^) (#,^) Paul Genzink LLC dba VSBL (#,^) 3701 Ocean View Blvd. A-3, Montrose, CA 91020 114 Gay St., Manayunk, PA 19127 5757 Alpha Rd,Ste 502, Dallas, TX 75240 5013 Pacific Hwy E, Fife, WA 98424 144 West Washington Blvd, Los Angeles, CA 90007 15159 South Cicero Ave, Oak Forest, IL 60452 1547 Main St., Dunedin, FL 34698 109 H St., Bakersfield, CA 93304 13096 County Rd 192, Tyler, TX 75703 1975 Stirling Rd, Stes A, B, and C, Davie, FL 33004 3662 Clyde Park Ave SW, Wyoming, MI 49509 1812 Portview Dr, Spring Hill, TN 37174 809 Frolich Dr, Midwest City, OK 73110 7240 W. Azure Rd, Ste #105, Las Vegas, NV 89130 49 Mill Rd, Mount Tabor, VT 05739 9 Windsor Court, Purchase, NY 10577 220 NW 8th Ave, Ste 40, Gainesville, FL 32601 44725 10th St W, Ste 210, Lancaster, CA 93534 1066 South Bert Crane Rd, Atwater, CA 95301 201 Spear St., San Francisco, CA 94105 3520 Pan American Fwy NE, Albuquerque, NM 87107 1332 Pinegrove NW, Grand Rapids, MI 49504 Food Services and Drinking Places Food Services and Drinking Places Merchant Wholesalers, Durable Goods Electronics and Appliance Stores Merchant Wholesalers, Durable Goods Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Waste Management and Remediation Services Food Services and Drinking Places Miscellaneous Store Retailers Administrative and Support Services Personal and Laundry Services Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/12/2031 Term Loan Prime plus 2.75% 11/10/2046 Term Loan Prime plus 2.75% 11/10/2031 Term Loan Prime plus 2.75% 11/10/2031 Term Loan Prime plus 2.75% 11/10/2031 Term Loan Prime plus 2.75% 2/10/2047 Term Loan Prime plus 2.75% 11/10/2031 Term Loan Prime plus 2.75% 11/9/2046 Term Loan Prime plus 2.75% 11/9/2031 Term Loan Prime plus 2.75% 11/9/2031 Term Loan Prime plus 2.75% 11/8/2031 Term Loan Prime plus 2.75% 11/8/2031 Term Loan Prime plus 2.75% 4/8/2032 Term Loan Prime plus 2.75% 2/5/2032 Term Loan Prime plus 2.75% 11/5/2046 Term Loan Prime plus 2.75% 11/5/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 11/5/2031 16.5 47.7 20.0 200.0 200.0 30.0 27.9 19.6 6.3 75.0 25.0 10.5 4.0 5.5 21.7 35.0 5.0 16.5 47.7 20.0 200.0 200.0 30.0 27.9 19.6 6.3 75.0 25.0 10.5 4.0 5.5 21.7 35.0 5.0 15.4 52.6 17.1 171.5 171.5 32.1 23.9 21.9 5.4 72.4 21.4 9.0 3.4 5.0 24.3 30.1 4.3 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/5/2031 146.0 146.0 135.5 Air Transportation Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 11/5/2031 Term Loan Prime plus 2.75% 11/5/2031 Term Loan Prime plus 2.75% 11/5/2031 Term Loan Prime plus 2.75% 11/5/2031 84.5 35.0 7.0 5.0 84.5 35.0 7.0 5.0 73.0 30.0 6.2 4.4 — % 0.01 % — % 0.04 % 0.04 % 0.01 % 0.01 % 0.01 % — % 0.02 % 0.01 % — % — % — % 0.01 % 0.01 % — % 0.03 % 0.02 % 0.01 % — % — % F-19 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Square One Step LLC Wiser ID LLC INE Incorporated dba Juice It Up Colton Finally Pest Control, LLC LoCo Apparel LLC Gin Ray International LLC MDx BioAnalytical Laboratory, Inc CPH Fremont South LLC CPH Palato , CPH Palo Alto, CPH Cupertino (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) HI5 HOME INNOVATION, LLC (#,^) Half-Pass Ltd dba Canterbury Tack & Apparel (#,^) JMC Auto,LLC Arcas Machine Inc. (#,^) (#,^) Cortlandt Racquet Club, Inc. dba (#,^) Pride Gymnastics Academy, LLC (#,^) 100% Permanent Inc. Idiot Racing LLC dba Idiot Racing La Cueva Inc Potato Bros, LLC dba Crumbl Cookies Chicago Old Town (#,^) (#,^) (#,^) (#) Kedai Indonesian Cafe High Street Technologies LLC and Merchant Connections LLC (#,^) Love at First Bite LLC dba Standlee's (#,^) (#) UnVeil Media Group LLC (#,^) 10710 Barker Cypress Rd, Ste B, Cypress, TX 77433 26 Twin Oaks Dr, Nashville, TN 37211 1040-1100 S. Mt. Vernon Ave, Riverside, CA 92507 12118 Sellerton Dr, Fishers, IN 46037 2201 Long Prairie Rd, Unit 107- 314, Flower Mound, TX 75022 8776 & 8778 NE Sandy Blvd, Portland, OR 97220 5890 Imperial Loop Dr. Ste 12, College Station, TX 77845 46703 Mission Blvd, Fremont, CA 94539 9187 Holliston Creek Place, Winter Garden, FL 34787 1291 West 137th Court, Broomfield, CO 80023 644 Southfield Rd, Lincoln Park, MI 48146 700 N Neely St., Gillbert, AZ 85233 2127 Albany Post Rd, Montrose, NY 10548 7801 Old Hwy 51, Broken Arrow, OK 74014 1315 N Larrabee, Chicago, IL 60610 13701 Sweetwater Cove Place, Tampa, FL 33613 9742 E Colfax Ave, Aurora, CO 80010 1435 N Wells St., Chicago, IL 60610 110 S Mountain Ave, Upland, CA 91786 6331 Paris Ave, New Orleans, LA 70122 880 Blackwood Rd, Chula Vista, CA 91910 2251 Stone Pile Dr, Concord, NC 28025 Amusement, Gambling, and Recreation Industries Publishing Industries (except Internet) Food Services and Drinking Places Administrative and Support Services Nonstore Retailers Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Food Services and Drinking Places Nonstore Retailers Clothing and Clothing Accessories Stores Repair and Maintenance Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Personal and Laundry Services Transportation Equipment Manufacturing Food Services and Drinking Places Food and Beverage Stores Food Services and Drinking Places Administrative and Support Services General Merchandise Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/4/2032 Term Loan Prime plus 2.75% 11/4/2031 Term Loan Prime plus 2.75% 4/3/2032 Term Loan Prime plus 2.75% 11/3/2031 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2046 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2031 16.8 5.0 34.0 12.6 99.6 140.0 24.9 95.7 6.0 7.3 87.0 105.2 16.8 5.0 34.0 12.6 99.6 140.0 24.9 95.7 6.0 7.3 87.0 105.2 15.5 4.3 29.3 10.8 91.6 144.1 25.3 — % — % 0.01 % — % 0.02 % 0.04 % 0.01 % 82.9 0.02 % 5.1 6.3 83.0 97.4 Term Loan Prime plus 2.75% 10/29/2046 1,250.0 1,250.0 1,411.3 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/28/2046 Term Loan Prime plus 2.75% 3/28/2032 Term Loan Prime plus 2.75% 4/27/2032 Term Loan Prime plus 2.75% 10/27/2031 Term Loan Prime plus 2.75% 10/27/2031 Term Loan Prime plus 2.75% 10/27/2031 10.5 13.8 3.0 68.6 14.4 9.5 7.3 25.9 5.0 10.5 13.8 3.0 68.6 14.4 9.5 7.3 25.9 5.0 9.0 12.8 2.6 77.4 13.5 8.2 6.2 22.2 4.3 — % — % 0.02 % 0.02 % 0.35 % — % — % — % 0.02 % — % — % — % 0.01 % — % F-20 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Healthcare At Home LLC Jason Watt Pictures, LLC By Modern Design LLC Owkalasho LLC dba The UPS Store 299 Right Choice Accounting Solutions, LLC Sabri Enterprises, Inc. M&P_CAL, LLC dba Hotworx Anaheim Hills (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) Tucker Management Group, LLC (#,^) ProBio Search & Career Services Corporation (#,^) Kynytyx, Inc. Alicia A. Oswald dba Elevated Chiropractic Voyager Scientific, LLC Simply Appliances, Inc. Premiere, Inc Big Creek Travel LLC Balanced Health & Fitness LLC dba F45 NW Reno J&L Naturals LLC (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) LN Accounting Advisor LLC (#,^) Barber's Home Innovations LLC (#,^) Blue 360 Media, LLC Skate-A-While Longer, LLC Symmonds, LLC dba North End Tavern A&D Enterprise Inc dba FastFrame (#,^) (#,^) (#,^) (#,^) 5243 Snapfinger Woods Dr, Unit #104, Decatur, GA 30035 110 Broadway, Brooklyn, NY 11249 1436 Luz De Sol Dr, El Paso, TX 79912 3755 Avocado Blvd, La Mesa, CA 91941 3210 Royal Creek Way, Lilburn, GA 30047 11134 Hoffman Dr, Germantown, MD 20876 8086 East Santa Canyon Rd, Anaheim, CA 92808 115 Tyler Rd, Remlap, AL 35133 735 County Line Rd, Villanova, PA 19085 990A Station Rd, Bellport, NY 11713 3555 Kenyon St., San Diego, CA 92110 309 Washington St., Conshohocken, PA 19428 1811 Douglas Blvd., Ste 5, Roseville, CA 95611 615 North Landry Dr, New Iberia, LA 70563 5020 Chase Lane, Cumming, GA 30240 5110 Mae Anne Dr, Ste 702, Reno, NV 89521 110 Oakpark Dr, Mooresville, NC 28115 3663 Washington Ave, Houston, TX 77007 3287 Enisgrove Dr E, Palm Harbor, FL 34683 2750 Rasmussen Rd, Park City, UT 84098 220 Ridge St. and 229 South George St., Rome, NY 13440 914 IA-5 Business North, Pleasantville, IA 50225 4150 Legacy Dr, Ste 412, Frisco, TX 75034 Ambulatory Health Care Services Term Loan Motion Picture and Sound Recording Industries Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus 2.75% 10/26/2046 Prime plus 2.75% 10/26/2031 Prime plus 2.75% 10/26/2031 Couriers and Messengers Professional, Scientific, and Technical Services Clothing and Clothing Accessories Stores Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Administrative and Support Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/25/2031 Term Loan Prime plus 2.75% 10/25/2031 Term Loan Prime plus 2.75% 10/22/2031 Term Loan Prime plus 2.75% 3/22/2032 Term Loan Prime plus 2.75% 10/22/2031 Term Loan Prime plus 2.75% 10/22/2031 Term Loan Prime plus 2.75% 5/22/2032 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/22/2031 Prime plus 2.75% 10/22/2031 Electronics and Appliance Stores Term Loan Prime plus 2.75% 10/21/2031 Support Activities for Mining Administrative and Support Services Amusement, Gambling, and Recreation Industries Health and Personal Care Stores Professional, Scientific, and Technical Services Specialty Trade Contractors Publishing Industries (except Internet) Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 10/21/2031 Term Loan Prime plus 2.75% 10/19/2031 Term Loan Prime plus 2.75% 2/19/2032 Term Loan Prime plus 2.75% 10/15/2031 Term Loan Prime plus 2.75% 10/15/2031 Term Loan Prime plus 2.75% 10/15/2031 Term Loan Prime plus 2.75% 10/13/2046 Term Loan Prime plus 2.75% 10/13/2046 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/12/2031 F-21 See accompanying notes to consolidated financial statements. 26.2 14.9 5.0 35.7 3.5 6.0 14.2 22.4 14.6 71.3 2.4 10.0 14.9 79.7 3.5 51.7 13.4 10.0 29.9 26.2 14.9 5.0 35.7 3.5 6.0 14.2 22.4 14.6 71.3 2.4 10.0 14.9 79.7 3.5 51.7 13.4 10.0 29.9 29.0 12.8 4.3 30.6 3.0 5.2 13.2 23.4 12.5 75.7 2.0 8.5 12.8 84.3 3.0 47.0 11.4 8.5 25.6 16.0 14.4 23.3 16.0 14.4 23.3 18.1 16.0 20.2 0.01 % — % — % 0.01 % — % — % — % 0.01 % — % 0.02 % — % — % — % 0.02 % — % 0.01 % — % — % 0.01 % 0.09 % — % — % 0.01 % Term Loan Prime plus 2.75% 10/15/2031 410.4 410.4 352.7 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Prime plus 2.75% 10/12/2031 8.0 14.9 8.0 14.9 6.8 12.8 — % — % Prime plus 2.75% 3/12/2032 118.8 118.8 102.1 0.03 % Prime plus 2.75% 10/8/2031 Term Loan Prime plus 2.75% 10/8/2031 3.0 5.0 3.0 5.0 2.6 4.3 — % — % Term Loan Prime plus 2.75% 10/8/2031 173.9 173.9 149.1 0.04 % Mary Rozzi LLC Bella Ottica LLC dba Eyes on Towne Lake Mitchell Authentic Inc RockBox Fitness Jed Thomas Consulting, Inc dba Woggle Consulting Agape R. E. Solutions LLC Because it's Better Inc Shattered Prism LLC Be Known, LLC Angels Learning Center Inc,Hector A. Velasquez,Milene A. Velasquez,Mil Greylab LLC dba Mighty Dog Roofing North DFW SIDCOR Gunsmithing LLC Kotyark L.L.C.dba Gibsonton Motel Krown Records, LLC Backoffice Ally LLC dba Satterley Accounting Services The Gold Standard Accounting & Tax Inc (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) LOVEBUG NUTRITION Inc (#,^) Skaggs RV Outlet, LLC New Greater Generation Family Funeral Group, LLC Orchard Collision, Inc Centre Storage and Matthew Wayne Vines Great II, LLC (#,^) (#,^) (#,^) (#,^) (#,^) 52153 Pipes Canyon Rd #552, Pioneertown, CA 92268 1075 Buckhead Crossing, Ste 130, Woodstock, GA 30189 4880 Lower Roswell Rd, Marietta, GA 30068 3 Trackside Dr, Kennebunk, ME 04043 33 Market Point Dr, Greenville, SC 29607 84 Stonecrest Rd, Ridgefield, CT 06877 63 Flushing Ave, Brooklyn, NY 11205 802 Evolve Way, Knoxville, TN 37915 2801 Central Ave, Union City, NJ 07087 10215 El Cinco Dr, Frisco, TX 75033 3213 Catalpa Dr, Springfield, IL 62712 11545 US Hwy 41 S, Gibsonton, FL 33534 5311 S Big Horn Pl, Chandler, AZ 85249 70 Raynham Ave, Portsmouth, RI 02871 4911 Warner Ave Ste 211, Huntington Beach, CA 92649 115 E 34th St., New York, NY 10156 301 Commerce Dr, Elizabethtown, KY 42701 1400 N Hampton Rd, DeSoto, TX 75115 14898 Telegraph Rd, Redford, MI 48239 1650 Clarence E Chesnut Jr Bypass, Centre, AL 35960 4390 Commerce Circle, Idaho Falls, ID 83401 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/12/2031 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Term Loan Real Estate Merchant Wholesalers, Nondurable Goods Rental and Leasing Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/8/2031 Term Loan Prime plus 2.75% 10/7/2031 Social Assistance Term Loan Prime plus 2.75% 10/7/2031 Specialty Trade Contractors Fabricated Metal Product Manufacturing Accommodation Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/7/2031 Term Loan Prime plus 2.75% 10/7/2031 Term Loan Prime plus 2.75% 10/6/2031 Term Loan Prime plus 2.75% 10/5/2031 Term Loan Prime plus 2.75% 10/4/2031 Term Loan Prime plus 2.75% 1/4/2032 Health and Personal Care Stores Term Loan Prime plus 2.75% 9/30/2031 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 9/30/2046 Repair and Maintenance Term Loan Prime plus 2.75% 9/30/2046 Real Estate Term Loan Prime plus 2.75% 9/30/2046 15.4 7.5 32.8 26.8 5.4 15.4 8.4 6.0 10.4 119.6 49.5 24.3 61.0 69.4 15.4 7.5 32.8 26.8 5.4 15.4 8.4 6.0 10.4 119.6 49.5 24.3 61.0 69.4 15.3 6.4 28.1 23.0 4.9 15.4 7.2 5.1 8.9 109.6 52.4 26.3 65.2 78.3 — % — % 0.01 % 0.01 % — % — % — % — % — % 0.03 % 0.01 % 0.01 % 0.02 % 0.02 % 0.06 % Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2046 212.4 212.4 239.8 F-22 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Champion's Florida LLC & Market Vision Holdings, LLC (#,^) Lively's Collision, Center LLC (#,^) Tony D's Hooked, LLC ( Great II, LLC WALKING URGENT CARE, INC Faxon Enterprises Inc Coast 2 Coast Restoration LLC,Coast 2 Coast Real Estate LLC &Coast 2 Timothy A Chapamn dba Tim's Auto Tech OSSA LLC Garage Floor Coating of MN.com, LLC Aitheras Aviation Group, LLC, a Florida Liimited Liability Company & A Motion Physical Medicine & Wellness, PLLC Pueblo Canyon, LLC, Matthew Benjamin Allen and Elizabeth Kelly Allen Nidal Radwan, M.D., P.A (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Daring Business Strategies Inc. TRI-COUNTY SERVICES, INC. and Andrew M Chehata Agerton Timber LLC and Agerton Transportation, LLC (#,^) (#,^) (#,^) Norma Skin Care and SPA LLC (#,^) Chris Landscaping Inc dba New England Tree Co. Jafar and Jamal, Inc dba Foodland ; IMAD Corporation Prestige Products of Central Florida, Inc dba Milcarsky's Appliances (#,^) (#,^) (#) 1360 NW 88th Ave, Doral, FL 33172 5115 Jefferson Davis Hwy, North Augusta, SC 29841 378 Rope Ferry Rd aka Mago Point Way, Waterford, CT 06385 142 WA-150, Chelan, WA 98816 10308 W Sample Rd, Coral Springs, FL 33065 3107 Nichols Ave, Bay City, TX 78259 3505 Veterans Memorial Hwy, Ronkonkoma, NY 11779 62 North Canal St., Oxford, NY 13830 300 Iberia St., Youngsville, LA 70503 6701 W 23rd St, Minneapolis, MN 55426 2301 N Marginal Rd, Cleveland, OH 44114 13100 Wortham Center Dr, Houston, TX 77065 199 SAN ILDEFONSO Rd, LOS ALAMOS, NM 87544 18100 N.E. 19th Ave, North Miami Beach, FL 33162 600 Front St., Lynden, WA 98264 4900 SW 51st St., Davie, FL 33314 3166 Aurelle Rd, Strong, AR 71765 3364 Coral Way, Miami, FL 33145 1139 Washington St., Stoughton, MA 02072 11 Highland Ave, Malden, MA 02148 1180 Emma Oaks Trail, Lake Mary, FL 32746 Amusement, Gambling, and Recreation Industries Repair and Maintenance Food Services and Drinking Places Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2046 1,220.0 1,220.0 1,377.3 Term Loan Prime plus 2.75% 9/30/2046 147.1 147.1 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 9/30/2046 9/30/2031 134.9 1,026.9 134.9 1,026.9 Ambulatory Health Care Services Term Loan Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/30/2031 64.8 64.8 Prime plus 2.75% 9/30/2046 1,034.2 1,034.2 1,067.8 154.5 143.2 891.4 57.6 0.34 % 0.04 % 0.04 % 0.22 % 0.01 % 0.26 % Construction of Buildings Term Loan Prime plus 2.75% 9/30/2046 377.3 377.3 419.1 0.10 % Repair and Maintenance Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2031 Term Loan Prime plus 2.75% 9/30/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2031 Air Transportation Term Loan Prime plus 2.75% 9/30/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2031 15.3 79.2 66.8 74.3 14.4 15.3 79.2 66.8 74.3 14.4 16.0 80.3 57.4 64.5 12.5 Accommodation Term Loan Prime plus 2.75% 9/29/2046 102.2 102.2 108.0 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Administrative and Support Services Term Loan Term Loan Prime plus 2.75% 9/29/2031 Prime plus 2.75% 9/29/2031 81.9 34.7 81.9 34.7 73.2 29.7 Prime plus 2.75% 9/29/2031 335.2 335.2 287.4 Forestry and Logging Professional, Scientific, and Technical Services Administrative and Support Services Term Loan Prime plus 2.75% 9/29/2031 Term Loan Prime plus 2.75% 9/29/2031 Term Loan Prime plus 2.75% 9/29/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 3/29/2032 29.0 13.9 78.2 19.7 29.0 13.9 78.2 19.7 26.4 11.9 69.5 17.5 — % 0.02 % 0.01 % 0.02 % — % 0.03 % 0.02 % 0.01 % 0.07 % 0.01 % — % 0.02 % — % Electronics and Appliance Stores Term Loan Prime plus 2.75% 9/29/2031 247.5 247.5 212.2 0.05 % F-23 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Metro of Livernois Inc Group Vertical, LLC dba Group Vertical Creche N Crew, LLC SoCal Propane LLC NMFM Consulting, LLC (#) (#,^) (#,^) (#,^) (#,^) JRBA Inc dba Bulger True Value (#,^) Cj Real Estate Partners LLC Art Food Attitude Inc. dba Bamboo Leaf Thai Eatery Catching Fish LLC dba Man Overboard Bait and Tackle Teaghlach Firearms LLC dba TFirearms LuLu Kingdom LLC Strong Tower 10933, Inc. Coast to Coast Auto Sales Incorporated C.D.A. Serviceability Trust Inc (Co-Borrower) Coast to Coast Carmel Corporation dba Coast To Coast Collection (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) Momentum Metal Finishing Inc. (#,^) Daisi Inc. Michael Risoldi's Auto Repair Inc. D&M Properties, LLC Rightworks Staffing Inc. Ben Anderson 365 Gateway Auto Service and Collision #2 Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 17149 Livernois, Detroit, MI 48221 678 Front Ave Northwest, Grand Rapids, MI 49504 3185 West Ward Rd, Dunkirk, MD 20754 220 N San Jacinto St, Hemet, CA 92543 3636 Lake Ave, Wilmette, IL 60091 1185 W Santa Fe St, Olathe, KS 66061 1800 E Palm Ave, Tampa, FL 33605 724 Main St., Bradley Beach, NJ 07720 1825 S. Patrick Dr, Ste B, Harbour Beach, FL 32937 117 S. Main St., Altus, OK 73526 18 S. 20th St., Philadelphia, PA 19103 15530 NW US Hwy 441, Alachua, FL 32615 9200 E 131 St St., Fishers, IN 46038 4501 6th Ave, Tacoma, WA 98406 9450 N Aronson Rd, Indianapolis, IN 46240 1286 Anvilwood Ave, Sunnyvale, CA 94089 10300 West Charleston Blvd, Las Vegas, NV 89135 1435 Woodlane Rd, Eastampton, NJ 08060 2600 Coon Rapids Blvd Nortwest, Coon Rapids, MN 55433 1201 Kenwood Ave, Austin, TX 78704 9920 Research Dr, Irvine, CA 93108 1205 South 8th Ave, Maywood, IL 60153 Telecommunications Term Loan Prime plus 2.75% 1/29/2047 Nonstore Retailers Term Loan Prime plus 2.75% 9/29/2031 Social Assistance Term Loan Prime plus 2.75% 9/29/2046 Nonstore Retailers Term Loan Prime plus 2.75% 9/29/2046 Term Loan Prime plus 2.75% 9/29/2046 Term Loan Prime plus 2.75% 9/28/2031 Term Loan Prime plus 2.75% 2/28/2047 Term Loan Prime plus 2.75% 9/28/2031 Term Loan Prime plus 2.75% 9/28/2031 Term Loan Prime plus 2.75% 9/28/2031 Term Loan Prime plus 2.75% 2/28/2032 Term Loan Prime plus 2.75% 9/27/2031 Term Loan Prime plus 2.75% 9/27/2031 Term Loan Prime plus 2.75% 9/27/2046 Specialty Trade Contractors Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Fabricated Metal Product Manufacturing Food Services and Drinking Places Food Services and Drinking Places Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Fabricated Metal Product Manufacturing Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 9/27/2031 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2031 Repair and Maintenance Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/24/2031 Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2046 F-24 See accompanying notes to consolidated financial statements. 202.5 177.8 257.1 302.1 267.1 25.5 230.9 25.7 5.3 2.8 15.5 8.2 148.5 69.2 202.5 177.8 257.1 302.1 267.1 25.5 230.9 25.7 5.3 2.8 15.5 8.2 148.5 69.2 215.0 152.5 290.3 341.0 280.7 21.8 254.8 22.2 4.6 2.4 14.1 7.0 127.1 78.0 108.9 125.3 25.3 148.5 49.5 29.7 108.9 125.3 25.3 148.5 49.5 29.7 93.2 129.0 21.7 127.1 42.4 33.6 0.05 % 0.04 % 0.07 % 0.08 % 0.07 % 0.01 % 0.06 % 0.01 % — % — % — % — % 0.03 % 0.02 % 0.06 % 0.29 % 0.02 % 0.03 % 0.01 % 0.03 % 0.01 % 0.01 % Term Loan Prime plus 2.75% 9/27/2031 302.0 302.0 259.7 Term Loan Prime plus 2.75% 9/27/2046 1,057.4 1,057.4 1,179.5 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) 3-2-1 Go LLC dba Burgerz and Ballz Taurus Legacy, LLC dba Papas Diner Mag Auto Group Inc dba MAG Motor Company Great Dog Products for Great People LLC dba Royal Frenchel Forays, Ltd dba Northern Comfort (#,^) (#,^) (#,^) (#,^) (#,^) (#) RightTalents LLC Teach 2 Teach Music Lessons, LLC Black Market Restaurant Group Inc. dba Black Market Meal Prep (#) USA Security Services Corporation (#) (#) Vincent Remodeling, LLC (#,^) Quinn da Matta Productions LLC (#,^) MDJ Chiropractic PC Udder Free Only, LLC Oui Pastry LLC Phillips Diesel Service LLC (#,^) (#,^) (#,^) (#,^) Goode Tax and Resolution, LLC (#,^) Preston E. Jones dba Tiny Homer (#,^) (#) Hurricane Beauty LLC Radiator Fans Unlimited LLC and Gros Holdings Unlimited, Inc Radiator Fans Unlimited LLC and Gros Holdings Unlimited Inc (#,^) (#,^) 868 Fulda Ave NW, Palm Bay, FL 32907 626 FL-50, Clermont, FL 34711 1890 North Main St., Walnut Creek, CA 94596 13207 Squawwood Lane SE, Rainier, WA 98576 2800 N. Lagoon Dr, Wasilla, AK 99654 639 Passaic Ave, Nutley, NJ 07110 184 Marshall Hill Rd, West Milford, NJ 07480 29941 Aventura, Ste K, Rancho Santa Margarita, CA 92688 844 Hebron Ave, Glastonbury, CT 06033 4667 Riverbend RdTrussville, Trussville, AL 35173 2155 Outpost Dr, Los Angeles, CA 90068 18009 Jamaica Ave, Jamaica, NY 11432 3603 Vinton Ave Unit 205, Los Angeles, CA 90034 1905 Scenic Hwy N #10000b, Snellville, GA 30078 4150 S 32nd St W, Muskogee, OK 74401 2527 Standifer Place, Lanham, MD 20706 62361 Mary Miller Ave, Homer, AK 99603 1110 vandon loop, Berlin, NJ 08009 Food Services and Drinking Places Food Services and Drinking Places Motor Vehicle and Parts Dealers Animal Production and Aquaculture Nursing and Residential Care Facilities Administrative and Support Services Educational Services Food Services and Drinking Places Administrative and Support Services Construction of Buildings Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/24/2046 Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 3/24/2032 Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/23/2031 Term Loan Prime plus 2.75% 9/23/2031 Ambulatory Health Care Services Term Loan Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 9/22/2031 Prime plus 2.75% 9/21/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 9/17/2031 Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/17/2046 Term Loan Prime plus 2.75% 9/17/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/17/2031 Nonstore Retailers Term Loan Prime plus 2.75% 9/17/2031 6179 Alameda Ave, El Paso, TX 79905 6179 Alameda Ave, El Paso, TX 79905 Merchant Wholesalers, Durable Goods Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2031 Term Loan Prime plus 2.75% 9/15/2046 F-25 See accompanying notes to consolidated financial statements. 5.3 9.4 218.8 12.4 172.4 9.9 10.4 29.5 99.0 14.9 4.2 5.0 17.8 5.0 30.5 3.2 5.4 9.9 53.2 44.8 5.3 9.4 218.8 12.4 172.4 9.9 10.4 29.5 99.0 14.9 4.2 5.0 17.8 5.0 30.5 3.2 5.4 9.9 53.2 44.8 4.8 8.0 187.3 11.0 186.6 8.5 8.9 26.1 84.7 12.7 3.6 4.2 15.8 4.2 32.4 2.7 5.8 8.5 46.3 49.7 — % — % 0.05 % — % 0.05 % — % — % 0.01 % 0.02 % — % — % — % — % — % 0.01 % — % — % — % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) For The Love Athletics LLC Aaron Mahoney dba Alaska Gulf Coast Expeditions MTR Designs LLC SkyEstate LLC dba Vango's Drive Thru JEMS Transportation & Logistics LLC R & S Chroniger Enterprises, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Touch of Therapy Massage, LLC (#,^) Dennis Hair Studio Inc Amado Trader LLC dba Amado Games LLC MattCole Construction and Roofing, LLC O&O Welding Zone Corp Octopus Records LLC Panditos LLC dba White Lotus Home (#) (#,^) (#,^) (#,^) (#,^) (#) Essex Trade, Inc.dba Artesano's (#,^) Tri T. Le dba AN Company Trash Can Rescue LLC Kyle Keiper LLC Remsund Group Inc dba Remsund Group B & W Towing, LLC Queen Oxygen Co. dba Quest Cylinder Co. Y & C Company INC dba Miji- Mura Hibachi & Sushi Alaska Industrial Paint, LLC dba Alaska Fleet and Collision Specialist Le Bajec Le LLC (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) 225 N Downing St, Davidson, Davidson, NC 28036 16347 Deerfield St,, Ninilchik, AK 99639 205 North 12th St., Opelika, AL 36801 4000 Leap Rd, Hilliard, OH 43026 30715 Basil Trace Dr, Spring, TX 77386 1681 Beech Ln, Hanover, PA 17331 8510 Warner Rd, Ste 300, Plain City, OH 43064 1566 Union Turnpike, New Hyde Park, NY 11040 5545 Bulls Bay D, Virginia Beach, VA 23462 2529 Boxford Lane, Cordova, TN 38016 2100 4th St., Orlando, FL 32824 72-05 72nd Place, 2B, Glendale, NY 11385 745 Joyce Kilmer Ave, New Brunswick, NJ 08901 33 Bearskin Neck, Rockport, MA 01966 1431 Amro Way, South El Monte, CA 91733 1096 Nast Chapel Rd, Martinsville, IN 46151 3408 Spring St #1, Pompano Beach, FL 33062 6581 Westland Dr, Brownsburg, IN 46112 701 Addison Rd, Painted Post, NY 14870 239 Lafayette St., London, OH 43140 1850 N University Dr,, Coral Springs, FL 33071 Educational Services Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 9/14/2031 Term Loan Prime plus 2.75% 9/14/2031 Nonstore Retailers Term Loan Prime plus 2.75% 9/14/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 9/14/2031 Truck Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 9/14/2031 Term Loan Prime plus 2.75% 9/14/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2031 Personal and Laundry Services Term Loan Prime plus 6.5% 9/13/2031 Nonstore Retailers Term Loan Prime plus 2.75% 9/13/2031 Specialty Trade Contractors Repair and Maintenance Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 9/13/2031 9/13/2046 Nonstore Retailers Term Loan Prime plus 2.75% 9/13/2031 General Merchandise Stores Term Loan Prime plus 2.75% 9/10/2031 Miscellaneous Store Retailers Printing and Related Support Activities Administrative and Support Services Heavy and Civil Engineering Construction Couriers and Messengers Support Activities for Transportation Merchant Wholesalers, Durable Goods Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2031 Term Loan Prime plus 2.75% 9/10/2031 Term Loan Prime plus 2.75% 9/10/2031 Term Loan Prime plus 2.75% 9/10/2031 Term Loan Prime plus 2.75% 9/10/2031 Term Loan Prime plus 2.75% 2/9/2047 Term Loan Prime plus 2.75% 9/9/2031 4.9 28.7 7.4 30.3 14.9 17.7 14.9 6.2 4.5 54.5 48.0 4.5 19.8 6.1 15.6 18.7 12.0 54.5 71.9 44.9 4.9 28.7 7.4 30.3 14.9 17.7 14.9 6.2 4.5 54.5 48.0 4.5 19.8 6.1 15.6 18.7 12.0 54.5 71.9 44.9 4.2 24.6 6.4 25.9 12.7 15.2 15.7 6.2 3.8 49.6 52.8 3.9 16.9 5.3 14.4 17.3 11.3 46.6 80.1 43.6 — % 0.01 % — % 0.01 % — % — % — % — % — % 0.01 % 0.01 % — % — % — % — % — % — % 0.01 % 0.02 % 0.01 % 0.07 % 0.01 % 0.02 % Term Loan Prime plus 2.75% 9/9/2046 246.7 246.7 278.5 1301 North Post Rd, Anchorage, AK 99501 810 N Alamo St,, San Antonio, TX 78215 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 1/8/2032 Term Loan Prime plus 2.75% 9/8/2046 21.5 79.4 21.5 79.4 22.8 85.8 F-26 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Grand Portage LLC Sassy Sista's Boutique LLC Almina Concept, Inc. Oak North LLC, & Constantinos Constantinou XL Auto Group LLC dba Autos Wholesale JD Hunt Custom Homes Incorporated dba JD Hunt Construction 4 Points Towing & Roadside Service LLC RGV Poke LLC dba Pokeworks Sheryl's Candy Apple Creations, LLC 331 Foley Sound Inc Kenbenco, Inc.dba Benson Steel Fabricators paws Boarding LLC dba paws DayCamp and Boarding Tactical Integrated Systems Inc dba Techy (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) Big Heart LLC dba Chick'n Cone (#) Rosy Rings, Inc IT Quality Solutions, Inc JeanAnn Schwark, MS, FNP-C PLLC dba Serenity Women's Care RM Interiors Inc.dba House of Moseley (#,^) (#,^) (#,^) (#,^) Shrijee LLC dba Econo Lodge (#) Cadena Co. K's Salon 1 LLC dba Gerard Anthony Salon (#,^) (#) 3306 Chelsea Cir, Ann Arbor, MI 48108 851 W. State Rd 436 Ste. 1005, Altamonte Springs, FL 32714 5042 Willshire Blvd., Los Angeles, CA 90036 94 Union St., Vernon, CT 06066 28900 Mission Blvd, Hayward, CA 94544 5515 Parkcrest Dr, Austin, TX 78731 5425 Willow Grove Rd, Camden Wyoming, DE 19934 5401 North 10 St. Unit 126, McAllen, TX 78504 131 Piney Green Rd, Ste 300, Jacksonville, NC 28546 19355 Business Center Dr, Unit #9, Northridge, CA 91324 437 Route 212, Saugerties, NY 12477 2449 Breanna Way, Little Elm, TX 75068 2501 Citrus Blvd, Leesburg, FL 34748 1158 W San Marcos Blvd, San Marcos, CA 92078 2400 Industrial Lane, Ste 700, Broomfield, CO 80020 6522 Creekview Circle, Duluth, GA 30097 10615 N Hayden Rd C100, Scottsdale, AZ 85260 8200 Stockdale HWY D-6, Bakersfield, CA 93311 908 Washington St., Manitowoc, WI 54220 2133 Southend Dr. #301, Charlotte, NC 28213 580 Amsterdam Ave, New York, NY 10024 Nonstore Retailers Term Loan Prime plus 2.75% 9/7/2031 Health and Personal Care Stores Term Loan Prime plus 2.75% 9/7/2031 Nonstore Retailers Term Loan Prime plus 2.75% 9/7/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2031 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/3/2031 33.1 6.4 2.5 51.5 18.3 33.1 6.4 2.5 51.5 18.3 5.5 2.1 54.4 15.7 28.3 0.01 % Construction of Buildings Support Activities for Transportation Food Services and Drinking Places Food and Beverage Stores Performing Arts, Spectator Sports, and Related Industries Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/3/2031 906.9 906.9 776.2 Term Loan Prime plus 2.75% 9/2/2031 Term Loan Prime plus 2.75% 2/2/2032 Term Loan Prime plus 2.75% 12/2/2031 Term Loan Prime plus 2.75% 1/2/2032 34.7 13.7 6.0 25.0 34.7 13.7 6.0 25.0 31.7 12.4 5.4 21.6 Term Loan Prime plus 2.75% 8/31/2031 161.1 161.1 158.2 Personal and Laundry Services Term Loan Prime plus 2.75% 8/31/2031 Term Loan Prime plus 2.75% 8/31/2031 Term Loan Prime plus 2.75% 12/31/2031 2.7 17.7 23.3 2.7 17.7 23.3 2.3 15.2 20.4 Term Loan Prime plus 2.75% 8/31/2031 164.1 164.1 140.5 Term Loan Prime plus 2.75% 8/31/2031 7.9 7.9 6.7 Repair and Maintenance Food Services and Drinking Places Miscellaneous Manufacturing Administrative and Support Services Ambulatory Health Care Services Term Loan Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/31/2031 Prime plus 2.75% 8/31/2031 Accommodation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/31/2046 Term Loan Prime plus 2.75% 8/31/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 1/30/2031 163.3 29.5 119.2 10.4 22.0 163.3 29.5 119.2 10.4 22.0 146.2 25.3 134.5 8.9 18.8 F-27 See accompanying notes to consolidated financial statements. — % — % 0.01 % — % 0.19 % 0.01 % — % — % 0.01 % 0.04 % — % — % 0.01 % 0.03 % — % 0.04 % 0.01 % 0.03 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 8/27/2031 271.3 271.3 237.3 0.06 % Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2031 Ambulatory Health Care Services Term Loan Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/30/2046 Prime plus 2.75% 8/27/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 8/27/2046 Term Loan Prime plus 2.75% 8/27/2031 Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2031 Term Loan Prime plus 2.75% 8/27/2031 Term Loan Prime plus 2.75% 8/27/2031 Term Loan Prime plus 2.75% 8/27/2046 Term Loan Prime plus 2.75% 5/26/2047 Term Loan Prime plus 2.75% 8/26/2031 Term Loan Prime plus 2.75% 8/26/2046 Term Loan Prime plus 2.75% 8/25/2031 Term Loan Prime plus 2.75% 8/25/2031 Kadence Consulting Inc Angela Barbara 25 Dials LLC Willow Falls Venue LLC Downtown Dance Academy Limited Liability Company Debut Solutions LLC 3D Printed Tabletop, LLC 7 BRANCHES CORPORATION dba Nikos DebutSolutions, LLC dba Emerald Pacific Resources Hair and Beauty Market Place, LLC dba LAOR Island Kaii & Company dba Island Kaii Tapuya Brands Corporation HHD Aviation, LLC dba Great Milwaukee Training and Testing Center Gralyn Fabrication & Machining LLC Christopher John Looney Agency Inc. Premiere Inc Trinity Lumber and Building Supply, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Swick & Son Enterprises, Inc (#,^) Tiny's Gumbo Bar NYC LLC (#) Force3 Enterprises, LLLP MA Allen LLC dba Premier Martial Arts (#,^) (#) CJNR LLC dba Parkhurst Motel (#,^) 13315 Bishops Ct, Roswell, GA 30075 51 Bennington Square, Hackettstown, NJ 07840 875 North High St., Ste 300, Columbus, OH 43215 23122 S North Carolina Hwy 109, Denton, NC 27239 1204 Hooper Ave, Toms River, NJ 08753 2000 Frankfort St, Laredo, TX 78040 2870 Sonata Court, St. Cloud, FL 34772 410 Pearl St., Lake Wales, FL 33853 2000 Frankfurt St., Laredo, TX 78040 7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809 20140 Livemois, Detroit, MI 48221 23 Leroy St., New York, NY 10014 2820 Bobmeyer Rd, Hanger C-7, Hamilton, OH 45015 1119 Bluff Ridge Rd, Waynesburg, PA 15370 426 South Atlanta St., Unit 110, Roswell, GA 30075 615 N Landry Dr, New Iberia, LA 70563 1231 East Cypress Ave, Redding, CA 96002 108 Mashell Ave North, Eatonville, WA 98328 275 Church St., New York, NY 10013 240 Hathway Dr, Stratford, CT 06615 380 East Bethany Dr, Allen, TX 75002 208 East Main St., Elma, WA 98541 Educational Services Merchant Wholesalers, Durable Goods Computer and Electronic Product Manufacturing Food Services and Drinking Places Merchant Wholesalers, Durable Goods Health and Personal Care Stores Insurance Carriers and Related Activities Real Estate Fabricated Metal Product Manufacturing Insurance Carriers and Related Activities Support Activities for Mining Building Material and Garden Equipment and Supplies Dealers Specialty Trade Contractors Food Services and Drinking Places Merchant Wholesalers, Durable Goods 18.3 24.5 9.3 20.7 5.4 18.3 24.5 9.3 20.7 5.4 15.7 26.8 9.8 22.6 4.6 — % 0.01 % — % 0.01 % — % 3.0 7.1 64.5 171.8 7.4 65.9 46.6 8.9 2.7 3.0 7.1 64.5 171.8 7.4 65.9 46.6 8.9 2.7 2.5 6.1 70.5 194.0 7.5 56.4 — % — % 0.02 % 0.05 % — % 0.01 % 52.6 0.01 % 7.6 2.3 — % — % 0.10 % 0.02 % — % 0.01 % 0.05 % — % 0.01 % Term Loan Prime plus 2.75% 8/25/2031 383.7 383.7 405.2 Term Loan Prime plus 2.75% 8/25/2046 Term Loan Prime plus 2.75% 8/25/2031 Term Loan Prime plus 2.75% 2/25/2032 69.9 17.7 36.3 69.9 17.7 36.3 77.4 15.3 32.1 Term Loan Prime plus 2.75% 8/25/2046 195.3 195.3 212.0 Educational Services Term Loan Prime plus 2.75% 3/25/2031 Accommodation Term Loan Prime plus 2.75% 8/24/2046 9.3 39.9 9.3 39.9 7.9 45.1 F-28 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Patoruzu, Inc. dba Sharkey's Cuts For Kids PCH Ventures, LLC dba Chop Stop Power Enterprise LLC The Jar Circle, Inc dba Frida's Mexican Grill Dallas MTV, LLC Royal Home Care and Staffing LLC Kiwi Vision, LLC Elizabeth K. Little and dba Mrs. Little's Tea and Toys Vida Meat Company LLC Derheim, Inc dba My Aquatic Services (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Luxury Tree Services LLC Glorious Training Group Inc dba F45 Training Murabella Cezary A. Lapa dba Globe Polska Ksiazka (#,^) (#,^) (#,^) Hartwood Inn Transatlantic Translations Company, LLC Revive Aesthetics & Wellness, LLC DTT ENTERPRISES, LLC Baite Auto Sales LLC Montauk Donut Group, Inc dba Dunkin Donuts (#,^) (#,^) (#,^) (#,^) (#,^) (#) Bird's Nest Florist & Gifts, LLC (#,^) Game Time Vending, LLC Lovely Moments Iowa Photography, LLC (#,^) (#,^) 18121 Tuckerton Rd, Ste 130, Cypress, TX 77433 18515 Brookhurst St., Fountain valley, CA 92618 119 East 710 South Circle, Ivins, UT 84738 3545 Merrick Rd, Seaford, NY 11783 2911 Turtle Creek Blvd, Ste 300, Dallas, TX 75219 453 Oakton Rd, Odenton, MD 21113 27518 Portsmouth Ave, Hayward, CA 94545 108 North Davis St., Hamilton, MO 64644 1370 West Cheyenne Ave, North Las Vegas, NV 89030 601 Main Ave.W, West Fargo, ND 58078 5925 SW 69th St., Miami, FL 33413 185 Murabella Pkwy, St. Augustine, FL 32092 5747 West Irving Park Rd, Chicago, IL 60634 1312 GILBERT ST, CHARLES CITY, IA 50616 411 Theodore Fremd Ave, Rye, NY 10580 175 Main St., East Greenwich, RI 02818 6565 Austin Hope Ave, Las Vegas, NV 89118 2865 Suwanee Rd, Columbus, OH 43224 1669 Montauk Hwy, Bellport, NY 11713 549-E College Park Rd, Ladson, SC 29456 10105 Amberwood Rd Stes #1 and #5, Fort Myers, FL 33913 313 South Logan St., Roland, IA 50236 Personal and Laundry Services Food Services and Drinking Places Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 8/20/2031 Term Loan Prime plus 2.75% 8/20/2031 Term Loan Prime plus 2.75% 8/20/2031 Term Loan Prime plus 2.75% 2/20/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 8/20/2031 Ambulatory Health Care Services Term Loan Insurance Carriers and Related Activities Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Term Loan Prime plus 2.75% 8/20/2031 Prime plus 2.75% 8/19/2031 Prime plus 2.75% 8/19/2031 Prime plus 2.75% 8/19/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/19/2046 Forestry and Logging Amusement, Gambling, and Recreation Industries Sporting Goods, Hobby, Musical Instrument, and Book Stores Accommodation Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Food Services and Drinking Places Term Loan Prime plus 2.75% 8/18/2031 Term Loan Prime plus 2.75% 8/18/2031 Term Loan Prime plus 2.75% 8/17/2031 Term Loan Prime plus 2.75% 8/17/2046 Term Loan Prime plus 2.75% 8/16/2031 Term Loan Prime plus 2.75% 8/13/2031 Term Loan Prime plus 2.75% 8/13/2031 Term Loan Prime plus 2.75% 8/13/2046 Term Loan Prime plus 2.75% 4/12/2031 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/12/2031 9.8 40.0 3.1 13.9 18.4 31.8 9.8 2.7 46.7 162.7 98.3 14.8 6.9 39.9 24.6 27.1 34.4 11.5 81.8 5.8 9.8 40.0 3.1 13.9 18.4 31.8 9.8 2.7 46.7 162.7 98.3 14.8 6.9 39.9 24.6 27.1 34.4 11.5 81.8 5.8 8.4 42.1 2.7 12.1 15.7 33.6 8.4 2.8 43.7 170.4 84.8 13.4 5.9 45.1 21.1 24.1 29.5 13.0 86.2 5.0 — % 0.01 % — % — % — % 0.01 % — % — % 0.01 % 0.04 % 0.02 % — % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.02 % — % Nonstore Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/11/2031 1,229.0 1,229.0 1,142.3 0.28 % Term Loan Prime plus 2.75% 8/11/2031 3.0 3.0 2.5 — % F-29 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) KBO Investment and Sterling HTS KBO Investments LLC C4 Technologies Inc. The Hiccup Inc Dara, Inc. Ronald L. McFarlain dba Cajun Connection C&J General Engineering P.O.P Enterprises LLC J &C May Properties, LLC. 100% Permanent Inc. Blue Water Dynamics, LLC dba Dougherty Manufacturing & Solace Boats, L GLH delivering services Inc and Paisley Logistics Inc Patriot Services Group Inc Crux Solutions LLC dba Waddell's Riverside Funeral Directors Kings Autoshow Inc and Grand Auto Group LLC Melissa S. Scharf The Travel Society LLC;Religious Travel International LLC (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) AA Power Equipment, Inc Charles P Carpenter dba All- Ways Pumping CIRLABS, INC,Outcome Driven Innovation and Spracht Inc (#,^) (#,^) (#,^) Global Packaging Solutions, Inc (#,^) GN Enterprises LLC (#,^) 748 West Big Beaver Rd, Troy, MI 48084 171 C Ave, Ste C, Coronado, CA 92118 158 Humphrey St., Swampscott, MA 01907 29 Old Planters Rd, Beverly, MA 01915 2958 IL-178, North Utica, IL 61373 3060 Thorntree Dr #10, Chico, CA 95973 860 Constellation Dr, Decatur, GA 30033 315 Sylamore Ave, Mountain View, AR 72560 1315 N. Larrabee St., Chicago, IL 60610 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/10/2031 Term Loan Prime plus 6.5% 8/6/2031 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/6/2031 Nonstore Retailers Food Services and Drinking Places Professional, Scientific, and Technical Services Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/5/2031 Term Loan Prime plus 2.75% 8/5/2046 Term Loan Prime plus 2.75% 8/4/2046 Term Loan Prime plus 2.75% 8/3/2031 Term Loan Prime plus 2.75% 7/30/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 7/30/2046 45.3 6.2 20.4 32.5 33.4 27.4 4.4 19.3 32.8 45.3 6.2 20.4 32.5 33.4 27.4 4.4 19.3 32.8 39.5 6.1 17.4 27.8 36.2 26.6 3.8 16.5 35.5 308 South Old County Rd, Edgewater, FL 32132 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2046 1,153.9 1,153.9 1,302.7 121 Pine Rd, Easley, SC 29642 108 Phillips Circle, Columbiana, AL 35051 6938 Westover St., Houston, TX 77087 5815 Church Ave, Brooklyn, NY 11203 14313 Califa St., Sherman Oaks, CA 91401 650 S Cherry St., Denver, CO 80246 999 Mansell Rd, Ste B, C, & D, Roswell, GA 30076 5701 Beckford Ave, Tarzana, CA 91356 974 Commercial St., Palo Alto, CA 94043 6259 Progressive Ave, San Diego, CA 92154 4507 SE Ramona St., Portland, OR 97206 Couriers and Messengers Term Loan Prime plus 2.75% 7/30/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 7/30/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 12/30/2031 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/30/2031 Social Assistance Term Loan Prime plus 2.75% 7/30/2031 Administrative and Support Services Term Loan Prime plus 2.75% 7/30/2031 Nonstore Retailers Term Loan Prime plus 2.75% 7/30/2031 Specialty Trade Contractors Merchant Wholesalers, Durable Goods Miscellaneous Manufacturing Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/30/2031 Term Loan Prime plus 2.75% 7/30/2031 Term Loan Prime plus 2.75% 7/29/2031 Term Loan Prime plus 2.75% 7/29/2046 268.9 22.0 19.5 113.5 8.8 85.0 78.0 109.6 50.7 219.4 85.0 268.9 22.0 19.5 113.5 8.8 85.0 78.0 109.6 50.7 219.4 85.0 230.2 18.8 20.6 99.7 7.5 72.8 66.8 107.8 43.4 195.0 93.6 0.01 % — % — % 0.01 % 0.01 % 0.01 % — % — % 0.01 % 0.32 % 0.06 % — % 0.01 % 0.02 % — % 0.02 % 0.02 % 0.03 % 0.01 % 0.05 % 0.02 % F-30 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 7/29/2031 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 7/29/2046 7/29/2031 15.0 17.0 34.1 15.0 17.0 34.1 13.0 18.2 30.7 Term Loan Prime plus 2.75% 7/29/2031 244.2 244.2 226.2 Kamboj Investments Inc dba Chicago's Pizza with Twist On Spot Techs Ltd dba Wi-Fi Surveyors Karson A Schepp (#) (#,^) (#,^) Rocky Mountain Concrete, Inc (#,^) Tiny Tots Kingdom Inc Cherich Enterprises dba Yogasix Pasadena (#,^) (#,^) Dream Splash International LLC (#,^) Travis Construction Company, LLC Five Rivers 1938 Enterprises, Inc dba The Hummus Republic (#,^) (#) Clinically Speaking, LLC WLG Inc (#,^) (#,^) Jaime Gervasi & Associates LLC (#,^) K Wallace, LLC dba Fit Learning Columbus Tarun LLC, dba Signature Wine & Liquor (#,^) (#) Mattress and Rug outlet LLC (#,^) Premier Tech Security, LLC GSK Industries Inc dba Quality One Pool Management 52 Tran, LLC L.A. Crescent LLC dba Aamco Car Care Center (#,^) (#,^) (#,^) (#,^) Big Brand Management Ltd. Co. (#,^) Delbello Enterprises LLC dba Il Portico All Regional Recyclers of Wood LLC and Superior Carting & Waste System (#,^) (#,^) Specialty Trade Contractors Food Services and Drinking Places Repair and Maintenance Educational Services Specialty Trade Contractors Specialty Trade Contractors Food Services and Drinking Places Professional, Scientific, and Technical Services Building Material and Garden Equipment and Supplies Dealers Social Assistance 1156 South Main St., Manteca, CA 95337 4732 Dixie Dr South, Dayton, OH 45439 8715 Hwy 14, Kramer, ND 58748 Crop Production 6674 MALTESE LN A, Bozeman, MT 59718 4961 N Dixie Hwy Stes 2-6, Oakland Park, FL 33334 277 W Green St. Ste 110, Pasadena, CA 91105 650 S Cherry St., Denver, CO 80246 11258 Bayou Bernard Rd, Gulfport, MS 39503 3032 W Jack London Blvd, Livermore, CA 94551 207 N Davies Rd, Lake Stevens, WA 98258 6257 West Ave J9, Lancaster, CA 93536 3243 Eastern Ave, Baltimore, MD 21224 6631 Commerce Pkwy Ste G, Dublin, OH 43085 325 South Limestone, Lexington, KY 40508 1818 State St., Schenectady, NY 12304 1616 Westgate Circle, Ste 111, Brentwood, TN 37027 3217 W Tompkins Ave, Las Vegas, NV 89103 773 South MacArthur Blvd, Ste 205, Coppell, TX 75019 1010 East 6th Ave, Stillwater, OK 74074 512 East 11th St., Houston, TX 77008 273 West Route 130 South, Burlington, NJ 08016 Real Estate Educational Services Food and Beverage Stores Merchant Wholesalers, Durable Goods Administrative and Support Services Administrative and Support Services Insurance Carriers and Related Activities Repair and Maintenance Motion Picture and Sound Recording Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 7/29/2031 Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 7/29/2031 Term Loan Prime plus 2.75% 7/28/2031 Term Loan Prime plus 2.75% 1/28/2032 Term Loan Prime plus 2.75% 7/27/2031 Term Loan Prime plus 2.75% 7/27/2046 Term Loan Prime plus 2.75% 7/27/2031 Term Loan Prime plus 2.75% 7/26/2031 Term Loan Prime plus 6.5% 7/23/2031 Term Loan Prime plus 2.75% 7/23/2031 Term Loan Prime plus 2.75% 7/23/2031 Term Loan Prime plus 2.75% 7/23/2031 Term Loan Prime plus 2.75% 7/23/2031 Term Loan Prime plus 2.75% 7/23/2031 Term Loan Prime plus 2.75% 7/23/2046 Term Loan Prime plus 2.75% 7/23/2031 — % — % 0.01 % 0.06 % — % 0.01 % 0.02 % 0.01 % — % 0.07 % 0.05 % — % — % — % 0.02 % — % — % — % 0.01 % 0.02 % 0.01 % 19.5 52.0 82.9 29.3 19.4 351.1 180.9 15.1 3.3 6.1 58.5 16.7 14.6 17.2 29.3 79.8 47.6 53.5 19.5 52.0 82.9 29.3 19.4 351.1 180.9 15.1 3.3 6.1 58.5 16.7 14.6 17.2 29.3 79.8 47.6 53.5 16.7 45.0 71.2 25.9 17.2 300.5 193.1 13.7 2.9 6.1 60.8 14.3 12.5 14.7 25.8 90.1 50.3 104 Wooster St., Bethel, CT 06801 Waste Management and Remediation Services Term Loan Prime plus 2.75% 7/22/2031 F-31 See accompanying notes to consolidated financial statements. 50.4 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Ever Prosperous Realty Inc (#,^) Basha Home Improvement LLC (#) TDI Global Solutions Inc Profit Stewards LLC dba AAMCO Transmissions of Phoenixville Jeragardens Wedding Rentals LLC, Sparta Athletic Campus, LLC 110 Enterprises, LLC dba Boomerang Bar and Grill Ecos Consulting, LLC K-M-P Auto Group LLC (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) Colorado Travel Solutions LLC (#,^) Monarch Construction and Roofing LLC (#,^) (#,^) Rymax Electronics Inc Accommodating Financial & Tax Services, LLC The Iron Smith LLC dba Anytime Fitness Nevada 156 W. Salon & Boutique, llc dba Shabby Shek Salon and Boutique (#,^) (#,^) (#,^) Jason M. Eberhart dba Stae Farm (#,^) Afrodisiac Enterprises LLC dba Afrodisiac Nola (#,^) Royal Restaurants, LLC Ata&Ana LLC dba Ata Ana Home Health Agency Craftwork Carpentry and Millwork Inc. Gene Properties LLC,4 Winnapaug Rd LLC and,144 Atlantic Ave LLC Zollner Enterprises, Inc (#,^) (#,^) (#,^) (#,^) (#,^) 430 S Chandler Ave, Monterey Park, CA 91754 41 Van Houten Ave, Jersey City, NJ 07305 1 Riverfront Plaza, Ste 12, Lawrence, KS 66044 458 Schuylkill Rd, Phoenixville, PA 19460 5842 South 1150 West, Ogden, UT 84405 115 Sparta Ave, Sparta, NJ 07871 110 Limekiln Rd, Unit 2, New Cumberland, PA 17070 1519 Roller Rd, Ocean Township, NJ 07712 1788 Austin Hwy, San Antonio, TX 78218 2895 Queen St, Colorado Springs, CO 80904 700 Corporate Circle, Golden, CO 80401 1805 5th Ave. Ste F, Bay Shore, NY 11706 5151 Monroe St., Toledo, OH 43623 1818 Fawcett Pkwy, Nevada, IA 50201 156 West Tioga St., Tunkhannock, PA 18657 600 Allegheny St., Jersey Shore, PA 17740 5363 Franklin Ave, New Orleans, LA 70122 138 Griffin Rd, Ruston, LA 71270 8304 Old Courthouse Rd Unit D, Vienna, VA 22182 2777 S Financial Ct., Sanford, FL 32773 Real Estate Term Loan Prime plus 2.75% 7/22/2031 Construction of Buildings Term Loan Prime plus 6.5% 7/21/2031 14.3 2.5 14.3 2.5 12.2 2.5 — % — % Paper Manufacturing Term Loan Prime plus 2.75% 7/21/2031 195.0 195.0 174.5 0.04 % Repair and Maintenance Term Loan Prime plus 2.75% 7/21/2031 Rental and Leasing Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Transit and Ground Passenger Transportation Specialty Trade Contractors Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Personal and Laundry Services Insurance Carriers and Related Activities Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 6.5% 7/20/2031 Term Loan Prime plus 2.75% 7/20/2046 Term Loan Prime plus 2.75% 7/20/2046 Term Loan Prime plus 2.75% 7/20/2031 Term Loan Prime plus 2.75% 7/19/2046 Term Loan Prime plus 2.75% 7/16/2031 Term Loan Prime plus 2.75% 7/16/2031 Term Loan Prime plus 2.75% 7/8/2046 Term Loan Prime plus 2.75% 7/8/2031 Term Loan Prime plus 2.75% 7/8/2031 Term Loan Prime plus 2.75% 7/2/2046 Term Loan Prime plus 2.75% 7/2/2046 Term Loan Prime plus 2.75% 7/1/2046 Term Loan Prime plus 2.75% 6/30/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2031 5.2 6.1 212.9 275.6 19.9 32.1 66.7 43.4 50.2 12.6 28.8 39.9 25.6 29.8 5.2 6.1 212.9 275.6 19.9 32.1 66.7 43.4 50.2 12.6 28.8 39.9 25.6 29.8 4.5 6.1 240.4 306.8 17.1 36.0 57.1 37.1 56.7 12.4 24.7 40.8 26.5 32.4 241.8 54.9 241.8 54.9 229.6 54.5 — % — % 0.06 % 0.08 % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.06 % 0.01 % Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2031 112.4 112.4 95.5 0.02 % 149 Atlantic Ave, Westerly, RI 02891 221 Hulls Chapel Rd, Fredericksburg, VA 22406 Accommodation Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/30/2046 1,116.8 1,116.8 1,260.8 Term Loan Prime plus 2.75% 6/30/2031 48.4 48.4 41.0 0.31 % 0.01 % F-32 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) VILLELA CPA PLLC Tidal Commerce Inc Sheldon T Banks LLC Holland Holdings LLC Martin C. Liu & Associates, PLLC Eagle's Eye Comfort Care Miramar LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) New York Equestrian Center Ltd (#,^) Neil Hoss, D.M.D., LLC. Kings Autoshow Inc dba Brooklyn Mitsubishi and Grand Auto Group LLC Superior Coach Interiors, Inc 360 Concepts Group, LLC dba Bowl 360 Astoria Seema Aijaz Enterprises Inc dba Edible Arrangements Yogi's Logistics Inc and 9371 Truck Yard LLC O.P.P. Presents LLC CALTEL, INC. Little Imaginations Learning Center Inc La Favorita Radio Network HTE Acquisition, LLC dba Hi Tech Engineering Troung Enterprises Inc KDKB Properties, LLC and US Press, LLC J & J Rocket Fizz General Partnership Nevada Adult Day healthcare Centers Inc Kevin Head Agency, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 3877 SE 5th Ave, Ocala, FL 34480 2100 Clearwater Dr, Oak Brook, IL 60523 2340 W Carpenter Rd, Flint, MI 48505 1102 Blackbriar Cir Ne, Hartselle, AL 35640 135 Bowery St., New York, NY 10002 6308 SW 27th St, Miramar, FL 33023 633 EAGLE AVE, WEST HEMPSTEAD, NY 11552 115 Hartford Turnpike, Tolland, CT 06084 5815 Church Ave, Brooklyn, NY 11203 211 Babb Dr, Lebanon, TN 37087 19-45 49th St., Astoria, NY 11105 1040 South Broadway, Unit 6, Hicksville, NY 11801 9371 Jackson Rd, Sacramento, CA 95826 15927 Pioneer Blvd, Norwalk, CA 90650 2309 Acie Ave, Conway, SC 29528 189 toll Gate Rd,, Warwick, RI 02886 4043 Geer Rd, Hughson, CA 95326 4600, Calle Quetza, Camarillo, CA 93012 1305 SW 107th Ave, Miami, FL 33174 1628-A James P. Rodgers Dr, Valdosta, GA 31601 3155 Outlet Dr Space E020, Edinburgh, IN 46124 2008 S Jones Blvd, Las Vegas, NV 89146 941 Moores Ferry Rd, Villa Rica, GA 30180 Professional, Scientific, and Technical Services Credit Intermediation and Related Activities Personal and Laundry Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2031 Term Loan Prime plus 2.75% 6/30/2031 Term Loan Prime plus 2.75% 6/30/2046 Term Loan Prime plus 2.75% 6/30/2031 Term Loan Prime plus 2.75% 6/30/2031 Term Loan Prime plus 2.75% 6/30/2046 14.5 317.3 57.4 193.8 48.4 65.2 14.5 317.3 57.4 193.8 48.4 65.2 12.3 268.4 64.8 170.1 50.9 70.6 Term Loan Prime plus 2.75% 6/30/2046 1,240.9 1,240.9 1,400.9 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2031 27.2 27.2 23.5 Motor Vehicle and Parts Dealers Transportation Equipment Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2031 Term Loan Prime plus 2.75% 6/30/2031 Term Loan Prime plus 2.75% 6/29/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 6/29/2031 Truck Transportation Term Loan Prime plus 2.75% 6/29/2046 Personal and Laundry Services Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 6/29/2031 Term Loan Prime plus 2.75% 6/29/2031 Social Assistance Term Loan Prime plus 2.75% 6/29/2046 Broadcasting (except Internet) Fabricated Metal Product Manufacturing Personal and Laundry Services Printing and Related Support Activities Term Loan Prime plus 2.75% 6/29/2046 Term Loan Prime plus 2.75% 6/28/2031 Term Loan Prime plus 2.75% 6/28/2031 37.3 370.9 113.4 28.0 141.0 14.0 87.6 113.6 178.7 51.2 9.7 37.3 370.9 113.4 28.0 141.0 14.0 87.6 113.6 178.7 51.2 9.7 37.6 389.7 95.7 24.3 159.1 11.8 83.3 118.1 200.3 46.0 8.2 Term Loan Prime plus 2.75% 6/25/2031 691.8 691.8 607.3 0.15 % Food and Beverage Stores Term Loan Prime plus 2.75% 6/25/2031 Social Assistance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/25/2031 Term Loan Prime plus 2.75% 6/25/2046 14.5 43.6 75.8 14.5 43.6 75.8 12.3 45.7 85.6 — % 0.01 % 0.02 % F-33 See accompanying notes to consolidated financial statements. — % 0.07 % 0.02 % 0.04 % 0.01 % 0.02 % 0.35 % 0.01 % 0.01 % 0.10 % 0.02 % 0.01 % 0.04 % — % 0.02 % 0.03 % 0.05 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) CURVE MART C-STORE AND CAJUN DELI LLC dba Curve Mart US Press, LLC T.A.L.E.N.T. Leadership LLC dba T.A.L.E.N.T. Leadership Napoli's Itali (#,^) (#,^) (#,^) The Buckeye Health Group, LLC (#,^) Alpha Variance Solutions, LLC Northwest Evergreen Innovations, LLC and James Hamilton Gregersen DAVIS WINES LLC and BRICK & MORTAR WINES, LLC Craftwork Carpentry and Millwork Inc JC's Tall Glass Inc The AAC Speech Clinic, LLC and Red Rock Neurorehabilitation Center (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Pampanguena Market Place Corp (#,^) Vance Ewing LLC dba The Bow & Barrel Sportsmen Center (#,^) 2B St. Marks, Inc dba Duetto Prestige Nationwide, LLC dba Eastern Standard Bluewater Laundry & Linen, llc Vancole Investments, Inc Butcher Block of Woodland Park, LLC Ellerman Engineerting & Innovations, Inc and R & S Properties and Hold Francis L Bailey Jr dba Carolina GPS Services Two Mean Beans, LLC dba Coffee and Crepes Bluewater Laundry & Linen, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 44063 Hwy 431, Saint Amant, LA 70774 1628-A James P. Rodgers Dr, Valdosta, GA 31601 Gasoline Stations Printing and Related Support Activities Term Loan Prime plus 2.75% 6/25/2046 Term Loan Prime plus 2.75% 6/25/2046 4280 Lavon Dr, Garland, TX 75040 8120 Walcot Ln, Cincinnati, OH 45249 48 Western Dr, Ardsley, NY 10502 Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2031 Term Loan Prime plus 2.75% 6/25/2031 Term Loan Prime plus 2.75% 6/25/2031 6791 Bethel Rd SE, Port Orchard, WA 98367 25 Healdsburg Ave Bld 20, Healdsburg, CA 95448 2777 S Financial Ct., Sandford, FL 32773 2810 Hypoluxo Rd, Lantana, FL 33462 9260 West Sunset Rd, Ste 204, Las Vegas, NV 89148 18623 SW 107th Ave, Miami, FL 33157 22940 Harlan Lane, St Robert, MO 65584 540 Greene St., Unit 1, Key West, FL 33040 1131 Burke St., Winston-Salem, NC 27101 2315 Main St., Loris, SC 29569 876 Virginia Ave, Hapeville, GA 30354 320 S Baldwin St, Woodland Park, CO 80863 Motor Vehicle and Parts Dealers Beverage and Tobacco Product Manufacturing Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 6/24/2046 Term Loan Prime plus 2.75% 6/24/2031 Term Loan Prime plus 2.75% 6/24/2046 Term Loan Prime plus 2.75% 6/23/2046 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/23/2031 Food and Beverage Stores Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Food Services and Drinking Places Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2046 Term Loan Prime plus 2.75% 6/22/2046 Term Loan Prime plus 2.75% 6/22/2031 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 6/22/2046 6/21/2046 Term Loan Prime plus 2.75% 6/21/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 6/21/2031 4444 Forest St., Leonard, MI 48367 1545 Langston Dr, Johns Island, SC 29455 315 Crossroads Blvd, Floor G, Cary, NC 27518 Machinery Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2031 Term Loan Prime plus 2.75% 6/21/2031 Term Loan Prime plus 2.75% 6/21/2031 183.7 539.4 28.1 48.4 72.7 52.2 90.2 178.7 208.3 33.9 48.2 49.6 20.3 50.0 71.2 69.2 14.5 45.1 19.7 11.2 183.7 539.4 28.1 48.4 72.7 52.2 90.2 178.7 208.3 33.9 48.2 49.6 20.3 50.0 71.2 69.2 14.5 45.1 19.7 11.2 198.2 568.4 23.7 41.7 62.3 58.6 82.0 191.2 227.6 28.7 48.5 54.8 17.2 52.5 80.4 58.4 12.3 42.1 16.7 9.9 0.05 % 0.14 % 0.01 % 0.01 % 0.02 % 0.01 % 0.02 % 0.05 % 0.06 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.02 % 0.01 % — % 0.01 % — % — % 2315 Main St., Loris, SC 29569 Personal and Laundry Services Term Loan Prime plus 2.75% 6/21/2031 117.0 117.0 108.0 0.03 % F-34 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 6/14/2031 342.4 342.4 289.1 K&R Enterprises III Inc dba The Frozen Cow Subhash Joshi LLC dba Mata Hardware Bolton Construction, LLC and Meeker Stone Company, LLC Semper Foods, LLC (#,^) (#,^) (#,^) (#,^) Integrated Rehabiilitation Inc (#,^) AAAK Investments LLC Edgar I Cordoba dba Edgar Cordoba Insurance Agency 360 Cloud Solutions, LLC and 360 Cloud Apps, LLC 21st Century Living LLC dba 21st Century Concierge BearWaters Brewing Company The Ogden Group of Rochester, Inc Dulceria NYC Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) LVM Constructiion LLC Halikamai Inc dba Neighborhood Beer and Wine (#,^) (#,^) 899 Toscanini, LLC Tri-Span Construction LLC dba Lawrence County Sand and Stone Swantown Inn & Spa LLC Center for Jewish Addiction Rehabilitation, LLC dba Tikvah Lake Recove La Taqueria, Inc. Tec-Com Low Voltage Solutions Inc Aeffect, Inc (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 6710 Post Rd, North Kingstown, RI 02852 6370 Mae Anne Ave, Stes 1 and 2, Reno, NV 89523 73544 CO-64, Meeker, CO 81641 7000 W. Palmetto Park Rd,, Boca Raton, FL 33433 10340 SE Division St., Portland, OR 97266 19595 15 Mile Rd, Clinton Twp, MI 48035 9201 Dyer St., El Paso, TX 79924 299 S Main St., Salt Lake City, UT 84111 33 Fitchett St., Poughkeepsie, NY 12601 101 Park St., Canton, NC 28716 78 Brunswick St, Rochester, NY 14607 2220 Frederick Douglass Blvd, New York, NY 10026 194 N Grove St., East Orange, NJ 07017 510 Farm Market Rd 718, Unit A, Newark, TX 76071 899 Main St., Cambridge, MA 02139 136 Southland Dr, Louisa, KY 41230 1431 11th Ave SE, Olympia, WA 98501 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Heavy and Civil Engineering Construction Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 6/18/2046 Term Loan Prime plus 2.75% 9/18/2031 Term Loan Prime plus 2.75% 6/16/2031 Term Loan Prime plus 2.75% 6/15/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/15/2031 Repair and Maintenance Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Construction of Buildings Food Services and Drinking Places Professional, Scientific, and Technical Services Food Manufacturing Administrative and Support Services Gasoline Stations Food Services and Drinking Places Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/14/2046 Term Loan Prime plus 2.75% 6/14/2031 Term Loan Prime plus 2.75% 6/11/2031 Term Loan Prime plus 2.75% 6/11/2046 Term Loan Prime plus 2.75% 6/11/2031 Term Loan Prime plus 2.75% 6/10/2031 Term Loan Prime plus 2.75% 6/10/2031 Term Loan Prime plus 2.75% 6/10/2031 Term Loan Prime plus 2.75% 11/9/2031 Term Loan Prime plus 2.75% 6/8/2031 Accommodation Term Loan Prime plus 2.75% 6/8/2046 6549 Rajol Dr, Sebring, FL 33875 10 Greenwich Ave, Greenwich, CT 06830 2045 Live Oak Blvd, Yuba City, CA 95991 5600 N River Rd, Ste 800, Rosemont, IL 60018 Nursing and Residential Care Facilities Food Services and Drinking Places Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2031 Term Loan Prime plus 2.75% 6/3/2031 Term Loan Prime plus 2.75% 6/2/2031 Term Loan Prime plus 2.75% 5/28/2031 F-35 See accompanying notes to consolidated financial statements. 35.8 33.3 144.9 48.4 145.3 40.9 15.5 35.8 33.3 144.9 48.4 145.3 40.9 15.5 39.3 28.5 126.5 40.9 135.5 45.7 13.1 24.2 64.5 10.7 9.7 14.5 19.4 30.0 43.6 34.7 33.9 24.2 33.9 38.5 24.2 64.5 10.7 9.7 14.5 19.4 30.0 43.6 34.7 33.9 24.2 33.9 38.5 24.7 72.1 9.1 8.4 12.5 20.3 29.8 45.0 39.2 35.6 20.5 28.9 32.5 0.01 % 0.01 % 0.03 % 0.01 % 0.03 % 0.01 % — % 0.07 % 0.01 % 0.02 % — % — % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Amazing G, LLC and Victoria Armstrong-Mensah Neuline Health Management LLC Shericka Newsome dba Little Sunshine's Academy (#,^) (#,^) (#,^) Compass Technical Services, Inc. (#,^) Keystone Contracting, LLC dba Keystone Roofing and Siding, LLC Dr. Karissa Walton, PLLC dba The Mobile Health Doc Rachel Reyes-Bergano, D.O. Inc dba Contempo Aesthetics (#,^) (#,^) (#,^) MPI Automotive Corp Eckles Generation Heating & Air Service, Inc ELIOT'S ADULT NUT BUTTERS LLC Hotel California Salon LLC dba Beverly Hills Lashes Bock Technologies Inc. BGS Consulting LLC dba Your Digital Canvas Ecru Designs LLC Tropics LLC LEX-MAR SERVICE INC League One Logistics, LLC JJBM LLC dba Alumni Grill Hankemeier Holdings LLC dba Grow Salon Vernon Alexander dba Southern Ohio Hunting Preserve Foreclosure Excess Proceeds, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Compass CFO Holdings, LLC (#,^) 3030 N Saranac, Mesa, AZ 85207 1402 S Custer Rd, McKinney, TX 75070 474 N Chew Rd, Hammonton, NJ 08037 2600 Gravel Dr, Building 7, Fort Worth, TX 76118 205 Route 9 N, freehold, NJ 07728 140 N Granite St., Prescott, AZ 86301 708 E Colorado Blvd, Pasadena, CA 91101 19925 Stevens Creek Blvd, Ste 100, Cupertino, CA 95014 6000 Poplar Ave, Memphis, TN 38119 1140 SE 7th, Ste 190, Portland, OR 97214 872 Huntley Dr, West Hollywood, CA 90069 11496 Luna Rd Ste 1200, Dallas, TX 75234 5608 Malvey Ave, Fort Worth, TX 76107 275 North Wyoming Ave, South Orange, NJ 07079 6453 Chupp Rd, Lithonia, GA 30058 12278 NW 106th Court, Medley, FL 33178 150 Hiram Industrial Dr, Hiram, GA 30141 3316 Pacific Ave, Wildwood, NJ 08260 205 W 6th St., Ste 105 & 110, Georgetown, TX 78626 31625 Goosecreek Rd, McArthur, OH 45651 2415 E Camelback Rd, Ste 700, Phoenix, AZ 85016 4400 Rt 9 Ste 1000, Freehold, NJ 07728 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 5/28/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/27/2031 Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2031 Term Loan Prime plus 2.75% 5/27/2031 25.5 77.5 4.8 24.1 25.5 77.5 4.8 24.1 24.9 65.4 4.1 20.3 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/27/2046 185.4 185.4 192.1 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/26/2031 Ambulatory Health Care Services Term Loan Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 5/26/2031 Prime plus 2.75% 5/26/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/26/2031 Nonstore Retailers Term Loan Prime plus 2.75% 5/26/2031 Personal and Laundry Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2031 Term Loan Prime plus 2.75% 5/25/2031 Term Loan Prime plus 2.75% 5/25/2031 Term Loan Prime plus 2.75% 5/24/2031 Term Loan Prime plus 2.75% 5/24/2031 Repair and Maintenance Term Loan Prime plus 2.75% 5/21/2046 Truck Transportation Food Services and Drinking Places Personal and Laundry Services Animal Production and Aquaculture Real Estate Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/21/2046 Term Loan Prime plus 2.75% 5/21/2046 Term Loan Prime plus 2.75% 5/20/2031 Term Loan Prime plus 2.75% 5/19/2031 Term Loan Prime plus 2.75% 5/19/2031 Term Loan Prime plus 2.75% 5/19/2031 F-36 See accompanying notes to consolidated financial statements. 46.7 64.5 48.8 13.1 10.9 26.5 33.7 7.2 60.6 10.9 19.8 74.3 20.3 18.3 22.6 33.7 15.2 46.7 64.5 48.8 13.1 10.9 26.5 33.7 7.2 60.6 10.9 19.8 74.3 20.3 18.3 22.6 33.7 15.2 41.5 54.5 41.6 11.7 9.2 22.4 28.4 6.1 51.2 9.2 21.5 81.2 22.9 15.4 23.7 28.4 12.9 0.01 % 0.02 % — % 0.01 % 0.05 % 0.01 % 0.01 % 0.01 % — % — % 0.01 % 0.01 % — % 0.01 % — % 0.01 % 0.02 % 0.01 % — % 0.01 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Woodzzy LLC dba Dba Woodzzy Bar & Resturant (#) Motor Messenger NYC Inc THE LAW OFFICES OF LAWRENCE A. BECKENSTEIN P.C Earth Analytical Sciences, Inc. Rev Motorsports, LLC dba Speed Concept Abatement Pro n Demo, Inc Silverado Sales Inc dba Husker Sit N Sleep Clavismen LLC dba Katy Wines and Spirits Foy Commerce LLC Hank Thomas Performance Boyd's Cardinal Hollow Winery dba Boyd's Cardinal Hollow Winery Grover Jackson Engineering, LLC 3G Graphix LLC dba Elemento Graphics NebulOS, Inc Thomas Wayne Belcher Jr dba Area 51 Tattoo Body Piercing & Supply 5 Star Renovations, Inc. and Five Star Group, Inc. 822 GROUP LLC G.A.P. Mechanical Inc. Cajun Made Charters, L.L.C Janie Lacy & Associates, LLC dba Life Counseling Solutions (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Max Rosin & Associates, Inc (#,^) J-Tech Industries Inc (#,^) 1133 Clarkson Ave, Brooklyn, NY 11212 81-36 Baxter Ave, Queens, NY 11373 320 E 65th St., Ste #619, New York, NY 10065 4825 Ward Dr, Beaumont, TX 77705 20745 SW Tualatin Valley Hwy, Ste 120, Aloha, OR 97003 468 North Canal St., Lawrence, MA 01841 2120 Central Ave, Kearney, NE 68847 5901 B Hwy Blvd, Katy, TX 77494 1725 Park Lane S, Ste 2,, Jupiter, FL 33458 917 Dixie Club Rd, Winston- Salem, NC 27107 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2046 Couriers and Messengers Term Loan Prime plus 2.75% 5/18/2031 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Waste Management and Remediation Services Furniture and Home Furnishings Stores Food and Beverage Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/17/2031 Term Loan Prime plus 2.75% 5/17/2031 Term Loan Prime plus 2.75% 5/13/2031 Term Loan Prime plus 2.75% 5/12/2031 Term Loan Prime plus 2.75% 5/11/2031 Term Loan Prime plus 2.75% 5/7/2031 Term Loan Prime plus 6.5% 5/5/2031 Nonstore Retailers Term Loan Prime plus 2.75% 5/5/2031 1830 West Point Pike, West Point, PA 19486 1880 Campbellsville Rd, Pulaski, TN 38478 7160 Zionsville Rd, Zionsville Rd, IN 46268 5428 Twilight Way, Parker, CO 80237 Beverage and Tobacco Product Manufacturing Miscellaneous Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/4/2046 Term Loan Prime plus 2.75% 4/30/2046 Term Loan Prime plus 2.75% 4/30/2031 Term Loan Prime plus 2.75% 4/30/2031 230 Broadway St., Jackson, OH 45640 2997 US-29, Moreland, GA 30259 136 Treehaven St., Gaitherburg, MD 20878 2500 North Forsyth Rd, C29, Orlando, FL 32807 27900 Hwy 1, Golden Meadow, LA 70357 670 N Orlando Ave, #103, Maitland, FL 32751 37-43 West 14th St., Ste 304, New York, NY 10011 232 Alexandria Dr, Mooresville, NC 28115 Personal and Laundry Services Term Loan Prime plus 2.75% 4/29/2046 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2031 Term Loan Prime plus 2.75% 4/28/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/28/2031 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 4/28/2031 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus 2.75% 4/26/2046 Prime plus 2.75% 4/23/2031 Prime plus 2.75% 4/23/2031 179.7 169.3 179.7 169.3 14.4 91.2 24.7 33.7 18.3 8.2 6.1 33.7 89.2 53.4 13.8 57.4 11.9 20.9 47.8 21.5 42.7 33.7 54.9 6.2 14.4 91.2 24.7 33.7 18.3 8.2 6.1 33.7 89.2 53.4 13.8 57.4 11.9 20.9 47.8 21.5 42.7 33.7 54.9 6.2 199.2 149.2 12.2 82.2 20.9 30.4 15.4 7.0 5.9 0.05 % 0.04 % — % 0.02 % 0.01 % 0.01 % — % — % — % 33.5 0.01 % 99.8 57.2 11.9 50.2 13.0 20.4 40.4 18.5 41.0 37.3 46.4 5.3 0.02 % 0.01 % — % 0.01 % — % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % — % F-37 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Acra Cast, Inc. Wells Cutting Edge, LLC Twenty Ten Agency, LLC Oregon Glass Repair, LLC dba SuperGlass Windshield Repair; SuperGla AMERICAN CINEMA INSPIRES, INC and CEO Multimedia, Inc Tierra Corrosion Control, Incorporated Gateway Veterinary Services P.C. dba Liberty Animal Clinic RV Solar LLC Stephanie Ann Doty Lockett Trucking and Transport LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#) College Economy Inc Gerald Scott Lyda dba Edneyville Wood Products Motor City Bakery Inc dba Mexi bake Knight Settlement Sand & Gravel, LLC Barrett Enterprises, LLC dba Barrett and Sons Used Cars (#,^) (#,^) (#,^) (#,^) (#,^) Batteries in a Flash.com, Inc. (#,^) Trailer Marketing Services Inc (#,^) Statewide Health Care, Inc Thomson Holdings Enterprises LLC dba Volusia County Towing (#,^) (#,^) Tober Building Company, LLC (#,^) Triple B's, Inc dba Crews Door Company (#,^) Barrett Enterprises, LLC (#,^) 1837 First St., Bay City, MI 48708 4201 North Cochrane Lane, Erda, UT 84074 340 S Lemon Avnue, Walnut, CA 91789 2972 SE 38th Court, Hillsboro, OR 97123 15363 Victory Blvd, Van Nuys, CA 91406 1608 Schofield Lane, Farmington, NM 87401 9212 Liberty Ave, Ozone Park, NY 11417 3442 E Bulk Lane, Oak Creek, WI 53154 82 Diggins Dr, Folsom, CA 95630 612 Colebridge Dr, Blacklick, OH 43004 679 Wedgewood Dr, Hanover Park, IL 60133 3555 Chimney Rock Rd, Hendersonville, NC 28792 8100 Radcliffe St., Detroit, MI 48210 7291 Knight Settlement Rd, Bath, NY 14810 920 N Columbia St, Milledgeville, GA 31061 720 W Cheyenne Ave, North Las Vegas, NV 89030 4560 State Route 233, Clinton, NY 13323 102 Oglethorpe Professional Court, Savannah, GA 31406 345 8th St., Daytona Beach, FL 32117 3351 Brecksville Rd, Richfield, OH 44286 12189 Livingston Rd, Manassas, VA 20109 920 N Columbia St, Milledgeville, GA 31061 Primary Metal Manufacturing Administrative and Support Services Term Loan Prime plus 2.75% 4/22/2031 Term Loan Prime plus 2.75% 4/22/2031 Educational Services Term Loan Prime plus 2.75% 4/21/2031 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2031 Motion Picture and Sound Recording Industries Specialty Trade Contractors Professional, Scientific, and Technical Services Specialty Trade Contractors Insurance Carriers and Related Activities Truck Transportation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/20/2031 Term Loan Prime plus 2.75% 4/16/2031 Term Loan Prime plus 2.75% 4/15/2031 Term Loan Prime plus 6.5% 4/14/2031 Term Loan Prime plus 6.5% 4/14/2031 Term Loan Prime plus 6.5% 4/14/2031 Term Loan Prime plus 2.75% 4/13/2031 Wood Product Manufacturing Term Loan Prime plus 2.75% 4/9/2046 Food Manufacturing Term Loan Prime plus 2.75% 4/7/2046 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 3/31/2031 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2046 Nonstore Retailers Term Loan Prime plus 2.75% 3/31/2046 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2046 Ambulatory Health Care Services Term Loan Support Activities for Transportation Term Loan Prime plus 2.75% 3/31/2031 Prime plus 2.75% 3/31/2046 Construction of Buildings Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/31/2031 Term Loan Prime plus 2.75% 3/31/2046 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2031 F-38 See accompanying notes to consolidated financial statements. 20.2 33.5 3.8 16.5 33.5 23.9 43.1 6.0 3.6 6.0 33.5 32.5 103.5 157.8 44.0 101.6 66.7 58.9 109.3 610.4 91.8 20.0 20.2 33.5 3.8 16.5 33.5 23.9 43.1 6.0 3.6 6.0 33.5 32.5 103.5 157.8 44.0 101.6 66.7 58.9 109.3 610.4 91.8 20.0 19.6 28.9 3.2 14.0 28.3 25.1 40.6 5.8 3.5 5.8 28.3 36.7 113.0 137.5 42.8 107.3 75.3 50.0 110.2 534.5 96.0 16.9 — % 0.01 % — % — % 0.01 % 0.01 % 0.01 % — % — % — % 0.01 % 0.01 % 0.03 % 0.03 % 0.01 % 0.03 % 0.02 % 0.01 % 0.03 % 0.13 % 0.02 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Quality Sound Communications, Inc dba Technology Source TK Cleaning and Lawn Service LLC La Dolce Vita Water Sports LLC,LDV GOLF CART & BIKE RENTALS LLC Walking Urgent Care Inc Suncoast Premier Medical, LLC and Mario R Perez MD PA TK Cleaning and Lawn Service LLC Empire State Adjuster's Corp.DBA Frankie M’s Auto Body East Bojax Auto Collision, Inc. dba Bojax Auto Body Repair The Sign Company of Wilmington, Inc. Bojax Auto Collision, Inc dba Bojax Auto Body Repair and Seman Real Es Underground Toys USA, LLC dba Seven 20 and Wozniak Distribution RH All Around Repair, LLC Drake Dance Academy LLC Signet Media Inc QXC Communications, Inc ALG-Health LLC and Axis LED Group, LLC Kidz Choice Service Inc and Kidz Choice Holdings Inc Jason Watt Pictures, LLC Markell Construction Inc Ground Breakers Construction, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 419 West Main St., Smithtown, NY 11787 4712 Fernlee Ave, Royal Oak, MI 48073 428 Landmark Dr, Wilmington, NC 28412 4712 Fernlee Ave, Royal Oak, MI 48073 7626 Miramar Rd, San Diego, CA 92126 2008 Coahuila Rd, Odessa, TX 79763 5790 Marble Creek Stree, Dublin, OH 43016 630 S.1st St., San Jose, CA 95113 3785 North Federal Hwy, Ste 205, Boca Raton, FL 33431 520 West Mulberry St., Bryon, OH 43506 14-34 110th St., Flushing, NY 11356 110 Broadway #507, Brooklyn, NY 11249 6248 N Woodstock St., Philadelphia, PA 19138 2292 a/k/a 2274 Hayride Rd, Lebec, CA 93243 1551 North Tustin Ave, Ste 125, Santa Ana, CA 92705 4449 Beechaven Dr, Rock Hill, SC 29732 408 Kelly Plantation Dr, Destin, FL 32541 10308 West Sample Rd, Coral Springs, FL 33065 Telecommunications Administrative and Support Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2031 Term Loan Prime plus 2.75% 3/31/2046 Term Loan Prime plus 2.75% 3/31/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2031 1239 US-27, Clermont, FL 34714 Ambulatory Health Care Services Term Loan 4449 Beechaven Dr, Rock Hill, SC 29732 Administrative and Support Services Term Loan Prime plus 2.75% 3/31/2046 Prime plus 2.75% 3/31/2031 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2046 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2031 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/30/2046 127.4 24.7 339.8 237.6 100.3 114.0 173.7 36.3 101.4 127.4 24.7 339.8 237.6 100.3 114.0 173.7 36.3 101.4 107.6 27.9 355.7 217.7 104.3 103.0 177.9 33.6 111.7 0.03 % 0.01 % 0.09 % 0.05 % 0.03 % 0.03 % 0.04 % 0.01 % 0.03 % Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2046 23.5 23.5 24.3 0.01 % Merchant Wholesalers, Durable Goods Repair and Maintenance Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Telecommunications Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 3/30/2031 Term Loan Prime plus 2.75% 6/30/2046 Term Loan Prime plus 2.75% 7/30/2046 Term Loan Prime plus 2.75% 3/29/2031 Term Loan Prime plus 2.75% 3/29/2031 275.9 51.2 136.4 76.1 99.8 275.9 51.2 136.4 76.1 99.8 Term Loan Prime plus 2.75% 6/29/2031 1,098.3 1,098.3 Ambulatory Health Care Services Term Loan Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/29/2031 Prime plus 2.75% 3/29/2031 199.7 199.7 17.6 22.6 27.0 17.6 22.6 27.0 Specialty Trade Contractors Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/29/2031 Term Loan Prime plus 2.75% 3/26/2031 F-39 See accompanying notes to consolidated financial statements. 232.6 54.2 145.5 74.2 88.2 993.0 168.3 14.8 19.1 28.3 0.06 % 0.01 % 0.04 % 0.02 % 0.02 % 0.25 % 0.04 % — % — % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Johnson Diversified, Inc dba Plumbing Solutions (#,^) New Image Window & Doors Inc (#,^) Diversified Electric, LLC Leo Marketing LLC AUBURN ANALYTICAL LABS, INC Zebra Enterprises, LLC dba Shanty (#,^) (#,^) (#,^) (#,^) Rob Smith dba Laundry Land (#,^) Companion Plus Care, LLC (#,^) Millennium Family Practice LLC (#,^) Allan Gilbert dba Allan Gilbert Builders (#,^) Party Town Chico LLC Blasco Tire LLC Oscar Rene Guzman and American United Construction LLC Capco Swimming Pools LLC and. Capco Industries, LLC dba Premier Pools Malik Dough L.L.C. and Steven L. Malik II Linh Luong and Loc Luong Icebox Cafe, L.C and Icebox Pantry, LLC Sundown Audio, LLC S.B. Southern Welding, L.L.C Spartan Technology Solutions, Inc. Clear Impact LLC and Clear Impact Inc Tripark LLC (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 29802 Avenida De Las Banderas, Rancho Santa Margarita, CA 92688 705 Hennis Rd, Winter Garden, FL 34787 1571 Mapledale St, Ferndale, MI 48220 1127 E Rio Grande Ave, El Paso, TX 79902 210 Bay City Rd, Midland, MI 48642 213 3rd St., Eureka, CA 95501 8913 Sierra Ave, Fontana, CA 92335 19849 Middlebelt Rd, Livonia, MI 48152 6310 Steven Forest Rd, Columbia, MD 21045 50 Jodi Dr, Belmont, NH 03220 1937 East 20th St. #B6, Chico, CA 95928 960 Memorial Dr, Griffin, GA 30223 12520 Taylor Rd, Houston, TX 77041 5115 Savannah Green, Voy Omy, TX 78073 3347 Riverside Dr, North Tazewell, VA 24630 1209 W Main St., Peroria, IL 61606 219 NE 3rd St., Hallandale Beach, FL 33009 514 W 21st St., Newton, NC 28658 300 Howard Rd, Waxahachie, TX 75165 125 Venture Blvd, Spartanburg, SC 29306 11300 Rockville Pike, #1001, Rockville, MD 20852 12630 Haynes Rd, Houston, TX 77066 Specialty Trade Contractors Administrative and Support Services Specialty Trade Contractors Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food Services and Drinking Places Personal and Laundry Services Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/26/2031 Term Loan Prime plus 2.75% 3/26/2031 Term Loan Prime plus 2.75% 3/26/2031 Term Loan Prime plus 2.75% 3/26/2031 Term Loan Prime plus 2.75% 3/26/2031 Term Loan Prime plus 2.75% 3/26/2046 Term Loan Prime plus 2.75% 3/26/2031 83.2 25.1 22.9 14.3 23.8 33.6 18.6 83.2 25.1 22.9 14.3 23.8 33.6 18.6 83.1 26.3 19.3 13.3 20.0 38.0 15.9 Term Loan Prime plus 2.75% 3/25/2046 130.6 130.6 131.8 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2031 Construction of Buildings Term Loan Prime plus 2.75% 3/25/2031 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/25/2031 Motor Vehicle and Parts Dealers Term Loan Prime plus 6.5% 3/24/2031 91.3 23.8 14.1 6.0 91.3 23.8 14.1 6.0 95.7 20.4 11.9 5.8 0.02 % 0.01 % — % — % — % 0.01 % — % 0.03 % 0.02 % 0.01 % — % — % Specialty Trade Contractors Term Loan Prime plus 2.75% 3/24/2031 171.3 171.3 146.9 0.04 % Construction of Buildings Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Computer and Electronic Product Manufacturing Machinery Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/24/2031 Term Loan Prime plus 2.75% 3/24/2031 Term Loan Prime plus 2.75% 3/24/2031 Term Loan Prime plus 2.75% 3/24/2031 Term Loan Prime plus 2.75% 3/24/2031 Term Loan Prime plus 2.75% 3/23/2031 Term Loan Prime plus 2.75% 3/22/2031 Term Loan Prime plus 2.75% 3/22/2031 Term Loan Prime plus 2.75% 3/19/2046 33.3 10.0 83.3 140.1 95.2 268.0 47.6 147.8 148.6 33.3 10.0 83.3 140.1 95.2 268.0 47.6 147.8 148.6 32.3 8.6 82.9 121.4 80.5 235.3 40.1 126.6 153.5 0.01 % — % 0.02 % 0.03 % 0.02 % 0.06 % 0.01 % 0.03 % 0.04 % F-40 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) JEJ LLC dba Hawaii Jerky Shop; DE.HI Foods Jemas, LLC Dba Medicine Shoppe St Charles Natalie Dress Designers, LLC DBA Azaria Bridal Richard Keith Robison Jr. Enterprises, Inc. dba R & R Restoration David Edwin Harries AZ Dropship LLC dba A-Z Trading Co Crystal H Thompson dba Advertise IT Zmetra Clear Span Structures, LLC WSCL, Inc Northern Services Inc LT Johnson DDS PLLC dba Brueggen Dental Implant Center Ryan Doyle Enterprises, LLC dba Earthworkers Landscaping Battle Forged Fitness, LLC dba CrossFit 1976 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) EXAGEN SOLUTIONS INC (#,^) 274 Construction Group, Inc (#,^) Crispeno Realty, Inc Benevolent Family Services LLC, Pavesh, LLC INB Enterprise LLC DTJ Enterprises, Inc dba West Falmouth Market Hany and Associates LLC dba Integrity Tax Group (#,^) (#) (#,^) (#) (#,^) (#,^) Swick & Son Enterprises, Inc. (#,^) 111 Sand Island Access Rd, Honolulu, HI 96819 488 S 5th St., St Charles, MO 63301 3710 US Hwy 9, Space D218, Freehold, NJ 07728 1539 Apache Dr, Montgomery, TX 77316 5506 Riverside Dr, Chino, CA 91710 735 Crofton St SE, Grand Rapids, MI 49507 718 N Main St., Norwood, CT 28128 2 Old Worcester Rd, Dudley, MA 01571 176 Rosa Court, Colton, CA 92324 2266 Central St., Ste6, Richmond, CA 94801 14626 Bellaire Blvd., Houston, TX 77083 802 Klinger Ln, Lebanon, PA 17042 3251 East Stone Court, Eagle Mountain, UT 84005 32 Waverly Cir, Waverly, NY 12189 420 Raleigh St., Ste F, Wilmington, NC 28412 9812 235th Pl SW, Edmonds, WA 98020 522 S Independence Blvd, Ste 201, Virginia Beach, VA 23452 9576 Potranco Rd, San Antonio, TX 78251 7761 Diamondback Dr, College Park, MD 20742 623 W Falmouth hwy, Falmouth, MA 02540 2020 S Oneida St., Denver, CO 80224 108 Mashell Ave North, Eatonville, WA 98328 Food Manufacturing Term Loan Prime plus 2.75% 3/19/2046 Health and Personal Care Stores Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/19/2031 Term Loan Prime plus 2.75% 3/19/2031 Specialty Trade Contractors Insurance Carriers and Related Activities Nonstore Retailers Printing and Related Support Activities Term Loan Prime plus 2.75% 3/19/2031 Term Loan Prime plus 2.75% 3/19/2031 Term Loan Prime plus 2.75% 3/18/2031 Term Loan Prime plus 2.75% 3/18/2031 148.6 85.7 309.5 14.3 14.3 47.6 30.5 148.6 85.7 309.5 14.3 14.3 47.6 30.5 158.5 72.4 264.3 12.0 12.0 40.2 27.3 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/18/2031 119.1 119.1 116.2 Construction of Buildings Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2031 Term Loan Prime plus 2.75% 3/18/2031 48.3 47.6 48.3 47.6 40.7 40.1 Ambulatory Health Care Services Term Loan Administrative and Support Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Heavy and Civil Engineering Construction Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 3/18/2031 318.9 318.9 268.8 Prime plus 2.75% 3/17/2031 Prime plus 2.75% 6/17/2046 Prime plus 2.75% 3/16/2031 14.3 54.7 50.5 14.3 54.7 50.5 13.1 51.0 42.6 Prime plus 2.75% 3/16/2031 176.3 176.3 160.1 Real Estate Term Loan Prime plus 2.75% 3/16/2031 Ambulatory Health Care Services Term Loan Prime plus 6.5% 3/15/2031 8.8 6.0 8.8 6.0 7.4 5.8 0.04 % 0.02 % 0.07 % — % — % 0.01 % 0.01 % 0.03 % 0.01 % 0.01 % 0.07 % — % 0.01 % 0.01 % 0.04 % — % — % Repair and Maintenance Professional, Scientific, and Technical Services Food and Beverage Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/15/2046 166.0 166.0 175.9 0.04 % Term Loan Prime plus 6.5% 3/15/2031 6.0 6.0 5.8 Term Loan Prime plus 2.75% 3/15/2046 178.4 178.4 187.4 53.4 68.9 53.4 68.9 45.0 58.7 — % 0.05 % 0.01 % 0.01 % Term Loan Prime plus 2.75% 3/12/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/12/2031 F-41 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Torchlight Academy Schools, LLC Kris-Leigh Catered Living at Severna Park LLC Craftworks NW, LLC Clean Energyz LLC Motus Inc. dba Stage Your Home San Diego Clean Energyz LLC INTERNETZONE I, INC. Monark, LLC ACTIVE FACILITY MONITORING, LLC True Electrical Services LLC dba True Breaker Services Charlie Chedda's LLC 3 A Ideas, LLC dba Bizzy Kids Learning Center Nadal Company LLC Giles Title and Escrow Services, LLC and Morgan Andrew Hoover Reginald L McClain dba McClain's Auto Detailing and Paint Refinish Ambrose Cubed LLC Metroguard Security & Risk Mgmt Inc. Miss Academy, LLC dba Miss Houston Pageant Goodsell/Wilkins, Inc Anne M Prior LLC Innovative Dental of Hannibal LLC Medissage Integrative Therapies, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 116 County Farm Rd, Windsor, NC 27983 831 Ritchie Hwy, Severna Park, MD 21146 12421 NE 117th Ave, Vancouver, WA 98662 881 Alma Real Dr, Stes T-16, Pacific Palisades, CA 90272 7557 Convoy Ct, San Diego, CA 92111 881 Alma Real Dr Ste T-16, Pacific Palisades, CA 90272 3131 Laurel Ave, Fullerton, CA 92835 26050 Acero, Ste 411, Mission Viejo, CA 92691 702 Ernest Dr, Port Orange, FL 32127 3773 Dinosaur St., Castle Rock, CO 80109 1867 Academy Blvd, Colorado Springs, CO 80916 1401 Caplin Dr, Arlington, TX 76018 5923 Robindale Rd, Catonsville, MD 21228 Professional, Scientific, and Technical Services Nursing and Residential Care Facilities Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/12/2046 Term Loan Prime plus 2.75% 3/12/2031 Term Loan Prime plus 2.75% 3/12/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/11/2031 Real Estate Term Loan Prime plus 2.75% 3/11/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2031 Other Information Services Term Loan Prime plus 2.75% 3/10/2031 Food Manufacturing Professional, Scientific, and Technical Services Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/10/2031 Term Loan Prime plus 2.75% 3/9/2031 Term Loan Prime plus 2.75% 3/5/2031 Term Loan Prime plus 2.75% 3/5/2031 Social Assistance Term Loan Prime plus 2.75% 3/5/2046 Repair and Maintenance Term Loan Prime plus 2.75% 3/5/2031 223.1 687.8 14.3 57.2 50.1 17.3 9.5 33.4 9.4 5.7 22.8 118.6 4.8 223.1 687.8 14.3 57.2 50.1 17.3 9.5 33.4 9.4 5.7 22.8 118.6 4.8 251.9 720.3 12.8 48.2 42.2 17.9 8.0 28.1 7.9 4.8 23.0 129.4 4.0 0.06 % 0.18 % — % 0.01 % 0.01 % — % — % 0.01 % — % — % 0.01 % 0.03 % — % 203 North 1st St., Pulaski, TN 38478 Real Estate Term Loan Prime plus 2.75% 3/4/2031 29.5 29.5 27.3 0.01 % 2753 N 29th St., Milwaukee, WI 53210 6780 Hudspeth Rd, Harrisburg, NC 28075 338 Commerce Dr, Fairfield, CT 06825 1111 Uptown Park Blvd #12, Houston, TX 77056 28175 Bluebell Dr, Laguna Niguel, CA 92677 5933 NW Wins Sivers Dr, Portland, OR 97220 515 Clinic Rd., Hannibal, MO 63401 103 Twinridge Lane, Richmond, VA 23235 Repair and Maintenance Wholesale Electronic Markets and Agents and Brokers Administrative and Support Services Term Loan Prime plus 2.75% 3/3/2046 Term Loan Prime plus 2.75% 3/3/2046 Term Loan Prime plus 2.75% 3/2/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 2/26/2031 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/25/2031 Term Loan Prime plus 2.75% 2/25/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/24/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2046 7.1 197.7 196.5 9.4 94.4 16.8 47.3 7.3 7.1 197.7 196.5 9.4 94.4 16.8 47.3 7.3 8.0 223.2 165.6 8.0 79.6 14.1 39.8 8.3 — % 0.06 % 0.04 % — % 0.02 % — % 0.01 % — % F-42 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) KOLOA KAI LLC and Stay Beach Cities, Inc TELAVERGE COMMUNICATIONS, LLC (#,^) (#,^) Eagle Creek Landscape & Design (#,^) Eddy Auto Service Inc Ben Anderson 365 Commonwealth Warehouse, Inc. ReenBoog Natural Hair Care, LLC Surgeon & Associates, Inc Alima Mandiang, dba Mandiang Hair Braiding SBRnet, Inc White Pine Logistics Inc Design Moves LLC Ryan Spataro dba The Minty Goat Little Swimmers Inc. UniGuide Media,LLC A-One Refrigeration and Heating, Inc. A-One Refrigeration and Heating, Inc Hybrid Drive Batteries LLC Michael Miller dba Affordable Paint and Auto Body Little Angels Daycare and Learning Center LLC Davis Laboratories, Inc. TC3, LLC Dexter Lillie dba Kreative Kutz Barber Shop (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) 2-2514 Kaumualii Hwy, Kalaheo, HI 96741 8229 Foutain Ridge Dr, Plano, TX 75025 7574 Eagle Creek Rd, Cincinnati, OH 45247 901 NY-109, West Babylon, NY 11704 1567 E Valley Rd, Montecito, CA 93108 400-500 Murray Rd, Cincinnati, OH 45217 4051 Stone Mountain Hwy, Ste E106, Lilburn, GA 30047 733 Bargain St., Fayetteville, NC 28303 242 E. Claremont Rd, Philadelphia, PA 19120 10185 Spyglass Way, Boca Raton, FL 33498 1281 Cobble Pond Way, Vienna, VA 22182 3235 North Dixie Hwy, Oakland, FL 33334 6801 N Crystal Ave, Kansas City, MO 64119 2395 Monument Blvd, Concord, CA 94520 105 Pearl St., Sausalito, CA 94965 910 N 20th Ave, Pasco, WA 99301 910 N 20th Ave, Pasco, WA 99301 22607 E La Palma Ave, Ste 406, Yorba Linda, CA 92887 4738 Randleman Rd, Greensboro, NC 27406 4551 Summit Blvd, West Palm Beach, FL 33415 611 Lunar Ave., Brea, CA 92821 1036 Country St. 2945, Tuttle, OK 73089 865 Cassat Ave, Jacksonville, FL 32205 Real Estate Professional, Scientific, and Technical Services Administrative and Support Services Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/22/2031 Term Loan Prime plus 2.75% 2/19/2031 Term Loan Prime plus 2.75% 2/19/2031 Term Loan Prime plus 2.75% 2/18/2046 Term Loan Prime plus 2.75% 2/18/2031 Warehousing and Storage Term Loan Prime plus 2.75% 2/17/2031 Health and Personal Care Stores Administrative and Support Services Personal and Laundry Services Professional, Scientific, and Technical Services Truck Transportation Professional, Scientific, and Technical Services Administrative and Support Services Educational Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/17/2031 Term Loan Prime plus 2.75% 2/17/2031 Term Loan Prime plus 6.5% 2/17/2031 Term Loan Prime plus 2.75% 2/17/2031 Term Loan Prime plus 2.75% 2/16/2031 Term Loan Prime plus 2.75% 2/16/2046 Term Loan Prime plus 2.75% 2/16/2031 Term Loan Prime plus 2.75% 2/11/2031 Term Loan Prime plus 6.5% 2/11/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/11/2046 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/11/2031 Repair and Maintenance Term Loan Prime plus 2.75% 2/10/2031 Repair and Maintenance Term Loan Prime plus 2.75% 2/9/2046 Social Assistance Professional, Scientific, and Technical Services Administrative and Support Services Term Loan Prime plus 2.75% 10/3/2046 Term Loan Prime plus 2.75% 2/1/2031 Term Loan Prime plus 2.75% 1/29/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 1/29/2046 F-43 See accompanying notes to consolidated financial statements. 7.1 33.1 44.8 86.3 47.3 54.3 18.9 28.4 2.4 19.8 55.1 83.9 4.7 47.2 6.0 286.2 156.2 14.2 21.9 86.0 59.0 5.0 17.7 7.1 33.1 44.8 86.3 47.3 54.3 18.9 28.4 2.4 19.8 55.1 83.9 4.7 47.2 6.0 286.2 156.2 14.2 21.9 86.0 59.0 5.0 17.7 6.0 27.9 38.4 97.5 39.8 45.8 16.2 28.1 2.3 16.7 46.4 91.2 4.4 40.4 5.8 307.5 137.9 12.0 23.6 85.7 54.8 4.8 20.0 — % 0.01 % 0.01 % 0.02 % 0.01 % 0.01 % — % 0.01 % — % — % 0.01 % 0.02 % — % 0.01 % — % 0.08 % 0.03 % — % 0.01 % 0.02 % 0.01 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 1/29/2031 Term Loan Prime plus 6.5% 1/28/2031 3.8 3.8 3.8 3.8 3.2 3.7 — % — % Term Loan Prime plus 2.75% 1/28/2031 173.4 173.4 155.5 0.04 % CULTIVA Solutions, LLC Jazma Deaungilae Wise Payne's Environmental Services LLC Chrysalis MSP LLC Inland Empire Spine and Disc Laser, Inc. VIIXVII Sewing Studio, LLC Skypie Studio & Crafts LLC WILD THING ACCOUNTING & TAX LLC (#,^) (#) (#,^) (#,^) (#,^) (#) (#) (#) Andrew's Spotless Cleaning, LLC (#) Nex Computer LLC and Kosmaz Technologies LLC Greater Vision Healthcare Services, LLC (#,^) (#,^) Wild Wellness LLC LONDERPASS, INC. Centre for Autism Treatment LLC R & L Timber, Inc Valley Towing & Sons, Inc Diamond Ridge Professionals LLC, Austen Felder Holdings LLC dba Austin R Styling Retro Rangers LLC and Retro 1951, Inc Big Brand Management Ltd. Co and Food Civilization LLC Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash SAS Integrated, LLC (#) (#) (#) (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) 8000 Towers Crescent Dr,, Vienna, VA 22182 110 Golden Pine Rd SW, Austell, GA 30168 5617 Causeway Blvd., Tampa, FL 33619 14550 Torrey Chase Blvd, Ste 110, Houston, TX 77014 802 Magnolia Ave, Ste 103, Corona, CA 92879 277 E Girard Ave, Philadelphia, PA 19125 933 Mary Ave, Opelousas, LA 70570 805 NE 190th Ave, Portland, OR 97230 1604 Marcella Dr, Covington, KY 41011 1201 Alta Vista Court, Walnut Creek, CA 94596 788 Montgomery Ave, Ocoee, FL 34761 151 Lake St., Lancaster, OH 43130 108 N Fiore Pkwy, Vernon Hills, IL 60061 13090 Sundown Rd, Victorville, CA 92392 524 Callen Crabb Rd, Sagle, ID 83860 16 NY-6N, Mahopac, NY 10541 8629 Mesquite Circle, Magna, UT 84044 23642 Hwy 25, Franklinton, LA 70438 750 International Pkwy #105, Richardson, TX 75081 68700 Dinah Shore Dr, Cathedral, CA 92234 2 Center Rd, Old Saybrook, CT 06475 4012 S Rainbow Blvd, Las Vegas, NV 89103 Professional, Scientific, and Technical Services Personal and Laundry Services Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/26/2031 Ambulatory Health Care Services Term Loan Sporting Goods, Hobby, Musical Instrument, and Book Stores Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus 2.75% 1/22/2031 Prime plus 6.5% 1/22/2031 Prime plus 6.5% 1/22/2031 Professional, Scientific, and Technical Services Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 1/22/2031 Term Loan Prime plus 6.5% 1/22/2031 Term Loan Prime plus 2.75% 1/22/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/22/2046 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus 6.5% 1/22/2031 Prime plus 6.5% 1/21/2031 Prime plus 6.5% 1/20/2031 Forestry and Logging Support Activities for Transportation Term Loan Prime plus 2.75% 1/19/2031 Construction of Buildings Term Loan Prime plus 6.5% 1/19/2031 Personal and Laundry Services Merchant Wholesalers, Durable Goods Motion Picture and Sound Recording Industries Term Loan Prime plus 6.5% 1/18/2031 Term Loan Prime plus 2.75% 1/15/2031 Term Loan Prime plus 2.75% 1/14/2046 Repair and Maintenance Term Loan Prime plus 2.75% 1/12/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/12/2031 F-44 See accompanying notes to consolidated financial statements. 10.8 46.9 4.4 5.7 5.9 5.9 32.8 911.2 2.6 5.9 5.9 10.8 46.9 4.4 5.7 5.9 5.9 32.8 911.2 2.6 5.9 5.9 9.1 41.4 4.3 5.5 5.7 5.7 27.7 981.2 2.5 5.7 5.7 — % 0.01 % — % — % — % — % 0.01 % 0.24 % — % — % — % 11.0 5.9 11.9 185.8 242.0 121.9 21.1 11.0 5.9 11.9 185.8 242.0 121.9 21.1 9.3 5.7 11.4 156.6 250.9 112.6 17.8 — % — % — % 0.04 % 0.06 % 0.03 % — % Term Loan Prime plus 2.75% 1/20/2031 223.0 223.0 199.1 0.05 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Silx LLC White Pine Logistics, Inc. Westby Grocery LLC Athletic Performance Training Center, LLC TNJ Products, Inc. Moran Tax & Accounting LLC Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC LEILA ZAMIRI, DDS, INC. Inter-Insurance Agency Services, Ltd. and Universal Casualty Risk Rete (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) The Spot Bar & Restaurant LLC (#,^) Hawthorne Food Company dba Eastern Standard Provis (#,^) Seven C's Manufacturing, Inc (#,^) M2 Lumber LLC Leila Zamiri, DDS, Inc Performance Online, Inc SDI Black 011, LLC Shlama Two LLC dba Village Park Daycare NDRS Construction Inc.dba Disaster Real Estate Personnel, Inc., Tara Matta and Sara Pierce Center of New England Primary Care Inc, North Providence Urgent Care I Perfect Game Incorporated Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc, Pref (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 4120 3rd Ave, Timnath, CO 80525 1281 Cobble Pond Way, Vienna, VA 22182 212 Main St., Westby, MT 59275 12855 York-Delta Dr, North Royalton, OH 44133 4912 N Lincoln Ave, Ste 101, Chicago, IL 60625 128 N Franklin St, Brazil, IN 47834 1491 Hammond St., Bangor, ME 04401 3317 East 10th St., Long Beach, CA 90804 380 N Broadway, Jericho, NY 11753 10540 State Route 195, Killeen, TX 76542 117 Beaver St., Waltham, MA 02452 3895 Corsair St., Reno, NV 89502 110 Brick House Rd, Laurens, SC 29360 3317 E 10th St., Long Beach, CA 90804 1550 Melissa Ct, Corona, CA 92879 1091 YONKERS AVE, YONKERS, NY 10704 7440 Broadway, Merrillville, IN 46410 18730 Cortez Blvd, Brooksville, FL 34601 1758 Emerson St., Denver, CO 80218 775 Centre of New England Blvd, Coventry, RI 02816 850 Twixt Town Rd NE, Cedar Rapids, IA 52402 Personal and Laundry Services Term Loan Prime plus 2.75% 1/12/2031 Truck Transportation Food and Beverage Stores Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 1/11/2031 1/8/2046 Personal and Laundry Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 1/8/2031 Term Loan Prime plus 2.75% 12/31/2030 Term Loan Prime plus 2.75% 12/31/2045 Term Loan Prime plus 2.75% 12/31/2045 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/31/2030 Insurance Carriers and Related Activities Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2030 Term Loan Prime plus 2.75% 12/31/2045 Food Manufacturing Term Loan Prime plus 2.75% 12/31/2030 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/31/2030 Wood Product Manufacturing Term Loan Prime plus 2.75% 12/31/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/31/2045 Motor Vehicle and Parts Dealers Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2030 Social Assistance Term Loan Prime plus 2.75% 12/30/2045 Construction of Buildings Administrative and Support Services Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2030 4.2 371.9 43.1 14.1 200.2 17.2 346.4 69.8 643.9 86.1 814.7 512.1 10.5 153.7 244.7 931.1 245.9 81.5 931.1 4.2 371.9 43.1 14.1 200.2 17.2 346.4 69.8 643.9 86.1 814.7 512.1 10.5 153.7 244.7 931.1 245.9 81.5 931.1 3.6 318.2 43.4 11.9 168.7 18.7 391.1 71.7 542.8 90.5 687.9 475.7 9.7 173.5 207.0 799.9 266.0 69.0 785.0 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2045 447.2 447.2 504.9 Prime plus 2.75% 12/30/2030 1,163.9 1,163.9 1,088.3 — % 0.08 % 0.01 % — % 0.04 % — % 0.10 % 0.02 % 0.13 % 0.02 % 0.17 % 0.12 % — % 0.04 % 0.05 % 0.20 % 0.07 % 0.02 % 0.19 % 0.13 % 0.27 % 501 N Wymore Rd, Winter Park, FL 32789 Administrative and Support Services Term Loan Prime plus 2.75% 12/30/2030 372.4 372.4 390.1 0.10 % F-45 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) George Family Cremation and Burial LLC Lightstat Inc. Eppy's Tool & Equipment Warehouse, Inc Trident E&P, LLC Bourque Sales and Service Inc. Educare Early Intervention, Corporation Bourque Sales and Service Inc Petroleum Equipment & Services, Inc. Center of New England Primary Care Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) United Security Specialists, Inc. (#,^) Khangri Sourcing Inc. Bojax Auto Collision Inc Litchy Electric L.L.C. E R Kilpatrick, LLC dba Jefferson Street True Value Sondra Gayle Insurance Agency Inc. Terry A. Humphreys dba Tiki Torch Liquors NetLevel5 LLC dba Moutain Air Duct Spectrum Dynamics, Inc dba Clean Water Works Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) UBIF 86 CO dba UBREAKIFIX (#,^) Chris' Angels Cleaning Service LLC (#) KCL Business Service Inc. (#) 1260 W Mission Ave, Escondido, CA 92029 22 W West Hill Rd, Barkhamsted, CT 06063 809 East 42nd St., Brooklyn, NY 11210 320 Circle of Progress Dr, Pottstown, PA 19464 9160 Linwood Ave, Shevport, LA 71106 4557 S Calumet Ave, Chicago, IL 60653 9160 Linwood Ave, Shreveport, LA 71106 5631 Silverado Way, Anchorage, AK 99518 775 Center of New New England Blvd, Coventry, RI 02816 275 Saratoga Ave. Ste 200, Santa Clara, CA 95050 6021 129th. Ave SE, Bellevue, WA 98006 4706 Fenlee Ave., Royal Oak, MI 48073 4035 E Post Rd, Las Vegas, NV 89120 212 Greenwood St., La Grande, OR 97850 2107 Veterans Memorial Blvd, Metaire, LA 70002 101 Dallas St., Talihima, OK 74571 4724 Poleplant Dr, Colorado Springs, CO 80918 27727 Dalton Bluff Court, Katy, TX 77494 1644 Main St. Ste 1, Columbia, SC 29201 1539 Town Center Dr, Lakeland, FL 33803 2090 Dunwoody Club Dr, Sandy Springs, GA 30350 1042 San Fernando Rd., San Fernando, CA 91340 Term Loan Prime plus 2.75% 12/30/2030 1,151.8 1,151.8 1,047.8 Personal and Laundry Services Term Loan Prime plus 2.75% 3/30/2031 Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2030 Miscellaneous Manufacturing Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2045 Ambulatory Health Care Services Term Loan Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2030 Prime plus 2.75% 12/30/2045 Rental and Leasing Services Term Loan Prime plus 2.75% 12/30/2030 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Prime plus 2.75% 12/30/2045 Prime plus 2.75% 12/30/2030 Prime plus 2.75% 12/29/2030 Repair and Maintenance Term Loan Prime plus 2.75% 12/29/2045 Specialty Trade Contractors Merchant Wholesalers, Durable Goods Insurance Carriers and Related Activities Food and Beverage Stores Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2030 Term Loan Prime plus 2.75% 12/28/2030 Term Loan Prime plus 2.75% 12/24/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 2.75% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 96.7 349.2 243.0 96.7 349.2 243.0 86.9 348.6 204.9 140.7 41.2 143.4 392.2 414.9 108.5 173.3 338.1 93.1 133.8 7.0 11.8 15.1 11.8 140.7 41.2 143.4 392.2 414.9 108.5 173.3 338.1 93.1 133.8 7.0 11.8 15.1 11.8 158.8 34.7 161.9 336.6 468.4 91.5 145.9 346.8 80.1 117.6 7.0 11.3 13.1 11.3 Educational Services Term Loan Prime plus 2.75% 12/23/2030 541.7 541.7 481.9 Repair and Maintenance Administrative and Support Services Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 53.3 11.8 11.8 53.3 11.8 11.8 44.8 11.3 11.3 F-46 See accompanying notes to consolidated financial statements. 0.02 % 0.09 % 0.05 % 0.26 % 0.04 % 0.01 % 0.04 % 0.08 % 0.12 % 0.02 % 0.04 % 0.09 % 0.02 % 0.03 % — % — % — % — % 0.12 % 0.01 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SLCP Transport, LLC Title2Land,LLC Summerfield Farm, Inc US Dedicated LLC (#,^) (#,^) (#,^) (#,^) ASIL Ventures, LLC N.W.F.F., Inc. and Environmental Contracting Solutions, Inc. (#) (#,^) Lynch Mining LLC Price Educational Services, LLC dba Mathnasium of South OKC (#,^) (#,^) N.W.F.F., Inc. AccountPics, LLC RJL Texas International Corporation Neeld Rentals Inc dba Mills True Value Hardware (#,^) (#,^) (#,^) (#,^) Horne Chiropractic Center, P.A (#,^) Edgar E. Herrera Garcia, Rocio L. D. Herrera dba Integral Delivery Ser REST Enterprises Inc dba Upstyled Properties Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC (#,^) (#,^) (#,^) Tahzoo LLC Splashlight Photographic & Digital Studios LLC ,Splashlight Technologi Last Touch LLC (#,^) (#,^) (#,^) People United of Louisiana LLC (#,^) 111 Brentwood Dr, College Station, TX 77840 11851 Wentling Ave, Baton Rouge, LA 70816 24 Baker Rd, Pittstown, NJ 08867 13410 SE 26th Cir, Vancouver, WA 98683 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 687 E Central Ave, Sutherlin, OR 97479 7262 West Hunt Hwy, Queen Creek, AZ 85142 10740 S May Ave, Oklahoma City, OK 73170 687 E. Central Ave, Sutherlin, OR 97479 903 S WW White Rd, San Antonio, TX 78220 17401 Triton,, Schertz, TX 78154 205 Clinton Blvd, Clinton, MS 39056 3820 Mountain Rd, Stes B & C, Pasadena, MD 21122 Repair and Maintenance Term Loan Prime plus 2.75% 12/23/2030 Real Estate Support Activities for Agriculture and Forestry Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/23/2045 Term Loan Prime plus 2.75% 12/23/2045 Term Loan Prime plus 2.75% 12/22/2030 Term Loan Prime plus 6.5% 12/22/2030 Term Loan Prime plus 2.75% 12/21/2030 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 12/21/2045 Educational Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/21/2030 Term Loan Prime plus 2.75% 12/21/2045 Term Loan Prime plus 2.75% 12/18/2045 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2030 Term Loan Prime plus 2.75% 12/18/2030 3100 Delaware Ave, Des Moines, IA 50313 1440 W Taylor St Unit 595, Chicago, IL 60607 Truck Transportation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2045 Term Loan Prime plus 2.75% 12/18/2030 1145 13th Ave East, Palmetto, FL 34221 1015 7th St. NW, Washington, DC 20001 Miscellaneous Manufacturing Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2030 Term Loan Prime plus 2.75% 12/18/2030 75 Varick St, 3rd Floor, New York, NY 10013 927 E 10th St, Fairmont, MN 56031 1401 Hudson Lane, Monroe, LA 71201 Professional, Scientific, and Technical Services Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/18/2045 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2030 F-47 See accompanying notes to consolidated financial statements. 56.9 110.7 57.8 203.7 4.0 721.6 358.5 7.8 43.0 78.7 56.9 110.7 57.8 203.7 4.0 721.6 358.5 7.8 43.0 78.7 49.7 124.9 65.2 171.3 3.8 638.9 380.7 6.9 47.6 87.1 11.2 93.1 221.3 14.0 199.2 722.5 11.2 93.1 221.3 14.0 199.2 722.5 50.9 139.7 50.9 139.7 9.4 78.3 240.0 14.6 167.6 609.3 979.0 57.5 124.0 0.01 % 0.03 % 0.02 % 0.04 % — % 0.16 % 0.09 % — % 0.01 % 0.02 % 0.06 % — % 0.02 % 0.06 % — % 0.04 % 0.15 % 0.24 % 0.01 % 0.03 % Term Loan Prime plus 2.75% 12/18/2030 253.1 253.1 229.0 Term Loan Prime plus 2.75% 12/18/2030 1,163.9 1,163.9 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Yinlink International Inc Pumpkin Patch Child Care and Early Education Center, LLC Giant Development Inc and Crabtree Development Corp Katie Cox & Co. LLC Code 3 Apps LLC. Carolina Roofing Siding Painting LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Anthony Connelly Holdings LLC (#,^) Savannah Area Language & Culture Exchange, LLC (#) David M. Benson LLC Highstar Travel Group, LLC Vege Investments, LLC dba Sunoco Homestead McFarlin, LLP Signature Graphic LLC Last Minute Effects Inc. Vector Utilities LLC Corple Enterprisees Inc Efficient, Fast & Good Cleaning Services Inc Accommodating Financial & Tax Services, LLC Aeromax Industries Inc Droplette Marketing Co Donald W. Harris dba Bowman Creek Mini Storage Shattered Prism LLC TJ Pant LLC and Tailored Cartage LLC (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) 2 Corporate Dr, Suiite A, East Windsor, NJ 08512 310 Grove Beach Rd N, Westbrook, CT 06498 509 Pylon Dr, Ste 110, Raleigh, NC 27606 6605 Longshore ST, Ste 240, Dublin, OH 43017 843 Tempted Ways Dr, Longmont, CO 80504 204 Depot St., Camponbello, SC 29322 7260 Dean Martin Dr, Ste 800, Las Vegas, NV 89118 6 Dovetail Crossing, Savannah, GA 31419 1422 Euclid Ave, Cleveland, OH 44115 2869 Wilshire Dr, Ste 204, Orlando, FL 32835 26400 SW 177th Ave, Homestead, FL 33031 4 Park Plz Ste 1025, Irvine, CA 92614 14425 N 79th St, Ste B, Scottsdale, AZ 85260 1016 Hamline Place, Burbank, CA 91504 8501 San Gabriel Dr, Laredo, TX 78045 17887 US Hwy 380 West, Ponder, TX 76259 2444 NW 177th Terrace, Miami Gardens, FL 33056 1642 Ralston Circle, Toledo, OH 43623 1310 Ranchers Legacy Trail, Fort Worth, TX 76126 6481 Orangethorpe Ave, Buena Park, CA 90620 1625 US-59 N, Linden, TX 75563 3333 Broadway, New York, NY 10031 Educational Services Professional, Scientific, and Technical Services Administrative and Support Services Gasoline Stations Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Motion Picture and Sound Recording Industries Motor Vehicle and Parts Dealers Administrative and Support Services Professional, Scientific, and Technical Services Transportation Equipment Manufacturing Professional, Scientific, and Technical Services Warehousing and Storage Motion Picture and Sound Recording Industries Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/18/2030 Social Assistance Term Loan Prime plus 2.75% 12/18/2045 66.4 113.1 66.4 113.1 64.2 122.3 Term Loan Prime plus 2.75% 12/18/2030 1,163.9 1,163.9 1,027.8 Specialty Trade Contractors Professional, Scientific, and Technical Services Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/18/2030 Term Loan Prime plus 2.75% 12/18/2030 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/17/2045 Nonstore Retailers Term Loan Prime plus 2.75% 12/17/2030 Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 2.75% 12/16/2030 Term Loan Prime plus 6.5% 12/16/2030 7.0 7.0 14.8 232.8 11.8 11.8 20.9 11.8 7.0 7.0 14.8 232.8 11.8 11.8 20.9 11.8 5.9 5.9 15.7 195.8 11.3 11.3 17.6 11.3 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/14/2030 349.2 349.2 336.4 Term Loan Prime plus 2.75% 12/16/2030 162.9 162.9 137.1 Term Loan Prime plus 2.75% 12/16/2030 Term Loan Prime plus 2.75% 12/15/2030 79.1 14.0 79.1 14.0 66.6 12.2 Term Loan Prime plus 2.75% 12/14/2030 Term Loan Prime plus 2.75% 12/14/2030 Term Loan Prime plus 2.75% 12/14/2045 58.2 7.0 41.6 58.2 7.0 41.6 49.0 6.2 46.3 Term Loan Prime plus 2.75% 12/14/2030 162.9 162.9 137.1 Term Loan Prime plus 2.75% 12/14/2030 Term Loan Prime plus 6.5% 12/11/2030 Term Loan Prime plus 2.75% 12/11/2030 6.3 11.8 7.0 80.3 6.3 11.8 7.0 80.3 5.7 11.3 7.3 79.0 25993 US 12, Sturgis, MI 49091 Truck Transportation Term Loan Prime plus 2.75% 12/11/2030 F-48 See accompanying notes to consolidated financial statements. 0.02 % 0.03 % 0.25 % — % — % — % 0.05 % — % — % — % — % 0.03 % 0.02 % — % 0.08 % 0.01 % — % 0.01 % 0.03 % — % — % — % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Jamali LLC dba Saahten Premium Marketing Co. Inc. dba Vera Moore Cosmetics LTD Broadband, LLC M-Den, Inc (#) (#,^) (#,^) (#,^) Just In Time Refrigeration LLC (#,^) Inner Beauty Salon and Suite LLC (#,^) HWH Unlimited, Inc. (#,^) LBR Partners LLC dba Techy (#,^) Zebra House Coffee, LLC Tortuga Backpacks LLC CashLine Solutions, LLC Northeast Coverages Inc. and Southeast Coverages Inc. Travel with Love, LLC dba Style & The Storyteller Indecon Builders Inc Perez Law Office, PLLC Combs Creative LLC Paradise RV Sales and Rentals LLC Pacific Contours Corp (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) SME Business Services LLC (#,^) Moxie Marketing, LLC Staffhink Limited dba Barn Owl Drone Services Tina D. Coker DBA Diane's Accounting Service (#,^) (#,^) (#) 2741 Raceway Fairfield West, Pensacola, FL 32503 4 Shadow Lane, Woodbury, NY 11797 69 Teahouse St, Las Vegas, NV 89138 315 Main St., Ann Arbor, MI 48104 6400 EDNA TAYLOR PKWY, MONONA, WI 53716 825 Beecher St SW, Atlanta, GA 30310 43386 Business Park Dr, Temecula, CA 92590 16430 Good Hearth Blouvard, Clermont, FL 34711 1001 S El Camino Real, San Clemente, CA 92672 340 South Lemon Ave, Walnut, CA 91789 467741 E 1050 Rd, Sallisaw, OK 74955 910 Franklin Ave, Ste 210, Garden City, NY 11530 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 1382 Valencia Ave, Tustin, CA 92780 80 N McClintock Dr, Chandler,, AZ 85226 157 Antler Ridge Circle,, Nashville, TN 37214 7960 Dorchester Rd, North Charleston, SC 29418 5340 E Hunter Ave, Anaheim, CA 92807 930 Chesaco Ave, Rosedale, MD 21237 51 Lee Dr, Palm Coast, FL 32137 4283 Deerfield Hills Rd, Colorado Springs, CO 80916 119 E Haywood St, England, AR 72046 Repair and Maintenance Food Services and Drinking Places Nonstore Retailers Administrative and Support Services Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Construction of Buildings Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Rental and Leasing Services Transportation Equipment Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Data Processing, Hosting, and Related Services Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 6.5% 12/11/2030 Health and Personal Care Stores Term Loan Prime plus 2.75% 12/11/2030 11.8 20.9 11.8 20.9 11.3 18.1 Telecommunications Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/10/2030 1,126.2 1,126.2 1,033.1 Term Loan Prime plus 2.75% 12/10/2030 1,071.2 1,071.2 1,038.5 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/10/2045 229.2 229.2 238.4 Personal and Laundry Services Term Loan Prime plus 2.75% 12/10/2045 Real Estate Term Loan Prime plus 2.75% 12/9/2030 Term Loan Prime plus 2.75% 12/9/2030 Term Loan Prime plus 2.75% 12/9/2030 Term Loan Prime plus 2.75% 12/8/2030 Term Loan Prime plus 2.75% 12/7/2030 63.9 69.8 41.9 41.9 46.6 11.2 63.9 69.8 41.9 41.9 46.6 11.2 72.2 73.0 35.3 35.2 39.2 9.4 — % — % 0.26 % 0.26 % 0.06 % 0.02 % 0.02 % 0.01 % 0.01 % 0.01 % — % Term Loan Prime plus 2.75% 12/7/2030 158.3 158.3 165.5 0.04 % Term Loan Prime plus 6.5% 12/4/2030 Term Loan Prime plus 2.75% 12/4/2030 Term Loan Prime plus 2.75% 12/4/2045 Term Loan Prime plus 6.5% 12/4/2030 Term Loan Prime plus 2.75% 12/4/2030 Term Loan Prime plus 2.75% 12/4/2030 Term Loan Prime plus 2.75% 12/3/2030 Term Loan Prime plus 2.75% 12/3/2030 Term Loan Prime plus 2.75% 12/3/2030 Term Loan Prime plus 6.5% 12/3/2030 4.7 46.6 66.4 5.2 6.4 665.1 20.9 116.9 4.9 11.8 4.7 46.6 66.4 5.2 6.4 665.1 20.9 116.9 4.9 11.8 4.5 39.2 75.0 5.0 5.4 — % 0.01 % 0.02 % — % — % 695.4 0.17 % 17.6 98.3 4.6 11.3 — % 0.02 % — % — % F-49 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) American Retail Properties, Inc. Jonathan J Klaczik LLC dba Veterans Fence Company Segreti Law Office, A Professional Corporation Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea LIAISON STAINLESS INC (#,^) (#,^) (#,^) (#,^) (#,^) The Alder SmokeHouse LLC (#,^) Flex Beauty Labs, LLC (#) Next Level Detailing, LLC (#,^) Dearly LOved Counseling, L.L.C (#) Ellis Apex LLC dba Inage360 Marietta Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT Green Farm Inc dba Farmers Outlet (#) (#,^) (#,^) Prosperity Tool, Inc The Number Masters Italian Heritage Tile and Stone Inc T.S.I.-VA, LLC and Alpha Business Services Inc. Master Printing and Signs Corp & Artishirt Co. Modutech Marine Inc GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Supersonic Cleaning Services Inc (#,^) 125 Main St. 2nd Floor, Reading, MA 01867 7417 Dover Lane, Parma, OH 44130 350 10th Ave,Ste 1000, San Diego, CA 92101 14a Craig Rd, Acton, MA 01720 630 James Lee Dr NW, Suwanee, GA 30024 1055 Virginia Ave, North Bend, OR 97459 7512 Dr. Phillip Blvd, Orlando, FL 32819 3235 Odeon Way, Ste 201-203, Acworth, GA 30102 14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618 2060 Franklin Way SE, Ste 150, Marietta, GA 30067 14543 SW 5th St., Pembroke Pines, FL 33027 1018 W SR 424 Ste 100, Longwood, FL 32750 2006 National Guard Dr, Plant City, FL 33563 3325 Highland St., Grove City, OH 43123 4725 Morgan Territory Rd, Clayton, CA 94517 2525 Pointe Center Court, Ste 200, Dumfries, VA 22026 386 Squire Rd, Revere, MA 02151 2218 Marine View Dr, Tacoma, WA 98422 Real Estate Term Loan Prime plus 2.75% 11/30/2030 Personal and Laundry Services Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Merchant Wholesalers, Durable Goods Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/27/2030 Term Loan Prime plus 2.75% 11/27/2030 Term Loan Prime plus 2.75% 11/27/2030 Term Loan Prime plus 2.75% 11/25/2030 Term Loan Prime plus 2.75% 11/25/2030 Term Loan Prime plus 6.5% 11/24/2030 Repair and Maintenance Term Loan Prime plus 2.75% 11/24/2030 Social Assistance Printing and Related Support Activities Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 2.75% 11/24/2030 Food and Beverage Stores Term Loan Prime plus 2.75% 11/20/2030 Term Loan Prime plus 6.5% 11/19/2030 20.8 20.8 17.3 37.0 69.3 10.4 11.7 6.9 11.7 85.7 13.6 11.7 20.8 20.8 17.3 37.0 69.3 10.4 11.7 6.9 11.7 85.7 13.6 11.7 17.6 18.7 14.7 31.4 58.3 10.9 11.2 5.8 11.2 72.6 11.4 11.2 — % — % — % 0.01 % 0.01 % — % — % — % — % 0.02 % — % — % Food and Beverage Stores Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Specialty Trade Contractors Professional, Scientific, and Technical Services Printing and Related Support Activities Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 11/19/2045 294.6 294.6 332.6 0.08 % Term Loan Prime plus 2.75% 11/18/2030 Term Loan Prime plus 2.75% 11/18/2030 Term Loan Prime plus 2.75% 11/17/2030 Term Loan Prime plus 2.75% 11/10/2045 Term Loan Prime plus 2.75% 11/9/2030 16.1 72.8 101.2 197.3 369.9 16.1 72.8 101.2 197.3 369.9 13.5 61.3 85.2 216.9 386.7 — % 0.02 % 0.02 % 0.05 % 0.10 % 1071 Serpentine Lane, Pleasanton, CA 94566 Administrative and Support Services 8712 60th Terrace South, Lake Worth, FL 33467 36 Seitz Terrace, Arlington, NY 12603 Administrative and Support Services Administrative and Support Services Term Loan Prime plus 2.75% 11/4/2030 192.2 192.2 200.9 0.05 % Term Loan Prime plus 2.75% 11/4/2030 Term Loan Prime plus 2.75% 10/29/2030 48.6 35.6 48.6 35.6 42.7 30.5 0.01 % 0.01 % F-50 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 9/25/2045 1,063.8 1,063.8 1,195.8 Marcus Horn dba Versatile Styles and Cuts Shades of U, Inc. dba Diva by Cindy VIP Lawn Care Services LLC dba VIP Services KTF Consulting Corp The Hall at the Yard LLC dba The Hall on the Yard South Park Hardware, LLC Hazleton Oil & Environmental, Inc Babys on Broadway LLC 7PSolutions, LLC Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC BulkMore LLC (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Mister Dexters LTD dba Shuga's (#,^) Mister Dexters LTD dba Shuga's Heriz Gallery Inc dba Pineville Rug Gallery Alliance Heating & Air Conditioning, Inc. Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet Terry and Tammy Jacobsen, Inc dba Appliance Recycling Profit Stewards, LLC Caplan Home Care, LLC Montana Custom Log Homes, Inc. Blackwater Diving LLC Suburban Transmission of Northern Illinois, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2018 24th Ave, Meridian, MS 39301 15212 Hanover Pike, Upperco, MD 21155 3875 Fay Blvd, Cocoa, FL 32927 2471 N Geneva Terrace, Chicago, IL 60614 1412 Alden Rd, Orlando, FL 32803 16074 South Park Ave, South Holland, IL 60473 300 Tamaqua St., Hazleton, PA 18201 47 East Broadway, Little Falls, MN 56345 136 North Van Buren St., Nashville, IN 47448 200 North Branford Rd, Branford, CT 06405 12741 Ocean Gateway, Ocean City, MD 21842 702 S. Cascade Ave, Colorado Springs, CO 80903 702 S Cascade Ave, Colorado Springs, CO 80903 312 Main St., Pineville, NC 28134 10 Brookfield Ave, Bridgeport, CT 06610 10105 Airport Way, Snohomish, WA 98296 10105 Airport Way, Snohomish, WA 98296 458 Schuylkill Rd, Phoenixville, PA 19460 6029 Berkshire Lane, Dallas, TX 75225 2036 US Hwy 93 North, Victor, MT 59875 112 Forrest Rd, Morgan City, LA 70380 1714 E Oakton St, Des Plaines, IL 60018 Personal and Laundry Services Term Loan Prime plus 2.75% 10/15/2045 Health and Personal Care Stores Administrative and Support Services Professional, Scientific, and Technical Services Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Merchant Wholesalers, Durable Goods Clothing and Clothing Accessories Stores Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/9/2045 Term Loan Prime plus 2.75% 10/8/2030 Term Loan Prime plus 2.75% 10/6/2030 Term Loan Prime plus 2.75% 10/2/2031 Term Loan Prime plus 2.75% 9/25/2045 Term Loan Prime plus 2.75% 9/25/2030 Term Loan Prime plus 2.75% 9/25/2030 Construction of Buildings Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 9/24/2030 Term Loan Prime plus 2.75% 11/18/2030 Term Loan Prime plus 2.75% 8/28/2045 Term Loan Prime plus 2.75% 8/28/2030 Textile Product Mills Term Loan Prime plus 2.75% 4/6/2045 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/6/2030 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2045 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2030 Repair and Maintenance Term Loan Prime plus 2.75% 4/2/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/1/2045 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/31/2045 Support Activities for Mining Term Loan Prime plus 2.75% 3/30/2030 Repair and Maintenance Term Loan Prime plus 2.75% 3/27/2045 F-51 See accompanying notes to consolidated financial statements. 10.3 88.3 17.5 68.9 671.1 73.4 10.3 88.3 17.5 68.9 671.1 73.4 11.1 95.7 14.9 72.0 572.6 82.9 68.4 45.6 341.9 137.8 56.2 166.3 95.7 658.5 815.0 295.5 38.0 856.3 354.8 326.6 145.3 68.4 45.6 341.9 137.8 56.2 166.3 95.7 658.5 815.0 295.5 38.0 856.3 354.8 326.6 145.3 59.0 38.6 333.8 120.5 60.5 139.6 108.1 605.5 899.9 270.7 35.5 954.0 400.5 311.2 164.0 — % 0.02 % — % 0.02 % 0.14 % 0.02 % 0.30 % 0.01 % 0.01 % 0.08 % 0.03 % 0.01 % 0.03 % 0.03 % 0.15 % 0.22 % 0.07 % 0.01 % 0.24 % 0.10 % 0.08 % 0.04 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Tomco Inc. dba Rental City dba Tomco Equiptment Sales Dunaway and Hart, Inc Patoruzu Inc dba Sharkey's Cuts for Kids Kris-Leigh Catered Living at Severna Park,LLC Firefly Developement LLC dba Firefly Earthworks Coffeestamp LLC Mid Ohio Hospitality, LLC dba Bucks Bar and Grill Forest Scientific Corporation Kanga Lean, Inc. dba F45 Training Trinity Integrated Equipment Inc; Intergrated Elastomers Inc Mark Allen Taylor dba Taylor Auction Stretch of NW Georgia, LLC dba Stretch Zone Rapid Trucking and Native Fields Landscaping LLC and My Two Girls LLC Signet Media dba Signet Media inc. Astoria-Pacific Inc GQ Investments LLC C3 Capital, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Quarles Service Systems, Inc. (#,^) Blue Dot Trading Inc The Ugly Mug's Coffee and Tea Inc. Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan (#,^) (#,^) (#,^) 6470 State St., Saginaw, MI 48603 575 Harkrider St., Conway, AR 72032 18121 Tuckerton Rd, Ste 130, Cypress, TX 77433 831 Richie Hwy, Severna Park, MD 21146 4810 Vicksburg St., Dallas, TX 75207 2511 S Jefferson Ave, St. Louis, MO 63104 192 E Main St, Mansfield, OH 44904 668 Elm St., Tionesta, PA 16353 8900 Strengh Ave, New Port Richie, FL 34655 5701 Brittmoore Rd, Houston, TX 77041 20 & 68 Westfield Rd, Nicholls, GA 31554 1430 Towne Lake Pkwy, Ste 26100, Woodstock, GA 30189 4225 W Capitol Ave, West Sacramento, CA 95691 73 Taylor Rd, Wharton, NJ 07885 630 S 1st St, San Jose, CA 95113 15130 SE 82nd Dr, Clackamas, OR 97015 5772 Miami Lakes Dr, Miami Lakes, FL 33014 10010 North Hampton Cove Lane, Indianapolis, IN 46236 1740 September Ave, Memphis, TN 38116 3100 NW 72nd Ave, Miami, FL 33122 1390 Broadway Ste C, Placerville, CA 95667 2342 NY- 37, Port Covington, NY 12937 Rental and Leasing Services Term Loan Prime plus 2.75% 3/27/2030 Real Estate Term Loan Prime plus 2.75% 3/26/2030 Term Loan Prime plus 2.75% 6/20/2030 Term Loan Prime plus 2.75% 3/20/2030 Term Loan Prime plus 2.75% 3/19/2045 Term Loan Prime plus 2.75% 3/17/2030 19.6 43.6 11.8 464.6 291.0 3.9 19.6 43.6 11.8 464.6 291.0 3.9 17.9 39.8 10.8 490.0 318.1 3.8 Term Loan Prime plus 2.75% 3/17/2045 222.3 222.3 250.9 Term Loan Prime plus 2.75% 3/17/2030 Term Loan Prime plus 2.75% 6/16/2030 65.3 50.1 65.3 50.1 68.9 47.5 Term Loan Prime plus 2.75% 3/13/2045 1,235.0 1,235.0 1,394.4 Personal and Laundry Services Nursing and Residential Care Facilities Specialty Trade Contractors Food Services and Drinking Places Food Services and Drinking Places Merchant Wholesalers, Durable Goods Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Durable Goods Personal and Laundry Services Term Loan Prime plus 2.75% 3/13/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/13/2030 Truck Transportation Administrative and Support Services Professional, Scientific, and Technical Services Computer and Electronic Product Manufacturing Electrical Equipment, Appliance, and Component Manufacturing Nonstore Retailers Administrative and Support Services Merchant Wholesalers, Durable Goods Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/13/2045 Term Loan Prime plus 2.75% 12/13/2045 Term Loan Prime plus 2.75% 3/13/2030 Term Loan Prime plus 2.75% 3/13/2030 Term Loan Prime plus 2.75% 3/12/2030 Term Loan Prime plus 2.75% 3/11/2030 Term Loan Prime plus 2.75% 3/10/2045 Term Loan Prime plus 2.75% 3/10/2030 Term Loan Prime plus 2.75% 3/9/2030 F-52 See accompanying notes to consolidated financial statements. 121.1 12.8 738.6 512.9 313.2 108.9 130.7 493.3 93.1 49.0 31.9 121.1 12.8 738.6 512.9 313.2 108.9 130.7 493.3 93.1 49.0 31.9 115.6 11.7 833.9 568.2 330.4 114.8 119.5 508.0 104.1 44.8 29.2 Term Loan Prime plus 2.75% 3/6/2030 122.0 122.0 124.9 — % 0.01 % — % 0.12 % 0.08 % — % 0.06 % 0.02 % 0.01 % 0.35 % 0.03 % — % 0.21 % 0.14 % 0.08 % 0.03 % 0.03 % 0.13 % 0.03 % 0.01 % 0.01 % 0.03 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) KR Enterprises, Inc. dba Carriage Inn Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security (#,^) (#,^) (#,^) (#,^) Advans IT Services, Inc. Big Brand Management LTD. CO. dba Ivox Media Minifox Inc. dba Pho Hoa and Jazen Tea Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn Chet Lemon Enterprises, Inc. dba All American Sports 14th State Learning, LLC dba Sylvan Learning, LLC Toju Bay Inc. dba Fiesta Americana Restaurand and Club (#,^) (#,^) (#,^) (#,^) (#) LCSM Logistics Inc Breakers Electric, LLC dba Merrill Sports Crux Solutions LLC dba Waddell's Riverside Funeral Directors GRSC, Inc. Feras Alshadaida dba Allura Dairy (#,^) (#,^) (#,^) (#,^) (#,^) M & L ENTERPRIZES, LLC (#,^) Abe Chahrour Investment, LLC (#,^) Bora Enterprises, LLC Skimino Enterprises LLC Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC Sherwood Sporthorses Inc. Alex Roit Chiropractic, P. C (#,^) (#,^) (#,^) (#,^) (#,^) 1065 Tower Hill Rd, North Kingstown, RI 02852 974 Commercial St, Palo Alto, CA 94303 65 Boston Post Rd W Ste 390, Marlborough, MA 01752 512 E 11th St, Houston, TX 77008 10624 South Eastern Ave Stes R & S, Hendersen, NV 89502 195 Oenoke Ridge, New Canaan, CT 06840 1544 Lane Park Cut off, Tavares, FL 32778 1 Market Pl #10, Essex Junction, VA 05452 1622-1624 N. Mannheim Rd, Stone Park, IL 60165 15735 Spectrum Dr, Addison, TX 75001 13600 Mustang Dr, Mead, CO 80542 6938 Westover St., Houston, TX 77087 1643 NW Dove Ct, Stuart, FL 34994 8809 N Grove Ave, Rancho Cucamonga, CA 91730 2401 Wrightsville Ave, Wilmington, NC 28403 4001 S Wayne Rd, Wayne, MI 48154 44255-B Fremont Blvd,, Fremont, CA 94538 197 Ewell Rd, Williamsburg, VA 23188 7215 Waelti Dr, Melbourne, FL 32940 20502 Forestview, Magnolia, TX 77355 55 Northern Blvd, Ste 103, Great Neck, NY 11021 Accommodation Term Loan Prime plus 2.75% 3/6/2045 310.0 310.0 344.1 0.09 % Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/6/2030 Other Information Services Term Loan Prime plus 2.75% 3/6/2030 Real Estate Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 3/6/2030 Term Loan Prime plus 2.75% 3/5/2030 Term Loan Prime plus 2.75% 6/4/2030 Personal and Laundry Services Term Loan Prime plus 2.75% 3/3/2031 Educational Services Food Services and Drinking Places Term Loan Prime plus 2.75% 3/2/2030 Term Loan Prime plus 2.75% 2/28/2045 Couriers and Messengers Term Loan Prime plus 2.75% 2/28/2030 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/27/2030 Personal and Laundry Services Term Loan Prime plus 2.75% 2/27/2045 Construction of Buildings Term Loan Prime plus 2.75% 2/27/2030 Food and Beverage Stores Term Loan Prime plus 2.75% 2/26/2030 Food and Beverage Stores Administrative and Support Services Truck Transportation Support Activities for Transportation Term Loan Prime plus 2.75% 2/26/2030 Term Loan Prime plus 2.75% 2/25/2045 Term Loan Prime plus 2.75% 2/21/2030 Term Loan Prime plus 2.75% 2/21/2030 Social Assistance Term Loan Prime plus 2.75% 2/21/2045 Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2046 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/19/2030 F-53 See accompanying notes to consolidated financial statements. 337.5 108.9 57.8 65.3 20.2 257.9 44.9 441.0 73.2 9.1 78.3 17.9 52.2 43.1 21.5 11.0 64.7 374.1 393.6 17.2 337.5 108.9 57.8 65.3 20.2 257.9 44.9 441.0 73.2 9.1 78.3 17.9 52.2 43.1 21.5 11.0 64.7 374.1 393.6 17.2 308.5 99.5 57.6 60.4 21.4 274.1 41.3 497.9 67.0 8.3 88.3 17.3 49.1 45.5 24.2 10.1 59.2 406.7 439.0 15.7 0.08 % 0.02 % 0.01 % 0.01 % 0.01 % 0.07 % 0.01 % 0.12 % 0.02 % — % 0.02 % — % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.10 % 0.11 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Little Feet Academy of Jacksonville, LLC (#,^) Romo Medical Equiptment LLC (#,^) All Modes Transportation & Logistics LLC Shaw, Ltd dba Fitness 1440 North Coventry Red Rock Government Serviice, LLC (#,^) (#,^) (#) Damiano Global Corp. Fortson Janitorial Inc 2'N1 Home and lawn LLC dba N1 Home an Lawn LLC A1 Radon Services, LLC Daftarnow Inc dba Venture X Parsippany Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc (#,^) (#,^) (#) (#,^) (#,^) (#,^) Adorable Home Heath Care LLC (#,^) 3 Fat Labs Inc. and Energy Conservation Solution Inc. Codame Enterprises LLC dba Firehouse Subs (#,^) (#,^) Havana Knights LLC Amina Financial Solutions LLC dba Expat Tax Solutions (#,^) (#,^) Affinity Integrated Solutions Inc. (#,^) Affinity Integrated Solutions Inc (#,^) Align Sports Management, LLC (#,^) Emmalina LLC Motorsport Imagery, Inc Lyon Cubs LLC dba Dayton Valley Learning Center (#,^) (#,^) (#,^) 10265 Normandy Blvd, Jacksonville, FL 32221 3453 North Panam Expressway, San Antonio, TX 78219 4313 Collingtree Dr, Rockledge, FL 32955 54-58 Glocker Way, Pottstown, PA 19465 45240 Business Court, Sterling, VA 20166 333 Birch Hills Dr, Rochester, NY 14622 462-482 Chattahoochee St., Cornelia, GA 30531 1300 Ridenour Blvd, Kennesaw, GA 30152 9980 Dell Rd, Eden Prairie, MN 55347 8 Campus Dr. Ste 105, Parsippany, NJ 07054 6967 Hancock Dr, Port St Lucie, FL 34952 6110 W Capitol Dr, Milwaukee, WI 53216 2001 S County Rd 400 W, Greencastle, IN 46135 1547 Main St., Dunedin, FL 34698 65 Lindsey Lane, Havana, FL 32333 1433 Chestnut St., Macon, GA 31201 115 Pomona Dr, Greensboro, NC 27402 115 Pomona Dr, Greensboro, NC 27407 15822 Caminito Cantaras, Del Mar, CA 92014 3602 Rock Bay Dr, Louisville, KY 40245 16362 Cherokee Rd, Brooksville, FL 34601 357 Dayton Valley Rd, Dayton, NV 89403 Social Assistance Merchant Wholesalers, Durable Goods Support Activities for Transportation Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Nonstore Retailers Administrative and Support Services Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/17/2045 Term Loan Prime plus 2.75% 2/14/2030 Term Loan Prime plus 6.5% 2/14/2030 Term Loan Prime plus 2.75% 2/13/2030 Term Loan Prime plus 2.75% 2/13/2030 Term Loan Prime plus 2.75% 2/10/2030 45.7 431.2 11.0 52.4 22.5 43.1 45.7 431.2 11.0 52.4 22.5 43.1 50.3 394.2 11.4 49.8 23.7 39.4 Term Loan Prime plus 2.75% 2/5/2045 103.9 103.9 117.3 Term Loan Prime plus 6.5% 2/3/2030 Term Loan Prime plus 2.75% 1/31/2030 11.1 76.8 11.1 76.8 11.5 70.2 Real Estate Term Loan Prime plus 2.75% 7/30/2030 166.0 166.0 152.4 Printing and Related Support Activities Term Loan Prime plus 2.75% 1/30/2045 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/30/2030 Rental and Leasing Services Food Services and Drinking Places Specialty Trade Contractors Professional, Scientific, and Technical Services Administrative and Support Services Administrative and Support Services Performing Arts, Spectator Sports, and Related Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2045 Term Loan Prime plus 2.75% 1/29/2030 Term Loan Prime plus 2.75% 1/27/2030 Term Loan Prime plus 2.75% 1/24/2030 Term Loan Prime plus 2.75% 1/23/2045 Term Loan Prime plus 2.75% 1/23/2030 Term Loan Prime plus 2.75% 1/22/2030 Term Loan Prime plus 2.75% 5/21/2030 Apparel Manufacturing Term Loan Prime plus 2.75% 1/17/2030 305.9 36.0 269.6 90.5 33.8 18.0 289.5 192.6 19.3 8.0 19.3 305.9 36.0 269.6 90.5 33.8 18.0 289.5 192.6 19.3 8.0 19.3 334.9 32.9 298.9 82.8 32.7 16.4 320.7 176.1 17.7 7.8 18.4 0.01 % 0.10 % — % 0.01 % 0.01 % 0.01 % 0.03 % — % 0.02 % 0.04 % 0.08 % 0.01 % 0.07 % 0.02 % 0.01 % — % 0.08 % 0.04 % — % — % — % Social Assistance Term Loan Prime plus 2.75% 1/16/2045 162.0 162.0 179.8 0.04 % F-54 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Luster Custom Homes LLC VetMed LLC Jordi X Kellogg, M.D.,P.C CV Flores LLC dba A All Animal Control Global Information Technology, Inc (#,^) (#,^) (#,^) (#,^) (#,^) Bearwaters Brewing Company (#,^) Nick's Country Kitchen, LLC Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress Larry J. Frick dba L & S Trucking Kiddie Garden Child Development Center, LLC Spinnaker Vero Inc. Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Dilpreet Hundal dba Kwik Stop (#,^) Vance Ewing LLC Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC Irony LLC dba Mulberry’s Garment Care Pro-Tek Pest Control, Inc, Pro- Tek Nurseries, LLC, Pro-Tek Irrigation (#,^) (#,^) (#,^) (#,^) 18801 North Thompson Peak Pkwy, Ste 240, Scottsdale, AZ 85255 908 4th Ave, Decatur, AL 35601 9200 SE 91st Ave STE 340, Happy Valley, OR 97086 2140 E Southlake Blvd L-503, Southlake, TX 76092 1 Cragwood Rd, Ste 101, South Plainfield, NJ 07080 101 Park St, Canton, NC 28716 3 Flanders Rd, Bethlehem, CT 06751 8780 Pershall Rd, Hazelwood, MO 63042 157571 E Wausau Ave, Wausau, WI 54403 2809 W. Atkinson Ave, Milwaukee, WI 53209 983 12th St., Vero Beach, FL 32960 Construction of Buildings Term Loan Ambulatory Health Care Services Term Loan Prime plus 2.75% Prime plus 2.75% 1/10/2030 1/10/2030 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Administrative and Support Services Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 1/10/2030 Prime plus 2.75% 1/9/2030 Prime plus 2.75% 12/31/2029 Prime plus 2.75% 12/31/2044 Prime plus 2.75% 12/31/2044 31.3 74.9 53.5 4.1 482.1 247.8 277.1 31.3 74.9 53.5 4.1 482.1 247.8 277.1 28.6 68.5 48.9 3.9 440.7 279.7 310.5 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2029 109.4 109.4 115.4 Truck Transportation Term Loan Prime plus 2.75% 12/30/2029 Social Assistance Printing and Related Support Activities Term Loan Prime plus 2.75% 12/30/2044 Term Loan Prime plus 2.75% 12/30/2044 760.1 760.1 826.4 524 Sackett St., Brooklyn, NY 11217 1001 Sacramento Ave, West Sacramento, CA 95605 22940 Harlan Ln, St. Robert, MO 65584 Professional, Scientific, and Technical Services Gasoline Stations Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2029 Term Loan Prime plus 2.75% 12/30/2044 Term Loan Prime plus 2.75% 12/30/2029 7302 Kirby Ave, Lubbock, TX 79424 2579 Fairview Ave North, Roseville, MN 55113 8712 60th Terrace South, Lake Worth, FL 33467 Gasoline Stations Term Loan Prime plus 2.75% 12/27/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2029 Administrative and Support Services Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 Term Loan Prime plus 2.75% 12/27/2029 0.01 % 0.02 % 0.01 % — % 0.11 % 0.07 % 0.08 % 0.03 % 0.01 % 0.01 % 0.20 % 0.05 % 0.06 % 0.02 % 0.03 % 0.22 % 0.04 % 0.07 % 42.0 41.4 42.0 41.4 40.5 46.8 221.1 233.2 95.6 116.8 956.9 158.2 261.4 221.1 233.2 95.6 116.8 956.9 158.2 261.4 220.4 257.4 100.8 115.6 877.9 149.7 266.4 American Landscaping Company (#,^) 6151 S St., Anchorage, AK 99518 313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge 313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge (#,^) (#,^) 25150 W Warren Ave., Dearborn Heights, MI 48127 Administrative and Support Services 25150 W Warren Ave., Dearborn Heights, MI 48127 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 216.7 216.7 244.7 0.06 % Term Loan Prime plus 2.75% 12/27/2029 137.6 137.6 132.3 0.03 % F-55 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) American Landscaping Company and Ground Effects Landscaping, LLC K&S Hardware LLC dba Gopher Ace A Family Member Homecare Group Inc, A Family Member Homecare Holdings Watearth Inc Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation Tatoo Tony's Under My Skin LLC QXC Communications, Inc Icebox Cafe L.C. and Icebox Pantry, LLC Bhatti LLC 2, Bhatti LLC Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport Synergistic-Designs, LLC Ink! Coffee Company Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. 512 E 11th Street LLC and Big Brand Management Ltd. Co. The Lamkin Group LLC and National Championship Enterprises LLC Chris Farley DVM PA. dba Farley Veterinary Clinic Shaddai Aesthetics Inc Romain Tower Inc. ACC International LLC La Tradicion Cubana Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) 6151 A St., Anchorage, AK 99518 1865 Wayzata Blvd, Long Lake, MN 55356 Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2044 Term Loan Prime plus 2.75% 12/27/2029 11788 Sample Rd, Coral Springs, FL 33065 3371 Glendale Blvd Ste 208, Los Angeles, CA 90039 8712 60TH TER South, Lake Worth, FL 33467 73 Memorial Pkwy, Atlantic Highlands, NJ 07716 4541 N Dixie Hwy, Boca Raton, FL 33431 219 NE 3rd St., Hallendale Beach, FL 33009 1451 Coral Ridge Ave, Coralville, IA 52241 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2044 Prime plus 2.75% 12/27/2029 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2044 Telecommunications Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2029 Term Loan Prime plus 2.75% 4/26/2030 Term Loan Prime plus 2.75% 12/26/2029 623.2 53.1 117.0 39.7 137.3 96.4 445.2 404.7 95.7 623.2 53.1 117.0 39.7 137.3 96.4 445.2 404.7 95.7 703.6 53.6 129.2 36.2 155.0 108.8 406.1 383.0 89.0 0.17 % 0.01 % 0.03 % 0.01 % 0.04 % 0.03 % 0.10 % 0.09 % 0.02 % 2564 Branch St., Middleton, WI 53562 493 Wilson Mill Rd, New Wilmington, PA 16142 2851 Larimer St., Denver, CO 80205 Transit and Ground Passenger Transportation Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2029 225.7 225.7 221.8 0.05 % Term Loan Prime plus 2.75% 12/24/2029 6.4 6.4 5.8 — % Term Loan Prime plus 2.75% 12/24/2029 470.5 470.5 429.2 0.11 % Air Transportation Term Loan Prime plus 2.75% 12/23/2029 Real Estate Term Loan Prime plus 2.75% 12/23/2044 416.7 322.3 416.7 322.3 393.9 363.9 0.10 % 0.09 % Term Loan Prime plus 2.75% 12/23/2029 567.7 567.7 518.5 0.13 % Rental and Leasing Services Professional, Scientific, and Technical Services Personal and Laundry Services Heavy and Civil Engineering Construction Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2029 Term Loan Prime plus 2.75% 12/20/2029 Term Loan Prime plus 2.75% 12/20/2044 Term Loan Prime plus 2.75% 12/20/2044 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 F-56 See accompanying notes to consolidated financial statements. 11.5 16.1 888.1 310.8 11.0 11.5 16.1 888.1 310.8 11.0 12.1 14.6 959.9 339.2 11.3 — % — % 0.24 % 0.08 % — % 2301 N Marginal Rd, Cleveland, OH 44114 512 E 11th St, Houston, TX 77008 901 Lily Creek Rd, Ste 102, Louisville, KY 40243 6487 Taft St., Hollywood, FL 33024 706 W. 34th St., Austin, TX 78705 215 S Persimmon St, Tomball, TX 77375 200 N Furnace St, Birdsboro, PA 19508 9357 S.W. 40th St., Miami, FL 33165 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Macon Arts Center LLC Kuros, LLC Kuros, LLC Nebulos, LLC GDIM Enterprises Inc dba AAMCO (#,^) (#,^) (#,^) (#,^) (#) United Capital Group LLC (#,^) Skyfall LLC dba EZ Self Storage (#,^) Premier Gaming Solutions Inc The Burlington Academy of Learning LLC HADD Corp J and K Project Management Consultants LLC Signco America LP & Sparkle corporation Inc. J and K Project Management Consultants dba A. C. T. Construction (#,^) (#,^) (#) (#,^) (#,^) (#,^) Farain Saremi dba USA Produce (#,^) Nulane Entertainment LLC (#,^) Jen Macias LLC dba Duende (#,^) Math Enrichment, LLC WURA LLC dba Dickey's Barbecue Pit The Crane Guys, LLC Dr Steven J Seidel Essex Indoor Golf Center LLC The Floor Covering Warehouse, Inc Joyner5, Inc.dba British Swim School (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 4570 Pio Nono Ave, Macon, GA 31206 21221 Baron Lake Dr, Cedaredge, CO 81413 21221 Baron Lake Dr, Cedaredge, CO 81413 5428 Twilight Way, Parker, CO 80134 1657 Whiskey Rd., Aiken, SC 29803 23022 La Cadena Dr, Laguna Hills, CA 92653 2705 US Hwy 45 North, Henderson, TN 38340 17 South Grand Ave, Pasadena, CA 91105 10 Covey Rd, Burlington, CT 06013 364 Rugby Rd, Cedarhurst, NY 11516 350 Mc Donnell St, Lewisville, TX 75057 7938 Wright Rd, Houston, TX 77041 350 Mc Donnell St, Lewisville, TX 75057 461 G St., Los Banos, CA 93635 4100 W. Alameda Ave # 300, Burbank, CA 91505 2301 NW Thurman St., Portland, OR 97210 1009 E Capitol Expressway, San Jose, CA 95121 4325 E. University Dr, Ste 40, Prosper, TX 75078 14480 Alondra Blvd, La Mirada, CA 90638 42 Campeau Place, Bergenfield, NJ 07621 23 Saybrook Rd, Essex, CT 06426 112 Orchard St., Stamford, CT 06902 1000 Settlers Landing Court, Wake Forest, NC 27587 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/20/2044 Accommodation Term Loan Prime plus 2.75% 11/19/2045 Accommodation Professional, Scientific, and Technical Services Repair and Maintenance Merchant Wholesalers, Durable Goods Real Estate Amusement, Gambling, and Recreation Industries Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2044 Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/18/2044 Term Loan Prime plus 2.75% 12/18/2029 Term Loan Prime plus 2.75% 12/18/2029 Term Loan Prime plus 6.5% 12/17/2029 617.8 83.8 383.6 53.1 17.9 273.8 140.9 9.6 45.4 10.9 617.8 83.8 383.6 53.1 17.9 273.8 140.9 9.6 45.4 10.9 697.5 94.6 433.1 52.3 17.3 259.6 159.1 10.1 47.8 11.2 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2044 302.0 302.0 340.9 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/16/2044 1,146.8 1,146.8 1,294.8 Construction of Buildings Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Educational Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2029 Term Loan Prime plus 2.75% 12/16/2044 Term Loan Prime plus 2.75% 12/13/2029 Term Loan Prime plus 2.75% 12/13/2029 Term Loan Prime plus 2.75% 12/13/2029 Term Loan Prime plus 2.75% 12/13/2029 176.5 457.7 6.5 6.9 182.4 81.3 176.5 457.7 6.5 6.9 182.4 81.3 185.8 514.4 5.9 6.3 166.4 75.9 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2029 1,153.5 1,153.5 1,111.0 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Furniture and Home Furnishings Stores Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Prime plus 2.75% 12/13/2029 Prime plus 2.75% 12/13/2029 Prime plus 2.75% 12/13/2044 Prime plus 2.75% 12/12/2029 69.0 66.9 231.3 19.1 69.0 66.9 231.3 19.1 63.1 64.5 261.1 17.4 0.17 % 0.02 % 0.11 % 0.01 % — % 0.06 % 0.04 % — % 0.01 % — % 0.08 % 0.32 % 0.05 % 0.13 % — % — % 0.04 % 0.02 % 0.28 % 0.02 % 0.02 % 0.06 % — % F-57 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Stockton TRI Industries, LLC (#,^) Belle Properties Northwest, Inc. (#,^) (#) (#,^) Abylex, Inc and Worpex LLC Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab (#,^) Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca Ciel Du Mel LLC dba Lala's Creamery SLCP Transport, LLC dba Aamco Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care Elita 7, LLC and Behavioral Nutrition Inc. Scott's Hardware, Inc., dba Medford Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#) Bay Area Metal Fabricarion LLC (#,^) DB Talak LLC The Stout Group LLC Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC Glen Lamb dba Lambs Tree And Plant Health Care Wolf Pack, LLC Mazhar Family, Inc dba Edible Arrangements Natalie Enterprise Inc Standard Capital Corp (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) 2141 E Anderson St, Stockton, CA 95205 223 Ave B, Snohomish, WA 98290 7473 Reese Rd #2, Sacramento, CA 95828 10904 Baltimore St NE, Blaine, MN 55449 5801 Cleveland Ave, Riverdale, MD 20737 175 W Borgfeld Dr, San Antonio, TX 78260 134 Petaluma Blvd North, Petalumaca, CA 94952 1407 Lomaland Dr, El Paso, TX 79935 10 Tremont Rd, Tremont, PA 17981 16 Marble St., Worchester, MA 01603 200 Tuckerton Rd, Medford, NJ 08055 510 -512 Stone Rd, Benicia, CA 94510 2018 SE 6th Ave, Portland, OR 97214 10850 NW 138th St, Hialeah Gardens, FL 33018 560 56th St SW, Grand Rapids, MI 49548 413 Pond Meadow Rd, Westbrook, CT 06498 939 South 25th East, Ste. 115, Ammon, ID 83406 601 Portion Rd, Store #17, Lake Ronkonkoma, NY 11779 2500 Grand Ave, Billings, MT 59102 2349 Wessington Dr, Virginia Beach, VA 23456 Fabricated Metal Product Manufacturing Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2044 1,067.5 1,067.5 1,203.3 Term Loan Prime plus 2.75% 12/12/2044 126.5 126.5 142.8 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2029 Term Loan Prime plus 2.75% 12/12/2044 92.8 35.2 92.8 35.2 95.0 32.2 0.30 % 0.04 % 0.02 % 0.01 % Personal and Laundry Services Term Loan Prime plus 2.75% 12/11/2044 289.1 289.1 326.4 0.08 % Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 12/10/2029 Term Loan Prime plus 2.75% 12/11/2044 108.4 108.4 121.7 0.03 % Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2029 Social Assistance Nursing and Residential Care Facilities Building Material and Garden Equipment and Supplies Dealers Fabricated Metal Product Manufacturing Specialty Trade Contractors Heavy and Civil Engineering Construction Truck Transportation Administrative and Support Services Management of Companies and Enterprises Nonstore Retailers Administrative and Support Services Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/10/2044 Term Loan Prime plus 2.75% 12/9/2029 Term Loan Prime plus 6.5% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2044 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 3/6/2030 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 6.5% 12/5/2029 F-58 See accompanying notes to consolidated financial statements. 14.0 53.1 37.6 275.8 10.9 116.2 151.5 198.9 935.5 15.9 193.9 57.3 17.2 11.0 14.0 53.1 37.6 275.8 10.9 116.2 151.5 198.9 935.5 15.9 193.9 57.3 17.2 11.0 13.2 52.3 42.4 273.9 11.2 111.5 171.0 190.4 864.6 15.3 184.0 52.7 18.1 11.3 — % 0.01 % 0.01 % 0.07 % — % 0.03 % 0.04 % 0.05 % 0.21 % — % 0.05 % 0.01 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Clearwater Engineering Inc Used Tire Express 1, Corp Hook Line and Schooner Vinings LLC Soto Injury Law Firm, PA and My Attorney Inc Mega Sales Detergent Distributor, LLC Codorado, Inc. dba Dentalmart American Bio Source, LLC dba Dieselgreen Fuels Alice's Tea Cup, ATC !! LLC and ATC 111, LLC Loading Arms Plus Inc Behind the Scenes Chicago, LLC dba Paramount Events Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports Roots'n Shoots, LLC Haversack Holdings LLC Fullmer's Landscaping, Inc. Ultra Flow Dispense, LLC Ford Custom Renovation LLC Hurricane Group, Inc.dba Crate Club Group B.S Carrier LLC and United Truck & Trailer Repair LLC S&C Cookies, Inc Best Choice Meats, Inc, ZUMI LLC dba Allstate Insurance Cum Laude Enterprises, LLC A&N Design Studios Inc dba Door3 Business Application (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 301 N River St., Derby, KS 67037 437 N. Battlefield, Chesapeake, VA 23320 400 West Village Way #3009, Smyrna, GA 30008 2050 Capital Circle NE Ste B, Tallahassee, FL 32308 1 Ackerman Ave, Clifton, NJ 07011 10 Glorieta Rd, Sante Fe, NM 87508 2522 N Hwy 287, Decatur, TX 76234 102 W 73rd St., New York, NY 10023 5401 Mitchelldale St., Ste B4, Houston, TX 77092 2744 W. Roscoe St., Chicago, IL 60618 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 86 Boston Rd, Chelmsford, MA 01824 7930 W Kenton Circle, Ste 260, Huntersville, NC 28078 9547 W Third St., Dayton, OH 45417 820 Prospect Hill Rd, Windsor, CT 06095 405 Broadway St., Muncy, PA 17756 101 San Patricio Ave, Ste 860, Guaynabo, PR 00968 3716 Garman Rd, Salem, VA 24153 1969 Jericho Turnpike, East Northport, NY 11731 12646 S Springfield Ave, Alsip, IL 60803 1537 W 79th St, Chicago, IL 60620 15218 Penn Hills Lane, Houston, TX 77062 370 Lexington Ave Ste 1806, Manhattan, NY 10007 Transportation Equipment Manufacturing Motor Vehicle and Parts Dealers Food Services and Drinking Places Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Merchant Wholesalers, Durable Goods Waste Management and Remediation Services Food Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Food Services and Drinking Places Administrative and Support Services Professional, Scientific, and Technical Services Administrative and Support Services Merchant Wholesalers, Durable Goods Miscellaneous Store Retailers Merchant Wholesalers, Nondurable Goods Insurance Carriers and Related Activities Nonstore Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/5/2029 501.2 501.2 480.8 Term Loan Prime plus 2.75% 12/5/2029 Term Loan Prime plus 2.75% 12/4/2029 Term Loan Prime plus 2.75% 12/3/2029 Term Loan Prime plus 2.75% 11/29/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 73.3 19.1 53.4 42.1 8.9 42.1 248.7 66.8 292.3 73.3 19.1 53.4 42.1 8.9 42.1 248.7 66.8 292.3 69.1 18.5 48.8 38.5 8.1 44.3 229.5 61.8 281.2 0.12 % 0.02 % — % 0.01 % 0.01 % — % 0.01 % 0.06 % 0.02 % 0.07 % Term Loan Prime plus 2.75% 11/27/2029 142.4 142.4 131.2 0.03 % Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/26/2029 Term Loan Prime plus 2.75% 11/26/2029 Construction of Buildings Term Loan Prime plus 2.75% 11/26/2029 Other Information Services Term Loan Prime plus 2.75% 11/25/2029 Truck Transportation Term Loan Prime plus 2.75% 11/25/2029 Term Loan Prime plus 2.75% 11/22/2029 9.0 105.4 160.9 89.8 7.0 46.6 199.2 47.4 9.0 105.4 160.9 89.8 7.0 46.6 199.2 47.4 8.2 96.1 151.8 82.4 6.4 42.5 201.5 43.4 Term Loan Prime plus 2.75% 11/22/2044 1,294.1 1,294.1 1,461.0 Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 11/22/2029 10.1 16.2 75.9 10.1 16.2 75.9 10.6 16.0 73.5 — % 0.02 % 0.04 % 0.02 % — % 0.01 % 0.05 % 0.01 % 0.36 % — % — % 0.02 % F-59 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Place Vendome Holding Co. Inc.dba R&F Marketing Place Vendome Holding Co Inc.dba R&F Marketing Peanut Butter & Co Inc Coral Springs Family Wellness LLC Weeping Willow Kennel Inc The Rollin' Trapp LLC Cobb Roofing LLC AMH Construction, Inc. AMH Construction, Inc. Cable Management LLC AD Learning Group, LLC dba The Learning Experience & AD Learning NH Ryan & Selena LLC dba Head of the Class Learning Center (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Lindsley Excavating LLC Champions Of Diversity Media Inc dba Champions of Diversity (#,^) (#,^) MToxins Venom Lab LLC SSH Princeton LLC dba Stumpy's Hatchet House of Princeton Ninth Avenue, LLC Sean McNamara Rockin Robin Music Lessons LLC Winning Sales Plan Inc The Pinnacle Development Group Inc dba The Goddard School (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) 308 Glenwood Rd, Swainsboro, GA 30401 610 East Main St., Swainsboro, GA 30401 119 West 57th St., Ste 300, New York, NY 10019 2902 North University Dr, Coral Springs, FL 33065 6041 Hammond School Rd, Salisbury, MD 21804 1731 Prevatt Rd, Dothan, AL 36301 8101 NW 10th St, Oklahoma City, OK 73127 30 South Ivey Lane, Orlando, FL 32811 30 South Ivey Lane, Orlando, FL 32811 290 Pratt St., Meriden, CT 06450 181 Shunpike Rd, Cromwell, CT 06416 1836 Kathleen Rd, Lakeland, FL 33805 92 Town Line Rd, Fulton, NY 13069 5100 Transamerica Dr, Columbus, OH 43228 717 Oregon St., Oshkosh, WI 54902 745 Alexander Rd, Ste 1-3, Princeton, NJ 08540 Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106 5639 Wood Lane, Allentown, PA 18106 9029 Hwy 6, Ste 160, Missouri City, TX 77459 17811 Fairhaven Gateway, Cypress, TX 77433 105 Springside Dr, Akron, OH 44333 Merchant Wholesalers, Durable Goods Merchant Wholesalers, Durable Goods Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2044 Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 3/21/2030 Term Loan Prime plus 2.75% 11/21/2029 Term Loan Prime plus 2.75% 11/21/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2029 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2044 Construction of Buildings Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/20/2029 Term Loan Prime plus 2.75% 11/20/2029 Social Assistance Term Loan Prime plus 2.75% 11/18/2029 Social Assistance Term Loan Prime plus 2.75% 11/18/2044 Specialty Trade Contractors Administrative and Support Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 11/15/2029 Term Loan Prime plus 2.75% 11/15/2044 Term Loan Prime plus 2.75% 11/15/2044 Term Loan Prime plus 2.75% 3/15/2030 Term Loan Prime plus 2.75% 2/14/2030 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 Educational Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/14/2029 Term Loan Prime plus 2.75% 11/14/2029 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 425.8 205.4 158.1 107.6 3.8 6.8 49.0 264.6 63.2 115.9 115.9 429.6 162.3 69.8 97.5 37.6 57.8 10.8 6.7 42.2 10.8 425.8 205.4 158.1 107.6 3.8 6.8 49.0 264.6 63.2 115.9 115.9 429.6 162.3 69.8 97.5 37.6 57.8 10.8 6.7 42.2 10.8 448.5 201.7 144.2 98.9 4.0 6.6 44.7 298.8 64.1 110.7 105.7 480.6 161.9 78.8 107.3 0.11 % 0.05 % 0.04 % 0.02 % — % — % 0.01 % 0.07 % 0.02 % 0.03 % 0.03 % 0.12 % 0.04 % 0.02 % 0.03 % 34.4 0.01 % 54.1 11.1 6.1 44.4 11.1 0.01 % — % — % 0.01 % — % F-60 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Ameen Enterprises, LLC dba Bargain Town Potomac Nail Spa Corporation Two Roses Salon 1, Inc.dba National Fluid Power Institute Adrienne's Gourmet Foods, Imagine Baking Inc Steven French dba French Woodworking HH Wireless Connect LLC James Richard Farkas Jr. dba Lil Black Bear Inn NJ Floats, Inc SSD Designs LLC Adrienne's Gourmet Foods, Imagine Baking, Inc East River Plumbing, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Integrated Vascular Services LLC (#,^) Link Recreational, Inc Link Recreational, Inc Fave Realty, Inc. Sunburst Trout Farm, LLC C&P Trading and Sales Inc (#,^) (#,^) (#,^) (#,^) (#,^) 11900 Marshfield Station Inc (#,^) Kerzner Contracting Corp L& F Gullo Service Corp The Committed Pig LLC Guru Kirpa, Inc (#,^) (#,^) (#,^) (#,^) 1111 E Washington St, Stephenville, TX 76401 14901 Potomac Town Place,, Woodbridge, VA 22191 908 S Jefferson St., Amarillo, TX 79101 1034 Hancock St., Sandusky, OH 44870 1101 Horizon Dr Ste 101, Fairfield, CA 94533 48267 Deer Trail Dr, Canton, MI 48187 8072 State Rd 46 East, Nashville, TN 47448 327 Route 202/206, Bedminster Township, NJ 07921 486 Vance St, Forest City, NC 28043 1034 Hancock St., Sandusky, OH 44870 997 E Loop, Priest River, ID 83856 1452 Franklin Ave, Salem, OR 44460 304 Business Hwy 53, Minong, WI 54859 304 Business Hwy 53, Minong, WI 54859 217-84 Hempstead Ave, Jamaica, NY 11429 314 Industrial Park Dr, Waynesville, NC 28786 950 Peninsula Corporate Circle Ste 3016, Boca Raton, FL 33487 11900 S Marshfield Ave, Calumet Park, IL 60827 1620 Ocean Ave, Bohemia, NY 11716 520 Main St, Westbury, NY 11590 28 West Park Place, Morristown, NJ 07090 3006 New Castle Ave, New Castle, DE 19720 Gasoline Stations Term Loan Prime plus 2.75% 11/12/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 11/12/2029 Educational Services Term Loan Prime plus 2.75% 11/12/2029 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2044 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2044 Electronics and Appliance Stores Term Loan Prime plus 2.75% 11/12/2029 Accommodation Computer and Electronic Product Manufacturing Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 11/12/2044 Term Loan Prime plus 2.75% 6/12/2046 Term Loan Prime plus 2.75% 1/12/2030 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/8/2044 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/8/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2044 Real Estate Term Loan Prime plus 2.75% 10/31/2044 Fishing, Hunting and Trapping Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2044 Term Loan Prime plus 2.75% 10/31/2029 105.4 46.9 326.0 390.9 60.1 7.0 105.1 274.0 319.1 446.3 48.1 66.5 721.9 378.9 112.5 223.6 209.4 105.4 46.9 326.0 390.9 60.1 7.0 105.1 274.0 319.1 446.3 48.1 66.5 721.9 378.9 112.5 223.6 209.4 110.5 43.0 316.4 441.3 67.9 6.3 116.4 309.3 309.8 453.9 54.3 61.1 666.7 427.8 127.0 252.4 191.1 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 1,229.9 1,229.9 1,388.5 Specialty Trade Contractors Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2029 Term Loan Prime plus 2.75% 10/31/2029 Term Loan Prime plus 2.75% 10/31/2029 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 94.1 146.4 249.4 187.9 94.1 146.4 249.4 187.9 85.9 133.6 262.5 207.6 0.03 % 0.01 % 0.08 % 0.11 % 0.02 % — % 0.03 % 0.08 % 0.08 % 0.11 % 0.01 % 0.02 % 0.17 % 0.11 % 0.03 % 0.06 % 0.05 % 0.34 % 0.02 % 0.03 % 0.06 % 0.05 % F-61 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Maine Service Corp Mariscos El Oceano, Inc. MJ Group, Inc D & H Construction Services, Inc. Automotive Solutions, LLC Automotive Standard, LLC Sunburst Trout Farm, LLC BGB Leasing Inc and BGB Leasing Co. Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Plastic Depot, Inc BGB Leasing Co. Paul Wintner dba P & R Props Corple Enterprises, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Proximo Consulting Services Inc (#,^) OWL Inc, Perisseia Physicians LLC Marnon Vending LLC dba Naturals 2 Go San Antonio Diamond Solutions LLC Landmark Ventures USA, Inc Jbang LLC, WM Bang LLC, Bang Investments LLC Four Ace Electrical Services Corporation (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 59-24 55th St., Maspeth, NY 11378 5960 S Archer Ave, Chicago, IL 60638 26691 Loma Verde, Mission Viejo, CA 92691 711 Hospital St., Richmond, VA 23219 1910 W. Dupont Rd, Fort Wayne, IN 46818 4028 Coldwater Rd, Fort Wayne, IN 46805 314 Industrial Park Dr, Waynesville, NC 28786 50 Industrial Park Rd, Princeton, KY 42445 Merchant Wholesalers, Durable Goods Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2029 Term Loan Prime plus 2.75% 10/31/2044 Term Loan Prime plus 2.75% 10/31/2029 Construction of Buildings Term Loan Prime plus 2.75% 10/31/2029 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2029 Truck Transportation Term Loan Prime plus 2.75% 10/30/2029 104.6 122.4 17.8 117.1 290.9 134.4 56.5 970.5 104.6 122.4 17.8 117.1 290.9 134.4 56.5 970.5 110.1 138.2 16.3 110.7 328.1 151.8 59.4 939.6 0.03 % 0.03 % — % 0.03 % 0.08 % 0.04 % 0.01 % 0.23 % 905 Savoy Rd, Youngsville, LA 70592 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/30/2029 60.9 60.9 56.4 0.01 % Truck Transportation Miscellaneous Store Retailers Plastics and Rubber Products Manufacturing 9912 Arizona Dr, Mohave Valley, AZ 86440 363 East Alondra Blvd, Gardena, CA 90248 50 Industrial Park Rd, Princeton, KY 42445 23901 Calabasas Rd, Calabasas, CA 91302 17887 US-380, Ponder, TX 76259 Motor Vehicle and Parts Dealers 2500 Plaza 5, Jersey City, NJ 07311 5300 S Orange Blossom Trail, Orlando, FL 32839 1644 Lebanon Rd, Lawrenceville, GA 30043 6713 Biscay Hbr, San Antonio, TX 78249 7845 East Evans Rd . Ste A, Scottsdale, AZ 85260 Professional, Scientific, and Technical Services Transit and Ground Passenger Transportation Miscellaneous Store Retailers Nonstore Retailers 475 Park Ave S, 25th Floor, New York, NY 10016 125 Westchester Ave, White Plains, NY 10601 3723 Far Niente Way, Sacramento, CA 95834 Term Loan Prime plus 2.75% 10/30/2029 Term Loan Prime plus 2.75% 10/30/2029 Term Loan Prime plus 2.75% 10/30/2044 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 10/30/2029 10/28/2029 Term Loan Prime plus 2.75% 10/28/2029 Term Loan Prime plus 2.75% 10/28/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/28/2044 Machinery Manufacturing Securities, Commodity Contracts, and Other Financial Investments and Related Activities Food Services and Drinking Places Term Loan Prime plus 2.75% 10/28/2029 Term Loan Prime plus 2.75% 10/25/2029 Term Loan Prime plus 2.75% 10/25/2029 Term Loan Prime plus 2.75% 11/25/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/25/2029 F-62 See accompanying notes to consolidated financial statements. 54.4 132.4 86.5 47.1 140.2 62.7 177.8 384.5 6.6 10.7 87.8 58.7 10.0 54.4 132.4 86.5 47.1 140.2 62.7 177.8 384.5 6.6 10.7 87.8 58.7 10.0 50.4 120.9 97.7 42.9 143.7 57.2 162.2 423.0 6.5 9.7 80.1 61.0 9.3 0.01 % 0.03 % 0.02 % 0.01 % 0.04 % 0.01 % 0.04 % 0.10 % — % — % 0.02 % 0.02 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Sultan's Palace L.L.C. Fimac Inc dba American Educational Services (#,^) (#,^) James Clark and Company, Inc. Pyle Garage Doors OKC, INC dba Precision Door Service OKC (#,^) (#) Todd's Car Wash, LLC Roughcut LLC Owens Family and Cosmetic Dentistry PLLC UNIQUE PAVER INSTALLATIONS, INC. (#,^) (#,^) (#,^) (#,^) Pine Mountain Residential LLC (#) Powerlift Dumbwaiters, Inc The Cow Harbor Beer Company LLC dba Sand City Brewing Co. Glenda D Brewer dba Bargain Store S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail Q2 Ventures, LLC Paketo LLC dba West Loop UPS Store A Child's Dream Educational Center LLC Heart and Vascular Associates of Tampa, LLC Joseph P Fusco DDS PC A Child's Dream Educational Center LLC AV Strategy, Inc In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC International Protection Group, LLC (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117 26300 La Alameda, Ste 200, Mission Viejo, CA 92691 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 8860 S Sunnylane Rd, Oklahoma City, OK 73135 5505 Johnston St., Lafayette, LA 70506 41540 National Rd, Belmont, OH 43718 403 E College St., Pulaski, TN 38478 4930 Mars Hill Rd, Bogart, GA 30622 10240 Cosmopolitan Circle, Parker, CO 80134 2444 Georgia Slide Rd, Georgetown, CA 95634 19 Scudder Ave, Northport, NY 11768 107 Tabernacle Church Rd, Candor, NC 27229 5604 Slide Rd, Lubbock, TX 79414 2805 W Arimo Rd, Arimo, ID 83214 623 W Lake St., Chicago, IL 60661 4127 NW 34th St., Gainsville, FL 32605 Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/24/2029 Term Loan Prime plus 2.75% 10/23/2029 Term Loan Prime plus 6.5% 10/22/2029 Repair and Maintenance Term Loan Prime plus 2.75% 10/22/2029 Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2044 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/17/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 Machinery Manufacturing Beverage and Tobacco Product Manufacturing Term Loan Prime plus 6.5% 10/16/2029 Term Loan Prime plus 2.75% 2/11/2031 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 Personal and Laundry Services Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/11/2029 Term Loan Prime plus 2.75% 10/8/2029 Couriers and Messengers Term Loan Prime plus 2.75% 10/4/2029 Social Assistance Term Loan Prime plus 2.75% 9/30/2029 17 David Blvd, Tampa, FL 33606 Ambulatory Health Care Services Term Loan 77 N Centre Ave, Rockville Centre, NY 11570 4127 NW 34th St., Gainesville, FL 32605 9468 American Eagle Way Ste 100, Orlando, FL 32837 Ambulatory Health Care Services Term Loan Rental and Leasing Services Social Assistance Term Loan Term Loan Prime plus 2.75% 9/30/2044 Prime plus 2.75% 9/30/2029 Prime plus 2.75% 9/30/2044 Prime plus 2.75% 9/30/2029 2301 W. Buckeye Rd, Phoenix, AZ 85009 481 8th Ave Ste 1130, New York, NY 10001 Motor Vehicle and Parts Dealers Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2044 Term Loan Prime plus 2.75% 9/30/2029 F-63 See accompanying notes to consolidated financial statements. 17.7 18.8 10.7 12.3 330.4 398.0 225.5 19.5 10.7 10.4 283.8 10.7 141.5 148.5 13.8 169.7 743.4 55.1 177.3 233.8 599.7 68.5 17.7 18.8 10.7 12.3 330.4 398.0 225.5 19.5 10.7 10.4 283.8 10.7 141.5 148.5 13.8 169.7 743.4 55.1 177.3 233.8 599.7 68.5 16.7 17.3 11.1 11.2 373.0 418.9 212.3 18.6 11.1 10.7 270.1 11.1 130.8 153.6 12.8 155.3 809.6 50.3 199.8 225.9 661.9 69.6 — % — % — % — % 0.09 % 0.10 % 0.05 % — % — % — % 0.07 % — % 0.03 % 0.04 % — % 0.04 % 0.20 % 0.01 % 0.05 % 0.06 % 0.16 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 9/30/2044 407.2 407.2 459.8 0.11 % 50 Taps, LLC dba Colorado Taproom & Grill Crown Waste Corp Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro Meldi Maa, Inc dba The River Complex Wagner & Sons Inc Zima Dining Inc. dba Country Kitchen Hoagie Barmichaels Inc Universe Appliance Repairs Inc. Aztec Machine & Repair Inc, Cranrd & Material Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma Titan Laser Screed Concrete Services, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Universe Appliance Repairs Inc. (#,^) Stiegelbauer Associates Inc. Zmetra Clearspan Structures LLC Cherry and Candlewood Inc dba Aamco Santa Fe Flooring LLC Adam's Construction & General Contracting LLC Byler, Wolfe, Lutsch and Kampfer CPAs, Inc Anderson's Outdoor Adventures, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Quality Machine of Iowa, Inc (#,^) Flamingo Bowl, Inc (#,^) Unified Utility Services LLC (#,^) 19539 Hess Rd Ste Ste #101, Parker, CO 80134 1 Plainview Rd, Bethpage, NY 11714 Food Services and Drinking Places Waste Management and Remediation Services Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 9/30/2029 725 Atlantic Blvd, Atlantic Beach, FL 32233 74 S Main St., Woonsocket, RI 02895 22365 Alydar Dr, Lexington Park, MO 20653 1497 N Mt. Vernon Ave, Colton, CA 92324 1101 River Rd, New Windsor, NY 12553 3790 Merrick Rd, Seaford, NY 11783 1715 N 1st St, Bloomfield, NM 87413 3721 North 162nd St., Garber, OK 73701 8908 Wildlife Lane, Sanford, FL 32771 3790 Merrick Rd, Seaford, NY 11783 63 Flushing Ave Unit 342, Brooklyn, NY 11205 2 Old Worcester Rd, Webster, MA 01571 3029 South St., Long beach, CA 90805 3711 Paseo Del Norte NE, Albuquerque, NM 87113 7808 N Custer Rd, Freesoil, MI 49411 360 East State St., Salem, OH 44460 4060 SW County Rd 232, Bell, FL 32619 1040 4th Ave, Audubon, IA 50025 3301 N 23rd St., McAllen, TX 78501 206 Frankie Lane, Ladson, SC 29456 Food Services and Drinking Places Food Services and Drinking Places Nonstore Retailers Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 9/27/2029 Term Loan Prime plus 2.75% 9/27/2029 Term Loan Prime plus 2.75% 9/27/2044 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/27/2044 Repair and Maintenance Furniture and Related Product Manufacturing Construction of Buildings Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2044 Term Loan Prime plus 2.75% 9/26/2029 Term Loan Prime plus 2.75% 9/26/2029 Term Loan Prime plus 2.75% 9/25/2044 Term Loan Prime plus 2.75% 9/25/2029 Term Loan Prime plus 2.75% 9/25/2029 Term Loan Prime plus 2.75% 9/24/2029 Term Loan Prime plus 2.75% 9/20/2044 F-64 See accompanying notes to consolidated financial statements. 64.3 41.5 7.3 64.3 41.5 7.3 59.4 40.0 0.01 % 0.01 % 6.7 — % 15.6 52.3 108.4 563.8 683.7 952.5 41.5 549.9 166.2 419.9 415.3 424.9 61.0 51.0 18.7 56.5 183.2 151.6 15.6 52.3 108.4 563.8 683.7 952.5 41.5 549.9 166.2 419.9 415.3 424.9 61.0 51.0 18.7 56.5 183.2 151.6 14.3 54.9 117.2 611.1 751.0 917.7 38.8 525.8 151.8 474.1 468.8 400.0 57.5 54.6 19.5 59.4 177.7 171.2 — % 0.01 % 0.03 % 0.15 % 0.19 % 0.23 % 0.01 % 0.13 % 0.04 % 0.12 % 0.12 % 0.10 % 0.01 % 0.01 % — % 0.01 % 0.04 % 0.04 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Standard Real Estate Services LLC Host Marketing, LLC Payne's Enviromental Service, LLC dba Bamaco Vancole Investments, Inc. dba Smoothie King #913 Natalie Hart LLC dba Lady of Luxury & dba Country Sugar Events Win Health Institute, LLC Game Station, Inc. Bay Bowl Inc dba Shasta Lanes The Steel Method LLC dba Sneeze It Oak Park Social LLC ACSS CPA, LLC (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Prime Precision Machining, LLC (#,^) Covert Recordings LLC (#,^) Prime Precision Machining, LLC (#,^) Miami Squeeze Inc dba Miami Squeeze, LLC Body on Cue Health and Fitness LLC Philly Games Inc.dba Queen & Rock Game Cafe (#,^) (#,^) (#,^) Eco Electric LLC SVT Masonry Limited Liability Company Dog House Sportfishing Charters Inc No Push Backs, LLC (#,^) (#,^) (#) (#) Camror LTD dba Jersey Mike's 3C Consumer Network & Designs LLC (#,^) (#,^) 500 West Silver Spring Dr, Ste K 200,, Glendale, WI 53217 206 Bell Lane, Ste B, West Monroe, LA 71291 5617 Causeway Blvd, Tampa, FL 33619 876 Virginia Ave, Hapeville, GA 30354 1702 Fawn Gate St, San Antonio, TX 78248 711 E Valley Rd, Basalt, CO 81621 2917 1st Ave SE, Cedar Rapids, IA 52402 11093 Black Marble Way, Redding, CA 96003 250 Passaic Ave Ste 200, Fairfield, NJ 07004 14691 W 11 Mile Rd, Oak Park, MI 48237 1016 S Texas Blvd, Weslaco, TX 78599 845 Mandoline Ave, Madison Heights, MI 48071 31-65 138th St. Apartment 3K, Flushing, NY 11354 845 Mandoline Ave, Madison Heights, MI 48071 18315 W. Dixie Hwy, North Miami Beach, FL 33160 129 A Orpha Dr, Middlebury, IN 46840 607-609 S 2nd St., Philadelphia, PA 19147 5380 Cameron St, Las Vegas, NV 89118 1208 Houghton Lane, Bennington, VT 05201 83413 Overseas Hwy, Islamorada, FL 33036 5405 Neshaminy Blvd, Bensalem, PA 19020 5946 Meijer Dr, Cincinnati, OH 45150 7676 Hillmont St., Ste 109, Houston, TX 77040 Real Estate Professional, Scientific, and Technical Services Administrative and Support Services Food Services and Drinking Places Term Loan Prime plus 6.5% 9/19/2029 Term Loan Prime plus 6.5% 9/18/2029 10.7 10.7 10.7 10.7 10.9 10.9 — % — % Term Loan Prime plus 2.75% 9/18/2044 500.9 500.9 549.6 0.14 % Term Loan Prime plus 2.75% 9/17/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 12/17/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/17/2029 Rental and Leasing Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/16/2029 Term Loan Prime plus 2.75% 9/13/2044 Term Loan Prime plus 2.75% 9/12/2029 Term Loan Prime plus 2.75% 7/12/2045 Term Loan Prime plus 2.75% 9/12/2044 Real Estate Term Loan Prime plus 2.75% 9/11/2044 Term Loan Prime plus 2.75% 9/11/2029 Rental and Leasing Services Fabricated Metal Product Manufacturing Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 9/11/2029 Term Loan Prime plus 2.75% 9/6/2029 Term Loan Prime plus 2.75% 9/5/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 Specialty Trade Contractors Scenic and Sightseeing Transportation Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 9/5/2029 Term Loan Prime plus 6.5% 8/30/2029 Term Loan Prime plus 6.5% 8/30/2029 Term Loan Prime plus 2.75% 1/29/2030 Real Estate Term Loan Prime plus 2.75% 8/29/2029 F-65 See accompanying notes to consolidated financial statements. 9.9 51.0 6.2 16.8 515.8 140.1 129.4 38.4 267.9 9.8 9.9 51.0 6.2 16.8 515.8 140.1 129.4 38.4 267.9 9.8 95.9 37.4 51.7 54.5 61.6 10.6 10.3 74.4 12.4 95.9 37.4 51.7 54.5 61.6 10.6 10.3 74.4 12.4 9.0 — % 50.0 5.9 16.4 582.3 127.9 143.1 42.8 296.9 10.2 189.7 92.0 34.5 47.4 49.7 62.8 10.9 10.5 78.5 11.7 0.01 % — % — % 0.14 % 0.03 % 0.04 % 0.01 % 0.07 % — % 0.05 % 0.02 % 0.01 % 0.01 % 0.01 % 0.02 % — % — % 0.02 % — % Term Loan Prime plus 2.75% 9/11/2029 200.8 200.8 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) 2970 Stonecrest Pass, Lithonia, GA 30038 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/29/2044 92.7 103.2 0.03 % Nonstore Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/27/2029 Term Loan Prime plus 2.75% 8/28/2029 190.7 190.7 193.6 Double Scoop Ice Cream, LLC Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC Esquire Mini Mart LLC & Morgan Store Building LLC Groton Bowling Center and Entertainment Inc Linsey Schwertdfeger,, Inc. Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC DB Talak LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) HRS2, LLC The Hometown Welcome Program, Inc & Fredric Anthony (#,^) (#,^) Maryland Urgent Care, Inc. ADA Internacional Inc Crystal S. Prado dba Crystal Clear Accounting Elite Motors LLC SRJ construction Corp PJT Logistics, Inc. (#,^) (#,^) (#) (#,^) (#,^) (#,^) The Roux Southern Kitchen, LLC (#,^) MS Integrated Psychotherapy & Counseling, LLC Metro R Services Inc. and Metal & Roof Supplies, Inc. MB Nursery LLC dba The Garden Center William Martinez dba Bad Ass Coffee of Hawaii (#,^) (#,^) (#,^) (#,^) 361 Troy Ave, Brooklyn, NY 11213 12595 S Somerton Ave, Yuma, AZ 85365 27 Kings Hwy, Groton, CT 06340 740 Dennery Rd, San Diego, CA 92154 377 Boston Post Rd, Milford, CT 06460 190 Minerva St., Tonawanda, NY 14150 2018 SE 6th Ave, Portland, OR 97214 5410 Pipers Creek Court, Sugar Land, TX 77479 107 S Nottawa St, Sturgis, MI 49091 9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 20706 10891 La Reina Rd, Ste 100, Delray Beach, FL 33446 34099 Tuscan Creek Way, Temecula, CA 92592 1046-1050 Orange Ave, West Haven, CT 06516 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 2-4 Commerce Way, Auburn, NY 13021 252 FM 3162, Sandia, TX 78383 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 Food and Beverage Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/29/2029 Term Loan Prime plus 2.75% 8/29/2044 Repair and Maintenance Term Loan Prime plus 2.75% 8/28/2029 Couriers and Messengers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2029 Term Loan Prime plus 2.75% 8/28/2044 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/28/2029 Ambulatory Health Care Services Term Loan Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus 2.75% 8/27/2044 Prime plus 2.75% 8/26/2029 Prime plus 6.5% 8/26/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/23/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/23/2029 Truck Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 Term Loan Prime plus 2.75% 8/22/2029 Prime plus 2.75% 8/22/2029 92.7 32.9 42.2 930.1 58.4 402.8 57.6 78.2 32.9 42.2 34.6 42.3 930.1 1,038.5 58.4 402.8 57.6 78.2 54.0 380.4 65.0 82.1 80.2 44.2 18.5 2.8 73.2 9.3 42.3 14.9 61.2 80.2 44.2 18.5 2.8 73.2 9.3 42.3 14.9 61.2 77.8 49.9 16.9 2.8 76.9 8.6 44.4 15.7 59.4 0.01 % 0.01 % 0.26 % 0.01 % 0.09 % 0.02 % 0.02 % 0.05 % 0.02 % 0.01 % — % — % 0.02 % — % 0.01 % — % 0.01 % 0.04 % 0.02 % — % 1157 Main St., Clifton, NJ 07011 Ambulatory Health Care Services Term Loan 20 Universal Place, Carlstadt, NJ 07072 15562 HWY-South, Whitehouse, TX 75791 14101 Main St., Ste 4101, Hesperia, CA 92345 Repair and Maintenance Administrative and Support Services Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus 2.75% 8/21/2029 159.6 159.6 159.7 Prime plus 2.75% 8/21/2029 Prime plus 2.75% 12/20/2029 77.5 19.0 77.5 19.0 81.4 17.7 F-66 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Auto Unique LLC Signature Rooms, Inc. Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City AJN Innovations LLC dba Burgerim American Healthy Vending, Inc Accelerate Educational Solutions, LLC dba Tutor My Success Ranson Excavating, Inc Love Playing LLC Elixir Enterprises, LLC dba Guilford Renee's A & S Services LLC dba Kona Ice of Troy Accord Law, APC Leader Engineering-Fabrication, Inc. East Coast Flight Services, Inc and Aviation Consulting Enterprise Billy Auto Inc Canyon Lake Kids Academy, LLC Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Gray Rock Quarry, LLC and William E Dailey III La Mount Group LLC St. Francis Home Health Inc Genecco Produce, Inc. & Leo Genecco & Sons, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Living Spring Home Health Inc. (#,^) Dant A Sandras, D.D.S. LLC (#,^) 305 W Main St., Mayo, FL 32066 Motor Vehicle and Parts Dealers Furniture and Home Furnishings 2066 Route 112, Medford, NY Stores 11763 Term Loan Prime plus 2.75% 8/20/2044 Term Loan Prime plus 2.75% 8/19/2029 7748 Troost Ave, Kansas City, MO 64131 6704 Main St., Miami Lakes, FL 33014 5420 NW 161 St., Palmetto Lakes, FL 33014 135 Clove Branch Rd, Hopewell Junction, NY 12533 8343 Kaula Dr, Fair Oaks, CA 95628 2200 Eastridge Loop, San Jose, CA 95122 637 Boston Post Rd, Guilford, CT 06437 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 8/15/2029 Term Loan Prime plus 2.75% 2/15/2031 Nonstore Retailers Term Loan Prime plus 2.75% 8/15/2029 Educational Services Term Loan Prime plus 2.75% 8/14/2029 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/13/2029 Term Loan Prime plus 2.75% 3/9/2030 Food and Beverage Stores Term Loan Prime plus 2.75% 8/8/2029 3888 Lightner Rd, Vandalia, OH 45377 82555 Grass Flat Lane, Indio, CA 92203 695 Independence DrIive, Napoleon, OH 43545 Food Services and Drinking Places Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Term Loan Prime plus 6.5% 8/7/2029 Term Loan Prime plus 2.75% 8/2/2029 11.8 139.0 84.5 111.4 87.5 14.2 12.1 149.5 16.2 10.6 6.2 11.8 139.0 84.5 111.4 87.5 14.2 12.1 149.5 16.2 10.6 6.2 13.3 146.0 84.0 103.5 83.5 13.0 11.0 142.5 14.8 10.9 5.6 — % 0.04 % 0.02 % 0.03 % 0.02 % — % — % 0.04 % — % — % — % Term Loan Prime plus 2.75% 8/2/2029 103.2 103.2 108.4 0.03 % 27603 Pkwy Rd, Easton, MD 21601 632 N Broadway, Amityville, NY 11701 130 Charter Oak Dr, Canyon Lake, TX 78133 28940 Golden Lantern, Laguna Niguel, CA 92677 54 West Milton Rd, Milton, VT 05468 3111 Princeton Rd, Hamilton, OH 45011 5246 SW 8th St 103B, Coral Gables, FL 33134 1850 Rochester Rd, Canadaigua, NY 14424 18350 Kedzie Ave Ste 204, Homewood, IL 60430 13373 Hwy 3235, Larose, LA 70373 Air Transportation Term Loan Prime plus 2.75% 7/31/2029 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2044 Social Assistance Term Loan Prime plus 2.75% 7/31/2044 Food Services and Drinking Places Mining (except Oil and Gas) Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 Term Loan Prime plus 2.75% 7/31/2044 Term Loan Prime plus 2.75% 7/31/2029 Ambulatory Health Care Services Term Loan Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 7/31/2029 Prime plus 2.75% 7/31/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/30/2029 447.4 311.1 94.0 9.3 431.4 208.4 61.3 659.8 110.4 195.7 447.4 311.1 94.0 9.3 431.4 208.4 61.3 659.8 110.4 195.7 424.9 338.2 105.6 8.9 446.8 189.7 55.8 655.8 107.1 182.2 0.11 % 0.08 % 0.03 % — % 0.11 % 0.05 % 0.01 % 0.16 % 0.03 % 0.05 % F-67 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 7/26/2044 391.4 391.4 441.9 0.11 % Jbelis Stop N' Go, LLC dba Planet Smoothie Aeromax Industries, Inc, HITM, Inc and TMCB LLC Grad Street LLC Micheal Birch and Tracy M. Pierce Sou's LLC Power Associates Inc. Dan Dahlin Inc. Moore Chiropractic Center, P.A. Franklin Care Pharmacy Incorporated A&W ALF, LLC dba A & W Assisted Living Facility Hardrock Alpha Enterprises, LLC 700 Services Inc.dba 700 Credit Repair (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Lawrence Adeyemo & Co LLC (#) JDM2 Water Station LLC Bonfire Hot Yoga LLC Ameritube, LLC (#,^) (#,^) (#,^) Baton Rouge Cargo Services Inc (#,^) Garage Floor Coating of MN.com,LLC (#,^) Adam Family Bowl Inc Bouquet Canyon Kennels (#,^) (#,^) Beacon Metal Fabricators, Inc. (#,^) Last Touch, LLC Menskha Inc (#,^) (#) 2565 E 17th St, Ammons, ID 83406 9027 Canoga Ave, Canoga Park, CA 91301 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 Food Services and Drinking Places Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2029 Term Loan Prime plus 2.75% 7/30/2044 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 E 2947 H-44, Traunik, MI 49891 Gasoline Stations 739 NE MLK Blvd, Portland, OR 97221 2766 West Good CT, Boise, ID 83702 16465 MN-65, Ham Lake, MN 55304 936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062 520 N Franklintown Rd, Baltimore, MD 21223 6600 Liberty Rd, Gwynn Oak, MD 21207 5101 Stine Rd, Bakersfield, CA 93313 1201 N Goliad St., Rockwall, TX 75087 209-34 112 Ave, Queens Village, NY 11429 125 Chestnut Hill Dr, York, PA 17408 3665 SW Hall Blvd, Beaverton, OR 97005 1000 North Hwy 77, Hillsboro, TX 76645 6013 McRaven Rd, Jackson, MS 39209 6701 West 23rd St., St. Louis Park, MN 55426 1504 Chestnut St., Mishawaka, IN 46545 29973 Bouquet Canyon Rd, Santa Clarita, CA 91390 5425-D Hamilton Ave, Cleveland, OH 44114 1612 Jackson St., Spirit Lake, IA 51360 88 High St., Mountclair, NJ 07042 Food Services and Drinking Places Real Estate Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/29/2044 Term Loan Prime plus 2.75% 7/26/2029 Term Loan Prime plus 2.75% 7/26/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/26/2029 Health and Personal Care Stores Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Credit Intermediation and Related Activities Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2029 Term Loan Prime plus 2.75% 7/24/2044 Term Loan Prime plus 2.75% 7/19/2029 Term Loan Prime plus 2.75% 7/19/2029 Term Loan Prime plus 6.5% 7/19/2029 Educational Services Primary Metal Manufacturing Support Activities for Transportation Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Personal and Laundry Services Fabricated Metal Product Manufacturing Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/18/2029 Term Loan Prime plus 2.75% 7/18/2029 Term Loan Prime plus 2.75% 7/17/2044 Term Loan Prime plus 2.75% 7/16/2044 Term Loan Prime plus 2.75% 7/16/2044 Term Loan Prime plus 2.75% 7/16/2044 Term Loan Prime plus 2.75% 7/12/2029 Term Loan Prime plus 2.75% 7/11/2044 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 F-68 See accompanying notes to consolidated financial statements. 15.9 754.7 6.1 52.0 4.9 12.3 15.9 754.7 6.1 52.0 4.9 12.3 14.7 819.7 6.3 58.8 4.8 11.2 — % 0.20 % — % 0.01 % — % — % 7.5 44.3 95.7 12.9 6.1 8.5 7.5 44.3 95.7 12.9 6.1 8.5 7.8 46.6 108.1 12.0 5.6 8.7 — % 0.01 % 0.03 % — % — % — % 6.7 102.2 280.4 955.1 127.3 288.3 57.2 97.3 10.5 6.7 102.2 280.4 955.1 127.3 288.3 57.2 97.3 10.5 6.3 107.3 310.5 1,044.7 143.1 312.2 56.5 106.8 10.8 — % 0.03 % 0.08 % 0.26 % 0.04 % 0.08 % 0.01 % 0.03 % — % Nonstore Retailers Term Loan Prime plus 2.75% 7/18/2029 171.0 171.0 167.6 0.04 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) D DeGregoria LLC dba The UPS Store 4235 Massapequa Nash-Delphia LLC Good News Cafe, LLC 5161 LLC Upul's Travel Service & Tours Inc Sundown Audio, LLC Balboa Fashion LLC Nevada Recycling and Salvage LTD, AMCB LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Crestview Ridge Farms LLC (#,^) Richmond Street Partners, LLC (#,^) K & K Restaurant LLC Southern Specialties Transportation LLC Jian Yang and Kanger House LLC Kim Howard Corp dba NPN Machine Tools Port Huron Ophthalmology, PLLC dba Black River Optical Advance Transit LLC NJ Floats Inc Upul's Travel Service & Tours Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Crescent Event Productions, Inc (#,^) S & T Hardware Inc (#,^) Ailky Corporation & Wyspen (#,^) Pawfection Pet Services LLC (#,^) 4940 Merrick Rd, Massapequa Park, NY 11762 2135 Gallatin Pike N, Store 4, Madison, TN 37115 694 Main St. South, Woodbury, CT 06798 1478 E Mountain Dr, Santa Barbara, CA 93108 654 Shoppers Lane, Covina, CA 91723 514 West 21St St., Newton, NC 28658 1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021 1085 Telegraph St, Reno, NV 89502 1172 Co Rd 956, Ashland, OH 44805 200 E Chestnut St, Chicago, IL 60611 6607 S Central Ave, Phoenix, AZ 85042 116 Toledo Dr, Lafayette, LA 70506 48 Horse Hill Rd, Cedar Knolls, NJ 07927 9130 Wayfarer Ln, Houston, TX 77075 1033 River St., Port Huron, MI 48060 574-614 Tonnelle Ave, Jersey City, NJ 07307 1 Robertson Rd, Ste 13, Bedminster, NJ 07921 654 Shopping Lane, Covina, CA 91723 1327 Wood Branch Dr, Charlotte, NC 28273 2300 Nooseneck Hill, Coventry, RI 02816 352 Bedford St., Lakeville, MA 02347 177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 85122 Couriers and Messengers Clothing and Clothing Accessories Stores Food Services and Drinking Places Nonstore Retailers Administrative and Support Services Computer and Electronic Product Manufacturing Apparel Manufacturing Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/10/2029 Term Loan Prime plus 2.75% 7/2/2029 Term Loan Prime plus 2.75% 6/28/2044 Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/28/2044 Term Loan Prime plus 2.75% 6/28/2029 64.8 12.1 239.0 513.7 251.7 868.7 6.1 64.8 12.1 239.0 513.7 251.7 868.7 6.1 60.1 12.1 269.8 546.3 250.1 980.7 6.0 Term Loan Prime plus 2.75% 6/28/2044 1,190.5 1,190.5 1,344.0 Crop Production Clothing and Clothing Accessories Stores Food Services and Drinking Places Truck Transportation Nursing and Residential Care Facilities Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/28/2044 Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/28/2044 Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/27/2029 Term Loan Prime plus 2.75% 6/28/2029 Ambulatory Health Care Services Term Loan Transit and Ground Passenger Transportation Term Loan Ambulatory Health Care Services Term Loan Administrative and Support Services Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 6/28/2029 Prime plus 2.75% 6/28/2044 Prime plus 2.75% 6/28/2044 Prime plus 2.75% 6/28/2044 Prime plus 2.75% 6/27/2029 Prime plus 2.75% 6/27/2044 Prime plus 2.75% 6/27/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2029 F-69 See accompanying notes to consolidated financial statements. 514.9 84.0 121.4 23.0 97.4 197.2 12.2 746.0 172.3 343.5 283.8 192.6 39.5 8.4 514.9 84.0 121.4 23.0 97.4 197.2 12.2 746.0 172.3 343.5 283.8 192.6 39.5 8.4 581.4 83.7 137.0 24.5 96.9 210.1 12.1 842.2 194.6 387.8 286.1 217.4 39.3 8.4 0.01 % — % 0.07 % 0.14 % 0.06 % 0.24 % — % 0.33 % 0.14 % 0.02 % 0.03 % 0.01 % 0.02 % 0.05 % — % 0.21 % 0.05 % 0.10 % 0.07 % 0.05 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) All-City Towing LLC, Jeffrey James Piller Lynx Inspection Technologies LLC Child Care Ventures LLC dba Childcare Adventures ELC (#,^) (#,^) (#,^) Soft Touch Tissue & Paper LLC (#,^) Selective Automotive & Accessories Group, Inc (#,^) Tekoa Enterpises, Inc (#,^) Soft Touch Tissue & Paper LLC (#,^) (#,^) Vanchoc Transport Inc Paradise Towing & Recovery Inc (#,^) Paradise Towing & Recovery Inc (#,^) Spartan Technology Solutions, Inc Professional Tire Limited Liability Company (#,^) (#,^) Sweets By Karla LLC Krsto, LLC dba Italian Butter Breadsticks Scissor Kids Inc Port Diesel L.L.C. (#,^) (#,^) (#,^) (#) Peninsula Self Defense LLC (#,^) Campuscuts LLC William Rose Inc LuLuBelle's Mountain Banana Bread LLC Small Batch Creations Inc. dba The Office Bar & Grill Central Texas Hygiene, LLC. International Institute for Learning Inc. (#) (#,^) (#,^) (#,^) (#,^) (#,^) 1213 W Mallory Ave, Milwaukee, WI 53221 8101 Miller Rd 2, Houston, TX 77049 3542 Glendale Ave, Toledo, OH 43614 1491 Hammond St., Bangor, ME 04401 2221 Pelham Pkwy, Pelham, AL 35124 1033 Cannon Bridge Rd, Cordova, SC 29039 1491 Hammond, Bangor, MA 04401 137 3rd St, Brooklyn, NY 11231 1115 S. Horner Blvd, Sanford, NC 27330 1115 S Homer Blvd, Sanford, NC 27330 125 Venture Blvd, Spartanburg, SC 29306 6655 Country Rd 32, Norwich, NY 13815 3273 South John Young Pkwy, Kissimmee, FL 34746 34683 Nova Dr, Clinton Twp, MI 48035 63 Hebron Ave, Ste F, Glastonbury, CT 06033 3212 Alex Trask Dr, Castle Hayne, NC 28429 2766 Bay Rd, Redwood City, CA 94063 930 Robtrice Ct, Edmond, OK 73430 1 Grace Cove Rd, New Shoreham, RI 02807 31621 Pleasant Dr., Running Springs, CA 92382 295 E WASHINGTON AVE, SUNNYVALE, CA 94086 10201 McKalla Place, Austin, TX 78758 110 E 59th St ,31st floor, New York, NY 10022 Support Activities for Transportation Term Loan Prime plus 2.75% 6/26/2029 Support Activities for Mining Term Loan Prime plus 2.75% 6/26/2044 Social Assistance Term Loan Prime plus 2.75% 6/26/2044 Paper Manufacturing Term Loan Prime plus 2.75% 6/26/2044 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/26/2029 Truck Transportation Term Loan Prime plus 2.75% 6/26/2029 Paper Manufacturing Rental and Leasing Services Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 12/26/2029 6/25/2029 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2029 Term Loan Prime plus 2.75% 6/25/2044 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2029 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2044 Personal and Laundry Services Term Loan Prime plus 2.75% 6/24/2029 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 Educational Services Term Loan Prime plus 2.75% 6/21/2029 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2044 Food Manufacturing Food Services and Drinking Places Administrative and Support Services Term Loan Prime plus 2.75% 12/21/2045 Term Loan Prime plus 2.75% 6/21/2029 Term Loan Prime plus 2.75% 6/20/2029 Educational Services Term Loan Prime plus 2.75% 6/19/2029 F-70 See accompanying notes to consolidated financial statements. 327.8 553.6 141.0 226.2 202.6 46.6 96.9 35.3 70.1 88.0 467.0 133.3 10.4 182.3 8.4 10.5 4.3 6.3 83.6 247.5 50.5 70.1 5.6 327.8 553.6 141.0 226.2 202.6 46.6 96.9 35.3 70.1 88.0 467.0 133.3 10.4 182.3 8.4 10.5 4.3 6.3 83.6 247.5 50.5 70.1 5.6 339.7 625.0 159.2 255.4 207.2 47.4 103.7 36.2 79.2 91.5 527.2 150.5 10.3 205.9 8.4 11.7 4.3 7.1 94.0 279.4 50.2 69.6 5.6 0.08 % 0.15 % 0.04 % 0.06 % 0.05 % 0.01 % 0.03 % 0.01 % 0.02 % 0.02 % 0.13 % 0.04 % — % 0.05 % — % — % — % — % 0.02 % 0.07 % 0.01 % 0.02 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Zion Motors Inc (#,^) Bader Furniture Company Inc. (#,^) Beck's Pub & Grill LLC American Demolition, Inc Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC Kego 2 LLC dba Jon Smith Subs 80025 A & S Services LLC dba Kona Ice of Troy Law Office of Paula Padilla PLLC (#,^) (#,^) (#,^) (#,^) (#,^) (#) Ivesters Transportation, Inc (#,^) Archer Cleaners Inc J&A Elliott Company Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing Throop Family Holding Inc dba Klamath Basin Metals and Supply Allison K. Chipak dba Still Photography Skin Beauty Bar Inc Jamestown Quick Stop LLC Preferred Manufacturing Services Inc Oasis Senior Advisors Franchise Systems, LLC Evoke Growth Advisory LLC G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodelin V & M Transportation LLC (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 6949 Wall Triana Hwy, Madison, AL 35757 704 N Liberty St., Shamokin, PA 17872 N6630 WI-49, Weyauwega, WI 54983 401 N Kuner Rd, Brighton, CO 80601 501 Jackson St, Camden, NJ 08104 2001 W. Southlake Blvd Ste 143, Southlake, TX 76092 3888 Lightner Rd, Vandalia, OH 45377 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 4299 South 2675 West, Roy, UT 84067 1514 W. 33rd St., Chicago, IL 60608 1118 Thornberry Dr, Clarksville, TN 37043 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2044 Term Loan Prime plus 2.75% 6/19/2029 Term Loan Prime plus 2.75% 6/19/2044 58.1 6.1 66.9 58.1 6.1 66.9 65.6 6.5 75.5 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2029 174.0 174.0 185.4 Food Manufacturing Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2029 251.5 251.5 257.8 Term Loan Prime plus 2.75% 11/14/2029 Term Loan Prime plus 2.75% 6/14/2044 Term Loan Prime plus 6.5% 6/13/2029 87.5 43.0 4.2 87.5 43.0 4.2 88.4 48.6 4.7 0.02 % — % 0.02 % 0.05 % 0.06 % 0.02 % 0.01 % — % Truck Transportation Term Loan Prime plus 2.75% 6/11/2029 200.6 200.6 202.2 0.05 % Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 Nonstore Retailers Term Loan Prime plus 2.75% 6/7/2029 10.5 8.5 10.5 8.5 11.7 9.1 — % — % 15825-15827 Hawthorne Blve, Lawndale, CA 90260 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2044 231.6 231.6 261.5 0.06 % 7130 Crater Lake Hwy, White City, OR 97503 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 749 8th St., Washington, DC 20003 3097 24th Ave, Hudsonville, MI 49426 4261 Business Dr, Cameron Park, CA 95682 24870 Burnt Pine Dr, Bonita Springs, FL 34134 2600 Brookwood Way Dr, Unit 311, Rolling Meadows, IL 60008 1450 Oakbrook Dr, Norcross, GA 30093 1307 27th St. Apt B, North Bergen, NJ 07047 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/7/2029 Term Loan Prime plus 6.5% 6/6/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 6/6/2029 Term Loan Prime plus 2.75% 6/5/2044 Food and Beverage Stores Fabricated Metal Product Manufacturing Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/5/2029 385.1 385.1 410.3 Term Loan Prime plus 2.75% 6/4/2029 245.9 245.9 261.9 0.06 % Term Loan Prime plus 2.75% 6/3/2029 32.4 10.5 4.3 66.2 32.4 10.5 4.3 66.2 33.1 11.7 4.2 74.7 0.01 % — % — % 0.02 % 0.10 % 6.1 93.9 10.5 6.1 93.9 10.5 6.0 — % 94.4 10.5 0.02 % — % Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2029 Truck Transportation Term Loan Prime plus 2.75% 5/31/2029 F-71 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Morey Publishing LLC Martin Inventory Management, LLC SSD Designs, LLC (#,^) (#,^) (#,^) Inside & Out Maintenance LLC (#,^) Aspen Welding LLC AGR, Inc (#,^) (#,^) Brooklyn Breakfast Shop LLC (#,^) Canela Media Inc PD Financial LLC SV Enterprise LLC dba Haagen- Dazs (#,^) (#,^) (#,^) Clowers Trucking By Faith LLC (#) 2820 US HWY 98 N LLC dba Total Package Car Wash Top Notch Roofing, Inc (#,^) (#,^) MCM Design LLC McGuckin & Pyle Inc ES&A, INC., A LAW CORPORATION Anchor Up Fitness and Nutrition, LLC BD Branson Victorian LLC dba Branson Surrey Inn Kappa Investments LLC dba Buddy's Home Furnishings Covalent Holding LLC AMP Trucking Inc CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel Cut To The Chase 502 LLC (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 575 Underhill Blvd, Ste 216, Syosset, NY 11791 304 1/2 Main St., Edgefield, SC 29824 486 Vance St., Forest City, NC 28043 1698 SW Pancoast St., Port St Lucie, FL 34987 28803 US-6, Rifle, CO 81650 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 7707 S IH 35 Frontage Rd #730, Austin, TX 78744 2715 Palomino Circle, La Jolla, CA 92037 364 Parsippany Rd, Unit 7-B, Parsippany, NJ 07054 1885 Briargate Pkwy, Space D- 413, Colorado Springs, CO 80920 705 E Brookwood PL, Valdosta, GA 31601 2820 US Hwy 98 N, Lakeland, FL 33805 46 Cherry St., Milton, VT 05468 5926 Vinings Vintage Way, Mableton, GA 30126 120 Corporate Ln, New Bern, NC 28562 1003 Bishop St., Honolulu, HI 96813 2464 US-29, Pensacola, FL 32505 430 a/k/a 450 South Hwy 165, Branson, MO 65616 365 Lowe's Dr, Ste H, Danville, VA 24540 18 West Chestnut St.,Unit 2F, Chicago, IL 60610 1030 Gettysburg Ave, Clovis, CA 93161 Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Chemical Manufacturing Administrative and Support Services Fabricated Metal Product Manufacturing Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Credit Intermediation and Related Activities Food Services and Drinking Places Term Loan Prime plus 2.75% 5/31/2029 Term Loan Prime plus 2.75% 5/31/2029 Term Loan Prime plus 2.75% 5/30/2044 Term Loan Prime plus 2.75% 5/30/2029 Term Loan Prime plus 2.75% 5/30/2044 Term Loan Prime plus 2.75% 5/29/2044 Term Loan Prime plus 2.75% 5/29/2029 Term Loan Prime plus 2.75% 5/29/2029 Term Loan Prime plus 2.75% 5/28/2044 Term Loan Prime plus 2.75% 8/24/2029 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 Repair and Maintenance Specialty Trade Contractors Professional, Scientific, and Technical Services Machinery Manufacturing Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 5/23/2029 5/23/2029 Term Loan Prime plus 6.5% 5/23/2029 Term Loan Prime plus 2.75% 5/22/2029 Term Loan Prime plus 2.75% 5/21/2029 Accommodation Term Loan Prime plus 2.75% 5/17/2029 Rental and Leasing Services Term Loan Prime plus 2.75% 5/17/2029 Nonstore Retailers Term Loan Prime plus 2.75% 5/17/2029 Truck Transportation Term Loan Prime plus 2.75% 5/16/2029 208 East Main St., Elma, WA 98541 6903 Lakegreen Ct, Louisville, KY 40291 Accommodation Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 Term Loan Prime plus 2.75% 5/16/2029 F-72 See accompanying notes to consolidated financial statements. 50.3 40.2 412.8 80.5 390.9 770.8 4.0 95.5 34.2 74.9 10.6 107.1 97.0 8.1 50.3 40.2 412.8 80.5 390.9 770.8 4.0 95.5 34.2 74.9 10.6 107.1 97.0 8.1 90.5 16.3 205.4 348.9 212.3 209.8 15.1 2.7 90.5 16.3 205.4 348.9 212.3 209.8 15.1 2.7 50.1 42.8 466.1 80.2 441.4 870.2 4.1 96.6 38.6 74.6 11.9 114.1 97.7 9.0 332.6 90.3 16.7 218.8 347.2 218.7 208.4 16.1 2.8 0.01 % 0.01 % 0.12 % 0.02 % 0.11 % 0.22 % — % 0.02 % 0.01 % 0.02 % — % 0.03 % 0.02 % — % 0.08 % 0.02 % — % 0.05 % 0.09 % 0.05 % 0.05 % — % — % Term Loan Prime plus 2.75% 5/23/2044 294.6 294.6 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Two Pie Lovers LLC dba Pizza Outpost The Lobster Pot Inc Aloha To Go LLC NYM Solutions Inc.dba NYM Solutions, Inc (#,^) (#,^) (#,^) (#) Folklore Music Exchange LLC (#,^) EPIFAB,LLC Global Enterprises LLC dba Verdi Pizza (#,^) (#,^) Life View Prenatal Imagery, LLC (#,^) Mark Garvin dba Tipsy Canyon Winery (#,^) Art Amore Studios, LLC Modern Trousseau, LLC DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry Midlothian Hardware, Inc dba Grills True Value Sona USA, Inc Pellegrin Marine Transportation, LLC La Dolce Vita LLC. La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Jones Roger Sherman Inn, Inc. (#,^) All My Best Inc. ER & DC McPherson Holdings, LLC 2Choice2Friends dba 2 N 1 Salad Bar and Grill (#,^) (#,^) (#) 302 E. Millitary Hwy U1122, Brackettville, TX 78832 119 Hope St., Bristol, RI 02809 5903 Seminole Blvd, Seminole, FL 33772 12150 SW 128th St. CT Ste 209, Miami, FL 33186 617 Tennessee Ave, Charleston, WV 25302 1341 Brooks St. Unit D, Ontario, CA 91762 3111 S Valley View Blvd, Las Vegas, NV 89102 312 79th Ave North, Myrtle Beach, SC 29572 150 Upper Joe Creek Rd, Manson, WA 98831 6507 Jester Blvd, Ste #107, Austin, TX 78750 125 Bradley Rd, Woodbridge, CT 06525 1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068 475 West 147th St, Midlothian, IL 60445 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 117 Country Village Dr, Raceland, LA 70394 196 N. Holiday Rd, Miramar Beach, FL 32550 196 N. Holiday Rd, Miramar Beach, FL 32550 195 Oenoke Ridge, New Canaan, CT 06840 4320 Anthony Court Stes 1,2,3, Rocklin, CA 95677 6957 W Broward Blvd., Plantation, FL 33317 901 W Braker Lane, Austin, TX 78758 Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Insurance Carriers and Related Activities Sporting Goods, Hobby, Musical Instrument, and Book Stores Fabricated Metal Product Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 Term Loan Prime plus 2.75% 5/10/2044 Term Loan Prime plus 2.75% 11/9/2029 Term Loan Prime plus 6.5% 5/6/2029 Term Loan Prime plus 2.75% 5/6/2029 Term Loan Prime plus 2.75% 5/3/2029 Term Loan Prime plus 2.75% 5/3/2029 Ambulatory Health Care Services Term Loan Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 5/3/2029 Educational Services Clothing and Clothing Accessories Stores Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Telecommunications Support Activities for Transportation Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 4/29/2029 Term Loan Prime plus 2.75% 4/26/2029 Term Loan Prime plus 2.75% 4/26/2029 Term Loan Prime plus 2.75% 4/25/2044 Term Loan Prime plus 2.75% 4/25/2029 Term Loan Prime plus 2.75% 4/25/2029 Term Loan Prime plus 2.75% 4/19/2029 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2029 Prime plus 6.5% 4/17/2029 F-73 See accompanying notes to consolidated financial statements. 41.7 353.3 12.4 10.4 4.1 17.1 16.8 4.9 41.7 353.3 12.4 10.4 4.1 17.1 16.8 4.9 47.1 398.9 12.4 11.6 4.0 17.4 16.7 4.9 0.01 % 0.10 % — % — % — % — % — % — % 51.8 31.9 131.7 116.8 449.3 398.9 121.9 49.9 39.0 10.3 51.8 31.9 131.7 116.8 449.3 398.9 121.9 49.9 39.0 10.3 54.8 34.0 134.4 118.5 507.3 405.8 129.8 50.4 39.0 11.5 0.01 % 0.01 % 0.03 % 0.03 % 0.13 % 0.10 % 0.03 % 0.01 % 0.01 % — % Prime plus 2.75% 5/3/2044 101.4 101.4 114.5 0.03 % Term Loan Prime plus 2.75% 5/3/2029 4.5 4.5 4.4 — % Term Loan Prime plus 2.75% 5/1/2029 251.3 251.3 263.9 0.07 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Expert Building Services LLC (#,^) Modern Demo & Services LLC (#,^) Rello, Inc. dba ID Salon Pranamji Inc dba Ohara's Beverage Spot Bill Berger LLC P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic Samco Food Corp dba C-Town Supermarket Gilpin Enterprises, LLC dba Jon Smith Subs (#) (#,^) (#,^) (#,^) (#,^) (#,^) Southern Gulf Construction, Inc. (#,^) J.T. ONeill Company, LLC Maxiflex LLC VRGE Strategies LLC Georgetown Milling Co, LLC FRAJOVI Urban Air, LLC dba Urban Air Trampoline & Adventure Park Bose and Avinder, Inc.and Carmel and Preet Inc Marnon Enterprise LLC Ren Investment Group Inc dba True Positon Manufacturing J Brothers Enterprises, LLC EJ & James Transport LLC Outtasight Careers, LLC dba Gecko Hospitality Turtle Shirts, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 74 Roosevelt St., Pequannock Township, NJ 07440 10161 W Park Run Dr, Las Vegas, NV 89145 8063 Jericho Turnpike, Woodbury, NY 11797 Administrative and Support Services Term Loan Prime plus 2.75% 4/17/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2029 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 Specialty Trade Contractors 2300 Levit Rd, Lorain, OH 44052 Food and Beverage Stores Performing Arts, Spectator 8728 Tireman Ave, Detroit, MI 48204 Sports, and Related Industries 3563 South River Terrace, Edgewater, MD 21037 1761 Nostrand Ave, Brooklyn, NY 11226 17790 State Rd 54, Lutz, FL 33458 367 Pine Island Rd, North Fort Myers, FL 33903 19972 Willowin Farm Lane, Purceville, VA 20132 512 Verret St., New Orleans, LA 70114 1155 15th St NW, Washington, DC 20005 9001 Wentworth Springs Rd, Georgetown, CA 95634 Real Estate Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Food and Beverage Stores Food Services and Drinking Places Wood Product Manufacturing Specialty Trade Contractors Term Loan Prime plus 2.75% 4/16/2044 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 9/12/2029 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 4/11/2029 Term Loan Prime plus 2.75% 4/10/2029 Term Loan Prime plus 2.75% 4/9/2029 16.3 99.7 5.0 45.0 7.2 35.1 79.8 63.9 88.7 7.8 49.9 50.6 10.2 16.3 99.7 5.0 45.0 7.2 35.1 79.8 63.9 88.7 7.8 49.9 50.6 10.2 16.2 99.7 5.5 50.9 7.1 35.4 79.3 64.3 92.6 7.7 53.1 50.3 10.3 Term Loan Prime plus 2.75% 1/8/2030 488.7 488.7 522.7 1256 Indian Head Rd, Toms River, NJ 08755 28201 Date Palm Dr, Cathedral City, CA 92234 6713 Biscay Hbr, San Antonio, TX 78249 40 Sandra Dr, South Windsor, CT 06074 1101 NW 12TH Ave, Ava, MO 65608 3100 Drewsky Lane Unit 108, Fort Mills, SC 29715 109 W Fern St., Tampa, FL 33604 10241 Metro Pkwy# 108, Ft Myers, FL 33966 Amusement, Gambling, and Recreation Industries Gasoline Stations Administrative and Support Services Term Loan Prime plus 2.75% 4/5/2029 Term Loan Prime plus 2.75% 4/5/2029 Machinery Manufacturing Building Material and Garden Equipment and Supplies Dealers Truck Transportation Administrative and Support Services Printing and Related Support Activities Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2044 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 F-74 See accompanying notes to consolidated financial statements. 49.2 3.8 633.6 613.8 7.5 41.1 44.1 49.2 3.8 633.6 613.8 7.5 41.1 44.1 52.4 3.8 633.3 693.0 7.6 40.8 44.1 — % 0.02 % — % 0.01 % — % 0.01 % 0.02 % 0.02 % 0.02 % — % 0.01 % 0.01 % — % 0.13 % 0.01 % — % 0.16 % 0.17 % — % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Complete Care IT LLC Royalty Freight Inc. Pizzaplex L3C Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 Reliable Power Group Inc. dba Batteries & bulbs Pensacola Bright Freight Solution, LLC Key HR Associates, Inc dba Parents Choice for Kids Hamsons Inc. Bayco Enterprises, Inc NuBe Business Group LLC Stillwater Ventures, LLC Raven's Place LLC J.C. Pallet Company, Inc. GS Bath Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Custom Vinyl Products LLC (#,^) Skaggs RV Outlet ,LLC Cocomo Joe's LLC PA Sobol Partners LLC dba Sobal DC AG, LLC dba Big B Sales Ocean Trans LLC and Dehal Trucking LLC Cinco Fit LLC dba Cinco Fit Danielle Vance LPC, LLC dba Danielle Vance MA, LPC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 4801 South University Dr Ste 125, Davie, FL 33328 3728 W McKinley Ave, Fresno, CA 93772 4458 West Vernor Hwy, Detroit, MI 48209 7219 Silver Mist Ave, North Chesterfield, VA 23237 6895 N. 9th Ave Ste B, Pensacola, FL 32504 1112 N Main St, Manteca, CA 95336 3150 West Park Dr, Burnsville, MN 55306 4900 Hopyard Rd, Pleasanton, CA 94588 128 Cowesett Ave, West Warwick, RI 02893 2140 44th St SE, Ste 201, Grand Rapids, MI 49508 8272 W. Sunset Blvd, Los Angeles, CA 90048 13031 S Western Ave, Blue Island, IL 60406 18427 New Kent Hwy, Barhamsville, VA 23011 5335 E. Kaviland Ave, Fresno, CA 93725 260 Enterprise Dr, Newport News, VA 23603 301 Commerce Dr, Elizabethtown, KY 42701 3949 New Rd, Youngstown, OH 44515 206 Rohrerstown Rd, Lancaster, PA 17603 674 LA- 8, Sicily Island, LA 71368 1415 W Anderson St., Stockton, CA 95206 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 1127 Auraria Pkwy, Ste 201, Denver, CO 80204 Professional, Scientific, and Technical Services Truck Transportation Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2029 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 Social Assistance Merchant Wholesalers, Nondurable Goods Gasoline Stations Professional, Scientific, and Technical Services Nonstore Retailers Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2044 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2044 Term Loan Prime plus 2.75% 3/29/2044 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2044 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/28/2029 Truck Transportation Fabricated Metal Product Manufacturing Motor Vehicle and Parts Dealers Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2029 Term Loan Prime plus 2.75% 3/28/2044 Term Loan Prime plus 2.75% 3/28/2029 Term Loan Prime plus 2.75% 3/28/2029 Term Loan Prime plus 2.75% 8/28/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/27/2044 Truck Transportation Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2029 Term Loan Prime plus 2.75% 3/27/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/27/2029 F-75 See accompanying notes to consolidated financial statements. 41.5 338.9 35.4 130.6 79.1 752.5 443.8 148.3 189.2 39.0 303.5 672.4 356.0 250.8 964.0 197.1 2.8 41.0 559.7 60.1 130.5 4.5 41.5 338.9 35.4 130.6 79.1 752.5 443.8 148.3 189.2 39.0 303.5 672.4 356.0 250.8 964.0 197.1 2.8 41.0 559.7 60.1 130.5 4.5 41.2 346.8 35.4 129.4 78.5 767.9 501.1 147.0 213.6 44.1 313.7 759.2 369.1 255.8 1,088.4 209.5 2.8 41.3 631.9 63.9 129.4 4.5 0.01 % 0.09 % 0.01 % 0.03 % 0.02 % 0.19 % 0.12 % 0.04 % 0.05 % 0.01 % 0.08 % 0.19 % 0.09 % 0.06 % 0.27 % 0.05 % — % 0.01 % 0.16 % 0.02 % 0.03 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC District 5 Boutique LLC J & C May Properties, LLC Virginia Industrial Plastics, Inc. Gary Krause dba Gary Krause Landscaping & Design (#,^) (#,^) (#,^) (#,^) (#,^) Virginia Industrial Plastics, Inc. (#,^) American Trails Transport, LLC (#,^) Michigan Neurosurgical Institute P.C. Mega Trucking LLC and Olyimpian Industries LLC Michigan Neurosurgical Institute, P.C., Optical Spine,LLC (#,^) (#,^) (#,^) Sound Manufacturing Inc Game Station, Inc. Marvellous Print & Ship LLC Vanchoc Transport Inc (#,^) (#,^) (#,^) (#,^) B & W Towing LLC Panetcarne Inc.dba Jersey Mike's Subs Greenfield (#,^) (#,^) Screening Services Group, LLC (#,^) Mill Creek Early Childhood Program LLC Alpine Remediation, Inc, T & M Holdings, LLC (#,^) (#,^) Precise Air Systems, Inc (#,^) Wildflour Bakery & Cafe LLC (#,^) 2880 Carol Rd, East York, PA 17402 317 N Farview Ave, Paramus, NJ 07652 315 Sylamore Ave, Mountain View, AR 72560 2454 N East Side Hwy,, Elkton, VA 22827 489 Hamilton Rd, Jacksonville, OR 97530 2454 North East Side Hwy, Elkton, VA 22827 8704 Grand Ave, Billings, MT 59106 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 5979 NW 151st St, Miami Lakes, FL 33014 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 1 Williams Lane, Old Saybrook, CT 06475 2917 1st Ave SE, Cedar Rapids, IA 52402 605 W Main St, Oxford, KS 67119 137 3rd St, Brooklyn, NY 11231 701 Addison Rd, Painted Post, NY 14870 23077 Greenfield Rd, Southfield, MI 48075 8670 Wilshire Blvd, Beverly Hills, CA 90211 510 South Batavia Ave, Batavia, IL 60510 14252 W 44th Ave Unit F, Golden, CO 80403 5467 W San Fernando Rd, Los Angeles, CA 90039 5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 91301 Personal and Laundry Services Term Loan Prime plus 2.75% 3/26/2044 1,220.5 1,220.5 1,377.9 Term Loan Prime plus 2.75% 3/26/2029 98.9 98.9 98.0 Term Loan Prime plus 2.75% 3/22/2044 1,081.8 1,081.8 1,221.3 Term Loan Prime plus 2.75% 3/22/2044 290.0 290.0 327.4 Nonstore Retailers Building Material and Garden Equipment and Supplies Dealers Plastics and Rubber Products Manufacturing Administrative and Support Services Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2029 Term Loan Prime plus 2.75% 3/22/2029 Truck Transportation Term Loan Prime plus 2.75% 3/21/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2029 Truck Transportation Term Loan Prime plus 2.75% 3/20/2029 Ambulatory Health Care Services Term Loan Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/20/2044 Prime plus 2.75% 3/20/2029 4.7 233.4 44.0 143.4 316.2 338.0 39.5 207.7 2.7 69.0 45.5 74.0 4.7 233.4 44.0 143.4 316.2 338.0 39.5 207.7 2.7 69.0 45.5 74.0 4.9 248.1 44.8 142.4 325.1 381.6 39.2 211.1 2.6 68.4 48.4 74.3 Term Loan Prime plus 2.75% 3/19/2029 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 3/19/2029 3/15/2029 Term Loan Prime plus 2.75% 3/15/2029 Term Loan Prime plus 2.75% 7/15/2029 Term Loan Prime plus 2.75% 3/14/2029 235.5 235.5 236.1 Term Loan Prime plus 2.75% 8/11/2029 Term Loan Prime plus 2.75% 3/8/2029 Term Loan Prime plus 2.75% 3/8/2029 Term Loan Prime plus 2.75% 3/8/2029 50.9 69.3 224.6 69.3 50.9 69.3 224.6 69.3 50.7 70.9 223.8 68.6 Rental and Leasing Services Printing and Related Support Activities Rental and Leasing Services Support Activities for Transportation Food Services and Drinking Places Motion Picture and Sound Recording Industries Social Assistance Professional, Scientific, and Technical Services Specialty Trade Contractors Food Services and Drinking Places 0.34 % 0.02 % 0.30 % 0.08 % — % 0.06 % 0.01 % 0.04 % 0.08 % 0.09 % 0.01 % 0.05 % — % 0.02 % 0.01 % 0.02 % 0.06 % 0.01 % 0.02 % 0.06 % 0.02 % F-76 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) D & S Village Hardware LLC dba Cedar Mountain Country Store Seeds of Knowledge Creative Learning Center LLC Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC Monkey Bones LLC Wooter Apparel, Inc NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC Shah Medical Center SC & Heeena Shyamani (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Woodard Electric Services, Inc. (#,^) Matrix Z LLC Harbor Management Company Inc dba Jamba Juice Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ Rob Barletta's Hockey School, Inc Bowl 360 Inc. Bowl 360 Inc. Outler Transportation Services,LLC Integris Roofing, Inc M & M Burgers Inc dba Checkers Par-Man, Inc. dba Rockstar Tattoo KHSE Parks, Inc. (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Tony Herring & Associates, Inc (#,^) 76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762 15101 West McNichols Rd, Detroit, MI 48235 487 Elizabeth Lake Rd, Waterford, MI 48328 3361 Dayton Xenia Rd, Beavercreek, OH 45432 727 Page Ave., Staten Island, NY 10307 20 Silver Fox Lane, Sussex, NJ 07461 484 Summit St, Elgin, IL 60120 1600 Carter Cove Rd, Hayesville, NC 28904 800 SW 21st Terrace, Ft Lauderdale, FL 33312 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 3633 B Hill Rd, Parsippany, NJ 07054 2130 Providence Hwy, Walpole, MA 02081 98-18 Rockaway Blvd, Far Rockaway, NY 11417 98-18 Rockaway Blvd, Ozone Park, NY 11417 3775 Carriage Downs CT SW, Snellville, GA 30039 1174 Yellostone Dr, Lake Arrowhead, CA 92532 530 Willis Ave, Bronx, NY 10455 450 Fremont St #109 and 113, Las Vegas, NV 89101 600 West Charles St., Matthews, NC 28105 211 West Camellia Dr, Slidell, LA 70458 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/8/2044 Social Assistance Term Loan Prime plus 2.75% 3/7/2044 191.9 21.4 191.9 21.4 216.7 24.2 0.05 % 0.01 % Rental and Leasing Services Term Loan Prime plus 2.75% 3/4/2029 124.5 124.5 123.4 0.03 % Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2044 Nonstore Retailers Term Loan Prime plus 2.75% 2/28/2029 Food Manufacturing Term Loan Prime plus 2.75% 2/28/2029 17.9 39.2 3.9 17.9 39.2 3.9 20.2 39.2 — % 0.01 % 4.1 — % Hospitals Term Loan Prime plus 2.75% 2/28/2044 216.0 216.0 243.9 0.06 % Term Loan Prime plus 2.75% 2/28/2029 Term Loan Prime plus 6.5% 2/27/2029 17.0 10.2 17.0 10.2 16.9 11.3 — % — % Term Loan Prime plus 2.75% 2/22/2029 117.7 117.7 117.3 0.03 % Specialty Trade Contractors Nonmetallic Mineral Product Manufacturing Food Services and Drinking Places Waste Management and Remediation Services Performing Arts, Spectator Sports, and Related Industries Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Transit and Ground Passenger Transportation Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 2/21/2029 Term Loan Prime plus 2.75% 2/19/2029 Term Loan Prime plus 2.75% 2/19/2029 Term Loan Prime plus 2.75% 2/19/2029 Term Loan Prime plus 2.75% 2/19/2029 Term Loan Prime plus 2.75% 2/15/2029 Term Loan Prime plus 2.75% 7/15/2029 Health and Personal Care Stores Term Loan Prime plus 2.75% 2/14/2029 Personal and Laundry Services Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/14/2029 Term Loan Prime plus 2.75% 2/14/2029 F-77 See accompanying notes to consolidated financial statements. 32.4 85.4 109.4 127.6 37.4 17.6 91.4 49.1 62.8 11.8 32.4 85.4 109.4 127.6 37.4 17.6 91.4 49.1 62.8 11.8 32.5 90.7 108.7 130.7 37.3 17.5 91.8 48.9 62.2 12.5 0.01 % 0.02 % 0.03 % 0.03 % 0.01 % — % 0.02 % 0.01 % 0.02 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Gateway Veterinary Services, P.C. dba Liberty Animal Clinic Precedence Enterprises LLC dba Spartan Junk Removal Shepherd Fitness, LLC dba Workout Anytime Ooltewah EJGR Corp dba Brite Energy Solutions (#,^) (#,^) (#,^) (#,^) (#,^) Pamletics LLC dba F45 Creative Counseling Nashville PLLC Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc (#,^) Jesus and Son's Landscape Contractors, LLC Employer Resource Services LLC dba Data Pool (#,^) (#,^) (#,^) MYC Motors Inc FNF LLC dba AK Wine Grotto IGWT Coffee, LLC dba PJ's Coffee of New Orleans MMC Investors, LLC dba Clean Juice Hilco Athletics & Graphics Inc Fluid Connections LLC dba BurgerIM CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster HSR Tacos LLC dba California Tortilla Rashed and Shabila LLC Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC The Chop House Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 9212 Liberty Ave, Ozone Park, NY 11417 8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707 9408 Apison Pike, Ste 11, Ooltewah, TN 37363 87 Main St. Upper Level, Hastings-on-Hudson, NY 10706 22015 IH 10 West, San Antonio, TX 78249 4119 Gallatin Pike, Nashville, TN 37216 4291 Shoal Line Blvd, Hernando Beach, FL 34607 4371 Durham Court, Denver, CO 80239 500 Research Rd, Richmond, VA 23236 3808 Vegas Dr, Las Vegas, NV 89108 11109 Old Seward Hwy, Anchorage, AK 99515 414 Union St, Nashville, TN 37219 2879 W 95th St. Ste 195, Naperville, IL 60564 55 Green Hill St., West Warwick, RI 02816 174 El Cerrito Plaza, El Cerrito, CA 94530 309 Coronado Dr, Clearwater Beach, FL 33767 11694 Sudley Manor Dr, Manassas, VA 20109 14865 Hwy 92, Woodstock, GA 30188 Professional, Scientific, and Technical Services Waste Management and Remediation Services Amusement, Gambling, and Recreation Industries Utilities Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/14/2044 Term Loan Prime plus 2.75% 2/8/2029 Term Loan Prime plus 2.75% 5/8/2029 Term Loan Prime plus 2.75% 2/8/2029 Term Loan Prime plus 2.75% 2/8/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/7/2029 Accommodation Administrative and Support Services Administrative and Support Services Term Loan Prime plus 2.75% 2/1/2029 Term Loan Prime plus 2.75% 2/1/2029 Term Loan Prime plus 2.75% 1/31/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/30/2044 131.5 10.8 133.3 37.0 2.9 0.8 11.8 45.1 28.0 71.3 131.5 10.8 133.3 37.0 2.9 0.8 11.8 45.1 28.0 71.3 148.5 11.1 135.6 36.7 3.0 0.8 12.5 45.3 27.8 80.5 Term Loan Prime plus 2.75% 1/22/2029 192.6 192.6 191.0 Food and Beverage Stores Food Services and Drinking Places Food Services and Drinking Places Apparel Manufacturing Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2029 Term Loan Prime plus 2.75% 4/18/2029 Term Loan Prime plus 2.75% 1/16/2044 Term Loan Prime plus 2.75% 1/11/2029 Term Loan Prime plus 2.75% 7/11/2029 Term Loan Prime plus 2.75% 1/11/2029 64.2 69.5 65.4 48.7 70.8 43.7 17.5 204.8 529.8 64.2 69.5 65.4 48.7 70.8 43.7 17.5 204.8 529.8 63.6 69.6 73.9 49.6 70.8 43.4 17.9 203.0 598.1 Gasoline Stations Term Loan Prime plus 2.75% 1/4/2029 215 S Persimmon St,, Tomball, TX 77375 191 Old Tower Hill Rd., South Kingstown, RI 02879 Heavy and Civil Engineering Construction Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2028 Term Loan Prime plus 2.75% 12/31/2043 0.04 % — % 0.03 % 0.01 % — % — % — % 0.01 % 0.01 % 0.02 % 0.05 % 0.02 % 0.02 % 0.02 % 0.01 % 0.02 % 0.01 % — % 0.05 % 0.15 % Superior Concepts Acquisition Corp (#,^) 1710 Tiles Ct, Grand Haven, MI 49417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2028 99.6 99.6 100.6 0.02 % F-78 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Nix and Nix Funeral Home North Inc, Superior Concepts Acquisition Corp Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut Omega Funeral and Cremation Services,LLC American Rewinding of NC Inc dba MTS East Breeze LLC dba Historic Springdale Pub and Eatery Medworxs Inc. Fave Realty Inc. Green Valley Landscape Management Inc. dba Apopka Mower and Equipment Reservations Unlimited LLC BD Branson Victorian LLC dba Branson Victorian Inn RM Hawkins LLC Timios Enterprises Corp dba Palm Court (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Fifth Wheel Truck Stop 001, Inc. (#,^) Diamond Estates LLC Burgess and Dudley, Incorporated The Law Office of Jared E. Shapiro, P.A Royalty Freight Inc LP Industries, Inc and Playground Packages, LLC Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool Cammarata Associates LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1621 W. Dauphin St., Philadelphia, PA 08065 1710 Tiles Court, Grand Haven, MI 49417 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 9503 Kenwood Rd, Cincinnati, OH 45242 1825 N Rocky River Rd, Monroe, NC 28110 32302 East Historic Columbia River Hwy, Corbett, OR 97019 6857 Timbers Dr, Evergreen, CO 80439 74 Larkfield Rd, East Northport, NY 11731 2975 W Orange Blossom Trail, Apopka, FL 32712 312 W Main St., Red River, NM 87558 450 South Hwy 165, Branson, MO 65616 5141 Topaz Dr, Colorado Springs, CO 80918 1912 N Arlington Heights Rd., Arlington Heights, IL 60004 3767 South Golden State Blvd, Fresno, CA 93725 110 Court St Ste 1, Cromwell, CT 06416 24462 NW 9th Place, Newberry, FL 32669 7777 Glades Rd, Ste 100, Boca Raton, FL 33434 3728 W McKinley Ave, Fresno, CA 93722 Personal and Laundry Services Professional, Scientific, and Technical Services Insurance Carriers and Related Activities Personal and Laundry Services Fabricated Metal Product Manufacturing Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/28/2028 Term Loan Prime plus 2.75% 12/27/2043 Term Loan Prime plus 2.75% 12/27/2028 552.6 497.4 17.8 324.1 370.9 121.8 8.1 552.6 497.4 17.8 324.1 370.9 121.8 8.1 623.8 561.6 20.1 365.9 374.8 137.5 8.0 0.15 % 0.14 % — % 0.09 % 0.09 % 0.03 % — % Real Estate Term Loan Prime plus 2.75% 12/27/2043 117.3 117.3 132.4 0.03 % Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2043 Real Estate Term Loan Prime plus 2.75% 12/26/2043 Accommodation Term Loan Prime plus 2.75% 12/24/2043 Nonstore Retailers Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2028 Term Loan Prime plus 2.75% 12/24/2043 Gasoline Stations Term Loan Prime plus 2.75% 12/21/2028 Construction of Buildings Term Loan Prime plus 2.75% 12/21/2028 440.8 85.5 472.8 231.5 683.7 79.5 57.9 440.8 85.5 472.8 231.5 683.7 79.5 57.9 497.7 96.5 533.8 235.6 771.9 78.6 57.2 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 Term Loan Prime plus 2.75% 12/21/2028 183.5 183.5 185.3 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 2040 Norwood, Lenoir, NC 28645 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/21/2028 4500 S Country Rd, Odessa, TX 79768 5 Greentree Center, Marlton, NJ 08053 Rental and Leasing Services Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 6/21/2044 Term Loan Prime plus 2.75% 12/21/2028 F-79 See accompanying notes to consolidated financial statements. 8.7 75.5 81.2 165.9 57.9 8.7 75.5 81.2 165.9 57.9 8.6 74.6 80.4 187.3 57.2 0.12 % 0.02 % 0.13 % 0.06 % 0.19 % 0.02 % 0.01 % 0.05 % — % 0.02 % 0.02 % 0.05 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) C&D Trucking & Equipment Service, Inc. Precision Bytes LLC dba Tower Connect Baseline Health, LLC & Baseline Health Management, LLC (#,^) (#,^) (#,^) Sesolinc GRP, Inc. ETS Tree Service Inc and Eastern Tree Service, Inc (#,^) (#,^) Alaska Motor Home Inc Graff Excavating, Inc Local Liberty Inc dba The Wardsboro Country Store Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC Flashii App, Inc. Healthy and Fresco LLC Roots N Shoots, LLC & Yardplus LLC CK Green Partners, LLC dba Reis and Irvy"s Columbus Hotel Compete, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Accent Comfort Services, LLC (#,^) Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo (#,^) (#,^) The Cromer Company Ventures TBD LLC dba The Bottle Tree (#,^) (#,^) Peanut Butter & Co., Inc. Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 (#,^) (#,^) 4015 Jennings Rd, Cleveland, OH 44109 607 West Magnolia Ave, Fort Worth, TX 76104 1101 Stewart Ave Ste 104, Garden City, NY 11530 806 Randy Lowery Rd, Statesboro, GA 30461 4813 Pinson Valley Pkwy, Birmingham, AL 35215 6633 Brayton Dr, Anchorage, AK 99507 803 E State St., Toledo, IA 52342 23 Main St., Wardsboro, VT 05355 2043 Coteau Rd, Houma, LA 70364 3031 Tisch Way, 1st Floor, San Jose, CA 95128 1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 29464 86 Boston Rd, Chelmsford, MA 01824 5010 Augusta Dr, Westerville, OH 43082 223 W Jackson Blvd, Chicago, IL 60606 5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269 G-2340 West Carpenter Rd, Flint, MI 48505 316 NW 24th St., Miami, FL 33180 9800 NW 78th Ave, Hialeah Gardens, FL 33016 102 Davis St., Belmont, NC 28012 119 West 57th St., Ste 300, New York, NY 10019 196-15 Northern Blvd, Flushing, NY 11318 Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2043 Term Loan Prime plus 2.75% 12/21/2028 Ambulatory Health Care Services Term Loan Fabricated Metal Product Manufacturing Administrative and Support Services Term Loan Term Loan Prime plus 2.75% 12/21/2028 Prime plus 2.75% 12/21/2028 Prime plus 2.75% 12/21/2028 Rental and Leasing Services Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 12/20/2028 Food and Beverage Stores Term Loan Prime plus 2.75% 12/20/2043 Rental and Leasing Services Professional, Scientific, and Technical Services Food Services and Drinking Places Administrative and Support Services Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 2/20/2029 Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 12/20/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 Personal and Laundry Services Food Services and Drinking Places Miscellaneous Store Retailers Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/19/2044 Term Loan Prime plus 2.75% 3/19/2029 Term Loan Prime plus 2.75% 12/19/2028 Term Loan Prime plus 2.75% 12/14/2043 Term Loan Prime plus 2.75% 12/14/2028 Food and Beverage Stores Term Loan Prime plus 2.75% 12/14/2028 F-80 See accompanying notes to consolidated financial statements. 111.1 100.3 91.8 289.5 183.4 232.1 150.9 147.4 304.6 48.2 35.6 41.7 111.1 100.3 91.8 289.5 183.4 232.1 150.9 147.4 304.6 48.2 35.6 41.7 125.5 99.2 91.7 296.4 186.8 237.7 150.3 166.5 323.0 51.2 35.9 41.6 48.2 53.1 403.6 58.2 420.9 93.8 193.0 12.2 48.2 53.1 403.6 58.2 420.9 93.8 193.0 12.2 47.7 52.7 455.6 59.5 416.8 105.9 190.8 12.1 0.03 % 0.02 % 0.02 % 0.07 % 0.05 % 0.06 % 0.04 % 0.04 % 0.08 % 0.01 % 0.01 % 0.01 % 0.04 % 0.01 % 0.01 % 0.11 % 0.01 % 0.10 % 0.03 % 0.05 % — % Term Loan Prime plus 2.75% 3/20/2029 148.5 148.5 152.8 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Alpha Landscape Contractors, Inc Alpha Omega Trucking LLC Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena Healthy Human, LLC Fitness Orlando LLC & Fitness Orlando Oviedo, LLC L&M Services, LLC Sound Contracting LLC Sound Contracting LLC OC Helicopters LLC The Miller Center for Esthetic Excellence, Plan B Burger LLC Burton Realty Co., Inc dba Anchor Realty, Northeast Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash Mateo Enterprise Inc dba El Milagro Market Tier1 Solutions LLC Airstrike Firefighters LLC Ashwood Food Services Inc. dba Jake Rooney's Behind The Scenes Chicago, LLC dba Paramount Events Ashwood Food Services, Incorporated dba Jake Rooney's Mateo Enterprise Inc dba El Milagro Market Googlyoogly, LLC dba Bi-Rite Supermarket (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2823 Fllintstone Rd, Millers, MD 21102 14432-14452 Stateline Rd, Brookings, OR 97415 4477 E 11th Ave, Hialeah, FL 33013 1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 560 Main St., Milford, UT 84751 148 Holmgren Place, Girdwood, AK 99587 148 Holmgren Place, Girdwood, AK 99587 19711 Campus Dr Ste 260, Santa Ana, CA 92707 22 Old Short Hills Rd,, Livingston, NJ 07039 484 Farmington Ave, Hartford, CT 06105 2200 Michener St, Ste 12, Philadelphia, PA 19115 2 Center Rd,, Old Saybrook, CT 06475 575 Panama Lane, Bakersfield, CA 93307 1000 Essington Rd, Ste 111, Joliet, IL 60435 18115 62nd Ave NE, Kenmore, WA 98028 119 Brooks Rd, Harwich Port, MA 02646 2744 W. Roscoe St., Chicago, IL 60618 119 Brooks Rd, Harwich Port, MA 02646 575 Panama Lane, Bakerfield, CA 93307 10867 W Jefferson Ave, River Rouge, MI 46218 Administrative and Support Services Term Loan Prime plus 2.75% 1/14/2029 Truck Transportation Term Loan Prime plus 2.75% 12/14/2028 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2028 Nonstore Retailers Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Construction of Buildings Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 12/14/2043 Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 12/14/2043 Air Transportation Term Loan Prime plus 2.75% 12/13/2028 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2043 Prime plus 2.75% 1/13/2029 Real Estate Term Loan Prime plus 2.75% 12/13/2028 Repair and Maintenance Term Loan Prime plus 2.75% 12/13/2043 Food and Beverage Stores Professional, Scientific, and Technical Services Support Activities for Agriculture and Forestry Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 12/12/2043 Term Loan Prime plus 2.75% 1/12/2029 Term Loan Prime plus 2.75% 12/12/2028 Term Loan Prime plus 2.75% 12/12/2043 Term Loan Prime plus 2.75% 1/12/2029 Term Loan Prime plus 2.75% 1/12/2029 Food and Beverage Stores Term Loan Prime plus 2.75% 1/12/2029 250.6 54.1 245.1 96.4 212.4 190.0 33.3 187.7 68.0 378.2 812.9 173.5 928.0 114.0 8.2 987.3 205.0 124.0 52.5 46.4 250.6 54.1 245.1 96.4 212.4 190.0 33.3 187.7 68.0 378.2 812.9 173.5 928.0 114.0 8.2 987.3 205.0 124.0 52.5 46.4 254.6 57.3 247.8 95.3 214.4 214.5 34.0 212.0 72.1 427.0 823.8 171.5 1,047.8 128.7 8.1 1,015.3 231.4 131.8 53.3 46.0 Food and Beverage Stores Term Loan Prime plus 2.75% 12/11/2043 192.8 192.8 217.7 F-81 See accompanying notes to consolidated financial statements. 0.06 % 0.01 % 0.06 % 0.02 % 0.05 % 0.05 % 0.01 % 0.05 % 0.02 % 0.11 % 0.20 % 0.04 % 0.26 % 0.03 % — % 0.25 % 0.06 % 0.03 % 0.01 % 0.01 % 0.05 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 12/10/2043 371.6 371.6 419.5 Hilltop Wine Shop, Inc dba Hiltop Wine Shop Oregon Medical Training Private Career School Inc. TFE Resources ,LTD Duck's Nuts Inc dba Pet Place Market EMES Supply, LLC (#,^) (#,^) (#,^) (#,^) (#,^) White Wilson & Associates LLC (#,^) Team Henry, LLC dba Kelly Automotive of Deltona (#,^) ZLM Services LLC Food Service Industry Consultants Inc. (#,^) (#,^) (#,^) CET Inc Metro R Services Inc. and Metal & Roof Supplies Inc. Unique Home Solutions Inc. and Unique Home Solutions of Ohio (#,^) Levine Daycare Inc dba Kids R Kids (#,^) (#,^) The Altitude Group LLC Access Staffing, LLC York Concrete Corp (#,^) (#,^) (#,^) Swantown Inn and Spa, LLC (#,^) (#,^) Cabrera's Auto Services LLC Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors (#,^) Microplex Co, Third Market LLC (#,^) (#,^) Water Station Holdings LLC (#,^) 7505 Highland Rd, White Lake, MI 48383 1126 Gateway Loop, Ste 108, Springfield, OR 97702 11 Easter Court Ste G, Owings Mills, MD 21117 212 Bendigo Blvd. N, North Bend, WA 98045 35622 Vine St., EastLake, OH 44095 16238 Louis Ave., South Holland, IL 60473 1290 Doyle Rd, Deltona, FL 32725 51343 Oro Rd, Shelby Township, MI 33444 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 4709 N El Capitan Ave. Ste 205, Fresno, CA 93722 20 Universal Place, Carlstadt, NJ 07072 5550 Progress Rd, Indianapolis, IN 46241 415 Woodbury Rd, Orlando, FL 32828 949 A Clint Moore Rd, Boca Raton, FL 33487 360 Lexington Ave 8th Floor, New York, NY 10017 1 Plumb CT., Huntington Station, NY 11746 1431 11th Ave SE, Olympia, WA 98501 2206 N Central Ave, Chicago, IL 60639 4291 Shoal Line Blvd, Hernando Beach, FL 34607 13762 W State Rd 84, Davie, FL 33325 244 Spokane Ave, Whitefish, MT 59937 1104 N Keystone Ave, Indianapolis, IN 46201 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2043 Educational Services Term Loan Prime plus 2.75% 1/11/2029 Utilities Term Loan Prime plus 2.75% 1/11/2029 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/11/2029 General Merchandise Stores Professional, Scientific, and Technical Services Repair and Maintenance Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/11/2029 Term Loan Prime plus 2.75% 12/11/2043 Term Loan Prime plus 2.75% 1/10/2029 Term Loan Prime plus 2.75% 1/7/2029 Truck Transportation Term Loan Prime plus 2.75% 1/6/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/6/2029 Construction of Buildings Term Loan Prime plus 2.75% 1/5/2029 Social Assistance Term Loan Prime plus 2.75% 1/5/2029 Specialty Trade Contractors Administrative and Support Services Term Loan Prime plus 2.75% 1/4/2029 Term Loan Prime plus 2.75% 1/4/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2043 Accommodation Term Loan Prime plus 2.75% 1/3/2029 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2043 Accommodation Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 11/30/2043 Term Loan Prime plus 2.75% 12/30/2028 Food and Beverage Stores Term Loan Prime plus 2.75% 12/30/2028 Nonstore Retailers Term Loan Prime plus 2.75% 12/30/2028 F-82 See accompanying notes to consolidated financial statements. 121.6 31.0 449.8 33.6 97.0 40.4 121.6 31.0 449.8 33.6 97.0 40.4 137.3 30.7 452.8 34.3 97.2 45.6 31.0 55.4 900.4 160.6 197.5 209.0 108.8 150.4 187.5 10.5 76.9 213.4 96.0 126.6 506.5 31.0 55.4 900.4 160.6 197.5 209.0 108.8 150.4 187.5 10.5 76.9 213.4 96.0 126.6 506.5 30.7 55.0 910.3 170.7 210.0 212.7 108.1 149.0 211.6 11.1 86.8 240.9 100.9 125.5 523.4 0.03 % 0.01 % 0.11 % 0.01 % 0.02 % 0.01 % 0.10 % 0.01 % 0.01 % 0.23 % 0.04 % 0.05 % 0.05 % 0.03 % 0.04 % 0.05 % — % 0.02 % 0.06 % 0.02 % 0.03 % 0.13 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Tammy's Place LLC (#,^) Albert M. Quashie, DDS, PC (#,^) Albert M Quashie, DDS, PC JJB Production LLC Level Up Gaming, Inc True Love Christian Academy LLC Extreme Granite Corp Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Thames Aquatic Club, LLC Best Global Alternative North, LLC BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC M.A.W. Enterprises LLC dbaY- Not Pizza On Call Electrical of Georgia LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Commonwealth Warehouse Inc (#,^) K & A Automotive Inc High Desert Transport, Inc. Cali Fit Meals Cocomo Joe's LLC Saunders Management LLC dba Northern Light Espresso Bar and Cafe Beau & HB Inc dba Beau's Billiard, Bowling & Arcade Beau & HB Inc dba Beau's Billard, Bowling & Arcade Schafer Fisheries Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 235 North Mosby Ave, Littleton, NC 27850 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 458 N 7th St., Newark, NJ 07107 1132 Creighton Rd, Pensacola, FL 32504 466 E Raines Rd, Memphis, TN 38109 251 NW 1st St., Deerfield Beach, FL 33441 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2044 421.3 421.3 475.7 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/29/2043 Ambulatory Health Care Services Term Loan Administrative and Support Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Term Loan Prime plus 2.75% 12/29/2028 Prime plus 2.75% 12/29/2028 Prime plus 2.75% 11/28/2043 Social Assistance Term Loan Prime plus 2.75% 12/28/2043 61.7 67.2 5.6 85.4 39.8 61.7 67.2 5.6 85.4 39.8 69.7 69.2 5.6 96.4 45.0 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/28/2043 177.9 177.9 200.8 3626 CR 203, Liverpool, TX 77577 14 Iron St., Ledyard, CT 06339 69 Lewis Ave, Atlantic Beach, NY 11509 Amusement, Gambling, and Recreation Industries Educational Services Furniture and Home Furnishings Stores Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 11/28/2043 10/21/2029 Term Loan Prime plus 2.75% 12/21/2028 12930 Worldgate Dr, Herndon, VA 20170 45 E Main St., New Palestine, IN 46163 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 11013 Kenwood Rd., Cincinnati, OH 45242 2070 Nooseneck Hill Rd, Coventry, RI 02816 2973 Via Meridiana, Henderson, NV 89012 3450 East Orangethrope Ave, Anaheim, CA 92806 3949 New Rd, Youngstown, OH 44515 Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/21/2028 Term Loan Prime plus 2.75% 12/21/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/20/2043 Warehousing and Storage Term Loan Prime plus 2.75% 12/20/2028 Gasoline Stations Term Loan Prime plus 2.75% 11/19/2043 Truck Transportation Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2028 Term Loan Prime plus 2.75% 12/16/2028 Term Loan Prime plus 2.75% 12/16/2028 536 Spruce St, Scranton, PA 18503 100 Village Rd, Port Lavaca, TX 77979 100 Village RD, Port Lavaca, TX 77979 21985 Waller Rd, Fulton, IL 61252 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/16/2028 Term Loan Prime plus 2.75% 3/16/2029 Term Loan Prime plus 2.75% 12/16/2043 Term Loan Prime plus 2.75% 11/14/2028 419.9 36.1 29.7 977.5 17.3 623.3 324.7 115.9 57.3 48.0 0.5 31.0 33.1 66.5 41.2 F-83 See accompanying notes to consolidated financial statements. 0.12 % 0.02 % 0.02 % — % 0.02 % 0.01 % 0.05 % 0.12 % 0.01 % 0.01 % 419.9 36.1 29.7 474.0 38.6 29.3 977.5 1,036.6 0.26 % 17.3 623.3 324.7 115.9 57.3 48.0 0.5 31.0 33.1 66.5 41.2 17.6 703.7 332.8 130.8 57.7 47.5 0.5 32.9 34.8 75.0 43.7 — % 0.17 % 0.08 % 0.03 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.02 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) US Dedicated LLC Salon Femi LLC McNeill Stokes Vancole Investments, Inc. dba Smoothie King #913 Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC Modutech Marine Inc Abington Caregivers, LLC Steele Security, LLC dba Signal 88 Security of San Antonio C.A.T.I. Armor, LLC UK, LLC dba Pita Pit Organic Juice Bar Wexford LLC dba The OJB The Organic Juice Bar Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer The Face Place, LLC dba Classic Aesthetics Bellas Sports Pub, Inc dba Brewmasters Tavern Shovels and Whiskey LLC Hackstaff Restaurants LLC Cater To You Agency, LLC, dba Cater To You Faydon, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) MB Click It Photography, LLC (#,^) Wellfleet Consulting Inc. (#,^) Apps Inc and Market Share Inc. (#,^) Moore Care LLC (#,^) Term Loan Prime plus 2.75% 12/9/2028 360.8 360.8 359.5 0.09 % 13410 SE 26th Circle, Vancouver, WA 98683 1107 Broad St., Bloomfield, NJ 07003 5372 Whitehall Pl SE, Mableton, GA 30126 876 Virginia Ave, Hapeville, GA 30354 460 Park Ave, Floor 16, New York, NY 10022 2218 Marine View Dr, Tacoma, WA 98422 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 11230 West Ave, Ste 2210, San Antonio, TX 78213 435 Packard Hwy, Charlotte, MI 48813 20038 West Valley HWY, Kent, WA 98032 Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Food Services and Drinking Places Merchant Wholesalers, Durable Goods Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/9/2028 Term Loan Prime plus 2.75% 12/8/2028 Term Loan Prime plus 2.75% 5/7/2044 Term Loan Prime plus 2.75% 12/1/2028 Term Loan Prime plus 2.75% 12/1/2028 Social Assistance Administrative and Support Services Apparel Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2043 Term Loan Prime plus 2.75% 10/31/2028 Term Loan Prime plus 2.75% 10/30/2043 Term Loan Prime plus 2.75% 3/30/2029 5.8 5.3 397.1 249.4 287.9 119.5 83.6 199.4 48.0 5.8 5.3 397.1 249.4 287.9 119.5 83.6 199.4 48.0 6.0 5.2 448.3 246.5 305.4 134.9 83.2 225.1 48.2 — % — % 0.11 % 0.06 % 0.08 % 0.03 % 0.02 % 0.06 % 0.01 % 1500 Village Run Rd, Wexford, PA 15090 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2029 63.0 63.0 63.0 0.02 % 3970 Everhard Rd, NW, Canton, OH 44709 4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243 1152 Main St., Coventry, RI 02816 446 SE Washington St, Hillsboro, OR 97123 248 W 1st. St. Ste 201, Reno, NV 89501 1319 Sherrick Rd SE, Canton, OH 44707 1905 W Baker St., Ste A, Plant City, FL 33567 100 Manchester Ranch Place, Aynor, SC 29511 2275 Research Blvd Ste # 500, Rockville, MD 20850 80 Main St., Old Saybrook, CT 06475 8550 United Plaza Blvd., Baton Rouge, LA 79809 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/26/2028 111.6 111.6 118.3 0.03 % Personal and Laundry Services Food Services and Drinking Places Motion Picture and Sound Recording Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2028 Term Loan Prime plus 2.75% 10/24/2043 Term Loan Prime plus 2.75% 10/16/2043 7.6 65.7 72.5 7.6 65.7 72.5 7.6 74.2 81.9 Term Loan Prime plus 2.75% 7/15/2029 134.1 134.1 134.6 Ambulatory Health Care Services Term Loan Nursing and Residential Care Facilities Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Prime plus 2.75% 10/11/2043 Prime plus 2.75% 10/10/2028 Prime plus 2.75% 10/10/2043 Prime plus 2.75% 10/9/2028 Telecommunications Term Loan Prime plus 2.75% 10/5/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/4/2028 F-84 See accompanying notes to consolidated financial statements. 21.3 57.0 36.3 11.4 69.9 39.4 21.3 57.0 36.3 11.4 69.9 39.4 24.1 60.5 41.0 11.2 69.1 39.0 — % 0.02 % 0.02 % 0.03 % 0.01 % 0.01 % 0.01 % — % 0.02 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SwabCo Inc. La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge (#,^) (#,^) Throop Family Holdings, Inc (#,^) Burd Brothers Inc. A-1 Van Sevices, Inc. JAM Media Solutions LLC (#,^) (#,^) (#,^) Rami Technology USA, LLC (#,^) Blackwater Diving, LLC (#,^) Blue Seven, LLC TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc. (#,^) (#,^) Quality Electric & Data LG Law Center, Inc Quality Electric & Data Inc. Action Barricade Company, LLC and Barricade Holding LLC Dentistry By Design, P.C US Shipping Trans Inc, Esteem Trucking Inc Ace Auto Recovery, Inc. Above and Beyond Preschool LLC LTS School, Inc. Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes Phillip Ramos Upholstery Inc. DC Lofty, LLC, (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2341 East Ellis St., Leveland, TX 79336 Support Activities for Mining Term Loan Prime plus 2.75% 9/28/2043 908.2 908.2 1,025.3 0.25 % Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Support Activities for Mining Personal and Laundry Services Transit and Ground Passenger Transportation Food and Beverage Stores Merchant Wholesalers, Durable Goods Truck Transportation Transit and Ground Passenger Transportation Professional, Scientific, and Technical Services Computer and Electronic Product Manufacturing 4646 SE 11th Place, Cape Coral, FL 33904 7130 Crater Lake, White City, OR 97603 4005 Borman Dr, Batavia, OH 45103 154 Sandy Creek Rd, Verona, PA 15147 11 Netherwood Terrace, East Orange, NJ 07017 10400 NW 33rd St., Miami, FL 33172 112 Forrest Rd, Morgan City, LA 70380 11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223 777 South Flagler Dr Ste 800W, West Palm Beach, FL 33401 85 Franklin Rd Unit 9B, Dover, NJ 07801 15452 Amar Rd, La Puente, CA 91744 85 Franklin RD Unit 9B, Dover, NJ 07801 1802 N 27th Ave, Phoenix, AZ 85009 315 Walt Whitman Rd Ste 204- 205, South Huntington, NY 11746 Ambulatory Health Care Services Term Loan 16102 Sweetwater Court, Lathrop, CA 95330 1209 North Lane Ave, Jacksonville, FL 32254 672-678 Camellia Dr, Royal Palm Beach, FL 33411 3731 NW 9th Ave, Deerfield Beach, FL 33064 7219 Silver Mist Ave, North Chesterfield, VA 23237 3835 Elm St., Denver, CO 80207 301 I St. NW, Washington, DC 20001 Educational Services Food Services and Drinking Places Repair and Maintenance Specialty Trade Contractors Professional, Scientific, and Technical Services Truck Transportation Administrative and Support Services Rental and Leasing Services Specialty Trade Contractors Term Loan Term Loan Social Assistance Accommodation Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 9/28/2043 Prime plus 2.75% 9/28/2043 Prime plus 2.75% 9/28/2028 Prime plus 2.75% 9/28/2028 Prime plus 2.75% 9/28/2028 Prime plus 2.75% 9/28/2028 Prime plus 2.75% 9/27/2028 Prime plus 2.75% 1/27/2029 Prime plus 2.75% 9/27/2028 Prime plus 2.75% 9/27/2028 Prime plus 2.75% 9/27/2028 Prime plus 2.75% 9/27/2043 Prime plus 2.75% 9/27/2028 Prime plus 2.75% 9/26/2028 Prime plus 2.75% 9/26/2028 Prime plus 2.75% 9/26/2043 Prime plus 2.75% 9/26/2043 Prime plus 2.75% 9/26/2043 Prime plus 2.75% Prime plus 2.75% 9/25/2028 9/24/2028 Prime plus 2.75% 9/21/2028 313.0 607.7 385.1 80.1 768.2 135.3 599.8 43.8 93.7 74.6 11.2 122.5 228.8 11.2 610.4 150.8 521.9 95.5 93.7 11.6 16.9 313.0 607.7 385.1 80.1 768.2 135.3 599.8 43.8 93.7 74.6 11.2 122.5 228.8 11.2 610.4 150.8 521.9 95.5 93.7 11.6 16.9 353.3 686.1 397.8 83.4 768.2 134.1 600.2 44.3 95.9 77.1 11.3 138.3 236.8 11.2 638.7 170.3 589.3 107.8 94.2 11.5 16.7 0.09 % 0.17 % 0.10 % 0.02 % 0.19 % 0.03 % 0.15 % 0.01 % 0.02 % 0.02 % — % 0.03 % 0.06 % — % 0.16 % 0.04 % 0.15 % 0.03 % 0.02 % — % — % F-85 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) The Garden Club, LLC MillClem Corporation & Monticello Corporation Southern Services and Equipment, Inc. Southern Services and Equipment, Inc Watearth Inc Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Super Station Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) M&P RV LLC dba M&P RV (#,^) C3 Capital, Inc (#,^) (#,^) DB Talak LLC E & G Enterprises LLC dba Comfort Keepers Pastel de Feira LLC dba Original Pastel De Feira Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko (#,^) (#,^) (#,^) Culmination Motorsports, Inc. (#,^) Baby's on Broadway LLC L&M Equipment, Inc QBS, LLC dba Sterling Optical Exton J & C Garcia LLC Innovim LLC Underground Productions LLC dba 31 Escape Innovative Network Solutions Inc Rancho Paving, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 125 South DuBuque St., Iowa City, IA 52240 16660 Oak St., Dillwyn, VA 22936 321 Bayou Rd, Saint Bernard, LA 70085 321 Bayou Rd, Saint Bernard, LA 70085 445 South Figuerora Ste 3128, Los Angeles, CA 90071 35000 Pacific Hwy, Federal Way, WA 98003 8855 N Country Rd 25A, Pique, OH 45356 10 Century Lane, Dillsburg, PA 17019 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 2018 SE 6th Ave, Portland, OR 97214 220 Middle St., Franklin, VA 23851 4244 Pine Ridge CT, Weston, FL 33331 65 Glendale St., Easthampton, MA 01027 160 W 91st Ave, Unit B, Anchorage, AK 99515 47 East Broadway, Little Falls, MN 56345 Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633 211 W Lincoln Hwy, Exton, PA 19341 26 Broad St., Alexander City, AL 35010 6401 Golden Triangle Dr Ste 200, Greenbelt, MD 20770 1731 Decatur Hwy, Fultandale, AL 35068 31567 West 10 Mile Rd, Farmington Hills, MI 48336 339 Cypress Lane, El Cajon, CA 92020 Miscellaneous Store Retailers Merchant Wholesalers, Nondurable Goods Fabricated Metal Product Manufacturing Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2028 Term Loan Prime plus 2.75% 9/21/2043 Term Loan Prime plus 2.75% 9/21/2043 Term Loan Prime plus 2.75% 9/21/2028 Term Loan Prime plus 2.75% 9/19/2028 Truck Transportation Term Loan Prime plus 2.75% 9/19/2028 Gasoline Stations Term Loan Prime plus 2.75% 9/19/2043 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/19/2043 Nonstore Retailers Term Loan Prime plus 2.75% 9/19/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/18/2043 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Prime plus 2.75% 9/18/2028 Prime plus 2.75% 9/17/2028 Prime plus 2.75% 9/17/2043 Repair and Maintenance Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/17/2043 Term Loan Prime plus 2.75% 9/14/2028 5.0 312.4 200.3 325.7 16.9 406.5 197.6 100.1 475.0 147.2 4.5 4.6 165.1 527.8 37.5 5.0 312.4 200.3 325.7 16.9 406.5 197.6 100.1 475.0 147.2 4.5 4.6 165.1 527.8 37.5 4.9 352.7 226.1 335.0 16.7 401.0 223.1 113.1 493.8 166.2 4.4 4.6 186.4 595.9 38.3 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/14/2043 1,179.2 1,179.2 1,331.3 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 9/14/2028 Prime plus 2.75% 9/14/2028 Prime plus 2.75% 9/14/2028 Prime plus 2.75% 9/13/2043 Prime plus 2.75% 9/13/2028 60.9 55.5 82.5 93.2 94.2 60.9 55.5 82.5 93.2 94.2 Repair and Maintenance Term Loan Prime plus 2.75% 9/10/2028 146.2 146.2 F-86 See accompanying notes to consolidated financial statements. 60.4 55.4 81.3 105.2 94.3 153.0 — % 0.09 % 0.06 % 0.08 % — % 0.10 % 0.06 % 0.03 % 0.12 % 0.04 % — % — % 0.05 % 0.15 % 0.01 % 0.33 % 0.01 % 0.01 % 0.02 % 0.03 % 0.02 % 0.04 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Asheville Spine and Nerve Institute PC MurlinComputerCompany LLC dba Murlin Computer, (#,^) (#,^) Pelican Executives Suites, LLC (#,^) Pool Guard of LA Living Centers Inc. dba Veranda House Senior Living XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl Extreme Engineering, Inc. Kotyark LLC dba Gibsonton Motel Greenfield Hill Wines & Spirits, LLC ARVAmethod LLC Graphish Studio, Inc. Atlas Geo-Constructors LLC Finn & Emma LLC Montana Life Group, LLC Wearware Inc dba FlyWire Cameras Zash LLC dba Papa Murphy's take 'N' Bake Pizza Buffalo Biodiesel Inc. GeoTek Alaska, Inc ATI Jet, Inc. Lewins Law, P.C. GS Bath Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 190 Broadway St Ste 205, Asheville, NC 28801 1014 Thompson Blvd Ste 38B, Sedalia, MO 65301 2200 Colorado Ave Sutie 131, Santa Monica, CA 90404 10866 Washington Blvd, Apartment #24, Culver City, CA 90232 5129 E 5th St, Katy, TX 77493 825 Courtland St., Orlando, FL 32804 598 Oliver Dr, Troy, MI 48084 11545 US Hwy 41S, Gibsonton, FL 33534 65 Hillside Rd, Fairfield, CT 06824 516 N Ogden Ave # 150, Chicago, IL 60642 231 Main St., Stamford, CT 06901 3466 Thomasville Rd Winston, Winston-Salem, NC 27107 1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 07004 8 N 9th Ave, Bozeman, MT 59715 2204 Blackmoor Park Lane, Lexington, KY 40509 2303 White Bear Ave, Maplewood, MN 55025 225 Sawyer Ave, Tonawanda, NY 14150 2756 Commercial Dr, Anchorage, AK 99501 7007 Boeing Dr, El Paso, TX 79925 7920 Belt Line Rd Ste 650, Dallas, TX 75254 5335 E Kaviland Ave, Fresno, CA 93725 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2043 Term Loan Prime plus 2.75% 9/7/2028 84.7 11.7 84.7 11.7 95.6 11.7 0.02 % — % Term Loan Prime plus 2.75% 9/7/2028 262.6 262.6 259.1 0.06 % Term Loan Prime plus 2.75% 9/7/2028 Term Loan Prime plus 2.75% 8/31/2043 16.8 397.6 16.8 397.6 16.7 448.9 Term Loan Prime plus 2.75% 8/30/2043 423.8 423.8 478.5 Repair and Maintenance Administrative and Support Services Specialty Trade Contractors Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2028 Accommodation Term Loan Prime plus 2.75% 8/29/2043 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2028 Personal and Laundry Services Professional, Scientific, and Technical Services Specialty Trade Contractors Clothing and Clothing Accessories Stores Insurance Carriers and Related Activities Computer and Electronic Product Manufacturing Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Air Transportation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2028 Term Loan Prime plus 2.75% 8/28/2028 Term Loan Prime plus 2.75% 8/24/2028 Term Loan Prime plus 2.75% 8/24/2028 Term Loan Prime plus 2.75% 8/24/2028 Term Loan Prime plus 2.75% 8/24/2028 Term Loan Prime plus 2.75% 8/23/2028 Term Loan Prime plus 2.75% 8/21/2028 Term Loan Prime plus 2.75% 2/17/2044 Term Loan Prime plus 2.75% 8/16/2028 Term Loan Prime plus 2.75% 8/16/2028 Truck Transportation Term Loan Prime plus 2.75% 8/15/2028 F-87 See accompanying notes to consolidated financial statements. — % 0.11 % 0.12 % 0.02 % 0.02 % 0.02 % — % — % 0.02 % 0.02 % — % — % 0.01 % 0.26 % 0.03 % 0.04 % — % 0.11 % 92.8 77.7 68.3 1.8 5.6 60.0 92.6 5.6 16.7 31.3 994.6 120.4 148.7 13.4 423.2 92.8 77.7 68.3 1.8 5.6 60.0 92.6 5.6 16.7 31.3 994.6 120.4 148.7 13.4 423.2 91.9 87.7 67.8 1.8 5.5 62.9 91.3 5.5 16.6 31.8 1,040.7 135.9 154.0 13.2 444.8 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Pamletics LLC dba F45 David D. Sullivan dba DMS Construction Crystal Shores Inc. dba Shorewood Laundromat Palanuk & Associates, Inc.dba Wolfpk (#,^) (#,^) (#,^) (#,^) Mercedes Cab Company, Inc (#,^) CJNR, LLC (#,^) (#,^) (#,^) Ron's Pool and Spa Services LLC (#,^) Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC 20th Century Lanes, Inc dba West Seattle Bowl Millwork Unlimited, Incorporated Accel Compression Inc., Accel Workover Services, Inc Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool Samy Optical LLC dba Site for Sore Eyes (#,^) (#,^) (#,^) (#,^) CSL Services Inc Nunez Enterprises Corporation dba La Casa Relevant Elephant ,LLC (#,^) (#,^) (#,^) TR Nails, LLC dba Simple Nails (#,^) 674 Club LLC ZA Trucking LLC (#,^) (#,^) Smart-tel Communications LLC (#,^) Mother's Cantina LLC dba Mother's Cantina (#,^) HQTRONICS LLC (#,^) 22015 IH 10 West, San Antonio, TX 78257 6400 Charwood Place, Bakersfield, CA 93306 700 West Jefferson St., Shorewood, IL 60404 28110 SE Fern Dr, Boring, OR 97009 35 Alden St., Province Town, MA 02657 208 East Main St., Elma, WA 98541 1419 NE 30th St., Pompano, FL 33064 1700 Nottingham Way Ste 12A, Hamilton, NJ 08619 4505 39 Ave SW, Seattle, WA 98116 8264 Pine Cay Rd, Wellington, FL 33414 4500 S Country Rd, Odessa, TX 79765 4500 S. Country Rd 1310, Odessa, TX 79765 1350 Travis Blvd Ste 1507A, Fairfield, CA 94533 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109 3330 Piedmont RD NE, Atlanta, GA 30305 ON320 Woodvale St, Winfield, IL 60190 158 Great Rd, Bedford, MA 01730 674 N Orleans, Chicago, IL 60654 5945 York Way, East Lansing, MI 48823 9720 W. Colfax Ave Ste 100, Lakewood, CO 80215 2810 Philadephia Ave Unit #10, Ocean City, MD 21842 10135 South Roberts Rd Ste 209, Palos Hills, IL 60465 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/14/2028 Specialty Trade Contractors Term Loan 6% 8/9/2028 Personal and Laundry Services Professional, Scientific, and Technical Services Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/9/2028 Term Loan Prime plus 2.75% 8/8/2028 Term Loan Prime plus 2.75% 8/7/2028 33.8 10.3 16.6 76.1 95.2 33.8 10.3 16.6 76.1 95.2 34.2 9.4 16.7 75.4 95.5 Accommodation Term Loan Prime plus 2.75% 8/7/2043 114.7 114.7 129.5 Personal and Laundry Services Term Loan Prime plus 2.75% 8/3/2028 Health and Personal Care Stores Amusement, Gambling, and Recreation Industries Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 8/3/2028 Term Loan Prime plus 2.75% 8/3/2028 Term Loan Prime plus 2.75% 8/2/2028 2.8 44.7 87.1 5.6 2.8 44.7 87.1 5.6 2.7 44.5 90.7 5.5 0.01 % — % — % 0.02 % 0.02 % 0.03 % — % 0.01 % 0.02 % — % Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2043 287.8 287.8 324.9 0.08 % Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/1/2028 359.7 72.2 359.7 72.2 372.9 71.2 0.09 % 0.02 % Professional, Scientific, and Technical Services Miscellaneous Store Retailers Professional, Scientific, and Technical Services Personal and Laundry Services Food Services and Drinking Places Truck Transportation Administrative and Support Services Food Services and Drinking Places Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/27/2028 402.7 402.7 409.8 0.10 % Term Loan Prime plus 2.75% 7/26/2028 Term Loan Prime plus 2.75% 7/25/2028 Term Loan Prime plus 2.75% 7/20/2028 Term Loan Prime plus 2.75% 7/17/2043 Term Loan Prime plus 2.75% 7/17/2028 Term Loan Prime plus 2.75% 7/13/2028 Term Loan Prime plus 2.75% 7/13/2028 Term Loan Prime plus 2.75% 7/13/2028 5.0 4.0 45.9 253.2 3.8 15.5 50.6 46.0 5.0 4.0 45.9 253.2 3.8 15.5 50.6 46.0 4.9 4.0 45.3 285.9 4.1 16.4 50.3 45.3 — % — % 0.01 % 0.07 % — % — % 0.01 % 0.01 % F-88 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 7/12/2028 7.8 7.8 8.3 Term Loan Prime plus 2.75% 7/3/2028 228.9 228.9 237.3 Smoove Move Productions, LLC dba Smoove Move Productions Vital Inspection Professionals, Inc. dba VIP US Cargo Express, LLC M J Losito Electrical Contractor's, Inc Bio-Haz Solutions, Inc. Bio-Haz Solutions, Inc Critter Cabana, LLC dba Critter Cabana Corptek Solutions LLC Nick's Country Kitchen, LLC Bengals, Inc. dba Royal Liquor Mart Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, Sun Pools, Inc Sun Pools, Inc dba Sun Fiberglass Pools DPF Filters Inc. Martha Beauty Supply And Braiding, Inc. Sushi Prime, LLC and Vasilia Investments The Desert House Assisted Living ,LLC York Woods Tree Service, LLC dba York Woods Tree and Products, LLC Independent Life LLC York Woods Tree Service, LLC dba York Woods Tree and Products, LLC Colovic Hackettstown Dairy LLC Mid America Motorworks, Inc and Yager Holdings L.P (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 3932 North 16th St., Omaha, NE 68110 180 Airpark Industrial Rd, Alabaster, AL 35007 4735 22 Mile Rd, Utica, MI 48317 Motion Picture and Sound Recording Industries Professional, Scientific, and Technical Services Support Activities for Transportation Waste Management and Remediation Services Waste Management and Remediation Services Miscellaneous Store Retailers Professional, Scientific, and Technical Services Food Services and Drinking Places 98 Wooster St., Bethel, CT 06801 Specialty Trade Contractors 23 Tonoli Rd, Nesquehoning, PA 18240 23 Tonolli Rd, Nesquehoning, PA 18240 516 East Main St., Newberg, OR 97132 2363 N. Hwy # 287 Ste # 111, Mansfield, TX 76063 3 Flanders RD, Building #1, Bethlehem, CT 06751 3714 E State St., Rockford, IL 61108 460 Park Ave, Floor 16, New York, NY 10022 130 Holiday LN, Albany, KY 42602 130 Holiday Lane, Albany, KY 42602 2832 Golden State Blvd., Madera, CA 93637 538 E Boughton Rd, Bolingbrook, IL 60440 32 SE 2nd Ave, Delray Beach, FL 33444 11055 E Grove St, Mesa, AZ 85208 Health and Personal Care Stores Plastics and Rubber Products Manufacturing Plastics and Rubber Products Manufacturing Merchant Wholesalers, Durable Goods Personal and Laundry Services Food Services and Drinking Places Nursing and Residential Care Facilities Food and Beverage Stores Term Loan Prime plus 2.75% 7/2/2043 Term Loan Prime plus 2.75% 6/29/2028 Term Loan Prime plus 2.75% 5/29/2044 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 6/28/2028 Term Loan Prime plus 2.75% 6/28/2028 Term Loan Prime plus 2.75% 6/27/2028 Term Loan Prime plus 2.75% 6/26/2043 Term Loan Prime plus 2.75% 6/26/2028 Term Loan Prime plus 2.75% 6/25/2043 Term Loan Prime plus 2.75% 6/25/2028 Term Loan Prime plus 2.75% 6/25/2028 Term Loan Prime plus 2.75% 6/22/2043 Term Loan Prime plus 2.75% 6/22/2028 Term Loan Prime plus 2.75% 6/22/2043 300 Harold Dow Hwy, Elliot, ME 03903 4955 S Durango Dr, Ste124, Las Vegas, NV 89113 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2043 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/21/2028 300 Harold Dow Hwy, Eliot, ME 03903 22 Route 57, Hackettstown, NJ 07840 2900 North 3rd St., Effingham, IL 62401 Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/21/2028 Term Loan Prime plus 2.75% 6/19/2043 Term Loan Prime plus 2.75% 6/19/2043 F-89 See accompanying notes to consolidated financial statements. 79.4 16.7 350.6 196.0 49.0 34.6 16.4 99.8 673.8 287.3 569.2 49.6 130.7 201.8 73.9 228.6 13.5 103.8 258.0 266.9 79.4 16.7 350.6 196.0 49.0 34.6 16.4 99.8 673.8 287.3 569.2 49.6 130.7 201.8 73.9 228.6 13.5 103.8 258.0 266.9 89.6 17.4 395.8 209.0 50.4 35.5 16.9 112.6 697.6 324.4 590.3 51.3 147.6 210.5 83.4 258.1 13.9 109.6 291.3 301.3 — % 0.06 % 0.02 % — % 0.10 % 0.05 % 0.01 % 0.01 % — % 0.03 % 0.17 % 0.08 % 0.15 % 0.01 % 0.04 % 0.05 % 0.02 % 0.06 % — % 0.03 % 0.07 % 0.07 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Jones Roger Sherman Inn, Inc. Allen Theatre and Back Stage Cafe LLC Schumacker Recreation, LLC Softrol Systems Inc dba Softrol Systems Dianne Williams and Louis Williams dba Sweetlips Store Oil Palace Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Venzix Ventures Inc. dba Venzix (#,^) Tele Tax Express Inc E & J Sims Co. LLC (#,^) (#,^) Team Sandy Blanton Realty, Inc (#,^) Mastiff Studios LLC (#,^) (#,^) Camp K-9 Pet Resort & Spa, Inc. (#,^) Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC Beyond Grooming LLC and Michelle McWatters Hardway Inc and A F C Leasing, Inc Sowells Consulting Engineers, LLC Funtime ,LLC dba Indoor Playgrounds International (#,^) (#,^) (#,^) (#,^) SSD Designs LLC Mastrocinque Restaurant Management Company LLC dba Santionii's BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire Awan Business Management Group LLC, Awan Sign Company LLC (#,^) (#,^) (#,^) (#,^) 195 Oenoke Ridge, New Canaan, CT 06840 36 East. Main St., Annville, PA 17003 5325 S University Dr, Davie, FL 33328 1100 Northpoint Pkwy SE, Acworth, GA 30102 3870 Sweet Lips Rd, Henderson, TN 38340 10408 Hwy 64 East, Tyler, TX 75707 750 Legend Oak Dr, Fountain, CO 80817 166 Getty Ave, Paterson, NJ 07503 28 Broad St., Bloomfield, NJ 07003 1225 West Gregory St, Pensacola, FL 32502 2919 West Colorado Ave, Colorado Springs, CO 80904 18501 Le Claire Ave, Tinley Park, IL 60478 1855 Purdy Ave, Miami Beach, FL 33139 1200 Old Martindale Rd, San Marcos, TX 78666 12533 S. 73rd East Place, Bixby, OK 74008 13430 Northwest Freeway #260, Houston, TX 77040 13200 West Foxfire Dr Ste 144, Surprise, AZ 85378 10840 Bay Hill Club Dr, Charlotte, NC 28277 3535 Hwy 17 Unit 14 &15, Fleming Island, FL 32003 943 South Main St., Cheshire, CT 06410 Food Services and Drinking Places Motion Picture and Sound Recording Industries Amusement, Gambling, and Recreation Industries Computer and Electronic Product Manufacturing Food and Beverage Stores Performing Arts, Spectator Sports, and Related Industries Nonstore Retailers Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/19/2028 Term Loan Prime plus 2.75% 6/18/2043 Term Loan Prime plus 2.75% 6/18/2028 Term Loan Prime plus 2.75% 6/15/2028 Term Loan Prime plus 2.75% 6/15/2043 Term Loan Prime plus 2.75% 9/15/2043 Term Loan Prime plus 2.75% 6/15/2028 Term Loan Prime plus 2.75% 6/14/2028 Term Loan Prime plus 2.75% 6/14/2028 Real Estate Term Loan Prime plus 2.75% 6/14/2043 Educational Services Term Loan Prime plus 2.75% 6/13/2043 Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2028 Term Loan Prime plus 2.75% 6/8/2028 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/8/2043 Rental and Leasing Services Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Waste Management and Remediation Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/6/2028 Term Loan Prime plus 2.75% 6/6/2028 Term Loan Prime plus 2.75% 6/5/2028 Term Loan Prime plus 2.75% 6/5/2028 Term Loan Prime plus 2.75% 6/1/2028 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/1/2028 345.5 118.3 109.4 642.2 43.4 136.6 8.1 16.4 36.4 91.5 40.1 6.0 631.9 40.4 234.2 16.7 206.6 59.1 45.6 32.9 345.5 118.3 109.4 642.2 43.4 136.6 8.1 16.4 36.4 91.5 40.1 6.0 631.9 40.4 234.2 16.7 206.6 59.1 45.6 32.9 367.6 133.6 116.4 662.1 49.0 154.2 8.6 17.3 37.7 103.3 45.3 6.2 652.2 45.6 240.5 17.2 212.2 60.8 48.5 33.8 0.09 % 0.03 % 0.03 % 0.16 % 0.01 % 0.04 % — % — % 0.01 % 0.03 % 0.01 % — % 0.16 % 0.01 % 0.06 % — % 0.05 % 0.02 % 0.01 % 0.01 % 14429 South Wallin Dr, Plainfield, IL 60544 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2043 258.8 258.8 292.1 0.07 % F-90 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Crowley Ventures, LLC Starship, LLC dba Tint World Smyrna Adow Pools LLC Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery Dream Spa LLC and Dream Spa Greenwich LLC DMA Equipment LLC Chem-Flotronics, Inc. Mark A Espinoza, DDS PLLC dba Central Dental Care Clore Construction LLC Joshua One Limited Liability Company dba Genesis Personal Fitness James T. Hendel dba Autotexx Mobile Auto Repair Fireplace Outlet Inc Daniel Woodward, DC PLLC dba Doc's Body Shop Circle and Square, Inc dba Stamford Kumon Baby Gentry's Childcare & Learning Academy Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC Schmaltz Operations LLC dba Companion Camp Container Shipping, LLC Wilbur Standford Jr Trucking and Excavating, LLC Olmsted LLC and 626 Van LLC dba Maison Yaki (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 665 Worthington Rd, Westerville, OH 43082 2274 S Atlanta Rd SE, Smyrna, GA 30080 393 Glenbrook Rd, Stamford, CT 06906 3 Williams Ave, Mystic, CT 06355 59 West Main St, Broadalbin, NY 12025 1220 Post Rd East, Westport, CT 06880 700 Lee St., Elk Grove Village, IL 60007 195 Paterson Ave, Little Falls, NJ 07424 9315 N Central Ave, Phoenix, AZ 85020 21220 FM 1420, Harlingen, TX 78550 28 North State St. Unit 100, Newtown, PA 18940 5857 Hwy101 North, Rockmart, GA 30153 8216 Main St., Williamsville, NY 14221 3084 N Goliad St., Ste 114, Rockwall, TX 75087 50 Forest St. Ste 902, Stamford, CT 06901 4203 Shenandoah Dr, Dayton, OH 45417 310 Arlington Ave Unit 329, Charlotte, NC 28203 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 533 Nova Rd Ste 213B, Ormond Beach, FL 32174 7505 North Chases Lake Rd, Watson, NY 13343 659 Vanderbilt Ave, Brooklyn, NY 11238 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2028 Repair and Maintenance Term Loan Prime plus 2.75% 5/25/2043 53.8 92.4 53.8 92.4 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 125.4 125.4 55.5 104.3 129.7 0.01 % 0.03 % 0.03 % Accommodation Term Loan Prime plus 2.75% 5/25/2043 1,245.1 1,245.1 1,405.7 0.35 % Ambulatory Health Care Services Term Loan Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/18/2028 Prime plus 2.75% 5/16/2028 107.9 107.9 112.6 Term Loan Prime plus 2.75% 5/16/2043 301.0 301.0 339.8 0.08 % Accommodation Term Loan Prime plus 2.75% 10/25/2043 Personal and Laundry Services Merchant Wholesalers, Durable Goods Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 5/25/2028 Term Loan Prime plus 2.75% 5/24/2043 Term Loan Prime plus 2.75% 5/22/2028 Amusement, Gambling, and Recreation Industries Repair and Maintenance Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/15/2028 Term Loan Prime plus 2.75% 5/15/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/11/2028 Educational Services Term Loan Prime plus 2.75% 5/11/2028 Social Assistance Term Loan Prime plus 2.75% 5/10/2028 191.2 78.2 251.5 72.1 45.5 191.2 78.2 251.5 72.1 45.5 215.9 80.6 284.0 74.5 46.7 5.4 13.1 24.5 33.2 8.1 5.4 13.1 24.5 33.2 8.1 5.8 13.9 25.1 34.1 8.3 Educational Services Term Loan Prime plus 2.75% 5/9/2043 680.4 680.4 768.2 Personal and Laundry Services Support Activities for Transportation Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 5/7/2028 Term Loan Prime plus 2.75% 5/4/2028 Term Loan Prime plus 2.75% 5/3/2028 Term Loan Prime plus 2.75% 2/1/2029 43.3 36.1 173.1 182.0 43.3 36.1 173.1 182.0 45.5 37.0 183.1 189.6 F-91 See accompanying notes to consolidated financial statements. 0.05 % 0.02 % 0.07 % 0.02 % 0.01 % 0.03 % — % — % 0.01 % 0.01 % — % 0.19 % 0.01 % 0.01 % 0.05 % 0.05 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Brenden Kehren Development LLC (#,^) Metropolitan Solutions Inc. Corona Dance, LLC dba Huracan Dance Studio (#,^) (#,^) Saltamontes Tire Company, LLC (#,^) Sunlinc Inc Little Angels Daycare and Learning Center LLC (#,^) (#,^) Rory James Contracting LLC (#,^) Kastoria Inc. dba Bantam Pizza RWT Corporation dba Welding Works LMH Optics LLC dba Sterling Optical K&S Hardware LLC Pledge 4 Hope LLC RWT Corporation dba Welding Works Matrix Z, LLC Joe & Sons Service, Inc Spitnale's Garage LLC Just for Boats LLC Rosemarie Products Company LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Veterinary Preventive Care, LLC (#,^) A New Dawn Psychotherapy Associates, LLC (#,^) Southern HVAC LLC Southern HVAC LLC Southern Oaks Athletic Club, LLC (#,^) (#,^) (#,^) 14689 Gemara Rd, Sparta, WI 54656 1420 Chestnut St., Portsmouth, VA 23704 480 West Main St., Stamford, CT 06902 1955 Boston Ave, Brodgeport, CT 06604 170 Canterbury Court, East Windsor, NJ 08520 4551 Summit Blvd, West Palm Beach, FL 33415 33 Bennett Place, Amityville, NY 11701 768 Bantam Rd, Bantam, CT 06750 32 New Rd, Madison, CT 06443 1272 Smallwood Dr West, Waldorf, MD 20603 1865 W Wayzata Blvd, Long Lake, MN 55356 53 Bayberry Loop South, Purvis, MS 39475 32 New Rd, Madison, CT 06443 800 SW 21st Terrace, Ft Lauderdale, FL 33312 855 Atwood Ave, Cranston, RI 02920 3761 Mahoning Ave, Youngstown, OH 44515 459 Dupre Rd, McClellanville, SC 29458 5400 Crooked Tree Dr, Mason, OH 45040 945 Riverview Ct, Xenia, OH 45385 308 E Broad St, Bethlehem, PA 18018 119 Ouachita 212, Camden, AZ 71701 119 Ouachita 212, Camden, AR 71701 15253 Shenandoah Ave, BATON ROUGE, LA 70817 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 2.1 2.1 2.2 — % Term Loan Prime plus 2.75% 4/30/2043 165.9 165.9 187.3 0.05 % Term Loan Prime plus 2.75% 4/30/2028 Term Loan Prime plus 2.75% 4/30/2043 Term Loan Prime plus 2.75% 4/30/2028 8.4 95.9 7.0 8.4 95.9 7.0 8.6 — % 108.3 0.03 % 7.1 — % Social Assistance Term Loan Prime plus 2.75% 4/27/2043 150.4 150.4 169.8 0.04 % Construction of Buildings Food Services and Drinking Places Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/27/2028 Term Loan Prime plus 2.75% 4/27/2028 11.5 10.7 11.5 10.7 11.8 11.0 Term Loan Prime plus 2.75% 4/26/2043 199.3 199.3 225.0 Ambulatory Health Care Services Term Loan Building Material and Garden Equipment and Supplies Dealers Data Processing, Hosting, and Related Services Fabricated Metal Product Manufacturing Nonmetallic Mineral Product Manufacturing Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 4/26/2028 Prime plus 2.75% 4/26/2028 Prime plus 2.75% 4/26/2028 35.7 16.1 10.1 35.7 16.1 10.1 36.7 16.5 10.3 Prime plus 2.75% 4/26/2028 304.8 304.8 317.8 Prime plus 2.75% 4/26/2028 Repair and Maintenance Term Loan Prime plus 2.75% 4/24/2028 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 Health and Personal Care Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/18/2028 Term Loan Prime plus 2.75% 4/18/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2043 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2043 65.3 73.8 56.5 16.5 10.7 33.4 81.9 21.1 28.2 65.3 73.8 56.5 16.5 10.7 33.4 81.9 21.1 28.2 69.0 78.5 63.8 18.6 11.0 34.7 92.5 23.8 29.6 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/17/2028 Term Loan Prime plus 2.75% 4/17/2043 343.3 343.3 387.6 — % — % 0.06 % 0.01 % — % — % 0.08 % 0.02 % 0.02 % 0.02 % — % — % 0.01 % 0.02 % 0.01 % 0.01 % 0.10 % F-92 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza (#,^) Precision Components Group Inc (#,^) (#,^) Sexy Nails Center LLC Mark Baker Innovation Transport LLC Shree Lakshminarayyn Grocery Stores LLC (#,^) (#,^) (#,^) Newsome Mobile Notary LLC (#,^) Master Roofing and Siding Inc. (#,^) Romancing the Stone Alaska Industrial Paint LLC Fifth Wheel Truck Stop 001 Michael S Brown Physical Therapy, P.C America's Little Leaders Academy, Inc Payne's Environmental Services LLC Technical Ordnance Solutions,LLC Alaska Industrial Paint LLC GQ Investments,LLC Kaz Wellness, LLC dba Grounded Wellness Center Lou & Choo Enterprises Inc. Clancy 15 LLC and Allied Molded Products LLC Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley Clancy 15 LLC and Allied Molded Products LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Term Loan Prime plus 2.75% 4/13/2043 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 4/11/2028 4/10/2043 Term Loan Prime plus 2.75% 4/9/2028 Term Loan Prime plus 2.75% 4/6/2028 Term Loan Prime plus 2.75% 4/5/2043 Term Loan Prime plus 2.75% 4/5/2028 Term Loan Prime plus 2.75% 3/30/2028 Term Loan Prime plus 2.75% 3/30/2043 Term Loan Prime plus 2.75% 3/30/2028 39.1 16.0 189.5 7.0 37.1 112.3 3.7 187.2 325.9 88.1 39.1 16.0 189.5 7.0 37.1 112.3 3.7 187.2 325.9 88.1 44.2 16.9 214.0 7.3 39.0 126.8 3.8 191.8 368.0 93.6 Term Loan Prime plus 2.75% 3/30/2043 1,074.2 1,074.2 1,212.8 Food Services and Drinking Places Truck Transportation Truck Transportation Specialty Trade Contractors Specialty Trade Contractors Gasoline Stations Professional, Scientific, and Technical Services 35 E Main St., Pekin, IN 47165 190 Doty Circle, West Springfield, MA 01089 Miscellaneous Manufacturing 57 Passaic St., Garfield, NJ 07026 Personal and Laundry Services 1653 Evalie Dr, Fairfield, OH 45014 1 International Blvd, Ste 400, Mahwah, NJ 07495 3307 Charles St., Rockford, IL 61108 8153 12th Ave SW, Seattle, WA 98106 1 Paragon Dr # 122, Montvale, NJ 07645 140 Centre of New England Blvd, Coventry, RI 02816 229 Whitney Rd, Unit B, Anchorage, AK 99501 3767 S Golden State Blvd, Fresno, CA 93725 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 2570 NW 152nd Terrace, Opa- Locka, FL 33054 5617 Causeway Blvd, Tampa, FL 33619 9950 Business Circle, Ste 13, Naples, FL 34112 229 Whitney Rd Unit B, Anchorage, AK 99501 5772 Miami Lakes Dr East, Miami, FL 33014 104 Clover Court, Bartlett, IL 60103 2101 West Hunting Park Ave, Philadelphia, PA 19140 1145 13th Ave East, Palmetto, FL 34221 Social Assistance Administrative and Support Services Fabricated Metal Product Manufacturing Repair and Maintenance Gasoline Stations Repair and Maintenance Electrical Equipment, Appliance, and Component Manufacturing Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2028 Term Loan Prime plus 2.75% 3/30/2043 Term Loan Prime plus 2.75% 3/30/2028 Term Loan 7.75% 3/30/2028 Term Loan Prime plus 2.75% 3/30/2043 Term Loan Prime plus 2.75% 3/30/2028 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Plastics and Rubber Products Manufacturing Term Loan Term Loan Prime plus 2.75% 3/29/2028 Prime plus 2.75% 3/28/2044 Prime plus 2.75% 3/28/2028 111 E. Laurel St., Willows, CA 95988 1145 13th Ave East, Palmetto, FL 34221 Building Material and Garden Equipment and Supplies Dealers Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2028 Term Loan Prime plus 2.75% 3/28/2043 F-93 See accompanying notes to consolidated financial statements. 68.7 21.0 160.1 972.8 208.4 148.7 11.2 101.9 119.6 61.8 205.2 68.7 21.0 160.1 972.8 208.4 148.7 11.2 101.9 119.6 61.8 205.2 70.4 23.7 167.7 923.5 235.2 153.3 11.7 115.0 125.0 65.6 231.7 0.01 % — % 0.05 % — % 0.01 % 0.03 % — % 0.05 % 0.09 % 0.02 % 0.30 % 0.02 % 0.01 % 0.04 % 0.23 % 0.06 % 0.04 % — % 0.03 % 0.03 % 0.02 % 0.06 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) 1000 Montage Mountain Rd, Scranton, PA 18505 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/28/2043 1,167.9 1,167.9 1,318.5 0.33 % Montage Mountain Resorts, LP Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Co K.C. Communications, Inc. (#,^) (#,^) (#,^) Aque Investment Group LLC (#,^) Cable Management, LLC All Regional Recyclers of Wood LLC dba ARROW Denton BioFuels LLC and Amercian BioSource, LLC Sunshine Tents and Event Rentals LLC Shweiki Media Inc dba Study Breaks Magazine Kajun Martial Arts LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) New York Label & Box Corp (#,^) Sofasco, Inc GeoTek Alaska, Inc RTSP Union LLC Rexco Foods LLC dba Papa John's Cest Chic Concepts, LLC dba Salon Cest Chic Petroleum Equipment & Services, Inc Camerabots Media, LLC CTD Operations Inc Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe Rojenco II,Inc. Rojenco II, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Administrative and Support Services Telecommunications Real Estate Waste Management and Remediation Services Waste Management and Remediation Services Waste Management and Remediation Services Rental and Leasing Services Publishing Industries (except Internet) Amusement, Gambling, and Recreation Industries Printing and Related Support Activities Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Food Services and Drinking Places Support Activities for Mining Motion Picture and Sound Recording Industries Food Services and Drinking Places 1376 Broadway, El Cajon, CA 92021 2715 Saturn St., Brea, CA 92821 3838 N. Sam Houston Pkwy E, Houston, TX 77032 200 Pratt St., Meriden, CT 06450 104 Wooster St., Bethal, CT 06801 624 W. University Dr.#359, Denton, TX 76201 2322 SW 58th Terrace, West Park, FL 33023 4954 Space Center Dr, San Antonio, TX 78218 36546 Mission St., Prairieville, LA 70769 50 Oval Dr, Islandia, NY 11749 182 Garber Lane, Winchester, VA 22602 2756 Commercial Dr, Anchorage, AK 99501 2438 Route 22 East, Union, NJ 07083 18640 Fm 1488 Ste C, Magnolia, TX 77354 15231 Hall Station Rd Unit 104, Bowie, MD 20721 5631 Silverado Way Unit G, Anchorage, AK 99518 4501 Ford Ave Ste 207, Alexandria, VA 22302 219 Saint Nazaire Rd STE G, Broussard, LA 70518 2217 Richmond Rd, Williamsburg, VA 23188 4357 Shore Dr, Virginia Beach, VA 23455 4357 Shore Dr, Virginia Beach, VA 23455 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 3/28/2028 3/27/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 157.7 44.1 187.6 56.8 92.7 68.2 43.9 52.1 15.9 157.7 44.1 187.6 56.8 92.7 68.2 43.9 52.1 15.9 165.1 46.9 199.1 59.9 97.3 71.0 46.6 55.3 16.4 Term Loan Prime plus 2.75% 3/23/2043 1,197.8 1,197.8 1,352.3 Term Loan Prime plus 2.75% 3/23/2043 Term Loan Prime plus 2.75% 3/21/2043 Term Loan Prime plus 2.75% 9/20/2028 Term Loan Prime plus 2.75% 3/20/2028 93.4 607.2 902.6 30.0 7.9 93.4 607.2 902.6 30.0 7.9 105.5 685.5 945.1 30.8 8.2 0.04 % 0.01 % 0.05 % 0.01 % 0.02 % 0.02 % 0.01 % 0.01 % — % 0.33 % 0.03 % 0.17 % 0.23 % 0.01 % — % Term Loan Prime plus 2.75% 3/16/2028 176.9 176.9 187.7 0.05 % 10.6 47.6 484.9 72.2 376.0 10.6 47.6 484.9 72.2 376.0 10.9 49.2 547.4 81.5 424.5 — % 0.01 % 0.14 % 0.02 % 0.11 % Personal and Laundry Services Term Loan Prime plus 2.75% 3/19/2028 Term Loan Prime plus 2.75% 3/16/2028 Term Loan Prime plus 2.75% 7/15/2028 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 F-94 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 2217 Richmond Rd, Williamsburg, VA 23188 Summit Insights Group LLC 2b Mom Inc dba Mom's the Word Maternity Dante Ultimate Cleaning Service LLC (#,^) (#,^) (#,^) SRG Waterfront LLC Unpainted Arizona, LLC dba Westside Bowl BC Bishop Enterprises LLC dba 9Round Pooler (#,^) (#,^) (#,^) Merciful Heavenly Homes, LLC (#,^) Urban Fitness Group LLC dba Crunch Fitness Group LLC (#,^) Connie Engelbrecht The Law Offices of Samuel R Miller LLC Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. Jackpine Technologies Corporation Crossfit iQ LLC Wellfleet Consulting Inc. Town & Country Transportation Co. Lulinjett LLC dba All American Printing & Design (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Margab Inc dba Smoothie King (#,^) JumboMarkets, Inc. Tony Herring & Associates, Inc. Start UP Dreams, Inc dba SDC Concrete (#,^) (#,^) (#,^) Quality Machine of Iowa, Inc (#,^) 19 Briant Pkwy, Summit, NJ 07901 3150 18th St., Ste 435, San Francisco, CA 94110 16969 River Park Dr, Covington, LA 70345 88 District Square SW, Washington, DC 20005 2617 Mahoning Ave, Youngstown, OH 44509 105-107 Grand Central Blvd, Pooler, GA 31322 401 Dillar's Mill Rd, Tyner, NC 27980 2800 S IH-35, Ste 220, Round Rock, TX 78681 20640 Raven Dr, Eagle River, AK 99577 7405 Lake Worth Rd, Lake Worth, FL 33467 94-33 Corona Ave, Corona, NY 11373 1 Mill & Main Pl., Ste 330, Maynard, MA 01754 346 Pike Rd, Bay 8 & 9, West Palm Beach, FL 33411 2275 Research Blvd Ste 500, Rockville, MD 20850 191-193 Arch St., New Britain, CT 06051 4621 Bayshore Rd, Fort Myers, FL 33917 14200 SW 8th St Unit #102, Miami, FL 33184 15500 SW Trail Dr, Indiantown, FL 34956 211 West Camellia Dr, Slidell, LA 70458 30521 134th St SE, Sultan, WA 98294 1040 4th Ave, Audubon, IA 50025 Repair and Maintenance Securities, Commodity Contracts, and Other Financial Investments and Related Activities Clothing and Clothing Accessories Stores Administrative and Support Services Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Educational Services Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Nonmetallic Mineral Product Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Publishing Industries (except Internet) Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Transit and Ground Passenger Transportation Printing and Related Support Activities Food Services and Drinking Places Food and Beverage Stores Furniture and Home Furnishings Stores Specialty Trade Contractors Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/15/2043 Term Loan Prime plus 2.75% 3/14/2028 Term Loan Prime plus 2.75% 3/9/2028 Term Loan Prime plus 2.75% 3/9/2028 72.2 6.9 23.4 7.2 72.2 6.9 23.4 7.2 Term Loan Prime plus 2.75% 3/9/2028 205.4 205.4 Term Loan Prime plus 2.75% 8/7/2043 Term Loan Prime plus 2.75% 3/2/2028 Term Loan 8% 2/28/2043 Term Loan Prime plus 2.75% 2/28/2028 Term Loan Prime plus 2.75% 2/28/2028 Term Loan Prime plus 2.75% 2/28/2043 98.0 5.6 62.1 156.6 2.1 111.0 98.0 5.6 62.1 156.6 2.1 111.0 81.5 0.02 % 7.0 24.0 7.5 211.3 110.7 5.8 60.7 166.2 2.2 — % 0.01 % — % 0.05 % 0.03 % — % 0.02 % 0.04 % — % 125.3 0.03 % Term Loan Prime plus 2.75% 2/26/2043 330.5 330.5 373.2 Term Loan Prime plus 2.75% 2/22/2028 Term Loan Prime plus 2.75% 2/21/2028 Term Loan Prime plus 2.75% 2/21/2028 Term Loan Prime plus 2.75% 2/16/2028 Term Loan Prime plus 2.75% 2/14/2043 Term Loan Prime plus 2.75% 2/13/2028 25.9 29.7 10.5 46.1 99.2 2.9 25.9 29.7 10.5 46.1 99.2 2.9 27.5 30.7 10.7 48.9 112.0 3.0 0.09 % 0.01 % 0.01 % — % 0.01 % 0.03 % — % Term Loan Prime plus 2.75% 2/13/2028 145.1 145.1 150.1 0.04 % Term Loan Prime plus 2.75% 2/9/2028 Term Loan Prime plus 2.75% 2/9/2028 5.8 51.4 5.8 51.4 6.1 53.6 Term Loan Prime plus 2.75% 2/9/2028 1,002.4 1,002.4 1,050.5 — % 0.01 % 0.26 % F-95 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Paper Manufacturing Term Loan Prime plus 2.75% 1/26/2043 893.1 893.1 1,008.4 Apps Inc., Market Share, and Singular Leaseholdings LLC De La Vega LLC dba De La Vega Deland and De La Vega Oviedo Macrotech Integrated Management Solutions dba Extreme Lawn Care Midlothian Hardware Inc dba Grills True Value (#,^) (#,^) (#,^) (#,^) Rocco'sLandscaping LLC USA General Investment LLC dba Braniff Paint and Body Shop (#,^) WydeBodi, LLC dba Wyde Bodi Auto Tags (#,^) (#,^) New Phaze Packaging Inc Concrete Services LLC and James Ward Flair Interiors, Inc dba Giant Don's Flooring America Tier1 Solutions LLC Lavish Specs Inc Weeping Willow Kennels, Inc. Lou & Choo Enterprises Inc dba Lou & Choo Lounge MedWorxs Inc. Specialized Dairy Processors LLC and Nathaly Zapata Work of Heart Inc dba Little Nest Portraits Human Resource Time Manager LLC Sandfree Systems LLC Crad Holding LLC dba Neighborhood Laundry of Bloomfield Social Link LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) 800 Village Walk #159, Guilford, CT 06437 128 North Woodland Blvd, Deland, FL 32720 Telecommunications Food Services and Drinking Places Term Loan Prime plus 2.75% 2/8/2028 Term Loan Prime plus 2.75% 2/7/2028 2425 Durrance LN, Ormond Beach, FL 32174 4751 West 147th St., Midlothian, IL 60445 151 Kitts Lane, Newington, CT 06111 2290 NW 21st Terrace, Miami, FL 33142 706 North 37th St., Philadelphia, PA 19104 9533 Irondale Ave, Los Angeles, CA 91311 24 County Rd 901, Jemison, AL 35085 7725 Old Seward Hwy, Anchorage, AK 99502 1000 Essington Rd, Juliet, IL 60435 262 Glen St., Glen Cove, NY 11542 6041 Hammond School Rd, Salisbury,, MD 21804 2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140 6857 Timbers Dr., Evergreen, CO 80439 2200 N Commerce Pkwy, Weston, FL 33326 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 2737 Humphrey St., East Elmhurst, NY 11369 116 Cricket Ave Ste B, Ardmore, PA 19003 Repair and Maintenance Building Material and Garden Equipment and Supplies Dealers Administrative and Support Services Term Loan Prime plus 2.75% 2/5/2028 Term Loan Prime plus 2.75% 2/2/2028 Term Loan Prime plus 2.75% 1/31/2043 Repair and Maintenance Support Activities for Transportation Term Loan Prime plus 2.75% 1/31/2028 Term Loan Prime plus 2.75% 1/30/2043 Specialty Trade Contractors Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/25/2028 Term Loan Prime plus 2.75% 1/24/2028 Term Loan Prime plus 2.75% 1/23/2028 Machinery Manufacturing Term Loan Prime plus 2.75% 1/19/2028 Term Loan Prime plus 2.75% 1/19/2028 Personal and Laundry Services Food Services and Drinking Places Professional, Scientific, and Technical Services Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2028 Term Loan Prime plus 2.75% 1/16/2028 Term Loan 7.5% 1/10/2028 Term Loan Prime plus 2.75% 1/8/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/5/2028 60 Dodd St., Bloomfield, NJ 07003 41Peabody St., Nashville, TN 37210 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/5/2028 Term Loan Prime plus 2.75% 12/29/2027 F-96 See accompanying notes to consolidated financial statements. 378.3 35.8 8.4 10.5 69.8 10.4 44.2 378.3 35.8 8.4 10.5 69.8 10.4 44.2 387.5 37.3 8.9 11.1 78.8 10.7 49.9 69.1 95.1 5.4 5.2 7.3 69.1 95.1 5.4 5.2 7.3 72.1 100.9 5.5 5.3 7.7 54.5 45.0 4.0 10.7 5.2 42.5 7.7 54.5 45.0 4.0 10.7 5.2 42.5 7.7 55.8 46.1 3.8 11.3 5.5 43.6 7.9 0.10 % 0.01 % — % — % 0.02 % — % 0.01 % 0.25 % 0.02 % 0.02 % — % — % — % 0.03 % 0.01 % 0.01 % — % — % — % 0.01 % — % Term Loan Prime plus 2.75% 1/18/2043 107.3 107.3 121.2 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Farec, Inc Anderson Farms Inc (#) (#) Muckamuck Trucks, Inc. (#,^) Medical Plaza of Boro Park PC (#,^) O'Rourke's Diner, LLC (#,^) Landmark Ventures USA Inc Salida Family Chiropractic- PPLC dba Salida Sport and Spine (#,^) Blue Lagoon Resort, LLC dba Hill View Cottages (#,^) (#,^) CT Auto Spa LLC DHD Enterprise LLC dba Edible Arrangements #1699 DBMS Consulting, Inc. Auto Excellance of Fort Myers Inc. 1-0 Granny's Helpful Hands, LLC Legion Bowl, Inc & Legion Pub Inc Ocean Trans LLC & Dehal Trucking LLC Peanut Butter & Co., Inc KR Calvert & Co, LLC Royalty Freight Inc Atlas Geo-Constructors, LLC AADJ Empire Inc and AADJ Galaxy Inc. Heung Kyun Im LP Industries Inc. dba Childforms (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 30250 W Nine Mile Rd, Farmington, MI 48336 271 West Hwy 30, Burley, ID 83318 510 S Spring St., Ukiah, CA 95482 1266 51St 1st Floor, Brooklyn, NY 11219 728 Main St., Middleton, CT 06457 475 Park Ave South 25th Floor, New York, NY 10016 203 G St., Salida, CO 81201 3670 Lake Shore Dr, Lake George, NY 12845 39 Albany Turnpike, West Simsbury, CT 06092 828 Washington Ave, Miami Beach, FL 33139 164 West 83rd St.- Units 1F/1P, New York, NY 10024 3105 Fowler St., Fort Myers, FL 33901 705 East Lake St., Minneapolis, MN 55407 661 Park St., Cranston, RI 02910 1415 W. Anderson St., Stockton, CA 95206 119 West 57th St., Ste 300, New York, NY 10019 1620 Westgate Circle Ste 100, Brentwood, TN 37027 3728 W Mckinley Ave, Fresno, CA 93722 3466 Thomasville Rd, Winston Salem, NC 27107 1599 Post Rd, Warwick, RI 02888 6235 Conlan Bay Dr, Houston, TX 77041 2040 Norwood St. SW, Lenoir, NC 28645 Amusement, Gambling, and Recreation Industries Truck Transportation Term Loan Term Loan 7.5% 7.5% 12/29/2042 12/22/2027 242.4 242.4 234.8 4,208.4 4,208.4 4,001.5 Truck Transportation Term Loan Prime plus 2.75% 12/22/2027 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Term Loan Prime plus 2.75% 12/22/2027 Prime plus 2.75% 12/22/2027 Prime plus 2.75% 12/22/2027 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 Accommodation Term Loan Prime plus 2.75% 12/21/2042 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2027 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Truck Transportation Merchant Wholesalers, Nondurable Goods Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/21/2027 Term Loan Prime plus 2.75% 12/20/2027 Term Loan Prime plus 2.75% 12/19/2042 Term Loan Prime plus 2.75% 12/15/2027 Term Loan Prime plus 2.75% 12/15/2042 Term Loan Prime plus 2.75% 12/15/2042 Term Loan Prime plus 2.75% 12/15/2027 Term Loan Prime plus 2.75% 12/14/2027 Truck Transportation Term Loan Prime plus 2.75% 12/14/2027 Specialty Trade Contractors Food Services and Drinking Places Nonstore Retailers Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/14/2027 Term Loan Prime plus 2.75% 12/14/2042 Term Loan Prime plus 2.75% 12/14/2027 Term Loan Prime plus 2.75% 12/14/2027 F-97 See accompanying notes to consolidated financial statements. 9.4 13.5 2.6 42.8 8.2 175.3 149.6 15.9 54.3 98.8 15.4 307.5 583.9 153.9 357.7 454.8 229.0 168.5 10.6 58.3 9.4 13.5 2.6 42.8 8.2 175.3 149.6 15.9 54.3 98.8 15.4 307.5 583.9 153.9 357.7 454.8 229.0 168.5 10.6 58.3 9.8 13.8 2.8 43.7 8.4 198.0 158.4 16.5 56.9 111.5 15.8 347.2 659.2 157.3 365.9 464.7 240.2 190.2 10.8 61.2 0.06 % 0.99 % — % — % — % 0.01 % — % 0.05 % 0.04 % — % 0.01 % 0.03 % — % 0.09 % 0.16 % 0.04 % 0.09 % 0.12 % 0.06 % 0.05 % — % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Nichols Fire and Security LLC (#,^) Hardway Inc & AFC Leasing Inc (#,^) LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay (#,^) Clore Construction LLC A-1 Van Services Inc Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC AV Strategy Inc Clear Sound Communications, Inc Kim Howard Corp dba NPN Machine Tools ODS Inc Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightstar Oil Palace, Inc. PS Camping Inc. Utara LLC Square1 Partners, LLC Linda Jean Howard Riley dba The Rusty Bolt Salud Bar & Grill LLC WTI Distribution Inc J. Venture Holdings, LLC OPH Lexington, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Our Playhouse Preschool, LLC (#,^) 1906 Vanderhorn Dr, Memphis, TN 38134 12533 S. 73rd E. Place, Bixby, OK 74008 498 Wilderness View, Chatsworth, GA 30705 21220 FM 1420, Harlingen, TX 78550 154 Sandy Creek Rd, Verona, PA 15147 1120 Wren School Rd, Piedmont, SC 29673 9468 American Eagle Way Ste 100, Orlando, FL 32837 680 Old Medford Ave, Medford, NY 11763 9130 Wayfarer Lane, Houston, TX 77075 626 N Delsea Dr, Glassboro, NJ 08028 5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484 10408 Hwy 64 East, Tyler, TX 75707 43595 US Hwy 50, Canon City, CO 81212 214 Pine St, Sandpoint, ID 83864 1088 Greenbriar Lane, Northbrook, IL 60062 22345 W. Rt 66, Seligman, AZ 86337 1413 Bushwick Ave, Brooklyn, NY 11207 5491 E Francis St, Ontario, CA 91761 2285 St. Andrews Ave, Zachary, LA 70791 235 Walton Ave, Lexington, KY 40502 3501 NC Hwy 54 W, Chapel hill, NC 27516 Administrative and Support Services Term Loan Prime plus 2.75% 12/13/2042 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2027 Real Estate Heavy and Civil Engineering Construction Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/12/2042 Term Loan Prime plus 2.75% 12/12/2027 Term Loan Prime plus 2.75% 12/12/2027 Gasoline Stations Term Loan Prime plus 2.75% 12/12/2027 Rental and Leasing Services Administrative and Support Services Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/8/2027 Term Loan Prime plus 2.75% 12/8/2027 Term Loan Prime plus 2.75% 12/7/2042 Term Loan Prime plus 2.75% 12/6/2027 Ambulatory Health Care Services Term Loan Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/4/2027 Prime plus 2.75% 12/4/2042 Accommodation Food Services and Drinking Places Publishing Industries (except Internet) Miscellaneous Store Retailers Food Services and Drinking Places Support Activities for Transportation Professional, Scientific, and Technical Services Term Loan 8.25% 12/1/2027 Term Loan Prime plus 2.75% 12/1/2027 Term Loan Prime plus 2.75% 12/1/2027 Term Loan Prime plus 2.75% 12/1/2042 Term Loan Prime plus 2.75% 12/1/2027 Term Loan Prime plus 2.75% 11/30/2027 Term Loan Prime plus 2.75% 11/30/2027 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 81.3 524.9 31.2 315.1 502.5 33.7 333.7 2.6 562.5 33.6 10.3 945.4 17.3 15.9 42.6 19.5 38.5 27.1 8.4 176.9 217.5 81.3 524.9 31.2 315.1 502.5 33.7 333.7 2.6 562.5 33.6 91.8 536.3 35.2 330.5 528.1 34.4 347.2 2.6 635.0 34.9 0.02 % 0.13 % 0.01 % 0.08 % 0.13 % 0.01 % 0.09 % — % 0.16 % 0.01 % 10.3 10.5 — % 945.4 1,067.3 0.26 % 17.3 15.9 42.6 19.5 38.5 27.1 8.4 176.9 217.5 17.0 16.5 43.6 22.0 39.4 28.3 8.9 199.8 245.6 — % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.05 % 0.06 % F-98 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Beacon Brewing LLC and C' Sons, LLC Webtez Inc dba Mod Vans Step Up Academy of the Arts, LLC JMD Corporation dba Dart's True Value Grumpy's Restaurant Company, LLC Cali Fit Meals (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) PB Market LLC dba Pure Barre (#,^) B Lam LLC Maya Motel, LLC dba Town House Motel Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. H & H Hotshot Services, Inc. Auto Rx LLC,J&P Auto Repair Inc J R Wholesale Tires & Auto Center, LLC Marcaco LLC Paramount Dance Studios Inc. and Homestead Dance Supply (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Wing King at the Gardens LLC (#,^) JNP Delivery Inc His Loving Hands Christian Academy, Inc. Sterling Campbell Insurance Agency, Inc S & S Auto Body Shop Inc. Top Quality Dent Service LLC Rachael Reel dba Rachel Reel Insurance Age (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 700 Lincoln St., Lagrange, GA 30204 920 Graves Ave, Oxnard, CA 93003 2258A Wigwam Pkwy, Henderson, NV 89074 121 South Main St., Payette, ID 83661 834 Kingsley Ave, Orange Park, FL 32073 3450 East Orangethrope Ave, Anaheim, CA 92806 164-C Market St, Charleston, SC 29401 9419 Kenwood Rd, Cincinnati, OH 45242 1701 Washington Ave, Waco, TX 76701 1990 Flippen Rd, Stockbridge, GA 30281 5455 N. 51st Ave Ste 30, Glendale, AZ 85301 91 & 95 Woodbury Rd, Hicksville, NY 11801 822 Cameron Lane, Lugoff, SC 29078 124 Lincoln Ave, Colonie, NY 12205 112 N Krome Ave, Homestead, FL 33030 4235 South Fort Apache Rd, Ste 250, Las Vegas, NV 89147 4500 North Providence # 7, Appleton, WI 54913 15020 Harrison St., Miami, FL 33176 36359 North Gantzel Rd Ste 102, San Tan Valley, AZ 85140 5001 W. Clay St., Richmond, VA 23230 1541 Vapor Trail, Colorado Springs, CO 80905 208 Bank St., Lenoir, TN 37771 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2042 117.8 117.8 133.0 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/22/2027 Educational Services Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2027 Term Loan Prime plus 2.75% 11/22/2027 Term Loan Prime plus 2.75% 11/21/2027 Term Loan Prime plus 2.75% 11/21/2027 Educational Services Term Loan Prime plus 2.75% 11/21/2027 Personal and Laundry Services Term Loan Prime plus 2.75% 11/20/2042 Accommodation Term Loan Prime plus 2.75% 11/17/2042 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/17/2027 Couriers and Messengers Term Loan Prime plus 2.75% 11/16/2027 Repair and Maintenance Term Loan Prime plus 2.75% 11/15/2042 Motor Vehicle and Parts Dealers Nonmetallic Mineral Product Manufacturing Educational Services Food Services and Drinking Places Term Loan Prime plus 2.75% 11/15/2042 Term Loan Prime plus 2.75% 11/15/2042 Term Loan Prime plus 2.75% 10/14/2043 Term Loan Prime plus 2.75% 11/10/2027 Couriers and Messengers Term Loan 6% 11/7/2027 Social Assistance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/6/2042 Term Loan Prime plus 2.75% 11/3/2027 Repair and Maintenance Term Loan Prime plus 2.75% 11/3/2042 Repair and Maintenance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/2/2027 Term Loan Prime plus 2.75% 10/31/2027 F-99 See accompanying notes to consolidated financial statements. 47.3 10.7 12.6 48.1 15.2 73.4 168.2 52.9 35.8 47.3 182.1 12.5 498.6 438.6 6.6 6.5 85.1 5.1 69.9 4.1 5.0 47.3 10.7 12.6 48.1 15.2 73.4 168.2 52.9 35.8 47.3 182.1 12.5 498.6 438.6 6.6 6.5 85.1 5.1 69.9 4.1 5.0 48.5 10.9 13.2 49.2 15.9 75.0 189.9 59.7 36.7 49.0 205.6 14.1 562.9 495.1 6.7 6.4 96.1 5.2 78.9 4.2 5.1 0.03 % 0.01 % — % — % 0.01 % — % 0.02 % 0.05 % 0.01 % 0.01 % 0.01 % 0.05 % — % 0.14 % 0.12 % — % — % 0.02 % — % 0.02 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Die Hard Used Car Sales The Five Lakes LLC Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle Sage Oil LLC Ashore Ventures Inc dba PuroClean Professional Restoration Suzie LLC dba Tony D's Restaurant Grand Blanc Lanes, Inc. Schafer Fisheries Inc The Jig, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Island Refrigeration & AC Inc (#,^) Blueridge Armor LLC H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry Cortez Landscaping, LLC On Call Services LLC Pro Anderson, LLC Becky Lou Corp dba Rent A Center (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Ains Holding Company LLC (#,^) Dan Cline Transport Inc. Harco Metal Products Inc Sashshel Corporation Threads of Time LLC Pets A Go Go LLC (#,^) (#,^) (#,^) (#,^) (#,^) 1668 West Grand Ave, Phoenix, AZ 85007 13705 Holmes Rd, Kansas City, MO 64154 377 Boston Post Rd Unit B, Milford, CT 06460 8913 Egyptian Ave, Las Vegas, NV 89143 909 SE Everett Mall Way Ste A- 140, Everett, WA 98208 92 Huntington St., New London, CT 06320 5301 S. Saginaw Rd, Flint, MI 48507 21985 Waller Rd, Fulton, IL 61252 3115 Camp Phillips Rd, Wausau, WI 54403 3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040 1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160 1227 Burnside Ave, East Hartford, CT 06108 4 Powder Rd, Norwalk, CT 06854 15060 281St Ave NW, Zimmerman, MN 55398 1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546 3578 Route 611, Ste 210, Bartonsville, PA 18321 122 W. 26th St., New York, NY 10001 501 State Dr, Mount Vernon, MO 65712 7895 East Acoma Dr Ste 102, Scottsdale, AZ 85260 676 Franklin Blvd, Somerset, NJ 08873 207 S Buchanan St., Danville, IL 61832 589 North State Rd, Briarcliff Manor, NY 10510 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/30/2042 Educational Services Term Loan Prime plus 2.75% 10/30/2042 Couriers and Messengers Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/27/2027 Term Loan Prime plus 2.75% 10/27/2027 Repair and Maintenance Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Food Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 10/27/2027 Term Loan Prime plus 2.75% 10/25/2042 Term Loan Prime plus 2.75% 10/25/2027 Term Loan Prime plus 2.75% 10/25/2027 Term Loan 8.25% 10/24/2042 52.3 440.0 27.7 6.7 9.7 81.0 10.0 25.7 23.4 52.3 440.0 27.7 6.7 9.7 81.0 10.0 25.7 23.4 59.1 496.7 28.5 6.9 10.0 91.5 10.6 27.3 22.8 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/18/2042 122.7 122.7 138.6 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/17/2027 Electronics and Appliance Stores Administrative and Support Services Construction of Buildings Amusement, Gambling, and Recreation Industries Rental and Leasing Services Management of Companies and Enterprises Term Loan 7.5% 10/17/2042 Term Loan Prime plus 2.75% 10/13/2027 Term Loan Prime plus 2.75% 10/13/2027 Term Loan Prime plus 2.75% 10/11/2027 Term Loan Prime plus 2.75% 10/2/2027 Term Loan Prime plus 2.75% 10/2/2027 Truck Transportation Term Loan Prime plus 2.75% 9/29/2030 Primary Metal Manufacturing Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/29/2042 Term Loan Prime plus 2.75% 9/29/2042 Term Loan Prime plus 2.75% 9/29/2042 Personal and Laundry Services Term Loan Prime plus 2.75% 9/28/2042 F-100 See accompanying notes to consolidated financial statements. 5.5 60.0 12.8 12.2 36.2 60.7 67.6 758.8 455.4 196.6 127.1 183.5 5.5 60.0 12.8 12.2 36.2 60.7 67.6 758.8 455.4 196.6 127.1 183.5 5.8 58.6 13.3 12.9 37.1 63.3 69.5 803.6 514.2 221.9 143.5 207.2 0.01 % 0.12 % 0.01 % — % — % 0.02 % — % 0.01 % 0.01 % 0.03 % — % 0.01 % — % — % 0.01 % 0.02 % 0.02 % 0.20 % 0.13 % 0.05 % 0.04 % 0.05 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Rhode Island Tennis Management LLC Nicholson Lumber Co Inc. Rhode Island Tennis Management LLC Complete Care IT LLC Technologist Inc (#,^) (#,^) (#,^) (#,^) (#,^) Inspirations Food Design, Inc (#,^) KB Waterjet Cutting LLC (#,^) JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn Sallee Pro-Custom Fabrication Shop LLC NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York Imagine By Carleen, Inc. Insight Diagnostic Technologist Services Sound Manufacturing, Inc. & Monster Power Equipment, Inc. CR Park Incorporated dba Define Body and Mind Montessori Community School Stone's Construction and Remodeling, LLC Li Family Spokane LLC Alaska Motor Home Inc Nails By Mercede LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Rajbai Maa Inc. dba Nara Lounge (#,^) Town & Country Transportation Co. and Popco, LLC. (#,^) 636 Centerville Rd, Warwick, RI 02886 377 Main St., Nicholson, PA 18446 636 Centerville Rd, Warwick, RI 02886 4801 South University Dr, Ste 125, Davie, FL 33328 3120 Farview Dr, Ste 610, Falls Church, VA 22042 1338 Memorial Ave, West Springfield, MA 01089 4330 Parker Lane, Addis, LA 70710 4864 Arthur Kill Rd Units 102,103,104 & 105, Staten Island, NY 10309 8865 North County Rd 600 W, Scipio, IN 47273 1401 Lakeland Ave, Bohemia, NY 11716 1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 33904 2030 Forest Ave, Ste 110, San Jose, CA 95128 51 Donnelley Rd, Old Saybrook, CT 06475 49 W. Allandale Ave, Allendale, NJ 07401 123 South Navarra Dr, Scotts Valley, CA 95066 5210 Kaylin Dr, Akron, OH 44319 21 E. Lincoln Rd, Spokane, WA 99208 6633 Brayton Dr, Anchorage, AK 99507 2994 and 2996 Edgewater Dr, Orlando, FL 32804 244-252 Atwells Ave, Providence, RI 02903 191 Arch St., New Britain, CT 06051 Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Heavy and Civil Engineering Construction Food Services and Drinking Places Fabricated Metal Product Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 9/28/2042 Term Loan Prime plus 2.75% 9/28/2030 Term Loan Prime plus 2.75% 9/28/2042 Term Loan Prime plus 2.75% 9/27/2027 Term Loan Prime plus 2.75% 9/27/2027 Term Loan Prime plus 2.75% 9/26/2042 Term Loan Prime plus 2.75% 9/22/2027 Term Loan Prime plus 2.75% 9/22/2027 Repair and Maintenance Term Loan Prime plus 2.75% 9/21/2027 519.7 164.8 361.9 9.7 163.7 430.1 6.7 14.8 5.9 519.7 164.8 361.9 9.7 163.7 430.1 6.7 14.8 5.9 586.7 178.8 408.5 9.9 172.8 485.5 7.0 15.2 6.3 0.15 % 0.04 % 0.10 % — % 0.04 % 0.12 % — % — % — % Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027 679.4 679.4 714.5 0.18 % Personal and Laundry Services Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027 Term Loan Prime plus 2.75% 9/20/2027 Term Loan Prime plus 2.75% 9/20/2027 Term Loan Prime plus 2.75% 9/20/2027 Social Assistance Term Loan Prime plus 2.75% 9/20/2042 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2027 Term Loan Prime plus 2.75% 9/15/2042 Rental and Leasing Services Term Loan Prime plus 2.75% 9/13/2027 Personal and Laundry Services Food Services and Drinking Places Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/13/2027 Term Loan Prime plus 2.75% 9/12/2042 Term Loan Prime plus 2.75% 9/12/2042 F-101 See accompanying notes to consolidated financial statements. 5.0 218.7 131.6 25.3 252.2 3.4 355.5 221.1 9.4 358.7 155.9 5.0 218.7 131.6 25.3 252.2 3.4 355.5 221.1 9.4 358.7 155.9 5.2 225.5 138.1 26.5 284.7 3.5 401.4 225.3 9.9 405.0 176.0 — % 0.06 % 0.03 % 0.01 % 0.07 % — % 0.10 % 0.06 % — % 0.10 % 0.04 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2027 13.5 13.5 13.7 Term Loan Prime plus 2.75% 9/11/2027 5.0 5.0 5.2 Term Loan Prime plus 2.75% 9/8/2042 269.3 269.3 304.0 0.08 % Term Loan Prime plus 2.75% 8/31/2027 277.3 277.3 284.9 Health & Performance Center, LLC Morgan Lynn Kerstetter dba Catherine School of Dance Foxtail, LLC and Tottly New Services Corp Crazy Beatz Productions LLC South Fulton Landscape & Nursery, Inc. Dreaming Big Learning Center Inc Big Coop's Trucking LLC Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Lake County Tow LLC Parlay Disributors LLC Genuine Ventures LLC and Seaweed Ventures LLC Delicias de Minas Restaurant, LLC L&V Auto Sales, Inc. Damiano Global Corp Tier1 Solutions LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Tony Herring & Associates, Inc (#,^) Chester's World Enterprise LLC (#,^) D'Amato & Sons Construction, Inc. Roundhay Partners LLC and Roundhay Farming LLC (#,^) (#,^) L & J Corporate Services Inc Work of Heart Inc dba Little Nest Portraits Sharon G McMillen, MA Psychologist, Inc. (#,^) (#,^) (#,^) 1862 Craigshire Rd, Saint Louis, MO 63146 315 Mill St. 3rd Floor, Danville, PA 17821 1481 Highland Ave, Cheshire, CT 06410 20014 NE 138th St., Kearney, MO 64060 3415 Enon Rd, College Park, GA 30349 3301 W Oak St, Kissimmee, FL 34741 3066 Misty Creek Dr., Swartz, MI 48473 377 Boston Post Rd, Milford, CT 06460 15409 Country Rd 565A, Clermont, FL 34711 20 Medford Ave, Ste 104, Patchogue, NY 11772 432 S Franklin St, Juneau, AK 99801 168-170 McWhorter St., Newark, NJ 07105 1504 West Franklin Blvd., Gastonia, NC 28052 333 Birch Hills Dr, Rochester, NY 14622 1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435 211 West Camellia Dr, Slidell, LA 70458 140 W Alameda Dr, Ste 104, Tempe, AZ 85282 117 Oak St., Amityville, NY 11701 6160 Granite Spring Rd, Somerset, CA 95684 866 NW 110th Ave, Coral Springs, FL 33071 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 216 West Main St, Kingwood, WV 26537 Performing Arts, Spectator Sports, and Related Industries Social Assistance Motion Picture and Sound Recording Industries Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 3.75% 9/7/2027 Term Loan Prime plus 2.75% 9/7/2042 Social Assistance Term Loan Prime plus 2.75% 9/5/2042 Truck Transportation Term Loan Prime plus 2.75% 9/1/2027 Couriers and Messengers Support Activities for Transportation Educational Services Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 8/25/2042 Term Loan Prime plus 2.75% 8/25/2027 Term Loan Prime plus 2.75% 8/24/2030 Term Loan Prime plus 2.75% 8/22/2027 Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Furniture and Home Furnishings Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/21/2027 Term Loan Prime plus 2.75% 8/21/2027 Term Loan Prime plus 2.75% 8/18/2027 Term Loan Prime plus 2.75% 8/17/2027 Term Loan Prime plus 2.75% 8/16/2027 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/11/2027 Crop Production Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/4/2027 Term Loan 7.5% 7/28/2027 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/28/2027 F-102 See accompanying notes to consolidated financial statements. — % — % — % 0.03 % 0.10 % 0.02 % 0.07 % 0.02 % 0.02 % 0.12 % 0.03 % — % — % — % — % — % — % 3.6 92.5 351.3 66.1 3.6 92.5 351.3 66.1 3.8 104.4 396.6 69.1 80.7 72.5 457.2 129.7 11.8 14.7 12.7 4.9 14.7 5.4 80.7 72.5 457.2 129.7 11.8 14.7 12.7 4.9 14.7 5.4 91.2 74.3 488.7 136.9 12.4 15.4 13.1 5.0 15.2 5.6 Term Loan 8.25% 8/8/2042 831.4 831.4 783.2 0.19 % 3.7 33.0 12.0 3.7 33.0 12.0 3.7 31.4 12.2 — % 0.01 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) HQTRONIC LLC Oberon IT, Inc. Gilles Peress Studio LLC Obok LLC Lil Tots' Learning Center LLC Ocean Trans LLC Matrix Z LLC Aitheras Aviation Group, LLC , Aitheras Aviation Group, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Wildflour Bakery & Cafe, LLC (#,^) Koep Companies dba Pipestone True value McCord Holdings, Inc. dba Fast Signs 176101 Thrifty Market Inc dba Thrifty Foods Hamilton & Associates Real Estate and Investments Firm LLC (#,^) (#,^) (#,^) J. T. O'Neill Company, L.L.C J&M Civil Construction Services LLC BQRS, Inc. DBA Gresham Meineke Car Care Center New Chicago Wholesale Bakery Inc. Best Bees Company Oakhill Farms, LLC Stiegelbauer Associates Inc. Intellixion LLC Ocean Trans LLC and Dehal Trucking LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food Manufacturing 10135 S. Roberts Rd, Ste. 209, Palos Hills, IL 60465 1404 W. Walnut Hill Lane, Irving, TX 75038 76 Lafayette Ave, Brooklyn, NY 11217 2720 S. Havana St., Unit H, Aurora, CO 80014 3042 S 78th St, Tampa, FL 33619 Social Assistance 1415 W Andersonr Way, Stockton, CA 95206 800 SW 21st Terrace, Fort Lauderdale, FL 33312 2301 N Marginal Rd, Cleveland, OH 44114 5137 Clareton Dr, Ste 100,110 & 120, Agoura Hills, CA 91301 207 East Main St., Pipestone, MN 56164 7640 N. Wickham Rd, Melbourne, FL 32940 702 10th St., Wheatland, WY 82201 Truck Transportation Nonmetallic Mineral Product Manufacturing Air Transportation Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Administrative and Support Services Food and Beverage Stores Term Loan Prime plus 2.75% 7/27/2027 Term Loan Prime plus 2.75% 7/26/2027 Term Loan Prime plus 2.75% 7/25/2027 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 7/21/2027 7/21/2042 Term Loan Prime plus 2.75% 7/21/2027 Term Loan Prime plus 3.75% 7/19/2027 Term Loan Prime plus 2.75% 7/18/2027 Term Loan Prime plus 2.75% 7/17/2027 Term Loan Prime plus 2.75% 7/14/2042 Term Loan Prime plus 2.75% 7/7/2027 Term Loan Prime plus 2.75% 7/6/2027 11776 West Sample Rd, Coral Springs, FL 33065 19972 Willowin Farm Lane, Purcellville, VA 20132 1221 County Rd 4371, Decatur, TX 76234 18081 SE Division St., Portland, OR 97236 795 Touhy Ave, Elk Grove Village, IL 60007 839 Albany St., Boston, MA 02119 15 Carl St., Johnston, RI 02919 63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 11205 7447 Egan Dr, Ste 110 A, Savage, MN 55378 760 W. Charter Way, Stockton, CA 95206 Real Estate Real Estate Term Loan Prime plus 2.75% 6/30/2042 Term Loan Prime plus 2.75% 6/30/2027 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2027 Repair and Maintenance Term Loan 0% 6/30/2027 Term Loan Prime plus 2.75% 6/30/2027 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 6/29/2027 6/29/2030 Food Manufacturing Animal Production and Aquaculture Specialty Trade Contractors Specialty Trade Contractors Professional, Scientific, and Technical Services 14.5 141.2 39.8 7.7 25.5 25.6 5.5 532.3 14.5 300.8 9.5 69.4 49.7 9.6 68.4 50.3 10.6 14.3 75.1 14.5 141.2 39.8 7.7 25.5 25.6 5.5 532.3 14.5 300.8 9.5 69.4 49.7 9.6 68.4 50.3 10.6 14.3 75.1 14.8 146.6 40.6 8.1 28.8 26.1 5.9 543.6 15.3 339.6 9.8 71.7 56.1 10.0 71.2 48.9 11.2 14.9 82.1 — % 0.04 % 0.01 % — % 0.01 % 0.01 % — % 0.13 % — % 0.08 % — % 0.02 % 0.01 % — % 0.02 % 0.01 % — % — % 0.02 % Term Loan Prime plus 2.75% 6/29/2027 196.5 196.5 208.1 0.05 % Term Loan Prime plus 2.75% 6/29/2027 2.4 2.4 2.5 — % Truck Transportation Term Loan Prime plus 2.75% 6/29/2027 383.0 383.0 399.0 0.10 % F-103 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Foxhop Fitness, LLC Old Dominion Transportation Group, Inc. Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC (#,^) (#,^) (#,^) Ains Holding Company, LLC (#,^) Northern Industries, LLC Vella Construction Enterprises, Inc. dba Vella Construction Birches Group, LLC Scarlet Spartan Inc.dba FastSigns of Brighton Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC JAM Media Solutions, LLC All Regional Recyclers of Wood LLC dba ARROW, Superior Carting, LLC ESA 365 Corp and Lucathor Realty LLC Susan Hughes dba Aloha Junction B and B Hull's Kitchen, LLC and HK Too, LLC Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero Refoleen Inc dba Spice and Tea Exchange Skydive California, LLC SCW, LLC dba Arthur Murray Dance Studio Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder Funtime, LLC and Universal Entertainment Group LLC Ricnet III, Inc. dba Edible Arrangements (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 4211 NW Federal Hwy, Jensen Beach, FL 34957 2510 Hunters Place, Ste 202, Woodbridge, VA 22192 211 East 25th St., Norfolk, VA 23504 122 West 26th St., New York, NY 10001 W 5585 Dehart Dr, Tomahawk, WI 54484 318 28th Ave, San Mateo, CA 94403 228 East 45th St. 12th FL South, New York, NY 10017 533 W. Grand River Ave, Brighton, MI 48116 11535 Carmel Commons Blvd. Ste 200, Charlotte, NC 28226 4744 Tackawanna St., Philadelphia, PA 19124 104 Wooster St., Bethel, CT 06801 2420 Grand Ave, Baldwin, NY 11520 19-4037 Olapalapa Rd, Volcano, HI 96785 19 Hull Shore Dr, Hull, MA 02045 577 Main Ave, Paterson, NJ 07055 849 E Commerce St. Ste 121, San Antonio, TX 78205 25001 S Kasson Rd, Tracy, CA 95301 2383 Old Dixwell Ave, Hamden, CT 06518 246 East Belt Blvd, Richmond, VA 23224 13200 W. Foxfire Dr #144, Surprise, AZ 85387 716 Foxcroft Ave, Martinsburg, WV 25401 Amusement, Gambling, and Recreation Industries Transit and Ground Passenger Transportation Transportation Equipment Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2027 Term Loan Prime plus 2.75% 6/28/2027 Term Loan Prime plus 2.75% 6/27/2030 Term Loan Prime plus 2.75% 6/26/2027 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/23/2042 Construction of Buildings Professional, Scientific, and Technical Services Administrative and Support Services Term Loan Prime plus 2.75% 6/23/2027 Term Loan Prime plus 2.75% 6/22/2027 Term Loan Prime plus 2.75% 6/19/2027 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/16/2042 Prime plus 2.75% 6/15/2027 57.9 765.1 184.6 818.3 53.6 14.3 31.9 10.0 369.9 23.3 57.9 765.1 184.6 818.3 53.6 14.3 31.9 10.0 369.9 23.3 60.4 799.4 201.8 855.0 60.6 14.9 33.2 10.6 417.6 24.3 Term Loan Prime plus 2.75% 6/15/2042 285.5 285.5 322.3 Waste Management and Remediation Services Amusement, Gambling, and Recreation Industries Accommodation Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2042 Term Loan Prime plus 2.75% 6/14/2042 Term Loan Prime plus 2.75% 6/14/2042 Term Loan Prime plus 2.75% 6/14/2042 Food and Beverage Stores Term Loan Prime plus 2.75% 6/8/2027 Educational Services Term Loan Prime plus 2.75% 6/2/2027 20.7 56.7 91.3 85.0 2.2 34.9 20.7 56.7 91.3 85.0 2.2 34.9 23.3 64.0 103.1 96.0 2.3 37.0 Educational Services Term Loan Prime plus 2.75% 6/2/2042 134.2 134.2 151.5 Motor Vehicle and Parts Dealers Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/1/2042 Term Loan Prime plus 2.75% 5/31/2027 Food and Beverage Stores Term Loan Prime plus 2.75% 5/31/2027 41.9 48.3 9.5 41.9 48.3 9.5 47.4 50.5 9.9 F-104 See accompanying notes to consolidated financial statements. 0.01 % 0.20 % 0.05 % 0.21 % 0.01 % — % 0.01 % — % 0.10 % 0.01 % 0.08 % 0.01 % 0.02 % 0.03 % 0.02 % — % 0.01 % 0.04 % 0.01 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Haroon Baig,Inc.dba US1 Petrol (#,^) Sage Oil LLC Chet Lemon Enterprises LLC dba All American Sports Swantown Inn & Spa LLC Eagle Wood Works LLC Hurricane Group, Inc. Beyond Waves A Unique Salon LLC and Lori Ann Carlson Locavore LLC dba Paloma Restaurant Abdul Naushad MD PC dba Advanced Pain Centers Innovim, LLC Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. Tres K Deli,Grocery,Fruit and Meat Inc. Hayden Trucking LLC PS Camping, Inc. dba Prospectors RV Resort (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Mr. B's Bicycles & Mopeds, Inc. (#,^) Waterford Plumbing Co, Inc. (#,^) Bay Car Wash LLC Computech Computers Inc. Arco Electrical Contractors Inc. dba Arco Construction Group 5 Stars Learning Center Inc Sanderson Distribution Inc. (#,^) (#,^) (#,^) (#,^) (#,^) Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2042 Prime plus 2.75% 5/24/2027 Gasoline Stations Merchant Wholesalers, Nondurable Goods Amusement, Gambling, and Recreation Industries Accommodation Furniture and Related Product Manufacturing Other Information Services Personal and Laundry Services Food Services and Drinking Places 1280-1290 Dixwell Ave, Hamden, CT 06514 8913 Egyptian Ave, Las Vegas, NV 89143 1544 Lane Park Cutoff, Tavares, FL 32778 1431 11th Ave SE, Olympia, WI 98501 1448 Horsehead Rd, Lugoff, SC 29078 312 West Fourth St., Carson City, NV 89703 2290 Foxon Rd Route 80, North Branford, CT 06471 401 S. Guadalupe St., Santa Fe, NM 87501 2865 James Blvd, Poplar Bluff, MO 63901 6401 Golden Triangle Dr Ste 200, Greenbelt, MD 20770 132 North Wellwood Ave, Lindenhurst, NY 11757 125 West Tremont Ave, Bronx, NY 10453 11540 Eagle Vista Dr, Fort Worth, TX 76179 43659&43595 US Hwy 50, Canon City, CO 81212 1870 S. 4th Ave, Yuma, AZ 85364 2425 W. Cuyler Ave, Chicago, IL 60618 952 South Commercial St. and West Magnolia, Aransas Pass, TX 78336 40-24 76th St., Office #2B, Elmhurst, NY 11373 22-24 South Seventh St., Elizabeth, NJ 07202 14 Paine Ave, Irvington, NJ 07111 100 Daniel Dr, Alamo, CA 94507 Truck Transportation Truck Transportation Educational Services Social Assistance Specialty Trade Contractors Food and Beverage Stores Accommodation Sporting Goods, Hobby, Musical Instrument, and Book Stores Specialty Trade Contractors Specialty Trade Contractors Repair and Maintenance Term Loan Prime plus 2.75% 5/31/2042 Term Loan Prime plus 2.75% 5/31/2027 Term Loan Prime plus 2.75% 5/26/2042 Term Loan Prime plus 2.75% 5/26/2042 Term Loan Prime plus 2.75% 5/26/2027 Term Loan Prime plus 2.75% 5/26/2027 Term Loan Prime plus 2.75% 5/25/2027 Term Loan Prime plus 2.75% 5/25/2027 Term Loan Prime plus 2.75% 5/19/2042 Term Loan Prime plus 2.75% 5/19/2027 Term Loan Prime plus 2.75% 5/19/2027 Term Loan 8.25% 5/19/2042 Term Loan Prime plus 2.75% 5/18/2042 Term Loan Prime plus 2.75% 5/18/2027 Term Loan Prime plus 2.75% 5/18/2042 Term Loan Prime plus 2.75% 5/17/2027 Term Loan Prime plus 2.75% 5/16/2027 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 5/16/2042 5/12/2027 242.2 14.2 728.3 116.6 7.5 54.5 2.9 31.4 372.3 182.5 534.5 5.2 92.5 891.0 134.6 31.5 111.7 31.5 231.3 56.7 6.6 242.2 14.2 728.3 116.6 7.5 54.5 2.9 31.4 372.3 182.5 534.5 5.2 92.5 891.0 134.6 31.5 111.7 31.5 231.3 56.7 6.6 273.5 14.8 822.2 131.7 7.9 56.7 3.0 32.9 420.4 190.1 603.4 5.5 98.0 871.8 152.0 32.9 126.1 32.8 243.3 64.0 6.9 0.07 % — % 0.20 % 0.03 % — % 0.01 % — % 0.01 % 0.10 % 0.05 % 0.15 % — % 0.02 % 0.22 % 0.04 % 0.01 % 0.03 % 0.01 % 0.06 % 0.02 % — % F-105 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) B G F Bobby Q's Inc Estelle Finkel Educational Associates,LLC NHS, LLC Innovation Transport, LLC NHS, LLC Benchmark Building, Inc. Cable Management LLC Fine Arts Center of Easley, Inc. dba Midtown Music Love and Glory Learning Center, Inc. Sneads Ferry Foods, Inc. dba DQ Grill & Chill JMA Inc. dba Primecut and Mezzo; Primecut at Marquee Ralph's Hair Salon, Inc. Getting Even LLC dba The Zoo Health Club Condron Brothers LLC DBA Luv 2 Play The Altitude Group, LLC and Core Home Security, LLC Citizens Lanes, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Landmark Ventures USA, Inc. (#,^) Golden Hen Inc. dba Cafe Bear Trail Lodge LLC Schafer Fisheries Inc. Sea Smoke Barbeque, Corp and Danwen LLC (#,^) (#,^) (#,^) (#,^) 447 N. Main St., Freeport, NY 11520 125 West Mount Pleasant Ave, Livingston, NJ 07039 212 N Douglas Ave, Ellsworth, KS 67439 1 International Blvd, Mahwah, NJ 07495 212 N Douglas Ave, Ellsworth, KS 67439 1439 Stargazer Terrace, Sanford, FL 32771 290 Pratt St., Meriden, CT 06450 117 S. Pendleton St., Easley, SC 29640 4911 N. 42nd St., Tampa, FL 33610 920 Hwy 210, Sneads Ferry, NC 28460 393 Charles St., Providence, RI 02904 175 NW 14th St., Homestead, FL 33030 377 South Willow St., Ste B 2-1, Manchester, NH 03103 4790 La Sierra Ave, Riverside, CA 92505 949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487 5100 Goodson Connector Rd, Union City, GA 30291 475 Park Ave South 25th Floor, New York, NY 10016 468 W. Cheltenham Ave, Philadelphia, PA 19126 Mile 1 Bear Trail Rd, King Salmon, AK 99613 21985 Waller Rd, Fulton, IL 61252 20 Island Farm Rd, Oak Bluffs, MA 02557 Food Services and Drinking Places Educational Services Building Material and Garden Equipment and Supplies Dealers Truck Transportation Building Material and Garden Equipment and Supplies Dealers Construction of Buildings Waste Management and Remediation Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Social Assistance Food Services and Drinking Places Food Services and Drinking Places Personal and Laundry Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Securities, Commodity Contracts, and Other Financial Investments and Related Activities Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Food Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2027 Term Loan Prime plus 2.75% 5/11/2027 Term Loan Prime plus 2.75% 5/9/2027 Term Loan Prime plus 2.75% 5/9/2027 Term Loan Prime plus 2.75% 5/9/2042 Term Loan Prime plus 2.75% 5/5/2027 Term Loan Prime plus 2.75% 5/3/2027 Term Loan Prime plus 2.75% 5/2/2042 Term Loan Prime plus 2.75% 4/28/2042 Term Loan Prime plus 2.75% 4/27/2042 Term Loan Prime plus 2.75% 4/27/2042 Term Loan Prime plus 2.75% 4/21/2042 Term Loan Prime plus 2.75% 4/21/2027 Term Loan Prime plus 2.75% 4/19/2027 Term Loan Prime plus 2.75% 3/31/2027 4.7 76.7 55.7 49.3 20.1 14.2 36.1 109.5 71.4 598.3 203.1 45.8 4.7 74.4 26.9 4.7 76.7 55.7 49.3 20.1 14.2 36.1 109.5 71.4 598.3 203.1 45.8 4.7 74.4 26.9 5.0 79.9 58.4 52.1 22.7 14.8 38.1 123.7 80.6 675.5 229.3 51.7 4.9 78.0 27.9 Term Loan 8.25% 3/31/2042 602.2 602.2 589.3 Term Loan Prime plus 2.75% 3/31/2027 Term Loan Prime plus 2.75% 3/31/2027 Term Loan Prime plus 2.75% 3/31/2042 Term Loan Prime plus 2.75% 3/30/2042 Term Loan Prime plus 2.75% 3/30/2042 115.3 39.8 506.4 233.9 216.7 115.3 39.8 506.4 233.9 216.7 119.7 41.4 571.8 264.1 244.7 — % 0.02 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.03 % 0.02 % 0.17 % 0.06 % 0.01 % — % 0.02 % 0.01 % 0.15 % 0.03 % 0.01 % 0.14 % 0.07 % 0.06 % F-106 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham Discount Price, LLC dba Robert's Market Douglas K. Soderblom . dba Loma Linda Optometry H and H Hotshot Services, Inc. dba AA Hotshot & Logistics New England Country Day School, Inc. and Thomas D. Walker Heil & Hornik LLC dba Elysium Tennis Color Graphic Press, Inc. JBK Truck Trailer and Bus Inc. Denton Bio Fuels LLC and American Bio Source LLC Executive Fitness & Nutrition Inc. Baton Rouge Cargo Services Inc. and 6507 Westport, LLC The Purple Cow House of Pancake Inc Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. 1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa Dwayne Bernard Tate Elegant Occasions, LLC dba E Productions Anthony LLC dba Star of Woodward Market Podium Auto Sales Inc and RRS Property, LLC Weeping Willow Kennels, Inc and Aileen N Black Getting Even LLC dba The Zoo Health Club (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1221 Kentucky Mills Dr, Louisville, KY 40299 2 Hill Rd, Franklin, NH 03235 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 5455 N 51st St., # 30, Glendale, AZ 85301 27 Kenosia Ave, Danbury, CT 06810 7637 C. Commerce Place, Plain City, OH 43064 42 Main St., Nyack, NY 10960 8669 South State Rd 67, Camby, IN 46113 624 W. University Dr. Ste 359, TX, TX 76201 8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372 6507 Westport Ave, Shreveport, LA 71129 6 & 10 Skowhegan Rd, Fairfield, ME 04937 Accommodation Term Loan Prime plus 2.75% 3/29/2042 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2042 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2027 Couriers and Messengers Term Loan Prime plus 2.75% 3/29/2030 Social Assistance Amusement, Gambling, and Recreation Industries Printing and Related Support Activities Repair and Maintenance Waste Management and Remediation Services Amusement, Gambling, and Recreation Industries Truck Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2042 Term Loan Prime plus 2.75% 3/27/2042 Term Loan Prime plus 2.75% 3/23/2027 Term Loan Prime plus 2.75% 3/23/2042 Term Loan Prime plus 2.75% 3/23/2027 Term Loan Prime plus 2.75% 3/23/2027 Term Loan Prime plus 2.75% 3/22/2042 Term Loan Prime plus 2.75% 3/16/2042 968.2 189.0 61.5 58.3 345.9 851.2 73.8 81.3 40.0 12.4 585.2 65.2 968.2 189.0 61.5 58.3 345.9 851.2 73.8 81.3 40.0 12.4 585.2 65.2 1,093.1 213.4 64.3 62.5 390.5 961.0 77.9 91.8 41.9 13.1 660.6 73.6 0.27 % 0.05 % 0.02 % 0.02 % 0.10 % 0.24 % 0.02 % 0.02 % 0.01 % — % 0.16 % 0.02 % 5880 US Hwy6, Portage, IN 46368 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027 203.6 203.6 215.0 0.05 % 6510 North Broadway, Saint Louis, MO 63147 1238 Woodcliff Court SW, Lilburn, GA 30047 3650 Coral Ridge Dr Units 103- 104, Coral Springs, FL 33065 5730 Woodward Ave, Detroit, MI 48202 246 S. Dixie Hwy, Pompano Beach, FL 33060 6041 Hammond School Rd, Salisbury, MD 21804 377 South Willow St. Unit B2-1, Manchester, NH 03103 Truck Transportation Term Loan Prime plus 2.75% 3/13/2027 385.2 385.2 400.1 0.10 % Truck Transportation Term Loan Prime plus 2.75% 3/10/2027 Personal and Laundry Services Term Loan Prime plus 2.75% 3/10/2042 Food and Beverage Stores Term Loan Prime plus 2.75% 3/9/2042 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/3/2042 Personal and Laundry Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2042 Term Loan Prime plus 2.75% 2/28/2027 6.4 555.1 105.7 83.2 128.1 58.4 6.4 555.1 105.7 83.2 128.1 58.4 6.8 626.7 119.3 93.9 144.6 61.1 — % 0.16 % 0.03 % 0.02 % 0.04 % 0.02 % F-107 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) McNally Enterprises Inc. Teracore Inc. B & J Bicycle Shop Inc. 3W Enterprises LLC TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant Ameritube, LLC and Ravone Properties, LLC Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC Marvic Enterprises Inc dba Jordan's Liquor Maximo Canot dba Wash and Dry Laundrymat (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Harrison Logging Company LLC (#,^) 8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. (#,^) DBMS Consulting, Inc. Chidlren's House Learning, Inc and Tarps Investment Group Fave Realty Inc. (#,^) (#,^) (#,^) (#,^) SRC Publishing LLC Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. Jolibe LLC and Jolibe Atelier LLC Eickmann Management Group LLC dba Jimmy Johns of Dundee (#,^) Fullbro Trust dba Menemsha Blues (#,^) (#,^) (#,^) Echelon Enterprises, Inc (#,^) 1010 N. Grove St., Anaheim, CA 92806 3300 Holcomb Bridge Rd, Ste 226, Norcross, GA 30092 1620 E. Sample Rd, Pompano Beach, FL 33064 2727 Industrial Pkwy, Elkhart, IN 46516 2235 S. Power Rd Ste 118, Mesa, AZ 85209 1000 North State. Hwy 77, Hillsboro, TX 76645 2808 Court St., Port Allen, LA 70767 199 Taunton Ave, East Providence, RI 02914 34 Morningside Ave, Yonkers, NY 10703 127 Legate Rd, Indian Mound, TN 37079 174-176 Mountain Ave, Springfield, NJ 07081 164 West 83rd St. Units 1F/1P, New York, NY 10024 720 Wilbraham Rd, Springfield, MA 01109 1875 Grand Ave, Baldwin, NY 11510 8690 Waterford Bend St., Las Vegas, NV 89123 Personal and Laundry Services Professional, Scientific, and Technical Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Textile Product Mills Food Services and Drinking Places Term Loan Prime plus 2.75% 2/27/2027 Term Loan Prime plus 2.75% 2/27/2027 Term Loan Prime plus 2.75% 2/24/2027 Term Loan Prime plus 2.75% 2/24/2042 Term Loan Prime plus 2.75% 2/24/2027 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/14/2042 Truck Transportation Term Loan Prime plus 2.75% 2/10/2042 Food and Beverage Stores Term Loan Prime plus 2.75% 2/10/2042 Personal and Laundry Services Term Loan Prime plus 2.75% 2/10/2042 Forestry and Logging Term Loan Prime plus 2.75% 2/9/2027 Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/7/2042 Term Loan Prime plus 2.75% 2/1/2042 Social Assistance Term Loan Prime plus 2.75% 1/31/2042 Term Loan Prime plus 2.75% 1/30/2042 Real Estate Securities, Commodity Contracts, and Other Financial Investments and Related Activities 5245 Bucks Bar Rd, Placerville, CA 95667 357 w 36th #401, New York, NY 10018 568 Techumseh St., Dundee, MI 48131 Beverage and Tobacco Product Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2027 Term Loan Prime plus 2.75% 1/17/2027 2 Basin Rd, Chilmark, MA 02535 Miscellaneous Store Retailers 16701 E. Iliff Ave, Aurora, CO 80013 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 1/13/2027 Term Loan Prime plus 2.75% 1/10/2027 F-108 See accompanying notes to consolidated financial statements. 39.1 99.3 3.8 59.3 45.6 171.2 226.8 200.4 126.0 65.8 299.8 172.3 293.4 49.8 39.1 99.3 3.8 59.3 45.6 171.2 226.8 200.4 126.0 65.8 299.8 172.3 293.4 49.8 40.8 103.2 4.0 66.9 48.2 193.3 256.0 226.2 142.2 68.9 338.5 194.6 331.3 56.2 0.01 % 0.03 % — % 0.02 % 0.01 % 0.05 % 0.06 % 0.06 % 0.04 % 0.02 % 0.08 % 0.05 % 0.08 % 0.01 % 6.3 59.6 13.5 29.3 6.3 59.6 13.5 29.3 6.6 63.0 14.2 30.9 — % 0.02 % — % 0.01 % Term Loan Prime plus 2.75% 1/27/2027 13.5 13.5 14.0 — % Term Loan 8.25% 1/19/2030 203.5 203.5 198.5 0.05 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Metropolitan Solutions Group Inc. Techni-Pro Institute LLC Sempco, Inc. New Chicago Wholesale Bakery, Inc. Allied Welding Inc. Elita 7, LLC Trison Enterprises Inc.dba Lee's Automotive Wayfarer Bicycle LLC Roast Beef Levittown LLC dba Arby's Mack Team Enterprises Inc.dba The UPS Store #6815 eCommerce Direct, LLC Recycling Revolution,LLC New Life Hospital LLC Hanson's Greeks LLC The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC Quick Ship, LLC Imaginarium Foods LLC, Access Staffing, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#) (#) (#,^) (#,^) Usman Jalil, LLC dba Food Mart (#) WPN Recycling Company LLC (#,^) CRK Mens, LLC dba Spiff for Men (#,^) 1420 Chestnut St., Portsmouth, VA 23704 414 NW 35th St., Boca Raton, FL 33431 51 -55 Lake St. Unit #2-6, Nashua, NH 03060 795 Touhy Ave, Elk Grove Village, IL 60007 1820 N. Santa Fe Ave, Chillicothe, IL 61523 16 Marble St., Worcester, MA 01603 13281 Aurora Ave N, Seattle, WA 98311 118-120 Ocean Ave, New London, CT 06320 2080 Hempstead Turnpike, East Meadow, NY 11554 38200 Ave of the States, Fort Gordon, GA 30905 3440 Gannett Ave, Des Moines, IA 50321 4190 Collins Rd, Unadilla, GA 31091 17400 Red Oak Dr, Houston, TX 77090 8132 N. 87th Place, Ste A, Scottsdale, AZ 85258 29291 Amerihost Dr, Dowagiac, MI 49047 1 Pebble Wood Lane, Palm Coast, FL 32164 448 W. 19th St, Houston, TX 77008 751 N. Cable Rd, Lima, OH 45805 360 Lexington Ave 8th Floor, New York, NY 10017 147 N Washington St., Plainville, CT 06062 5101 Andard Ave, Baltimore, MD 21226 750 Third Ave, New York, NY 10017 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2041 Educational Services Term Loan Prime plus 2.75% 12/15/2026 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041 Food Manufacturing Fabricated Metal Product Manufacturing Nursing and Residential Care Facilities Repair and Maintenance Sporting Goods, Hobby, Musical Instrument, and Book Stores Food Services and Drinking Places Couriers and Messengers Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Hospitals Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/15/2041 Term Loan 5.25% 12/15/2041 Term Loan Prime plus 2.75% 12/15/2041 Term Loan Prime plus 2.75% 12/14/2041 Term Loan Prime plus 2.75% 12/13/2041 Term Loan Prime plus 2.75% 12/13/2026 Term Loan Prime plus 2.75% 12/9/2026 Term Loan Prime plus 2.75% 12/9/2026 Term Loan Prime plus 2.75% 12/9/2041 250.4 111.9 38.2 426.1 711.0 669.9 371.1 84.2 125.2 12.0 457.5 81.9 250.4 111.9 38.2 426.1 711.0 669.9 371.1 84.2 125.2 12.0 457.5 81.9 282.7 116.4 43.2 481.0 690.8 756.4 418.9 95.1 131.8 12.6 477.0 92.4 0.07 % 0.03 % 0.01 % 0.12 % 0.17 % 0.19 % 0.10 % 0.02 % 0.03 % — % 0.12 % 0.02 % 0.31 % — % Term Loan Prime plus 2.75% 12/8/2041 1,110.7 1,110.7 1,254.0 Term Loan Prime plus 2.75% 12/8/2026 6.6 6.6 7.0 Accommodation Term Loan 8.25% 12/5/2041 329.5 329.5 322.0 0.08 % Nursing and Residential Care Facilities Couriers and Messengers Food Services and Drinking Places Administrative and Support Services Gasoline Stations Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/30/2041 Term Loan Prime plus 2.75% 11/30/2026 Term Loan Prime plus 2.75% 2/28/2042 Term Loan Prime plus 2.75% 11/29/2026 Term Loan Prime plus 2.75% 11/29/2041 Term Loan Prime plus 2.75% 11/23/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 11/23/2026 63.4 6.1 340.1 717.8 212.3 13.1 61.6 63.4 6.1 340.1 717.8 212.3 13.1 61.6 71.6 6.3 384.0 743.6 239.7 13.8 64.0 0.02 % — % 0.10 % 0.18 % 0.06 % — % 0.02 % F-109 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Broms Asset Management LLC (#,^) JBK Truck Trailer and Bus Inc. (#) Bouquet Restaurant LLC Skaggs RV Outlet LLC Catherine Christine Morin dba Purr-Fect Pets Hoosier Health Plus, LLC MIK LLC dba Firehouse Subs Dyer Properties, LLC and Bayview Pharmacy, Inc. Fine Line Interiors, Inc. 131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero Veracruz Shabo, LLC Waterfalls Quick Lube LLC Glocecol LLC Moolchan Enterprises LLC dba Staying Green Woodstock Enterprises Corp dba True Scent Candle Co Elite Structures Inc Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC Worldwide Estate, Inc. dba Washington Heights Manor Gold Wind Logistics LLC Speaker City, Inc. dba Rollin Thunder Maine Service Corp Justin Partlow (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#) (#,^) (#) (#) (#,^) (#,^) (#,^) (#) (#) (#) (#) Reliable Recovery Services LLC (#) 215 East 79th St. Apt 9E, New York, NY 10075 8669 S. State Rd 67, Camby, IN 46113 519 Main St., Covington, KY 41011 301 Commerce Dr, Elizabethtown, KY 42701 1915 North Austin Ave, Georgetown, TX 78626 520 East 8th St., Anderson, IN 46012 17250 Royalton Rd, Strongsville, OH 44136 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Repair and Maintenance Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2026 Term Loan Prime plus 2.75% 11/22/2041 Term Loan Prime plus 2.75% 11/22/2041 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/21/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 11/17/2026 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 11/15/2026 Prime plus 2.75% 11/9/2026 3844 Post Rd, Warwick, RI 02886 Health and Personal Care Stores 2530 SW 30th Ave, Hallandale Beach, FL 33009 13215 Miles Ave, Cleveland, OH 44105 1325 Broad St., Central Falls, RI 02863 10302 NW South River Dr, Bay #18, Miami, FL 33178 2650 S.W. 154 Ave, Davie, FL 33331 Repair and Maintenance Administrative and Support Services Professional, Scientific, and Technical Services Repair and Maintenance Food Services and Drinking Places 191 2nd Ave, Warwick, RI 02888 Miscellaneous Manufacturing 401 Old Quitman Rd, Abel, GA 31620 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/9/2041 Term Loan Prime plus 2.75% 11/4/2041 Term Loan Prime plus 2.75% 11/3/2041 Term Loan Prime plus 2.75% 11/1/2041 Term Loan Prime plus 2.75% 11/1/2026 Term Loan Prime plus 2.75% 10/31/2026 Term Loan Prime plus 2.75% 10/31/2041 72.5 377.4 88.2 58.2 10.9 50.8 129.7 218.8 56.7 104.0 107.9 43.6 6.3 80.5 72.5 377.4 88.2 58.2 10.9 50.8 129.7 218.8 56.7 104.0 107.9 43.6 6.3 80.5 75.1 426.1 99.5 61.3 11.3 53.5 134.6 247.0 64.0 117.4 121.8 45.9 6.6 90.9 Term Loan Prime plus 2.75% 10/27/2029 160.8 160.8 174.7 200 North Branford Rd, Branford, CT 06405 10620 W. Greenwood Terrace, Milwaukee, WI 53224 2830 Beech Daly Rd, Inkster, MI 48141 246 East Belt Blvd, Richmond, VA 23224 59-22 55th St., Maspeth, NY 11378 100 Independence Place, Ste 414, Tyler, TX 75703 2401 West Mcdowell Rd, Phoenix, AZ 85009 Heavy and Civil Engineering Construction Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/24/2026 Term Loan Prime plus 2.75% 10/21/2041 Truck Transportation Term Loan Prime plus 2.75% 10/20/2041 Electronics and Appliance Stores Merchant Wholesalers, Durable Goods Insurance Carriers and Related Activities Support Activities for Transportation Term Loan Prime plus 2.75% 10/14/2041 Term Loan Prime plus 2.75% 10/13/2026 Term Loan Prime plus 2.75% 10/13/2026 Term Loan Prime plus 2.75% 10/7/2026 243.8 203.5 161.6 113.4 94.1 11.2 64.5 243.8 203.5 161.6 113.4 94.1 11.2 64.5 256.7 229.8 182.4 128.0 99.1 11.6 67.5 F-110 See accompanying notes to consolidated financial statements. 0.02 % 0.11 % 0.02 % 0.02 % — % 0.01 % 0.03 % 0.06 % 0.02 % 0.03 % 0.03 % 0.01 % — % 0.02 % 0.04 % 0.06 % 0.06 % 0.05 % 0.03 % 0.02 % — % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 10/3/2026 Term Loan Prime plus 2.75% 10/3/2026 Term Loan Prime plus 2.75% 9/30/2026 Term Loan Prime plus 2.75% 9/30/2041 20.6 135.9 26.8 124.1 20.6 135.9 26.8 124.1 21.4 141.4 27.8 140.1 Term Loan Prime plus 2.75% 9/28/2041 1,157.4 1,157.4 1,306.7 Wyspen Corporation dba Charlestown Ace Ailky Corporation JJA Transportation Management Inc. Seaway LLC and Reklaw LLC dba Allure Lounge CNC Precision Machine, Inc. CD Game Exchange Inc. Beadon Inc Ridge Road Equestrian LLC dba Ricochet Ridge Ranch TPFC,LLC dbaThe Picture Frame Company Cuppiecakes LLC Wrecking Crew Media LLC Metropet Dog Center, Inc Animal Intrusion Prevention Systems Holding Company, LLC dba Critter Raem Corporation dba Dryclean Express Warren Dale Warrington dba Custom Paint and Body TR Companies LLC dba Liberty Rental 4 U Rosmel Pools Inc Avery Management Inc. dba Whetstone Upholstery 2 Cool Beans LLC dba Menchies's Frozen Yogurt Grayson O Company Paul Belanger dba Paul Belanger Landscaping The Hungry Rhino LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 5 Austin St., Charlestown, MA 02129 352 Beford St., Lakeville, MA 02347 15 Church St., Upland, PA 19015 415 -417 Halsey Dr, Newark, NJ 07102 18360 Industrial Circle, Burton, OH 44021 3719 N Mississippi, Portland, OR 97227 2601 Old Ocean City Rd, Salisbury, MD 21804 24201 North Hwy 1, Fort Bragg, CA 95437 5957 Glenway Ave, Cincinnati, OH 45238 313 S Main St., McGregor, TX 76557 229 Commercial Ave, Pittsburgh, PA 15212 2057 West Shore Rd, Warwick, RI 02889 1362-1366 W. Carrier Pkwy, Grand Prairie, TX 75050 557 West Whitney Rd, Fairport, NY 14450 705 S Market Ave, Fort Pierce, FL 34982 410 N Church Rd, Liberty, MO 64068 9300 NW 25th St. Ste 103, Miami, FL 33172 1122 N Bloulevard, Richmond, VA 23230 11331 Thienes Ave, South El Monte, CA 91733 6509 Newell Ave, Kannapolis, NC 28082 2595 Military Ave, Los Angeles, CA 90064 47 South Main St., Windsor Locks, CT 06096 Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Transit and Ground Passenger Transportation Food Services and Drinking Places Fabricated Metal Product Manufacturing Merchant Wholesalers, Durable Goods Food and Beverage Stores Support Activities for Agriculture and Forestry Miscellaneous Store Retailers Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Term Loan 8.25% 9/28/2026 Term Loan Prime plus 2.75% 9/28/2026 Term Loan Prime plus 2.75% 9/26/2026 Term Loan Prime plus 2.75% 9/26/2041 Term Loan Prime plus 2.75% 9/21/2041 Term Loan Prime plus 2.75% 9/21/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041 Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2041 Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 Term Loan Prime plus 2.75% 8/25/2026 Term Loan Prime plus 2.75% 8/11/2026 Repair and Maintenance Food Services and Drinking Places Merchant Wholesalers, Durable Goods Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026 Real Estate Term Loan Prime plus 2.75% 7/29/2041 F-111 See accompanying notes to consolidated financial statements. 0.01 % 0.04 % 0.01 % 0.03 % 0.32 % — % — % — % 0.01 % 0.01 % — % 0.02 % 0.02 % 0.03 % 0.01 % — % — % 0.01 % 0.16 % — % 0.02 % 111.3 0.03 % 3.5 12.7 5.1 53.0 20.3 16.0 98.6 76.0 65.3 91.2 27.5 11.7 5.7 39.9 3.5 12.7 5.1 53.0 20.3 16.0 98.6 76.0 65.3 91.2 27.5 11.7 5.7 39.9 3.4 13.3 5.3 59.9 22.9 16.6 78.8 73.7 103.0 28.4 12.1 5.9 41.2 8.3 68.5 8.3 68.5 8.6 77.4 Term Loan Prime plus 2.75% 8/10/2041 563.0 563.0 635.6 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) USA General Investment LLC dba Braniff Paint and Body Shop (#) Little Tree Huggers Child Care LLC (#) 303 Tower Drive LLC 676 Club LP dba The Green Door Tavern/The Drifter Intrepid Trinity LLC EPEC Juice LLC dba Jamba Juice JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar My Sainath Inc dba Motel 6 Robert G Larson State Farm Insurance Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop Franklin Firm LLC dba Luv 2 Play Martin Inventory Management LLC P L H Pharmaco Inc dba Farmacia San Jose Desert Tacos LLC VMA Technologies LLC Corning Lumber Company Inc and Frank R Close and Son Inc WGI, LLC dba Williams Grant Inn O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc Island Time Investments, LLC dba Swantown Inn Bed & Breakfast Visual Advantage LLC dba Signs Now Perryberg (#) (#) (#) (#) (#) (#) (#) (#) (#,^) (#) (#) (#) (#) (#) (#) (#) (#) (#) 2290 NW 21st Terrace, Miami, FL 33142 38620 9 Mile Rd, Farmington Hills, MI 48335 303 Tower Dr, Ste A, Middletown, NY 10941 676 and 678 North Orleans ST, Chicago, IL 60654 680 Douglas Ave, Providence, RI 02908 810 Ninth St., Ste 128, Durham, NC 27705 1 West Main St., Patchogue, NY 11772 1008 E Crest Dr, Waco, TX 76705 7922 Jamaica Ave, Woodhaven, NY 11421 1502 Hwy 157, Mansfield, TX 76063 1310 East Stan Schleuter Loop, Killeen, TX 76542 304 1/2 Main St., Edgefield, SC 29824 149 48th St., Union City, NJ 07087 245 East Bell Rd Ste A-2, Phoenix, AZ 85022 120 South Serenata Dr Unit 332, Ponte Vedra Beach, FL 32082 1314 Sixth St., Orland, CA 95963 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026 Social Assistance Term Loan Prime plus 2.75% 7/29/2041 Repair and Maintenance Food Services and Drinking Places Nonstore Retailers Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 7/29/2041 Term Loan Prime plus 2.75% 7/28/2041 Term Loan Prime plus 2.75% 7/28/2041 Term Loan Prime plus 2.75% 7/27/2026 Term Loan Prime plus 2.75% 7/27/2026 Accommodation Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/22/2041 Term Loan Prime plus 2.75% 7/22/2026 Miscellaneous Store Retailers Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Durable Goods Health and Personal Care Stores Food Services and Drinking Places Professional, Scientific, and Technical Services Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/18/2026 Term Loan Prime plus 2.75% 7/15/2041 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Prime plus 2.75% 6/30/2029 154 High St., Bristol, RI 02809 Accommodation Term Loan Prime plus 2.75% 6/29/2041 626 Delsea Dr N, Glassboro, NJ 08028 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026 1431 11th Ave SE, Olympia, WA 98501 23248 Dunbridge Rd, Perrysburg, OH 43443 Accommodation Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/24/2041 Term Loan Prime plus 2.75% 6/23/2041 12.3 125.8 359.8 622.6 56.2 45.7 72.8 282.9 12.3 8.6 41.2 13.3 86.2 54.6 12.1 133.6 110.3 75.5 90.8 81.8 12.3 125.8 359.8 622.6 56.2 45.7 72.8 282.9 12.3 8.6 41.2 13.3 86.2 54.6 12.1 133.6 110.3 75.5 90.8 81.8 12.8 142.1 406.2 702.9 63.4 47.2 75.2 319.4 12.7 8.9 46.5 14.0 90.5 57.3 12.6 145.4 124.6 — % 0.04 % 0.10 % 0.17 % 0.02 % 0.01 % 0.02 % 0.08 % — % — % 0.01 % — % 0.02 % 0.01 % — % 0.04 % 0.03 % 78.8 0.02 % 102.5 92.4 0.03 % 0.02 % F-112 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Long Island Comedy LLC dba Governors and New York Comedy, LLC Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy (#) (#,^) Bagelicious, LLC Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Jai-Alexia Consulting, Inc. Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares Luv 2 Play AZ LLC Refoleen Inc dba Spice and Tea Exchange Larry H. Patterson and Rainbow Movers, Inc AP5 LLC dba Krauser's Food Store ATI Jet Inc Angelo Faia dba AVF Construction Premier Athletic Center of Ohio, Inc Southwest Division Inc Jack Frost Firewood Inc. and David Dubinsky International Kitchen Supply LLC Island Life Graphics Inc dba FASTSIGNS #576 Powerspec Inc Horseshoe Barbecue, LLC Elderfriend Inc dba Granny Nannies dba GN Live Scan HBA LLC dba Palmetto Twist- Vista (#) (#) (#) (#) (#) (#) (#) (#) (#) (#,^) (#) (#) (#) (#) (#) (#) (#) (#) (#) 27 Main St., Monroe, CT 06468 945 S Main St, Cheshire, CT 06410 377 Boston Post Rd, Milford, CT 06460 14660 Paddock Dr, Wellington, FL 33414 1137 West St., Southington, CT 06489 15495 Bell Rd, Surprise, AZ 85374 849 East Commerce St., Ste 121, San Antonio, TX 78205 2325 Hollers Ave, Bronx, NY 10475 5 Pond Point Rd, Milford, CT 06460 7007 Boeing Dr, El Paso, TX 79925 55 Arbour Lane, Sewell, NJ 08080 8957 Kingsridge Dr, Centerville, OH 45459 2103 NE 3rd Terrace, Cape Coral, FL 33909 3168 Holland Rd, Virginia Beach, VA 23453 3466 North Hwy 11, West Union, SC 29696 1410 E. Oak St., Fernandina Beach, FL 32034 1 Linsley Place, Metuchen, NJ 08840 6555, 6565, 6575 N. Sandario Rd, Tucson, AZ 85743 1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 33486 1225-1229 Lincoln St., Columbia, SC 29201 90 A Division Ave, Levittown, NY 11756 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041 173.5 173.5 195.9 0.05 % Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041 Term Loan Prime plus 2.75% 6/17/2026 447.0 29.4 447.0 29.4 504.6 30.6 0.12 % 0.01 % Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026 273.7 273.7 285.3 0.07 % Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026 6.4 6.4 6.6 — % Social Assistance Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026 Term Loan Prime plus 2% 6/15/2041 457.4 457.4 516.3 Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026 Truck Transportation Term Loan Prime plus 2.75% 6/6/2026 Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041 Air Transportation Term Loan Prime plus 2.75% 5/31/2026 Construction of Buildings Amusement, Gambling, and Recreation Industries Heavy and Civil Engineering Construction Building Material and Garden Equipment and Supplies Dealers Merchant Wholesalers, Durable Goods Miscellaneous Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 5/27/2041 Term Loan Prime plus 2.75% 5/27/2026 Term Loan Prime plus 2.75% 5/26/2026 Term Loan Prime plus 2.75% 5/26/2041 Term Loan Prime plus 2.75% 5/25/2026 Term Loan Prime plus 2.75% 5/24/2026 Term Loan Prime plus 2.75% 5/24/2026 Term Loan Prime plus 2.75% 5/23/2029 Social Assistance Term Loan Prime plus 2.75% 5/20/2026 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2026 F-113 See accompanying notes to consolidated financial statements. 40.0 46.5 12.1 173.8 307.3 89.8 46.4 4.4 184.6 119.9 11.9 46.1 5.1 6.8 10.3 40.0 46.5 12.1 173.8 307.3 89.8 46.4 4.4 184.6 119.9 11.9 46.1 5.1 6.8 10.3 42.0 48.5 12.6 196.2 321.3 101.4 48.7 4.6 208.4 125.4 12.4 48.0 5.5 7.0 10.7 0.13 % 0.01 % 0.01 % — % 0.05 % 0.08 % 0.03 % 0.01 % — % 0.05 % 0.03 % — % 0.01 % — % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Dedicated Incorporated (#) FJN Catering Inc Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano (#) (#) Sabir Inc. dba Bear Diner Marc S. Rosenberg P.C. dba Mammuth and Rosenberg Warner Home Comfort, LLC dba Smith Piping Hard Exercise Works Winter Park LLC (#) (#) (#) (#) Alpha Omega Trucking LLC Empowerschool LLC and Empower Autism Academy, LLC (#) (#) Loriet LLC Costume World Inc Accent Comfort Services, LLC Automotive Core Recycling, LLC and 828 Old Colony Road, LLC AAA Mill Direct, Inc. dba Carpet Mill Outlets KNS Early Learning Academy LLC Waterfalls Quick Lube LLC and Veracruz Shabo LLC Vehicle Safety Supply LLC Dana A. Farley dba Independent Cabinets Christian Soderquist dba Soderquist Plumbing and Heating LLC Cameo Carter, MD A Professional Corporation dba The Garden Pediatric MTS Car Service LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 2916 North 39th St., Phoenix, AZ 85019 106 Main St., Mineola, NY 11951 11 Kirby Rd, Cromwell, CT 06419 603 Pulaski Hwy, Bear, DE 19701 401 East City Ave Ste 122, Bala Cynwyd, PA 19004 1571 Canton Rd., NW, Carrollton, OH 44615 11551 University Blvd, Ste. 4C Building 1, Orlando, FL 32817 14432-52 State Line Rd, Brookings, OR 97415 1250 South A. W. Grimes Rd, Round Rock, TX 78665 5001 Vivienda Way, Sarasota, FL 34235 950 South Federal Hwy, Deerfield Beach, FL 33441 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 27-29 Cooper St., Meriden, CT 06053 1 North Armistead Ave, Hampton, VA 23669 57 Merritt St. SE, Marietta, GA 30060 1325 Broad St., Central Falls, RI 02863 15 East 72nd St., Ste 14-H, New York, NY 10021 5805 NE Minder Rd, Poulsbo, WA 98370 Administrative and Support Services Food Services and Drinking Places Social Assistance Food Services and Drinking Places Professional, Scientific, and Technical Services Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/18/2041 Term Loan Prime plus 2.75% 5/13/2041 Term Loan Prime plus 2.75% 5/12/2041 Term Loan Prime plus 2.75% 5/11/2041 Term Loan Prime plus 2.75% 4/29/2026 Term Loan Prime plus 2.75% 4/29/2041 Term Loan Prime plus 2.75% 4/29/2026 Truck Transportation Term Loan Prime plus 2.75% 4/29/2041 Term Loan Prime plus 2.75% 4/29/2041 Term Loan Prime plus 2.75% 4/29/2026 41.6 234.1 118.6 110.8 11.7 73.7 21.2 157.1 135.7 3.9 41.6 234.1 118.6 110.8 11.7 73.7 21.2 157.1 135.7 3.9 47.0 264.3 133.9 125.1 12.2 83.2 22.1 177.4 153.2 4.1 Social Assistance Merchant Wholesalers, Nondurable Goods Clothing and Clothing Accessories Stores Merchant Wholesalers, Durable Goods Furniture and Home Furnishings Stores Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026 46.9 46.9 48.9 Term Loan Prime plus 2.75% 4/28/2041 1,153.3 1,153.3 1,302.1 Term Loan Prime plus 2.75% 4/22/2041 223.3 223.3 252.1 0.06 % Social Assistance Term Loan Prime plus 2.75% 4/6/2041 Term Loan Prime plus 2.75% 4/21/2026 4.1 45.6 4.1 45.6 4.3 51.5 Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041 245.9 245.9 277.6 0.01 % 0.07 % 0.03 % 0.03 % — % 0.02 % 0.01 % 0.04 % 0.04 % — % 0.32 % 0.01 % — % 0.01 % 0.07 % — % 0.02 % Motor Vehicle and Parts Dealers Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2026 Term Loan Prime plus 2.75% 3/31/2041 7 Oak Dr, Sandy Hook, CT 06482 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041 101 East Redlands Blvd., Ste 106, Redlands, CA 92373 9 Gibson Court Apt# 1, Norwalk, CT 06854 Ambulatory Health Care Services Term Loan Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/31/2026 Prime plus 2.75% 3/30/2026 F-114 See accompanying notes to consolidated financial statements. 11.5 57.5 50.6 38.4 5.4 11.5 57.5 50.6 38.4 5.4 12.0 64.9 57.1 0.01 % 40.0 5.6 0.01 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Gordon Rogers and Heidi Rogers dba Stone House Motor Inn Wyldewood Cellars, Inc. Barrocas Gym LLC dba Snap Fitness Marathon Engineering Corporation Revolution Physical Therapy LLC dba Apex Network Physical Therapy ActKnowledge, Inc Precious Care LLC and Precious Care Management LLC Kekoa Enterprises Inc dba Signarama Sandy Taylors Zinn Enterprises Inc dba Eons Auto Care Inc Brian T Rice dba BD Logging R & D Enterprises Inc dba My Pool Man Mustafa Inc and Raouf Properties LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Dupre Capital LLC dba Fastsigns (#) Step Up Academy of the Arts LLC Faith Summit Supply Inc dba Summit Supply and Summit True Value (#) (#) Swerve Salon LLC J & W Hardwood Flooring Inc Living Essentials HVAC Corp The River Beas, LLC dba Subway and Punam Singh Drug Detection Laboratories, Inc. and Minh Tran Aaradhya LLC dba Market Square Laundry Ei3 Corporation (#) (#) (#) (#) (#) (#) (#) 162 Danielson Pike, Foster, RI 02825 951 East 119th St, Mulvane, KS 67120 260 West Main St., Avon, CT 06001 5615 2nd St. W, Lehigh Acres, FL 33971 2705 Dougherty Ferry Rd Ste 104, St. Louis, MO 63122 365 5th Ave, New York, NY 10016 186-06 Union Turnpike, Fresh Meadows, NY 11364 8942 South 700 East, Sandy, UT 84070 330 West Harden St., Graham, NC 27253 800 3rd St Apt B, St Marys, WV 26170 291 North Texas Ave., Orlando, FL 32805 3538 Pin Oak Dr, San Antonio, TX 78229 215 Quartermaster Court, Jeffersonville, IN 47130 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 8584 US Business Hwy 277, Haskell, TX 79521 1419 N Wells St., Chicago, IL 60610 14967 Madison St, Brighton, CO 80602 42 West St., Apt 24, Randolph, MA 02368 5516 Baltimore Ave, Hyattsville, MD 20781 9700 Business Park Dr, Sacramento, CA 95827 7727 Crittenden St., Philadelphia, PA 19118 136 Summit Ave, Montvale, NJ 07645 Accommodation Beverage and Tobacco Product Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/30/2026 Term Loan Prime plus 2.75% 3/30/2041 Term Loan Prime plus 2.75% 3/29/2026 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/28/2041 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026 11.7 932.5 9.6 40.1 11.7 64.1 11.7 12.2 — % 932.5 1,052.8 0.26 % 9.6 40.1 11.7 64.1 10.0 45.3 12.2 67.1 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2026 Prime plus 2.75% 3/21/2026 272.6 272.6 283.5 — % 0.01 % — % 0.02 % 0.07 % 0.01 % 0.02 % — % 0.01 % 0.02 % 0.01 % — % — % 0.01 % — % — % — % 0.01 % 0.04 % 25.4 72.2 0.9 25.6 66.7 29.9 4.1 11.5 40.5 3.8 7.6 25.4 72.2 0.9 25.6 66.7 29.9 4.1 11.5 40.5 3.8 7.6 26.4 81.5 1.0 26.6 75.4 31.1 4.3 12.1 42.1 4.0 7.9 10.0 39.0 10.0 39.0 10.4 40.6 Repair and Maintenance Term Loan Prime plus 2.75% 3/18/2041 Forestry and Logging Administrative and Support Services Term Loan Prime plus 2.75% 3/17/2026 Term Loan Prime plus 2.75% 3/15/2026 Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026 Educational Services Term Loan Prime plus 2.75% 3/9/2026 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026 Term Loan Prime plus 2.75% 2/28/2026 Specialty Trade Contractors Food Services and Drinking Places Personal and Laundry Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026 Term Loan Prime plus 2.75% 2/23/2026 F-115 See accompanying notes to consolidated financial statements. Term Loan Prime plus 2.75% 2/28/2041 120.3 120.3 135.8 0.03 % Term Loan Prime plus 2.75% 2/12/2026 164.7 164.7 172.5 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Gilmore Heights Dental Holdings, LTD and Chas Rob LLC Jersey Shore Marina & Boat Sales, Inc. Wildflour Bakery & Cafe LLC Dolarian Realty LLC and OV's Restaurant Inc Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt MCF Forte LLC Panditos LLC dba White Lotus Home 800 on the Trax LLC and Matrix Z LLC Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc Joyce Outdoor Advertising Chicago LLC Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Hattingh Incorporated dba Prosthetic Care Facility Accent Tag and Label Inc Trip Consultants U.S.A. Inc. Sourceco Limited Liability Company (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Abitino's JFK LLC dba Abitino's (#) JAG Unit 1, LLC Swalm Street LLC and New York Home Health Care Equipment LLC Moments to Remember USA LLC dba Retain Loyalty New York Home Health Care Equipment, LLC Basista Family Limited Partnership and UPE, Inc. (#) (#) (#) (#) (#) 2250 Warrensville Center Rd, University Heights, OH 44118 841 Route 70 East, Brick, NJ 08724 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 34 Old Colony Ave, East Taunton, MA 02718 1196 Inverness Lane, Stow, OH 44224 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 431 Raritan Ave, Highland Park, NJ 08904 800 SW 21st Terrace, Fort Lauderdale, FL 33312 24201 North Hwy 1, Fort Bragg, CA 95437 2443 West 16th St., Chicago, IL 60608 8957 Kingsridge Dr, Centerville, OH 45459 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 2201 Rittenhouse St, Des Moines, IA 50321 311 85th St., Brooklyn, NY 11209 17 Palmer Ave, West Long Branch, NJ 07764 Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430 1 West Main St., Patchogue, NY 11772 30 Hopper St., Westbury, NY 11590 1250 Sanders Ave SW, Massillon, OH 44646 30 Hopper St., Westbury, NY 11590 3401 Brecksville Rd, Richfield, OH 44286 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus 2.75% 2/12/2029 Prime plus 2.75% 2/12/2041 Prime plus 2.75% 1/28/2026 Prime plus 2.75% 1/5/2041 Food and Beverage Stores Food Services and Drinking Places Miscellaneous Manufacturing Nonmetallic Mineral Product Manufacturing Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/29/2025 Term Loan Prime plus 2.75% 12/29/2025 Term Loan Prime plus 2.75% 12/28/2025 Term Loan Prime plus 2.75% 12/23/2040 Term Loan Prime plus 2.75% 12/23/2040 Term Loan Prime plus 2.75% 12/22/2040 204.8 384.0 31.0 60.1 54.7 9.1 7.7 228.7 90.7 266.7 204.8 384.0 31.0 60.1 54.7 9.1 7.7 228.7 90.7 266.7 221.1 433.6 32.4 67.9 56.9 9.5 8.0 258.2 102.4 301.1 0.05 % 0.11 % 0.01 % 0.02 % 0.01 % — % — % 0.06 % 0.03 % 0.07 % Term Loan Prime plus 2.75% 12/22/2028 570.8 570.8 616.5 0.15 % Term Loan Ambulatory Health Care Services Term Loan Printing and Related Support Activities Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 12/21/2025 8.8 8.8 9.1 Prime plus 2.75% 12/18/2040 586.6 586.6 662.2 Prime plus 2.75% 12/18/2025 6.5% 12/17/2025 Prime plus 2.75% 12/16/2022 80.8 21.8 26.8 80.8 21.8 26.8 83.8 21.5 27.0 Prime plus 2.75% 12/16/2025 130.3 130.3 135.1 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan 7.5% 12/16/2040 Prime plus 2.75% 12/16/2025 Ambulatory Health Care Services Term Loan Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/16/2025 Prime plus 2.75% 12/14/2040 360.0 45.3 496.4 303.0 360.0 45.3 496.4 303.0 352.6 47.2 518.3 342.1 F-116 See accompanying notes to consolidated financial statements. — % 0.16 % 0.02 % 0.01 % 0.01 % 0.03 % 0.09 % 0.01 % 0.13 % 0.08 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) DC Enterprises Ltd. dba Lakeview True Value LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC DWeb Studio, Inc. Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy S.B.B. Enterprises Inc dba Williamston Hardware (#) (#) (#) (#) (#,^) Financial Network Recovery Inc (#,^) ADMO Inc dba Mid States Equipment (#,^) R.H. Hummer Jr., Inc. Barub Realty LLC and Barub LLC dba Woodlawn Cabinets Binky's Vapes LLC Greensward of Marco Inc. RIM Investments LLC and RIM Architects LLC Daniel W. Stark dba Mountain Valley Lodge and RV Park Prestigious LifeCare for Seniors LLC St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn Finish Strong Inc dba FASTSIGNS St Peters Sound Manufacturing Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Vanderhoof LLC dba Soxfords (#,^) MiJoy Inc dba Imo's Pizza Naeem Khan LTD FirstVitals Health and Wellness Inc (#,^) (#,^) (#,^) 318 North F St., Lakeview, OR 97630 880 Lowcountry Blvd, Mount Pleasant, SC 29464 10800 E. Bethany Dr, Ste 275, Aurora, CO 80014 3105 NW 107 Ave Ste 102, Doral, FL 33172 139 S Putnam St., Williamston, MI 48895 250 E Easy St. Ste 1, Simi Valley, CA 93065 16180 Westwoods Business Park, Ellisville, MO 63021 2141 P Ave, Williamsburg, IA 52361 1838 Adee Ave, Baychester, NY 10469 10539 Greenbelt Rd Ste 102, Lanham, MD 20706 54 Marco Lake Dr, Marco Island, FL 34146 645 G St. Ste 400, Anchorage, AK 99501 223 Hwy 80, Rodeo, NM 88056 5701 North Pine Island Rd, Tamarac, FL 33321 10 West Orvis St., Massena, NY 13662 98 North Hillview Dr, St Peters, MO 63376 51 Donnelley Rd, Old Saybrook, CT 06475 11 Sellecks Walk, Pound Ridge, NY 10576 215 South Kirkwood Rd, Kirkwood, MO 63122 260 West 36h St., New York, NY 10018 521 Ala Moana Blvd. Ste 261, Honolulu, HI 96813 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025 Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040 Educational Services Term Loan Prime plus 2.75% 11/25/2025 Term Loan Prime plus 2.75% 11/20/2025 Term Loan Prime plus 2.75% 11/19/2040 Term Loan Prime plus 2.75% 10/26/2025 Term Loan Prime plus 2.75% 10/8/2025 10.9 444.7 5.4 42.7 95.8 18.8 10.5 10.9 444.7 5.4 42.7 95.8 18.8 10.5 11.4 502.0 5.6 44.3 108.1 19.4 10.9 Term Loan Prime plus 2.75% 9/30/2025 187.1 187.1 195.4 Term Loan Prime plus 2.75% 9/30/2040 Term Loan Prime plus 2.75% 9/30/2025 Term Loan Prime plus 2.75% 9/28/2040 80.3 10.3 77.6 80.3 10.3 77.6 90.6 10.7 87.6 Term Loan Prime plus 2.75% 9/28/2040 350.5 350.5 395.7 Health and Personal Care Stores Building Material and Garden Equipment and Supplies Dealers Administrative and Support Services Plastics and Rubber Products Manufacturing Truck Transportation Furniture and Home Furnishings Stores Miscellaneous Store Retailers Administrative and Support Services Professional, Scientific, and Technical Services Accommodation Term Loan Prime plus 2.75% 9/25/2040 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 11.9 4.5 11.9 4.5 13.4 4.7 Accommodation Term Loan Prime plus 2.75% 9/24/2040 549.1 549.1 619.9 Miscellaneous Manufacturing Fabricated Metal Product Manufacturing Apparel Manufacturing Food Services and Drinking Places Apparel Manufacturing Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/23/2025 Term Loan Prime plus 2.75% 9/21/2025 Term Loan Prime plus 2.75% 9/18/2025 Term Loan Prime plus 2.75% 9/18/2025 Term Loan Prime plus 2.75% 9/17/2025 Term Loan Prime plus 2.75% 9/15/2025 23.0 22.8 4.7 3.8 57.5 79.6 23.0 22.8 4.7 3.8 57.5 79.6 23.7 23.6 4.9 3.9 59.4 82.3 F-117 See accompanying notes to consolidated financial statements. — % 0.12 % — % 0.01 % 0.03 % — % — % 0.05 % 0.02 % — % 0.02 % 0.10 % — % — % 0.15 % 0.01 % 0.01 % — % — % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Term Loan Prime plus 2.75% 8/19/2040 127.0 127.0 143.4 170 Main St., North Kingstown, RI 02852 1250 South A. W. Grimes Rd, Round Rock, TX 78665 13526 Village Park Dr Ste 214, Orlando, FL 32837 40 West. 162nd St, South Holland, IL 60473 136 New Jersey Ave, Absecon, NJ 08201 2472 Broadway, New York, NY 10025 401 S Woodlawn Ave, Bloomington, IN 47401 110 Charleston Dr, Mooresville, NC 28117 322 Evandale Rd, Scarsdale, NY 10583 2304 N College Rd, Wilmington, NC 28405 1906 Vanderhorn Dr, Memphis, TN 38134 702 10th St, Wheatland, WY 82201 211 Washington Ave, Marion, VA 24354 220 Middle St., Franklin, VA 23851 930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451 714-718 Lorenz Ave, Pittsburgh, PA 15220 13886 Campo Rd, Jamul, CA 91935 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040 Social Assistance Term Loan Prime plus 2.75% 9/4/2040 Educational Services Insurance Carriers and Related Activities Food Services and Drinking Places Couriers and Messengers Food Services and Drinking Places Plastics and Rubber Products Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Administrative and Support Services Food and Beverage Stores Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/28/2025 Term Loan Prime plus 2.75% 8/20/2025 Term Loan Prime plus 2.75% 8/14/2025 Term Loan Prime plus 2.75% 8/13/2025 Term Loan Prime plus 2.75% 7/29/2025 Term Loan Prime plus 2.75% 7/21/2025 Term Loan Prime plus 2.75% 7/15/2040 Term Loan Prime plus 2.75% 6/30/2025 Term Loan Prime plus 2.75% 6/30/2030 Term Loan Prime plus 2.75% 8/29/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025 Other Information Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2025 Term Loan Prime plus 2.75% 6/26/2029 Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040 Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc (#,^) Empower Autism Academy Elite Institute LLC dba Huntington Learning Center God Be Glorified Inc dba GBG Inc GDP Gourmet LLC dba Joe and John's Pizza Restaurant Gold Jet Corp. SKJ Inc dba Subway (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) LP Industries Inc dba Childforms (#,^) Free Ion Advisors LLC Murrayville Donuts, Inc dba Dunkin' Donuts Jonathan E Nichols and Nichols Fire and Security LLC Thrifty Market, Inc. dba Thrifty Foods Summit Beverage Group LLC E & G Enterprises LLC dba Comfort Keepers (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) SofRep, Inc dba Force 12 Media (#,^) TJU-DGT Inc dba The Lorenz Cafe Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling CEM Autobody LLC dba Dawn's Autobody Wolf Enviro Interests, LLC and Enviromax Services Inc Ohs Auto Body, Inc. dba Ohs Body Shop Evinger PA One, Inc. dba Postal Annex, Falcon (#,^) (#,^) (#,^) (#,^) (#,^) RJI Services, Inc. (#,^) 123.1 601.8 6.8 23.9 123.1 601.8 6.8 23.9 139.0 679.4 7.1 24.7 34.7 41.7 66.3 28.4 319.9 32.4 193.0 201.9 9.7 34.4 13.4 331.4 118.2 215.0 34.7 41.7 66.3 28.4 319.9 32.4 193.0 201.9 9.7 34.4 13.4 331.4 118.2 215.0 36.0 43.2 69.0 29.3 361.1 33.7 212.3 222.3 10.1 35.6 14.6 374.2 133.4 242.7 0.03 % 0.17 % — % 0.01 % 0.04 % 0.01 % 0.01 % 0.02 % 0.01 % 0.09 % 0.01 % 0.05 % 0.06 % — % 0.01 % — % 0.09 % 0.03 % 0.06 % 0.26 % — % — % Administrative and Support Services 7 Division St, Keyport, NJ 07735 Repair and Maintenance 18002 Mueschke Rd, Cypress, TX 77433 3560 Hwy 93 South, Kalispell, MT 59901 7661 McLaughlin Rd, Falcon, CO 80831 353 E Angeleno Ste G, Burbank, CA 91502 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040 Term Loan Prime plus 2.75% 6/25/2040 Term Loan 7.22% 6/25/2040 1,070.0 1,070.0 1,048.1 Term Loan Prime plus 2.75% 6/24/2025 Term Loan Prime plus 2.75% 6/23/2025 10.0 9.7 10.0 9.7 10.4 10.1 F-118 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Real Help LLC dba Real Help Decorative Concrete KRN Logistics, LLC and Newsome Trucking, Inc Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare AM PM Properties, LLC and AM PM Willington, LLC Mirage Plastering Inc and Mpire LLC and Mpire II LLC Eldredge Tavern LLC dba Gonyea's Tavern ViAr Visual Communications, Inc. dba Fastsigns 281701 Medworxs LLC DTM Parts Supply Inc. XCESSIVE THROTTLE, INC dba Jake's Roadhouse Villela CPA PL Douglas Posey and Sally Watkinson dba Audrey's Farmhouse 15 McArdle LLC and No Other Impressions Inc South Park Properties LLC and Midlothian Hardware LLC Matthew Taylor and Landon Farm LLC Cares Inc dba Dumpling Grounds Day Care Center Diamond Solutions LLC Faramarz Nikourazm dba Car Clinic Center Copper Beech Financial Group LLC Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes Shorr Enterprises Inc dba New Design Furniture Manufacturers (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2221 Broadway St., Buffalo, NY 14212 2262 Hwy 53 W, Jasper, GA 30143 111 N Pompano Beach Blvd., Pompano Beach, FL 33062 1308 Stafford Rd, Storrs Mansfield, CT 06268 1802 W Grant Rd Ste 114, Tucson, AZ 85745 150 Main St., Pascoag, RI 02859 4721 University Way NE, Seattle, WA 98105 10901 W. Toller Dr, Littleton, CO 80127 31 Sageman St, Mount Vernon, NY 10550 5980 Lamar St., Arvada, CO 80003 777 Brickell Ave, Ste 500, Miami, FL 33131 2188 Brunswyck Rd, Wallkill, NY 12589 15 McArdle St., Rochester, NY 14611 4751 147th St., Midlothian, IL 60445 6103 N Church St, Greensboro, NC 27455 4508 Blakiston St., Philadelphia, PA 19136 7845 East Evans Rd. Ste A, Scottsdale, AZ 85260 10707 Shady Trail, Dallas, TX 75220 1223 North Church St., Moorestown, NJ 08057 40 Buzzard Ridge Rd, Sequim, WA 98382 3033 NW 28 St., Lauderdale Lakes, FL 33311 Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025 Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 6/18/2025 Prime plus 2.75% 6/17/2040 23.0 59.2 20.1 75.7 23.0 59.2 20.1 75.7 23.9 61.5 20.9 85.5 Term Loan Prime plus 2.75% 6/12/2040 121.0 121.0 136.6 Specialty Trade Contractors Food Services and Drinking Places Miscellaneous Manufacturing Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/8/2040 Term Loan Prime plus 2.75% 6/5/2025 Term Loan Prime plus 2.75% 6/3/2025 Term Loan 7% 6/2/2025 Term Loan Prime plus 2.75% 5/29/2025 Term Loan Prime plus 2.75% 5/27/2025 Accommodation Printing and Related Support Activities Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/20/2040 Term Loan Prime plus 2.75% 5/15/2040 Term Loan Prime plus 2.75% 5/6/2040 Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040 Social Assistance Merchant Wholesalers, Durable Goods Repair and Maintenance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/1/2040 Term Loan Prime plus 2.75% 4/21/2025 Term Loan Prime plus 2.75% 4/3/2040 Term Loan Prime plus 2.75% 3/30/2025 Accommodation Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2040 Term Loan Prime plus 2.75% 3/27/2025 F-119 See accompanying notes to consolidated financial statements. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 49.1 $ 49.1 $ 26.8 $ 26.8 $ 54.0 $ 54.0 $ 35.4 $ 35.4 $ 3.5 $ 3.8 $ 3.5 $ 3.8 $ 55.4 27.8 56.0 35.0 3.6 3.9 151.5 $ 151.5 $ 171.1 160.3 $ 160.3 $ 180.9 41.6 $ 41.6 $ 87.5 $ 87.5 $ 70.5 $ 70.5 $ 8.0 $ 8.0 $ 63.8 $ 63.8 $ 50.6 $ 50.6 $ 46.9 98.8 79.6 8.3 72.0 52.4 261.3 $ 261.3 $ 295.0 43.1 $ 43.1 $ 44.7 0.01 % 0.02 % 0.01 % 0.02 % 0.03 % 0.01 % 0.01 % 0.01 % 0.01 % — % — % 0.04 % 0.04 % 0.01 % 0.02 % 0.02 % — % 0.02 % 0.01 % 0.07 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Shellhorn and Hill Inc dba Total Fleet Service Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC Zero-In Media Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Loriet LLC Shelton Incorporated dba Mrs. Winners Jaymie Hazard dba Indigo Hair Studio and Day Spa R & R Security and Investigations Inc dba Pardners Lake Buchanan MMS Realty, LLC and Molecular MS Diagnostics LLC (#,^) (#,^) (#,^) Royal Crest Motors LLC Luigi's on Main LLC and Luigi's Main Street Pizza Inc (#,^) (#,^) Pace Motor Lines, Inc. Kingseal LLC dba Desoto Health and Rehab Center (#,^) (#,^) Kiddie Steps 4 You Inc. Grand Blanc Lanes, Inc. and H, H and H, LLC First Prevention and Dialysis Center, LLC Bowlerama Inc The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast Thermoplastic Services Inc and Paragon Plastic Sheet, Inc B.S. Ventures LLC dba Dink's Market Will Zac Management LLC dba Papa John's (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) 501 South Market St, Wilmington, DE 19801 5600 N. River Rd #925, Rosemont, IL 60018 800 James Ave, Scranton, PA 18510 1123 Broadway Ste 704, New York, NY 10010 5001 Vivienda Way, Sarasota, FL 34235 4509 N. Henry Blvd., Stockbridge, GA 30281 2016 Warwick Ave, Warwick, RI 02889 15615 State Route 29, Buchanan Dam, TX 78609 1224 Greenwich Ave, Warwick, RI 02886 769 Amesbury Rd, Haverhill, MA 01830 491 Montauk Hwy, Eastport, NY 11941 1425 Honeyspot Rd Extension, Stratford, CT 06615 475 Nursing Home Dr, Arcadia, FL 34266 1700 West 63rd St., Chicago, IL 60636 5301 S Saginaw Rd, Flint, MI 48507 17940 NW 27th Ave, Miami Gardens, FL 33056 3031 New Castle Ave, New Castle, DE 19720 114-115 Medical Center Ave, Sebring, FL 33870 1700 W 4th St., Dequincy, LA 70633 48649 Hwy 58, Oakridge, OR 97463 2410 West Jefferson St., Ste B, Joliet, IL 60435 Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040 Real Estate Term Loan Prime plus 2.75% 3/27/2025 Professional, Scientific, and Technical Services Data Processing, Hosting, and Related Services Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Term Loan Prime plus 2.75% 3/26/2040 Term Loan Prime plus 2.75% 3/25/2025 Term Loan Prime plus 2.75% 3/24/2025 Term Loan Prime plus 2.75% 3/20/2040 Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040 Food Services and Drinking Places Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Food Services and Drinking Places Truck Transportation Nursing and Residential Care Facilities Social Assistance Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/19/2040 Term Loan Prime plus 2.75% 3/18/2040 Term Loan Prime plus 2.75% 3/16/2040 Term Loan Prime plus 2.75% 3/4/2025 Term Loan Prime plus 2.75% 2/26/2025 Term Loan Prime plus 2.75% 2/26/2040 Term Loan Prime plus 2.75% 2/19/2040 Term Loan Prime plus 2.75% 12/31/2039 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2024 Prime plus 2.75% 12/24/2039 Ambulatory Health Care Services Term Loan Plastics and Rubber Products Manufacturing Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus 2.75% 12/23/2039 Prime plus 2.75% 12/23/2039 Prime plus 2.75% 12/19/2039 6.25% 12/19/2024 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 423.2 $ 423.2 $ 477.8 0.12 % 512.3 $ 512.3 $ 529.5 0.13 % 46.7 $ 46.7 $ 52.8 0.01 % 9.1 $ 4.9 $ 9.1 $ 4.9 $ 9.4 5.0 97.4 $ 97.4 $ 110.0 37.3 $ 37.3 $ 42.2 73.8 $ 73.8 $ 83.4 132.9 $ 132.9 $ 150.0 79.0 $ 79.0 $ 4.6 $ 4.6 $ 25.8 $ 25.8 $ 89.2 4.7 26.8 1,103.9 $ 1,103.9 $ 1,246.3 53.8 $ 53.8 $ 60.8 114.3 $ 114.3 $ 129.0 100.7 $ 100.7 $ 104.1 1,072.3 $ 1,072.3 $ 1,210.6 473.3 $ 473.3 $ 534.4 429.7 $ 429.7 $ 485.1 46.2 $ 46.2 $ 36.5 $ 36.5 $ 52.1 36.1 — % — % 0.03 % 0.01 % 0.02 % 0.04 % 0.02 % — % 0.01 % 0.31 % 0.02 % 0.03 % 0.03 % 0.30 % 0.13 % 0.12 % 0.01 % 0.01 % F-120 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) (#,^) (#,^) (#,^) The Jewelers Inc. dba The Jewelers of Las Vegas B & W Towing, LLC and Boychucks Fuel LLC Kemmer LLC and Apples Tree Top Liquors LLC Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman Legacy Estate Planning Inc dba American Casket Enterprises DC Real LLC and DC Enterprises LTD dba Lakeview True Value Heartland American Properties LLC and Skaggs RV Outlet LLC (#,^) (#,^) (#,^) (#,^) DNT Storage and Properties LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Sound Manufacturing Inc Doctors Express Management of Central Texas LLC Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare dba Hickory Sumad LLC dba BrightStar Care of Encinitas Roccos LLC and Sullo Pantalone Inc dba Rocco's Gordon E Rogers dba Stonehouse Motor Inn Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out Ryan Crick and Pamela J. Crick and Crick Enterprises Inc Animal Intrusion Prevention Systems Holding Company, LLC (#,^) Tavern Properties LLC and Wildwood Tavern LLC B&P Diners LLC dba Engine House Restaurant Atlas Auto Body Inc dba Atlas Auto Sales (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2400 Western Ave, Las Vegas, NV 89102 701 Addison Rd, Painted Post, NY 14870 1300 S Jackson St., Salem, IN 47167 988 Hemlock St., Cannon Beach, OR 97110 2176 Route 119 North, Greensburg, PA 15601 318 North F St., Lakeview, OR 97630 301 Commerce Dr, Elizabethtown, KY 42701 38 Old National Pike, West Alexander, PA 15376 51 Donnelley Rd, Old Saybrook, CT 06475 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 900 Alpine Rd, Bridgeville, PA 15017 680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020 79 Beach Rd Units B13 and B14, Vineyard Haven, MA 02568 162 Danielson Pike, Foster, RI 02825 308 Kennedy St. NW, Washington, DC 20011 3390 W. Andrew Johnson Hwy, Greeneville, TN 37743 3330 N Beach St., Fort Worth, TX 76111 6480 West Touhy Ave, Niles, IL 60714 71 Lafayette St.,, Salem, MA 01970 20 Providence St., West Warwick, RI 02893 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039 Real Estate Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2039 Term Loan Prime plus 2.75% 10/10/2024 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 Personal and Laundry Services Administrative and Support Services Food Services and Drinking Places Accommodation Food Services and Drinking Places Repair and Maintenance Administrative and Support Services Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 10/3/2039 Term Loan Prime plus 2.75% 10/2/2024 Term Loan Prime plus 2.75% 9/30/2039 Term Loan Prime plus 2.75% 9/26/2039 Term Loan Prime plus 2.75% 9/23/2024 Term Loan Prime plus 2.75% 9/17/2039 Term Loan Prime plus 2.75% 9/15/2024 Term Loan Prime plus 2.75% 9/15/2039 Term Loan Prime plus 2.75% 9/10/2024 Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 466.1 $ 466.1 $ 480.5 136.7 $ 136.7 $ 154.4 119.0 $ 119.0 $ 134.3 0.12 % 0.04 % 0.03 % 101.7 $ 101.7 $ 114.8 0.03 % 15.4 $ 15.4 $ 15.9 — % 102.8 $ 102.8 $ 116.1 409.1 $ 409.1 $ 461.8 87.0 $ 87.0 $ 65.4 $ 65.4 $ 2.3 $ 2.3 $ 98.2 67.5 2.4 0.03 % 0.11 % 0.02 % 0.02 % — % 104.9 $ 104.9 $ 118.4 0.03 % 19.0 $ 19.0 $ 19.6 218.1 $ 218.1 $ 246.3 49.0 $ 49.0 $ 5.4 $ 5.4 $ 55.4 5.6 124.1 $ 124.1 $ 140.1 106.1 $ 106.1 $ 109.2 365.3 $ 365.3 $ 412.4 27.8 $ 27.8 $ 43.8 $ 43.8 $ 28.6 49.5 — % 0.06 % 0.01 % — % 0.03 % 0.03 % 0.10 % 0.01 % 0.01 % F-121 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) (#,^) (#,^) (#,^) (#,^) Katie Senior Care LLC dba Home Instead Senior Care Alpha Preparatory Academy LLC Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook Almost Home Property LLC and Almost Home Daycare LLC 575 Columbus Avenue Holding Company, LLC and LA-ZE LLC (#,^) Honeyspot Investors LLP and Pace Motor Lines Inc AMG Holding, LLC and Stetson Automotive, Inc Honeyspot Investors LLP and Pace Motor Lines Inc Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Nikobella Properties LLC and JPO Inc dba Village Car Wash Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val Sico & Walsh Insurance Agency Inc and The AMS Trust Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Long Island Barber Institute Inc (#,^) Pocono Coated Products, LLC Jonesboro Health Food Center LLC The River Beas LLC and Punam Singh AS Boyals LLC dba Towne Liquors Gerami Realty, LC Sherrill Universal City Corral, LP dba Golden (#,^) (#,^) (#,^) (#,^) (#,^) 222E Eufaula St Ste 220, Norman, OK 73069 4462 Mink Livsey Rd, Snellville, GA 30039 10463 Hamer Rd, Georgetown, OH 45121 35 Copps Hill Rd, Ridgefield, CT 06877 575 Columbus Ave, New Haven, CT 06519 1425 Honeyspot Rd Extension, Stratford, CT 06615 309 Route 9, Waretown, NJ 08758 1425 Honeyspot Rd Extension, Stratford, CT 06615 4920 Lincoln Ave Route 53, Lisle, IL 60532 1372 South US Route 12, Fox Lake, IL 60020 1313 West Park St. #1, Livingston, MT 59047 106 Concord Ave, Belmont, MA 02478 15637 St Clair Ave, Cleveland, OH 44110 266 Greenwich St., Hempstead, NY 11550 100 Sweetree St., Cherryville, NC 28021 1321 Stone St., Jonesboro, AR 72401 11704 Centurion Way, Potomac, MD 20854 117 South Broad St., Woodbury City, NJ 08096 Social Assistance Term Loan Prime plus 2.75% 8/15/2024 Social Assistance Term Loan Prime plus 2.75% 8/15/2039 Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039 Social Assistance Food Services and Drinking Places Term Loan Prime plus 2.75% 8/7/2039 Term Loan Prime plus 2.75% 7/30/2039 Truck Transportation Term Loan Prime plus 2.75% 7/24/2039 Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039 Truck Transportation Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2039 Term Loan Prime plus 2.75% 6/30/2024 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039 Building Material and Garden Equipment and Supplies Dealers Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/20/2039 Term Loan Prime plus 2.75% 6/6/2039 Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024 Educational Services Printing and Related Support Activities Health and Personal Care Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 6/2/2039 Term Loan Prime plus 2.75% 5/30/2024 Term Loan Prime plus 2.75% 5/27/2024 Term Loan Prime plus 2.75% 5/8/2039 Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039 2301 Pat Booker Rd, Universal City, TX 78148 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 36.0 $ 36.0 $ 37.0 124.0 $ 124.0 $ 140.0 117.5 $ 117.5 $ 115.1 560.9 $ 560.9 $ 633.3 17.3 $ 17.3 $ 19.5 127.0 $ 127.0 $ 143.4 173.9 $ 173.9 $ 196.4 740.4 $ 740.4 $ 835.9 31.5 $ 31.5 $ 32.4 434.2 $ 434.2 $ 490.3 197.5 $ 197.5 $ 223.0 78.2 $ 78.2 $ 5.3 $ 5.3 $ 47.0 $ 47.0 $ 7.0 $ 7.0 $ 19.6 $ 19.6 $ 76.2 $ 76.2 $ 88.3 5.4 53.0 7.1 20.1 86.0 91.6 $ 91.6 $ 103.4 0.01 % 0.03 % 0.03 % 0.16 % — % 0.04 % 0.05 % 0.21 % 0.01 % 0.12 % 0.06 % 0.02 % — % 0.01 % — % — % 0.02 % 0.03 % 44.6 $ 44.6 $ 47.5 0.01 % F-122 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Island Wide Realty LLC and Long Island Partners, Inc. Wilshire Media Systems Inc 1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle Kemmer, LLC and Pitts Package Store, Inc. 636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co Cormac Enterprises and Wyoming Valley Beverage Incorporated R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern Summit Beverage Group LLC 952 Boston Post Road Realty, LLC and HNA LLC dba Styles International (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Faith Memorial Chapel LLC 96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki JWB Industries, Inc. dba Carteret Die Casting 986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC Sarah Sibadan dba Sibadan Agency Icore Enterprises Inc dba Air Flow Filters Inc Nutmeg North Associates LLC Steeltech Building Products Inc Amboy Woodbridge Realty LLC and United Premium Foods LLC (#) KK International Trading Corporation (#,^) (#,^) (#,^) (#,^) (#,^) 201-203-205 West Merrick Rd, Valley Stream, NY 11580 2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361 1899 State Route 35, South Amboy, NJ 08879 Real Estate Term Loan Prime plus 2.75% 4/22/2039 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 4/17/2024 Term Loan Prime plus 2.75% 4/9/2039 16701 E. Iliff Ave, Aurora, CO 80013 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039 201 S. Main St., Salem, IN 47167 Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039 636 South Center St., New Washington, OH 44854 63 S Wyoming Ave, Edwardsville, PA 18704 Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039 Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039 3111 and 3135 Delsea Dr, Franklinville, NJ 08322 211 Washington Ave, Marion, VA 24354 Food and Beverage Stores Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2039 Term Loan Prime plus 2.75% 2/28/2024 952 Boston Post Rd, Milford, CT 06460 600 9th Ave North, Bessemer, AL 35020 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 96 Mill St., Berlin, CT 06037 74 Veronica Ave, Somerset, NJ 08875 986 Dixwell Ave, Hamden, CT 06510 102-05 101st Ave, Ozone Park, NY 11416 151 W 24th St, Hialeah, FL 33010 636 Nutmeg Rd North, South Windsor, CT 06074 One Amboy Ave, Woodbridge, NJ 07095 219 Lafayette Dr, Syosset, NY 11791 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024 Food Services and Drinking Places Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 2/7/2039 Term Loan Prime plus 2.75% 1/27/2039 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038 Food Manufacturing Merchant Wholesalers, Nondurable Goods Term Loan 7% 6/14/2024 Term Loan Prime plus 2.75% 12/23/2028 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 87.3 $ 87.3 $ 54.5 $ 54.5 $ 98.5 56.0 94.3 $ 94.3 $ 106.5 376.9 $ 376.9 $ 425.5 98.6 $ 98.6 $ 111.4 0.02 % 0.01 % 0.03 % 0.11 % 0.03 % 67.1 $ 67.1 $ 75.8 0.02 % 92.9 $ 92.9 $ 104.9 0.03 % 349.6 $ 349.6 $ 394.7 98.1 $ 98.1 $ 100.5 173.2 $ 173.2 $ 195.6 179.3 $ 179.3 $ 202.4 117.9 $ 117.9 $ 133.1 78.3 $ 78.3 $ 80.2 83.3 $ 83.3 $ 94.1 108.0 $ 108.0 $ 121.9 5.9 $ 5.9 $ 6.0 762.4 $ 762.4 $ 860.8 1,813.7 $ 1,813.7 $ 1,797.8 112.1 $ 112.1 $ 121.4 0.10 % 0.02 % 0.05 % 0.05 % 0.03 % 0.02 % 0.02 % 0.03 % — % 0.21 % 0.45 % 0.03 % F-123 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Kurtis Sniezek dba Wolfe's Foreign Auto 920 CHR Realty LLC V. Garofalo Carting Inc DKB Transport Corp Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle (#,^) (#,^) (#,^) (#,^) BVIP Limousine Service LTD (#,^) AcuCall LLC Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL Polpo Realty, LLC Polpo Restaurant, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Mid-Land Sheet Metal Inc Master CNC Inc & Master Properties LLC 1 North Restaurant Corp dba 1 North Steakhouse Janice B. McShan and The Metropolitan Day School, LLC (#,^) Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd Greenbrier Technical Services, Inc Lenoir Business Partners LLC LP Industries, Inc dba Childforms LP Industries, Inc dba Childforms Cencon Properties LLC and Central Connecticut Warehousing Company, Inc Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Kiddie Steps 4 You Inc. (#,^) 712 5th St., New Brighton, PA 15066 920 Crooked Hill, Brentwood, NY 11717 555 Water Works Rd, Old Bridge, NJ 08857 1455 S Richland Creek Rd, Sugar HIll, GA 30518 887 W Liberty, Medina, OH 44256 824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408 3039-3043 Hedley, Springfield, IL 62704 554 Old Post Rd #3, Greenwich, CT 06830 125 E Fesler St., Santa Maria, CA 93454 11825 29 Mile Rd, Washington, MI 48095 322 W. Montauk Hwy, Hampton Bays, NY 11946 2817 Lomb Ave, Birmingham, AL 35208 77 Mill Rd, Freeport, NY 11520 407 E. Edgar Ave, Ronceverte, WV 24970 Repair and Maintenance Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/20/2038 Term Loan Prime plus 2.75% 12/10/2038 Truck Transportation Term Loan Prime plus 2.75% 12/5/2038 Specialty Trade Contractors Transit and Ground Passenger Transportation Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Specialty Trade Contractors Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/3/2038 Term Loan Prime plus 2.75% 11/27/2038 Term Loan Prime plus 2.75% 11/21/2023 Term Loan Prime plus 2.75% 11/18/2023 Term Loan Prime plus 2.75% 11/6/2038 Term Loan Prime plus 2.75% 10/31/2038 Term Loan Prime plus 2.75% 10/31/2038 Term Loan Prime plus 2.75% 10/31/2038 Social Assistance Term Loan Prime plus 2.75% 10/31/2023 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038 Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023 2040 Norwood, Lenoir, NC 28645 110 Charleston Dr, Ste 105-107, Morresville, NC 28117 Plastics and Rubber Products Manufacturing Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 Term Loan Prime plus 2.75% 9/30/2038 37 Commons Court, Waterbury, CT 06704 12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769 17 Pearl St., Mystic, CT 06355 1700 West 63rd St., Chicago, IL 60636 Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038 Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038 Social Assistance Term Loan Prime plus 2.75% 9/25/2038 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 74.0 $ 74.0 $ 83.5 348.4 $ 348.4 $ 393.3 115.5 $ 115.5 $ 130.4 85.7 $ 85.7 $ 63.5 $ 63.5 $ 4.0 $ 4.0 $ 11.2 $ 11.2 $ 53.0 $ 53.0 $ 96.8 71.7 4.1 11.5 59.8 114.6 $ 114.6 $ 129.3 494.7 $ 494.7 $ 558.5 174.0 $ 174.0 $ 196.4 10.3 $ 10.3 $ 10.6 121.5 $ 121.5 $ 137.2 29.8 $ 29.8 $ 30.4 254.0 $ 254.0 $ 286.8 103.5 $ 103.5 $ 116.9 0.02 % 0.10 % 0.03 % 0.02 % 0.02 % — % — % 0.01 % 0.03 % 0.14 % 0.05 % — % 0.03 % 0.01 % 0.07 % 0.03 % 284.6 $ 284.6 $ 321.4 0.08 % 276.4 $ 276.4 $ 312.1 0.08 % 82.5 $ 82.5 $ 75.4 $ 75.4 $ 93.1 85.1 0.02 % 0.02 % F-124 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta (#,^) Faith Memorial Chapel LLC Maynard Enterprises Inc dba Fastsigns of Texarkana Grafio Inc dba Omega Learning Center-Acworth The Berlerro Group, LLC dba Sky Zone Sound Manufacturing Inc Prospect Kids Academy Inc Schmaltz Holdings, LLC and Schmaltz Operations, LLC Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis Caribbean Concepts, Inc. dba Quick Bleach Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC Angkor Restaurant Inc Harbor Ventilation Inc and Estes Investment, LLC Tri County Heating and Cooling Inc. Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Maxiflex LLC GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat 2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc. Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services (#,^) KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc (#,^) (#,^) 11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022 600 9th Ave North, Bessemer, AL 35020 3735 Mall Dr, Texarkana, TX 75501 5330 Brookstone Dr, Ste 320, Acworth, GA 30101 111 Rodeo Dr, Edgewood, NY 11717 51 Donnelley Rd, Old Saybrook, CT 06475 532 St Johns Place, Brooklyn, NY 11238 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 15150 Evans St., Gulfport, MS 39503 120 East 56th St., St.#730, New York, NY 10022 38 Carmen Lane, Monroe, CT 06468 10 Traverse St., Providence, RI 02903 509 East Park St., Livingston, MT 59047 509 East Park St., Livingston, MT 59047 Educational Services Term Loan Prime plus 2.75% 9/20/2023 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023 Educational Services Amusement, Gambling, and Recreation Industries Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/13/2023 Term Loan Prime plus 2.75% 9/12/2023 Term Loan Prime plus 2.75% 9/12/2028 Educational Services Term Loan Prime plus 2.75% 9/11/2038 Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038 Social Assistance Term Loan Prime plus 2.75% 8/30/2023 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Term Loan Prime plus 2.75% 8/12/2023 Prime plus 2.75% 7/24/2023 Prime plus 2.75% 7/19/2038 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023 1 Poppy Ave, Neptune, NJ 07753 Truck Transportation 512 Verret St., New Orleans, LA 70114 411 Sharp St., Millville, NJ 08332 2141 P Ave, Williamsburg, IA 52361 200 North Branford Rd, Branford, CT 06405 Miscellaneous Manufacturing Personal and Laundry Services Truck Transportation Heavy and Civil Engineering Construction Securities, Commodity Contracts, and Other Financial Investments and Related Activities 24 Elm St., Montpelier, VT 05602 Term Loan Prime plus 2.75% 7/17/2023 Term Loan Prime plus 2.75% 6/28/2023 Term Loan Prime plus 2.75% 6/28/2038 Term Loan Prime plus 2.75% 6/19/2026 Term Loan Prime plus 2.75% 6/18/2028 Term Loan Prime plus 2.75% 6/14/2023 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 10.7 $ 10.7 $ 10.9 — % 221.1 $ 221.1 $ 249.6 0.06 % 3.7 $ 3.7 $ 38.1 $ 38.1 $ 3.8 38.8 132.8 $ 132.8 $ 135.3 31.2 $ 31.2 $ 33.7 102.5 $ 102.5 $ 115.7 183.8 $ 183.8 $ 207.5 9.5 $ 4.9 $ 2.5 $ 9.5 $ 4.9 $ 2.5 $ 76.3 $ 76.3 $ 1.9 $ 1.9 $ 18.1 $ 18.1 $ 11.2 $ 11.2 $ 8.8 $ 8.8 $ 79.6 $ 79.6 $ 9.7 4.9 2.5 86.1 2.2 18.5 11.4 8.9 89.8 236.0 $ 236.0 $ 248.5 486.4 $ 486.4 $ 524.2 — % 0.01 % 0.03 % 0.01 % 0.03 % 0.05 % — % — % — % 0.02 % — % — % — % — % 0.02 % 0.06 % 0.13 % 68.3 $ 68.3 $ 69.4 0.02 % F-125 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Elite Structures Inc Absolute Desire LLC and Mark H. Szierer and Sophisticated Smile Gregory P Jellenek OD and Associates PC Ryan D. Thornton and Thornton & Associates LLC Peanut Butter & Co., Inc. 1258 Hartford TPKE, LLC and Phelps and Sons, Inc Xela Pack, Inc. and Aliseo and Catherine Gentile A & M Commerce, Inc. dba Cranberry Sunoco American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center Michael A.and HeatherR. Welsch dba Art & FrameEtc. Sound Manufacturing, Inc. and Monster Power Equipment Inc. Osceola River Mill, LLC Ironman Machine, Inc. Retain Loyalty LLC Sherill Universal City dba Golden Corral LP Macho LLC Madelaine Chocolate Novelties Inc Polpo Realty LLC & Polpo Restaurant LLC Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC Richmond Hill Mini Market, LLC DRV Enterprise, Inc. dba Cici's Pizza # 339 U & A Food and Fuel, Inc. dba Express Gas & Food Mart R & J Petroleum LLC Manar USA, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 401 Old Quitman Rd, Adel, GA 31620 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038 684.5 684.5 772.8 0.19 % 85 Reaville Ave, Flemington, NJ 08822 4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188 800 Bethel St., Ste 200, Honolulu, HI 96813 250 West 54th St., New York, NY 10019 1258 Hartford Turnpike, Vernon, CT 06066 8300 Boettner Rd, Saline, MI 48176 398 Baltimore Blvd, Westminster, MD 21157 3937 Sherman Ave, Saint Joseph, MO 64506 2819 West T C Jester Blvd., Houston, TX 77018 51 Donnelley Rd, Old Saybrook, CT 06475 27 Hungerford St., Pittsfield, MA 01201 1250 Sanders Ave SW, Massillon, OH 44647 2301 Pat Booker Rd, Universal City, TX 78148 96-03 Beach Channel Dr, Rockaway Beach, NY 11693 554 Old Post Rd #3, Greenwich, CT 06830 38 Carmen Lane, Monroe, CT 06468 101 Richmond Hill Ave, Stamford, CT 06902 5771 East Fowler Ave, Temple Terrace, FL 33617 1345 Wampanoag Trail, East Providence, RI 02915 305 Quincy Shore Dr, Quincy, MA 02107 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 154.2 154.2 174.1 0.04 % Ambulatory Health Care Services Term Loan Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/28/2023 Prime plus 2.75% 5/24/2023 Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038 Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038 11.6 8.2 17.7 101.0 151.2 263.5 11.6 8.2 17.7 101.0 151.2 263.5 11.8 8.3 18.0 114.1 162.4 297.5 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038 455.5 455.5 514.3 Miscellaneous Store Retailers Fabricated Metal Product Manufacturing Machinery Manufacturing Printing and Related Support Activities Food Services and Drinking Places Food Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 3/22/2038 Term Loan Prime plus 2.75% 3/15/2023 Term Loan Prime plus 2.75% 2/20/2038 Term Loan Prime plus 2.75% 2/15/2038 Term Loan Prime plus 2.75% 1/28/2038 Term Loan Prime plus 2.75% 12/31/2037 Term Loan Prime plus 2.75% 12/27/2037 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037 Food and Beverage Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2037 Term Loan Prime plus 2.75% 11/26/2022 Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037 54.7 77.8 69.7 93.6 372.8 403.9 426.5 183.3 148.2 7.6 77.1 54.7 77.8 69.7 93.6 372.8 403.9 426.5 183.3 148.2 7.6 77.1 61.8 78.9 78.7 105.7 420.9 456.0 481.5 206.9 167.3 7.6 87.0 Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037 144.2 144.2 162.8 — % — % — % 0.03 % 0.04 % 0.07 % 0.13 % 0.02 % 0.02 % 0.02 % 0.03 % 0.10 % 0.11 % 0.12 % 0.05 % 0.04 % — % 0.02 % 0.04 % F-126 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) St Judes Physical Therapy P.C. Hi-Def Imaging, Inc. dba SpeedPro Imaging Reidville Hydraulics Mfg Inc dba Summit O'Rourkes Diner LLC dba O'Rourke's Diner AJK Enterprise LLC dba AJK Enterprise LLC Suncoast Aluminum Furniture, Inc Central Tire, Inc. dba Cooper Tire & Auto Services KIND-ER-ZZ Inc dba Kidville Graphish Studio, Inc. and Scott Fishoff Tracey Vita-Morris dba Tracey Vita's School of Dance Access Staffing, LLC Manuel P. Barrera and Accura Electrical Contractor, Inc. Shweiki Media, Inc. dba Study Breaks Magazine (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) ATI Jet, Inc. J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company 39581 Garfield, LLC and Tricounty Neurological Associates, P.C. 39581 Garfield, LLC and Tri County Neurological Associates, P.C. Michael S. Decker & Janet Decker dba The Hen House Cafe (#,^) (#,^) (#,^) Valiev Ballet Academy, Inc (#,^) LaHoBa, LLC d/b/a Papa John's (#,^) 7712 Fourth Ave, Brooklyn, NY 11209 3580 Progress Dr, Unit Q, Bensalem, PA 19020 175 Industrial Lane, Torrington, CT 06790 728 Main St., Middletown, CT 06457 1901 Naylor Rd, SE, Washington, DC 20020 6291 Thomas Rd, Fort Myers, FL 33912 1111 S Tillotson Ave, Muncie, IN 47304 30 Maple St., Summit, NJ 07901 231 Main St., Stanford, CT 06901 4181 9th Ave West, Bradenton, FL 34025 360 Lexington Ave, 8th Floor, New York, NY 10017 6187 NW 167th St. Unit H3, Miami, FL 33015 4954 Space Center Dr, San Antonio, TX 78218 7007 Boeing Dr, El Paso, TX 79925 Ambulatory Health Care Services Term Loan Printing and Related Support Activities Term Loan Prime plus 2.75% 11/19/2022 Prime plus 2.75% 11/9/2022 2.5 2.8 2.5 2.8 2.6 2.8 Term Loan Prime plus 2.75% 11/2/2037 210.1 210.1 237.2 Machinery Manufacturing Food Services and Drinking Places Truck Transportation Furniture and Related Product Manufacturing Repair and Maintenance Educational Services Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Administrative and Support Services Specialty Trade Contractors Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/19/2037 Term Loan Prime plus 2.75% 8/27/2022 Term Loan Prime plus 2.75% 8/17/2037 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 6/29/2037 6/15/2022 Term Loan Prime plus 2.75% 6/14/2022 Term Loan Prime plus 2.75% 5/10/2022 Term Loan Prime plus 2.75% 3/30/2022 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/22/2027 Air Transportation Term Loan Prime plus 2.75% 12/28/2026 52.9 1.2 286.3 227.2 3.5 1.3 1.3 7.9 53.2 604.4 250.8 52.9 1.2 286.3 227.2 3.5 1.3 1.3 7.9 53.2 604.4 250.8 59.8 1.3 323.2 256.6 3.5 1.3 1.4 7.9 57.2 642.2 265.7 — % — % 0.06 % 0.01 % — % 0.08 % 0.06 % — % — % — % — % 0.01 % 0.16 % 0.07 % 2900 South 20th St., Philadelphia, PA 19145 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036 130.8 130.8 147.6 0.04 % 39581 Garfield Rd, Clinton Township, MI 48038 39581 Garfield Rd, Clinton Township, MI 48038 401 Caribou St., Simla, CO 80835 635 - 637 Londonderry Lane, Denton, TX 76205 3001 Pontchartrain Dr, Slidell, LA 70458 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus 2.75% 9/30/2036 Prime plus 2.75% 8/30/2036 Prime plus 2.75% 8/12/2036 Prime plus 2.75% 8/3/2036 20.1 59.2 12.5 32.3 58.6 20.1 59.2 12.5 32.3 58.6 22.7 0.01 % 66.8 14.1 36.4 66.2 0.02 % — % 0.01 % 0.02 % F-127 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) (#,^) (#,^) (#,^) (#,^) Lavertue Properties LLP dba Lavertue Properties Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Profile Performance, Inc. and Eidak Real Estate, L.L.C. Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store Michael S. Korfe dba North Valley Auto Repair Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center (#,^) Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery Tanner Optical Inc. dba Murphy Eye Care Animal Intrusion Prevention Systems Holding Company, LLC (#,^) D & D's Divine Beauty School of Esther, LLC (#,^) (#,^) (#,^) (#,^) (#,^) Bliss Coffee and Wine Bar, LLC (#) 1911 East Main Street Holdings, Corp (#,^) Water Works Laundromat, LLC (#,^) Dave Kris, and MDK Ram Corp. (#,^) Head To Toe Personalized Pampering, Inc. Moonlight Multi Media Production, Inc. David M. Goens dba Superior Auto Paint & Body, Inc. (#,^) (#,^) (#) Whirlwind Car Wash, Inc. Shuttle Car Wash, Inc. dba Shuttle Car Wash (#,^) (#,^) 24 Wakefield St., Rochester, NH 13867 4920 Lincoln Ave Route 53, Lisle, IL 60532 44600 Michigan Ave, Canton, MI 48188 2267 Fernberg Trail, Ely, MN 55731 7516 B 2nd St., NW, Albuquerque, NM 87107 64-68 North Central Ave, Valley Stream, NY 11580 2879 Limekiln Pike, Glenside, PA 19038 2320 2nd St., Albuquerque, NM 87107 305 Shirley Ave, Douglas, GA 31533 3330 North Beach St., Haltom City, TX 76111 5524 Germantown Ave, Philadelphia, PA 19144 1402-A Handlir Dr, Bel Air, MD 21015 1911 East Main St., Endicott, NY 13760 968-970 Bergen St., Newark, NJ 07104 15 Elm Park, Groveland, MA 01930 2331 North State Rd 7, Lauderhill, FL 33313 2700 West Cypress Creek Rd, Fort Lauderdale, FL 33309 1912 Manhattan Ave, Harvey, LA 70058 1370 Le Anne Marie Circle, Columbus, OH 43026 745 Cheney Hwy, Ttitusville, FL 32780 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036 Term Loan Prime plus 2.75% 6/29/2036 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036 33.9 265.0 95.5 33.9 265.0 95.5 38.3 299.1 107.8 0.01 % 0.07 % 0.03 % Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036 107.8 107.8 121.7 0.03 % Repair and Maintenance Support Activities for Transportation Term Loan Prime plus 2.75% 3/24/2036 Term Loan Prime plus 2.75% 1/28/2036 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035 Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035 Ambulatory Health Care Services Term Loan Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2035 Prime plus 2.75% 3/29/2024 Educational Services Food Services and Drinking Places Term Loan Term Loan 6% 6% 8/1/2031 11/30/2022 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032 Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027 Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031 Other Information Services Term Loan 5.3% Repair and Maintenance Term Loan 6% 2/1/2025 8/26/2024 Repair and Maintenance Term Loan Prime plus 2% 4/9/2029 Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028 F-128 See accompanying notes to consolidated financial statements. 11.5 84.1 25.3 36.5 64.5 12.0 38.3 57.5 8.8 109.5 15.1 6.6 0.4 7.2 10.6 8.0 11.5 84.1 25.3 36.5 64.5 12.0 38.3 57.5 8.8 109.5 15.1 6.6 0.4 7.2 10.6 8.0 13.0 95.0 28.5 41.2 72.9 12.3 37.8 57.1 9.9 115.4 15.9 7.4 0.4 7.2 11.3 8.6 — % 0.02 % 0.01 % 0.01 % 0.02 % — % 0.01 % 0.01 % — % 0.03 % — % — % — % — % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Min Hui Lin (#,^) Auto Sales, Inc. Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC (#) (#,^) Track Side Collision & Tire, Inc. (#,^) Deesha Corporation, Inc. dba Best Inn & Suites Randall D. & Patricia D. Casaburi dba Pat's Pizzazz (#,^) (#,^) Naseeb Corporation Stillwell Ave Prep School Alyssa Corp dba Knights Inn Bhailal Patel dba New Falls Motel Pegasus Automotive, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) Total SBA Unguaranteed Accrual Investments 1916 Broad St., Lanett, AL 36863 1925 State St., Hamden, CT 06417 3118 Bayshore Ave, Brigantine, NJ 08203 98-16 160 Ave, Ozone Park, NY 11414 9225 Pkwy East, Birmingham, AL 35206 386 Winsted Rd, Torrington, CT 06790 1696 North Broad St., Meriden, CT 06450 1990 Stillwell Ave, Brooklyn, NY 11214 1105 Columbus Pkwy, Opelika, AL 36801 201 Lincoln Hwy, Fairless Hills, PA 19030 3981 Hylan Blvd, Staten Island, NY 10308 Food Services and Drinking Places Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Plastics and Rubber Products Manufacturing Accommodation Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 1/30/2028 Term Loan Term Loan 6% 6% 8/17/2023 9/14/2023 Term Loan Prime plus 2.75% 6/16/2025 Term Loan Prime plus 2.25% 2/14/2025 Term Loan Prime plus 2.75% 3/13/2023 Accommodation Term Loan Prime plus 2.25% 3/31/2024 Social Assistance Term Loan Prime plus 2.75% 1/14/2023 Accommodation Term Loan Prime plus 2.25% 9/30/2023 Accommodation Term Loan Prime plus 2.75% 3/27/2023 Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022 $ F-129 See accompanying notes to consolidated financial statements. 11.2 2.2 15.0 2.4 12.3 1.7 10.7 5.7 24.9 0.4 11.2 2.2 15.0 2.4 12.3 1.7 10.7 5.7 24.9 0.4 12.0 2.2 14.9 2.5 12.6 1.7 10.9 5.8 25.3 0.4 1.0 1.0 377,844.5 $ 377,844.5 $ 393,910.1 1.0 — % — % — % — % — % — % — % — % 0.01 % — % — % 97.53 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) D & D Optics Inc dba Sterling Optical Edge Studios Inc Radiant Yoga LLC 3SIXO Motorsports LLC dba 3SIXO Motorsports Shop (*,#,^) (*,#,^) (*,#,^) ABC Sandblasting, LLC Acton Hardware LLC and Mark Allgood & Jamie Allgood Advance Case Parts RE Holdings LLC and Advance Case Parts Inc (*,#) (*,#) (*,#,^) Albas Bar & Grill LLC (*,#,^) Alive Design, LLC All Printing Solutions, Inc. dba Pryntcomm Amboy Group, LLC dba Tommy Moloney's (*,#) (*,#) (*,#) Anderson Companies LLC Anglin Cultured Stone Products LLC Anglin Cultured Stone Products LLC dba Anglin Construction Anurag, LLC dba Oakwood Package Store Apple Tree NC Inc dba Williams Farm & Garden Center Arclay ,LLC Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud AWA Fabrication & Construction, L.L.C. B for Blonde, LLC dba Blo Blow Dry Bar (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#) (*,#) (*,#) B for Brunette dba Blo D for Dream LLC dba Blo Blow Dry Bar Inc (*,#,^) (*,#,^) 1487 East LaSalle Dr, Bismark, ND 58503 448 Howe Ave, Sacramento, CA 95825 217 W Main St., Centralia, WA 98531 14029 56th St. NW, Williston, ND 58801 31814 Crown Valley Rd, Acton, CA 93510 12485-12489 NW 44th St., Coral Springs, FL 33071 221 Self Main St., Homer City, PA 15748 1906 NE 23 rd Ave, Cape Coral, FL 33909 303 E. Sioux Ave., Pierre, SD 57501 1 Amboy Ave, Woodbridge, NJ 07095 3015 S White Horse Pike, Hammonton, NJ 08037 877 Salem Church Rd, Newark, DE 19702 877 Salem Church Rd, Newark, DE 19702 191-195 Oakwood Ave, West Hartford, CT 06107 109 Barkside Lane, New Bern, NC 28562 49 Geyser Rd Ste 100, Saratoga Springs, NY 12866 2646 South Rd, Poughkeepsie, NY 12601 811 Country Rd #99, Headland, AL 36345 142 East 49th St., New York, NY 10017 50 Glen Cove Rd, Greenvale, NY 11548 460 East 3rd Ave, New York, NY 10016 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan Prime plus 0% Motor Vehicle and Parts Dealers Term Loan 7.75% 11/1/2027 1/6/2029 Prime plus 0% 12/21/2028 $ 41.1 $ 41.1 $ 49.1 94.6 145.0 117.1 318.3 43.9 8.7 49.1 94.6 145.0 117.1 318.3 43.9 8.7 20.0 47.9 48.0 26.2 39.3 12.1 7.7 8.3 81.6 Term Loan Prime plus 0% 10/31/2029 Term Loan 8% Term Loan 7.75% Term Loan 6% 3/24/2041 3/31/2040 10/13/2042 Term Loan Prime plus 2.75% 3/13/2027 Specialty Trade Contractors Building Material and Garden Equipment and Supplies Dealers Repair and Maintenance Food Services and Drinking Places Professional, Scientific, and Technical Services Printing and Related Support Activities Food Manufacturing Administrative and Support Services Food and Beverage Stores Building Material and Garden Equipment and Supplies Dealers Nonmetallic Mineral Product Manufacturing Gasoline Stations Fabricated Metal Product Manufacturing Term Loan 7.75% 6/27/2041 491.8 491.8 Term Loan 7% 6/14/2024 1,458.1 1,458.1 1,292.6 Term Loan Prime plus 0% 6/28/2044 Construction of Buildings Term Loan 8.25% Specialty Trade Contractors Term Loan 8.25% Term Loan Prime plus 0% Term Loan Prime plus 0% 7/28/2041 Term Loan 8% Term Loan 7.75% Term Loan 6% 6% 6% 6% Personal and Laundry Services Term Loan Personal and Laundry Services Term Loan Personal and Laundry Services Term Loan F-130 See accompanying notes to consolidated financial statements. 12/27/2042 6/30/2025 6/6/2043 5/5/2030 9/26/2024 4/30/2025 2/12/2026 9/10/2023 5/13/2029 191.8 630.5 185.8 127.6 316.1 137.1 15.7 34.4 39.7 20.5 66.7 191.8 630.5 185.8 127.6 316.1 137.1 15.7 34.4 39.7 20.5 66.7 184.5 170.7 158.2 61.4 301.3 37.6 15.5 1.6 37.8 19.5 31.3 0.00 % 0.01 % 0.01 % 0.01 % 0.01 % 0.00 % 0.00 % 0.00 % 0.02 % 0.32 % 0.05 % 0.04 % 0.04 % 0.02 % 0.07 % 0.01 % 0.00 % 0.00 % 0.01 % 0.00 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) B&B Fitness and Barbell, Inc. dba Elevations Health Club B&C Texas Leasing Inc and M&W Hot Oil, Inc. B&C Texas Leasing Inc.,M & W Hot Oill, Inc B4 Fitness LLC dba The Zoo Health Club Baker Sales, Inc. d/b/a Baker Sales, Inc. Band Sawn Lumber,LLC and Nathan Ryan Adams (*,#) (*,#,^) (*,#,^) (*,#) (*,#) (*,#,^) Baobab Asset Management LLC (*,#,^) BB Services, LLC (*,#,^) Bear Creek Entertainment LLC dba The Woods at Bear Creek Bear Creek Entertainment, LLC dba The Woods at Bear Creek Bebos Inc dba Pizza Hut & Sunoco (*,#,^) (*,#) (*,#) Bev's Sweets LLC Big Picture Group LLC Big Picture Group LLC (*,#,^) (*,#,^) (*,#,^) Bloomquist Communications Inc. (*,#) Bone Bar & Grill LLC Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps Calhoun Satellite Communications, Inc. (*,#) (*,#) (*,#) (*,#) Capital Containers LLC Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber (*,#,^) Accommodation Term Loan Prime plus 2.75% 8/12/2041 1,608.1 1,608.1 123.4 Amusement, Gambling, and Recreation Industries Term Loan 6% 6/22/2035 1,385.8 1,385.8 Route 611 North, Scotrun, PA 18355 8124 Sprague Rd, Odessa, TX 73764 8124 Sprague Rd, Odessa, TX 79764 4 Beehive Dr, Epping, NH 03042 60207 Camp Villere Rd, Slidell, LA 70460 1873 State Hwy 29, Johnstown, NY 12095 2 Greenwich Office Park, Ste 260, Greenwich, CT 06831 580 39 Rd, Palisade, CO 81526 3510 Bear Creek Rd, Franklinville, NY 14737 3510 Bear Creek Rd, Franklinville, NY 14737 2003 West 5th St., Clifton, TX 76634 3778 Hwy 254, Cleveland, GA 30528 935 N La Jolla, Los Angeles, CA 90046 935 N La Jolla, Los Angeles, CA 90046 131 East Trinity Place, Decatur, GA 30030 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 201 Highland Ave, East Syracuse, NY 13057 690 South Creek Rd, West Chester, PA 19382 1914 Tigertail Blvd, Dania Beach, FL 33004 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 Support Activities for Mining Term Loan Prime plus 2.75% 3/30/2028 Support Activities for Mining Amusement, Gambling, and Recreation Industries Term Loan 8.25% Term Loan Prime plus 2.75% 3/30/2043 Nonstore Retailers Term Loan 6% Wood Product Manufacturing Merchant Wholesalers, Durable Goods Truck Transportation Term Loan 7.75% Term Loan Term Loan Prime plus 0% Prime plus 0% Accommodation Term Loan 7.25% Gasoline Stations Administrative and Support Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan 7.75% Term Loan 6% Term Loan Prime plus 0% 12/12/2027 Term Loan Prime plus 0% 6/28/2029 Term Loan Prime plus 0% 10/31/2026 Term Loan 7% Term Loan 8.25% Term Loan 8.25% Telecommunications Term Loan 7% Truck Transportation Term Loan Prime plus 0% 12/15/2027 9/23/2026 3/29/2036 5/15/2042 6/28/2029 6/27/2029 12/30/2024 3/28/2028 9/30/2044 6/30/2042 3/13/2039 3/30/2031 12/2/2026 748.3 256.1 12.3 177.4 90.0 42.1 95.1 748.3 256.1 12.3 177.4 90.0 42.1 95.1 179.7 169.3 247.0 11.1 91.2 24.4 41.1 92.3 85.4 126.6 210.5 286.8 132.1 36.5 34.7 201.2 145.7 333.8 10.4 85.4 126.6 210.5 286.8 132.1 36.5 34.7 201.2 145.7 333.8 10.4 82.4 4.7 177.7 276.6 127.4 35.6 18.1 191.7 143.9 239.1 10.2 0.04 % 0.04 % 0.06 % 0.00 % 0.02 % 0.01 % 0.01 % 0.02 % 0.03 % 0.02 % 0.00 % 0.04 % 0.07 % 0.03 % 0.01 % 0.00 % 0.05 % 0.04 % 0.06 % 0.00 % (*,#) 320 Fair St., Kutztown, PA 19530 Transit and Ground Passenger Transportation Term Loan 7.5% 9/30/2027 366.2 366.2 132.9 0.03 % F-131 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Central Medical Clinic, PLLC- Clinica Central Chickamauga Properties, Inc., MSW Enterprises, LLP Children First Home Health Care Inc CIS BIG DOG, LLC Clark Realty LLC Cleland Pharmacy LLC Royal Blue Investments, Inc. and Cleland Pharmacy LLC Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai Commonwealth Diagnostics International, Inc Conference Services International ETC LLC Custom Software, Inc. a Colorado Corporation dba M-33 Access CZAR Industries, Inc. D&G Capital LLC dba Miami Grill 277 D.A.F.S Transport, LLC Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In (*,#) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) Dean 1021 LLC dba Pure Pita (*,#,^) Dependable Lawn Care, Inc. (*,#,^) Dependable Lawn Care, Inc. Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac (*,#,^) (*,#) DG Business Solutions, Inc (*,#,^) 9/19/2027 8/29/2041 3/28/2029 7/31/2042 9/26/2039 9/20/2027 8/14/2028 11/30/2024 12/19/2027 12/16/2025 Amusement, Gambling, and Recreation Industries 393 North Dunlap St. Ste LL26, LL34, LL38, St. Paul, MN 55104 Ambulatory Health Care Services Term Loan 214 Sutherland Way, Rocky Face, GA 30740 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 8920 US HWY, 62 WEST, Cynthiana, KY 41031 4 Walker Way, Albany, NY 12205 Real Estate 202 S First St., Wakeeney, KS 67672 202 S. 1st St., Wakeeny, KS 67672 Ambulatory Health Care Services Term Loan Administrative and Support Services Health and Personal Care Stores Health and Personal Care Stores Term Loan Term Loan Term Loan Term Loan Term Loan 8.25% 6.25% 7.5% Prime plus 2.75% 8% Prime plus 0% Prime plus 0% 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 39 Norman St. a/k/a 1 Holyoke Square, Salem, MA 01970 4802 West Van Buren St., Phoenix, AZ 85007 380 E. Borden Rd, Rose City, MI 48654 1424 Heath Ave, Ewing, NJ 08638 2521 North Federal Hwy, Unit C, Boca Raton, FL 33431 207 S. Teresa St., Monahans, TX 79756 299 Utica Ave, Brooklyn, NY 11203 106 Central Ave, Westfield, NJ 07090 2320 138TH ST, Blue Island, IL 60406 2320 138th St., Blue Island, IL 60406 6555 NW 9th Ave, Fort Lauderdale, FL 33309 11008 Rene St., Lenexa, KS 66215 Repair and Maintenance Professional, Scientific, and Technical Services Administrative and Support Services Professional, Scientific, and Technical Services Machinery Manufacturing Food Services and Drinking Places Term Loan 6.75% Term Loan Prime plus 0% Term Loan 8% Term Loan 6.25% Term Loan 8.25% Term Loan 6.5% Truck Transportation Term Loan Prime plus 0% 12/21/2028 Food Manufacturing Food Services and Drinking Places Administrative and Support Services Administrative and Support Services Term Loan Prime plus 0% Term Loan Prime plus 0% Term Loan Prime plus 0% Term Loan Prime plus 0% 6/27/2043 4/29/2025 3/21/2029 3/21/2044 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 0% 12/30/2029 Prime plus 0% 9/30/2029 F-132 See accompanying notes to consolidated financial statements. 6/7/2029 12/22/2035 13.2 59.0 13.2 59.0 12/27/2028 282.4 282.4 12.9 57.6 57.5 44.5 30.5 11.9 47.6 411.1 906.3 8.8 75.2 54.3 10.7 540.7 321.1 24.0 223.3 108.8 24.0 191.3 0.00 % 0.01 % 0.01 % 0.01 % 0.01 % 0.00 % 0.01 % 0.10 % 0.22 % 0.00 % 0.02 % 0.01 % 0.00 % 0.13 % 0.08 % 0.01 % 0.06 % 0.03 % 0.01 % 0.05 % 46.7 73.3 18.8 49.3 553.3 951.0 517.4 177.4 141.3 42.7 560.6 337.0 37.1 461.9 185.7 24.3 200.8 46.7 73.3 18.8 49.3 553.3 951.0 517.4 177.4 141.3 42.7 560.6 337.0 37.1 461.9 185.7 24.3 200.8 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown (*,#,^) Doxa Deo Inc dba Luv 2 Play Driven Warehouse/Distribution LLC (*,#) (*,#) Dynamic Dental Corporation E & I Holdings, LP & PA Farm Products, LLC Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC Earth First Recycling, LLC and 191 Clark Road, LLC Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) Ericon, Inc. ERT Group Inc and Curt's Tools Inspection Inc Evergreen Pallet LLC and Evergreen Recycle LLC Magill Truck Line LLC and Jeff J. Ralls (*,#) (*,#) (*,#) (*,#) Evernook Valley Milk LLC (*,#,^) Excel RP Inc (*,#,^) Excel RP Inc Excel RP, Inc./Kevin and Joann Foley (*,#) (*,#) Florida Apnea Diagnostics LLC (*,#,^) Flower City Customs Inc. (*,#,^) Four Seasons Laser Center Inc. (*,#,^) Four Seasons Laser Center Inc. (*,#,^) Freedom Enterprises, Inc (*,#) 2685 US Hwy 41, Calhoun, GA 30701 1600 Village Market Blvd, Leesburg, VA 20175 271 East North Ave, Glendale, IL 60139 3760 NW 126th Ave, Coral Springs, FL 33065 1095 Mt Airy Rd, Stevens, PA 17578 4401 N I-35 #113, Denton, TX 76207 400 Island Park Rd, Easton, PA 18040 11949 Borden Ave, San Fernando, CA 91340 740 Davenport Ave, Fremont, NE 68025 5229 142nd Dr. NW, Williston, ND 58801 302 W 53rd St N., Wichita, KS 67204 211 West 53rd St. N., Park City, KS 67204 7448 Emmerson Rd, Everson, WA 98247 6531 Park Ave, Allen Park, MI 48101 6531 Park Ave, Allen Park, MI 48101 6531 Park Ave, Allen Park, MI 48101 2664 Cypress Ridge Blvd Ste. 101 & 102 A, Wesley Chapel, FL 33544 1805 Tebor Rd, Unit 4, Webster, NY 14580 4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 33498 4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498 2431 14th Ave SE, Watertown, SD 57201 Term Loan 5.25% 12/28/2035 1,316.8 1,316.8 Support Activities for Transportation Amusement, Gambling, and Recreation Industries Term Loan 8.25% Truck Transportation Merchant Wholesalers, Durable Goods Term Loan 8% Term Loan 7.5% 2/28/2026 12/22/2027 5/31/2029 80.6 726.2 60.4 80.6 726.2 60.4 622.9 78.7 328.0 59.0 Food Manufacturing Term Loan 6% 4/30/2030 4,705.7 4,705.7 3,495.2 Truck Transportation Merchant Wholesalers, Durable Goods Term Loan 8% Term Loan Prime plus 0% 3/31/2024 0.15 % 0.02 % 0.08 % 0.01 % 0.87 % 0.01 % 0.08 % 0.00 % 0.14 % 0.10 % 0.07 % 0.01 % 0.11 % 0.02 % 0.01 % 0.01 % 0.01 % 0.00 % 6/5/2027 12/31/2022 12/1/2041 3/18/2041 3/16/2026 2/23/2026 8/31/2042 8/30/2023 3/25/2026 7/8/2028 155.4 338.0 43.9 705.6 694.9 835.5 176.5 637.5 66.8 95.2 32.4 134.2 10.0 155.4 338.0 43.9 705.6 694.9 835.5 176.5 637.5 66.8 95.2 32.4 134.2 10.0 21.0 311.1 — 570.4 390.6 282.6 32.9 452.2 66.0 24.3 32.1 34.7 9.6 Specialty Trade Contractors Term Loan 8.25% Gasoline Stations Term Loan 8.25% Support Activities for Mining Term Loan 6% Wood Product Manufacturing Term Loan 7.25% Truck Transportation Animal Production and Aquaculture Term Loan 7.25% Term Loan 7.5% Machinery Manufacturing Term Loan 8.25% Machinery Manufacturing Term Loan 8.25% Machinery Manufacturing Term Loan 8.25% Ambulatory Health Care Services Term Loan 8.25% 10/20/2027 Repair and Maintenance Term Loan Prime plus 0% 12/17/2030 Personal and Laundry Services Term Loan Prime plus 0% 6/26/2042 208.4 208.4 189.4 0.05 % Personal and Laundry Services Term Loan Prime plus 0% 3/28/2029 Truck Transportation Term Loan Prime plus 0% 12/20/2029 12.2 290.0 12.2 290.0 — 211.5 0.00 % 0.05 % F-133 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Freedom Enterprises, Inc - New RE company to be formed (*,#) Frontier Sand LLC GEM2K, LLC dba Precision Precast Group Grand Manor Realty, Inc. & Kevin LaRoe Greensboro Plastic Surgical Associates, PA GT Performance Plus Inc GT Performance Plus Inc H.M.C, Incorporated Hackensack Steel Corporation and Luzerne Ironworks Inc Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d HDD Solutions, LLC HG Ventures, Inc. dba Diamond Head Trucking Humd, LLC dba La Rosa Chicken and Grill (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) iFood, Inc. dba Steak N Shake (*,#,^) iFood, Inc. dba Steak N Shake (*,#,^) IHC Hardware Inc. Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery J&K Fitness, LLC dba Physiques Womens Fitness Center J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) 2431 14th Ave SE, Watertown, SD 57201 305 Country Hwy AA, New Auburn, WI 54757 4150 E Magnolia St., Phoenix, AZ 85034 318 S. Halsted St., Chicago, IL 60661 2716 Henry St., Greensboro, NC 27405 4210 College St., Beaumont, TX 77707 4210 College St., Beaumont, TX 77707 7190 Oakland Mills Rd Ste 10, Columbia, MD 21046 300 Sly St., Swoyersville, PA 18709 34 35th St., Brooklyn, NY 11232 6550 Progress Pkwy, Cedar Hill, MO 63016 100 Phoenix Dr, Finleyville, PA 15332 3111 N. University Dr, Coral Springs, FL 33065 2840 E Millbrook Rd, Raleigh, NC 27604 5900 Duraleigh Rd, Raleigh, NC 27612 614 Broad St., Story City, IA 50248 4899 Griggs Rd, Houston, TX 77021 229 Medical Park Rd, Ste 310, Mooresville, NC 28117 2505 Verot School Rd, Lafayette, LA 70508 640 Dubois St., Du Bois, PA 15801 Truck Transportation Term Loan Prime plus 0% 12/20/2044 Mining (except Oil and Gas) Term Loan 8.25% 11/30/2027 Miscellaneous Manufacturing Term Loan 8.25% Real Estate Term Loan Ambulatory Health Care Services Term Loan 6% 6% Motor Vehicle and Parts Dealers Term Loan Prime plus 0% Motor Vehicle and Parts Dealers Furniture and Related Product Manufacturing Term Loan Prime plus 0% Term Loan 8.25% 5/19/2027 2/20/2023 6/29/2042 6/11/2044 6/11/2029 7/3/2028 Specialty Trade Contractors Term Loan 6% 11/10/2026 Food Manufacturing Heavy and Civil Engineering Construction Truck Transportation Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Term Loan 6% Term Loan 8.25% Term Loan 7.5% Term Loan Prime plus 0% Term Loan Prime plus 0% Term Loan Prime plus 0% Term Loan 6% Ambulatory Health Care Services Term Loan 7.75% Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan 6% 8% 6% 12/14/2027 12/31/2028 6/29/2030 1/31/2030 6/30/2039 7/31/2024 12/6/2042 12/27/2043 3/29/2044 6/8/2036 11/10/2026 203.3 463.6 140.4 19.0 535.0 96.3 66.8 183.8 170.1 77.2 552.8 794.6 124.6 541.9 148.5 95.1 967.7 820.8 14.6 33.1 203.3 463.6 140.4 19.0 535.0 96.3 66.8 183.8 170.1 77.2 552.8 794.6 124.6 541.9 148.5 95.1 967.7 820.8 14.6 33.1 193.8 239.7 59.2 18.5 501.4 92.9 64.4 53.2 166.1 28.4 371.7 86.1 121.6 516.4 141.5 61.1 217.5 668.3 14.3 32.3 0.05 % 0.06 % 0.01 % 0.00 % 0.12 % 0.02 % 0.02 % 0.01 % 0.04 % 0.01 % 0.09 % 0.02 % 0.03 % 0.13 % 0.04 % 0.02 % 0.05 % 0.17 % 0.00 % 0.01 % F-134 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value Japp Business Inc dba Pick and Eat and Japp Drink Corp. Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill (*,#) (*,#) (*,#,^) Jessie's Radiator and Automotive (*,#,^) JMD Aviation Holdings, LLC (*,#,^) Johnny's Boy LLC Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto Kids at Heart,LLC dba Monster Mini Golf Kidtastic LLC dba The Little Gym of Audubon Kostekos Inc dba New York Style Pizza LA Diner Inc dba Loukas L A Diner LAN Doctors Inc LAN Doctors Inc (*,#,^) (*,#) (*,#) (*,#) (*,#) (*,#) (*,#) (*,#) Legacy Roof Contractors LLC (*,#,^) Linqserv Inc. Luv 2 Play Nor Cal, LLC Luv 2 Play Nor Cal, LLC dba Luv 2 Play Luv 2 Play Temecula, LLC Malhame & Company Publishers & Importers Inc. Mariam Diner Inc dba Country Kitchen Restaurant Marlin Lighting LLC Matchless Transportation LLC dba First Class Limo (*,#,^) (*,#,^) (*,#) (*,#) (*,#,^) (*,#) (*,#,^) (*,#) 640 Dubois St., Dubois, PA 15801 4179 Broadway, New York, NY 10033 24480 W 10 Mile RD, Southfield, MI 48033 1777 N Ventura Ave, Ventura, CA 93001 8050 North West 90th St., Medley, FL 33166 127 East King St., Martinsburg, WV 25401 200 West Adams St, Cochranton, PA 16314 10 Newbury St., Danvers, MA 01923 2850 Audubon Dr, Audubon, PA 19403 10 South King St., Gloucester, NJ 08030 3205 Route 22 East, Branchburg, NJ 08876 14 Pierson Court, Mahwah, NJ 07430 14 Pierson Court, Mahwah, NJ 07430 32091 Broken Branch Circle, Spanish Fort, AL 36527 1555 Lyell Ave, Rochester, NY 14606 82 Clarksville Rd, Folsom, CA 95682 82 Clarksville Rd, Folsom, CA 95630 26469 Ynez Rd, Temecula, CA 92591 180 Orville Rd, Bohemia, NY 11780 17393 Main St., Hesperia, CA 92345 7207 B Lockport Pl, Lorton, VA 22079 31525 Aurora Rd # 5, Solon, OH 44139 Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Food Services and Drinking Places Term Loan 6% 11/10/2041 426.4 426.4 416.3 Repair and Maintenance Term Loan Prime plus 0% 10/31/2029 Term Loan Prime plus 0% 11/30/2025 Term Loan 6% 1/4/2029 72.3 34.8 14.7 72.3 34.8 14.7 42.8 25.7 14.3 Rental and Leasing Services Food Services and Drinking Places Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Specialty Trade Contractors Transit and Ground Passenger Transportation Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Durable Goods Food Services and Drinking Places Specialty Trade Contractors Transit and Ground Passenger Transportation Term Loan Prime plus 0% 12/15/2027 397.5 397.5 388.1 Term Loan Prime plus 0% 6/7/2044 Term Loan 6.25% 10/29/2039 Term Loan 6.75% Term Loan 8.25% Term Loan 8% Term Loan 7.25% Term Loan 8.25% Term Loan 8.25% Term Loan 6% Term Loan 7.5% Term Loan Prime plus 0% Term Loan Prime plus 0% Term Loan Prime plus 0% Term Loan Prime plus 0% Term Loan Term Loan 8% 6% 9/22/2026 7/27/2026 2/6/2040 9/28/2037 8/28/2025 3/16/2026 2/28/2044 11/9/2027 9/25/2029 9/27/2026 8/15/2026 6/29/2027 3/18/2026 12/19/2028 97.3 11.1 17.8 44.9 34.8 92.8 52.6 43.4 294.0 261.2 101.8 34.4 33.4 63.7 42.8 80.2 97.3 11.1 17.8 44.9 34.8 92.8 52.6 43.4 294.0 261.2 101.8 34.4 33.4 63.7 42.8 80.2 Term Loan 6.25% 5/31/2020 118.8 118.8 92.7 1.4 16.5 44.3 17.7 63.5 50.7 41.9 192.9 15.9 67.0 33.6 32.6 61.4 3.8 78.3 26.8 F-135 See accompanying notes to consolidated financial statements. 0.10 % 0.01 % 0.01 % 0.00 % 0.10 % 0.02 % 0.00 % 0.00 % 0.01 % 0.00 % 0.02 % 0.01 % 0.01 % 0.05 % 0.00 % 0.02 % 0.01 % 0.01 % 0.02 % 0.00 % 0.02 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad MIT LLC Mojo Brands Media, LLC Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma Morris Glass and Construction Inc Mr. Lube, Inc Mr. Lube, Inc. Murf & Sons LLC N Transport LLC National Dredging Services of North Florida, Inc. National Dredging Services of North Florida, Inc. Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC Panther Ironworks and Rigging Solutions LLC Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo Pecos Entertainment LLC dba State Theater (*,#) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#) (*,#,^) (*,#,^) Pecos Inn LLC dba Econo Lodge (*,#) Peter K Lee MD, PC dba Atlanta Primary Care Peter K Lee MD, PC dba Atlanta Primary Care LLC Picon Motors LLC dba The New Young's Motors (*,#,^) (*,#,^) (*,#,^) 780 S Peace Haven Rd, Winston Salem, NC 27103 11 North Peach ST., Medford, OR 97504 3260 University Blvd., Ste 100, Winter Park, FL 32792 145 Moon Rd, Chesapeake City, MD 21915 40058 Hwy 30, Astoria, OR 97103 721 E Westpoint Dr., Wasilla, AK 99654 721 E. West Point Dr, Wasilla, AK 99654 3821 Pleasant Hill Rd, Store #B- 107, Kissimmee, FL 34746 5348 W Brown Ave, Fresno, CA 93722 1537 Northwest Main Blvd., Lake City, FL 32055 1537 Northwest Main Blvd., Lake City, FL 32055 2520 Pennsylvania Ave, Ogden, UT 84401 1028 Washburn Switch Rd, Shelby, NC 28150 Electrical Equipment, Appliance, and Component Manufacturing Publishing Industries (except Internet) Term Loan 7% 11/25/2025 Term Loan Prime plus 2.75% 3/31/2042 10.5 84.9 10.5 84.9 6.6 68.8 Broadcasting (except Internet) Term Loan 6% 8/28/2023 673.2 673.2 114.5 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 1,083.3 1,083.3 Specialty Trade Contractors Term Loan 15% 10/1/2023 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2043 Repair and Maintenance Food Services and Drinking Places Truck Transportation Term Loan Term Loan 6% 8% Term Loan Prime plus 2.75% 6/22/2028 Repair and Maintenance Term Loan Prime plus 0% Repair and Maintenance Term Loan Prime plus 0% Truck Transportation Term Loan 8.25% Specialty Trade Contractors Term Loan 6% 319.6 654.6 516.8 44.9 365.8 40.1 27.2 505.7 112.7 319.6 654.6 516.8 44.9 365.8 40.1 27.2 505.7 112.7 11/16/2027 11/20/2027 6/27/2028 6/27/2043 6/20/2028 11/10/2026 0.00 % 0.02 % 0.03 % 0.24 % 0.04 % 0.15 % 0.02 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.02 % 961.9 145.9 623.7 69.3 43.9 31.8 38.3 26.0 31.2 83.1 412 and 500 Main St., La Marque, TX 77568 Heavy and Civil Engineering Construction 412 and 500 Main St., La Marque, TX 77568 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2026 558.1 558.1 28.3 0.01 % Term Loan 7% 9/28/2041 110.1 110.1 30.0 0.01 % 421 S. Oak St., Pecos, TX 79772 421 South Oak St, Pecos, TX 79772 2207 W Third St., Pecos, TX 79772 211 Roberson Mill Rd, Milledgeville, GA 31061 5 Ashford Way, Hawkinsville, GA 31061 199-211 Central Ave, Orange, NJ 07080 Motion Picture and Sound Recording Industries Motion Picture and Sound Recording Industries Term Loan Prime plus 0% 3/27/2042 Term Loan Prime plus 0% 12/31/2029 Accommodation Term Loan Prime plus 0% Ambulatory Health Care Services Term Loan 8.25% Ambulatory Health Care Services Term Loan 8.25% Motor Vehicle and Parts Dealers Term Loan 6% 4/28/2041 9/13/2043 9/13/2028 6/12/2029 388.0 123.4 621.9 859.6 381.0 213.8 388.0 123.4 621.9 859.6 381.0 213.8 369.7 120.5 592.7 785.3 372.0 102.9 0.09 % 0.03 % 0.15 % 0.19 % 0.09 % 0.03 % F-136 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) 13722 Jamboree Rd, Irvine, CA 92602 Amusement, Gambling, and Recreation Industries Term Loan 7.5% 3/7/2028 148.1 148.1 144.6 0.04 % Play4Fun dba Luv 2 Play Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and Prestige Construction of Florida, LLC Providence Management Environmental, LLC, Tindol Energy Group, LLC R & K Contracting Inc Ramjay Inc. Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC RG Productions LLC Rich's Food Stores LLC dba Hwy 55 of Wallace (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) Rihahn Inc. dba RDBL, Inc (*,#,^) RIHAHN INC dba RDBL, INC. Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d RWBB LLC (*,#,^) (*,#) (*,#,^) (*,#) (*,#) RWBB LLC Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Sanabi Investment, LLC dba Oscar's Moving and Storage Sandlot Ventures LLC and Sandbox Ventures LLC Select Propane & Fuel Inc. and Select Fuel & Convenience LLC (*,#) Shining Star Kids, Inc. dba Brain Balance (*,#,^) (*,#,^) (*,#,^) (*,#,^) Shooter's Gun Club, LLC (*,#,^) 13851 S State HWY 34, Scurry, TX 75158 1404 Yorktown St. Ste E, Deland, FL 34944 6570 W Hwy 67, Cleburne, TX 76033 3605 NW 31st Ave, Fort Lauderdale, FL 33309 85 S. Bragg St. Ste 303, Alexandria, VA 22312 85 SW 5th Ave, Delray Beach, FL 33444 2414 W Battlefield Ste H, Springfield, MO 65807 611 East Southerland St., Wallace, NC 28466 1397 McGuire Rd, Lamar, AR 72846 1397 McGuire Rd, Lamar, AR 72846 Specialty Trade Contractors Term Loan 8.25% Construction of Buildings Term Loan 6% Waste Management and Remediation Services Term Loan 6% 10/28/2025 5/23/2042 6/19/2029 2/18/2026 431.8 105.1 70.0 8.3 431.8 105.1 70.0 8.3 Specialty Trade Contractors Transit and Ground Passenger Transportation Term Loan Prime plus 0% Term Loan 8.25% 1/13/2027 322.0 322.0 Ambulatory Health Care Services Term Loan 7.75% 12/28/2028 104.8 104.8 Rental and Leasing Services Food Services and Drinking Places Term Loan 6% Term Loan 8.25% 3/28/2029 9/14/2026 76.1 99.3 Forestry and Logging Term Loan 6% 9/14/2028 115.0 Forestry and Logging Term Loan Prime plus 0% 2/5/2029 5.4 76.1 99.3 115.0 5.4 423-429 Route 156, Trenton, NJ 08620 4120 7th Ave, Kenosha, WI 53140 4120 7th Ave, Kenosha, WI 53140 Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places 726-740 South Fleming St., Sebastian, FL 32958 Amusement, Gambling, and Recreation Industries 726-740 South Fleming St., Sebastian, FL 32958 11421 N W 107th St., #13, Miami, FL 33178 1857A Elmdale Ave, Glenview, IL 60025 3822 State Route 3, Red Bud, IL 62278 17323 Ventura Blvd, Encino, CA 91316 2429 Iowa St. Stes B, C and D, Lawrence, KS 66046 Amusement, Gambling, and Recreation Industries Truck Transportation Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Nondurable Goods Educational Services Amusement, Gambling, and Recreation Industries Term Loan 6.25% 9/30/2039 279.5 279.5 Term Loan Prime plus 0% 6/26/2044 Term Loan Prime plus 0% 12/19/2029 74.3 15.2 74.3 15.2 Term Loan 8.25% 11/23/2040 738.3 738.3 657.2 0.16 % Term Loan Prime plus 0% 12/24/2041 492.0 492.0 480.3 Term Loan Term Loan 0% 6% Term Loan 7.5% Term Loan Prime plus 0% 3/5/2027 9/25/2040 2/10/2030 1/7/2029 Term Loan Prime plus 0% 4/27/2030 83.4 88.1 521.6 77.2 169.9 83.4 88.1 521.6 77.2 169.9 68.9 59.3 34.6 73.6 136.0 0.12 % 0.02 % 0.01 % 0.01 % 0.02 % 0.03 % F-137 See accompanying notes to consolidated financial statements. 160.7 101.3 68.3 8.1 99.4 0.5 7.7 41.6 44.9 — 45.8 49.0 14.5 0.04 % 0.03 % 0.02 % 0.00 % 0.02 % 0.00 % 0.00 % 0.01 % 0.01 % 0.00 % 0.01 % 0.01 % 0.00 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Sky Way Enterprises, Inc, A- Liner-8-Aviation, Inc, Kissimmee Aviation Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men Skyways, LTD (*,#,^) (*,#,^) (*,#,^) Sovereign Communications LLC (*,#) Space Express, LLC (*,#,^) Specialty Surgery Center, Inc. SSI Refrigerated Express Inc. and Robert M Stallone SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express Stat Constructor L.P StillBasi Holdings, Inc. dba Buxton Auto Transport (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) Suncrest Stone Products LLC (*,#) Suncrest Stone Products LLC T and B Boots Inc dba Takken's Shoes Tarver-Henley Inc. and Tar-Hen LLC (*,#) (*,#) (*,#,^) The Alba Financial Group, Inc. The Country House Restaurant, LLC and Pelton Real Estate, LLC Victorian Restaurant and Tavern, LLC Video Vault & Tanning LLC and Mosaic Salon LLC White Hawk Inc. Wilban LLC (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) 3031 Patrick St, Kissimmee, FL 34741 Air Transportation Term Loan 8.25% 12/12/2027 417.4 417.4 397.8 0.10 % Support Activities for Transportation Support Activities for Transportation 426 15th St. NW, Huron, SD 57350 350 15th St. NW, Huron, SD 57350 26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783 2775 Burris Rd, Davie, FL 33314 Truck Transportation 5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342 Ambulatory Health Care Services Term Loan 1001 E. Cooley Dr Ste 102, Colton, CA 92324 Broadcasting (except Internet) Term Loan Term Loan Truck Transportation Term Loan Term Loan Term Loan Prime plus 0% Prime plus 0% 6.75% 6% 6% 6/8/2043 3/22/2029 2/7/2024 3/12/2029 365.3 740.7 627.4 123.5 365.3 740.7 627.4 123.5 6/28/2029 1,007.9 1,007.9 Prime plus 0% 11/17/2027 43.9 43.9 1001 E. Cooley Dr Ste 102, Colton, CA 92324 9573 US Hwy 220, Stoneville, NC 27048 9371 Jackson Rd, Sacramento, CA 95826 341 County Farm Rd, Ashburn, GA 31714 341 County Farm Rd, Ashburn, GA 31714 72 South Main St., Templeton, CA 93465 2125 College Ave, Jackson, AL 36545 1420 Spring Hill Rd, McLain, VA 22102 677 US Route 7, Pittsford, VT 05763 226 Maple Ave, Cheshire, CT 06410 W7003 Parkview Dr, Ste A & B, Greenville, WI 54942 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 454 US Hwy 22, Whitehouse Station, NJ 08889 Truck Transportation Term Loan Prime plus 0% Specialty Trade Contractors Term Loan Prime plus 0% Truck Transportation Nonmetallic Mineral Product Manufacturing Nonmetallic Mineral Product Manufacturing Clothing and Clothing Accessories Stores Building Material and Garden Equipment and Supplies Dealers Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% Term Loan 7.25% Term Loan 7.5% Term Loan 7.25% Term Loan 7.75% Term Loan 6% Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 0% Term Loan 8.25% Rental and Leasing Services Term Loan Prime plus 0% 2/28/2027 8/30/2028 3/29/2029 8/29/2041 8/29/2026 12/7/2026 6/21/2042 3/10/2021 6/30/2042 2/22/2042 6/4/2040 149.8 88.1 263.6 429.2 529.5 380.7 97.8 0.1 47.3 80.0 59.9 Truck Transportation Food Services and Drinking Places Term Loan 8.25% 12/15/2026 917.5 Term Loan 7.5% 3/11/2026 9.0 149.8 88.1 263.6 429.2 529.5 380.7 97.8 0.1 47.3 80.0 59.9 917.5 9.0 F-138 See accompanying notes to consolidated financial statements. 348.1 217.3 113.6 39.7 146.4 — 106.7 83.9 227.2 — 99.9 371.6 38.4 0.09 % 0.05 % 0.03 % 0.01 % 0.04 % 0.00 % 0.03 % 0.02 % 0.06 % 0.00 % 0.02 % 0.09 % 0.01 % 0.1 0.00 % 42.7 64.0 58.5 59.1 8.7 0.01 % 0.02 % 0.01 % 0.01 % 0.00 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Wilban LLC Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A- Van (*,#) 454 US Hwy 22, Whitehouse Station, NJ 08889 Food Services and Drinking Places (*,#,^) 33-51 11th St., Astoria, NY 11106 Merchant Wholesalers, Nondurable Goods Term Loan 7.25% 3/28/2039 238.6 238.6 80.5 0.02 % Term Loan 8.25% 4/28/2027 75.8 75.8 72.2 0.02 % (*,#,^) 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010 Transit and Ground Passenger Transportation Term Loan 7.75% 9/27/2028 Total Unguaranteed Non-Accrual SBA Investments Total Unguaranteed SBA Investments F-139 See accompanying notes to consolidated financial statements. 313.9 54,125.5 313.9 54,125.5 $ 213.9 30,506.8 0.05 % 7.55 % $ 431,970.0 $ 431,970.0 $ 424,416.9 105.08 % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) The Hall at the Yard Little Angels Daycare Clean Energyz LLC Woodzzy LLC Five Rivers 1938 Enterprise Inc. Kamboj Investments Inc. dba Chicago's Pizza Crux Solutions, LLC Montauk Donut Group Inc. THE JAR CIRCLE INC MA Allen LLC dba Premier Martial Arts Tiny's Gumbo Bar NYC LLC Shrijee LLC LAOR RGV Poke LLC Alaska Industrial Paint LLC B & W Towing LLC Black Market Restaurant Group Inc C.D.A. Serviceability Trust Inc. CJ REAL ESTATE PARTNERS LLC Jafar & Jamal Inc. Metro of Livernois Mitchell Authentic, Inc. dba Rock Box Fitness 1412 Alden Rd, Orlando, FL 32803 4551 Summit Blvd, West Palm Beach, FL 33415 881 Alma Real Dr Ste T-16, Pacific Palisades, CA 90272 1133 Clarkson Ave, Brooklyn, NY 11212 3032 W Jack London Blvd, Livermore, CA 94551 1156 South Main St., Manteca, CA 95337 6938 Westover St., Houston, TX 77087 1669 Montauk Hwy, Bellport, NY 11713 3545 Merrick Rd, Seaford, NY 11783 380 East Bethany Dr, Allen, TX 75002 275 Church St., New York, NY 10013 908 Washington St., Manitowoc, WI 54220 7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809 5401 North 10 St. Unit 126, McAllen, TX 78504 1301 North Post Rd, Anchorage, AK 99501 701 Addison Rd, Painted Post, NY 14870 29941 Aventura, Ste K, Rancho Santa Margarita, CA 92688 4501 6th Ave, Tacoma, WA 98406 1800 E Palm Ave, Tampa, FL 33605 11 Highland Ave, Malden, MA 02148 17149 Livernois, Detroit, MI 48221 4880 Lower Roswell Rd, Marietta, GA 30068 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/2/2031 $ 2,013.2 $ 2,013.2 $ 2,219.6 Social Assistance Term Loan Prime plus 2.75% 10/3/2046 Term Loan Prime plus 2.75% 12/11/2031 258.1 155.4 258.1 155.4 292.0 174.1 Specialty Trade Contractors Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Personal and Laundry Services Food Services and Drinking Places Food Services and Drinking Places Educational Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2046 1,617.4 1,617.4 1,833.7 Term Loan Prime plus 2.75% 1/28/2032 Term Loan Prime plus 2.75% 7/29/2031 Term Loan Prime plus 2.75% 12/30/2031 Term Loan Prime plus 2.75% 4/12/2031 Term Loan Prime plus 2.75% 2/20/2031 Term Loan Prime plus 2.75% 3/25/2031 Term Loan Prime plus 2.75% 2/25/2032 174.7 135.4 175.3 736.1 125.0 83.5 326.4 174.7 135.4 175.3 736.1 125.0 83.5 326.4 195.7 151.7 196.4 819.9 139.2 93.0 365.6 Accommodation Term Loan Prime plus 2.75% 12/31/2046 1,072.4 1,072.4 1,221.2 Health and Personal Care Stores Food Services and Drinking Places Specialty Trade Contractors Support Activities for Transportation Food Services and Drinking Places Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 5/26/2047 1,546.2 1,546.2 1,743.3 Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% 2/2/2032 1/8/2032 2/9/2047 Term Loan Prime plus 2.75% 3/24/2032 Term Loan Prime plus 2.75% 9/27/2046 123.1 193.8 646.9 265.5 622.5 123.1 193.8 646.9 265.5 622.5 137.9 217.0 737.5 297.3 709.7 Term Loan Prime plus 2.75% 2/28/2047 2,078.0 2,078.0 2,345.5 Food and Beverage Stores Term Loan Prime plus 2.75% 3/29/2032 177.1 177.1 198.4 Telecommunications Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/29/2047 1,822.1 1,822.1 2,059.0 Term Loan Prime plus 2.75% 3/12/2032 356.5 356.5 396.1 F-140 See accompanying notes to consolidated financial statements. 0.55 % 0.07 % 0.04 % 0.45 % 0.05 % 0.04 % 0.05 % 0.20 % 0.03 % 0.02 % 0.09 % 0.30 % 0.43 % 0.03 % 0.05 % 0.18 % 0.07 % 0.18 % 0.58 % 0.05 % 0.51 % 0.10 % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Balanced Health & Fitness LLC Kynytyx Inc. M&P_CAL, LLC Kedai Indonesian Café Potato Bros LLC dba Crumbl Cookies INE Incorporated Square One Step LLC Bofill's Barbeque LLC Fyzical Therapy & Balance Center Gerland Investments, Inc. LR Greenview LLC Hotworxs Studio Foster the Community LLC Suha Signs LLC Suha Promotions LLC Suha Restaurants IV Therapy Management Momentum Metal Finishing BGF Bobby Q’s Inc La Taqueria Inc Yours II Cosmetology Academy Inc. Alaska Industrial Paint LLC Colorado Avocado LLC 5110 Mae Anne Dr, Ste 702, Reno, NV 89521 990A Station Rd, Bellport, NY 11713 8086 East Santa Canyon Rd, Anaheim, CA 92808 110 S Mountain Ave, Upland, CA 91786 1435 N Wells St., Chicago, IL 60610 1040-1100 S. Mt. Vernon Ave, Riverside, CA 92507 10710 Barker Cypress Rd, Ste B, Cypress, TX 77433 15159 South Cicero Ave, Oak Forest, IL 60452 3780 Riverchase Village, Ste 900, Hoover, AL 35244 12611 I-10 West, Ste 102, San Antonio, TX 78230 2977 Ygnacio Valley Rd, Unit 2977, Pleasant Hill, CA 94523 13435 University Ave, Clive, IA 50325 13451 and 13453 Fishhawk Blvd, Riverview, FL 33569 8211 Byron Center Ave SW, Byron Center, MI 49315 8211 Byron Center Ave SW, Byron Center, MI 49315 8211 Byron Center Ave SW, Byron Center, MI 49315 2 Sears Dr, Paramus, NJ 07652 1286 Anvilwood Ave, Sunnyvale, CA 94089 365 W Sunrise Hwy, Freeport, NY 11520 10 Greenwich Ave, GREENWICH, CT 06830 1416 W Columbia Ave, Battle Creek, MI 49015 1301 North Post Rd, Anchorage, AK 99501 11590 Ridgeline Dr, Colorado Springs, CO 80921 Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Food and Beverage Stores Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2032 Term Loan Prime plus 2.75% 5/22/2032 Term Loan Prime plus 2.75% 3/22/2032 Term Loan Prime plus 2.75% 4/27/2032 Term Loan Prime plus 2.75% 3/28/2032 Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% 4/3/2032 4/4/2032 Term Loan Prime plus 2.75% 2/10/2047 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/19/2032 Educational Services Term Loan Prime plus 2.75% 4/22/2032 Food and Beverage Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/24/2032 Term Loan Prime plus 2.75% 3/30/2032 Term Loan Term Loan Term Loan Personal and Laundry Services Food Services and Drinking Places Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Ambulatory Health Care Services Term Loan Fabricated Metal Product Manufacturing Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% Prime plus 2.75% Prime plus 2.75% Prime plus 2.75% 3/8/2032 4/9/2032 4/9/2032 6/9/2032 5/13/2032 Prime plus 2.75% 12/13/2047 Prime plus 2.75% 10/13/2047 Prime plus 2.75% 4/17/2032 155.0 641.8 127.8 85.8 129.5 102.0 151.4 270.0 78.7 72.0 48.2 137.2 74.4 183.6 170.1 423.8 42.3 253.9 444.0 109.5 155.0 641.8 127.8 85.8 129.5 102.0 151.4 270.0 78.7 72.0 48.2 137.2 74.4 183.6 170.1 423.8 42.3 253.9 444.0 109.5 173.6 717.2 143.1 96.1 145.1 114.2 169.5 307.8 88.1 80.7 53.9 153.7 83.3 205.6 190.5 474.6 47.4 288.1 504.0 121.6 Educational Services Term Loan Prime plus 2.75% 12/21/2047 2,471.3 2,471.3 2,783.2 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2047 Term Loan Prime plus 2.75% 6/27/2032 75.0 26.3 75.0 26.3 85.1 29.2 F-141 See accompanying notes to consolidated financial statements. 0.04 % 0.18 % 0.04 % 0.02 % 0.04 % 0.03 % 0.04 % 0.08 % 0.02 % 0.02 % 0.01 % 0.04 % 0.02 % 0.05 % 0.05 % 0.12 % 0.01 % 0.07 % 0.12 % 0.03 % 0.69 % 0.02 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) 3 Generations LLC Clean Pro 1, LLC Ride4U Northcomm LLC Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade NJ Floats Inc Vendall Ventures LLC Maxwell Hendry & Simmons LLC Regal Express Corporation Vidya Technologies LLC The Handyman Clarksville LLC LDI Energy Services LLC Rana N Hassan MD PC BYC LaQuinta LLC Outdoor Equipment Manufacturer LLC CNJ Services LLC Riaz & Son, Inc. Sk8 House Virginia Beach LLC Alaska Demolition LLC Freedom Construction LLC Shieldcoat Technologies Inc. Lotus Care LLC Unique Surveillance LLC 2800 Baton Rouge Rd, Williamstown, KY 41097 385 Boston Post Rd, Orange, CT 06477 747 N State Rd 7, Plantation, FL 33317 213 Cascade View Court, East Wenatchee, WA 98802 100 Village Rd, Port Lavaca, TX 77979 327 Route 202/206, Bedminster Township, NJ 07921 25027 South Interstate, WaKeeney, KS 67672 1619 Jackson St., Fort Myers, FL 33901 4122 County Rd 516, Matawan, NJ 07747 2509 George Mason Dr, Virginia Beach, VA 23456 2727 Union Hall Rd, Clarksville, TN 37040 6519 103 West Ave, Tioga, ND 58852 71 Franklin Ave, Franklin Square, NY 11010 78430 CA-111, La Quinta, CA 92253 3520 NW 51st St., Miami, FL 33142 5519 Ironhorse Rd, North Chesterfield, VA 23234 100-15 94th Ave, Ozone Park, NY 11416 600 Lynnhaven Pkwy, Virginia Beach, VA 23452 2817 Rampart Dr, Anchorage, AK 99501 2897 E Massengale Rd, Shelbyville, IN 46176 308 Ellen Trout Dr, Lufkin, TX 75904 14000 Sunfish Lake Blvd, NW, MN 55303 925 South 21st Ave, Hollywood, FL 33020 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2032 Construction of Buildings Term Loan Prime plus 2.75% 5/29/2047 27.5 294.1 27.5 294.1 30.5 333.9 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/29/2046 3,656.3 3,656.3 4,085.9 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 3/16/2029 Term Loan Prime plus 2.75% 6/12/2046 Accommodation Term Loan Prime plus 2.75% 12/17/2046 Real Estate Term Loan Prime plus 2.75% 12/17/2031 Truck Transportation Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/20/2031 Term Loan Prime plus 2.75% 12/20/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/22/2031 Support Activities for Mining Term Loan Prime plus 2.75% 12/22/2046 225.0 99.2 822.0 823.5 457.5 402.5 45.1 562.5 819.8 342.0 225.0 99.2 822.0 823.5 457.5 402.5 45.1 562.5 819.8 342.0 252.0 106.1 914.5 934.7 508.4 447.3 50.5 625.1 930.4 380.0 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2031 Prime plus 2.75% 12/22/2046 1,711.1 1,711.1 1,937.8 Textile Product Mills Professional, Scientific, and Technical Services Food and Beverage Stores Amusement, Gambling, and Recreation Industries Administrative and Support Services Specialty Trade Contractors Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 12/23/2031 Term Loan Prime plus 2.75% 12/23/2031 Term Loan Prime plus 2.75% 12/23/2046 Term Loan Prime plus 2.75% 12/23/2031 281.3 72.3 443.3 89.3 281.3 72.3 443.3 89.3 312.5 80.9 503.1 100.0 Term Loan Prime plus 2.75% 12/27/2046 3,750.0 3,750.0 4,190.6 Term Loan Prime plus 2.75% 12/28/2031 61.2 61.2 68.5 Term Loan Prime plus 2.75% 12/28/2046 2,212.5 2,212.5 2,483.5 Ambulatory Health Care Services Term Loan Administrative and Support Services Term Loan Prime plus 2.75% 12/28/2031 127.5 127.5 142.8 Prime plus 2.75% 12/28/2031 3,678.0 3,678.0 4,045.8 F-142 See accompanying notes to consolidated financial statements. 0.01 % 0.08 % 1.01 % 0.06 % 0.03 % 0.23 % 0.23 % 0.13 % 0.11 % 0.01 % 0.15 % 0.23 % 0.09 % 0.48 % 0.08 % 0.02 % 0.12 % 0.02 % 1.04 % 0.02 % 0.61 % 0.04 % 1.00 % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) CS Concept Holdings LLC Monticello Corporation Beyond The Numbers CPAs Inc. Oh Crumb On! Altitude Roofing LLC The Dance Affair, Inc. Belcher's Electric LLC Nova Engineering Inc. Lillie Mae's Place, LLC Bright Horizons Preschool, LLC Arclight Industries LLC Champion Volleyball Club of Houston LLC Eastern Aero Marine, Inc. Hacienda Car Wash Inc. Happy Wheels Charter LLC Kosovar Corporation Pole Dance Carolinas LLC Henry J. Fishman Inspired Education 2 LLC RV Liquidation Center CPH Milpitas LLC 3815 Media Inc. Calderon Insurance Agency 4350 Canada Rd, :, Lakeland, TN 38002 600 Preston Ave, Charlottesville, VA 22903 1004 Lewis Ave, Billings, MT 59102 57 East 3rd Ave, Spring Grove, PA 17362 2909 N Tindle Blvd, Flagstaff, AZ 86004 850 N Winchester Blvd, San Jose, CA 95128 138 Dorchester St., Greenwood, SC 29646 4373 Viewridge Ave, Ste A, San Diego, CA 92123 57 Main St., East Haven, CT 06512 275 Enterprise Dr, Valdosta, GA 31601 340 Quail Run Rd,, Venetia, PA 15367 19418 Pinehurst Trail Dr, Humble, TX 77346 5502 NW 37th Ave, Miami, FL 33142 2400 S Goliad St., Rockwall, TX 75087 4 Old Elm St., Salusbury, MA 01952 355 Smith Ridge Rd, South Salem, NY 10590 9826 Gilead Rd, C -200, Hunterville, NC 28078 2021 K St. Ste 400 NW, Washington, DC 20006 221 Edinburg Rd, Mercerville, NJ 08619 984 W Shaw Ave, Clovis, CA 93612 1806 Milmont Dr, Milpitas, CA 95035 3201 Peachtree Corners Circle, Peachtree Corners, GA 30092 5127 Franklin Blvd, #3, Sacramento, CA 95820 Food Services and Drinking Places Food and Beverage Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2031 Term Loan Prime plus 2.75% 12/29/2031 432.0 630.0 432.0 630.0 483.8 705.6 Term Loan Prime plus 2.75% 12/29/2046 1,260.0 1,260.0 1,438.0 Couriers and Messengers Term Loan Prime plus 2.75% 12/29/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/29/2031 Educational Services Term Loan Prime plus 2.75% 12/29/2031 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2046 Term Loan Prime plus 2.75% 12/29/2046 Term Loan Prime plus 2.75% 12/29/2046 Term Loan Prime plus 2.75% 12/29/2046 42.5 240.0 45.9 114.8 150.0 891.0 660.8 337.5 484.5 42.5 240.0 45.9 114.8 150.0 891.0 660.8 337.5 484.5 47.6 268.8 51.4 128.5 168.0 1,019.1 750.0 386.0 549.9 Term Loan Prime plus 2.75% 12/29/2046 3,750.0 3,750.0 4,190.6 Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2046 90.0 540.0 90.0 540.0 100.8 612.9 Term Loan Prime plus 2.75% 12/29/2046 1,020.0 1,020.0 1,156.4 Term Loan Prime plus 2.75% 12/29/2031 123.8 123.8 138.6 Social Assistance Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Transportation Equipment Manufacturing Repair and Maintenance Transit and Ground Passenger Transportation Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2031 1,012.5 1,012.5 1,123.9 Social Assistance Term Loan Prime plus 2.75% 12/29/2046 2,250.0 2,250.0 2,542.5 Motor Vehicle and Parts Dealers Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/29/2031 1,038.8 1,038.8 1,151.7 Term Loan Prime plus 2.75% 12/29/2031 262.5 262.5 294.0 Term Loan Prime plus 2.75% 12/30/2031 1,125.0 1,125.0 1,247.3 Term Loan Prime plus 2.75% 12/29/2046 543.5 543.5 616.8 F-143 See accompanying notes to consolidated financial statements. 0.12 % 0.17 % 0.36 % 0.01 % 0.07 % 0.01 % 0.03 % 0.04 % 0.25 % 0.19 % 0.10 % 0.14 % 1.04 % 0.02 % 0.15 % 0.29 % 0.03 % 0.28 % 0.63 % 0.29 % 0.07 % 0.31 % 0.15 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets 899 Toscanini LLC Jones Roger Shermann Inn Inc. Hackstaff Restaurants Matrix Z LLC Rello Inc. 2Choice2Friends LLC NYM Solutions Inc. Clowers Trucking by Faith LLC MCM Design LLC Still Photography Archer Cleaners Inc. Law Office of Paula Padilla PLLC Campuscuts LLC Port Diesel LLC Menshka Inc. Lawrence Adeyemo & Co LLC Gradstreet LLC A&S Services LLC Crystal Clear Accounting Doghouse Sport Fishing Charters Inc. No Push Back LLC Host Marketing LLC Standard Real Estate Services LLC 899 Main St., Cambridge, MA 02139 195 Oenoke Ridge, New Canaan, CT 06840 248 W 1st. St. Ste 201, Reno, NV 89501 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 11/9/2031 Term Loan Prime plus 2.75% 6/4/2030 Term Loan Prime plus 2.75% 7/15/2029 Term Loan Prime plus 6.5% 2/27/2029 270.0 60.6 402.2 10.2 270.0 60.6 402.2 10.2 302.4 60.6 402.2 10.2 0.07 % 0.02 % 0.10 % — % 8063 Jericho Turnpike, Woodbury, NY 11797 901 W Braker Lane, Austin, TX 78758 12150 SW 128th St. CT Ste 209, Miami, FL 33186 705 E Brookwood PL, Valdosta, GA 31601 5926 Vinings Vintage Way, Mableton, GA 30126 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 1514 W. 33rd St., Chicago, IL 60608 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 930 Robtrice Ct, Edmond, OK 73430 3212 Alex Trask Dr, Castle Hayne, NC 28429 88 High St., Mountclair, NJ 07042 209-34 112 Ave, Queens Village, NY 11429 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 3888 Lightner Rd, Vandalia, OH 45377 34099 Tuscan Creek Way, Temecula, CA 92592 83413 Overseas Hwy, Islamorada, FL 33036 5405 Neshaminy Blvd, Bensalem, PA 19020 206 Bell Lane, Ste B, West Monroe, LA 71291 500 West Silver Spring Dr, Ste K 200,, Glendale, WI 53217 Personal and Laundry Services Food Services and Drinking Places Insurance Carriers and Related Activities Truck Transportation Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/17/2029 Term Loan Prime plus 6.5% 4/17/2029 Term Loan Prime plus 6.5% 5/6/2029 Term Loan Prime plus 6.5% 5/23/2029 Term Loan Prime plus 6.5% 5/23/2029 Term Loan Prime plus 6.5% 6/6/2029 Term Loan Prime plus 6.5% 6/10/2029 Term Loan Prime plus 6.5% 6/13/2029 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 Ambulatory Health Care Services Professional, Scientific, and Technical Services Nonstore Retailers Food Services and Drinking Places Professional, Scientific, and Technical Services Scenic and Sightseeing Transportation Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/10/2029 Term Loan Prime plus 6.5% 7/19/2029 Term Loan Prime plus 6.5% 7/30/2029 Term Loan Prime plus 6.5% 8/7/2029 Term Loan Prime plus 6.5% 8/26/2029 Term Loan Prime plus 6.5% 8/30/2029 Term Loan Prime plus 6.5% 8/30/2029 Term Loan Prime plus 6.5% 9/18/2029 Real Estate Term Loan Prime plus 6.5% 9/19/2029 5.0 10.3 10.4 10.6 8.1 10.5 10.5 4.2 6.3 10.5 10.5 8.5 6.1 10.6 2.8 10.6 10.3 10.7 10.7 5.0 10.3 10.4 10.6 8.1 10.5 10.5 4.2 6.3 10.5 10.5 8.5 6.1 10.6 2.8 10.6 10.3 10.7 10.7 5.0 10.3 10.4 10.6 8.1 10.5 10.5 4.2 6.3 10.5 10.5 8.5 6.1 10.6 2.8 10.6 10.3 10.7 10.7 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-144 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Bargain Store Powerlift Dumbwaiters Inc. Pine Mountain Residential LLC James Clark and Company Inc. Sean McNamara The Pinnacle Group Standard Capital Corp. Scott’s Hardware Inc HADD Corp La Tradicion Cubana Inc. 2 N 1 Home and Lawn LLC All Modes Transportation and Logistics Green Farm Inc. Flex Beauty Labs LLC Dearly Loved Counseling LLC Diane's Accounting Service Combs Creative LLC Travel with Love, LLC Jamali LLC Donald W. Harris David Benson LLC Savannah Area Language & Culture Exchange, LLC General Merchandise Stores Social Assistance Insurance Carriers and Related Activities Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Specialty Trade Contractors Professional, Scientific, and Technical Services Nonstore Retailers Machinery Manufacturing 107 Tabernacle Church Rd, Candor, NC 27229 2444 Georgia Slide Rd, Georgetown, CA 95634 10240 Cosmopolitan Circle, Parker, CO 80134 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 5639 Wood Lane, Allentown, PA 18106 105 Springside Dr, Akron, OH 44333 2349 Wessington Dr, Virginia Beach, VA 23456 200 Tuckerton Rd, Medford, NJ 08055 364 Rugby Rd, Cedarhurst, NY 11516 9357 S.W. 40th St., Miami, FL 33165 1300 Ridenour Blvd, Kennesaw, GA 30152 4313 Collingtree Dr, Rockledge, FL 32955 1018 W SR 424 Ste 100, Longwood, FL 32750 7512 Dr. Phillip Blvd, Orlando, FL 32819 14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618 119 E Haywood St, England, AR 72046 157 Antler Ridge Circle,, Nashville, TN 37214 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 2741 Raceway Fairfield West, Pensacola, FL 32503 1625 US-59 N, Linden, TX 75563 Warehousing and Storage 1422 Euclid Ave, Cleveland, OH 44115 6 Dovetail Crossing, Savannah, GA 31419 Food and Beverage Stores Merchant Wholesalers, Nondurable Goods Educational Services Miscellaneous Store Retailers Administrative and Support Services Support Activities for Transportation Social Assistance Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/11/2029 Term Loan Prime plus 6.5% 10/16/2029 Term Loan Prime plus 6.5% 10/16/2029 Term Loan Prime plus 6.5% 10/22/2029 Term Loan Prime plus 6.5% 11/14/2029 Term Loan Prime plus 6.5% 11/14/2029 Term Loan Prime plus 6.5% 12/5/2029 Term Loan Prime plus 6.5% 12/6/2029 Term Loan Prime plus 6.5% 12/17/2029 Term Loan Prime plus 6.5% 12/20/2029 Term Loan Prime plus 6.5% 2/3/2030 Term Loan Prime plus 6.5% 2/14/2030 Term Loan Prime plus 6.5% 11/19/2030 Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 6.5% 12/3/2030 Term Loan Prime plus 6.5% 12/4/2030 Term Loan Prime plus 6.5% 12/4/2030 Term Loan Term Loan Prime plus 6.5% Prime plus 6.5% 12/11/2030 12/11/2030 Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 6.5% 12/16/2030 10.7 10.4 10.7 10.7 10.8 10.8 11.0 10.9 10.9 11.0 11.1 11.0 11.7 11.7 11.7 11.8 5.2 4.7 11.8 11.8 11.8 11.8 10.7 10.4 10.7 10.7 10.8 10.8 11.0 10.9 10.9 11.0 11.1 11.0 11.7 11.7 11.7 11.8 5.2 4.7 11.8 11.8 11.8 11.8 10.7 10.4 10.7 10.7 10.8 10.8 11.0 10.9 10.9 11.0 11.1 11.0 11.7 11.7 11.7 11.8 5.2 4.7 11.8 11.8 11.8 11.8 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-145 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Vege Investments, LLC ASIL Ventures, LLC SPECTRUM DYNAMICS, INC KCL Business Service Inc Chris' Angels Cleanning Service LLC Tiki Torch Liquors Austen Felder Holdings Diamond Ridge Professionals Centre for Autism Treatment Londerpass Inc. Andrew’s Spotless Cleaning LLC Wild Thing Accounting & Tax LLC Wild Wellness LLC VIIXVII Sewing Studio LLC Skypie Studio and Crafts LLC Jazma Wise uniguide Media LLC Alima Mandiang Benevolent Family Services LLC INB Enterprise LLC Blasco Tire Stephanie Doty 26400 SW 177th Ave, Homestead, FL 33031 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 27727 Dalton Bluff Court, Katy, TX 77494 1042 San Fernando Rd., San Fernando, CA 91340 2090 Dunwoody Club Dr, Sandy Springs, GA 30350 101 Dallas St., Talihima, OK 74571 23642 Hwy 25, Franklinton, LA 70438 8629 Mesquite Circle, Magna, UT 84044 13090 Sundown Rd, Victorville, CA 92392 108 N Fiore Pkwy, Vernon Hills, IL 60061 1604 Marcella Dr, Covington, KY 41011 805 NE 190th Ave, Portland, OR 97230 151 Lake St., Lancaster, OH 43130 277 E Girard Ave, Philadelphia, PA 19125 933 Mary Ave, Opelousas, LA 70570 110 Golden Pine Rd SW, Austell, GA 30168 105 Pearl St., Sausalito, CA 94965 242 E. Claremont Rd, Philadelphia, PA 19120 522 S Independence Blvd, Ste 201, Virginia Beach, VA 23452 7761 Diamondback Dr, College Park, MD 20742 960 Memorial Dr, Griffin, GA 30223 82 Diggins Dr, Folsom, CA 95630 Gasoline Stations Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Administrative and Support Services Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 6.5% 12/22/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Food and Beverage Stores Term Loan Prime plus 6.5% 12/23/2030 Personal and Laundry Services Term Loan Prime plus 6.5% 1/18/2031 Construction of Buildings Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Administrative and Support Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 1/19/2031 Term Loan Prime plus 6.5% 1/20/2031 Term Loan Prime plus 6.5% 1/21/2031 Term Loan Prime plus 6.5% 1/22/2031 Term Loan Prime plus 6.5% 1/22/2031 Term Loan Prime plus 6.5% 1/22/2031 Term Loan Prime plus 6.5% 1/22/2031 Term Loan Prime plus 6.5% 1/22/2031 Term Loan Prime plus 6.5% 1/28/2031 Term Loan Prime plus 6.5% 2/11/2031 Personal and Laundry Services Term Loan Prime plus 6.5% 2/17/2031 Ambulatory Health Care Services Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 3/15/2031 Term Loan Prime plus 6.5% 3/15/2031 Term Loan Prime plus 6.5% 3/24/2031 Term Loan Prime plus 6.5% 4/14/2031 11.8 4.0 11.8 11.8 11.8 11.8 11.9 17.8 17.8 17.8 17.8 17.8 7.8 13.2 17.1 11.4 17.9 7.2 18.1 18.1 18.0 10.7 11.8 4.0 11.8 11.8 11.8 11.8 11.9 17.8 17.8 17.8 17.8 17.8 7.8 13.2 17.1 11.4 17.9 7.2 18.1 18.1 18.0 10.7 11.8 4.0 11.8 11.8 11.8 11.8 11.9 17.8 17.8 17.8 17.8 17.8 7.8 13.2 17.1 11.4 17.9 7.2 18.1 18.1 18.0 10.7 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-146 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Lockett Trucking and Transport LLC RV Solar LLC Foy Commerce LLC JERAGARDENS WEDDING RENTALS LLC Basha Home Improvements LLC Tarun LLC DBA signature wine and liquor C4 Technologies Inc Dennis Hair Studio Inc. Asthma & Allergy Medical Care, P.C. Kore Surgical Inc Dental Designs of Fort Myers, LLC Child Welfare League of America Inc. Quality Pool Management CCG Advisors Caveonix Hamilton Technology Services North Carolina Baptist Foundation, Inc. Carrie Risatti Easy Content Media LLC Jennie Kwon Designs Scalini's, Inc. Sports Academy Integrated Sports Medicine, LLC 612 Colebridge Dr, Blacklick, OH 43004 3442 E Bulk Lane, Oak Creek, WI 53154 1725 Park Lane S, Ste 2,, Jupiter, FL 33458 5842 South 1150 West, Ogden, UT 84405 41 Van Houten Ave, Jersey City, NJ 07305 325 South Limestone, Lexington, KY 40508 171 C Ave, Ste C, Coronado, CA 92118 1566 Union Turnpike, New Hyde Park, NY 11040 68 Nassau Rd, Huntington, NY 11743 26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275 3220 Forum Blvd, #104, Fort Myers, FL 33905 727 15th St NW, Ste 1200, Washington, DC 20005 161 Rombout Rd, Poughkeepsie, NY 12603 817 W Peachtree St., Ste 205, Atlanta, GA 30308 7777 Leesburg Pike, Ste 303 South, Falls Church, VA 22043 14115 West 59th Place, Arvada, CO 80004 201 Convention Dr, Cary, NC 27511 307 Montana Ave, #201, Santa Monica, CA 90403 706 Van Nest Dr, Martinsville, NJ 08836 643 S Olive St, Los Angeles, CA 90014 14485 Hopewell Rd, Alpharetta, GA 30004 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 Truck Transportation Term Loan Prime plus 6.5% 4/14/2031 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/14/2031 Term Loan Prime plus 6.5% 5/5/2031 Rental and Leasing Services Term Loan Prime plus 6.5% 7/20/2031 Construction of Buildings Term Loan Prime plus 6.5% 7/21/2031 Food and Beverage Stores Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/23/2031 Term Loan Prime plus 6.5% 8/6/2031 Personal and Laundry Services Term Loan Prime plus 6.5% 9/13/2031 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/4/2022 5/5/2022 5/12/2022 5/13/2022 5/13/2022 5/19/2022 5/20/2022 5/21/2022 5/21/2022 5/21/2022 5/26/2022 5/26/2022 5/27/2022 5/27/2022 18.1 18.1 18.2 18.4 7.5 18.4 18.5 18.6 16.1 8.0 34.8 20.0 6.4 21.5 31.0 15.3 25.7 1.7 5.8 5.4 17.7 31.4 18.1 18.1 18.2 18.4 7.5 18.4 18.5 18.6 16.1 8.0 34.8 20.0 6.4 21.5 31.0 15.3 25.7 1.7 5.8 5.4 17.7 31.4 18.1 18.1 18.2 18.4 7.5 18.4 18.5 18.6 16.1 8.0 34.8 20.0 6.4 21.5 31.0 15.3 25.7 1.7 5.8 5.4 17.7 31.4 — % — % — % — % — % — % — % — % — % — % 0.01 % — % — % 0.01 % 0.01 % — % 0.01 % — % — % — % — % 0.01 % F-147 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Frenchy's Yoga Connection of Pembroke Pines, Inc Shalik, Morris & Company, LLC Hawk Management LLC Special Events Staffing The On The Line Company, Inc Zola Electric Labs, Inc. Wavecrest Sales LLC Flynn Gallagher Associates LLC Princeton Van Service Apache Behavioral Health Services, Inc. Unity Worldwide Ministries Eastern Region Amanda Lopez YMCA of West San Gabriel Valley Seattle Ventures LLC Andrew S. Gaffney Foundation LaFlower Construction, Inc. Camfed U.S.A. Foundation Dental Designs of Naples OCC installations Mora Investment Management Copperfield Investment & Development Company Dan Counts & Associates, Inc. 1460 3rd St S, Jacksonville Beach, FL 32250 12592 Pines Blvd, #103, Pembroke Pines, FL 33027 80 Crossways Park Dr W, Woodbury, NY 11797 2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052 1015 N Lake Ave, Ste 205, Pasadena, CA 91104 101 Arch St, Ste 225, Boston, MA 02110 555 De Haro St, San Francisco, CA 94107 501 NE Wavecrest Way, Boca Raton, FL 33432 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135 92 north main St. bldg 4, WINDSOR, NJ 08561 249 W Ponderosa St, Whiteriver, AZ 85941 800 Blanton Ave, Richmond, VA 23221 23411 aliso viejo Pkwy, Aliso Viejo, CA 92656 401 East Corto St., Alhambra, CA 91801 2215 3rd Ave W, Seattle, WA 98119 245 South St, Morristown, NJ 07960 23888 Madison St, Torrance, CA 90505 466 Geary St, Ste 400, San Francisco, CA 94102 5048 Tamiami Trail N, Naples, FL 34103 12102 Manley St, Garden Grove, CA 92845 9 W Star Island Dr, Miami Beach, FL 33139 1721 Crystal Ann Ave, Las Vegas, NV 89106 1780 Prescott Ave, Monterey, CA 93940 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/28/2022 5/28/2022 8.6 2.3 8.6 2.3 8.6 2.3 — % — % 5/29/2022 108.3 108.3 108.3 0.03 % 5/29/2022 6/1/2022 6/1/2022 6/2/2022 6/2/2022 6/2/2022 6/3/2022 1.8 54.6 9.7 50.0 2.0 0.3 1.7 1.8 54.6 9.7 50.0 2.0 0.3 1.7 1.8 54.6 9.7 50.0 2.0 0.3 1.7 — % 0.01 % — % 0.01 % — % — % — % 6/3/2022 241.1 241.1 241.1 0.06 % 6/4/2022 6/4/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/8/2022 6/9/2022 6/9/2022 6/10/2022 6/12/2022 6/12/2022 0.8 0.5 15.7 2.1 1.4 0.1 18.2 21.1 0.7 1.2 1.2 1.1 0.8 0.5 15.7 2.1 1.4 0.1 18.2 21.1 0.7 1.2 1.2 1.1 0.8 0.5 15.7 2.1 1.4 0.1 18.2 21.1 0.7 1.2 1.2 1.1 — % — % — % — % — % — % — % 0.01 % — % — % — % — % F-148 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Sunburst Decorative Rock, Inc DANIELLE|TATE David|Ortiz Montalban Featherstone 282 Live Oak Ave, Irwindale, CA 91706 347 Bianco Ridge Ave, Las Vegas, NV 89183 4004 Waterview Cir, Palm Springs, FL 33461 13513 7 Mile Rd, Detroit, MI 48205 PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 6/16/2022 3/31/2026 4/26/2026 5/24/2026 18.3 20.8 18.7 20.8 18.3 20.8 18.7 20.8 18.3 20.8 18.7 20.8 — % 0.01 % — % 0.01 % Total SBA Guaranteed Accrual Investments $ 61,474.1 $ 61,474.1 $ 68,716.1 17.01 % F-149 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Non-Accrual Investments (4b) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) This is a Fly Closet LLC MIT LLC Neville Galvanizing, Inc Chavero's Auto Mart LLC Crystal Cleaning Service R. JOHNSON CRAFTSMANSHIP (*) (*) (*) (*) (*) (*) Moon Group, Inc. Total SBA Guaranteed Non-Accrual Investments (*) Total SBA Guaranteed Investments 12408 Kingsview St., Bowie, MD 20721 11 North Peach ST., Medford, OR 97504 2983 Grand Ave, Pittsburgh, PA 15225 1364 E Palma Vista Dr, Palmview, TX 78572 26 Cooper Rd, Byhalia, MS 38611 346 Spring Garden Rd, Milford, NJ 08848 145 Moon Rd, Chesapeake City, MD 21915 Clothing and Clothing Accessories Stores Publishing Industries (except Internet) Fabricated Metal Product Manufacturing Motor Vehicle and Parts Dealers Administrative and Support Services Specialty Trade Contractors Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 9.75% 1/30/2030 Term Loan Prime plus 2.75% 3/31/2042 Term Loan Prime plus 6.00% 12/15/2042 Term Loan Prime plus 9.75% 10/11/2029 Term Loan Prime plus 0% 5/9/2029 Term Loan Prime plus 0% 12/4/2030 Term Loan Prime plus 2.75% 6/27/2029 11.5 254.7 707.1 12.5 8.6 10.0 11.5 254.7 707.1 12.5 8.6 10.0 11.5 254.7 707.1 12.5 8.6 10.0 3,249.8 4,254.2 $ 3,249.8 4,254.2 $ 3,249.8 4,254.2 — % 0.06 % 0.18 % — % — % — % 0.80 % 0.32 % 65,728.3 $ 65,728.3 $ 72,970.3 18.07 % $ $ Total SBA Unguaranteed and Guaranteed Investments $ 497,698.3 $ 497,698.3 $ 497,387.2 123.15 % F-150 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Portfolio Company Controlled Investments (5) (22) Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Automated Merchant Services, Inc. (*,#) (7) (21) 12230 Forest Hill Blvd., Wellington, FL 33414 CDS Business Services, Inc. (*,#) (8) 1985 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Newtek Technology Solutions, Inc. (#) (24) 1904 W. Parkside Lane Phoenix, AZ 85027 Data processing, Hosting, and Related Services Newtek Insurance Agency, LLC (*,#) (13) 1981 Marcus Ave., Lake Success, NY 11042 Insurance Carriers and Related Activities PMTWorks Payroll, LLC (*,#) (9) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Small Business Lending, LLC (*,#) (12) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities ADR Partners, LLC dba banc- serv Partners, LLC (*,#) (19) 8777 Purdue Rd, Indianapolis, IN 46268 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Newtek Merchant Solutions, LLC (#) (11) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Mobil Money, LLC (#) (17) Newtek Business Lending, LLC (#) (10) 1981 Marcus Ave., Lake Success, NY 11042 14 East Washington St., Orlando, FL 32801 Data processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% — — — — — % 100% Common Stock Line of Credit 100% Common Stock Line of Credit Line of Credit Line of Credit 100% Membership Interest 100% Membership Interest Term Loan Term Loan Term Loan Term Loan 100% Membership Interest Term Loan 100% Membership Interest 100% Membership Interest 100% Membership Interest 100% Membership Interest —% 5.5% —% 10% Prime plus 0.5% Prime plus 0.5% — Dec 2023 — Nov 2028 April 2022 July 2022 — 20,000.0 — 10,540.0 750.0 100.0 4,428.0 20,000.0 19,503.7 11,000.0 — 225.0 — 7,300.0 36,000.0 11,000.0 — 225.0 — % 1.81 % 8.91 % 2.72 % — % 0.06 % —% —% 10% 10% 12% 10% —% 10% —% —% —% —% — — 2,035.0 2,300.0 0.57 % — Sept 2022 May 2022 May 2022 July 2022 — June 2023 — — — — — 435.0 750.0 500.0 1,000.0 — 400.0 — — — — 5,128.1 435.0 750.0 500.0 1,000.0 — 324.0 558.6 372.4 745.0 598.0 400.0 4,000.0 400.0 — % 0.08 % 0.14 % 0.09 % 0.18 % 0.99 % 0.10 % 6,199.9 — — % 16,438.0 114,500.0 28.35 % 2,980.0 3,900.0 0.97 % 36,406.4 47,406.4 11.74 % F-151 See accompanying notes to consolidated financial statements. Portfolio Company Controlled Investments (5) (22) Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Newtek Conventional Lending, LLC Titanium Asset Management, LLC (#) (18) (23) (*,#) (14) 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Administrative and Support Services Excel WebSolutions, LLC (*,#) (15) 888 East Brighton Ave. Syracuse, NY 13205 Data processing, Hosting, and Related Services POS on Cloud, LLC (#) (20) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 50% Membership Interest Term Loan 100% Membership Interest Term Loan 100% Membership Interest Term Loan 50.14% Membership Interest —% 10% —% 10% — 10% — Total Controlled Investments F-152 See accompanying notes to consolidated financial statements. — — 26,903.0 29,463.6 March 2023 900.0 900.0 603.3 — — — June 2023 159.2 159.2 — — — — — — 7.29 % 0.15 % — % — % — % Sept 2023 1,300.0 1,300.0 1,300.0 0.32 % — $ — — 36,834.2 $ 157,289.0 $ 260,398.3 — — % 64.47 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Non-Control Investments (22) EMCAP Loan Holdings, LLC (+,#) (16) Total Non-Control Investments Total Investments 1140 Reservoir Ave., Cranston, RI 02920 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 4.67% Membership Interest —% — $ $ — $ — $ 1,000.0 $ 1,000.0 $ 1,000.0 1,000.0 0.25 % 0.25 % $ 534,532.5 $ 655,987.3 $ 758,785.5 187.87 % ^ Investment has been pledged as collateral under the Securitization Trusts. * Non-income producing security. # Fair value determined using significant unobservable inputs. + Restricted security. The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration. (1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre- payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors. (2) The interest rates in effect on our loans as of December 31, 2021 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.10125%, with the exception of PPP loans. The SBA reimburses the Company for originating PPP loans and such SBA reimbursements are included as interest income on PPP loans. The 1% interest rate shown for PPP loans is the rate that would be in effect if the PPP loans were not forgiven by the SBA. See NOTE 2—SIGNIFICANT ACCOUNTING POLICIES. (3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re- amortized at the end of the modification period. (4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in NOTE 6—FAIR VALUE MEASUREMENTS. (4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost. (5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2021 with affiliates the Company is deemed to control. (6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan was past its original maturity date, was in default and the entity ceased operating. As such, the fair value of the investment is zero. On July 16, 2021, a certificate of dissolution was filed. (7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp. F-153 See accompanying notes to consolidated financial statements. (8) CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions, a wholly-owned portfolio company that is part of the Company’s business finance platform, providing receivables and inventory financing to small and medium size businesses; 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.). (9) PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (“NPS” or “PMT”), a wholly-owned portfolio company which offers an array of industry standard payroll management, payment and tax reporting services to SMBs; 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.). (10) Newtek Business Lending, LLC (“NBL”), a wholly-owned portfolio company that provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets and loan origination services to other parts of the Company’s business finance platform; 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.). (11) Newtek Merchant Solutions, LLC (“NMS”) is a wholly-owned portfolio company that markets credit and debit card processing services, check approval services, processing equipment, and software; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). (12) Small Business Lending, LLC (“SBL”) is a wholly-owned portfolio company that is part of the Company’s business finance platform;100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.). SBL provides third-party loan servicing for SBA and non-SBA loans, and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. In addition, SBL provides loan and servicing solutions to other parts of the Company’s business finance platform. (13) Newtek Insurance Agency, LLC (“NIA”), a wholly-owned portfolio company which is a retail and wholesale brokerage insurance agency, licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the small and medium size business market as well as various personal lines of insurance; 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.). (14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.). (15) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) (16) 4.67% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.). The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018. (17) Mobil Money, LLC (“Mobil Money”), a wholly-owned portfolio company that provides payment processing for a merchant portfolio of taxi cabs; 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.). (18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a wholly-owned subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act. (19) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.). (20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates. (21) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred. (22) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States. F-154 See accompanying notes to consolidated financial statements. (23) Non-qualifying asset under the Investment Company Act of 1940, as amended. Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2021, 7.4% of total assets are non-qualifying assets. (24) Newtek Technology Solutions, Inc. (“NTS”) is a wholly-owned portfolio company that provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). International Professional Marketing, Inc. (“IPM”) and Sidco, LLC d/b/a Cloud Nine Services (“SIDCO”) were wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S. On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The Schedule of Investments shows SIDCO under NTS. As of December 31, 2021, the federal tax cost of investments was $656.0 million resulting in estimated gross unrealized gains and losses of $173.8 million and $62.7 million, respectively. F-155 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 110 Brick House Rd, Laurens, SC 29360 Wood Product Manufacturing Term Loan Prime plus 2.75% 12/31/2030 $ 11.3 $ 11.3 $ 10.3 — % M2 Lumber LLC Inter-Insurance Agency Services, Ltd. and Universal Casualty Risk Ret LV Nails & SPA, LLC TNJ Products, Inc. LEILA ZAMIRI, DDS, INC. Moran Tax & Accounting LLC Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC Seven C's Manufacturing, Inc (#) (#) (#) (#) (#) (#) (#) (#) The Spot Bar & Restaurant LLC (#) Hawthorne Food Company dba Eastern Standard Provis (#) Leila Zamiri, DDS, Inc Performance Online, Inc George Family Cremation and Burial LLC Lightstat Inc. Eppy's Tool & Equipment Warehouse, Inc Trident E&P, LLC NDRS Construction Inc.dba Disaster Shlama Two LLC dba Village Park Daycare Educare Early Intervention, Corporation Bourque Sales and Service Inc. Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc Petroleum Equipment & Services, Inc. (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) United Security Specialists, Inc. (#) Term Loan Prime plus 2.75% 12/31/2030 Term Loan Prime plus 2.75% 12/31/2030 Term Loan Prime plus 2.75% 12/31/2030 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Term Loan Prime plus 2.75% 12/31/2030 Prime plus 2.75% 12/31/2045 Prime plus 2.75% Prime plus 2.75% 12/31/2045 12/31/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/31/2045 Term Loan Prime plus 2.75% 12/31/2045 Term Loan Prime plus 2.75% 12/31/2030 Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 3/30/2031 Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2045 Food Manufacturing Food Services and Drinking Places Insurance Carriers and Related Activities Personal and Laundry Services Merchant Wholesalers, Durable Goods 380 N Broadway, Jericho, NY 11753 10050 S Eastern Ave, Henderson, NV 89052 4912 N Lincoln Ave, Ste 101, Chicago, IL 60625 5828 Cherry Ave., Long Beach, CA 90805 128 N Franklin St, Brazil, IN 47834 491 Hammond St, Bangor, ME 4401 3895 Corsair St, Reno, NV 89502 Miscellaneous Manufacturing 10540 State Rte 195, Killeen, TX 76542 117 Beaver St, Waltham, MA 2452 5828 Cherry Ave, Long Beach, CA 90805 1550 Melissa Ct, Corona, CA 92879 1260 W Mission Ave, Escondido, CA 92029 22 W West Hill Rd, Barkhamsted, CT 6063 809 East 42nd St, Brooklyn, NY 11210 320 Circle of Progress, Pottstown, PA 19464 18730 Cortez Blvd, Brooksville, FL 34601 7440 Broadway, Merrillville, IN 46410 4557 S Calumet Ave, Chicago, IL 60653 9160 Linwood Ave, Shevport, LA 71106 501 N Wymore Rd, Winter Park, FL 32789 5631 Silverado Way, Anchorage, AK 99518 275 Saratoga Ave. Ste 200, Santa Clara, CA 95050 Rental and Leasing Services Professional, Scientific, and Technical Services Miscellaneous Manufacturing Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Personal and Laundry Services Construction of Buildings Social Assistance Motor Vehicle and Parts Dealers Ambulatory Health Care Services Term Loan Merchant Wholesalers, Durable Goods Administrative and Support Services Term Loan Term Loan Prime plus 2.75% 12/30/2030 Prime plus 2.75% 12/30/2045 Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2030 F-156 See accompanying notes to consolidated financial statements. 691.5 67.5 215.0 75.0 18.0 350.0 550.0 87.5 875.0 156.3 262.5 102.3 375.0 261.0 691.5 67.5 215.0 75.0 18.0 350.0 550.0 87.5 875.0 156.3 262.5 102.3 375.0 261.0 583.2 56.9 187.3 76.2 19.3 393.9 508.1 91.1 739.1 175.9 222.1 91.6 370.8 220.2 87.5 250.0 58.8 143.0 400.0 421.3 116.5 87.5 250.0 58.8 143.0 400.0 421.3 116.5 74.1 267.5 49.5 160.9 419.5 361.2 98.3 0.17 % 0.02 % 0.06 % 0.02 % 0.01 % 0.12 % 0.15 % 0.03 % 0.22 % 0.05 % 0.07 % 0.03 % 0.11 % 0.06 % 0.33 % 0.02 % 0.08 % 0.01 % 0.05 % 0.12 % 0.11 % 0.03 % Term Loan Prime plus 2.75% 12/30/2030 1,250.0 1,250.0 1,131.4 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2045 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Administrative and Support Services Term Loan Term Loan Prime plus 2.75% 12/30/2045 145.8 421.8 145.8 421.8 164.0 474.8 Prime plus 2.75% 12/30/2030 1,250.0 1,250.0 1,161.9 Prime plus 2.75% 12/30/2030 1,000.0 1,000.0 843.5 Ambulatory Health Care Services Term Loan Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/30/2045 454.7 454.7 Prime plus 2.75% 12/30/2030 1,000.0 1,000.0 Bourque Sales and Service Inc Center of New England Primary Care Inc Perfect Game Incorporated Real Estate Personnel, Inc., Tara Matta and Sara Pierce Center of New England Primary Care Inc, North Providence Urgent Care SDI Black 011, LLC Bojax Auto Collision Inc Khangri Sourcing Inc. Litchy Electric L.L.C. The Mattress Center "LLC" E R Kilpatrick, LLC dba Jefferson Street True Value Sondra Gayle Insurance Agency Inc. Pittman Holdings LLC DBA Maple Bourbon Title2Land,LLC Spectrum Dynamics, Inc dba Clean Water Works Summerfield Farm, Inc SLCP Transport, LLC Terry A. Humphreys dba Tiki Torch Liquors NetLevel5 LLC dba Moutain Air Duct KCL Business Service Inc. Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) UBIF 86 CO dba UBREAKIFIX (#) 9160 Linwood Ave, Shreveport, LA 71106 775 Center of New New England Blvd, Coventry, RI 2816 850 Twixt Town Rd NE, Cedar Rapids, IA 52402 1758 Emerson St, Denver, CO 80218 775 Centre of New England Blvd, Coventry, RI 2816 1091 YONKERS AVE, YONKERS, NY 10704 4706 Fernlee Ave., Royal Oak, MI 48073 6021 129th. Ave SE, Bellevue, WA 98006 4495 W Hacienda Ave, #2, Las Vegas, NV 89118 960 Los Vallecitos Blvd, San Marcos, CA 92069 212 Greenwood St, La Grande, OR 97850 2107 Veterans Memorial Blvd, Metaire, LA 70002 1116 E Main St, Richmond, VA 23219 11851 Wentling Ave, Baton Rouge, LA 70816 27727 Dalton Bluff Court, Katy, TX 77494 24 Baker Rd, Pittstown, NJ 8867 111 Brentwood Drive, College Station, TX 77840 101 Dallas St., Talihima, OK 74571 4724 Poleplant Drive, Colorado Springs, CO 80918 1042 San Fernando Rd., San Fernando, CA 91340 1644 Main St Ste 1, Columbia, SC 29201 1539 Town Center Drive, Lakeland, FL 33803 Repair and Maintenance Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/29/2045 Term Loan Prime plus 2.75% 12/29/2030 Specialty Trade Contractors Furniture and Home Furnishings Stores Merchant Wholesalers, Durable Goods Insurance Carriers and Related Activities Food Services and Drinking Places Real Estate Professional, Scientific, and Technical Services Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 12/29/2030 Term Loan Prime plus 2.75% 12/29/2030 Term Loan Prime plus 2.75% 12/28/2030 Term Loan Prime plus 2.75% 12/24/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 2.75% 12/23/2045 Repair and Maintenance Term Loan Prime plus 2.75% 12/23/2030 Food and Beverage Stores Administrative and Support Services Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 2.75% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Educational Services Term Loan Prime plus 2.75% 12/23/2030 Repair and Maintenance Term Loan Prime plus 2.75% 12/23/2030 F-157 See accompanying notes to consolidated financial statements. 0.05 % 0.14 % 0.34 % 0.25 % 0.15 % 0.25 % 0.10 % 0.05 % 0.03 % 0.01 % 0.04 % — % — % 511.7 858.4 348.9 157.9 86.0 18.9 126.0 7.4 12.3 343.8 187.5 100.0 22.5 143.8 7.5 12.5 343.8 187.5 100.0 22.5 143.8 7.5 12.5 12.5 58.8 61.1 12.5 16.2 12.5 581.3 57.3 12.5 58.8 61.1 12.5 16.2 12.5 581.3 57.3 12.3 66.1 53.3 12.3 14.1 12.3 515.6 48.2 — % 0.02 % 0.02 % — % — % — % 0.15 % 0.01 % Term Loan Prime plus 2.75% 12/23/2045 112.5 112.5 126.5 0.04 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Chris' Angels Cleaning Service LLC ASIL Ventures, LLC (#) (#) US Dedicated LLC Price Educational Services, LLC dba Manthnasium of South OKC (#) (#) Lynch Mining LLC (#) N.W.F.F., Inc. N.W.F.F., Inc. and Environmental Contracting Solutions, Inc. (#) (#) Tahzoo LLC REST Enterprises Inc dba Upstyled Properties Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC Code 3 Apps LLC. Katie Cox & Co. LLC RJL Texas International Corporation Neeld Rentals Inc dba Mills True Value Hardware AccountPics, LLC Yu Chun Chic Naeng Myun Restaurant Inc. Giant Development Inc and Crabtree Development Corp Pumpkin Patch Child Care and Early Education Center, LLC Yinlink International Inc R. LInda D. Herrera and Edgar E Herrera dba Integral Delivery (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Horne Chiropractic Center, P.A (#) 2090 Dunwoody Club Drive, Sandy Springs, GA 30350 444 N Michigan Ave, Ste 1200, Chicago, IL 60611 13410 SE 26th Cir, Vancouver, WA 98683 10740 S May Ave, Oklahoma City, OK 73170 7262 West Hunt Hwy, Queen Creek, AZ 85142 687 E. Central Ave, Sutherlin, OR 97479 687 E Central Ave, Sutherlin, OR 97479 1015 7th St NW, Washington, DC 20001 1440 W Taylor St Unit 595, Chicago, IL 60607 1145 13th Ave East, Palmetto, FL 34221 843 Tempted Ways Dr, Longmont, CO 80504 6605 Longshore ST, Ste 240, Dublin, OH 43017 17401 Triton,, Schertz, TX 78154 205 Clinton Blvd, Clinton, MS 39056 903 S WW White Rd, San Antonio, TX 78220 1159 Kapiolani Blvd, Honolulu, HI 96814 509 Pylon Dr, Ste 110, Raleigh, NC 27606 310 Grove Beach Rd N, Westbrook, CT 6498 2 Corporate Drive, Suiite A, East Windsor, NJ 8512 3100 Delaware Ave, Des Moines, IA 50313 3820 Mountain Rd, Stes B & C, Pasadena, MD 21122 Administrative and Support Services Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/22/2030 12.5 4.3 12.5 4.3 12.3 4.2 — % — % Term Loan Prime plus 2.75% 12/22/2030 218.8 218.8 184.1 0.05 % Educational Services Term Loan Prime plus 2.75% 12/21/2030 Mining (except Oil and Gas) Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2045 Term Loan Prime plus 2.75% 12/21/2045 Term Loan Prime plus 2.75% 12/21/2030 Term Loan Prime plus 2.75% 12/18/2030 Term Loan Prime plus 2.75% 12/18/2030 8.4 364.5 43.8 775.0 775.0 15.0 8.4 364.5 43.8 775.0 775.0 15.0 7.4 383.0 47.9 684.4 653.9 15.7 — % 0.11 % 0.01 % 0.20 % 0.19 % — % Miscellaneous Manufacturing Publishing Industries (except Internet) Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/18/2030 204.3 204.3 171.9 0.05 % Term Loan Prime plus 2.75% 12/18/2030 Term Loan Prime plus 2.75% 12/18/2030 7.5 7.5 7.5 7.5 6.3 6.3 — % — % Term Loan Prime plus 2.75% 12/18/2030 275.0 275.0 247.7 0.07 % Term Loan Prime plus 2.75% 12/18/2030 Term Loan Prime plus 2.75% 12/18/2045 Term Loan Prime plus 2.75% 12/18/2030 12.0 80.0 15.0 12.0 80.0 15.0 10.1 87.6 12.6 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/18/2030 1,250.0 1,250.0 1,101.2 Social Assistance Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/18/2045 Term Loan Prime plus 2.75% 12/18/2030 Truck Transportation Term Loan Prime plus 2.75% 12/18/2045 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2030 115.0 125.0 225.0 100.0 115.0 125.0 225.0 100.0 123.0 113.7 241.4 84.2 F-158 See accompanying notes to consolidated financial statements. — % 0.03 % — % 0.32 % 0.04 % 0.03 % 0.07 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 927 E 10th St, Fairmont, MN 56031 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/18/2045 51.8 51.8 58.2 0.02 % Last Touch LLC Splashlight Photographic & Digital Studios LLC ,Splashlight Technologies (#) (#) People United of Louisiana LLC (#) Flower City Customs Inc. (#) Anthony Connelly Holdings LLC (#) Carolina Roofing Siding Painting LLC Savannah Area Language & Culture Exchange, LLC (#) (#) David M. Benson LLC Signature Graphic LLC McFarlin, LLP Highstar Travel Group, LLC Vege Investments, LLC dba Sunoco Homestead Last Minute Effects Inc. Droplette Marketing Co Vector Utilities LLC Efficient, Fast & Good Cleaning Services Inc Corple Enterprisees Inc Accommodating Financial & Tax Services, LLC Aeromax Industries Inc Jamali LLC dba Saahten TJ Pant LLC and Tailored Cartage LLC Premium Marketing Co. Inc. dba Vera Moore Cosmetics (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 75 Varick St, 3rd Floor, New York, NY 10013 1401 Hudson Lane, Monroe, LA 71201 1805 Tebor Rd, Unit 4, Webster, NY 14580 7260 Dean Martin Drive, Ste 800, Las Vegas, NV 89118 204 Depot St, Camponbello, SC 29322 6 Dovetail Crossing, Savannah, GA 31419 1422 Euclid Ave, Cleveland, OH 44115 14425 N 79th St, Ste B, Scottsdale, AZ 85260 4 Park Plz Ste 1025, Irvine, CA 92614 2869 Wilshire Drive, Ste 204, Orlando, FL 32835 26400 SW 177th Ave, Homestead, FL 33031 1016 Hamline Place, Burbank, CA 91504 6481 Orangethorpe Ave. Ste. 12, Buena Park, CA 90620 8501 San Gabriel Drive, Laredo, TX 78045 2444 NW 177th Terrace, Miami Gardens, FL 33056 17887 US Hwy 380 West, Ponder, TX 76259 1642 Ralston Circle, Toledo, OH 43623 1310 Ranchers Legacy Trail, Fort Worth, TX 76126 2741 Raceway Fairfield West, Pensacola, FL 32505 25993 US 12, Sturgis, MI 49091 4 Shadow Lane, Woodbury, NY 11797 Educational Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Administrative and Support Services Gasoline Stations Motion Picture and Sound Recording Industries Professional, Scientific, and Technical Services Specialty Trade Contractors Administrative and Support Services Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Transportation Equipment Manufacturing Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2030 1,250.0 1,250.0 1,060.4 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2030 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2030 Nonstore Retailers Term Loan Prime plus 2.75% 12/17/2030 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/17/2045 Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 2.75% 12/16/2030 210.4 0.06 % 150.0 10.5 250.0 15.0 12.5 12.5 85.0 150.0 10.5 250.0 15.0 12.5 12.5 85.0 132.8 8.8 15.8 12.3 12.3 71.6 Term Loan Prime plus 2.75% 12/16/2030 175.0 175.0 147.3 Term Loan Prime plus 2.75% 12/16/2030 Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 2.75% 12/15/2030 Term Loan Prime plus 2.75% 12/14/2030 22.5 12.5 15.0 6.8 22.5 12.5 15.0 6.8 18.9 12.3 13.0 6.1 Term Loan Prime plus 2.75% 12/14/2030 375.0 375.0 358.5 0.11 % Term Loan Prime plus 2.75% 12/14/2030 Term Loan Prime plus 2.75% 12/14/2030 Term Loan Prime plus 2.75% 12/14/2045 7.5 62.5 42.3 7.5 62.5 42.3 6.6 53.0 46.5 Term Loan Prime plus 2.75% 12/14/2030 175.0 175.0 147.3 0.31 % 0.04 % — % — % — % — % 0.02 % 0.04 % 0.01 % — % — % — % — % 0.02 % 0.01 % 0.04 % — % 0.02 % 0.01 % Term Loan Prime plus 6.5% 12/11/2030 Truck Transportation Term Loan Prime plus 2.75% 12/11/2030 Health and Personal Care Stores Term Loan Prime plus 2.75% 12/11/2030 F-159 See accompanying notes to consolidated financial statements. 12.5 86.3 22.5 12.5 86.3 22.5 12.3 84.1 19.4 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Shattered Prism LLC Donald W. Harris dba Bowman Creek Mini Storage LTD Broadband, LLC (#) (#) (#) Just In Time Refrigeration LLC (#) Inner Beauty Salon and Suite LLC (#) M-Den, Inc LBR Partners LLC dba Techy HWH Unlimited, Inc. Zebra House Coffee, LLC Tortuga Backpacks LLC CashLine Solutions, LLC Northeast Coverages Inc. and Southeast Coverages Inc. Travel with Love, LLC dba Style & The Storyteller Robert F. Johnson, Jr., dba R. Johnson Craftsmanship Paradise RV Sales and Rentals LLC Combs Creative LLC Perez Law Office, PLLC Indecon Builders Inc Pacific Contours Corp SME Business Services LLC Tina D. Coker DBA Diane's Accounting Service Moxie Marketing, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 3333 Broadway, New York, NY 10031 1625 US-59 N, Linden, TX 75563 69 Teahouse St, Las Vegas, NV 89138 6400 EDNA TAYLOR PKWY, MONONA, WI 53716 825 Beecher St SW, Atlanta, GA 30310 315 S. Main St, Ann Arbor, MI 48104 16430 Good Hearth Blouvard, Clermont, FL 34711 43386 Business Park Drive, Temecula, CA 92590 1001 S El Camino Real, San Clemente, CA 92672 340 South Lemon Ave, 7616, Walnut, CA 91789 467741 E 1050 Rd, Sallisaw, OK 74955 910 Franklin Ave, Ste 210, Garden City, NY 11530 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 346 Spring Garden Rd, Milford, NJ 8848 7960 Dorchester Rd, North Charleston, SC 29418 157 Antler Ridge Circle,, Nashville, TN 37214 80 N McClintock Dr, Chandler,, AZ 85226 1382 Valencia Ave, Ste N, Tustin, CA 92780 5340 E Hunter Ave, Anaheim, CA 92807 930 Chesaco Ave, Rosedale, MD 21237 119 E Haywood St, England, AR 72046 51 Lee Dr, Palm Coast, FL 32137 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 12/11/2030 Warehousing and Storage Term Loan Prime plus 6.5% 12/11/2030 7.5 12.5 7.5 12.5 7.9 12.3 Telecommunications Term Loan Prime plus 2.75% 12/10/2030 1,250.0 1,250.0 1,138.4 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/10/2045 Personal and Laundry Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/10/2045 Term Loan Prime plus 2.75% 12/10/2030 1,150.0 1,150.0 1,106.1 Repair and Maintenance Term Loan Prime plus 2.75% 12/9/2030 Real Estate Food Services and Drinking Places Nonstore Retailers Administrative and Support Services Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2030 Term Loan Prime plus 2.75% 12/9/2030 Term Loan Prime plus 2.75% 12/8/2030 Term Loan Prime plus 2.75% 12/7/2030 Term Loan Prime plus 6.5% 12/4/2030 Specialty Trade Contractors Term Loan Prime plus 6.5% 12/4/2030 Rental and Leasing Services Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/4/2030 Term Loan Prime plus 6.5% 12/4/2030 Term Loan Prime plus 2.75% 12/4/2045 Term Loan Prime plus 2.75% 12/4/2030 233.0 65.0 233.0 65.0 239.9 73.1 45.0 75.0 45.0 50.0 12.0 45.0 75.0 45.0 50.0 12.0 38.0 78.5 37.9 42.1 10.1 5.0 10.0 6.9 5.5 67.5 50.0 5.0 10.0 6.9 5.5 67.5 50.0 4.9 9.8 5.8 5.4 75.9 42.1 — % — % 0.34 % 0.07 % 0.02 % 0.33 % 0.01 % 0.02 % 0.01 % 0.01 % — % — % — % — % — % 0.02 % 0.01 % 0.29 % 0.01 % — % Construction of Buildings Transportation Equipment Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/4/2030 975.0 975.0 988.5 Term Loan Prime plus 2.75% 12/3/2030 Term Loan Prime plus 6.5% 12/3/2030 22.5 12.5 22.5 12.5 18.9 12.3 Term Loan Prime plus 2.75% 12/3/2030 125.0 125.0 105.2 0.03 % F-160 See accompanying notes to consolidated financial statements. Term Loan Prime plus 2.75% 12/7/2030 170.0 170.0 178.0 0.05 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Staffhink Limited dba Owl Drone Services American Retail Properties, Inc. Jonathan J Klaczik LLC dba Veterans Fence Company Segreti Law Office, A Professional Corporation Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea LIAISON STAINLESS INC The Alder SmokeHouse LLC Flex Beauty Labs, LLC Ellis Apex LLC dba Inage360 Marietta Next Level Detailing, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Dearly LOved Counseling, L.L.C (#) Kendra Leigh Boyer, CPA Craniologie, LLC Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT Prosperity Tool, Inc Green Farm Inc dba Farmers Outlet The Number Masters Italian Heritage Tile and Stone Inc T.S.I.-VA, LLC and Alpha Business Services Inc. Master Printing and Signs Corp & Artishirt Co. Modutech Marine Inc (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Paws For Health of Florida LLC (#) 4283 Deerfield Hills Rd, Colorado Springs, CO 80916 125 Main St 2nd Floor, Reading, MA 1867 7417 Dover Lane, Parma, OH 44130 350 10th Ave,Ste 1000, San Diego, CA 92101 14a Craig Rd, Acton, MA 1720 630 James Lee Dr NW, Suwanee, GA 30024 1055 Virginia Ave, North Bend, OR 97459 7512 Dr. Phillip Blvd, Orlando, FL 32819 2060 Franklin Way SE, Ste 150, Marietta, GA 30067 3235 Odeon Way, Ste 201-203, Acworth, GA 30102 14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618 5068 Dupont Court E, Santa Rosa, CA 95409 225 Wall St, Ste 102A, Vail, CO 81657 14543 SW 5th St, Pembroke Pines, FL 33027 2006 National Guard Drive, Plant City, FL 33563 1018 W SR 424 Ste 100, Longwood, FL 32750 3325 Highland St, Grove City, OH 43123 4725 Morgan Territory Rd, Clayton, CA 94517 2525 Pointe Center Court, Ste 200, Dumfries, VA 22026 386 Squire Rd, Revere, MA 2151 2218 Marine View Drive, Tacoma, WA 98422 4588 Ashton Rd, Sarasota, FL 34233 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 12/3/2030 Real Estate Term Loan Prime plus 2.75% 11/30/2030 Personal and Laundry Services Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Merchant Wholesalers, Durable Goods Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Printing and Related Support Activities Term Loan Prime plus 2.75% 11/27/2030 Term Loan Prime plus 2.75% 11/27/2030 Term Loan Prime plus 2.75% 11/27/2030 Term Loan Prime plus 2.75% 11/25/2030 Term Loan Prime plus 2.75% 11/25/2030 Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 2.75% 11/24/2030 Repair and Maintenance Term Loan Prime plus 2.75% 11/24/2030 Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 6.5% 11/20/2030 General Merchandise Stores Term Loan Prime plus 6.5% 11/20/2030 Food and Beverage Stores Merchant Wholesalers, Durable Goods Food and Beverage Stores Professional, Scientific, and Technical Services Specialty Trade Contractors Professional, Scientific, and Technical Services Printing and Related Support Activities Transportation Equipment Manufacturing Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/20/2030 Term Loan Prime plus 2.75% 11/19/2045 Term Loan Prime plus 6.5% 11/19/2030 Term Loan Prime plus 2.75% 11/18/2030 Term Loan Prime plus 2.75% 11/18/2030 Term Loan Prime plus 2.75% 11/17/2030 Term Loan Prime plus 2.75% 11/10/2045 Term Loan Prime plus 2.75% 11/9/2030 Term Loan Prime plus 2.75% 11/5/2030 F-161 See accompanying notes to consolidated financial statements. 5.3 22.5 22.5 18.8 40.0 75.0 11.3 12.5 92.3 7.5 12.5 12.5 12.5 14.7 300.0 12.5 17.4 78.8 109.5 200.9 400.0 57.5 5.3 22.5 22.5 18.8 40.0 75.0 11.3 12.5 92.3 7.5 12.5 12.5 12.5 14.7 300.0 12.5 17.4 78.8 109.5 200.9 400.0 57.5 4.9 19.0 20.2 15.9 34.0 63.1 11.8 12.3 78.1 6.3 12.3 12.3 12.3 12.4 335.4 12.3 14.6 66.3 92.2 218.5 418.9 48.5 — % 0.01 % 0.01 % — % 0.01 % 0.02 % — % — % 0.02 % — % — % — % — % — % 0.10 % — % — % 0.02 % 0.03 % 0.06 % 0.12 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys (#) (#) Supersonic Cleaning Services Inc (#) Third Day Lubes, Inc. (#) Marcus Horn dba Versatile Styles and Cuts (#) RYAN & CONLON, LLP Shades of U, Inc. dba Diva by Cindy Snow Lodge, LLC VIP Lawn Care Services LLC dba VIP Services KTF Consulting Corp The Hall at the Yard LLC dba The Hall on the Yard Hazleton Oil & Environmental, Inc South Park Hardware, LLC 7PSolutions, LLC Babys on Broadway LLC Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC Resolve Tech Solutions Inc BulkMore LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Mister Dexters LTD dba Shuga's (#) Mister Dexters LTD dba Shuga's Heriz Gallery Inc dba Pineville Rug Gallery Alliance Heating & Air Conditioning, Inc. (#) (#) (#) 8712 60th Terrace South, Lake Worth, FL 33467 Administrative and Support Services Term Loan Prime plus 2.75% 11/4/2030 52.5 52.5 46.1 0.01 % Term Loan Prime plus 2.75% 11/4/2030 500.0 500.0 523.6 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 10/29/2030 10/28/2030 Term Loan Prime plus 2.75% 10/15/2045 38.5 22.4 10.5 38.5 22.4 10.5 33.0 23.4 11.2 Term Loan Prime plus 2.75% 10/14/2030 521.8 521.8 439.2 Term Loan Prime plus 2.75% 10/9/2045 Term Loan Prime plus 2.75% 10/8/2045 Term Loan Prime plus 2.75% 10/8/2030 Term Loan Prime plus 2.75% 10/6/2030 89.9 49.9 18.9 74.5 89.9 49.9 18.9 74.5 96.4 55.1 16.1 78.1 Term Loan Prime plus 2.75% 4/2/2031 253.9 253.9 218.2 Term Loan Prime plus 2.75% 9/25/2045 1,081.9 1,081.9 1,203.3 Administrative and Support Services Administrative and Support Services 1071 Serpentine Lane, Pleasanton, CA 94566 36 Seitz Terrace, Arlington, NY 12603 450 GA- 53, Calhoun, GA 30701 Repair and Maintenance 2018 24th Ave, Meridian, MS 39301 2 Wall St, Apt 710, New York, NY 10005 15212 Hanover Pike, Upperco, MD 21155 115 County Rd 725, Sweeny, TX 77480 Personal and Laundry Services Professional, Scientific, and Technical Services Health and Personal Care Stores 3875 Fay Blvd, Cocoa, FL 32927 2471 N Geneva Terrace, Chicago, IL 60614 1412 Alden Rd, Orlando, FL 32803 300 Tamaqua St, Hazleton, PA 18201 16074 South Park Ave, South Holland, IL 60473 136 North Van Buren St, Nashville, IN 47448 47 East Broadway, Little Falls, MN 56345 200 North Branford Rd, Branford, CT 6405 15851 Dallas Pkwy, Ste 1103, Addison, TX 75001 12741 Ocean Gateway, Ocean City, MD 21842 702 S. Cascade Ave, Colorado Springs, CO 80903 702 S Cascade Ave, Colorado Springs, CO 80903 Accommodation Administrative and Support Services Professional, Scientific, and Technical Services Food Services and Drinking Places Merchant Wholesalers, Durable Goods Building Material and Garden Equipment and Supplies Dealers Merchant Wholesalers, Durable Goods Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 9/25/2045 Term Loan Prime plus 2.75% 9/25/2030 Term Loan Prime plus 2.75% 9/25/2030 Construction of Buildings Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 9/24/2030 Term Loan Prime plus 2.75% 9/24/2030 Term Loan Prime plus 2.75% 11/18/2030 Term Loan Prime plus 2.75% 8/28/2045 Term Loan Prime plus 2.75% 8/28/2030 312 Main St, Pineville, NC 28134 Textile Product Mills 10 Brookfield Ave, Bridgeport, CT 6610 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/6/2045 Term Loan Prime plus 2.75% 4/6/2030 F-162 See accompanying notes to consolidated financial statements. 73.8 49.4 74.1 370.4 741.0 149.1 57.3 180.4 98.6 726.1 73.8 49.4 74.1 370.4 741.0 149.1 57.3 180.4 98.6 726.1 83.0 41.8 63.8 358.2 674.5 130.2 60.9 151.6 105.8 607.0 0.15 % 0.01 % 0.01 % — % 0.13 % 0.03 % 0.02 % — % 0.02 % 0.06 % 0.35 % 0.02 % 0.01 % 0.02 % 0.11 % 0.20 % 0.04 % 0.02 % 0.04 % 0.03 % 0.18 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2030 325.1 325.1 270.4 0.08 % Terry and Tammy Jacobsen, Inc dba Appliance Recycling Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet Profit Stewards, LLC AOC Key Solutions, Inc Caplan Home Care, LLC JS Randhawa, Inc. dba Deli Delicious 34, SK Randhawa Inc. HSR Inc Montana Custom Log Homes, Inc. Blackwater Diving LLC Suburban Transmission of Northern Illinois, Inc. Tomco Inc. dba Rental City dba Tomco Equiptment Sales Dunaway and Hart, Inc Supermarket Source, Inc Kris-Leigh Catered Living at Severna Park,LLC Patoruzu Inc dba Sharkey's Cuts for Kids Firefly Developement LLC dba Firefly Earthworks Coffeestamp LLC Mid Ohio Hospitality, LLC dba Bucks Bar and Grill Forest Scientific Corporation Kanga Lean, Inc. dba F45 Training Trinity Integrated Equipment Inc; Intergrated Elastomers Inc Stretch of NW Georgia, LLC dba Stretch Zone Signet Media dba Signet Media inc. (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 10105 Airport Way, Snohomish, WA 98296 10105 Airport Way, Snohomish, WA 98296 458 Schuylkill Rd, Phoenixville, PA 19460 14420 Albemarle Point Place, Ste 200, Chantilly, VA 20151 6029 Berkshire Lane, Dallas, TX 75225 570 W Olive Ave,, Merced, CA 95348 2036 US Hwy 93 North, Victor, MT 59875 112 Forrest Rd, Morgan City, LA 70380 1714 E Oakton St, Des Plaines, IL 60018 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2045 Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/2/2030 Term Loan Prime plus 2.75% 4/2/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/1/2045 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2030 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/31/2045 Support Activities for Mining Term Loan Prime plus 2.75% 3/30/2030 Repair and Maintenance Term Loan Prime plus 2.75% 3/27/2045 Term Loan Prime plus 2.75% 3/27/2030 Term Loan Prime plus 2.75% 3/26/2030 Term Loan Prime plus 2.75% 3/24/2030 Term Loan Prime plus 2.75% 3/20/2030 Term Loan Prime plus 2.75% 6/20/2030 Term Loan Prime plus 2.75% 3/19/2045 Term Loan Prime plus 2.75% 3/17/2030 Real Estate Merchant Wholesalers, Durable Goods Nursing and Residential Care Facilities 6470 State St, Saginaw, MI 48603 Rental and Leasing Services 575 Harkrider St, Conway, AR 72032 2741 West 76th St, Hialeah, FL 33016 831 Richie Hwy, Severna Park, MD 21146 18121 Tuckerton Rd, Ste 130, Cypress, TX 77433 4810 Vicksburg St, Dallas, TX 75207 2511 S Jefferson Ave, St. Louis, MO 63104 192 E Main St, Mansfield, OH 44904 Personal and Laundry Services Specialty Trade Contractors Food Services and Drinking Places Food Services and Drinking Places Merchant Wholesalers, Durable Goods Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Durable Goods 668 Elm St, Tionesta, PA 16353 3139 Little Rd Space A-5, Trinity, FL 34655 5701 Brittmoore Rd, Houston, TX 77041 1430 Towne Lake Parkway, Ste 26100, Woodstock, GA 30189 630 S 1st St, San Jose, CA 95113 Term Loan Prime plus 2.75% 3/17/2045 226.5 226.5 252.9 Term Loan Prime plus 2.75% 3/17/2030 Term Loan Prime plus 2.75% 6/16/2030 71.2 55.0 71.2 55.0 74.0 48.0 Term Loan Prime plus 2.75% 3/13/2045 1,238.7 1,238.7 1,383.1 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/13/2030 Prime plus 2.75% 3/13/2030 14.0 327.5 14.0 327.5 11.6 340.2 F-163 See accompanying notes to consolidated financial statements. 839.8 41.7 722.5 868.5 95.0 361.8 352.0 148.2 21.4 47.5 201.9 504.3 12.9 294.9 4.3 839.8 41.7 722.5 868.5 95.0 361.8 352.0 148.2 21.4 47.5 201.9 504.3 12.9 294.9 4.3 863.0 35.7 670.3 906.8 85.5 397.7 311.0 163.7 17.7 39.4 209.7 523.9 10.8 299.1 3.9 0.25 % 0.01 % 0.20 % 0.27 % 0.03 % 0.12 % 0.09 % 0.05 % 0.01 % 0.01 % 0.06 % 0.15 % — % 0.09 % — % 0.07 % 0.02 % 0.01 % 0.41 % — % 0.10 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Astoria-Pacific Inc Mark Allen Taylor dba Taylor Auction Rapid Trucking and Native Fields Landscaping LLC and My Two Girls LLC GQ Investments LLC C3 Capital, Inc Quarles Service Systems, Inc. Blue Dot Trading Inc The Ugly Mug's Coffee and Tea Inc. Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan KR Enterprises, Inc. dba Carriage Inn Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security Advans IT Services, Inc. Big Brand Management LTD. CO. dba Ivox Media Minifox Inc. dba Pho Hoa and Jazen Tea Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn Chet Lemon Enterprises, Inc. dba All American Sports 14th State Learning, LLC dba Sylvan Learning, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) LCSM Logistics Inc Toju Bay Inc. dba Fiesta Americana Restaurand and Club (#) (#) Custom Garages (#) 15130 SE 82nd Dr, Clackamas, OR 97015 20 & 68 Westfield Rd, Nicholls, GA 31554 4225 W Capitol Ave, West Sacramento, CA 95691 73 Taylor Rd, Wharton, NJ 7885 5772 Miami Lakes Drive, Miami Lakes, FL 33014 10010 North Hampton Cove Lane, Indianapolis, IN 46236 1740 September Ave, Memphis, TN 38116 3100 NW 72nd Ave, Miami, FL 33122 1390 Broadway Ste C, Placerville, CA 95667 2342 NY- 37, Port Covington, NY 12937 1065 Tower Hill Rd, North Kingstown, RI 2852 974 Commercial St, Palo Alto, CA 94303 65 Boston Post Rd W Ste 390, Marlborough, MA 1752 512 E 11th St, Houston, TX 77008 10624 South Eastern Ave Stes R & S, Hendersen, NV 89502 195 Oenoke Ridge, New Canaan, CT 6840 1544 Lane Park Cut off, Tavares, FL 32778 1 Market Pl #10, Essex Junction, VA 5452 15735 Spectrum Drive, Addison, TX 75001 1622-1624 N. Mannheim Rd, Stone Park, IL 60165 110 2nd Ave South, Pacheco, CA 94553 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 3/13/2030 Personal and Laundry Services Term Loan Prime plus 2.75% 3/13/2030 Truck Transportation Administrative and Support Services Electrical Equipment, Appliance, and Component Manufacturing Nonstore Retailers Administrative and Support Services Merchant Wholesalers, Durable Goods Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/13/2045 Term Loan Prime plus 2.75% 12/13/2045 Term Loan Prime plus 2.75% 3/12/2030 Term Loan Prime plus 2.75% 3/11/2030 Term Loan Prime plus 2.75% 3/10/2045 Term Loan Prime plus 2.75% 3/10/2030 Term Loan Prime plus 2.75% 3/9/2030 Term Loan Prime plus 2.75% 3/6/2030 Accommodation Term Loan Prime plus 2.75% 3/6/2045 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/6/2030 Other Information Services Term Loan Prime plus 2.75% 3/6/2030 Real Estate Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 3/6/2030 Term Loan Prime plus 2.75% 3/5/2030 Term Loan Prime plus 2.75% 6/4/2030 118.7 132.0 753.2 531.3 142.5 537.9 95.0 53.4 36.2 133.0 316.1 364.3 118.1 63.0 71.2 28.8 118.7 132.0 753.2 531.3 142.5 537.9 95.0 53.4 36.2 133.0 316.1 364.3 118.1 63.0 71.2 28.8 123.4 116.9 841.1 547.7 118.3 531.4 99.7 44.4 30.1 130.4 328.2 302.4 98.1 59.4 60.2 29.9 Personal and Laundry Services Term Loan Prime plus 2.75% 3/3/2031 207.3 207.3 216.7 Educational Services Term Loan Prime plus 2.75% 3/2/2030 Couriers and Messengers Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2030 Term Loan Prime plus 2.75% 2/28/2045 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2030 48.3 80.2 450.0 131.0 48.3 80.2 450.0 131.0 40.6 66.6 489.2 113.8 0.04 % 0.03 % 0.25 % 0.16 % 0.03 % 0.16 % 0.03 % 0.01 % 0.01 % 0.04 % 0.10 % 0.09 % 0.03 % 0.02 % 0.02 % 0.01 % 0.06 % 0.01 % 0.02 % 0.14 % 0.03 % F-164 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Breakers Electric, LLC dba Merrill Sports Crux Solutions LLC dba Waddell's Riverside Funeral Directors GRSC, Inc. Feras Alshadaida dba Allura Dairy M & L ENTERPRIZES, LLC (#) (#) (#) (#) (#) Abe Chahrour Investment, LLC (#) Bora Enterprises, LLC Skimino Enterprises LLC Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC Sherwood Sporthorses Inc. Alex Roit Chiropractic, P. C Little Feet Academy of Jacksonville, LLC (#) (#) (#) (#) (#) (#) Romo Medical Equiptment LLC (#) All Modes Transportation & Logistics LLC Lesher Transportation and Shipping, LLC Red Rock Government Serviice, LLC Shaw, Ltd dba Fitness 1440 North Coventry (#) (#) (#) (#) Damiano Global Corp. Fortson Janitorial Inc 2'N1 Home and lawn LLC dba N1 Home an Lawn LLC A1 Radon Services, LLC Thisaflycloset, LC (#) (#) (#) (#) (#) 13600 Mustang Drive, Mead, CO 80542 6938 Westover St, Houston, TX 77087 1643 NW Dove Ct, Stuart, FL 34994 8809 N Grove Ave, Rancho Cucamonga, CA 91730 2401 Wrightsville Ave, Wilmington, NC 28403 4001 S Wayne Rd, Wayne, MI 48154 44255-B Fremont Blvd,, Fremont, CA 94538 197 Ewell Rd, Williamsburg, VA 23188 7215 Waelti Drive, Melbourne, FL 32940 20502 Forestview, Magnolia, TX 77355 55 Northern Blvd, Ste 103, Great Neck, NY 11021 10265 Normandy Blvd, Jacksonville, FL 32221 3453 North Panam Expressway, San Antonio, TX 78219 4313 Collingtree Drive, Rockledge, FL 32955 116 North Austin St, Oak Grove, MO 64075 45240 Business Court, Sterling, VA 20166 54-58 Glocker Way, Pottstown, PA 19465 333 Birch Hills Dr, Rochester, NY 14622 462-482 Chattahoochee St, Cornelia, GA 30531 1300 Ridenour Blvd, Kennesaw, GA 30152 9980 Dell Rd, Eden Prairie, MN 55347 12408 Kingsview St, Bowie, MD 20721 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/27/2030 Personal and Laundry Services Term Loan Prime plus 2.75% 2/27/2045 Construction of Buildings Term Loan Prime plus 2.75% 2/27/2030 Food and Beverage Stores Term Loan Prime plus 2.75% 2/26/2030 Food and Beverage Stores Administrative and Support Services Truck Transportation Support Activities for Transportation Term Loan Prime plus 2.75% 2/26/2030 Term Loan Prime plus 2.75% 2/25/2045 Term Loan Prime plus 2.75% 2/21/2030 Term Loan Prime plus 2.75% 2/21/2030 Social Assistance Term Loan Prime plus 2.75% 2/21/2045 Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2046 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/19/2030 Term Loan Prime plus 2.75% 2/17/2045 8.2 — % 9.9 79.9 21.2 57.1 47.1 21.9 12.0 70.7 374.1 205.3 18.8 46.6 9.9 79.9 21.2 57.1 47.1 21.9 12.0 70.7 374.1 205.3 18.8 46.6 85.0 19.0 49.4 49.0 24.4 10.0 58.8 376.7 229.6 15.6 47.8 Social Assistance Merchant Wholesalers, Durable Goods Support Activities for Transportation Truck Transportation Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Nonstore Retailers Administrative and Support Services Waste Management and Remediation Services Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 2/14/2030 471.5 471.5 391.4 Term Loan Prime plus 6.5% 2/14/2030 Term Loan Prime plus 2.75% 2/13/2030 11.9 13.5 11.9 13.5 11.4 12.8 Term Loan Prime plus 2.75% 2/13/2030 161.7 161.7 149.2 Term Loan Prime plus 2.75% 2/13/2030 Term Loan Prime plus 2.75% 2/10/2030 57.3 47.1 57.3 47.1 50.3 39.1 Term Loan Prime plus 2.75% 2/5/2045 106.0 106.0 118.4 Term Loan Prime plus 6.5% 2/3/2030 Term Loan Prime plus 2.75% 1/31/2030 Term Loan Prime plus 6.5% 1/30/2030 11.9 84.1 11.8 11.9 84.1 11.8 11.4 69.8 11.3 0.03 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.02 % 0.11 % 0.07 % — % 0.01 % 0.12 % — % — % 0.04 % 0.01 % 0.01 % 0.03 % — % 0.02 % — % F-165 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/30/2030 Rental and Leasing Services Term Loan Prime plus 2.75% 1/30/2045 Nonstore Retailers Term Loan Prime plus 2.75% 1/30/2030 Real Estate Term Loan Prime plus 2.75% 7/30/2030 39.4 277.0 20.8 181.8 39.4 277.0 20.8 181.8 32.7 286.9 19.1 151.5 Term Loan Prime plus 2.75% 1/30/2045 312.2 312.2 317.2 Adorable Home Heath Care LLC (#) 3 Fat Labs Inc. and Energy Conservation Solution Inc. (#) AA WST LLC Daftarnow Inc dba Venture X Parsippany Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc Codame Enterprises LLC dba Firehouse Subs Havana Knights LLC Amina Financial Solutions LLC dba Expat Tax Solutions (#) (#) (#) (#) (#) (#) Affinity Integrated Solutions Inc. (#) Affinity Integrated Solutions Inc (#) Align Sports Management, LLC (#) Emmalina LLC Motorsport Imagery, Inc Lyon Cubs LLC dba Dayton Valley Learning Center VetMed LLC Jordi X Kellogg, M.D.,P.C Luster Custom Homes LLC CV Flores LLC dba A All Animal Control Global Information Technology, Inc Nick's Country Kitchen, LLC Bearwaters Brewing Company Pecos Entertainment LLC dba State Theater (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 6110 W Capitol Drive, Milwaukee, WI 53216 2001 S County Rd 400 W, Greencastle, IN 46135 321 White Dogwood Lane, Ocoee, FL 34761 8 Campus Drive. Ste 105, Parsippany, NJ 7054 6967 Hancock Drive, Port St Lucie, FL 34952 1547 Main St, Dunedin, FL 34698 65 Lindsey Lane, Havana, FL 32333 1433 Chestnut St, Macon, GA 31201 115 Pomona Drive, Greensboro, NC 27402 115 Pomona Drive, Greensboro, NC 27407 15822 Caminito Cantaras, Del Mar, CA 92014 3602 Rock Bay Drive, Louisville, KY 40245 16362 Cherokee Rd, Brooksville, FL 34601 357 Dayton Valley Rd, Dayton, NV 89403 908 4th Ave, Decatur, AL 35601 9200 SE 91st Ave STE 340, Happy Valley, OR 97086 18801 North Thompson Peak Parkway, Ste 240, Scottsdale, AZ 85255 2140 E Southlake Blvd L-503, Southlake, TX 76092 1 Cragwood Rd, Ste 101, South Plainfield, NJ 7080 3 Flanders Rd, Bethlehem, CT 6751 101 Park St, Canton, NC 28716 421 South Oak St, Pecos, TX 79772 Printing and Related Support Activities Food Services and Drinking Places Specialty Trade Contractors Professional, Scientific, and Technical Services Administrative and Support Services Administrative and Support Services Performing Arts, Spectator Sports, and Related Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2030 Term Loan Prime plus 2.75% 1/27/2030 Term Loan Prime plus 2.75% 1/24/2030 Term Loan Prime plus 2.75% 1/23/2045 Term Loan Prime plus 2.75% 1/23/2030 Term Loan Prime plus 2.75% 1/22/2030 Term Loan Prime plus 2.75% 5/21/2030 Apparel Manufacturing Term Loan Prime plus 2.75% 1/17/2030 Social Assistance Term Loan Ambulatory Health Care Services Term Loan Prime plus 2.75% Prime plus 2.75% 1/16/2045 1/10/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/10/2030 Construction of Buildings Professional, Scientific, and Technical Services Administrative and Support Services Food Services and Drinking Places Food Services and Drinking Places Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 1/10/2030 Term Loan Prime plus 2.75% 1/9/2030 Term Loan Prime plus 2.75% 12/31/2029 Term Loan Prime plus 2.75% 12/31/2044 Term Loan Prime plus 2.75% 12/31/2044 Term Loan Prime plus 2.75% 12/31/2029 F-166 See accompanying notes to consolidated financial statements. 0.01 % 0.08 % 0.01 % 0.04 % 0.09 % 0.02 % 0.01 % — % 0.09 % 0.05 % 0.01 % — % 0.01 % 0.05 % 0.02 % 0.01 % 0.01 % — % 0.13 % 0.09 % 0.08 % 0.04 % 99.1 37.0 19.7 295.5 210.8 21.1 6.2 21.1 165.3 82.0 58.6 43.3 5.2 528.3 282.8 253.3 123.6 99.1 37.0 19.7 295.5 210.8 21.1 6.2 21.1 165.3 82.0 58.6 43.3 5.2 528.3 282.8 253.3 123.6 82.3 33.3 16.3 305.8 175.0 17.6 5.8 18.8 171.6 68.1 48.6 36.0 4.5 438.6 298.0 273.0 128.4 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Kwik Stop dba Dilpreet Hundai Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design VIP Construction Group Inc. Kiddie Garden Child Development Center, LLC Spinnaker Vero Inc. Larry J. Frick dba L & S Trucking Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress Vance Ewing LLC Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC Irony LLC dba Mulberry’s Garment Care QXC Communications, Inc Tatoo Tony's Under My Skin LLC Pro-Tek Pest Control, Inc, Pro- Tek Nurseries, LLC, Pro-Tek Irrigation 313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge 313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) American Landscaping Company (#) American Landscaping Company and Ground Effects Landscaping, LLC (#) Watearth Inc Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation (#) (#) Gasoline Stations Term Loan Prime plus 2.75% 12/30/2044 238.0 238.0 245.0 0.07 % Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/30/2029 256.0 256.0 239.7 1001 Sacramento Ave, West Sacramento, CA 95605 524 Sackett St, Brooklyn, NY 11217 3332 W Mulberry Drive, Mequon, WI 53092 2809 W. Atkinson Ave, Milwaukee, WI 53209 983 12th St, Vero Beach, FL 32960 157571 E Wausau Ave, Wausau, WI 54403 Construction of Buildings Term Loan Prime plus 2.75% 12/30/2029 Social Assistance Printing and Related Support Activities Term Loan Prime plus 2.75% 12/30/2044 Term Loan Prime plus 2.75% 12/30/2044 Truck Transportation Term Loan Prime plus 2.75% 12/30/2029 8780 Pershall Rd, Hazelwood, MO 63042 22940 Harlan Ln, St. Robert, MO 65584 Furniture and Home Furnishings Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2029 Term Loan Prime plus 2.75% 12/30/2029 7302 Kirby Ave, Lubbock, TX 79424 2579 Fairview Ave North, Roseville, MN 55113 4541 N Dixie Hwy, Boca Raton, FL 33431 73 Memorial Parkway, Atlantic Highlands, NJ 7716 Gasoline Stations Term Loan Prime plus 2.75% 12/27/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2029 Telecommunications Term Loan Prime plus 2.75% 12/27/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2044 58.2 42.3 775.8 46.1 930.6 104.7 128.0 977.4 488.8 98.4 58.2 42.3 775.8 46.1 930.6 104.7 128.0 977.4 488.8 98.4 60.4 45.6 779.8 41.4 804.1 108.8 119.5 817.3 405.0 109.8 0.07 % 0.02 % 0.01 % 0.23 % 0.01 % 0.24 % 0.03 % 0.04 % 0.24 % 0.12 % 0.03 % 8712 60th Terrace South, Lake Worth, FL 33467 Administrative and Support Services 25150 W Warren Ave., Dearborn Heights, MI 48127 Administrative and Support Services 25150 W Warren Ave., Dearborn Heights, MI 48127 6151 S St, Anchorage, AK 99518 6151 A St, Anchorage, AK 99518 3371 Glendale Blvd Ste 208, Los Angeles, CA 90039 Administrative and Support Services Administrative and Support Services Administrative and Support Services Professional, Scientific, and Technical Services 8712 60TH TER South, Lake Worth, FL 33467 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 173.4 173.4 151.7 0.04 % Term Loan Prime plus 2.75% 12/27/2029 150.8 150.8 135.0 0.04 % Term Loan Prime plus 2.75% 12/27/2044 Term Loan Prime plus 2.75% 12/27/2029 Term Loan Prime plus 2.75% 12/27/2044 Term Loan Prime plus 2.75% 12/27/2029 245.9 300.4 636.1 43.5 245.9 300.4 636.1 43.5 261.0 290.5 695.3 36.1 0.08 % 0.09 % 0.20 % 0.01 % Term Loan Prime plus 2.75% 12/27/2044 140.2 140.2 153.4 0.05 % F-167 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) A Family Member Homecare Group Inc, A Family Member Homecare Holdings K&S Hardware LLC dba Gopher Ace Icebox Cafe L.C. and Icebox Pantry, LLC Bhatti LLC 2, Bhatti LLC Ink! Coffee Company Synergistic-Designs, LLC Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. Food Civilization Services LLC and 1701 W 15th St LLC 512 E 11th Street LLC and Big Brand Management Ltd. Co. The Lamkin Group LLC and National Championship Enterprises LLC Shaddai Aesthetics Inc Romain Tower Inc. Chris Farley DVM PA. dba Farley Veterinary Clinic Freedom Enterprises, Inc La Tradicion Cubana Inc Freedom Enterprises, Inc Macon Arts Center LLC ACC International LLC MBK IT Services Inc. Kuros, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 11788 Sample Rd, Coral Springs, FL 33065 1865 Wayzata Blvd, Long Lake, MN 55356 219 NE 3rd St, Hallendale Beach, FL 33009 1451 Coral Ridge Ave, Coralville, IA 52241 2851 Larimer St, Denver, CO 80205 493 Wilson Mill Rd, New Wilmington, PA 16142 Term Loan Ambulatory Health Care Services Term Loan Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 12/27/2044 Prime plus 2.75% 12/27/2029 Prime plus 2.75% 4/26/2030 Prime plus 2.75% 12/26/2029 Prime plus 2.75% 12/24/2029 Prime plus 2.75% 12/24/2029 117.0 58.2 418.5 105.1 483.1 7.0 117.0 58.2 418.5 105.1 483.1 7.0 120.9 55.9 366.2 89.7 400.3 5.8 0.04 % 0.02 % 0.11 % 0.03 % 0.12 % — % 2564 Branch St, Middleton, WI 53562 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/24/2029 328.4 328.4 295.8 0.09 % 2301 N Marginal Rd, Cleveland, OH 44114 512 E 11th St, Houston, TX 77008 512 E 11th St, Houston, TX 77008 Air Transportation Term Loan Prime plus 2.75% 12/23/2029 Real Estate Real Estate Term Loan Prime plus 2.75% 12/23/2044 Term Loan Prime plus 2.75% 12/23/2044 Rental and Leasing Services Heavy and Civil Engineering Construction Professional, Scientific, and Technical Services 901 Lily Creek Rd, Ste 102, Louisville, KY 40243 706 W. 34th St, Austin, TX 78705 Personal and Laundry Services 215 S Persimmon St, Tomball, TX 77375 6487 Taft St, Hollywood, FL 33024 2431 14th Ave SE, Watertown, SD 57201 9357 S.W. 40th St, Miami, FL 33165 2431 14th Ave SE, Watertown, SD 57201 4570 Pio Nono Ave, Macon, GA 31206 200 N Furnace St, Birdsboro, PA 19508 626 Trailwood Ct., Garland, TX 75043 21221 Baron Lake Drive, Cedaredge, CO 81413 Truck Transportation Food Services and Drinking Places Administrative and Support Services Miscellaneous Store Retailers Truck Transportation Nonstore Retailers Accommodation Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 12/23/2029 12/20/2029 Term Loan Prime plus 2.75% 12/20/2044 Term Loan Prime plus 2.75% 12/20/2029 Term Loan Prime plus 2.75% 12/20/2029 Term Loan Prime plus 6.5% 12/20/2029 Term Loan Prime plus 2.75% 12/20/2044 Term Loan Prime plus 2.75% 12/20/2044 Term Loan Prime plus 2.75% 12/20/2044 Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 11/19/2045 491.1 147.8 328.8 622.3 17.6 888.1 12.6 302.7 11.8 204.7 617.8 317.2 20.1 82.3 491.1 147.8 328.8 622.3 17.6 888.1 12.6 302.7 11.8 204.7 617.8 317.2 20.1 82.3 427.4 163.7 356.5 516.5 14.6 887.2 13.0 261.9 11.2 220.0 668.6 321.2 20.9 92.1 0.13 % 0.05 % 0.11 % 0.15 % — % 0.26 % — % 0.08 % — % 0.06 % 0.20 % 0.09 % 0.01 % 0.03 % F-168 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Kuros, LLC United Capital Group LLC GDIM Enterprises Inc dba AAMCO Nebulos, LLC RWBB LLC New Casa Technologies, LLC Premier Gaming Solutions Inc (#) (#) (#) (#) (#) (#) (#) Skyfall LLC dba EZ Self Storage (#) The Burlington Academy of Learning LLC Sago Technologies Inc. dba Jak Ecig (#) (#) HADD Corp Signco America LP & Sparkle corporation Inc. J and K Project Management Consultants LLC J and K Project Management Consultants dba A. C. T. Construction (#) (#) (#) (#) Farain Saremi dba USA Produce (#) Dr Steven J Seidel The Crane Guys, LLC Math Enrichment, LLC Jen Macias LLC dba Duende Nulane Entertainment LLC Essex Indoor Golf Center LLC The Floor Covering Warehouse, Inc WURA LLC dba Dickey's Barbecue Pit (#) (#) (#) (#) (#) (#) (#) (#) 21221 Baron Lake Drive, Cedaredge, CO 81413 23022 La Cadena Dr, Laguna Hills, CA 92653 1657 Whiskey Rd., Aiken, SC 29803 5428 Twilight Way, Parker, CO 80134 4120 7th Ave, Kenosha, WI 53140 7928 S 70th Lane, Laveen, AZ 85339 17 South Grand Ave, Pasadena, CA 91105 2705 US Hwy 45 North, Henderson, TN 38340 10 Covey Rd, Burlington, CT 6013 785 Woodfern Drive, Hampshire, IL 60140 364 Rugby Rd, Cedarhurst, NY 11516 7938 Wright Rd, Houston, TX 77041 350 Mc Donnell St, Lewisville, TX 75057 350 Mc Donnell St, Lewisville, TX 75057 461 G St, Los Banos, CA 93635 42 Campeau Place, Bergenfield, NJ 7621 14480 Alondra Blvd, La Mirada, CA 90638 1009 E Capitol Expressway, San Jose, CA 95121 2301 NW Thurman St, Portland, OR 97210 4100 W. Alameda Ave # 300, Burbank, CA 91505 23 Saybrook Rd, Essex, CT 6426 112 Orchard St, Stamford, CT 6902 4325 E. University Drive, Ste 40, Prosper, TX 75078 Accommodation Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/19/2044 Term Loan Prime plus 2.75% 12/19/2029 Repair and Maintenance Professional, Scientific, and Technical Services Food Services and Drinking Places Truck Transportation Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/18/2029 Real Estate Term Loan Prime plus 2.75% 12/18/2044 Social Assistance Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2029 Term Loan Prime plus 2.75% 12/17/2029 Term Loan Prime plus 6.5% 12/17/2029 391.0 299.7 18.5 58.2 15.6 7.6 10.5 143.9 47.5 218.8 11.8 391.0 299.7 18.5 58.2 15.6 7.6 10.5 143.9 47.5 218.8 11.8 436.1 263.0 16.9 54.0 14.0 6.4 10.9 160.5 49.3 226.9 11.2 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/16/2044 1,229.6 1,229.6 1,371.6 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2044 308.2 308.2 342.1 Construction of Buildings Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/16/2029 Term Loan Prime plus 2.75% 12/16/2044 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2029 193.4 467.2 75.6 193.4 467.2 75.6 199.8 495.0 62.8 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2029 1,174.9 1,174.9 1,060.9 Educational Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Furniture and Home Furnishings Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2029 187.5 187.5 155.4 Term Loan Prime plus 2.75% 12/13/2029 Term Loan Prime plus 2.75% 12/13/2029 Term Loan Prime plus 2.75% 12/13/2029 Term Loan Prime plus 2.75% 12/13/2044 Term Loan Prime plus 2.75% 12/13/2029 7.5 7.0 73.3 236.1 85.7 7.5 7.0 73.3 236.1 85.7 6.2 5.8 65.9 263.3 73.6 0.13 % 0.08 % — % 0.02 % — % — % — % 0.05 % 0.01 % 0.07 % — % 0.40 % 0.10 % 0.06 % 0.15 % 0.02 % 0.31 % 0.05 % — % — % 0.02 % 0.08 % 0.02 % F-169 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Belle Properties Northwest, Inc. (#) Abylex, Inc and Worpex LLC Joyner5, Inc.dba British Swim School (#) (#) (#) (#) (#) Stockton TRI Industries, LLC CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Professional Plumbing Services of Nela, LLC Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab (#) Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC Ciel Du Mel LLC dba Lala's Creamery Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care SLCP Transport, LLC dba Aamco Elita 7, LLC and Behavioral Nutrition Inc. (#) (#) (#) (#) (#) DB Talak LLC Scott's Hardware, Inc., dba Medford Inc (#) (#) Bay Area Metal Fabricarion LLC (#) The Stout Group LLC Glen Lamb dba Lambs Tree And Plant Health Care Ohanyan LLC dba Nestle Toll House Caf'e By Chip Mazhar Family, Inc dba Edible Arrangements Wolf Pack, LLC (#) (#) (#) (#) (#) 223 Ave B, Snohomish, WA 98290 7473 Reese Rd #2, Sacramento, CA 95828 1000 Settlers Landing Court, Wake Forest, NC 27587 2141 E Anderson St, Stockton, CA 95205 175 W Borgfeld Drive, San Antonio, TX 78260 99 Plum St, West Monroe, LA 71292 10904 Baltimore St NE, Blaine, MN 55449 5801 Cleveland Ave, Riverdale, MD 20737 134 Petaluma Blvd North, Petalumaca, CA 94952 10 Tremont Rd, Tremont, PA 17981 1407 Lomaland Drive, El Paso, TX 79935 16 Marble St, Worchester, MA 1603 2018 SE 6th Ave, Portland, OR 97214 200 Tuckerton Rd, Medford, NJ 8055 510 -512 Stone Rd, Benicia, CA 94510 10850 NW 138th St, Hialeah Gardens, FL 33018 413 Pond Meadow Rd, Westbrook, CT 6498 14006 Riverside Drive, Store No. 9270, Sherman Oaks, CA 91423 601 Portion Rd, Store #17, Lake Ronkonkoma, NY 11779 939 South 25th East, Ste. 115, Ammon, ID 83406 Personal and Laundry Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/12/2044 129.1 129.1 138.6 Term Loan Prime plus 2.75% 12/12/2044 Term Loan Prime plus 2.75% 12/12/2029 93.8 20.9 93.8 20.9 85.7 17.4 Term Loan Prime plus 2.75% 12/12/2044 1,089.6 1,089.6 1,159.9 0.04 % 0.03 % 0.01 % 0.34 % Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2044 110.7 110.7 117.0 0.03 % Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2029 Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2044 Term Loan Prime plus 2.75% 12/10/2029 Social Assistance Term Loan Prime plus 2.75% 12/10/2044 Repair and Maintenance Nursing and Residential Care Facilities Specialty Trade Contractors Building Material and Garden Equipment and Supplies Dealers Fabricated Metal Product Manufacturing Heavy and Civil Engineering Construction Administrative and Support Services Food Services and Drinking Places Nonstore Retailers Management of Companies and Enterprises Term Loan Prime plus 2.75% 12/10/2029 Term Loan Prime plus 2.75% 12/9/2029 Term Loan Prime plus 2.75% 12/6/2044 Term Loan Prime plus 6.5% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/6/2029 F-170 See accompanying notes to consolidated financial statements. 16.8 38.6 295.1 15.4 38.4 58.2 285.1 151.5 11.8 127.3 223.4 17.5 39.5 62.8 16.8 38.6 295.1 15.4 38.4 58.2 285.1 151.5 11.8 127.3 223.4 17.5 39.5 62.8 16.2 32.1 329.2 13.4 41.0 54.0 269.5 169.0 11.2 113.7 198.4 15.7 35.2 52.7 — % 0.01 % 0.10 % — % 0.01 % 0.02 % 0.08 % 0.05 % — % 0.03 % 0.06 % — % 0.01 % 0.02 % 0.05 % Term Loan Prime plus 2.75% 3/6/2030 211.8 211.8 185.8 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC Natalie Enterprise Inc Used Tire Express 1, Corp Standard Capital Corp Clearwater Engineering Inc Hook Line and Schooner Vinings LLC Soto Injury Law Firm, PA and My Attorney Inc Mega Sales Detergent Distributor, LLC (#) (#) (#) (#) (#) (#) (#) (#,^) Loading Arms Plus Inc Behind the Scenes Chicago, LLC dba Paramount Events American Bio Source, LLC dba Dieselgreen Fuels (#) (#) (#) Codorado, Inc. dba Dentalmart Alice's Tea Cup, ATC !! LLC and ATC 111, LLC Haversack Holdings LLC Roots'n Shoots, LLC Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports Ultra Flow Dispense, LLC (#,^) (#) (#) (#) (#) (#) Ford Custom Renovation LLC (#,^) Fullmer's Landscaping, Inc. B.S Carrier LLC and United Truck & Trailer Repair LLC Hurricane Group, Inc.dba Crate Club Group (#) (#) (#) S&C Cookies, Inc A&N Design Studios Inc dba Door3 Business Application (#,^) (#) 560 56th St SW, Grand Rapids, MI 49548 2500 Grand Ave, Billings, MT 59102 437 N. Battlefield, Chesapeake, VA 23320 2349 Wessington Drive, Virginia Beach, VA 23456 301 N River St, Derby, KS 67037 400 West Village Way #3009, Smyrna, GA 30008 2050 Capital Circle NE Ste B, Tallahassee, FL 32308 1 Ackerman Ave, Clifton, NJ 7011 5401 Mitchelldale St, Ste B4, Houston, TX 77092 1750 W Lake St, Chicago, IL 60612 2522 N Hwy 287, Decatur, TX 76234 10 Glorieta Rd, Sante Fe, NM 87508 102 W 73rd St, New York, NY 10023 7930 W Kenton Circle, Ste 260, Huntersville, NC 28078 86 Boston Rd, Chelmsford, MA 1824 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 820 Prospect Hill Rd, Windsor, CT 6095 405 Broadway St, Muncy, PA 17756 9547 W Third St, Dayton, OH 45417 3716 Garman Rd, Salem, VA 24153 101 San Patricio Ave, Ste 860, Guaynabo, PR 968 1969 Jericho Turnpike, East Northport, NY 11731 22 Cortlandt St, New York, NY 10007 Truck Transportation Administrative and Support Services Motor Vehicle and Parts Dealers Insurance Carriers and Related Activities Transportation Equipment Manufacturing Food Services and Drinking Places Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Food Services and Drinking Places Waste Management and Remediation Services Merchant Wholesalers, Durable Goods Food Manufacturing Professional, Scientific, and Technical Services Administrative and Support Services Food Services and Drinking Places Merchant Wholesalers, Durable Goods Construction of Buildings Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 1,025.4 1,025.4 866.4 Term Loan Prime plus 2.75% 12/6/2029 Term Loan Prime plus 2.75% 12/5/2029 Term Loan Prime plus 6.5% 12/5/2029 18.9 80.3 11.8 18.9 80.3 11.8 19.6 69.9 11.3 Term Loan Prime plus 2.75% 12/5/2029 549.3 549.3 490.3 Term Loan Prime plus 2.75% 12/4/2029 Term Loan Prime plus 2.75% 12/3/2029 Term Loan Prime plus 2.75% 11/29/2029 Term Loan Prime plus 2.75% 11/27/2029 20.9 58.2 46.2 73.3 20.9 58.2 46.2 73.3 18.9 48.3 38.3 62.0 Term Loan Prime plus 2.75% 11/27/2029 431.5 431.5 379.2 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 53.7 9.7 255.9 115.6 9.9 53.7 9.7 255.9 115.6 9.9 55.7 8.1 216.0 95.8 8.2 Term Loan Prime plus 2.75% 11/27/2029 142.6 142.6 120.2 Term Loan Prime plus 2.75% 11/26/2029 Term Loan Prime plus 2.75% 11/26/2029 Term Loan Prime plus 2.75% 11/26/2029 Truck Transportation Term Loan Prime plus 2.75% 11/25/2029 Other Information Services Term Loan Prime plus 2.75% 11/25/2029 96.8 7.6 177.7 218.5 46.6 52.2 96.8 7.6 177.7 218.5 46.6 52.2 81.0 6.4 154.8 210.6 38.6 43.4 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 11/22/2029 113.3 113.3 100.2 F-171 See accompanying notes to consolidated financial statements. 0.26 % 0.01 % 0.02 % — % 0.14 % 0.01 % 0.01 % 0.01 % 0.02 % 0.11 % 0.02 % — % 0.06 % 0.03 % — % 0.04 % 0.02 % — % 0.05 % 0.06 % 0.01 % 0.01 % 0.03 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Term Loan Prime plus 2.75% 11/22/2044 1,321.1 1,321.1 1,412.3 0.42 % Best Choice Meats, Inc, ZUMI LLC dba Allstate Insurance (#,^) (#,^) Cum Laude Enterprises, LLC (#) Peanut Butter & Co Inc Place Vendome Holding Co. Inc.dba R&F Marketing Place Vendome Holding Co Inc.dba R&F Marketing Weeping Willow Kennel Inc Coral Springs Family Wellness LLC Semplice Cafe LLC Cobb Roofing LLC Pen's Electric Company The Rollin' Trapp LLC AMH Construction, Inc. AMH Construction, Inc. Cable Management LLC AD Learning Group, LLC dba The Learning Experience & AD Learning NH Ryan & Selena LLC dba Head of the Class Learning Center Lindsley Excavating LLC MToxins Venom Lab LLC Champions Of Diversity Media Inc dba Champions of Diversity: Politics SSH Princeton LLC dba Stumpy's Hatchet House of Princeton (#,^) (#) (#) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) 12646 S Springfield Ave, Alsip, IL 60803 1537 W 79th St, Chicago, IL 60620 15218 Penn Hills Lane, Houston, TX 77062 119 West 57th St, Ste 300, New York, NY 10019 308 Glenwood Rd, Swainsboro, GA 30401 610 East Main St, Swainsboro, GA 30401 6041 Hammond School Rd, Salisbury, MD 21804 2902 North University Drive, Coral Springs, FL 33065 209 N Main St, Breckenridge, CO 80424 8101 NW 10th St, Oklahoma City, OK 73127 504 Fairfax Ave, Nashville, TN 37212 1731 Prevatt Rd, Dothan, AL 36301 30 South Ivey Lane, Orlando, FL 32811 30 South Ivey Lane, Orlando, FL 32811 290 Pratt St, Meriden, CT 6450 181 Shunpike Rd, Cromwell, CT 6416 1836 Kathleen Rd, Lakeland, FL 33805 92 Town Line Rd, Fulton, NY 13069 717 Oregon St, Oshkosh, WI 54902 Merchant Wholesalers, Nondurable Goods Insurance Carriers and Related Activities Nonstore Retailers Merchant Wholesalers, Nondurable Goods Merchant Wholesalers, Durable Goods Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 11/22/2044 Term Loan Prime plus 2.75% 11/22/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2029 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 3/21/2030 Prime plus 2.75% 11/21/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2029 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 6.5% 11/21/2029 Term Loan Prime plus 2.75% 11/21/2029 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2044 Construction of Buildings Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/20/2029 Term Loan Prime plus 2.75% 11/20/2029 Social Assistance Term Loan Prime plus 2.75% 11/18/2029 Social Assistance Term Loan Prime plus 2.75% 11/18/2044 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/15/2029 Term Loan Prime plus 2.75% 11/15/2044 5100 Transamerica Drive, Columbus, OH 43228 Administrative and Support Services Term Loan Prime plus 2.75% 11/15/2044 745 Alexander Rd, Ste 1-3, Princeton, NJ 8540 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/15/2030 F-172 See accompanying notes to consolidated financial statements. 11.1 17.8 173.4 427.7 218.8 4.2 118.3 16.6 50.7 11.9 7.4 270.2 69.4 127.2 128.2 439.8 178.3 99.9 71.3 87.6 11.1 17.8 173.4 427.7 218.8 4.2 118.3 16.6 50.7 11.9 7.4 270.2 69.4 127.2 128.2 439.8 178.3 99.9 71.3 87.6 11.4 16.5 143.7 409.7 202.7 4.3 99.1 14.2 42.0 11.3 6.7 290.5 67.1 112.7 106.3 462.5 168.2 102.4 — % — % 0.04 % 0.12 % 0.06 % — % 0.03 % — % 0.01 % — % — % 0.09 % 0.02 % 0.03 % 0.03 % 0.14 % 0.05 % 0.03 % 77.2 0.02 % 72.7 0.02 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Winning Sales Plan Inc (#,^) Ninth Avenue, LLC Sean McNamara Rockin Robin Music Lessons LLC The Pinnacle Development Group Inc dba The Goddard School (#) (#) (#,^) (#) HH Wireless Connect LLC (#,^) NJ Floats, Inc SSD Designs LLC Adrienne's Gourmet Foods, Imagine Baking, Inc James Richard Farkas Jr. dba Lil Black Bear Inn Ameen Enterprises, LLC dba Bargain Town Steven French dba French Woodworking Adrienne's Gourmet Foods, Imagine Baking Inc Potomac Nail Spa Corporation Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI Airbar Inc (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Integrated Vascular Services LLC (#,^) East River Plumbing, LLC Link Recreational, Inc Link Recreational, Inc WE MAKE DIFFERENCES, LLC Lake Pontchartrain Properties, LLC (#,^) (#,^) (#,^) (#,^) (#,^) 17811 Fairhaven Gateway, Cypress, TX 77433 Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106 5639 Wood Lane, Allentown, PA 18106 9029 Hwy 6, Ste 160, Missouri City, TX 77459 105 Springside Drive, Akron, OH 44333 48267 Deer Trail Drive, Canton, MI 48187 327 Route 202/206, Bedminster Township, NJ 7921 486 Vance St, Forest City, NC 28043 1034 Hancock St, Sandusky, OH 44870 8072 State Rd 46 East, Nashville, TN 47448 1111 E Washington St, Stephenville, TX 76401 1101 Horizon Drive Ste 101, Fairfield, CA 94533 1034 Hancock St, Sandusky, OH 44870 14901 Potomac Town Place,, Woodbridge, VA 22191 908 S Jefferson St, Amarillo, TX 79101 5 N Station Plaza, Great Neck, NY 11021 1452 Franklin Ave, Salem, OR 44460 997 E Loop, Priest River, ID 83856 304 Business Hwy 53, Minong, WI 54859 304 Business Hwy 53, Minong, WI 54859 1380 Main St, Waltham, MA 2451 6001-6201 France Rd, New Orleans, LA 70126 Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 11/14/2029 Term Loan Prime plus 2.75% 2/14/2030 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 Educational Services Term Loan Prime plus 2.75% 11/14/2029 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 Electronics and Appliance Stores Computer and Electronic Product Manufacturing Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 11/12/2029 Term Loan Prime plus 2.75% 2/12/2046 Term Loan Prime plus 2.75% 1/12/2030 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2029 Accommodation Term Loan Prime plus 2.75% 11/12/2044 Gasoline Stations Term Loan Prime plus 2.75% 11/12/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2044 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2044 Personal and Laundry Services Term Loan Prime plus 2.75% 11/12/2029 46.2 59.5 11.7 8.6 11.7 7.6 145.7 328.8 489.6 107.3 115.6 61.4 399.1 49.2 46.2 59.5 11.7 8.6 11.7 7.6 145.7 328.8 489.6 107.3 115.6 61.4 399.1 49.2 48.0 0.01 % 51.1 11.1 7.2 11.1 6.3 163.3 299.7 475.4 111.1 117.1 68.5 445.2 41.1 0.02 % — % — % — % — % 0.05 % 0.09 % 0.14 % 0.03 % 0.03 % 0.02 % 0.13 % 0.01 % Educational Services Term Loan Prime plus 2.75% 11/12/2029 365.3 365.3 330.9 0.10 % Personal and Laundry Services Term Loan Prime plus 2.75% 11/8/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/8/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/8/2044 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2044 Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/7/2029 Term Loan Prime plus 2.75% 11/7/2029 20.4 74.0 49.1 386.8 792.0 5.9 20.4 74.0 49.1 386.8 792.0 5.9 16.9 61.8 52.7 419.2 668.5 5.8 — % 0.02 % 0.02 % 0.12 % 0.20 % — % Accommodation Term Loan Prime plus 2.75% 11/7/2044 1,133.7 1,133.7 1,264.6 0.37 % F-173 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 21 Air, LLC, 21 Cargo Inc, JW Aviation LLC, Freighter 27044 LLC Sunburst Trout Farm, LLC C&P Trading and Sales Inc (#,^) (#,^) (#,^) 11900 Marshfield Station Inc (#,^) Guru Kirpa, Inc (#,^) Jessie's Radiator and Automotive (#,^) Fave Realty, Inc. Kerzner Contracting Corp ABC Sandblasting, LLC Dub Industries LLC The Committed Pig LLC L& F Gullo Service Corp D & H Construction Services, Inc. Automotive Solutions, LLC Sunburst Trout Farm, LLC Automotive Standard, LLC MJ Group, Inc Maine Service Corp Mariscos El Oceano, Inc. BGB Leasing Inc and BGB Leasing Co. Paul Wintner dba P & R Props Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 3650 NW 82 Ave, Doral, FL 33166 314 Industrial Park Drive, Waynesville, NC 28786 950 Peninsula Corporate Circle Ste 3016, Boca Raton, FL 33487 11900 S Marshfield Ave, Calumet Park, IL 60827 3006 New Castle Ave, New Castle, DE 19720 1777 N Ventura Ave, Ventura, CA 93001 217-84 Hempstead Ave, Jamaica, NY 11429 1620 Ocean Ave, Bohemia, NY 11716 14029 56th St NW, Williston, ND 58801 4112 Veiled Falls Drive, Pflugerville, TX 78660 28 West Park Place, Morristown, NJ 7090 520 Main St, Westbury, NY 11590 711 Hospital St, Richmond, VA 23219 1910 W. Dupont Rd, Fort Wayne, IN 46818 314 Industrial Park Dr, Waynesville, NC 28786 4028 Coldwater Rd, Fort Wayne, IN 46805 26691 Loma Verde, Mission Viejo, CA 92691 59-24 55th St, Maspeth, NY 11378 5960 S Archer Ave, Chicago, IL 60638 50 Industrial Park Rd, Princeton, KY 42445 23901 Calabasas Rd, Calabasas, CA 91302 Air Transportation Term Loan Prime plus 2.75% 11/6/2029 Fishing, Hunting and Trapping Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2044 Term Loan Prime plus 2.75% 10/31/2029 961.7 228.3 230.0 961.7 228.3 230.0 797.0 251.2 190.8 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 1,229.9 1,229.9 1,332.6 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2029 Real Estate Term Loan Prime plus 2.75% 10/31/2044 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 Nonstore Retailers Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 Term Loan Prime plus 2.75% 10/31/2029 Term Loan Prime plus 2.75% 10/31/2029 Construction of Buildings Term Loan Prime plus 2.75% 10/31/2029 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2029 Repair and Maintenance Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2044 Term Loan Prime plus 2.75% 10/31/2029 Term Loan Prime plus 2.75% 10/31/2029 Term Loan Prime plus 2.75% 10/31/2044 191.8 14.9 114.8 103.4 226.8 65.2 261.7 160.8 128.7 292.7 62.0 135.3 19.6 114.9 123.3 191.8 14.9 114.8 103.4 226.8 65.2 261.7 160.8 128.7 292.7 62.0 135.3 19.6 114.9 123.3 Truck Transportation Term Loan Prime plus 2.75% 10/30/2029 1,066.1 1,066.1 0.23 % 0.07 % 0.06 % 0.39 % 0.06 % — % 0.04 % 0.03 % 0.06 % 0.02 % 0.08 % 0.04 % 0.03 % 0.09 % 0.02 % 0.04 % — % 0.04 % 0.04 % 0.28 % 0.01 % 198.0 13.8 128.1 85.8 194.1 61.1 271.5 133.3 112.4 312.5 64.4 145.7 16.4 119.2 134.8 964.2 42.9 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 905 Savoy Rd, Youngsville, LA 70592 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/30/2029 F-174 See accompanying notes to consolidated financial statements. 51.7 80.4 51.7 80.4 68.0 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gourmet Snack BGB Leasing Co. Plastic Depot, Inc OWL Inc, Corple Enterprises, Inc Perisseia Physicians LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Proximo Consulting Services Inc (#,^) Marnon Vending LLC dba Naturals 2 Go San Antonio (#,^) Landmark Ventures USA, Inc iLoka Inc. dba NewCloud Networks Four Ace Electrical Services Corporation Diamond Solutions LLC Jbang LLC, WM Bang LLC, Bang Investments LLC IV Purpose Inc Sultan's Palace L.L.C. Fimac Inc dba American Educational Services (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) James Clark and Company, Inc. Pyle Garage Doors OKC, INC dba Precision Door Service OKC (#,^) (#) Todd's Car Wash, LLC Roughcut LLC UNIQUE PAVER INSTALLATIONS, INC. (#,^) (#,^) (#,^) 9912 Arizona Dr, Mohave Valley, AZ 86440 50 Industrial Park Rd, Princeton, KY 42445 363 East Alondra Blvd, Gardena, CA 90248 5300 S Orange Blossom Trail, Orlando, FL 32839 17887 US-380, Ponder, TX 76259 1644 Lebanon Rd, Lawrenceville, GA 30043 2500 Plaza 5, Jersey City, NJ 7311 6713 Biscay Hbr, San Antonio, TX 78249 475 Park Ave S, 25th Floor, New York, NY 10016 160 Inverness Drive W, Ste 150, Englewood, CO 80112 3723 Far Niente Way, Sacramento, CA 95834 8321 E Gelding Drive, Scottsdale, AZ 85260 125 Westchester Ave, White Plains, NY 10601 1489 Fulton St, Brooklyn, NY 11216 8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117 26300 La Alameda, Ste 200, Mission Viejo, CA 92691 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 8860 S Sunnylane Rd, Oklahoma City, OK 73135 5505 Johnston St, Lafayette, LA 70506 41540 National Rd, Belmont, OH 43718 4930 Mars Hill Rd, Bogart, GA 30622 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 Truck Transportation Plastics and Rubber Products Manufacturing Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 10/30/2044 Term Loan Prime plus 2.75% 10/30/2029 Term Loan Prime plus 2.75% 10/28/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/28/2029 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/28/2044 Prime plus 2.75% 10/28/2029 Nonstore Retailers Securities, Commodity Contracts, and Other Financial Investments and Related Activities Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 10/28/2029 Term Loan Prime plus 2.75% 10/25/2029 Term Loan Prime plus 2.75% 10/25/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/25/2029 Machinery Manufacturing Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/25/2029 Term Loan Prime plus 2.75% 11/25/2029 Term Loan Prime plus 2.75% 12/25/2029 Term Loan Prime plus 2.75% 10/24/2029 Term Loan Prime plus 2.75% 10/23/2029 Term Loan Prime plus 6.5% 10/22/2029 Repair and Maintenance Term Loan Prime plus 2.75% 10/22/2029 Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2044 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 F-175 See accompanying notes to consolidated financial statements. 59.7 88.3 145.4 198.2 147.2 392.5 68.9 7.3 96.5 91.9 11.0 11.7 69.6 35.4 19.6 20.7 11.6 13.5 337.3 442.5 20.8 59.7 88.3 145.4 198.2 147.2 392.5 68.9 7.3 96.5 91.9 11.0 11.7 69.6 35.4 19.6 20.7 11.6 13.5 337.3 442.5 20.8 50.7 98.5 120.7 164.3 145.4 402.5 57.1 6.7 80.0 95.3 9.3 9.7 68.8 31.0 17.2 17.4 11.1 11.2 376.2 459.0 18.4 0.01 % 0.03 % 0.04 % 0.05 % 0.04 % 0.12 % 0.02 % — % 0.02 % 0.03 % — % — % 0.02 % 0.01 % 0.01 % 0.01 % — % — % 0.11 % 0.14 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/17/2029 249.1 249.1 216.3 0.06 % Owens Family and Cosmetic Dentistry PLLC (#,^) Pine Mountain Residential LLC (#) (#) Powerlift Dumbwaiters, Inc The Cow Harbor Beer Company LLC dba Sand City Brewing Co. (#) Glenda D Brewer dba Bargain Store S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail (#) (#,^) Q2 Ventures, LLC Paketo LLC dba West Loop UPS Store Heart and Vascular Associates of Tampa, LLC A Child's Dream Educational Center LLC DG Business Solutions, Inc A Child's Dream Educational Center LLC Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro SPIRE Manufacturing Solutions LLC Meldi Maa, Inc dba The River Complex Joseph P Fusco DDS PC In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC International Protection Group, LLC AV Strategy, Inc 50 Taps, LLC dba Colorado Taproom & Grill Crown Waste Corp Zima Dining Inc. dba Country Kitchen (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 403 E College St, Pulaski, TN 38478 10240 Cosmopolitan Circle, Parker, CO 80134 2444 Georgia Slide Rd, Georgetown, CA 95634 19 Scudder Ave, Northport, NY 11768 107 Tabernacle Church Rd, Candor, NC 27229 5604 Slide Rd, Lubbock, TX 79414 2805 W Arimo Rd, Arimo, ID 83214 623 W Lake St, Chicago, IL 60661 11008 Rene St, Lenexa, KS 66215 4127 NW 34th St, Gainesville, FL 32605 725 Atlantic Blvd, Atlantic Beach, FL 32233 1440 Newport Rd, Colorado Springs, CO 80916 74 S Main St, Woonsocket, RI 2895 77 N Centre Ave, Rockville Centre, NY 11570 2301 W. Buckeye Rd, Phoenix, AZ 85009 481 8th Ave Ste 1130, New York, NY 10001 9468 American Eagle Way Ste 100, Orlando, FL 32837 19539 Hess Rd Ste Ste #101, Parker, CO 80134 1 Plainview Rd, Bethpage, NY 11714 1497 N Mt. Vernon Ave, Colton, CA 92324 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 Machinery Manufacturing Beverage and Tobacco Product Manufacturing Term Loan Prime plus 6.5% 10/16/2029 Term Loan Prime plus 2.75% 2/11/2031 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 Personal and Laundry Services Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/11/2029 Term Loan Prime plus 2.75% 10/8/2029 Couriers and Messengers Term Loan Prime plus 2.75% 10/4/2029 17 David Blvd, Tampa, FL 33606 Ambulatory Health Care Services Term Loan 4127 NW 34th St, Gainsville, FL 32605 Term Loan Prime plus 2.75% 9/30/2044 Prime plus 2.75% 9/30/2029 Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 Social Assistance Term Loan Prime plus 2.75% 9/30/2044 Food Services and Drinking Places Fabricated Metal Product Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 9/30/2044 Term Loan Prime plus 2.75% 9/30/2044 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2029 Motor Vehicle and Parts Dealers Administrative and Support Services Rental and Leasing Services Food Services and Drinking Places Waste Management and Remediation Services Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2044 Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 9/27/2029 F-176 See accompanying notes to consolidated financial statements. 11.6 11.3 292.7 11.6 145.7 163.1 15.2 759.1 175.8 209.9 177.3 8.6 996.0 416.6 60.6 612.4 75.3 242.6 70.7 45.7 57.5 11.6 11.3 292.7 11.6 145.7 163.1 15.2 759.1 175.8 209.9 177.3 8.6 996.0 416.6 60.6 612.4 75.3 242.6 70.7 45.7 57.5 11.1 10.8 257.3 11.1 123.3 162.2 12.9 765.9 146.4 175.9 189.3 7.2 1,111.0 451.1 50.3 630.9 73.1 219.8 59.6 41.0 59.6 — % — % 0.08 % — % 0.04 % 0.05 % — % 0.23 % 0.04 % 0.05 % 0.06 % — % 0.33 % 0.13 % 0.01 % 0.19 % 0.02 % 0.06 % 0.02 % 0.01 % 0.02 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Hoagie Barmichaels Inc (#,^) Universe Appliance Repairs Inc. (#,^) Wagner & Sons Inc Aztec Machine & Repair Inc, Cranrd & Material Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma Titan Laser Screed Concrete Services, LLC Zmetra Clearspan Structures LLC Universe Appliance Repairs Inc. Cherry and Candlewood Inc dba Aamco Stiegelbauer Associates Inc. Santa Fe Flooring LLC Adam's Construction & General Contracting LLC Anderson's Outdoor Adventures, LLC Byler, Wolfe, Lutsch and Kampfer CPAs, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Quality Machine of Iowa, Inc (#,^) Luv 2 Play Nor Cal, LLC Flamingo Bowl, Inc Unified Utility Services LLC Standard Real Estate Services LLC Payne's Enviromental Service, LLC dba Bamaco Host Marketing, LLC Vancole Investments, Inc. dba Smoothie King #913 &;Dream Development (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) 1101 River Rd, New Windsor, NY 12553 3790 Merrick Rd, Seaford, NY 11783 22365 Alydar Drive, Lexington Park, MO 20653 1715 N 1st St, Bloomfield, NM 87413 3721 North 162nd St, Garber, OK 73701 8908 Wildlife Lane, Sanford, FL 32771 2 Old Worcester Rd, Webster, MA 1571 3790 Merrick Rd, Seaford, NY 11783 3029 South St, Long beach, CA 90805 63 Flushing Ave Unit 342, Brooklyn, NY 11205 3711 Paseo Del Norte NE, Albuquerque, NM 87113 7808 N Custer Rd, Freesoil, MI 49411 4060 SW County Rd 232, Bell, FL 32619 360 East State St, Salem, OH 44460 1040 4th Ave, Audubon, IA 50025 82 Clarksville Rd, Folsom, CA 95682 3301 N 23rd St, McAllen, TX 78501 206 Frankie Lane, Ladson, SC 29456 500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217 5617 Causeway Blvd, Tampa, FL 33619 206 Bell Lane, Ste B, West Monroe, LA 71291 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2044 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 Nonstore Retailers Term Loan Prime plus 2.75% 9/27/2029 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/27/2044 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2029 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 Specialty Trade Contractors Furniture and Related Product Manufacturing Construction of Buildings Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Heavy and Civil Engineering Construction Real Estate Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2029 Term Loan Prime plus 2.75% 9/26/2029 Term Loan Prime plus 2.75% 9/26/2029 Term Loan Prime plus 2.75% 9/25/2029 Term Loan Prime plus 2.75% 9/25/2044 Term Loan Prime plus 2.75% 9/25/2029 Term Loan Prime plus 2.75% 9/25/2029 Term Loan Prime plus 2.75% 9/24/2029 Term Loan Prime plus 2.75% 9/20/2044 Term Loan Prime plus 6.5% 9/19/2029 Term Loan Prime plus 2.75% 9/18/2044 Term Loan Prime plus 6.5% 9/18/2029 110.7 575.7 17.1 698.1 956.2 45.6 428.7 604.8 424.0 182.8 462.5 63.8 20.5 52.4 61.7 105.0 188.7 154.8 11.6 511.5 11.6 110.7 575.7 17.1 698.1 956.2 45.6 428.7 604.8 424.0 182.8 462.5 63.8 20.5 52.4 61.7 105.0 188.7 154.8 11.6 511.5 11.6 110.3 576.6 14.3 713.8 866.3 39.3 478.2 537.9 473.0 152.0 402.3 55.7 20.6 51.4 63.9 89.3 172.5 172.5 11.0 522.7 11.0 0.03 % 0.17 % — % 0.21 % 0.26 % 0.01 % 0.14 % 0.16 % 0.14 % 0.04 % 0.12 % 0.02 % 0.01 % 0.02 % 0.02 % 0.03 % 0.05 % 0.05 % — % 0.15 % — % 876 Virginia Ave, Hapeville, GA 30354 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2029 11.0 11.0 9.1 — % F-177 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/17/2029 6.8 6.8 6.0 — % Win Health Institute, LLC Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events Game Station, Inc. Bay Bowl Inc dba Shasta Lanes The Steel Method LLC dba Sneeze It Oak Park Social LLC New Flow Plumbing and Rooter Inc. ACSS CPA, LLC (#,^) (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) Prime Precision Machining, LLC (#,^) Prime Precision Machining, LLC (#,^) Family Insight, P.C. Miami Squeeze Inc dba Miami Squeeze, LLC Covert Recordings LLC Body on Cue Health and Fitness LLC Eco Electric LLC Philly Games Inc.dba Queen & Rock Game Cafe SVT Masonry Limited Liability Company Thawk LLC No Push Backs, LLC Dog House Sportfishing Charters Inc 3C Consumer Network & Designs LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) Double Scoop Ice Cream, LLC (#,^) 711 E Valley Rd, Basalt, CO 81621 1702 Fawn Gate St, San Antonio, TX 78248 2917 1st Ave SE, Cedar Rapids, IA 52402 11093 Black Marble Way, Redding, CA 96003 250 Passaic Ave Ste 200, Fairfield, NJ 7004 14691 W 11 Mile Rd, Oak Park, MI 48237 6718 Katherin Ave, Van Nuys, CA 91405 1016 S Texas Blvd, Weslaco, TX 78599 845 Mandoline Ave, Madison Heights, MI 48071 845 Mandoline Ave, Madison Heights, MI 48071 3433 Brambleton Ave, Ste 104A, Roanoke, VA 24018 18315 W. Dixie Hwy, North Miami Beach, FL 33160 31-65 138th St Apartment 3K, Flushing, NY 11354 129 A Orpha Drive, Middlebury, IN 46840 5380 Cameron St, Las Vegas, NV 89118 607-609 S 2nd St, Philadelphia, PA 19147 1208 Houghton Lane, Bennington, VT 5201 1110 Willow Glen Drive, Yuba City, CA 95991 2223 Dungan Ave, Bensalem, PA 19020 83413 Overseas Hwy, Islamorada, FL 33036 7676 Hillmont St, Ste 109, Houston, TX 77040 2970 Stonecrest Pass, Lithonia, GA 30038 Personal and Laundry Services Term Loan Prime plus 2.75% 12/17/2029 Rental and Leasing Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Food Services and Drinking Places Specialty Trade Contractors Professional, Scientific, and Technical Services Real Estate Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/16/2029 Term Loan Prime plus 2.75% 9/13/2044 Term Loan Prime plus 2.75% 9/12/2029 Term Loan Prime plus 2.75% 7/12/2045 Term Loan Prime plus 2.75% 9/12/2029 Term Loan Prime plus 2.75% 9/12/2044 Term Loan Prime plus 2.75% 9/11/2044 Term Loan Prime plus 2.75% 9/11/2029 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 9/11/2029 Prime plus 2.75% 9/11/2029 Rental and Leasing Services Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Food Services and Drinking Places Specialty Trade Contractors Administrative and Support Services Personal and Laundry Services Scenic and Sightseeing Transportation Real Estate Food Services and Drinking Places Term Loan Prime plus 2.75% 9/11/2029 Term Loan Prime plus 2.75% 9/6/2029 Term Loan Prime plus 2.75% 9/5/2029 Term Loan Prime plus 2.75% 9/5/2029 Term Loan Prime plus 2.75% 9/5/2029 Term Loan Prime plus 2.75% 8/30/2029 Term Loan Prime plus 6.5% 8/30/2029 Term Loan Prime plus 6.5% 8/30/2029 Term Loan Prime plus 2.75% 8/29/2029 Term Loan Prime plus 2.75% 8/29/2044 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 F-178 See accompanying notes to consolidated financial statements. 52.8 18.5 526.7 154.0 133.5 43.6 39.2 267.9 200.8 226.6 105.4 10.8 41.1 60.7 57.0 63.5 7.5 11.2 11.5 13.6 94.7 81.5 52.8 18.5 526.7 154.0 133.5 43.6 39.2 267.9 200.8 226.6 105.4 10.8 41.1 60.7 57.0 63.5 7.5 11.2 11.5 13.6 94.7 81.5 49.0 16.9 586.9 128.1 137.4 36.6 41.1 278.8 176.4 226.5 94.2 10.9 34.8 50.3 47.5 62.5 6.2 10.6 10.9 11.9 98.9 0.01 % — % 0.17 % 0.04 % 0.04 % 0.01 % 0.01 % 0.08 % 0.05 % 0.07 % 0.03 % — % 0.01 % 0.01 % 0.01 % 0.02 % — % — % — % — % 0.03 % 84.6 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 50 West 23rd St, 7th floor, New York, NY 10010 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2029 340.6 340.6 281.8 0.08 % The BMF Media Group LLC Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC Esquire Mini Mart LLC & Morgan Store Building LLC Groton Bowling Center and Entertainment Inc HRS2, LLC DB Talak LLC Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC Linsey Schwertdfeger,, Inc. Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transport The Hometown Welcome Program, Inc & Fredric Anthony Gushwa Maryland Urgent Care, Inc. ADA Internacional Inc Crystal S. Prado dba Crystal Clear Accounting The Pet Stop, LLC Elite Motors LLC PJT Logistics, Inc. JLT Foods, LLC SRJ construction Corp MS Integrated Psychotherapy & Counseling, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 361 Troy Ave, Brooklyn, NY 11213 12595 S Somerton Ave, Yuma, AZ 85365 27 Kings Hwy, Groton, CT 6340 5410 Pipers Creek Court, Sugar Land, TX 77479 2018 SE 6th Ave, Portland, OR 97214 190 Minerva St, Tonawanda, NY 14150 740 Dennery Rd, San Diego, CA 92154 377 Boston Post Rd, Milford, CT 6460 107 S Nottawa St, Sturgis, MI 49091 9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 20706 10891 La Reina Rd, Ste 100, Delray Beach, FL 33446 34099 Tuscan Creek Way, Temecula, CA 92592 106 South Washington St, Pleasantville, IA 50225 1046-1050 Orange Ave, West Haven, CT 6516 2-4 Commerce Way, Auburn, NY 13021 3294 Long Meadow Court, West Bloomfield Township, MI 48324 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 1157 Main St, Clifton, NJ 7011 The Roux Southern Kitchen, LLC (#,^) MB Nursery LLC dba The Garden Center (#,^) 252 FM 3162, Sandia, TX 78383 15562 HWY-South, Whitehouse, TX 75791 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 Food and Beverage Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/29/2029 Term Loan Prime plus 2.75% 8/29/2044 Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2029 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2029 Term Loan Prime plus 2.75% 8/28/2044 Repair and Maintenance Term Loan Prime plus 2.75% 8/28/2029 36.3 46.5 930.1 209.9 80.1 58.8 64.3 36.3 46.5 930.1 209.9 80.1 58.8 64.3 37.6 44.2 979.4 203.5 82.9 65.5 54.5 0.01 % 0.01 % 0.29 % 0.06 % 0.02 % 0.02 % 0.02 % Couriers and Messengers Term Loan Prime plus 2.75% 8/28/2029 416.9 416.9 365.3 0.11 % Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/27/2029 Ambulatory Health Care Services Term Loan Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus 2.75% 8/27/2044 Prime plus 2.75% 8/26/2029 Prime plus 6.5% 8/26/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 8/23/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/23/2029 Truck Transportation Term Loan Prime plus 2.75% 8/23/2029 Food Manufacturing Term Loan Prime plus 2.75% 8/23/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/23/2029 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Administrative and Support Services Term Loan Term Loan Prime plus 2.75% 8/22/2029 Prime plus 2.75% 8/22/2029 Prime plus 2.75% 8/21/2029 F-179 See accompanying notes to consolidated financial statements. 88.4 45.1 20.4 2.9 6.8 79.4 45.3 19.5 10.4 67.3 16.5 84.0 88.4 45.1 20.4 2.9 6.8 79.4 45.3 19.5 10.4 67.3 16.5 84.0 80.1 48.3 16.9 2.8 5.8 82.2 47.0 16.2 8.9 61.3 17.0 87.0 0.02 % 0.01 % — % — % — % 0.02 % 0.01 % — % — % 0.02 % — % 0.03 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Metro R Services Inc. and Metal & Roof Supplies, Inc. Auto Unique LLC William Martinez dba Bad Ass Coffee of Hawaii Signature Rooms, Inc. Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City AJN Innovations LLC dba Burgerim American Healthy Vending, Inc Accelerate Educational Solutions, LLC dba Tutor My Success Ranson Excavating, Inc KM Electrical Services, Inc Love Playing LLC Elixir Enterprises, LLC dba Guilford Renee's A & S Services LLC dba Kona Ice of Troy Accord Law, APC Leader Engineering-Fabrication, Inc. Billy Auto Inc East Coast Flight Services, Inc and Aviation Consulting Enterprise Genecco Produce, Inc. & Leo Genecco & Sons, Inc. Joseph Centonze dba Off Kilter Kilts St. Francis Home Health Inc Humd, LLC dba La Rosa Chicken and Grill Gray Rock Quarry, LLC and William E Dailey III (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) Repair and Maintenance 20 Universal Place, Carlstadt, NJ 7072 305 W Main St, Mayo, FL 32066 Motor Vehicle and Parts Dealers 14101 Main St, Ste 4101, Hesperia, CA 92345 2066 Route 112, Medford, NY 11763 Food Services and Drinking Places Furniture and Home Furnishings Stores Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 8/21/2029 8/20/2044 Term Loan Prime plus 2.75% 12/20/2029 Term Loan Prime plus 2.75% 8/19/2029 7748 Troost Ave, Kansas City, MO 64131 6704 Main St, Miami Lakes, FL 33014 5951 NW 151 St, Hialeah, FL 33014 135 Clove Branch Rd, Hopewell Junction, NY 12533 8343 Kaula Drive, Fair Oaks, CA 95628 4348 Waialae Ave Unit 315, HONOLULU, HI 96816 2200 Eastridge Loop, San Jose, CA 95122 637 Boston Post Rd, Guilford, CT 6437 3888 Lightner Rd, Vandalia, OH 45377 82555 Grass Flat Lane, Indio, CA 92203 695 Independence DrIive, Napoleon, OH 43545 632 N Broadway, Amityville, NY 11701 27603 Parkway Rd, Easton, MD 21601 1850 Rochester Rd, Canadaigua, NY 14424 27720 Ave Scott, Santa Clarita, CA 91355 5246 SW 8th St 103B, Coral Gables, FL 33134 3111 N. University Drive, Coral Springs, FL 33065 54 West Milton Rd, Milton, VT 5468 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 8/15/2029 Term Loan Prime plus 2.75% 2/15/2031 Nonstore Retailers Term Loan Prime plus 2.75% 8/15/2029 Educational Services Term Loan Prime plus 2.75% 8/14/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/13/2029 Term Loan Prime plus 2.75% 8/12/2029 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Food and Beverage Stores Food Services and Drinking Places Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/8/2029 Term Loan Prime plus 6.5% 8/7/2029 Term Loan Prime plus 2.75% 8/2/2029 Term Loan Prime plus 2.75% 8/2/2029 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2044 Air Transportation Merchant Wholesalers, Nondurable Goods Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/31/2029 Term Loan Prime plus 2.75% 7/31/2029 Term Loan Prime plus 2.75% 7/31/2029 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 Prime plus 2.75% 1/31/2030 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 7/31/2044 F-180 See accompanying notes to consolidated financial statements. 175.7 12.0 20.8 153.0 102.0 109.8 96.4 15.6 13.6 70.3 175.7 12.0 20.8 153.0 102.0 109.8 96.4 15.6 13.6 70.3 166.9 13.4 17.7 158.5 95.0 93.0 85.5 13.0 11.2 58.4 17.7 11.5 6.8 113.5 317.7 518.1 707.5 4.7 67.6 128.3 440.6 17.7 11.5 6.8 113.5 317.7 518.1 707.5 4.7 67.6 128.3 440.6 14.7 10.9 5.6 117.6 320.1 454.8 667.4 3.9 55.9 111.3 410.9 0.05 % — % 0.01 % 0.05 % 0.03 % 0.03 % 0.03 % — % — % 0.02 % 0.04 % — % — % — % 0.03 % 0.09 % 0.13 % 0.20 % — % 0.02 % 0.03 % 0.12 % Term Loan Prime plus 2.75% 3/9/2030 165.4 165.4 145.5 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) La Mount Group LLC Living Spring Home Health Inc. Canyon Lake Kids Academy, LLC Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Dant A Sandras, D.D.S. LLC Jbelis Stop N' Go, LLC dba Planet Smoothie Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL Grad Street LLC Aeromax Industries, Inc, HITM, Inc and TMCB LLC Micheal Birch and Tracy M. Pierce (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) Moore Chiropractic Center, P.A. (#,^) Sou's LLC Power Associates Inc. Dan Dahlin Inc. Franklin Care Pharmacy Incorporated A&W ALF, LLC dba A & W Assisted Living Facility Hardrock Alpha Enterprises, LLC 700 Services Inc.dba 700 Credit Repair (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Lawrence Adeyemo & Co LLC (#) Ameritube, LLC JDM2 Water Station LLC Bonfire Hot Yoga LLC (#,^) (#,^) (#,^) Baton Rouge Cargo Services Inc (#,^) 3111 Princeton Rd, Hamilton, OH 45011 18350 Kedzie Ave Ste 204, Homewood, IL 60430 130 Charter Oak Drive, Canyon Lake, TX 78133 28940 Golden Lantern, Laguna Niguel, CA 92677 13373 Hwy 3235, Larose, LA 70373 2565 E 17th St, Ammons, ID 83406 288 North Industrial Park Drive, Liberty, MS 39645 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 9027 Canoga Ave, Canoga Park, CA 91301 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 Social Assistance Term Loan Prime plus 2.75% 7/31/2044 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 Prime plus 2.75% 7/30/2029 Apparel Manufacturing Term Loan Prime plus 2.75% 7/30/2044 Nonstore Retailers Transportation Equipment Manufacturing Term Loan Prime plus 6.5% 7/30/2029 Term Loan Prime plus 2.75% 7/30/2044 Term Loan Prime plus 2.75% 7/29/2044 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 7/26/2029 Prime plus 2.75% 7/26/2029 Real Estate Amusement, Gambling, and Recreation Industries E 2947 H-44, Traunik, MI 49891 Gasoline Stations 936 Roosevelt Trail Unit 1 & 2, Windham, ME 4062 739 NE MLK Blvd, Portland, OR 97221 2766 West Good CT, Boise, ID 83702 16465 MN-65, Ham Lake, MN 55304 520 N Franklintown Rd, Baltimore, MD 21223 6600 Liberty Rd, Gwynn Oak, MD 21207 5101 Stine Rd, Bakersfield, CA 93313 1201 N Goliad St, Rockwall, TX 75087 209-34 112 Ave, Queens Village, NY 11429 1000 North Hwy 77, Hillsboro, TX 76645 125 Chestnut Hill Drive, York, PA 17408 3665 SW Hall Blvd, Beaverton, OR 97005 6013 McRaven Rd, Jackson, MS 39209 Nonstore Retailers Educational Services Support Activities for Transportation Health and Personal Care Stores Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Credit Intermediation and Related Activities Professional, Scientific, and Technical Services Primary Metal Manufacturing Term Loan Prime plus 2.75% 7/26/2029 Term Loan Prime plus 2.75% 7/26/2044 Term Loan Prime plus 2.75% 7/25/2029 Term Loan Prime plus 2.75% 7/24/2044 Term Loan Prime plus 2.75% 7/19/2029 Term Loan Prime plus 2.75% 7/19/2029 Term Loan Prime plus 6.5% 7/19/2029 Term Loan Prime plus 2.75% 7/18/2029 Term Loan Prime plus 2.75% 7/18/2029 Term Loan Prime plus 2.75% 7/18/2029 F-181 See accompanying notes to consolidated financial statements. 229.8 121.7 96.0 10.3 197.1 17.7 55.0 7.3 770.8 53.1 8.2 5.4 13.5 399.7 48.9 98.1 14.2 6.8 9.2 108.9 188.5 7.4 229.8 121.7 96.0 10.3 197.1 17.7 55.0 7.3 770.8 53.1 8.2 5.4 13.5 399.7 48.9 98.1 14.2 6.8 9.2 108.9 188.5 7.4 190.1 110.5 101.8 9.2 169.1 14.9 60.1 6.9 775.2 57.3 8.3 4.9 11.2 445.4 50.6 107.3 12.1 5.6 8.7 112.8 173.7 6.3 0.06 % 0.03 % 0.03 % — % 0.05 % — % 0.02 % — % 0.23 % 0.02 % — % — % — % 0.13 % 0.01 % 0.03 % — % — % — % 0.03 % 0.05 % — % Term Loan Prime plus 2.75% 7/17/2044 286.4 286.4 296.9 0.09 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) The Bean Coffee Co. LLC Garage Floor Coating of MN.com,LLC Bouquet Canyon Kennels Adam Family Bowl Inc (#) (#,^) (#,^) (#,^) Beacon Metal Fabricators, Inc. (#,^) Last Touch, LLC D DeGregoria LLC dba The UPS Store 4235 Massapequa Menskha Inc Nash-Delphia LLC Advance Transit LLC Anderson Companies LLC Port Huron Ophthalmology, PLLC dba Black River Optical Kim Howard Corp dba NPN Machine Tools Jian Yang and Kanger House LLC Nevada Recycling and Salvage LTD, AMCB LLC Sundown Audio, LLC Balboa Fashion LLC (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Baobab Asset Management LLC (#,^) Southern Specialties Transportation LLC (#,^) Richmond Street Partners, LLC (#,^) Crestview Ridge Farms LLC (#,^) K & K Restaurant LLC Big Picture Group LLC (#,^) (#,^) 112 South Main St, Spring Hill, KS 66083 6701 West 23rd St, St. Louis Park, MN 55426 29973 Bouquet Canyon Rd, Santa Clarita, CA 91390 1504 Chestnut St, Mishawaka, IN 46545 5425-D Hamilton Ave, Cleveland, OH 44114 1612 Jackson St, Spirit Lake, IA 51360 4940 Merrick Rd, Massapequa Park, NY 11762 88 High St, Mountclair, NJ 7042 2135 Gallatin Pike N, Store 4, Madison, TN 37115 574-614 Tonnelle Ave, Jersey City, NJ 7307 3015 S White Horse Pike, Hammonton, NJ 8037 1033 River St, Port Huron, MI 48060 9130 Wayfarer Ln, Houston, TX 77075 48 Horse Hill Rd, Cedar Knolls, NJ 7927 1085 Telegraph St, Reno, NV 89502 514 West 21St St, Newton, NC 28658 1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021 2 Greenwich Office Park, Ste 260, Greenwich, CT 6831 116 Toledo Drive, Lafayette, LA 70506 200 E Chestnut St, Chicago, IL 60611 1172 Co Rd 956, Ashland, OH 44805 6607 S Central Ave, Phoenix, AZ 85042 935 N La Jolla, Los Angeles, CA 90046 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/16/2044 Personal and Laundry Services Amusement, Gambling, and Recreation Industries Fabricated Metal Product Manufacturing Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/16/2044 Term Loan Prime plus 2.75% 7/16/2044 Term Loan Prime plus 2.75% 7/12/2029 Term Loan Prime plus 2.75% 7/11/2044 Couriers and Messengers Term Loan Ambulatory Health Care Services Term Loan Clothing and Clothing Accessories Stores Transit and Ground Passenger Transportation Administrative and Support Services Term Loan Term Loan Term Loan Ambulatory Health Care Services Term Loan Fabricated Metal Product Manufacturing Nursing and Residential Care Facilities Merchant Wholesalers, Durable Goods Computer and Electronic Product Manufacturing Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% Prime plus 6.5% 7/10/2029 7/10/2029 Prime plus 2.75% 7/2/2029 Prime plus 2.75% 6/28/2044 Prime plus 2.75% 6/28/2044 Prime plus 2.75% 6/28/2029 Prime plus 2.75% 6/28/2029 Prime plus 2.75% 6/27/2029 11.5 976.1 294.5 130.0 63.1 99.4 71.4 11.5 13.4 746.0 203.1 13.4 197.2 107.5 11.5 976.1 294.5 130.0 63.1 99.4 71.4 11.5 13.4 746.0 203.1 13.4 197.2 107.5 10.8 992.6 294.8 137.9 58.8 101.6 60.8 10.8 12.2 827.9 222.7 12.2 206.7 97.9 Prime plus 2.75% 6/28/2044 1,222.1 1,222.1 1,308.9 Prime plus 2.75% 6/28/2044 887.4 887.4 955.0 Apparel Manufacturing Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/28/2029 Truck Transportation Clothing and Clothing Accessories Stores Crop Production Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/28/2044 Term Loan Prime plus 2.75% 6/28/2044 Term Loan Prime plus 2.75% 6/28/2029 6.7 45.8 131.0 87.4 526.0 131.8 137.2 6.7 45.8 131.0 87.4 526.0 131.8 137.2 6.1 41.5 134.3 79.9 579.3 148.2 124.6 F-182 See accompanying notes to consolidated financial statements. — % 0.29 % 0.09 % 0.04 % 0.02 % 0.03 % 0.02 % — % — % 0.24 % 0.07 % — % 0.06 % 0.03 % 0.39 % 0.28 % — % 0.01 % 0.04 % 0.02 % 0.17 % 0.04 % 0.04 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 5161 LLC Upul's Travel Service & Tours Inc Upul's Travel Service & Tours Inc Good News Cafe, LLC NJ Floats Inc (#,^) (#,^) (#,^) (#,^) (#,^) Ailky Corporation & Wyspen (#,^) Pawfection Pet Services LLC (#,^) Boucherie US Inc Tim's Truck Capital & Auto Sales, Inc S & T Hardware Inc Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Shooter's Gun Club, LLC BB Services, LLC Crescent Event Productions, Inc Selective Automotive & Accessories Group, Inc Tekoa Enterpises, Inc (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) Soft Touch Tissue & Paper LLC (#,^) RWBB Enterprises, LLC Lynx Inspection Technologies LLC JFK Transportation Inc Child Care Ventures LLC dba Childcare Adventures ELC All-City Towing LLC, Jeffrey James Piller (#,^) (#,^) (#,^) (#,^) (#,^) 1478 E Mountain Drive, Santa Barbara, CA 93108 654 Shoppers Lane, Covina, CA 91723 654 Shopping Lane, Covina, CA 91723 694 Main St South, Woodbury, CT 6798 66 Twin Oaks Rd, Bridgewater, NJ 8807 352 Bedford St, Lakeville, MA 2347 177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 85122 251 Little Falls Drive, Wilmington, DE 19807 904 Suncook Valley Hwy, Epsom, NH 3234 2300 Nooseneck Hill, Coventry, RI 2816 145 Moon Rd, Chesapeake City, MD 21915 2429 Iowa St Stes B, C and D, Lawrence, KS 66046 580 39 Rd, Palisade, CO 81526 1327 Wood Branch Drive, Charlotte, NC 28273 2221 Pelham Parkway, Pelham, AL 35124 1033 Cannon Bridge Rd, Cordova, SC 29039 1491 Hammond St, Bangor, ME 4401 4120 7th Ave, Kenosha, WI 53140 8101 Miller Rd 2, Houston, TX 77049 4 Mechanic St, Natick, MA 1760 3542 Glendale Ave, Toledo, OH 43614 1213 W Mallory Ave, Milwaukee, WI 53221 Nonstore Retailers Administrative and Support Services Administrative and Support Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/28/2029 Term Loan Prime plus 2.75% 6/28/2044 Term Loan Prime plus 2.75% 6/28/2044 Ambulatory Health Care Services Term Loan Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/28/2044 Prime plus 2.75% 6/27/2029 Term Loan Prime plus 2.75% 6/27/2029 566.7 251.7 343.5 244.1 172.6 43.6 9.4 566.7 251.7 343.5 244.1 172.6 43.6 9.4 Term Loan Prime plus 2.75% 6/27/2029 1,077.8 1,077.8 Term Loan Prime plus 2.75% 6/27/2029 Term Loan Prime plus 2.75% 6/27/2044 190.2 196.7 190.2 196.7 Term Loan Prime plus 2.75% 6/27/2029 1,128.4 1,128.4 1,125.1 Personal and Laundry Services Food Services and Drinking Places Motor Vehicle and Parts Dealers Building Material and Garden Equipment and Supplies Dealers Merchant Wholesalers, Nondurable Goods Amusement, Gambling, and Recreation Industries Truck Transportation Administrative and Support Services Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 4/27/2030 6/27/2029 Term Loan Prime plus 2.75% 6/27/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/26/2029 Truck Transportation Term Loan Prime plus 2.75% 6/26/2029 Paper Manufacturing Food Services and Drinking Places Support Activities for Mining Transit and Ground Passenger Transportation Social Assistance Support Activities for Transportation Term Loan Prime plus 2.75% 6/26/2044 Term Loan Prime plus 2.75% 6/26/2044 Term Loan Prime plus 2.75% 6/26/2044 Term Loan Prime plus 2.75% 6/26/2029 Term Loan Prime plus 2.75% 6/26/2044 Term Loan Prime plus 2.75% 6/26/2029 F-183 See accompanying notes to consolidated financial statements. 584.4 228.6 358.5 262.6 197.2 39.6 8.6 978.7 199.3 224.8 0.17 % 0.07 % 0.11 % 0.08 % 0.06 % 0.01 % — % 0.29 % 0.06 % 0.07 % 0.33 % 0.05 % 0.03 % 0.09 % 0.06 % 0.01 % 0.08 % 0.02 % 0.19 % 0.03 % 0.04 % 0.10 % 174.0 103.7 313.3 223.7 51.7 229.9 74.3 564.1 93.0 144.0 362.3 174.0 103.7 313.3 223.7 51.7 229.9 74.3 564.1 93.0 144.0 362.3 162.2 96.7 292.6 214.7 49.0 262.6 82.7 644.5 87.3 152.3 356.3 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Soft Touch Tissue & Paper LLC (#) Paradise Towing & Recovery Inc (#,^) Vanchoc Transport Inc (#,^) Spartan Technology Solutions, Inc Worldwide Capital Management Inc. Professional Tire Limited Liability Company (#,^) (#,^) (#,^) 567 Logistics, LLC (#,^) Paradise Towing & Recovery Inc (#,^) Krsto, LLC dba Italian Butter Breadsticks (#,^) Sweets By Karla LLC Scissor Kids Inc Peninsula Self Defense LLC Small Batch Creations Inc. dba The Office Bar & Grill Port Diesel L.L.C. LuLuBelle's Mountain Banana Bread LLC William Rose Inc Campuscuts LLC Central Texas Hygiene, LLC. International Institute for Learning Inc. Beck's Pub & Grill LLC Zion Motors Inc (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) Bader Furniture Company Inc. (#,^) Bonadi Inc. dba Polished Salon (#) 1491 Hammond, Bangor, MA 4401 1115 S Homer Blvd, Sanford, NC 27330 137 3rd St, Brooklyn, NY 11231 125 Venture Blvd, Spartanburg, SC 29306 6 Venture Ste 305, Irvine, CA 92618 6655 Country Rd 32, Norwich, NY 13815 1924 Ruffin Mill Rd, Colonial Heights, VA 23834 1115 S. Horner Blvd, Sanford, NC 27330 34683 Nova Dr, Clinton Twp, MI 48035 3273 South John Young Parkway, Kissimmee, FL 34746 63 Hebron Ave, Ste F, Glastonbury, CT 6033 2766 Bay Rd, Redwood City, CA 94063 295 E WASHINGTON AVE, SUNNYVALE, CA 94086 3212 Alex Trask Drive, Castle Hayne, NC 28429 1063 Carousel Rd, Lake Arrowhead, CA 92352 1 Grace Cove Rd, New Shoreham, RI 2807 930 Robtrice Ct, Edmond, OK 73430 10201 McKalla Place, Austin, TX 78758 110 E 59th St ,31st floor, New York, NY 10022 N6630 WI-49, Weyauwega, WI 54983 6949 Wall Triana Hwy, Madison, AL 35757 704 N Liberty St, Shamokin, PA 17872 9858 W Sample Rd, Coral Springs, FL 33065 Paper Manufacturing Term Loan Prime plus 2.75% 12/26/2029 104.9 104.9 110.3 Repair and Maintenance Rental and Leasing Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Repair and Maintenance Support Activities for Transportation Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 6/25/2029 6/25/2029 Term Loan Prime plus 2.75% 6/25/2044 Term Loan Prime plus 2.75% 6/25/2029 Term Loan Prime plus 2.75% 6/25/2044 Term Loan Prime plus 2.75% 6/25/2029 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 95.1 39.0 477.0 129.8 136.2 44.7 71.7 95.1 39.0 477.0 129.8 136.2 44.7 71.7 94.2 37.6 511.3 117.9 147.8 42.1 81.8 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2044 186.3 186.3 205.5 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 6/24/2029 Educational Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2029 Term Loan Prime plus 2.75% 6/21/2029 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 11.5 14.5 4.7 54.3 11.4 11.5 14.5 4.7 54.3 11.4 10.4 13.3 4.4 49.4 11.8 Food Manufacturing Term Loan Prime plus 2.75% 12/21/2045 250.0 250.0 272.6 Term Loan Prime plus 2.75% 6/19/2029 268.5 268.5 243.8 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2044 Personal and Laundry Services Administrative and Support Services Educational Services Food Services and Drinking Places Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Term Loan Prime plus 6.5% 6/21/2029 Term Loan Prime plus 2.75% 6/20/2029 Term Loan Prime plus 2.75% 6/19/2044 Term Loan Prime plus 2.75% 6/19/2044 Term Loan Prime plus 2.75% 6/19/2029 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 F-184 See accompanying notes to consolidated financial statements. 85.4 6.8 77.5 85.4 6.8 77.5 85.9 7.1 70.4 68.4 59.3 6.7 11.4 68.4 59.3 6.7 11.4 76.0 64.2 7.0 11.8 0.03 % 0.03 % 0.01 % 0.15 % 0.03 % 0.04 % 0.01 % 0.02 % 0.06 % — % — % — % 0.01 % — % 0.08 % 0.03 % — % 0.02 % 0.07 % 0.02 % 0.02 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) American Demolition, Inc JLM Consulting LP Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC Kego 2 LLC dba Jon Smith Subs 80025 A & S Services LLC dba Kona Ice of Troy Law Office of Paula Padilla PLLC Picon Motors LLC dba The New Young's Motors GT Performance Plus Inc Ivesters Transportation, Inc GT Performance Plus Inc Independent Transport, LLC dba Independent Water Archer Cleaners Inc J&A Elliott Company Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing Throop Family Holding Inc dba Klamath Basin Metals and Supply Johnny's Boy LLC Allison K. Chipak dba Still Photography Skin Beauty Bar Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) Jamestown Quick Stop LLC Preferred Manufacturing Services Inc (#,^) (#,^) Oasis Senior Advisors Franchise Systems, LLC (#,^) Evoke Growth Advisory LLC (#,^) 401 N Kuner Rd, Brighton, CO 80601 3981 E Dunrobin Dr., Springfield, MO 65809 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/17/2029 Term Loan Prime plus 2.75% 6/17/2029 174.0 17.7 174.0 17.7 182.4 16.1 Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services 501 Jackson St, Camden, NJ 8104 Food Manufacturing 2001 W. Southlake Blvd Ste 143, Southlake, TX 76092 3888 Lightner Rd, Vandalia, OH 45377 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 199-211 Central Ave, Orange, NJ 7080 4210 College St, Beaumont, TX 77707 4299 South 2675 West, Roy, UT 84067 4210 College St, Beaumont, TX 77707 3739 E Ridgeway Rd, Orange, CA 92867 1514 W. 33rd St, Chicago, IL 60608 1118 Thornberry Dr, Clarksville, TN 37043 Nonstore Retailers Nonstore Retailers Truck Transportation Personal and Laundry Services Motor Vehicle and Parts Dealers Motor Vehicle and Parts Dealers Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/14/2029 277.7 277.7 267.5 Term Loan Prime plus 2.75% 11/14/2029 Term Loan Prime plus 2.75% 6/14/2044 Term Loan Prime plus 6.5% 6/13/2029 Term Loan Prime plus 2.75% 6/12/2029 Term Loan Prime plus 2.75% 6/11/2044 Term Loan Prime plus 2.75% 6/11/2029 Term Loan Prime plus 2.75% 6/11/2029 Term Loan Prime plus 2.75% 6/10/2029 Term Loan Prime plus 6.5% 6/10/2029 Term Loan Prime plus 2.75% 6/7/2029 98.4 43.9 4.6 213.8 96.8 223.5 68.2 182.8 11.4 9.4 98.4 43.9 4.6 213.8 96.8 223.5 68.2 182.8 11.4 9.4 91.8 48.7 4.7 217.3 107.5 208.7 62.7 177.9 11.8 9.8 0.05 % — % 0.08 % 0.03 % 0.01 % — % 0.06 % 0.03 % 0.06 % 0.02 % 0.05 % — % — % 15825-15827 Hawthorne Blve, Lawndale, CA 90260 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2044 236.4 236.4 260.0 0.08 % Merchant Wholesalers, Durable Goods Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/7/2029 Term Loan Prime plus 2.75% 6/7/2044 Term Loan Prime plus 6.5% 6/6/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 6/6/2029 Term Loan Prime plus 2.75% 6/5/2044 7130 Crater Lake Hwy, White City, OR 97503 127 East King St, Martinsburg, WV 25401 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 749 8th St, Washington, DC 20003 3097 24th Ave, Hudsonville, MI 49426 4261 Business Drive, Cameron Park, CA 95682 24870 Burnt Pine Drive, Bonita Springs, FL 34134 2600 Brookwood Way Drive, Unit 311, Rolling Meadows, IL 60008 Food and Beverage Stores Fabricated Metal Product Manufacturing Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/5/2029 425.1 425.1 445.4 Term Loan Prime plus 2.75% 6/4/2029 272.5 272.5 281.6 0.08 % Term Loan Prime plus 2.75% 6/3/2029 6.7 6.7 6.1 — % 35.8 99.4 11.4 4.7 68.2 35.8 99.4 11.4 4.7 68.2 34.1 108.6 11.8 4.3 73.7 0.01 % 0.03 % — % — % 0.02 % 0.13 % F-185 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling V & M Transportation LLC Martin Inventory Management, LLC Morey Publishing LLC SSD Designs, LLC Aspen Welding LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Inside & Out Maintenance LLC (#,^) AGR, Inc (#,^) Brooklyn Breakfast Shop LLC (#,^) Canela Media Inc PD Financial LLC SV Enterprise LLC dba Haagen- Dazs MCM Design LLC Top Notch Roofing, Inc 2820 US HWY 98 N LLC dba Total Package Car Wash McGuckin & Pyle Inc (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) Clowers Trucking By Faith LLC (#) Gratitude Training, LLC ES&A, INC., A LAW CORPORATION Bloomquist Communications Inc. dba FastSigns Anchor Up Fitness and Nutrition, LLC Kappa Investments LLC dba Buddy's Home Furnishings (#,^) (#,^) (#,^) (#,^) (#,^) 1450 Oakbrook Dr, Norcross, GA 30093 1307 27th St Apt B, North Bergen, NJ 7047 304 1/2 Main St, Edgefield, SC 29824 575 Underhill Blvd, Ste 216, Syosset, NY 11791 486 Vance St, Forest City, NC 28043 28803 US-6, Rifle, CO 81650 1698 SW Pancoast St, Port St Lucie, FL 34987 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 7707 S IH 35 Frontage Rd #730, Austin, TX 78744 2715 Palomino Circle, La Jolla, CA 92037 364 Parsippany Rd, Unit 7-B, Parsippany, NJ 7054 1885 Briargate Pkwy, Space D- 413, Colorado Springs, CO 80920 5926 Vinings Vintage Way, Mableton, GA 30126 46 Cherry St, Milton, VT 5468 2820 US Hwy 98 N, Lakeland, FL 33805 120 Corporate Ln, New Bern, NC 28562 705 E Brookwood PL, Valdosta, GA 31601 1901 N Federal Hwy, Ste 212, Pompano Beach, FL 33062 1003 Bishop St, Honolulu, HI 96813 131 East Trinity Place, Decatur, GA 30030 2464 US-29, Pensacola, FL 32505 365 Lowe's Drive, Ste H, Danville, VA 24540 Truck Transportation Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Chemical Manufacturing Fabricated Metal Product Manufacturing Administrative and Support Services Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Credit Intermediation and Related Activities Food Services and Drinking Places Professional, Scientific, and Technical Services Specialty Trade Contractors Truck Transportation Administrative and Support Services Professional, Scientific, and Technical Services Miscellaneous Manufacturing Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2029 104.5 104.5 Term Loan Prime plus 2.75% 5/31/2029 Term Loan Prime plus 2.75% 5/31/2029 Term Loan Prime plus 2.75% 5/31/2029 Term Loan Prime plus 2.75% 5/30/2044 Term Loan Prime plus 2.75% 5/30/2044 Term Loan Prime plus 2.75% 5/30/2029 Term Loan Prime plus 2.75% 5/29/2044 Term Loan Prime plus 2.75% 5/29/2029 11.7 44.4 55.6 415.8 399.4 89.0 770.8 4.4 11.7 44.4 55.6 415.8 399.4 89.0 770.8 4.4 Term Loan Prime plus 2.75% 5/29/2029 105.6 105.6 Term Loan Prime plus 2.75% 5/28/2044 Term Loan Prime plus 2.75% 8/24/2029 Term Loan Term Loan Prime plus 6.5% Prime plus 2.75% 5/23/2029 5/23/2029 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2029 Machinery Manufacturing Term Loan Prime plus 2.75% 5/23/2044 Term Loan Prime plus 6.5% 5/23/2029 Term Loan Prime plus 2.75% 5/22/2029 35.7 82.5 8.8 109.3 118.6 301.1 11.2 68.2 35.7 82.5 8.8 109.3 118.6 301.1 11.2 68.2 Term Loan Prime plus 2.75% 5/22/2029 100.0 100.0 Term Loan Prime plus 2.75% 5/22/2029 Term Loan Prime plus 2.75% 5/21/2029 13.3 18.0 13.3 18.0 Rental and Leasing Services Term Loan Prime plus 2.75% 5/17/2029 385.6 385.6 351.4 F-186 See accompanying notes to consolidated financial statements. 97.0 10.6 46.2 50.8 470.4 439.0 81.3 868.4 4.2 99.2 40.4 75.1 9.1 101.9 123.2 331.1 11.6 62.0 91.5 12.3 17.4 0.03 % — % 0.01 % 0.01 % 0.14 % 0.13 % 0.02 % 0.26 % — % 0.03 % 0.01 % 0.02 % — % 0.03 % 0.04 % 0.10 % — % 0.02 % 0.03 % — % 0.01 % 0.10 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Covalent Holding LLC BD Branson Victorian LLC dba Branson Surrey Inn CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel Cut To The Chase 502 LLC AMP Trucking Inc Two Pie Lovers LLC dba Pizza Outpost The Lobster Pot Inc Aloha To Go LLC Crystal D. Walls dba Crystal's Cleaning Service Blue Country Firearms LLC NYM Solutions Inc.dba NYM Solutions, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) Folklore Music Exchange LLC (#,^) EPIFAB,LLC Global Enterprises LLC dba Verdi Pizza (#,^) (#,^) Life View Prenatal Imagery, LLC (#,^) Mark Garvin dba Tipsy Canyon Winery (#,^) Art Amore Studios, LLC Modern Trousseau, LLC DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry Midlothian Hardware, Inc dba Grills True Value Sona USA, Inc Pellegrin Marine Transportation, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 18 West Chestnut St,Unit 2F, Chicago, IL 60610 430 a/k/a 450 South Hwy 165, Branson, MO 65616 208 East Main St, Elma, WA 98541 6903 Lakegreen Ct, Louisville, KY 40291 1030 Gettysburg Ave, Clovis, CA 93161 302 E. Millitary Hwy U1122, Brackettville, TX 78832 119 Hope St, Bristol, RI 2809 5903 Seminole Blvd, Seminole, FL 33772 26 Cooper Rd, Byhalia, MS 38611 221 N Main St, Kingsfisher, OK 73750 12150 SW 128th St CT Ste 209, Miami, FL 33186 617 Tennessee Ave, Charleston, WV 25302 1341 Brooks St Unit D, Ontario, CA 91762 3111 S Valley View Blvd, Las Vegas, NV 89102 312 79th Ave North, Myrtle Beach, SC 29572 150 Upper Joe Creek Rd, Manson, WA 98831 6507 Jester Blvd, Ste #107, Austin, TX 78750 125 Bradley Rd, Woodbridge, CT 6525 1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068 475 West 147th St, Midlothian, IL 60445 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 117 Country Village Drive, Raceland, LA 70394 Nonstore Retailers Term Loan Prime plus 2.75% 5/17/2029 Accommodation Term Loan Prime plus 2.75% 5/17/2029 Accommodation Food Services and Drinking Places Truck Transportation Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Administrative and Support Services Merchant Wholesalers, Durable Goods Insurance Carriers and Related Activities Sporting Goods, Hobby, Musical Instrument, and Book Stores Fabricated Metal Product Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 Term Loan Prime plus 2.75% 5/16/2029 Term Loan Prime plus 2.75% 5/16/2029 Term Loan Prime plus 2.75% 5/10/2044 Term Loan Prime plus 2.75% 5/10/2044 Term Loan Prime plus 2.75% 11/9/2029 Term Loan Prime plus 6.5% 5/9/2029 Term Loan Prime plus 2.75% 5/8/2044 Term Loan Prime plus 6.5% 5/6/2029 Term Loan Prime plus 2.75% 5/6/2029 Term Loan Prime plus 2.75% 5/3/2029 Term Loan Prime plus 2.75% 5/3/2029 Ambulatory Health Care Services Term Loan Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 5/3/2029 219.8 227.0 16.7 3.0 231.9 42.7 360.6 13.8 9.1 20.5 11.3 4.6 18.9 18.5 5.4 219.8 227.0 16.7 3.0 231.9 42.7 360.6 13.8 9.1 20.5 11.3 4.6 18.9 18.5 5.4 214.8 237.8 17.5 2.9 210.6 47.5 401.9 12.6 9.4 21.7 11.7 4.1 18.0 16.8 5.1 0.06 % 0.07 % 0.01 % — % 0.06 % 0.01 % 0.12 % — % — % 0.01 % — % — % 0.01 % — % — % Prime plus 2.75% 5/3/2044 103.6 103.6 118.2 0.03 % Educational Services Clothing and Clothing Accessories Stores Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Telecommunications Support Activities for Transportation Term Loan Prime plus 2.75% 5/3/2029 4.9 4.9 4.5 — % Term Loan Prime plus 2.75% 5/1/2029 277.8 277.8 279.9 0.08 % Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 4/29/2029 Term Loan Prime plus 2.75% 4/26/2029 Term Loan Prime plus 2.75% 4/26/2029 57.0 35.3 145.7 116.8 57.0 35.3 145.7 116.8 58.0 37.0 139.1 111.0 0.02 % 0.01 % 0.04 % 0.03 % F-187 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Nonstore Retailers Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2029 Term Loan Prime plus 2.75% 4/25/2029 Term Loan Prime plus 2.75% 4/25/2044 215.6 132.1 459.1 215.6 132.1 459.1 209.7 138.5 514.8 Term Loan Prime plus 2.75% 4/25/2029 441.5 441.5 419.4 ASM Partners LLC (#,^) Jones Roger Sherman Inn, Inc. (#,^) La Dolce Vita LLC. La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart Quality Living Medical Alert, LLC ER & DC McPherson Holdings, LLC All My Best Inc. 2Choice2Friends dba 2 N 1 Salad Bar and Grill (#,^) (#,^) (#,^) (#,^) (#,^) (#) Modern Demo & Services LLC (#,^) Expert Building Services LLC (#,^) Bottles on Broadway, LLC Rello, Inc. dba ID Salon Cormac Enterprises, Inc Pranamji Inc dba Ohara's Beverage Spot Bill Berger LLC Samco Food Corp dba C-Town Supermarket P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic Gilpin Enterprises, LLC dba Jon Smith Subs (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Southern Gulf Construction, Inc. (#,^) J.T. ONeill Company, LLC Maxiflex LLC VRGE Strategies LLC (#,^) (#,^) (#,^) 1619 Roberts Drive SE, Mableton, GA 30126 195 Oenoke Ridge, New Canaan, CT 6840 196 N. Holiday Rd, Miramar Beach, FL 32550 196 N. Holiday Rd, Miramar Beach, FL 32550 1882 Capital Circle NE, Ste 104, Tallahassee, FL 32308 6957 W Broward Blvd., Plantation, FL 33317 4320 Anthony Court Stes 1,2,3, Rocklin, CA 95677 901 W Braker Lane, Austin, TX 78758 10161 W Park Run Drive, Las Vegas, NV 89145 74 Roosevelt St, Pequannock Township, NJ 7440 1083 North Broadway, North Massapequa, NY 11758 8063 Jericho Turnpike, Woodbury, NY 11797 1205 38th Ave North, Myrtle Beach, SC 29577 Social Assistance Term Loan Prime plus 2.75% 4/24/2029 Ambulatory Health Care Services Term Loan Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Term Loan Term Loan Prime plus 2.75% 9/19/2029 Prime plus 2.75% 4/19/2029 Prime plus 6.5% 4/17/2029 Specialty Trade Contractors Administrative and Support Services Term Loan Prime plus 2.75% 4/17/2029 Term Loan Prime plus 2.75% 4/17/2029 Food and Beverage Stores Term Loan Prime plus 2.75% 4/17/2029 Personal and Laundry Services Fabricated Metal Product Manufacturing Term Loan Prime plus 6.5% 4/17/2029 Term Loan Prime plus 2.75% 4/16/2029 Food and Beverage Stores 2300 Levit Rd, Lorain, OH 44052 Food and Beverage Stores Performing Arts, Spectator 8728 Tireman Ave, Detroit, MI 48204 Sports, and Related Industries 1761 Nostrand Ave, Brooklyn, NY 11226 3563 South River Terrace, Edgewater, MD 21037 17790 State Rd 54, Lutz, FL 33458 367 Pine Island Rd, North Fort Myers, FL 33903 19972 Willowin Farm Lane, Purceville, VA 20132 512 Verret St, New Orleans, LA 70114 1155 15th St NW, Washington, DC 20005 Real Estate Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Specialty Trade Contractors Food Services and Drinking Places Specialty Trade Contractors Term Loan Prime plus 2.75% 4/16/2044 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 9/12/2029 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 4/12/2029 Term Loan Prime plus 2.75% 4/11/2029 Term Loan Prime plus 2.75% 4/10/2029 F-188 See accompanying notes to consolidated financial statements. 0.06 % 0.04 % 0.15 % 0.12 % 0.01 % 0.01 % 0.02 % — % 0.03 % — % 0.03 % — % 0.01 % 0.01 % — % 0.02 % 0.01 % 0.02 % 0.03 % — % 0.02 % 0.02 % 48.6 42.9 55.3 11.3 110.4 18.0 113.7 5.4 19.9 46.0 7.9 88.3 38.8 70.2 98.2 8.6 55.2 87.5 48.6 42.9 55.3 11.3 110.4 18.0 113.7 5.4 19.9 46.0 7.9 88.3 38.8 70.2 98.2 8.6 55.2 87.5 47.1 39.4 51.8 11.7 101.4 16.4 104.8 5.6 18.3 49.6 7.2 80.2 36.3 65.3 97.8 7.8 57.8 79.5 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Wood Product Manufacturing Term Loan Prime plus 2.75% 4/9/2029 11.3 11.3 10.6 — % Term Loan Prime plus 2.75% 1/8/2030 535.0 535.0 553.9 Georgetown Milling Co, LLC FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park Bose and Avinder, Inc.and Carmel and Preet Inc Marnon Enterprise LLC Ren Investment Group Inc dba True Positon Manufacturing J Brothers Enterprises, LLC La Favorita Radio Network Royalty Freight Inc. Key HR Associates, Inc dba Parents Choice for Kids Hamsons Inc. EJ & James Transport LLC Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 Reliable Power Group Inc. dba Batteries & bulbs Pensacola (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Bright Freight Solution, LLC (#,^) Pizzaplex L3C Raven's Place LLC Bayco Enterprises, Inc Stillwater Ventures, LLC NuBe Business Group LLC Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery Felipe Antonio Del Valle M.D. P.A. StillBasi Holdings, Inc. dba Buxton Auto Transport (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 9001 Wentworth Springs Rd, Georgetown, CA 95634 1256 Indian Head Rd, Toms River, NJ 8755 28201 Date Palm Drive, Cathedral City, CA 92234 6713 Biscay Hbr, San Antonio, TX 78249 40 Sandra Drive, South Windsor, CT 6074 1101 NW 12TH Ave, Ava, MO 65608 4043 Geer Rd, Hughson, CA 95326 3728 W McKinley Ave, Fresno, CA 93772 3150 West Park Drive, Burnsville, MN 55306 4900 Hopyard Rd, Pleasanton, CA 94588 3100 Drewsky Lane Unit 108, Fort Mills, SC 29715 7219 Silver Mist Ave, North Chesterfield, VA 23237 6895 N. 9th Ave Ste B, Pensacola, FL 32504 1112 N Main St, Manteca, CA 95336 4458 West Vernor Hwy, Detroit, MI 48209 13031 S Western Ave, Blue Island, IL 60406 128 Cowesett Ave, West Warwick, RI 2893 8272 W. Sunset Blvd, Los Angeles, CA 90048 2140 44th St SE, Ste 201, Grand Rapids, MI 49508 229 Medical Park Rd, Ste 310, Mooresville, NC 28117 7190 SW 87th Ave Ste 203, Miami, FL 33173 9371 Jackson Rd, Sacramento, CA 95826 Amusement, Gambling, and Recreation Industries Gasoline Stations Administrative and Support Services Term Loan Prime plus 2.75% 4/5/2029 Term Loan Prime plus 2.75% 4/5/2029 Machinery Manufacturing Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2044 Broadcasting (except Internet) Term Loan Prime plus 2.75% 3/29/2029 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 Social Assistance Merchant Wholesalers, Nondurable Goods Truck Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2044 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2029 Truck Transportation Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2044 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2044 Nonstore Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2044 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2044 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2029 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 F-189 See accompanying notes to consolidated financial statements. 52.0 4.2 702.9 627.6 329.3 375.1 443.8 164.4 8.3 145.0 87.7 52.0 4.2 702.9 627.6 329.3 375.1 443.8 164.4 8.3 145.0 87.7 39.2 672.4 193.4 339.8 39.9 820.8 13.2 267.2 39.2 672.4 193.4 339.8 39.9 820.8 13.2 267.2 54.4 3.8 647.6 666.5 307.8 361.1 475.8 149.0 8.0 131.5 79.7 985.5 36.2 727.6 220.7 333.1 45.5 873.3 11.9 252.2 0.16 % 0.02 % — % 0.19 % 0.20 % 0.09 % 0.11 % 0.14 % 0.04 % — % 0.04 % 0.02 % 0.29 % 0.01 % 0.21 % 0.07 % 0.10 % 0.01 % 0.26 % — % 0.07 % Term Loan Prime plus 2.75% 3/29/2029 1,039.9 1,039.9 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Knoxville Room Service Outtasight Careers, LLC dba Gecko Hospitality Peak Performance Associates LLC dba Nova Hypnosis and Wellnes Complete Care IT LLC Turtle Shirts, LLC Skaggs RV Outlet ,LLC Cleland Pharmacy LLC J.C. Pallet Company, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Planet X Tobacco & Gift, LLC (#,^) GS Bath Inc (#,^) Four Seasons Laser Center Inc. (#,^) Custom Vinyl Products LLC (#,^) Cocomo Joe's LLC PA Sobol Partners LLC dba Sobal Cinco Fit LLC dba Cinco Fit Ocean Trans LLC and Dehal Trucking LLC Danielle Vance LPC, LLC dba Danielle Vance MA, LPC DC AG, LLC dba Big B Sales Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC District 5 Boutique LLC Gary Krause dba Gary Krause Landscaping & Design (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 10670 Parkside Drive, Knoxville, TN 37922 109 W Fern St, Tampa, FL 33604 Food and Beverage Stores Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 10420 Hunter View Rd, Vienna, VA 22181 4801 South University Drive Ste 125, Davie, FL 33328 10241 Metro Pkwy# 108, Ft Myers, FL 33966 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Printing and Related Support Activities Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 3/29/2029 301 Commerce Drive, Elizabethtown, KY 42701 202 S First St, Wakeeney, KS 67672 18427 New Kent Hwy, Barhamsville, VA 23011 900 West Northern Lights Blvd, Anchorage, AK 99503 5335 E. Kaviland Ave, Fresno, CA 93725 4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498 260 Enterprise Drive, Newport News, VA 23603 3949 New Rd, Youngstown, OH 44515 206 Rohrerstown Rd, Lancaster, PA 17603 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 1415 W Anderson St, Stockton, CA 95206 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/28/2029 Health and Personal Care Stores Term Loan Prime plus 2.75% 3/28/2029 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/28/2029 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/28/2044 Truck Transportation Term Loan Prime plus 2.75% 3/28/2029 Personal and Laundry Services Fabricated Metal Product Manufacturing Food Services and Drinking Places Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/28/2029 Term Loan Prime plus 2.75% 3/28/2044 Term Loan Prime plus 2.75% 3/28/2029 Term Loan Prime plus 2.75% 8/28/2029 Truck Transportation Term Loan Prime plus 2.75% 3/27/2029 5.9 45.6 52.6 46.0 47.6 218.9 19.7 394.6 175.8 274.2 12.9 985.2 3.0 45.1 5.9 45.6 52.6 46.0 47.6 218.9 19.7 394.6 175.8 274.2 5.5 41.3 47.7 41.8 43.9 229.0 20.6 389.2 200.6 262.5 — % 0.01 % 0.01 % 0.01 % 0.01 % 0.07 % 0.01 % 0.11 % 0.06 % 0.08 % 12.9 12.9 — % 985.2 1,075.1 0.32 % 3.0 45.1 2.9 42.1 — % 0.01 % 0.04 % 0.02 % — % Term Loan Prime plus 2.75% 3/27/2029 144.7 144.7 131.1 2543 Eliot St, Denver, CO 80211 Ambulatory Health Care Services Term Loan 674 LA- 8, Sicily Island, LA 71368 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/27/2029 Prime plus 2.75% 3/27/2044 572.0 572.0 615.5 0.18 % 2880 Carol Rd, East York, PA 17402 317 N Farview Ave, Paramus, NJ 7652 489 Hamilton Rd, Jacksonville, OR 97530 Personal and Laundry Services Term Loan Prime plus 2.75% 3/26/2044 1,220.5 1,220.5 1,327.9 Nonstore Retailers Administrative and Support Services Term Loan Prime plus 2.75% 3/26/2029 109.6 109.6 Term Loan Prime plus 2.75% 3/22/2029 5.3 5.3 99.3 5.1 0.39 % 0.03 % — % F-190 See accompanying notes to consolidated financial statements. 65.9 5.0 65.9 5.0 68.9 4.5 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Plastics and Rubber Products Manufacturing Support Activities for Transportation Building Material and Garden Equipment and Supplies Dealers Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2044 Term Loan Prime plus 2.75% 3/22/2029 290.0 740.7 290.0 740.7 330.5 676.2 Term Loan Prime plus 2.75% 3/22/2044 1,103.2 1,103.2 1,140.7 Virginia Industrial Plastics, Inc. (#,^) Skyways, LTD J & C May Properties, LLC (#,^) (#,^) Virginia Industrial Plastics, Inc. (#,^) Dependable Lawn Care, Inc. (#,^) Dependable Lawn Care, Inc. (#,^) Pitman Holding LLC (#,^) American Trails Transport, LLC (#,^) Michigan Neurosurgical Institute P.C. Mega Trucking LLC and Olyimpian Industries LLC (#,^) (#,^) Sound Manufacturing Inc Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great (#,^) (#,^) Marvellous Print & Ship LLC (#,^) Frontline Selling LLC Game Station, Inc. B & W Towing LLC Panetcarne Inc.dba Jersey Mike's Subs Greenfield Vanchoc Transport Inc Stepping Stones Children's Academy LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Screening Services Group, LLC (#,^) (#,^) Space Express, LLC Mill Creek Early Childhood Program LLC (#,^) 2454 N East Side Hwy,, Elkton, VA 22827 350 15th St NW, Huron, SD 57350 315 Sylamore Ave, Mountain View, AR 72560 2454 North East Side Hwy, Elkton, VA 22827 2320 138TH ST, Blue Island, IL 60406 2320 138th St, Blue Island, IL 60406 1116 E Main St, Richmond, VA 23219 8704 Grand Ave, Billings, MT 59106 9400 South Saginaw St, Unit 1, Grand Blanc, MI 48439 5979 NW 151st St, Miami Lakes, FL 33014 1 Williams Lane, Old Saybrook, CT 6475 Term Loan Prime plus 2.75% 3/22/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2029 Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 3/21/2044 Term Loan Prime plus 2.75% 3/21/2029 Truck Transportation Term Loan Prime plus 2.75% 3/21/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2029 Truck Transportation Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/20/2029 Term Loan Prime plus 2.75% 3/20/2029 Ambulatory Health Care Services Term Loan Printing and Related Support Activities Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus 2.75% 3/19/2029 Prime plus 2.75% 3/19/2029 9400 South Saginaw St, Unit 1, Grand Blanc, MI 48439 605 W Main St, Oxford, KS 67119 6505 Shiloh Rd,Units 300,310 and 320, Alpharetta, GA 30005 2917 1st Ave SE, Cedar Rapids, IA 52402 701 Addison Rd, Painted Post, NY 14870 23077 Greenfield Rd, Southfield, MI 48075 137 3rd St, Brooklyn, NY 11231 1655 E Warm Springs Rd, Las Social Assistance Vegas, NV 89119 Motion Picture and Sound 8670 Wilshire Blvd, Beverly Hills, CA 90211 Recording Industries 2775 Burris Rd, Davie, FL 33314 Truck Transportation 510 South Batavia Ave, Batavia, IL 60510 Rental and Leasing Services Support Activities for Transportation Food Services and Drinking Places Rental and Leasing Services Social Assistance Term Loan Prime plus 2.75% 3/19/2029 Term Loan Prime plus 2.75% 3/15/2029 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 7/15/2029 3/15/2029 Term Loan Prime plus 2.75% 3/15/2044 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 3/14/2029 3/12/2029 Term Loan Prime plus 2.75% 8/11/2029 F-191 See accompanying notes to consolidated financial statements. 0.10 % 0.20 % 0.34 % 0.07 % 0.13 % 0.06 % — % 0.01 % 0.04 % 0.10 % 0.01 % 243.0 467.2 186.3 6.6 48.1 158.9 351.0 43.8 243.0 467.2 186.3 6.6 48.1 158.9 351.0 43.8 254.2 443.6 210.0 6.2 45.8 144.6 340.9 39.7 3.0 274.0 230.2 50.4 81.7 76.7 364.9 250.7 126.6 55.8 3.0 274.0 230.2 50.4 81.7 76.7 364.9 250.7 126.6 55.8 2.7 286.6 218.9 52.7 75.5 69.5 400.2 232.5 117.3 50.7 — % 0.08 % 0.06 % 0.02 % 0.02 % 0.02 % 0.12 % 0.07 % 0.03 % 0.01 % Prime plus 2.75% 3/20/2044 345.4 345.4 369.6 0.11 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Alpine Remediation, Inc, T & M Holdings, LLC Kalloren Provel LLC Precise Air Systems, Inc D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha Wildflour Bakery & Cafe LLC SG Welch Inc dba Sparks Auto Service Seeds of Knowledge Creative Learning Center LLC Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC Wooter Apparel, Inc Monkey Bones LLC Woodard Electric Services, Inc. Shah Medical Center SC & Heeena Shyamani Matrix Z LLC Merdad Dentistry PLLC dba Easy Dental Care Harbor Management Company Inc dba Jamba Juice Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe Bowl 360 Inc. Rob Barletta's Hockey School, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 14252 W 44th Ave Unit F, Golden, CO 80403 6919 Oak Ridge Commerce Way, Austell, GA 30168 5467 W San Fernando Rd, Los Angeles, CA 90039 76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762 5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 91301 19138 Molalla Ave, Oregon City, OR 97045 15101 West McNichols Rd, Detroit, MI 48235 487 Elizabeth Lake Rd, Waterford, MI 48328 20 Silver Fox Lane, Sussex, NJ 7461 727 Page Ave., Staten Island, NY 10307 3361 Dayton Xenia Rd, Beavercreek, OH 45432 1600 Carter Cove Rd, Hayesville, NC 28904 484 Summit St, Elgin, IL 60120 800 SW 21st Terrace, Ft Lauderdale, FL 33312 7522 Old Linton Hall Rd, Gainesville, VA 20155 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/8/2029 Term Loan Prime plus 2.75% 3/8/2044 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/8/2029 76.8 274.0 231.0 76.8 274.0 231.0 74.0 300.7 211.8 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/8/2044 196.2 196.2 218.4 Food Manufacturing Term Loan Prime plus 2.75% 3/8/2029 Repair and Maintenance Term Loan Prime plus 2.75% 3/8/2029 Social Assistance Term Loan Prime plus 2.75% 3/7/2044 76.8 54.9 21.9 76.8 54.9 21.9 69.6 50.6 24.3 0.02 % 0.09 % 0.06 % 0.06 % 0.02 % 0.01 % 0.01 % Rental and Leasing Services Term Loan Prime plus 2.75% 3/4/2029 138.1 138.1 125.2 0.04 % Food Manufacturing Term Loan Prime plus 2.75% 2/28/2029 Nonstore Retailers Term Loan Prime plus 2.75% 2/28/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2044 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2029 44.0 43.5 19.0 18.8 44.0 43.5 19.0 18.8 43.6 40.1 21.6 17.3 Hospitals Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 Term Loan Prime plus 2.75% 2/28/2044 246.6 246.6 255.5 11.1 13.7 11.1 13.7 11.5 12.4 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/26/2029 0.01 % 0.01 % 0.01 % 0.01 % 0.08 % — % — % Food Services and Drinking Places Term Loan Prime plus 2.75% 2/22/2029 130.6 130.6 119.6 0.04 % 3633 B Hill Rd, Parsippany, NJ 7054 12140 Wickchester Ln STE 130, Houston, TX 77079 98-18 Rockaway Blvd, Ozone Park, NY 11417 2130 Providence Hwy, Walpole, MA 2081 Waste Management and Remediation Services Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 2/21/2029 Term Loan Prime plus 2.75% 2/20/2029 Term Loan Prime plus 2.75% 2/19/2029 Term Loan Prime plus 2.75% 2/19/2029 35.9 42.3 141.6 94.8 35.9 42.3 141.6 94.8 33.4 38.4 136.6 99.2 0.01 % 0.01 % 0.04 % 0.03 % F-192 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Term Loan Prime plus 2.75% 2/19/2029 Term Loan Prime plus 2.75% 2/19/2029 Term Loan Prime plus 2.75% 7/15/2029 Term Loan Prime plus 2.75% 2/15/2029 Term Loan Prime plus 2.75% 2/14/2029 121.4 39.8 100.8 19.6 13.1 121.4 39.8 100.8 19.6 13.1 110.5 36.6 93.1 17.8 13.7 Term Loan Prime plus 2.75% 2/14/2044 134.4 134.4 153.2 Bowl 360 Inc. Outler Transportation Services,LLC M & M Burgers Inc dba Checkers Integris Roofing, Inc Tony Herring & Associates, Inc Gateway Veterinary Services, P.C. dba Liberty Animal Clinic Par-Man, Inc. dba Rockstar Tattoo (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) KHSE Parks, Inc. Precedence Enterprises LLC dba Spartan Junk Removal (#,^) (#,^) Pamletics LLC dba F45 Shepherd Fitness, LLC dba Workout Anytime Ooltewah EJGR Corp dba Brite Energy Solutions Creative Counseling Nashville PLLC RIHAHN INC dba RDBL, INC. Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc Jesus and Son's Landscape Contractors, LLC Employer Resource Services LLC dba Data Pool MYC Motors Inc FNF LLC dba WineStyles IGWT Coffee, LLC dba PJ's Coffee of New Orleans MMC Investors, LLC dba Clean Juice (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Hilco Athletics & Graphics Inc (#,^) 98-18 Rockaway Blvd, Far Rockaway, NY 11417 3775 Carriage Downs CT SW, Snellville, GA 30039 530 Willis Ave, Bronx, NY 10455 1174 Yellostone Drive, Lake Arrowhead, CA 92532 211 West Camellia Drive, Slidell, LA 70458 9212 Liberty Ave, Ozone Park, NY 11417 450 Fremont St #109 and 113, Las Vegas, NV 89101 600 West Charles St, Matthews, NC 28105 8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707 22015 IH 10 West, San Antonio, TX 78249 9408 Apison Pike, Ste 11, Ooltewah, TN 37363 87 Main St Upper Level, Hastings-on-Hudson, NY 10706 4119 Gallatin Pike, Nashville, TN 37216 1397 McGuire Rd, Lamar, AR 72846 4291 Shoal Line Blvd, Hernando Beach, FL 34607 4371 Durham Court, Denver, CO 80239 500 Research Rd, Richmond, VA 23236 3808 Vegas Drive, Las Vegas, NV 89108 11109 Old Seward Hwy, Anchorage, AK 99515 414 Union St, Nashville, TN 37219 2879 W 95th St Ste 195, Naperville, IL 60564 55 Green Hill St, West Warwick, RI 2816 Amusement, Gambling, and Recreation Industries Transit and Ground Passenger Transportation Food Services and Drinking Places Specialty Trade Contractors Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services Health and Personal Care Stores Administrative and Support Services Waste Management and Remediation Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/14/2029 Term Loan Prime plus 2.75% 2/14/2029 Term Loan Prime plus 2.75% 2/8/2029 Term Loan Prime plus 2.75% 2/8/2029 Term Loan Prime plus 2.75% 5/8/2029 Utilities Term Loan Prime plus 2.75% 2/8/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/7/2029 Forestry and Logging Term Loan Prime plus 2.75% 2/5/2029 Accommodation Administrative and Support Services Administrative and Support Services Term Loan Prime plus 2.75% 2/1/2029 Term Loan Prime plus 2.75% 2/1/2029 Term Loan Prime plus 2.75% 1/31/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/30/2044 Food and Beverage Stores Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2029 Term Loan Prime plus 2.75% 4/18/2029 Apparel Manufacturing Term Loan Prime plus 2.75% 1/16/2044 F-193 See accompanying notes to consolidated financial statements. 0.03 % 0.01 % 0.03 % 0.01 % — % 0.05 % 0.01 % 0.02 % — % — % 0.04 % 0.01 % — % — % — % 0.01 % 0.01 % 0.02 % 0.06 % 0.02 % 0.02 % 0.02 % 54.5 69.9 13.8 3.3 147.3 54.4 1.9 6.0 13.1 50.1 31.3 72.9 54.5 69.9 13.8 3.3 147.3 54.4 1.9 6.0 13.1 50.1 31.3 72.9 49.8 63.4 13.2 3.2 140.1 49.5 1.8 6.3 13.7 46.5 28.4 83.0 71.4 76.9 66.9 71.4 76.9 66.9 64.7 71.0 76.2 Term Loan Prime plus 2.75% 1/22/2029 214.1 214.1 194.2 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Fluid Connections LLC dba BurgerIM CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster HSR Tacos LLC dba California Tortilla Rashed and Shabila LLC Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC The Chop House Inc. Capitol Fitness Inc. dba Anytime Fitness Shelby Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut Superior Concepts Acquisition Corp Nix and Nix Funeral Home North Inc, Superior Concepts Acquisition Corp American Rewinding of NC Inc dba MTS Omega Funeral and Cremation Services,LLC Medworxs Inc. East Breeze LLC dba Historic Springdale Pub and Eatery Fave Realty Inc. Green Valley Landscape Management Inc. dba Apopka Mower and Equipment Reservations Unlimited LLC BD Branson Victorian LLC dba Branson Victorian Inn RM Hawkins LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) 174 El Cerrito Plaza, El Cerrito, CA 94530 309 Coronado Drive, Clearwater Beach, FL 33767 11694 Sudley Manor Drive, Manassas, VA 20109 14865 Hwy 92, Woodstock, GA 30188 215 S Persimmon St,, Tomball, TX 77375 191 Old Tower Hill Rd., South Kingstown, RI 2879 49045 Van Dyke Ave, Shelby Charter Township, MI 48317 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 1710 Tiles Court, Grand Haven, MI 49417 1621 W. Dauphin St, Philadelphia, PA 8065 1710 Tiles Ct, Grand Haven, MI 49417 1825 N Rocky River Rd, Monroe, NC 28110 9503 Kenwood Rd, Cincinnati, OH 45242 6857 Timbers Drive, Evergreen, CO 80439 32302 East Historic Columbia River Hwy, Corbett, OR 97019 74 Larkfield Rd, East Northport, NY 11731 2975 W Orange Blossom Trail, Apopka, FL 32712 312 W Main St, Red River, NM 87558 450 South Hwy 165, Branson, MO 65616 5141 Topaz Drive, Colorado Springs, CO 80918 Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 Term Loan Prime plus 2.75% 7/11/2029 Term Loan Prime plus 2.75% 1/11/2029 Gasoline Stations Term Loan Prime plus 2.75% 1/4/2029 Heavy and Civil Engineering Construction Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Personal and Laundry Services Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2028 Term Loan Prime plus 2.75% 12/31/2043 Term Loan Prime plus 2.75% 12/28/2028 Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/28/2028 Term Loan Prime plus 2.75% 12/28/2028 Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/27/2028 Term Loan Prime plus 2.75% 12/27/2043 Real Estate Term Loan Prime plus 2.75% 12/27/2043 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2043 Real Estate Term Loan Prime plus 2.75% 12/26/2043 Accommodation Term Loan Prime plus 2.75% 12/24/2043 Nonstore Retailers Term Loan Prime plus 2.75% 12/24/2028 54.1 78.1 47.2 19.5 210.6 541.6 10.1 18.2 497.4 556.7 105.5 376.5 331.9 9.0 124.5 119.9 450.7 138.1 483.3 257.6 54.1 78.1 47.2 19.5 210.6 541.6 10.1 18.2 497.4 556.7 105.5 376.5 331.9 9.0 124.5 119.9 450.7 138.1 483.3 257.6 51.7 71.7 42.8 18.7 190.9 584.0 9.8 20.7 525.1 622.4 99.6 356.4 359.4 8.2 137.8 136.7 483.5 152.9 536.9 246.2 0.02 % 0.02 % 0.01 % 0.01 % 0.06 % 0.17 % — % 0.01 % 0.15 % 0.18 % 0.03 % 0.11 % 0.11 % — % 0.04 % 0.04 % 0.14 % 0.05 % 0.16 % 0.07 % F-194 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Timios Enterprises Corp dba Palm Court LP Industries, Inc and Playground Packages, LLC D.A.F.S Transport, LLC Sesolinc GRP, Inc. The Law Office of Jared E. Shapiro, P.A Royalty Freight Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Fifth Wheel Truck Stop 001, Inc. (#,^) Burgess and Dudley, Incorporated (#,^) Diamond Estates LLC Kyle M Walker DDS, PC Baseline Health, LLC & Baseline Health Management, LLC Precision Bytes LLC dba Tower Connect Cammarata Associates LLC Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool C&D Trucking & Equipment Service, Inc. ETS Tree Service Inc and Eastern Tree Service, Inc Local Liberty Inc dba The Wardsboro Country Store Graff Excavating, Inc Alaska Motor Home Inc Flashii App, Inc. CK Green Partners, LLC dba Reis and Irvy"s Columbus Hotel Compete, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1912 N Arlington Heights Rd., Arlington Heights, IL 60004 2040 Norwood, Lenoir, NC 28645 207 S. Teresa St, Monahans, TX 79756 806 Randy Lowery Rd, Statesboro, GA 30461 7777 Glades Rd, Ste 100, Boca Raton, FL 33434 3728 W McKinley Ave, Fresno, CA 93722 3767 South Golden State Blvd, Fresno, CA 93725 24462 NW 9th Place, Newberry, FL 32669 110 Court St Ste 1, Cromwell, CT 6416 1402 W Park Ave, Orange, TX 77630 1101 Stewart Ave Ste 104, Garden City, NY 11530 607 West Magnolia Ave, Fort Worth, TX 76104 5 Greentree Center, Marlton, NJ 8053 4500 S Country Rd, Odessa, TX 79768 4015 Jennings Rd, Cleveland, OH 44109 4813 Pinson Valley Parkway, Birmingham, AL 35215 23 Main St, Wardsboro, VT 5355 803 E State St, Toledo, IA 52342 6633 Brayton Drive, Anchorage, AK 99507 75 E Santa Clara St, San Jose, CA 95113 5010 Augusta Drive, Westerville, OH 43082 223 W Jackson Blvd, Chicago, IL 60606 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2043 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/21/2028 Truck Transportation Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 Term Loan Prime plus 2.75% 12/21/2028 Term Loan Prime plus 2.75% 12/21/2028 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 Gasoline Stations Term Loan Prime plus 2.75% 12/21/2028 688.3 83.1 564.1 322.2 9.7 83.8 88.5 688.3 83.1 564.1 322.2 9.7 83.8 88.5 752.4 75.4 571.3 311.3 8.7 75.9 80.1 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/21/2028 204.3 204.3 192.4 Construction of Buildings Term Loan Prime plus 2.75% 12/21/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Credit Intermediation and Related Activities Term Loan Term Loan Prime plus 2.75% 12/21/2028 Prime plus 2.75% 12/21/2028 Prime plus 2.75% 12/21/2028 Rental and Leasing Services Term Loan Prime plus 2.75% 6/21/2044 Repair and Maintenance Administrative and Support Services Food and Beverage Stores Heavy and Civil Engineering Construction Rental and Leasing Services Professional, Scientific, and Technical Services Nonstore Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2043 Term Loan Prime plus 2.75% 12/21/2028 Term Loan Prime plus 2.75% 12/20/2043 Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 3/20/2029 Term Loan Prime plus 2.75% 12/20/2028 F-195 See accompanying notes to consolidated financial statements. 64.4 98.6 102.2 112.0 64.4 166.2 113.6 197.6 150.7 168.0 259.0 53.7 167.5 53.7 64.4 98.6 102.2 112.0 64.4 166.2 113.6 197.6 150.7 168.0 259.0 53.7 167.5 53.7 58.3 89.2 94.2 101.3 58.3 189.7 129.4 189.4 166.9 154.1 250.3 56.1 162.8 48.6 0.22 % 0.02 % 0.17 % 0.09 % — % 0.02 % 0.02 % 0.06 % 0.02 % 0.03 % 0.03 % 0.03 % 0.02 % 0.06 % 0.04 % 0.06 % 0.05 % 0.05 % 0.07 % 0.02 % 0.05 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 29464 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 39.6 39.6 37.0 0.01 % Rental and Leasing Services Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 12/20/2028 401.9 401.9 417.5 Healthy and Fresco LLC Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC Roots N Shoots, LLC & Yardplus LLC (#,^) (#,^) (#,^) Accent Comfort Services, LLC (#,^) The Cromer Company JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll Ventures TBD LLC dba The Bottle Tree Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena Alpha Omega Trucking LLC YBL Restaurant Group LLC dba Tropisueno Healthy Human, LLC Fitness Orlando LLC & Fitness Orlando Oviedo, LLC Aero Consulting and Engineering Inc (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Peanut Butter & Co., Inc. Alpha Landscape Contractors, Inc Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 (#,^) (#,^) (#,^) L&M Services, LLC Sound Contracting LLC Sound Contracting LLC (#,^) (#,^) (#,^) 2043 Coteau Rd, Houma, LA 70364 86 Boston Rd, Chelmsford, MA 1824 5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269 9800 NW 78th Ave, Hialeah Gardens, FL 33016 316 NW 24th St, Miami, FL 33180 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 Miscellaneous Store Retailers Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2028 Term Loan Prime plus 2.75% 3/19/2029 G-2340 West Carpenter Rd, Flint, MI 48505 102 Davis St, Belmont, NC 28012 Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2044 Term Loan Prime plus 2.75% 12/14/2043 4477 E 11th Ave, Hialeah, FL 33013 14432-14452 Stateline Rd, Brookings, OR 97415 75 Yerba Buena Lane, San Francisco, CA 94103 1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 7941 NW 3rd St, Plantation, FL 33324 119 West 57th St, Ste 300, New York, NY 10019 2823 Fllintstone Rd, Millers, MD 21102 196-15 Northern Blvd, Flushing, NY 11318 560 Main St, Milford, UT 84751 148 Holmgren Place, Girdwood, AK 99587 148 Holmgren Place, Girdwood, AK 99587 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2028 Truck Transportation Food Services and Drinking Places Nonstore Retailers Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Administrative and Support Services Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 3/14/2029 Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 1/14/2029 Food and Beverage Stores Building Material and Garden Equipment and Supplies Dealers Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 12/14/2043 Term Loan Prime plus 2.75% 12/14/2043 Construction of Buildings Term Loan Prime plus 2.75% 12/14/2028 F-196 See accompanying notes to consolidated financial statements. 46.4 59.1 440.2 64.5 410.7 95.9 272.8 60.2 336.5 107.3 236.5 13.2 214.8 286.8 13.5 194.2 191.5 35.9 46.4 59.1 440.2 64.5 410.7 95.9 272.8 60.2 336.5 107.3 236.5 13.2 214.8 286.8 13.5 194.2 191.5 35.9 42.8 53.9 399.5 61.9 455.0 103.0 257.5 62.9 307.3 97.1 222.5 12.0 194.4 272.2 12.3 211.9 207.4 34.5 0.12 % 0.01 % 0.02 % 0.12 % 0.02 % 0.13 % 0.03 % 0.08 % 0.02 % 0.09 % 0.03 % 0.07 % — % 0.06 % 0.08 % — % 0.06 % 0.06 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Stony Creek Wellness Group, LLC The Miller Center for Esthetic Excellence, OC Helicopters LLC Plan B Burger LLC Burton Realty Co., Inc dba Anchor Realty, Northeast D for Dream LLC dba Blo Blow Dry Bar Inc Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash Tier1 Solutions LLC Mateo Enterprise Inc dba El Milagro Market Behind The Scenes Chicago, LLC dba Paramount Events Ashwood Food Services Inc. dba Jake Rooney's Airstrike Firefighters LLC Mateo Enterprise Inc dba El Milagro Market Ashwood Food Services, Incorporated dba Jake Rooney's EMES Supply, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) White Wilson & Associates LLC (#,^) B&B Bodega of Delray LLC Googlyoogly, LLC dba Bi-Rite Supermarket Hilltop Wine Shop, Inc dba Hiltop Wine Shop Duck's Nuts Inc dba Pet Place Market TFE Resources ,LTD Oregon Medical Training Private Career School Inc. ZLM Services LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 264 Church St, Guilford, CT 6437 22 Old Short Hills Rd,, Livingston, NJ 7039 19711 Campus Drive Ste 260, Santa Ana, CA 92707 484 Farmington Ave, Hartford, CT 6105 2200 Michener St, Ste 12, Philadelphia, PA 19115 460 East 3rd Ave, New York, NY 10016 2 Center Rd,, Old Saybrook, CT 6475 1000 Essington Rd, Ste 111, Joliet, IL 60435 575 Panama Lane, Bakersfield, CA 93307 1750 W Lake St, Chicago, IL 60612 119 Brooks Rd, Harwich Port, MA 2646 18115 62nd Ave NE, Kenmore, WA 98028 575 Panama Lane, Bakerfield, CA 93307 119 Brooks Rd, Harwich Port, MA 2646 35622 Vine St, EastLake, OH 44095 16238 Louis Ave., South Holland, IL 60473 190 NE 2nd Ave, Delray Beach, FL 33444 10867 W Jefferson Ave, River Rouge, MI 46218 7505 Highland Rd, White Lake, MI 48383 212 Bendigo Blvd. N, North Bend, WA 98045 11 Easter Court Ste G, Owings Mills, MD 21117 1126 Gateway Loop, Ste 108, Springfield, OR 97702 51343 Oro Rd, Shelby Township, MI 33444 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/14/2043 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2043 Air Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2028 Term Loan Prime plus 2.75% 1/13/2029 Real Estate Term Loan Prime plus 2.75% 12/13/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 5/13/2029 95.9 378.2 77.1 903.4 260.4 66.7 95.9 378.2 77.1 903.4 260.4 66.7 106.3 391.2 80.5 854.1 235.6 60.6 0.03 % 0.12 % 0.02 % 0.25 % 0.07 % 0.02 % Term Loan Prime plus 2.75% 12/13/2043 948.9 948.9 1,014.3 0.30 % Repair and Maintenance Professional, Scientific, and Technical Services Food and Beverage Stores Food Services and Drinking Places Food Services and Drinking Places Support Activities for Agriculture and Forestry Food and Beverage Stores Food Services and Drinking Places General Merchandise Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/12/2029 Term Loan Prime plus 2.75% 12/12/2043 Term Loan Prime plus 2.75% 1/12/2029 Term Loan Prime plus 2.75% 12/12/2043 8.8 116.5 221.4 208.8 8.8 116.5 221.4 208.8 8.0 125.2 221.7 233.4 Term Loan Prime plus 2.75% 12/12/2028 1,074.1 1,074.1 1,047.9 Term Loan Prime plus 2.75% 1/12/2029 Term Loan Prime plus 2.75% 1/12/2029 51.6 58.1 51.6 58.1 Term Loan Prime plus 2.75% 1/11/2029 107.4 107.4 — % 0.04 % 0.07 % 0.07 % 0.31 % 0.01 % 0.02 % 0.03 % 0.01 % — % 0.06 % 0.04 % 0.01 % 0.14 % 0.01 % 0.01 % 46.8 55.0 99.4 44.3 11.8 211.9 135.5 35.9 479.5 31.2 31.2 41.3 13.0 197.1 124.3 37.3 514.1 34.4 34.4 41.3 13.0 197.1 124.3 37.3 514.1 34.4 34.4 Term Loan Prime plus 2.75% 12/11/2043 Food and Beverage Stores Term Loan Prime plus 2.75% 1/11/2029 Food and Beverage Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2043 Term Loan Prime plus 2.75% 12/11/2043 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/11/2029 Utilities Term Loan Prime plus 2.75% 1/11/2029 Educational Services Administrative and Support Services Term Loan Prime plus 2.75% 1/11/2029 Term Loan Prime plus 2.75% 1/10/2029 F-197 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Team Henry, LLC dba Kelly Automotive of Deltona Food Service Industry Consultants Inc. (#,^) (#,^) (#,^) (#,^) CET Inc Metro R Services Inc. and Metal & Roof Supplies Inc. Unique Home Solutions Inc. and Unique Home Solutions of Ohio (#,^) Consulting Solutions, Inc and Mark Luciani Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker Levine Daycare Inc dba Kids R Kids (#,^) (#,^) (#,^) The Altitude Group LLC Access Staffing, LLC York Concrete Corp Swantown Inn and Spa, LLC Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. (#,^) (#,^) (#,^) (#,^) (#,^) Water Station Holdings LLC (#,^) Cabrera's Auto Services LLC Microplex Co, Third Market LLC Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors (#,^) (#,^) (#,^) Tammy's Place LLC JJB Production LLC (#,^) (#,^) Albert M Quashie, DDS, PC (#,^) Albert M. Quashie, DDS, PC Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up (#,^) (#,^) 1290 Doyle Rd, Deltona, FL 32725 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 4709 N El Capitan Ave. Ste 205, Fresno, CA 93722 20 Universal Place, Carlstadt, NJ 7072 5550 Progress Rd, Indianapolis, IN 46241 3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306 342 South La Brea Ave, Los Angeles, CA 90036 415 Woodbury Rd, Orlando, FL 32828 949 A Clint Moore Rd, Boca Raton, FL 33487 360 Lexington Ave 8th Floor, New York, NY 10017 1 Plumb CT., Huntington Station, NY 11746 1431 11th Ave SE, Olympia, WA 98501 4291 Shoal Line Blvd, Hernando Beach, FL 34607 1104 N Keystone Ave, Indianapolis, IN 46201 2206 N Central Ave, Chicago, IL 60639 244 Spokane Ave, Whitefish, MT 59937 13762 W State Rd 84, Davie, FL 33325 235 North Mosby Ave, Littleton, NC 27850 458 N 7th St, Newark, NJ 7107 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/10/2043 Term Loan Prime plus 2.75% 1/7/2029 379.9 62.0 379.9 62.0 Truck Transportation Term Loan Prime plus 2.75% 1/6/2029 1,057.3 1,057.3 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/6/2029 Construction of Buildings Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2029 Term Loan Prime plus 2.75% 1/5/2029 Term Loan Prime plus 2.75% 1/5/2029 Social Assistance Term Loan Prime plus 2.75% 1/5/2029 Specialty Trade Contractors Administrative and Support Services Term Loan Prime plus 2.75% 1/4/2029 Term Loan Prime plus 2.75% 1/4/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2043 Accommodation Term Loan Prime plus 2.75% 1/3/2029 Accommodation Term Loan Prime plus 2.75% 11/30/2043 Nonstore Retailers Term Loan Prime plus 2.75% 12/30/2028 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2043 Food and Beverage Stores Furniture and Home Furnishings Stores Food Services and Drinking Places Administrative and Support Services Term Loan Prime plus 2.75% 12/30/2028 Term Loan Prime plus 2.75% 12/30/2028 Term Loan Prime plus 2.75% 1/30/2044 Term Loan Prime plus 2.75% 12/29/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/29/2043 178.5 218.6 50.4 77.1 232.3 122.5 167.1 194.2 11.6 218.2 592.1 78.7 140.9 106.8 426.6 6.3 74.8 63.1 178.5 218.6 50.4 77.1 232.3 122.5 167.1 194.2 11.6 218.2 592.1 78.7 140.9 106.8 426.6 6.3 74.8 63.1 407.1 56.4 993.2 186.7 228.6 45.7 70.6 221.4 111.6 151.5 219.5 12.1 248.4 578.2 86.5 127.7 108.1 483.9 5.7 73.1 68.3 0.12 % 0.02 % 0.29 % 0.06 % 0.07 % 0.01 % 0.02 % 0.07 % 0.03 % 0.04 % 0.06 % — % 0.07 % 0.17 % 0.03 % 0.04 % 0.03 % 0.14 % — % 0.02 % 0.02 % 3626 CR 203, Liverpool, TX 77577 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/28/2043 419.9 419.9 477.9 0.14 % F-198 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Extreme Granite Corp True Love Christian Academy LLC Level Up Gaming, Inc BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC Best Global Alternative North, LLC M.A.W. Enterprises LLC dbaY- Not Pizza Thames Aquatic Club, LLC On Call Electrical of Georgia LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Commonwealth Warehouse Inc (#,^) K & A Automotive Inc High Desert Transport, Inc. Saunders Management LLC dba Northern Light Espresso Bar and Cafe Cali Fit Meals Cocomo Joe's LLC Beau & HB Inc dba Beau's Billiard, Bowling & Arcade Beau & HB Inc dba Beau's Billard, Bowling & Arcade Allegro Assisted Living Services of Texas LLC Schafer Fisheries Inc. US Dedicated LLC Salon Femi LLC McNeill Stokes Vancole Investments, Inc. dba Smoothie King #913 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 251 NW 1st St, Deerfield Beach, FL 33441 466 E Raines Rd, Memphis, TN 38109 1132 Creighton Rd, Pensacola, FL 32504 12930 Worldgate Drive, Herndon, VA 20170 69 Lewis Ave, Atlantic Beach, NY 11509 45 E Main St, New Palestine, IN 46163 14 Iron St, Ledyard, CT 6339 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 11013 Kenwood Rd., Cincinnati, OH 45242 2070 Nooseneck Hill Rd, Coventry, RI 2816 2015 Woodspring Terrace, Henderson, NV 89012 536 Spruce St, Scranton, PA 18503 3450 East Orangethrope Ave, Anaheim, CA 92806 3949 New Rd, Youngstown, OH 44515 100 Village Rd, Port Lavaca, TX 77979 100 Village RD, Port Lavaca, TX 77979 3400 Remington Dr, Plano, TX 75023 21985 Waller Rd, Fulton, IL 61252 13410 SE 26th Circle, Vancouver, WA 98683 1107 BRd St, Bloomfield, NJ 7003 5372 Whitehall Pl SE, Mableton, GA 30126 876 Virginia Ave, Hapeville, GA 30354 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/28/2043 181.9 181.9 204.5 Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 11/28/2043 40.7 87.3 40.7 87.3 45.9 92.6 Term Loan Prime plus 2.75% 12/21/2028 1,109.5 1,109.5 1,158.1 Social Assistance Sporting Goods, Hobby, Musical Instrument, and Book Stores Professional, Scientific, and Technical Services Furniture and Home Furnishings Stores Food Services and Drinking Places Educational Services Term Loan Prime plus 2.75% 12/21/2028 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 12/21/2028 10/21/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/20/2043 Warehousing and Storage Term Loan Prime plus 2.75% 12/20/2028 Gasoline Stations Term Loan Prime plus 2.75% 11/19/2043 Truck Transportation Term Loan Prime plus 2.75% 12/19/2028 Term Loan Prime plus 2.75% 11/16/2028 Term Loan Prime plus 2.75% 12/16/2028 Term Loan Prime plus 2.75% 12/16/2028 Term Loan Prime plus 2.75% 3/16/2029 Term Loan Prime plus 2.75% 12/16/2043 Term Loan Prime plus 2.75% 11/15/2043 Term Loan Prime plus 2.75% 11/14/2028 Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Nursing and Residential Care Facilities Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Food Services and Drinking Places F-199 See accompanying notes to consolidated financial statements. Term Loan Prime plus 2.75% 12/9/2028 374.3 374.3 344.2 Term Loan Prime plus 2.75% 12/9/2028 Term Loan Prime plus 2.75% 12/8/2028 6.4 5.8 6.4 5.8 6.3 5.2 Term Loan Prime plus 2.75% 5/7/2044 406.1 406.1 436.5 0.13 % 75.0 19.2 39.6 644.4 361.7 118.5 66.5 34.6 53.4 0.6 37.6 68.4 58.9 43.7 75.0 19.2 39.6 644.4 361.7 118.5 66.5 34.6 53.4 0.6 37.6 68.4 58.9 43.7 67.8 18.4 41.7 695.7 350.1 132.5 62.2 36.1 48.5 0.5 38.1 74.5 67.0 45.6 0.06 % 0.01 % 0.03 % 0.34 % 0.02 % 0.01 % 0.01 % 0.21 % 0.10 % 0.04 % 0.02 % 0.01 % 0.01 % — % 0.01 % 0.02 % 0.02 % 0.01 % 0.10 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC Modutech Marine Inc Steele Security, LLC dba Signal 88 Security of San Antonio Abington Caregivers, LLC C.A.T.I. Armor, LLC Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" UK, LLC dba Pita Pit Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer The Face Place, LLC dba Classic Aesthetics Bellas Sports Pub, Inc dba Brewmasters Tavern Shovels and Whiskey LLC Hackstaff Restaurants LLC TA Coleman, LLC dba Tom's Truck Shop Cater To You Agency, LLC, dba Cater To You Faydon, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) MB Click It Photography, LLC (#,^) Wellfleet Consulting Inc. (#,^) Apps Inc and Market Share Inc. (#,^) Moore Care LLC JAM Media Solutions LLC (#,^) (#,^) Throop Family Holdings, Inc (#,^) A-1 Van Sevices, Inc. (#,^) 3970 Everhard Rd, NW, Canton, OH 44709 4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243 1152 Main St, Coventry, RI 2816 446 SE Washington St, Hillsboro, OR 97123 248 W 1st. St Ste 201, Reno, NV 89501 2101 Route 610, Woodbine, NJ 8270 1319 Sherrick Rd SE, Canton, OH 44707 1905 W Baker St, Ste A, Plant City, FL 33567 100 Manchester Ranch Place, Aynor, SC 29511 2275 Research Blvd Ste # 500, Rockville, MD 20850 80 Main St, Old Saybrook, CT 6475 8550 United Plaza Blvd., Baton Rouge, LA 79809 11 Netherwood Terrace, East Orange, NJ 7017 7130 Crater Lake, White City, OR 97603 154 Sandy Creek Rd, Verona, PA 15147 460 Park Ave, Floor 16, New York, NY 10022 2218 Marine View Drive, Tacoma, WA 98422 11230 West Ave, Ste 2210, San Antonio, TX 78213 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 435 Packard Hwy, Charlotte, MI 48813 Merchant Wholesalers, Durable Goods Transportation Equipment Manufacturing Administrative and Support Services Term Loan Prime plus 2.75% 12/1/2028 Term Loan Prime plus 2.75% 12/1/2028 Term Loan Prime plus 2.75% 10/31/2028 Social Assistance Term Loan Prime plus 2.75% 11/30/2043 Apparel Manufacturing Term Loan Prime plus 2.75% 10/30/2043 1500 Village Run Rd, Wexford, PA 15090 20038 West Valley HWY, Kent, WA 98032 Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2029 Term Loan Prime plus 2.75% 3/30/2029 277.6 320.5 94.2 121.9 203.9 70.0 53.2 277.6 320.5 94.2 121.9 203.9 70.0 53.2 251.1 334.6 86.2 134.3 220.7 64.6 49.4 0.07 % 0.10 % 0.03 % 0.04 % 0.07 % 0.02 % 0.01 % Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/26/2028 124.8 124.8 130.3 0.04 % Personal and Laundry Services Food Services and Drinking Places Motion Picture and Sound Recording Industries Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2028 Term Loan Prime plus 2.75% 10/24/2043 Term Loan Prime plus 2.75% 10/16/2043 8.5 67.2 74.2 8.5 67.2 74.2 7.7 76.1 82.8 Term Loan Prime plus 2.75% 7/15/2029 141.9 141.9 131.1 — % 0.02 % 0.02 % 0.04 % — % 0.01 % 0.02 % 0.01 % — % 0.02 % 0.01 % 0.21 % 0.20 % 0.03 % 5.0 21.8 63.7 37.1 12.7 75.8 44.0 768.2 621.5 90.7 5.0 21.8 63.7 37.1 12.7 75.8 44.0 768.2 621.5 90.7 4.8 23.7 66.5 41.2 11.5 68.6 39.8 714.2 672.2 90.4 Term Loan Prime plus 2.75% 10/12/2028 Ambulatory Health Care Services Term Loan Nursing and Residential Care Facilities Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Prime plus 2.75% 10/11/2043 Prime plus 2.75% 10/10/2028 Prime plus 2.75% 10/10/2043 Prime plus 2.75% 10/9/2028 Telecommunications Term Loan Prime plus 2.75% 10/5/2028 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Transit and Ground Passenger Transportation Term Loan Term Loan Term Loan Prime plus 2.75% 10/4/2028 Prime plus 2.75% 9/28/2028 Prime plus 2.75% 9/28/2043 Prime plus 2.75% 9/28/2028 F-200 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) SwabCo Inc. (#,^) Rami Technology USA, LLC (#,^) Burd Brothers Inc. La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge Blackwater Diving, LLC Quality Electric & Data Blue Seven, LLC Quality Electric & Data Inc. Action Barricade Company, LLC and Barricade Holding LLC LG Law Center, Inc TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Assoc US Shipping Trans Inc, Esteem Trucking Inc Dentistry By Design, P.C Ace Auto Recovery, Inc. LTS School, Inc. Above and Beyond Preschool LLC Newsome Mobile Notary LLC Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes Phillip Ramos Upholstery Inc. D & D Optics Inc dba Sterling Optical (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2341 East Ellis St, Leveland, TX 79336 10400 NW 33rd St, Miami, FL 33172 4005 Borman Drive, Batavia, OH 45103 4646 SE 11th Place, Cape Coral, FL 33904 112 Forrest Rd, Morgan City, LA 70380 85 Franklin Rd Unit 9B, Dover, NJ 7801 11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223 85 Franklin RD Unit 9B, Dover, NJ 7801 1802 N 27th Ave, Phoenix, AZ 85009 15452 Amar Rd, La Puente, CA 91744 777 South Flagler Drive Ste 800W, West Palm Beach, FL 33401 35888 Center Ridge Rd, Ste 5 & 6, North Ridgeville, OH 44039 16102 Sweetwater Court, Lathrop, CA 95330 315 Walt Whitman Rd Ste 204- 205, South Huntington, NY 11746 1209 North Lane Ave, Jacksonville, FL 32254 3731 NW 9th Ave, Deerfield Beach, FL 33064 672-678 Camellia Drive, Royal Palm Beach, FL 33411 8153 12th Ave SW, Seattle, WA 98106 7219 Silver Mist Ave, North Chesterfield, VA 23237 3835 Elm St, Denver, CO 80207 1487 East LaSalle Drive, Bismark, ND 58503 Support Activities for Mining Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 9/28/2043 Term Loan Prime plus 2.75% 9/28/2028 Truck Transportation Term Loan Prime plus 2.75% 9/28/2028 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2043 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/27/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2043 Rental and Leasing Services Professional, Scientific, and Technical Services Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/27/2028 Term Loan Prime plus 2.75% 9/27/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2028 Truck Transportation Term Loan Prime plus 2.75% 9/26/2028 Ambulatory Health Care Services Term Loan Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2028 Prime plus 2.75% 9/26/2043 Educational Services Term Loan Prime plus 2.75% 9/26/2043 Social Assistance Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 9/26/2043 Term Loan Prime plus 2.75% 9/25/2028 908.2 151.2 450.5 320.1 670.7 83.8 50.9 125.3 259.0 12.6 908.2 151.2 450.5 320.1 670.7 83.8 50.9 125.3 259.0 12.6 991.4 137.9 441.7 353.8 622.2 82.4 48.0 134.0 255.6 11.7 0.29 % 0.04 % 0.13 % 0.10 % 0.18 % 0.02 % 0.01 % 0.04 % 0.08 % — % 99.3 706.6 12.6 154.1 97.7 533.8 4.4 99.3 706.6 12.6 154.1 97.7 533.8 4.4 90.2 709.3 11.7 170.2 111.2 593.3 4.0 98.3 11.7 41.7 0.03 % 0.21 % — % 0.05 % 0.03 % 0.17 % — % 0.03 % — % 0.01 % Term Loan Prime plus 2.75% 9/27/2028 104.8 104.8 101.3 0.03 % Term Loan Prime plus 2.75% 9/25/2028 105.1 105.1 Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 13.0 45.4 13.0 45.4 F-201 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) DC Lofty, LLC, Southern Services and Equipment, Inc Southern Services and Equipment, Inc. MillClem Corporation & Monticello Corporation The Garden Club, LLC Tables and Bars Services, Inc and Tables and Bars Rentals, LLC Watearth Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Lewis River Golf Course, Inc. (#,^) Super Station Inc Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal C3 Capital, Inc (#,^) (#,^) (#,^) M&P RV LLC dba M&P RV (#,^) (#,^) DB Talak LLC E & G Enterprises LLC dba Comfort Keepers Pastel de Feira LLC dba Original Pastel De Feira Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko (#,^) (#,^) (#,^) Culmination Motorsports, Inc. (#,^) L&M Equipment, Inc J & C Garcia LLC Baby's on Broadway LLC Rihahn Inc. dba RDBL, Inc QBS, LLC dba Sterling Optical Exton (#,^) (#,^) (#,^) (#,^) (#,^) 301 I St NW, Washington, DC 20001 321 Bayou Rd, Saint Bernard, LA 70085 321 Bayou Rd, Saint Bernard, LA 70085 16660 Oak St, Dillwyn, VA 22936 125 South DuBuque St, Iowa City, IA 52240 5051 Peachtree Corners Circle Ste #200, Norcross, GA 30092 445 South Figuerora Ste 3128, Los Angeles, CA 90071 3209 Lewis River Rd, Woodland, WA 98674 8855 N Country Rd 25A, Pique, OH 45356 35000 Pacific Hwy, Federal Way, WA 98003 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 10 Century Lane, Dillsburg, PA 17019 2018 SE 6th Ave, Portland, OR 97214 220 Middle St, Franklin, VA 23851 4244 Pine Ridge CT, Weston, FL 33331 65 Glendale St, Easthampton, MA 1027 160 W 91st Ave, Unit B, Anchorage, AK 99515 Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633 26 BRd St, Alexander City, AL 35010 47 East Broadway, Little Falls, MN 56345 1397 McGuire Rd, Lamar, AR 72846 211 W Lincoln Hwy, Exton, PA 19341 Accommodation Fabricated Metal Product Manufacturing Fabricated Metal Product Manufacturing Merchant Wholesalers, Nondurable Goods Miscellaneous Store Retailers Administrative and Support Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/21/2028 Term Loan Prime plus 2.75% 9/21/2028 Term Loan Prime plus 2.75% 9/21/2043 Term Loan Prime plus 2.75% 9/21/2043 Term Loan Prime plus 2.75% 9/21/2028 Term Loan Prime plus 2.75% 9/20/2028 Term Loan Prime plus 2.75% 9/19/2028 Term Loan Prime plus 2.75% 9/19/2043 Gasoline Stations Term Loan Prime plus 2.75% 9/19/2043 Truck Transportation Term Loan Prime plus 2.75% 9/19/2028 Nonstore Retailers Term Loan Prime plus 2.75% 9/19/2028 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/19/2043 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/18/2043 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Prime plus 2.75% 9/18/2028 Prime plus 2.75% 9/17/2028 Prime plus 2.75% 9/17/2043 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2043 18.9 357.3 202.3 319.6 5.7 15.5 18.9 482.4 202.1 406.5 535.8 105.4 147.2 5.0 5.1 168.9 539.9 18.9 357.3 202.3 319.6 5.7 15.5 18.9 482.4 202.1 406.5 535.8 105.4 147.2 5.0 5.1 168.9 539.9 17.2 349.3 214.8 363.3 5.1 14.8 17.1 548.5 229.8 367.2 533.0 119.8 160.4 4.6 4.9 184.9 611.7 Term Loan Prime plus 2.75% 9/14/2043 1,206.1 1,206.1 1,330.7 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/14/2028 Term Loan Prime plus 2.75% 9/14/2028 Forestry and Logging Term Loan Prime plus 2.75% 9/14/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/14/2028 F-202 See accompanying notes to consolidated financial statements. 62.0 41.9 117.4 68.1 62.0 41.9 117.4 68.1 57.3 40.4 112.7 62.1 0.01 % 0.10 % 0.06 % 0.11 % — % — % 0.01 % 0.16 % 0.07 % 0.11 % 0.16 % 0.04 % 0.05 % — % — % 0.05 % 0.18 % 0.39 % 0.02 % 0.01 % 0.03 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Innovim LLC (#,^) Innovative Network Solutions Inc (#,^) Underground Productions LLC dba 31 Escape (#,^) Rancho Paving, Inc Pool Guard of LA MurlinComputerCompany LLC dba Murlin Computer, Pelican Executives Suites, LLC NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC Dr. G's Urgent Care LLC Asheville Spine and Nerve Institute PC Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation Living Centers Inc. dba Veranda House Senior Living LACCRB LLC dba PostNet XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World Stat Constructor L.P ARVAmethod LLC Greenfield Hill Wines & Spirits, LLC Extreme Engineering, Inc. Kotyark LLC dba Gibsonton Motel Graphish Studio, Inc. JFK Transportation Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770 31567 West 10 Mile Rd, Farmington Hills, MI 48336 1731 Decatur Hwy, Fultandale, AL 35068 339 Cypress Lane, El Cajon, CA 92020 10866 Washington Blvd, Apartment #24, Culver City, CA 90232 1014 Thompson Blvd Ste 38B, Sedalia, MO 65301 2200 Colorado Ave Sutie 131, Santa Monica, CA 90404 140141 Lakeland Ave, Bohemia, NY 11716 1425 S Congress Ave, Delray Beach, FL 33445 190 Broadway St Ste 205, Asheville, NC 28801 3401 Market St Ste 200, Philadelphia, PA 19104 5129 E 5th St, Katy, TX 77493 3250 Retail Dr Ste 120, Carson City, NV 89706 825 Courtland St., Orlando, FL 32804 9573 US Hwy 220, Stoneville, NC 27048 516 N Ogden Ave # 150, Chicago, IL 60642 65 Hillside Rd, Fairfield, CT 6824 598 Oliver Dr, Troy, MI 48084 11545 US Hwy 41S, Gibsonton, FL 33534 231 Main St, Stamford, CT 6901 4 Mechanic St, Natick, MA 1760 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/14/2028 Term Loan Prime plus 2.75% 9/13/2028 Term Loan Prime plus 2.75% 9/13/2043 Repair and Maintenance Term Loan Prime plus 2.75% 9/10/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/7/2028 Repair and Maintenance Administrative and Support Services Term Loan Prime plus 2.75% 9/7/2028 95.4 105.1 95.4 157.2 18.8 13.1 95.4 105.1 95.4 157.2 18.8 13.1 86.2 97.6 108.4 159.0 17.1 12.1 0.03 % 0.03 % 0.03 % 0.05 % 0.01 % — % Term Loan Prime plus 2.75% 9/7/2028 268.9 268.9 242.8 0.07 % Rental and Leasing Services Term Loan Prime plus 2.75% 9/7/2028 270.2 270.2 263.6 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2043 Term Loan Prime plus 2.75% 9/6/2028 Term Loan Prime plus 2.75% 8/31/2043 Term Loan Prime plus 2.75% 11/30/2028 18.8 87.2 7.6 406.4 12.7 18.8 87.2 7.6 406.4 12.7 17.0 98.7 7.3 462.0 11.7 Term Loan Prime plus 2.75% 8/30/2043 433.5 433.5 492.9 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/30/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2028 Term Loan Prime plus 2.75% 8/29/2028 88.1 2.0 76.5 88.1 2.0 76.5 0.08 % 0.01 % 0.03 % — % 0.14 % — % 0.15 % 0.03 % — % 0.02 % 0.03 % 0.03 % — % 91.8 1.8 69.8 94.7 90.4 5.6 Term Loan Prime plus 2.75% 8/29/2028 103.9 103.9 Term Loan Prime plus 2.75% 8/29/2043 Term Loan Prime plus 2.75% 8/28/2028 79.5 6.2 79.5 6.2 Term Loan Prime plus 2.75% 8/28/2028 129.3 129.3 119.0 0.04 % Support Activities for Transportation Nursing and Residential Care Facilities Printing and Related Support Activities Amusement, Gambling, and Recreation Industries Food and Beverage Stores Professional, Scientific, and Technical Services Accommodation Professional, Scientific, and Technical Services Transit and Ground Passenger Transportation F-203 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Atlas Geo-Constructors LLC (#,^) Montana Life Group, LLC Finn & Emma LLC Wearware Inc dba FlyWire Cameras Zash LLC dba Papa Murphy's take 'N' Bake Pizza Buffalo Biodiesel Inc. Ginekis Enterprises, Inc dba Locanda Veneta Geo Tek Alaska, Inc ATI Jet, Inc. Lewins Law, P.C. GS Bath Inc Pamletics LLC dba F45 L.A. Insurance Agency GA 10 LLC Crystal Shores Inc. dba Shorewood Laundromat Palanuk & Associates, Inc.dba Wolfpk CJNR, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Mercedes Cab Company, Inc (#,^) Ron's Pool and Spa Services LLC (#,^) Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC 20th Century Lanes, Inc dba West Seattle Bowl Millwork Unlimited, Incorporated Accel Compression Inc., Accel Workover Services, Inc (#,^) (#,^) (#,^) (#,^) 3466 Thomasville Rd Winston, Winston-Salem, NC 27107 8 N 9th Ave, Bozeman, MT 59715 1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 7004 2204 Blackmoor Park Lane, Lexington, KY 40509 2303 White Bear Ave, Maplewood, MN 55025 225 Sawyer Ave, Tonawanda, NY 14150 8638 W Third St, Los Angeles, CA 90048 2756 Commercial Drive, Anchorage, AK 99501 7007 Boeing Drive, El Paso, TX 79925 7920 Belt Line Rd Ste 650, Dallas, TX 75254 5335 E Kaviland Ave, Fresno, CA 93725 22015 IH 10 West, San Antonio, TX 78257 6655 Tara Blvd. Ste 401, Jonesboro, GA 30236 700 West Jefferson St, Shorewood, IL 60404 28110 SE Fern Drive, Boring, OR 97009 208 East Main St, Elma, WA 98541 35 Alden St, Province Town, MA 2657 1419 NE 30th St., Pompano, FL 33064 1700 Nottingham Way Ste 12A, Hamilton, NJ 8619 4505 39 Ave SW, Seattle, WA 98116 8264 Pine Cay Rd, Wellington, FL 33414 4500 S Country Rd, Odessa, TX 79765 Specialty Trade Contractors Insurance Carriers and Related Activities Clothing and Clothing Accessories Stores Computer and Electronic Product Manufacturing Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Professional, Scientific, and Technical Services Air Transportation Professional, Scientific, and Technical Services Truck Transportation Amusement, Gambling, and Recreation Industries Insurance Carriers and Related Activities Personal and Laundry Services Professional, Scientific, and Technical Services Accommodation Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/24/2028 Term Loan Prime plus 2.75% 8/24/2028 62.9 6.2 62.9 6.2 Term Loan Prime plus 2.75% 8/24/2028 101.7 101.7 Term Loan Prime plus 2.75% 8/24/2028 Term Loan Prime plus 2.75% 8/23/2028 18.7 35.1 18.7 35.1 64.0 5.6 91.9 17.2 33.4 Term Loan Prime plus 2.75% 8/21/2028 1,053.1 1,053.1 1,066.9 Term Loan Prime plus 2.75% 8/20/2028 Term Loan Prime plus 2.75% 2/17/2044 Term Loan Prime plus 2.75% 8/16/2028 Term Loan Prime plus 2.75% 8/16/2028 Term Loan Prime plus 2.75% 8/15/2028 Term Loan Prime plus 2.75% 11/14/2028 Term Loan Prime plus 2.75% 8/10/2028 Term Loan Prime plus 2.75% 8/9/2028 Term Loan Prime plus 2.75% 8/8/2028 Term Loan Prime plus 2.75% 8/7/2043 Term Loan Prime plus 2.75% 8/7/2028 0.02 % — % 0.03 % 0.01 % 0.01 % 0.31 % 0.02 % 0.04 % 0.05 % — % 0.14 % 0.01 % — % 0.01 % 0.02 % 0.04 % 0.03 % — % 0.01 % 0.03 % — % 72.0 123.4 169.6 15.0 478.2 36.7 9.4 18.6 85.2 117.3 108.1 3.1 50.1 96.0 6.2 72.0 123.4 169.6 15.0 478.2 36.7 9.4 18.6 85.2 117.3 108.1 3.1 50.1 96.0 6.2 65.4 135.7 167.2 13.5 485.1 34.8 8.4 17.5 77.6 133.4 100.8 2.8 45.9 96.1 5.6 Personal and Laundry Services Term Loan Prime plus 2.75% 8/3/2028 Health and Personal Care Stores Amusement, Gambling, and Recreation Industries Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 8/3/2028 Term Loan Prime plus 2.75% 8/3/2028 Term Loan Prime plus 2.75% 8/2/2028 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2043 289.6 289.6 312.5 0.09 % F-204 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/1/2028 388.8 88.6 388.8 88.6 386.4 80.1 0.11 % 0.02 % Term Loan Prime plus 2.75% 7/27/2028 451.8 451.8 432.3 0.13 % Term Loan Prime plus 2.75% 7/26/2028 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 7/25/2028 7/20/2028 Term Loan Prime plus 2.75% 7/17/2028 6.3 4.9 52.0 8.5 6.3 4.9 52.0 8.5 5.7 4.4 46.9 8.2 Term Loan Prime plus 2.75% 7/17/2043 253.2 253.2 287.9 Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool Samy Optical LLC dba Site for Sore Eyes CSL Services Inc Nunez Enterprises Corporation dba La Casa (#,^) (#,^) (#,^) (#,^) Relevant Elephant ,LLC (#,^) TR Nails, LLC dba Simple Nails (#,^) ZA Trucking LLC 674 Club LLC Mother's Cantina LLC dba Mother's Cantina (#,^) (#,^) (#,^) Smart-tel Communications LLC (#,^) HQTRONICS LLC Smoove Move Productions, LLC dba Smoove Move Productions Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC Vital Inspection Professionals, Inc. dba VIP US Cargo Express, LLC Bio-Haz Solutions, Inc Bio-Haz Solutions, Inc. M J Losito Electrical Contractor's, Inc Corptek Solutions LLC Critter Cabana, LLC dba Critter Cabana National Dredging Services of North Florida, Inc. National Dredging Services of North Florida, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 4500 S. Country Rd 1310, Odessa, TX 79765 1350 Travis Blvd Ste 1507A, Fairfield, CA 94533 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 8109 3330 Piedmont RD NE, Atlanta, GA 30305 ON320 Woodvale St, Winfield, IL 60190 158 Great Rd, Bedford, MA 1730 5945 York Way, East Lansing, MI 48823 674 N Orleans, Chicago, IL 60654 2810 Philadephia Ave Unit #10, Ocean City, MD 21842 9720 W. Colfax Ave Ste 100, Lakewood, CO 80215 10135 South Roberts Rd Ste 209, Palos Hills, IL 60465 3932 North 16th St, Omaha, NE 68110 6350 Shadeland Ave, Indianpolis, IN 46220 180 Airpark Industrial Rd, Alabaster, AL 35007 4735 22 Mile Rd, Utica, MI 48317 23 Tonolli Rd, Nesquehoning, PA 18240 23 Tonoli Rd, Nesquehoning, PA 18240 98 Wooster St, Bethel, CT 6801 2363 N. Hwy # 287 Ste # 111, Mansfield, TX 76063 516 East Main St, Newberg, OR 97132 1537 Northwest Main Blvd., Lake City, FL 32055 1537 Northwest Main Blvd., Lake City, FL 32055 Professional, Scientific, and Technical Services Miscellaneous Store Retailers Professional, Scientific, and Technical Services Personal and Laundry Services Truck Transportation Food Services and Drinking Places Food Services and Drinking Places Administrative and Support Services Merchant Wholesalers, Durable Goods Motion Picture and Sound Recording Industries Administrative and Support Services Professional, Scientific, and Technical Services Support Activities for Transportation Waste Management and Remediation Services Waste Management and Remediation Services Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/13/2028 Term Loan Prime plus 2.75% 7/13/2028 Term Loan Prime plus 2.75% 7/13/2028 Term Loan Prime plus 2.75% 7/12/2028 Term Loan Prime plus 2.75% 7/3/2028 Term Loan Prime plus 2.75% 7/3/2028 Term Loan Prime plus 2.75% 7/2/2043 Term Loan Prime plus 2.75% 3/29/2029 Term Loan Prime plus 2.75% 5/29/2044 Term Loan Prime plus 2.75% 6/29/2028 Term Loan Prime plus 2.75% 6/28/2028 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/28/2028 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2043 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2028 F-205 See accompanying notes to consolidated financial statements. — % — % 0.01 % — % 0.08 % 0.02 % 0.01 % 0.01 % — % 0.01 % 0.07 % 0.03 % 0.07 % 0.12 % 0.01 % 0.01 % 0.02 % 0.01 % 0.01 % 56.7 17.4 51.6 8.9 51.6 256.8 81.5 217.3 358.2 18.8 38.9 56.9 27.6 43.5 56.7 17.4 51.6 8.9 51.6 256.8 81.5 217.3 358.2 18.8 38.9 56.9 27.6 43.5 52.1 18.2 46.6 9.2 48.2 254.2 94.9 226.2 399.3 18.8 37.9 55.5 32.1 45.8 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Julie Cooper-Bierman dba Forever Shopper Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery InUSA Ventures, Inc Nick's Country Kitchen, LLC Bengals, Inc. dba Royal Liquor Mart Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, Sun Pools, Inc Sun Pools, Inc dba Sun Fiberglass Pools DPF Filters Inc. Martha Beauty Supply And Braiding, Inc. Sushi Prime, LLC and Vasilia Investments Mr. Lube, Inc Mr. Lube, Inc. The Desert House Assisted Living ,LLC dba The Desert House Assisted York Woods Tree Service, LLC dba York Woods Tree and Products, LLC Independent Life LLC York Woods Tree Service, LLC dba York Woods Tree and Products, LLC Mid America Motorworks, Inc and Yager Holdings L.P Colovic Hackettstown Dairy LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Jones Roger Sherman Inn, Inc. (#,^) Nonstore Retailers Term Loan Prime plus 2.75% 6/27/2028 13.1 13.1 12.8 — % Term Loan Prime plus 2.75% 6/27/2043 341.7 341.7 392.8 0.12 % 7435 Piute Creek Dr, Corona, CA 92881 299 Utica Ave, Brooklyn, NY 11203 508 Hyacinthus Court, San Ramon, CA 94582 3 Flanders RD, Building #1, Bethlehem, CT 6751 3714 E State St, Rockford, IL 61108 460 Park Ave, Floor 16, New York, NY 10022 130 Holiday LN, Albany, KY 42602 130 Holiday Lane, Albany, KY 42602 2832 Golden State Blvd., Madera, CA 93637 538 E Boughton Rd, Bolingbrook, IL 60440 32 SE 2nd Ave, Delray Beach, FL 33444 721 E Westpoint Drive., Wasilla, AK 99654 721 E. West Point Drive, Wasilla, AK 99654 Food Manufacturing Securities, Commodity Contracts, and Other Financial Investments and Related Activities Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2028 Term Loan Prime plus 2.75% 6/27/2028 Food and Beverage Stores Term Loan Prime plus 2.75% 6/26/2043 Health and Personal Care Stores Plastics and Rubber Products Manufacturing Plastics and Rubber Products Manufacturing Merchant Wholesalers, Durable Goods Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2028 Term Loan Prime plus 2.75% 6/25/2043 Term Loan Prime plus 2.75% 6/25/2028 Term Loan Prime plus 2.75% 6/25/2028 Term Loan Prime plus 2.75% 6/22/2043 Term Loan Prime plus 2.75% 6/22/2028 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2043 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2028 40.9 18.4 102.1 757.1 294.0 639.6 56.3 134.1 224.9 654.6 516.8 40.9 18.4 102.1 757.1 294.0 639.6 56.3 134.1 224.9 654.6 516.8 39.9 18.1 115.8 750.0 323.5 635.8 55.6 155.9 226.0 734.9 526.1 0.01 % 0.01 % 0.03 % 0.22 % 0.10 % 0.19 % 0.02 % 0.05 % 0.07 % 0.22 % 0.16 % 11055 E Grove St, Mesa, AZ 85208 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/22/2043 75.6 75.6 86.8 0.03 % 300 Harold Dow Hwy, Eliot, ME 3903 4955 S Durango Drive, Ste124, Las Vegas, NV 89113 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/21/2028 300 Harold Dow Hwy, Elliot, ME 3903 2900 North 3rd St, Effingham, IL 62401 22 Route 57, Hackettstown, NJ 7840 195 Oenoke Ridge, New Canaan, CT 6840 Building Material and Garden Equipment and Supplies Dealers Merchant Wholesalers, Durable Goods Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2043 Term Loan Prime plus 2.75% 6/19/2043 Term Loan Prime plus 2.75% 6/19/2043 Term Loan Prime plus 2.75% 6/19/2028 116.6 100.7 233.9 273.3 264.0 369.0 116.6 100.7 233.9 273.3 264.0 369.0 120.0 98.2 264.7 317.7 306.6 388.5 0.04 % 0.03 % 0.08 % 0.09 % 0.09 % 0.11 % F-206 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 36 East. Main St, Annville, PA 17003 5325 S University Drive, Davie, FL 33328 1100 Northpoint Pkwy SE, Acworth, GA 30102 Motion Picture and Sound Recording Industries Amusement, Gambling, and Recreation Industries Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/18/2043 Term Loan Prime plus 2.75% 6/18/2028 Term Loan Prime plus 2.75% 6/15/2028 Allen Theatre and Back Stage Cafe LLC Schumacker Recreation, LLC Softrol Systems Inc dba Softrol Systems Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks Oil Palace Inc. (#,^) (#,^) (#,^) (#,^) (#,^) Venzix Ventures Inc. dba Venzix (#,^) Dianne Williams and Louis Williams dba Sweetlips Store (#,^) Tele Tax Express Inc (#,^) Team Sandy Blanton Realty, Inc (#,^) E & J Sims Co. LLC Mastiff Studios LLC Ciasom LLC dba Mosaic Beyond Grooming LLC and Michelle McWatters (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Camp K-9 Pet Resort & Spa, Inc. (#,^) Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC Applied Behavioral Consulting, Inc H S Corporation dba Lake Anna Lodge Anurag, LLC dba Oakwood Package Store Hardway Inc and A F C Leasing, Inc Sowells Consulting Engineers, LLC (#,^) (#,^) (#,^) (#,^) (#,^) 4035 Blue Ridge Rd, North Hudson, NY 12855 10408 Hwy 64 East, Tyler, TX 75707 750 Legend Oak Drive, Fountain, CO 80817 3870 Sweet Lips Rd, Henderson, TN 38340 166 Getty Ave, Paterson, NJ 7503 1225 West Gregory St, Pensacola, FL 32502 28 BRd St, Bloomfield, NJ 7003 2919 West Colorado Ave, Colorado Springs, CO 80904 1040-1042 Richard Ave, Santa Clara, CA 95050 1200 Old Martindale Rd, San Marcos, TX 78666 18501 Le Claire Ave, Tinley Park, IL 60478 426 15th St NW, Huron, SD 57350 1855 Purdy Ave, Miami Beach, FL 33139 422 Blooming Grove Tpke, New Windsor, NY 12553 5152 Courthouse Rd, Spotsylvania, VA 22551 191-195 Oakwood Ave, West Hartford, CT 6107 12533 S. 73rd East Place, Bixby, OK 74008 13430 Northwest Freeway #260, Houston, TX 77040 121.1 122.9 721.6 207.8 139.5 10.8 44.4 18.4 93.1 40.9 41.1 121.1 122.9 721.6 207.8 139.5 10.8 44.4 18.4 93.1 40.9 41.1 139.6 129.5 709.0 241.5 162.4 11.1 50.9 19.0 104.2 40.6 47.6 Accommodation Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 6/15/2043 Term Loan Prime plus 2.75% 9/15/2043 Nonstore Retailers Term Loan Prime plus 2.75% 6/15/2028 Food and Beverage Stores Professional, Scientific, and Technical Services Real Estate Amusement, Gambling, and Recreation Industries Educational Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/15/2043 Term Loan Prime plus 2.75% 6/14/2028 Term Loan Prime plus 2.75% 6/14/2043 Term Loan Prime plus 2.75% 6/14/2028 Term Loan Prime plus 2.75% 6/13/2043 Term Loan Prime plus 2.75% 6/11/2028 147.3 147.3 144.1 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/8/2043 Personal and Laundry Services Term Loan Prime plus 2.75% 6/8/2028 Support Activities for Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2043 Term Loan Prime plus 2.75% 6/8/2028 Social Assistance Term Loan Prime plus 2.75% 6/7/2043 Accommodation Term Loan Prime plus 2.75% 6/7/2043 Food and Beverage Stores Term Loan Prime plus 2.75% 6/6/2043 Rental and Leasing Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/6/2028 Term Loan Prime plus 2.75% 6/6/2028 F-207 See accompanying notes to consolidated financial statements. 41.3 6.8 365.3 665.1 48.0 126.1 132.7 246.8 18.4 41.3 6.8 365.3 665.1 48.0 126.1 132.7 246.8 18.4 47.8 6.6 411.3 655.4 55.5 146.6 149.4 240.6 18.0 0.04 % 0.04 % 0.21 % 0.07 % 0.05 % — % 0.01 % 0.01 % 0.03 % 0.01 % 0.01 % 0.04 % 0.01 % — % 0.12 % 0.19 % 0.02 % 0.04 % 0.04 % 0.07 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Funtime ,LLC dba Indoor Playgrounds International SSD Designs LLC Mastrocinque Restaurant Management Company LLC dba Santionii's BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire Awan Business Management Group LLC, Awan Sign Company LLC Seraj Wireless, LLC Eagle Aggregate Transportation, LLC Crowley Ventures, LLC Iloka, Inc dba New Cloud Networks Adow Pools LLC Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery Dream Spa LLC and Dream Spa Greenwich LLC Starship, LLC dba Tint World Smyrna DMA Equipment LLC Chem-Flotronics, Inc. Yakov Levy M.D., P.C. Mark A Espinoza, DDS PLLC dba Central Dental Care On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) JVLS LLC dba Vaccines 2 Go (#,^) 13200 West Foxfire Drive Ste 144, Surprise, AZ 85378 10840 Bay Hill Club Drive, Charlotte, NC 28277 Merchant Wholesalers, Durable Goods Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/5/2028 Term Loan Prime plus 2.75% 6/5/2028 3535 Hwy 17 Unit 14 &15, Fleming Island, FL 32003 943 South Main St, Cheshire, CT 6410 14429 South Wallin Drive, Plainfield, IL 60544 132 Madison Ave, Albany, NY 12202 4401 N I-35 Ste #113, Denton, TX 76207 665 Worthington Rd, Westerville, OH 43082 160 Inverness Drive. W Ste 150, Englewood, CO 80112 393 Glenbrook Rd, Stamford, CT 6906 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2028 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/1/2028 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2043 Electronics and Appliance Stores Term Loan Prime plus 2.75% 5/31/2028 Truck Transportation Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/30/2028 Term Loan Prime plus 2.75% 5/29/2028 Term Loan Prime plus 2.75% 5/25/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 211.2 61.4 51.3 39.4 264.8 101.5 72.9 60.6 202.9 141.9 211.2 61.4 51.3 39.4 264.8 101.5 72.9 60.6 202.9 141.9 206.0 60.2 53.5 38.4 303.2 106.8 72.9 59.6 204.3 140.2 0.06 % 0.02 % 0.02 % 0.01 % 0.09 % 0.03 % 0.02 % 0.02 % 0.06 % 0.04 % 3 Williams Ave, Mystic, CT 6355 Accommodation Term Loan Prime plus 2.75% 5/25/2043 1,245.1 1,245.1 1,447.4 0.43 % 59 West Main St, Broadalbin, NY 12025 1220 Post Rd East, Westport, CT 6880 2274 S Atlanta Rd SE, Smyrna, GA 30080 700 Lee St, Elk Grove Village, IL 60007 195 Paterson Ave, Little Falls, NJ 7424 70-31 108th St, Forest Hills, NY 11375 9315 N Central Ave, Phoenix, AZ 85020 4570 W Post Rd Ste #100, Las Vegas, NV 89118 4060 Johns Creek Parkway, Ste H,, Suwanee, GA 30024 Accommodation Term Loan Prime plus 2.75% 10/25/2043 195.5 195.5 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 Term Loan Prime plus 2.75% 5/25/2043 Repair and Maintenance Merchant Wholesalers, Durable Goods Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 5/22/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 Term Loan Prime plus 2.75% 5/24/2043 251.5 251.5 83.5 94.5 83.5 94.5 81.2 27.4 51.0 81.2 27.4 51.0 228.0 81.9 109.1 284.2 80.1 26.9 49.8 0.07 % 0.02 % 0.03 % 0.08 % 0.02 % 0.01 % 0.01 % Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/17/2028 205.2 205.2 200.0 0.06 % Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/17/2028 6.9 6.9 6.7 — % F-208 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Joshua One Limited Liability Company dba Genesis Personal Fitness Clore Construction LLC James T. Hendel dba Autotexx Mobile Auto Repair Fireplace Outlet Inc Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes Circle and Square, Inc dba Stamford Kumon Bote Virginia Beach, Inc. dba Bote Virginia Beach Daniel Woodward, DC PLLC dba Doc's Body Shop Adhara, LLC Baby Gentry's Childcare & Learning Academy Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer Schmaltz Operations LLC dba Companion Camp (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Container Shipping, LLC Wilbur Standford Jr Trucking and Excavating, LLC Olmsted LLC and 626 Van LLC dba Maison Yaki (#,^) (#,^) (#,^) Metropolitan Solutions Inc. Brenden Kehren Development LLC Sunlinc Inc Corona Dance, LLC dba Huracan Dance Studio (#,^) (#,^) (#,^) (#,^) Saltamontes Tire Company, LLC (#,^) Rory James Contracting LLC (#,^) 28 North State St Unit 100, Newtown, PA 18940 21220 FM 1420, Harlingen, TX 78550 5857 Hwy101 North, Rockmart, GA 30153 8216 Main St, Williamsville, NY 14221 5714 Edmondson Pike Ste 24, Nashville, TN 37211 50 Forest St Ste 902, Stamford, CT 6901 1080 Nimmo Pkwy, Ste 104, Virginia Beach, VA 23454 3084 N Goliad St, Ste 114, Rockwall, TX 75087 18123 E Appleway Ave, Spokane Valley, WA 99016 4203 Shenandoah Drive, Dayton, OH 45417 310 Arlington Ave Unit 329, Charlotte, NC 28203 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 533 Nova Rd Ste 213B, Ormond Beach, FL 32174 7505 North Chases Lake Rd, Watson, NY 13343 659 Vanderbilt Ave, Brooklyn, NY 11238 1420 Chestnut St, Portsmouth, VA 23704 14689 Gemara Rd, Sparta, WI 54656 170 Canterbury Court, East Windsor, NJ 8520 480 West Main St, Stamford, CT 6902 1955 Boston Ave, Brodgeport, CT 6604 33 Bennett Place, Amityville, NY 11701 Amusement, Gambling, and Recreation Industries Heavy and Civil Engineering Construction Repair and Maintenance Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/16/2043 Term Loan Prime plus 2.75% 5/16/2028 Term Loan Prime plus 2.75% 5/15/2028 Term Loan Prime plus 2.75% 5/15/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 5/14/2028 Educational Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/11/2028 Term Loan Prime plus 2.75% 5/11/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/11/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 5/11/2043 Social Assistance Term Loan Prime plus 2.75% 5/10/2028 308.0 121.5 6.1 14.8 3.7 35.4 9.1 28.4 41.9 9.1 308.0 121.5 6.1 14.8 3.7 35.4 9.1 28.4 41.9 9.1 346.7 122.1 6.4 15.5 3.6 34.6 8.9 27.6 47.8 8.9 Educational Services Term Loan Prime plus 2.75% 5/9/2043 696.7 696.7 809.9 Personal and Laundry Services Support Activities for Transportation Specialty Trade Contractors Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/7/2028 Term Loan Prime plus 2.75% 5/4/2028 Term Loan Prime plus 2.75% 5/3/2028 Term Loan Prime plus 2.75% 2/1/2029 Term Loan Prime plus 2.75% 4/30/2043 Term Loan Prime plus 2.75% 4/30/2028 Term Loan Prime plus 2.75% 4/30/2028 Term Loan Prime plus 2.75% 4/30/2028 Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2043 Construction of Buildings Term Loan Prime plus 2.75% 4/27/2028 F-209 See accompanying notes to consolidated financial statements. 48.7 40.6 194.8 202.0 169.8 2.4 7.8 9.6 98.2 12.9 48.7 40.6 194.8 202.0 169.8 2.4 7.8 9.6 98.2 12.9 49.8 39.6 201.2 200.9 187.0 2.4 7.7 9.4 112.2 12.6 0.10 % 0.04 % — % — % — % 0.01 % — % 0.01 % 0.01 % — % 0.24 % 0.01 % 0.01 % 0.06 % 0.06 % 0.06 % — % — % — % 0.03 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Kastoria Inc. dba Bantam Pizza (#,^) Suraj Enterprises, Inc. Little Angels Daycare and Learning Center LLC RWT Corporation dba Welding Works Pledge 4 Hope LLC LMH Optics LLC dba Sterling Optical K&S Hardware LLC Matrix Z, LLC RWT Corporation dba Welding Works Joe & Sons Service, Inc Just for Boats LLC Spitnale's Garage LLC Rosemarie Products Company LLC Means Enterprises LLC James L Shoemaker APCC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Veterinary Preventive Care, LLC (#,^) A New Dawn Psychotherapy Associates, LLC (#,^) Southern HVAC LLC Southern Oaks Athletic Club, LLC (#,^) (#,^) Southern HVAC LLC Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza (#,^) (#,^) Precision Components Group Inc (#,^) (#,^) Sexy Nails Center LLC 768 Bantam Rd, Bantam, CT 6750 11720 W. Airport Rd, Meadows Place, TX 77477 4551 Summit Blvd, West Palm Beach, FL 33415 32 New Rd, Madison, CT 6443 53 Bayberry Loop South, Purvis, MS 39475 1272 Smallwood Dr West, Waldorf, MD 20603 1865 W Wayzata Blvd, Long Lake, MN 55356 800 SW 21st Terrace, Ft Lauderdale, FL 33312 32 New Rd, Madison, CT 6443 855 Atwood Ave, Cranston, RI 2920 459 Dupre Rd, McClellanville, SC 29458 3761 Mahoning Ave, Youngstown, OH 44515 5400 Crooked Tree Drive, Mason, OH 45040 4150 Legacy Drive N Ste # 412, Frisco, TX 75034 221 W Judge Perez Drive, Chalmette, LA 70043 945 Riverview Ct, Xenia, OH 45385 308 E BRd St, Bethlehem, PA 18018 119 Ouachita 212, Camden, AZ 71701 15253 Shenandoah Ave, BATON ROUGE, LA 70817 119 Ouachita 212, Camden, AR 71701 35 E Main St, Pekin, IN 47165 190 Doty Circle, West Springfield, MA 1089 57 Passaic St, Garfield, NJ 7026 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2028 Food and Beverage Stores Term Loan Prime plus 2.75% 4/27/2028 Social Assistance Fabricated Metal Product Manufacturing Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 4/27/2043 Term Loan Prime plus 2.75% 4/26/2028 Term Loan Prime plus 2.75% 4/26/2028 Ambulatory Health Care Services Term Loan Building Material and Garden Equipment and Supplies Dealers Nonmetallic Mineral Product Manufacturing Fabricated Metal Product Manufacturing Term Loan Term Loan Term Loan Prime plus 2.75% 4/26/2028 Prime plus 2.75% 4/26/2028 Prime plus 2.75% 4/26/2028 Repair and Maintenance Term Loan Prime plus 2.75% 4/24/2028 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 Health and Personal Care Stores Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/18/2028 Term Loan Prime plus 2.75% 4/18/2028 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/18/2028 Prime plus 2.75% 4/18/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2043 Term Loan Prime plus 2.75% 4/17/2043 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 4/17/2028 Term Loan Prime plus 2.75% 4/13/2043 Miscellaneous Manufacturing Personal and Laundry Services Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 4/11/2028 4/10/2043 F-210 See accompanying notes to consolidated financial statements. 12.1 251.1 153.9 343.5 12.1 40.2 18.1 65.3 12.1 251.1 153.9 343.5 12.1 40.2 18.1 65.3 11.8 255.0 179.0 344.8 11.8 39.3 17.7 67.8 84.2 16.8 57.8 12.1 5.7 12.9 37.7 83.8 21.6 84.2 16.8 57.8 12.1 5.7 12.9 37.7 83.8 21.6 88.7 19.5 65.7 11.8 5.5 12.6 37.5 94.2 24.1 31.8 40.2 18.1 194.0 31.8 40.2 18.1 194.0 32.4 45.9 18.5 224.3 — % 0.08 % 0.05 % 0.10 % — % 0.01 % 0.01 % 0.02 % 0.07 % 0.03 % 0.01 % 0.02 % — % — % — % 0.01 % 0.03 % 0.01 % 0.12 % 0.01 % 0.01 % 0.01 % 0.07 % Term Loan Prime plus 2.75% 4/17/2043 351.2 351.2 405.2 Prime plus 2.75% 4/26/2043 204.0 204.0 225.2 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Mark Baker Innovation Transport LLC Newsome Mobile Notary LLC Shree Lakshminarayyn Grocery Stores LLC (#,^) (#,^) (#,^) (#,^) Bean City Bar and Grill LLC B&C Texas Leasing Inc.,M & W Hot Oill, Inc (#,^) (#,^) Master Roofing and Siding Inc. (#,^) Fifth Wheel Truck Stop 001 Michael S Brown Physical Therapy, P.C Alaska Industrial Paint LLC Romancing the Stone America's Little Leaders Academy, Inc Payne's Environmental Services LLC Technical Ordnance Solutions,LLC GQ Investments,LLC Alaska Industrial Paint LLC B&C Texas Leasing Inc and M&W Hot Oil, Inc. Kaz Wellness, LLC dba Grounded Wellness Center Lou & Choo Enterprises Inc. Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co Clancy 15 LLC and Allied Molded Products LLC Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1653 Evalie Dr, Fairfield, OH 45014 1 International Blvd, Ste 400, Mahwah, NJ 7495 8153 12th Ave SW, Seattle, WA 98106 3307 Charles St, Rockford, IL 61108 N 2505 Bean City Rd, New London, WI 54961 8124 Sprague Rd, Odessa, TX 79764 25 Robert Pitt Dr Ste 213, Monsey, NY 10952 3767 S Golden State Blvd, Fresno, CA 93725 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 229 Whitney Rd, Unit B, Anchorage, AK 99501 140 Centre of New England Blvd, Coventry, RI 2816 2570 NW 152nd Terrace, Opa- Locka, FL 33054 5617 Causeway Blvd, Tampa, FL 33619 9950 Business Circle, Ste 13, Naples, FL 34112 5772 Miami Lakes Drive East, Miami, FL 33014 229 Whitney Rd Unit B, Anchorage, AK 99501 8124 Sprague Rd, Odessa, TX 73764 104 Clover Court, Bartlett, IL 60103 2101 West Hunting Park Ave, Philadelphia, PA 19140 Truck Transportation Term Loan Prime plus 2.75% 4/9/2028 Truck Transportation Professional, Scientific, and Technical Services Gasoline Stations Food Services and Drinking Places Term Loan Prime plus 2.75% 4/6/2028 Term Loan Prime plus 2.75% 4/5/2028 Term Loan Prime plus 2.75% 4/5/2043 Term Loan Prime plus 2.75% 4/4/2043 Truck Transportation Term Loan Prime plus 2.75% 3/30/2043 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2028 7.9 41.2 4.2 114.9 71.6 259.7 211.5 7.9 41.2 4.2 114.9 71.6 259.7 211.5 7.8 42.2 4.1 131.6 83.2 291.8 205.8 Gasoline Stations Term Loan Prime plus 2.75% 3/30/2043 1,094.4 1,094.4 1,221.9 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2028 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2043 Term Loan Prime plus 2.75% 3/30/2043 Term Loan Prime plus 2.75% 3/30/2028 Social Assistance Administrative and Support Services Fabricated Metal Product Manufacturing Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/30/2028 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2043 Truck Transportation Term Loan Prime plus 2.75% 3/30/2028 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2028 Prime plus 2.75% 3/28/2044 Term Loan 7.75% 3/30/2028 1,060.0 1,060.0 78.0 99.6 333.7 21.5 180.9 78.0 99.6 333.7 21.5 180.9 168.0 213.3 780.9 12.7 104.0 178.2 207.0 168.0 213.3 780.9 12.7 104.0 178.2 207.0 75.9 103.8 378.6 24.7 183.8 946.7 165.5 243.8 796.9 12.7 117.3 180.7 232.1 1376 Broadway, El Cajon, CA 92021 1145 13th Ave East, Palmetto, FL 34221 Administrative and Support Services Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2028 Term Loan Prime plus 2.75% 3/28/2043 111 E. Laurel St, Willows, CA 95988 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/28/2028 69.8 69.8 73.4 0.02 % F-211 See accompanying notes to consolidated financial statements. — % 0.01 % — % 0.04 % 0.02 % 0.09 % 0.06 % 0.36 % 0.02 % 0.03 % 0.11 % 0.01 % 0.05 % 0.28 % 0.05 % 0.07 % 0.23 % — % 0.03 % 0.05 % 0.07 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Montage Mountain Resorts, LP Clancy 15 LLC and Allied Molded Products LLC K.C. Communications, Inc. Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley Cable Management, LLC Aque Investment Group LLC Shweiki Media Inc dba Study Breaks Magazine Denton BioFuels LLC and Amercian BioSource, LLC All Regional Recyclers of Wood LLC dba ARROW Sunshine Tents and Event Rentals LLC Kajun Martial Arts LLC Sofasco, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) New York Label & Box Corp (#,^) GeoTek Alaska, Inc Rexco Foods LLC dba Papa John's RTSP Union LLC Cest Chic Concepts, LLC dba Salon Cest Chic Camerabots Media, LLC Petroleum Equipment & Services, Inc Rojenco II,Inc. Bear Bones, Inc. CTD Operations Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1000 Montage Mountain Rd, Scranton, PA 18505 1145 13th Ave East, Palmetto, FL 34221 2715 Saturn St, Brea, CA 92821 Amusement, Gambling, and Recreation Industries Plastics and Rubber Products Manufacturing Telecommunications 2801 W Osborn Rd, Phoenix, AZ 85017 200 Pratt St, Meriden, CT 6450 3838 N. Sam Houston Parkway E, Houston, TX 77032 4954 Space Center Drive, San Antonio, TX 78218 624 W. University Drive.#359, Denton, TX 76201 104 Wooster St, Bethal, CT 6801 2322 SW 58th Terrace, West Park, FL 33023 36546 Mission St, Prairieville, LA 70769 182 Garber Lane, Winchester, VA 22602 50 Oval Drive, Islandia, NY 11749 2756 Commercial Drive, Anchorage, AK 99501 18640 Fm 1488 Ste C, Magnolia, TX 77354 2438 Route 22 East, Union, NJ 7083 15231 Hall Station Rd Unit 104, Bowie, MD 20721 4501 Ford Ave Ste 207, Alexandria, VA 22302 5631 Silverado Way Unit G, Anchorage, AK 99518 4357 Shore Drive, Virginia Beach, VA 23455 43 Libson St, Lewiston, ME 4240 219 Saint Nazaire Rd STE G, Broussard, LA 70518 Term Loan Prime plus 2.75% 3/28/2043 1,195.6 1,195.6 1,389.8 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 3/28/2028 3/27/2028 Term Loan Prime plus 2.75% 3/26/2043 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 126.3 49.9 515.3 64.1 211.9 59.9 72.5 126.3 49.9 515.3 64.1 211.9 59.9 72.5 128.3 52.4 568.0 66.1 222.7 62.9 73.1 Term Loan Prime plus 2.75% 3/23/2028 104.7 104.7 106.7 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/23/2043 49.5 18.0 95.6 49.5 18.0 95.6 52.0 17.7 106.8 Term Loan Prime plus 2.75% 3/23/2043 1,197.8 1,197.8 1,362.0 Term Loan Prime plus 2.75% 3/21/2043 Term Loan Prime plus 2.75% 3/20/2028 813.0 33.9 813.0 33.9 925.8 33.0 Term Loan Prime plus 2.75% 9/20/2028 1,009.2 1,009.2 1,019.4 Term Loan Prime plus 2.75% 3/19/2028 Term Loan Prime plus 2.75% 3/16/2028 9.0 12.0 9.0 12.0 8.9 11.8 Support Activities for Transportation Waste Management and Remediation Services Real Estate Publishing Industries (except Internet) Waste Management and Remediation Services Waste Management and Remediation Services Rental and Leasing Services Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Durable Goods Printing and Related Support Activities Professional, Scientific, and Technical Services Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Personal and Laundry Services Motion Picture and Sound Recording Industries Support Activities for Mining Term Loan Prime plus 2.75% 3/16/2028 199.8 199.8 210.0 Repair and Maintenance Beverage and Tobacco Product Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2043 Term Loan Prime plus 2.75% 3/15/2043 Term Loan Prime plus 2.75% 7/15/2028 73.8 21.5 53.3 73.8 21.5 53.3 84.7 24.8 52.6 F-212 See accompanying notes to consolidated financial statements. 0.41 % 0.04 % 0.02 % 0.17 % 0.02 % 0.07 % 0.02 % 0.02 % 0.03 % 0.02 % 0.01 % 0.03 % 0.40 % 0.27 % 0.01 % 0.30 % — % — % 0.06 % 0.02 % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe Rojenco II, Inc. Summit Insights Group LLC Dante Ultimate Cleaning Service LLC SRG Waterfront LLC 2b Mom Inc dba Mom's the Word Maternity Treft Systems Inc Unpainted Arizona, LLC dba Westside Bowl Espinoza & Salinas Group Ltd dba Credit 360 Consulting Stepping Stones Childrens Academy BC Bishop Enterprises LLC dba 9Round Pooler Connie Engelbrecht The Law Offices of Samuel R Miller LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Merciful Heavenly Homes, LLC (#,^) Urban Fitness Group LLC dba Crunch Fitness Group LLC (#,^) Carey Collision Repairs Inc. Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections Jackpine Technologies Corporation (#,^) (#,^) (#,^) (#,^) 2217 Richmond Rd, Williamsburg, VA 23188 2217 Richmond Rd, Williamsburg, VA 23188 4357 Shore Drive, Virginia Beach, VA 23455 19 Briant Parkway, Summit, NJ 7901 16969 River Park Dr, Covington, LA 70345 88 District Square SW, Washington, DC 20005 3150 18th St, Ste 435, San Francisco, CA 94110 1050 Kings Hwy North Ste #107, Cherry HIll, NJ 8034 2617 Mahoning Ave, Youngstown, OH 44509 17806 IH 10Ste 300, SAN ANTONIO, TX 78257 720 Rancho Del Norte Drive, Las Vegas, NV 89031 105-107 Grand Central Blvd, Pooler, GA 31322 20640 Raven Drive, Eagle River, AK 99577 7405 Lake Worth Rd, Lake Worth, FL 33467 401 Dillar's Mill Rd, Tyner, NC 27980 2800 S IH-35, Ste 220, Round Rock, TX 78681 295 D Bucheimer Rd, Fredrick, MD 21701 Repair and Maintenance Securities, Commodity Contracts, and Other Financial Investments and Related Activities Administrative and Support Services Food Services and Drinking Places Clothing and Clothing Accessories Stores Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 496.4 496.4 568.5 0.17 % Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 Term Loan Prime plus 2.75% 3/15/2043 Term Loan Prime plus 2.75% 3/14/2028 Term Loan Prime plus 2.75% 3/9/2028 73.8 384.9 36.2 8.1 73.8 384.9 36.2 8.1 84.7 440.8 35.2 8.2 Term Loan Prime plus 2.75% 3/9/2028 232.0 232.0 227.6 Term Loan Prime plus 2.75% 3/9/2028 Term Loan Prime plus 2.75% 3/8/2028 26.2 12.0 26.2 12.0 25.5 11.7 Term Loan Prime plus 2.75% 8/7/2043 100.3 100.3 113.9 0.03 % Term Loan Prime plus 2.75% 3/2/2028 3.9 3.9 3.9 — % Social Assistance Term Loan Prime plus 2.75% 3/2/2043 243.4 243.4 279.9 0.08 % Educational Services Term Loan Prime plus 2.75% 3/2/2028 Nonmetallic Mineral Product Manufacturing Professional, Scientific, and Technical Services Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2028 Term Loan Prime plus 2.75% 2/28/2043 Term Loan 8% 2/28/2043 Term Loan Prime plus 2.75% 2/28/2028 Repair and Maintenance Term Loan Prime plus 2.75% 2/27/2028 6.7 2.4 113.6 62.9 177.2 59.3 6.7 2.4 113.6 62.9 177.2 59.3 6.6 2.3 131.9 58.9 186.2 58.6 — % — % 0.04 % 0.02 % 0.05 % 0.02 % 0.02 % 0.13 % 0.01 % — % 0.07 % 0.01 % — % 94-33 Corona Ave, Corona, NY 11373 Food Services and Drinking Places 4308 Holland Rd, Virginia Beach, VA 23452 1 Mill & Main Pl., Ste 330, Maynard, MA 1754 Food Services and Drinking Places Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/26/2043 340.0 340.0 394.7 0.12 % Term Loan Prime plus 2.75% 2/23/2028 Term Loan Prime plus 2.75% 2/22/2028 3.8 29.3 3.8 29.3 3.7 30.8 — % 0.01 % F-213 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Crossfit iQ LLC Wellfleet Consulting Inc. New View Media Group LLC Town & Country Transportation Co. Lulinjett LLC dba All American Printing & Design (#,^) (#,^) (#,^) (#,^) (#,^) Margab Inc dba Smoothie King (#,^) JumboMarkets, Inc. Tony Herring & Associates, Inc. Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Construct (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Quality Machine of Iowa, Inc Apps Inc., Market Share, and Singular Leaseholdings LLC De La Vega LLC dba De La Vega Deland and De La Vega Oviedo Macrotech Integrated Management Solutions dba Extreme Lawn Care Midlothian Hardware Inc dba Grills True Value Chace Building Supply of CT Inc., USA General Investment LLC dba Braniff Paint and Body Shop (#,^) (#,^) (#,^) (#,^) Rocco'sLandscaping LLC WydeBodi, LLC dba Wyde Bodi Auto Tags New Phaze Packaging Inc Concrete Services LLC and James Ward Parati USA Inc (#,^) (#,^) (#,^) (#,^) (#,^) 346 Pike Rd, Bay 8 & 9, West Palm Beach, FL 33411 2275 Research Blvd Ste 500, Rockville, MD 20850 1 Old Wolfe Rd Ste 205, Budd Lake, NJ 7828 191-193 Arch St, New Britain, CT 6051 4621 Bayshore Rd, Fort Myers, FL 33917 14200 SW 8th St Unit #102, Miami, FL 33184 15500 SW Trail Drive, Indiantown, FL 34956 211 West Camellia Drive, Slidell, LA 70458 30521 134th St SE, Sultan, WA 98294 1040 4th Ave, Audubon, IA 50025 800 Village Walk #159, Guilford, CT 6437 128 North Woodland Blvd, Deland, FL 32720 2425 Durrance LN, Ormond Beach, FL 32174 4751 West 147th St, Midlothian, IL 60445 90 Route 171, Woodstock, CT 6281 2290 NW 21st Terrace, Miami, FL 33142 151 Kitts Lane, Newington, CT 6111 706 North 37th St, Philadelphia, PA 19104 9533 Irondale Ave, Los Angeles, CA 91311 24 County Rd 901, Jemison, AL 35085 1018 Wilt Ave, Ridgefield, NJ 7657 Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Publishing Industries (except Internet) Transit and Ground Passenger Transportation Printing and Related Support Activities Food Services and Drinking Places Food and Beverage Stores Furniture and Home Furnishings Stores Specialty Trade Contractors Fabricated Metal Product Manufacturing Telecommunications Food Services and Drinking Places Repair and Maintenance Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 2/21/2028 Term Loan Prime plus 2.75% 2/21/2028 Term Loan Prime plus 2.75% 2/16/2028 Term Loan Prime plus 2.75% 2/16/2028 Term Loan Prime plus 2.75% 2/14/2043 Term Loan Prime plus 2.75% 2/13/2028 Term Loan Prime plus 2.75% 2/13/2028 Term Loan Prime plus 2.75% 2/9/2028 33.6 11.9 65.3 52.3 101.5 10.1 164.2 6.5 33.6 11.9 65.3 52.3 101.5 10.1 164.2 6.5 33.2 11.5 68.6 54.9 117.9 10.0 163.0 6.9 Term Loan Prime plus 2.75% 2/9/2028 58.9 58.9 59.2 Term Loan Prime plus 2.75% 2/9/2028 1,107.1 1,107.1 1,127.0 Term Loan Prime plus 2.75% 2/8/2028 Term Loan Prime plus 2.75% 2/7/2028 Term Loan Prime plus 2.75% 2/5/2028 Term Loan Prime plus 2.75% 2/2/2028 413.6 64.1 9.5 11.9 413.6 64.1 9.5 11.9 402.4 63.7 10.0 12.5 0.01 % — % 0.02 % 0.02 % 0.03 % — % 0.05 % — % 0.02 % 0.33 % 0.12 % 0.02 % — % — % Term Loan Prime plus 2.75% 1/31/2043 286.1 286.1 332.1 0.10 % Repair and Maintenance Administrative and Support Services Support Activities for Transportation Term Loan Prime plus 2.75% 1/31/2028 Term Loan Prime plus 2.75% 1/31/2043 Term Loan Prime plus 2.75% 1/30/2043 11.8 71.5 45.3 11.8 71.5 45.3 11.6 83.0 51.8 Paper Manufacturing Term Loan Prime plus 2.75% 1/26/2043 914.6 914.6 1,061.0 Specialty Trade Contractors Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 1/25/2028 Term Loan Prime plus 2.75% 1/25/2028 78.4 13.3 78.4 13.3 78.9 12.9 — % 0.02 % 0.02 % 0.31 % 0.02 % — % F-214 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Flair Interiors, Inc dba Giant Don's Flooring America Tier1 Solutions LLC Friend Contractors, LLC (#,^) (#,^) (#,^) Weeping Willow Kennels, Inc. (#,^) Lavish Specs Inc MedWorxs Inc. Lou & Choo Enterprises Inc dba Lou & Choo Lounge Specialized Dairy Processors LLC and Nathaly Zapata Work of Heart Inc dba Little Nest Portraits Human Resource Time Manager LLC Sandfree Systems LLC Crad Holding LLC dba Neighborhood Laundry of Bloomfield Social Link LLC Farec, Inc (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) Morrocco Method, Inc Salida Family Chiropractic- PPLC dba Salida Sport and Spine (#,^) (#,^) O'Rourke's Diner, LLC (#,^) Medical Plaza of Boro Park PC (#,^) Anderson Farms Inc (#) Landmark Ventures USA Inc Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood (#,^) (#,^) Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/24/2028 107.8 107.8 113.3 0.03 % Term Loan Prime plus 2.75% 1/23/2028 5.9 5.9 5.8 — % Construction of Buildings Term Loan Prime plus 2.75% 1/19/2043 221.7 221.7 251.7 0.07 % 7725 Old Seward Hwy, Anchorage, AK 99502 1000 Essington Rd, Juliet, IL 60435 1950 Mill Bay Rd, Kodiak, AK 99615 6041 Hammond School Rd, Salisbury,, MD 21804 262 Glen St, Glen Cove, NY 11542 6857 Timbers Dr., Evergreen, CO 80439 2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140 2200 N Commerce Parkway, Weston, FL 33326 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 2737 Humphrey St, East Elmhurst, NY 11369 116 Cricket Ave Ste B, Ardmore, PA 19003 Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2028 Machinery Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/19/2028 Term Loan Prime plus 2.75% 1/18/2028 Term Loan Prime plus 2.75% 1/18/2043 Term Loan Prime plus 2.75% 1/16/2028 Term Loan 7.5% 1/10/2028 Term Loan Prime plus 2.75% 1/8/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/5/2028 60 Dodd St, Bloomfield, NJ 7003 Personal and Laundry Services 41Peabody St, Nashville, TN 37210 30250 W Nine Mile Rd, Farmington, MI 48336 800 Farroll Rd, Grover Beach, CA 93433 Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Chemical Manufacturing Term Loan Prime plus 2.75% 1/5/2028 Term Loan Prime plus 2.75% 12/29/2027 Term Loan 7.5% 12/29/2042 Term Loan Prime plus 2.75% 12/27/2042 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2027 Prime plus 2.75% 12/22/2027 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 203 G St, Salida, CO 81201 728 Main St, Middleton, CT 6457 1266 51St 1st Floor, Brooklyn, NY 11219 271 West Hwy 30, Burley, ID 83318 475 Park Ave South 25th Floor, New York, NY 10016 Truck Transportation Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 7.5% 12/22/2027 4,214.0 4,214.0 3,770.6 Term Loan Prime plus 2.75% 12/22/2027 48.6 48.6 47.2 0.01 % 12351 Gateway Park Place, Draper, UT 84020 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2027 604.8 604.8 591.8 0.17 % F-215 See accompanying notes to consolidated financial statements. 8.2 5.9 61.7 109.8 51.0 5.0 12.1 5.9 49.0 8.7 242.4 692.8 9.3 3.0 29.7 8.2 5.9 61.7 109.8 51.0 5.0 12.1 5.9 49.0 8.7 242.4 692.8 9.3 3.0 29.7 8.6 5.7 60.1 124.2 49.6 4.4 12.7 6.2 47.9 8.5 223.0 796.1 9.1 3.1 28.8 — % — % 0.02 % 0.04 % 0.01 % — % — % — % 0.01 % — % 0.07 % 0.23 % — % — % 0.01 % 1.11 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Muckamuck Trucks, Inc. CT Auto Spa LLC DHD Enterprise LLC dba Edible Arrangements #1699 Blue Lagoon Resort, LLC dba Hill View Cottages DBMS Consulting, Inc. Best Quality Home Care LLC Auto Excellance of Fort Myers Inc. Ocean Trans LLC & Dehal Trucking LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) JMD Aviation Holdings, LLC (#,^) Capital Containers LLC Peanut Butter & Co., Inc 1-0 Granny's Helpful Hands, LLC Legion Bowl, Inc & Legion Pub Inc LP Industries Inc. dba Childforms Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. Beale Street Blues Company Inc.dba B.B. King's Club- Memphis Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC Royalty Freight Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Atlas Geo-Constructors, LLC (#,^) KR Calvert & Co, LLC AADJ Empire Inc and AADJ Galaxy Inc. Heung Kyun Im (#,^) (#,^) (#,^) 510 S Spring St, Ukiah, CA 95482 39 Albany Turnpike, West Simsbury, CT 6092 828 Washington Ave, Miami Beach, FL 33139 3670 Lake Shore Drive, Lake George, NY 12845 164 West 83rd St- Units CF1 and CF2, New York, NY 10024 317 S Berry St, Centralia, WA 98531 3105 Fowler St, Fort Myers, FL 33901 1415 W. Anderson St, Stockton, CA 95206 8050 North West 90th St, Medley, FL 33166 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 119 West 57th St, Ste 300, New York, NY 10019 705 East Lake St, Minneapolis, MN 55407 661 Park St, Cranston, RI 2910 2040 Norwood St. SW, Lenoir, NC 28645 Truck Transportation Term Loan Prime plus 2.75% 12/22/2027 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2027 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/21/2027 Accommodation Professional, Scientific, and Technical Services Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/21/2042 Term Loan Prime plus 2.75% 12/20/2027 Term Loan Prime plus 2.75% 12/19/2027 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/19/2042 Truck Transportation Term Loan Prime plus 2.75% 12/15/2042 Rental and Leasing Services Term Loan Prime plus 2.75% 12/15/2027 Truck Transportation Merchant Wholesalers, Nondurable Goods Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/15/2027 Term Loan Prime plus 2.75% 12/15/2027 Term Loan Prime plus 2.75% 12/15/2027 Term Loan Prime plus 2.75% 12/15/2042 Term Loan Prime plus 2.75% 12/14/2027 10.7 167.2 17.8 179.3 58.3 5.2 101.1 595.7 399.8 11.8 174.8 17.5 318.4 60.3 10.7 167.2 17.8 179.3 58.3 5.2 101.1 595.7 399.8 11.8 174.8 17.5 318.4 60.3 10.9 175.4 17.7 207.8 59.5 5.0 117.2 661.8 419.3 11.7 169.8 17.1 369.1 62.0 — % 0.05 % 0.01 % 0.06 % 0.02 % — % 0.03 % 0.20 % 0.12 % — % 0.05 % 0.01 % 0.11 % 0.02 % 34 35th St, Brooklyn, NY 11232 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2027 77.2 77.2 80.2 0.02 % 149 Monroe Ave, Memphis, TN 38103 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2027 782.9 782.9 763.8 0.23 % 148 West 24th St, New York, NY 10011 3728 W Mckinley Ave, Fresno, CA 93722 3466 Thomasville Rd, Winston Salem, NC 27107 113 Seaboard Lane #C-270, Franklin, TN 37067 1599 Post Rd, Warwick, RI 2888 6235 Conlan Bay Drive, Houston, TX 77041 Management of Companies and Enterprises Term Loan Prime plus 2.75% 12/14/2027 Truck Transportation Term Loan Prime plus 2.75% 12/14/2027 Specialty Trade Contractors Transit and Ground Passenger Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2027 Term Loan Prime plus 2.75% 12/14/2027 Term Loan Prime plus 2.75% 12/14/2042 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2027 46.3 518.2 238.6 406.8 172.5 12.0 46.3 518.2 238.6 406.8 172.5 12.0 45.4 503.2 244.7 395.9 193.5 11.7 0.01 % 0.15 % 0.07 % 0.12 % 0.06 % — % F-216 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 12533 S. 73rd E. Place, Bixby, OK 74008 1906 Vanderhorn Drive, Memphis, TN 38134 Rental and Leasing Services Administrative and Support Services Term Loan Prime plus 2.75% 12/13/2027 Term Loan Prime plus 2.75% 12/13/2042 Hardway Inc & AFC Leasing Inc (#,^) Nichols Fire and Security LLC LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC Sky Way Enterprises, Inc, A- Liner-8-Aviation, Inc, Kissimmee Aviation Clore Construction LLC A-1 Van Services Inc Big Picture Group LLC Clear Sound Communications, Inc AV Strategy Inc JVLS LLC dba Vaccines 2 Go Kim Howard Corp dba NPN Machine Tools IHC Hardware Inc. ODS Inc Healthcare Interventions, Inc dba Brightstar Healthcare Oil Palace, Inc. Linda Jean Howard Riley dba The Rusty Bolt Salud Bar & Grill LLC Utara LLC Square1 Partners, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 498 Wilderness View, Chatsworth, GA 30705 1120 Wren School Rd, Piedmont, SC 29673 3031 Patrick St, Kissimmee, FL 34741 21220 FM 1420, Harlingen, TX 78550 154 Sandy Creek Rd, Verona, PA 15147 935 N La Jolla, Los Angeles, CA 90046 680 Old Medford Ave, Medford, NY 11763 9468 American Eagle Way Ste 100, Orlando, FL 32837 4060 Johns Creek Parkway, Ste H, Suwanee, GA 30024 9130 Wayfarer Lane, Houston, TX 77075 614 BRd St, Story City, IA 50248 626 N Delsea Drive, Glassboro, NJ 8028 5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484 10408 Hwy 64 East, Tyler, TX 75707 22345 W. Rt 66, Seligman, AZ 86337 1413 Bushwick Ave, Brooklyn, NY 11207 214 Pine St, Sandpoint, ID 83864 1088 Greenbriar Lane, Northbrook, IL 60062 Real Estate Term Loan Prime plus 2.75% 12/12/2042 Gasoline Stations Term Loan Prime plus 2.75% 12/12/2027 Air Transportation Heavy and Civil Engineering Construction Transit and Ground Passenger Transportation Professional, Scientific, and Technical Services Administrative and Support Services Term Loan 8.25% 12/12/2027 Term Loan Prime plus 2.75% 12/12/2027 Term Loan Prime plus 2.75% 12/12/2027 Term Loan Prime plus 2.75% 12/12/2027 Term Loan Prime plus 2.75% 12/8/2027 Rental and Leasing Services Term Loan Prime plus 2.75% 12/8/2027 Ambulatory Health Care Services Term Loan Fabricated Metal Product Manufacturing Building Material and Garden Equipment and Supplies Dealers Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Ambulatory Health Care Services Term Loan Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/7/2027 Prime plus 2.75% 12/7/2042 Prime plus 2.75% 12/6/2042 Prime plus 2.75% 12/6/2027 Prime plus 2.75% 12/4/2027 720.9 83.3 95.1 38.7 430.9 358.5 575.1 299.7 2.9 353.8 12.0 562.5 95.7 38.1 11.7 720.9 83.3 700.0 94.3 0.21 % 0.03 % 95.1 110.3 0.03 % 38.7 37.6 0.01 % 430.9 358.5 575.1 299.7 2.9 353.8 12.0 562.5 95.7 38.1 11.7 383.4 366.1 589.3 298.0 2.8 356.7 11.6 651.5 106.6 38.3 11.3 0.11 % 0.11 % 0.17 % 0.09 % — % 0.11 % — % 0.19 % 0.03 % 0.01 % — % 0.32 % 0.01 % 0.01 % 0.01 % 0.01 % Prime plus 2.75% 12/4/2042 945.4 945.4 1,095.9 Miscellaneous Store Retailers Food Services and Drinking Places Food Services and Drinking Places Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/1/2042 Term Loan Prime plus 2.75% 12/1/2027 Term Loan Prime plus 2.75% 12/1/2027 Term Loan Prime plus 2.75% 12/1/2027 20.0 43.7 18.1 48.4 20.0 43.7 18.1 48.4 23.2 42.6 18.1 47.0 F-217 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) WTI Distribution Inc Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard Skin Beauty Bar Inc. and Tameka J. Mathis J. Venture Holdings, LLC (#,^) (#,^) (#,^) (#,^) Our Playhouse Preschool, LLC (#,^) OPH Lexington, Inc Beacon Brewing LLC and C' Sons, LLC JMD Corporation dba Dart's True Value Webtez Inc dba Mod Vans Step Up Academy of the Arts, LLC Grumpy's Restaurant Company, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) PB Market LLC dba Pure Barre (#,^) Cali Fit Meals B Lam LLC Maya Motel, LLC dba Town House Motel Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. SSI Refrigerated Express Inc. and Robert M Stallone H & H Hotshot Services, Inc. J R Wholesale Tires & Auto Center, LLC Auto Rx LLC,J&P Auto Repair Inc Marcaco LLC Paramount Dance Studios Inc. and Homestead Dance Supply (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 5491 E Francis St, Ontario, CA 91761 Support Activities for Transportation Term Loan Prime plus 2.75% 11/30/2027 1 Jackson St, Troy, NY 12180 749 8th St SE 2nd Floor, Washington, DC 20003 2285 St. Andrews Ave, Zachary, LA 70791 3501 NC Hwy 54 W, Chapel hill, NC 27516 235 Walton Ave, Lexington, KY 40502 700 Lincoln St, Lagrange, GA 30204 121 South Main St, Payette, ID 83661 1673 Donlon St, Ste 202, Ventura, CA 93003 2258A Wigwam Parkway, Henderson, NV 89074 834 Kingsley Ave, Orange Park, FL 32073 164-C Market St, Charleston, SC 29401 3450 East Orangethrope Ave, Anaheim, CA 92806 9419 Kenwood Rd, Cincinnati, OH 45242 1701 Washington Ave, Waco, TX 76701 1990 Flippen Rd, Stockbridge, GA 30281 1001 E. Cooley Drive Ste 102, Colton, CA 92324 5455 N. 51st Ave Ste 30, Glendale, AZ 85301 822 Cameron Lane, Lugoff, SC 29078 91 & 95 Woodbury Rd, Hicksville, NY 11801 124 Lincoln Ave, Colonie, NY 12205 112 N Krome Ave, Homestead, FL 33030 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/30/2027 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2027 Term Loan Prime plus 2.75% 11/30/2027 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 Social Assistance Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/29/2042 Term Loan Prime plus 2.75% 11/27/2042 Term Loan Prime plus 2.75% 11/22/2027 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/22/2027 Educational Services Food Services and Drinking Places Educational Services Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2027 Term Loan Prime plus 2.75% 11/21/2027 Term Loan Prime plus 2.75% 11/21/2027 Term Loan Prime plus 2.75% 11/21/2027 Personal and Laundry Services Term Loan Prime plus 2.75% 11/20/2042 Accommodation Term Loan Prime plus 2.75% 11/17/2042 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/17/2027 Truck Transportation Term Loan Prime plus 2.75% 11/17/2027 Couriers and Messengers Term Loan Prime plus 2.75% 11/16/2027 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/15/2042 Repair and Maintenance Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 11/15/2042 Term Loan Prime plus 2.75% 11/15/2042 Educational Services Term Loan Prime plus 2.75% 10/14/2043 F-218 See accompanying notes to consolidated financial statements. 30.8 80.8 6.9 9.6 223.1 181.5 120.6 14.4 53.9 12.1 54.7 83.5 17.3 172.3 54.3 40.8 48.4 53.9 12.8 186.5 498.6 448.5 30.8 80.8 6.9 9.6 223.1 181.5 120.6 14.4 53.9 12.1 54.7 83.5 17.3 172.3 54.3 40.8 48.4 53.9 12.8 186.5 498.6 448.5 31.3 0.01 % 84.8 6.8 10.1 258.6 210.4 139.8 14.6 52.5 11.8 53.2 81.2 17.6 197.8 62.9 39.9 47.7 53.7 14.9 216.0 578.0 512.8 0.02 % — % — % 0.08 % 0.06 % 0.04 % — % 0.02 % — % 0.02 % 0.02 % 0.01 % 0.06 % 0.02 % 0.01 % 0.01 % 0.02 % — % 0.06 % 0.17 % 0.15 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Wing King at the Gardens LLC (#,^) Hofgard & Co, Inc dba Hofgard Benefits and James Marsh His Loving Hands Christian Academy, Inc. (#,^) (#,^) S & S Auto Body Shop Inc. Sterling Campbell Insurance Agency, Inc Top Quality Dent Service LLC Edge Studios Inc Radiant Yoga LLC Rachael Reel dba Rachel Reel Insurance Age Berza TLG,LLC dba The Little Gym of Lake Charles Die Hard Used Car Sales The Five Lakes LLC Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle Sage Oil LLC Ashore Ventures Inc dba PuroClean Professional Restoration Suzie LLC dba Tony D's Restaurant Grand Blanc Lanes, Inc. Schafer Fisheries Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Island Refrigeration & AC Inc (#,^) Looky Enterprises, LLC Blueridge Armor LLC H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry (#,^) (#,^) (#,^) 4235 South Fort Apache Rd, Ste 250, Las Vegas, NV 89147 400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027 15020 Harrison St, Miami, FL 33176 5001 W. Clay St, Richmond, VA 23230 36359 North Gantzel Rd Ste 102, San Tan Valley, AZ 85140 1541 Vapor Trail, Colorado Springs, CO 80905 448 Howe Ave, Sacramento, CA 95825 208 Bank St, Lenoir, TN 37771 1301 E McNeese St, Ste 201, Lake Charles, LA 70607 1668 West Grand Ave, Phoenix, AZ 85007 13705 Holmes Rd, Kansas City, MO 64154 377 Boston Post Rd Unit B, Milford, CT 6460 8913 Egyptian Ave, Las Vegas, NV 89143 909 SE Everett Mall Way Ste A- 140, Everett, WA 98208 92 Huntington St, New London, CT 6320 5301 S. Saginaw Rd, Flint, MI 48507 21985 Waller Rd, Fulton, IL 61252 3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040 1175 Surlington Ave, Ste 101, Leland, NC 28451 1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160 1227 Burnside Ave, East Hartford, CT 6108 Food Services and Drinking Places Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/10/2027 Term Loan Prime plus 2.75% 11/8/2027 Social Assistance Term Loan Prime plus 2.75% 11/6/2042 7.5 11.5 87.2 7.5 11.5 87.2 Term Loan Prime plus 2.75% 11/3/2042 146.6 146.6 Repair and Maintenance Insurance Carriers and Related Activities Repair and Maintenance Amusement, Gambling, and Recreation Industries Insurance Carriers and Related Activities Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/3/2027 Term Loan Prime plus 2.75% 11/2/2027 Term Loan Prime plus 2.75% 11/1/2027 Term Loan Prime plus 2.75% 10/31/2027 Term Loan Prime plus 2.75% 10/31/2027 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/30/2042 5.8 4.6 52.4 5.7 32.4 53.6 5.8 4.6 52.4 5.7 32.4 53.6 7.3 11.2 100.1 170.0 5.6 4.5 51.5 5.6 31.8 62.1 Educational Services Term Loan Prime plus 2.75% 10/30/2042 450.7 450.7 522.5 Couriers and Messengers Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/27/2027 Term Loan Prime plus 2.75% 10/27/2027 Repair and Maintenance Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/27/2027 Term Loan Prime plus 2.75% 10/25/2042 Term Loan Prime plus 2.75% 10/25/2027 Food Manufacturing Term Loan Prime plus 2.75% 10/25/2027 29.2 7.6 11.1 83.0 11.4 27.4 29.2 7.6 11.1 83.0 11.4 27.4 28.8 7.5 11.0 95.8 12.0 28.7 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 10/18/2027 Term Loan Prime plus 2.75% 10/18/2042 125.7 125.7 143.3 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/17/2027 Electronics and Appliance Stores Term Loan 7.5% 10/17/2042 F-219 See accompanying notes to consolidated financial statements. 50.7 6.3 61.3 50.7 6.3 61.3 50.0 6.4 57.4 0.02 % — % — % 0.03 % 0.05 % — % — % 0.02 % — % 0.01 % 0.02 % 0.15 % 0.01 % — % — % 0.03 % — % 0.01 % 0.04 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Cortez Landscaping, LLC On Call Services LLC Pro Anderson, LLC Sandbox Ventures LLC Eye Optique Inc. Ains Holding Company LLC Becky Lou Corp dba Rent A Center Dan Cline Transport Inc. Harco Metal Products Inc Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC Sashshel Corporation Miechella Suzette Decker Threads of Time LLC Rhode Island Tennis Management LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) National Media Services, Inc (#,^) Pets A Go Go LLC Rhode Island Tennis Management LLC Nicholson Lumber Co Inc. Complete Care IT LLC Technologist Inc (#,^) (#,^) (#,^) (#,^) (#,^) Inspirations Food Design, Inc (#,^) 4 Powder Rd, Norwalk, CT 6854 15060 281St Ave NW, Zimmerman, MN 55398 1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546 1857 A Elmdale Ave, Glenview, IL 60026 10800 Alpharetta Hwy, Ste 220, Roswell, GA 30076 121 Fulton St, New York, NY 10038 3578 Route 611, Ste 210, Bartonsville, PA 18321 501 State Drive, Mount Vernon, MO 65712 7895 East Acoma Drive Ste 102, Scottsdale, AZ 85260 Administrative and Support Services Construction of Buildings Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/13/2027 Term Loan Prime plus 2.75% 10/13/2027 Term Loan Prime plus 2.75% 10/11/2027 Term Loan Prime plus 2.75% 10/11/2027 Health and Personal Care Stores Management of Companies and Enterprises Term Loan Prime plus 2.75% 10/5/2027 Term Loan Prime plus 2.75% 10/2/2027 Rental and Leasing Services Term Loan Prime plus 2.75% 10/2/2027 Truck Transportation Term Loan Prime plus 2.75% 9/29/2030 Primary Metal Manufacturing Term Loan Prime plus 2.75% 9/29/2042 14.6 13.7 41.2 15.4 11.4 69.2 69.3 823.9 466.7 14.6 13.7 41.2 15.4 11.4 69.2 69.3 823.9 466.7 14.7 14.4 40.4 15.8 11.1 68.2 69.8 829.2 518.0 Fabricated Metal Product Manufacturing Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services 4500 W 47th St, Chicago, IL 60632 676 Franklin Blvd, Somerset, NJ 8873 3515 Main St, Exmore, VA 23350 Miscellaneous Store Retailers 207 S Buchanan St, Danville, IL 61832 636 Centerville Rd, Warwick, RI 2886 5091 Lexington Blvd, Fort Meyers, FL 33919 589 North State Rd, Briarcliff Manor, NY 10510 636 Centerville Rd, Warwick, RI 2886 377 Main St, Nicholson, PA 18446 4801 South University Drive, Ste 125, Davie, FL 33328 3120 Farview Drive, Ste 610, Falls Church, VA 22042 1338 Memorial Ave, West Springfield, MA 1089 Personal and Laundry Services Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Heavy and Civil Engineering Construction Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2042 1,174.4 1,174.4 1,339.6 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 9/29/2042 9/29/2042 Term Loan Prime plus 2.75% 9/29/2042 Term Loan Prime plus 2.75% 9/28/2042 Term Loan Prime plus 2.75% 9/28/2027 Term Loan Prime plus 2.75% 9/28/2042 Term Loan Prime plus 2.75% 9/28/2042 Term Loan Prime plus 2.75% 9/28/2030 Term Loan Prime plus 2.75% 9/27/2027 Term Loan Prime plus 2.75% 9/27/2027 Term Loan Prime plus 2.75% 9/26/2042 201.4 93.9 130.3 524.0 14.2 188.1 364.9 178.9 11.1 187.1 443.3 201.4 93.9 130.3 524.0 14.2 188.1 364.9 178.9 11.1 187.1 443.3 233.5 108.8 147.3 591.7 13.7 215.5 412.0 189.8 10.8 195.8 503.8 — % — % 0.01 % — % — % 0.02 % 0.02 % 0.24 % 0.15 % 0.39 % 0.07 % 0.03 % 0.04 % 0.17 % — % 0.06 % 0.12 % 0.06 % — % 0.06 % 0.15 % F-220 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn KB Waterjet Cutting LLC Sallee Pro-Custom Fabrication Shop LLC Insight Diagnostic Technologist Services Commonwealth Diagnostics International, Inc NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York Imagine By Carleen, Inc. CR Park Incorporated dba Define Body and Mind Denek Contracting Inc and Denek Leasing LLC Montessori Community School Sound Manufacturing, Inc. & Monster Power Equipment, Inc. CIS BIG DOG, LLC Stone's Construction and Remodeling, LLC Party By Design Inc. Li Family Spokane LLC Clinton Food Market LLC Tarleton & Family Landscaping, LLC Alaska Motor Home Inc Fox Valley Rentals & Investments, LLC Nails By Mercede LLC Town & Country Transportation Co. and Popco, LLC. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 4864 Arthur Kill Rd Units 102,103,104 & 105, Staten Island, NY 10309 4330 Parker Lane, Addis, LA 70710 8865 North County Rd 600 W, Scipio, IN 47273 2030 Forest Ave, Ste 110, San Jose, CA 95128 39 Norman St a/k/a 1 Holyoke Square, Salem, MA 1970 Food Services and Drinking Places Fabricated Metal Product Manufacturing Repair and Maintenance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/22/2027 Term Loan Prime plus 2.75% 9/22/2027 Term Loan Prime plus 2.75% 9/21/2027 Term Loan Prime plus 2.75% 9/20/2027 Term Loan Prime plus 2.75% 9/20/2027 16.9 7.7 6.8 245.5 982.5 16.9 7.7 6.8 245.5 982.5 16.5 7.7 7.1 243.3 1,028.4 — % — % — % 0.07 % 0.30 % 1401 Lakeland Ave, Bohemia, NY 11716 1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 33904 49 W. Allandale Ave, Allendale, NJ 7401 451 E. Wilson Ave, Pontiac, MI 48341 123 South Navarra Drive, Scotts Valley, CA 95066 51 Donnelley Rd, Old Saybrook, CT 6475 8920 US HWY, 62 WEST, Cynthiana, KY 41031 5210 Kaylin Drive, Akron, OH 44319 61 Strafello Drive, Avon, MA 2322 21 E. Lincoln Rd, Spokane, WA 99208 196 East Main St, Clinton, CT 6413 125 E Center St, Midland Park, NJ 7432 6633 Brayton Dr, Anchorage, AK 99507 2906 E. Newberry St, Appleton, WI 54915 2994 and 2996 Edgewater Drive, Orlando, FL 32804 191 Arch St, New Britain, CT 6051 Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027 776.8 776.8 799.3 0.24 % Personal and Laundry Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027 Term Loan Prime plus 2.75% 9/20/2027 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/20/2042 Social Assistance Fabricated Metal Product Manufacturing Administrative and Support Services Term Loan Prime plus 2.75% 9/20/2042 Term Loan Prime plus 2.75% 9/20/2027 Term Loan Prime plus 2.75% 9/19/2027 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/19/2027 5.7 50.3 198.7 259.1 150.4 49.5 4.0 5.7 50.3 198.7 259.1 150.4 49.5 4.0 5.9 50.3 230.0 293.9 154.1 51.8 3.8 Personal and Laundry Services Food Services and Drinking Places Gasoline Stations Professional, Scientific, and Technical Services Rental and Leasing Services Food Services and Drinking Places Personal and Laundry Services Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/18/2042 1,142.2 1,142.2 1,284.8 Term Loan Prime plus 2.75% 9/15/2042 Term Loan Prime plus 2.75% 9/15/2042 Term Loan Prime plus 2.75% 9/15/2027 Term Loan Prime plus 2.75% 9/13/2027 Term Loan Prime plus 3.75% 9/13/2027 Term Loan Prime plus 2.75% 9/13/2027 364.3 242.3 62.9 251.6 5.7 10.8 364.3 242.3 62.9 251.6 5.7 10.8 418.0 274.4 62.2 243.9 6.1 10.9 Term Loan Prime plus 2.75% 9/12/2042 159.8 159.8 185.0 0.05 % — % 0.01 % 0.07 % 0.09 % 0.05 % 0.02 % — % 0.38 % 0.12 % 0.08 % 0.02 % 0.07 % — % — % F-221 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) (#,^) Rajbai Maa Inc. dba Nara Lounge (#,^) Morgan Lynn Kerstetter dba Catherine School of Dance Health & Performance Center, LLC Foxtail, LLC and Tottly New Services Corp Echelon Planning Group, LLC dba Echelon Financial Services and Echelon (#,^) (#,^) (#,^) Crazy Beatz Productions LLC South Fulton Landscape & Nursery, Inc. Dreaming Big Learning Center Inc Big Coop's Trucking LLC Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran Parlay Disributors LLC Lake County Tow LLC InUSA Ventures Inc dba InUSA Services Genuine Ventures LLC and Seaweed Ventures LLC Delicias de Minas Restaurant, LLC Damiano Global Corp L&V Auto Sales, Inc. Tier1 Solutions LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Tony Herring & Associates, Inc (#,^) Chester's World Enterprise LLC (#,^) D'Amato & Sons Construction, Inc. (#,^) 244-252 Atwells Ave, Providence, RI 2903 315 Mill St 3rd Floor, Danville, PA 17821 1862 Craigshire Rd, Saint Louis, MO 63146 1481 Highland Ave, Cheshire, CT 6410 5 Greenleaf Drive, Unit 201, Portsmouth, NH 3801 20014 NE 138th St, Kearney, MO 64060 3415 Enon Rd, College Park, GA 30349 3301 W Oak St, Kissimmee, FL 34741 3066 Misty Creek Drive., Swartz, MI 48473 377 Boston Post Rd, Milford, CT 6460 20 Medford Ave, Ste 104, Patchogue, NY 11772 15409 Country Rd 565A, Clermont, FL 34711 3015 San Pablo Ave, Ste 511, Berkeley, CA 94702 432 S Franklin St, Juneau, AK 99801 168-170 McWhorter St, Newark, NJ 7105 333 Birch Hills Drive, Rochester, NY 14622 1504 West Franklin Blvd., Gastonia, NC 28052 1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435 211 West Camellia Drive, Slidell, LA 70458 140 W Alameda Drive, Ste 104, Tempe, AZ 85282 117 Oak St, Amityville, NY 11701 Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/12/2042 369.1 369.1 411.5 0.12 % Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2027 Term Loan Prime plus 2.75% 9/11/2027 5.7 15.4 5.7 15.4 5.9 14.9 — % — % Social Assistance Term Loan Prime plus 2.75% 9/8/2042 275.9 275.9 312.7 0.09 % Insurance Carriers and Related Activities Motion Picture and Sound Recording Industries Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/8/2027 Term Loan Prime plus 3.75% 9/7/2027 Term Loan Prime plus 2.75% 9/7/2042 Social Assistance Term Loan Prime plus 2.75% 9/5/2042 Truck Transportation Term Loan Prime plus 2.75% 9/1/2027 5.7 4.1 94.8 359.9 75.5 5.7 4.1 94.8 359.9 75.5 5.9 4.1 109.7 407.2 77.0 Couriers and Messengers Term Loan Prime plus 2.75% 8/31/2027 293.3 293.3 289.1 Educational Services Support Activities for Transportation Securities, Commodity Contracts, and Other Financial Investments and Related Activities Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Furniture and Home Furnishings Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/25/2027 Term Loan Prime plus 2.75% 8/25/2042 Term Loan Prime plus 2.75% 8/24/2027 Term Loan Prime plus 2.75% 8/24/2030 Term Loan Prime plus 2.75% 8/22/2027 Term Loan Prime plus 2.75% 8/21/2027 Term Loan Prime plus 2.75% 8/21/2027 Term Loan Prime plus 2.75% 8/18/2027 Term Loan Prime plus 2.75% 8/17/2027 Term Loan Prime plus 2.75% 8/16/2027 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/11/2027 F-222 See accompanying notes to consolidated financial statements. 83.2 82.8 18.7 469.9 151.9 16.8 13.5 14.0 5.6 16.9 6.2 83.2 82.8 18.7 469.9 151.9 16.8 13.5 14.0 5.6 16.9 6.2 81.4 93.5 18.1 484.4 158.9 17.2 14.1 13.9 5.4 16.8 6.2 — % — % 0.03 % 0.12 % 0.02 % 0.09 % 0.02 % 0.03 % 0.01 % 0.14 % 0.05 % 0.01 % — % — % — % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Prime plus 2.75% 7/26/2027 162.1 162.1 162.8 L & J Corporate Services Inc (#,^) HMG Strategy LLC, Royal Blue Investments, Inc. and Cleland Pharmacy LLC Sharon G McMillen, MA Psychologist, Inc. Work of Heart Inc dba Little Nest Portraits HQTRONIC LLC Oberon IT, Inc. Gilles Peress Studio LLC Obok LLC Lil Tots' Learning Center LLC Ocean Trans LLC Matrix Z LLC Aitheras Aviation Group, LLC , Aitheras Aviation Group, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Wildflour Bakery & Cafe, LLC (#,^) Koep Companies dba Pipestone True value McCord Holdings, Inc. dba Fast Signs 176101 Thrifty Market Inc dba Thrifty Foods Hamilton & Associates Real Estate and Investments Firm LLC The Country House Restaurant, LLC and Pelton Real Estate, LLC J&M Civil Construction Services LLC (#,^) (#,^) (#,^) (#,^) J. T. O'Neill Company, L.L.C New Chicago Wholesale Bakery Inc. (#,^) (#,^) 866 NW 110th Ave, Coral Springs, FL 33071 191 Post Rd W., Westport, CT 6880 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan 202 S. 1st St, Wakeeny, KS 67672 Health and Personal Care Stores 216 West Main St, Kingwood, WV 26537 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 10135 S. Roberts Rd, Ste. 209, Palos Hills, IL 60465 1404 W. Walnut Hill Lane, Irving, TX 75038 76 Lafayette Ave, Brooklyn, NY 11217 2720 S. Havana St., Unit H, Aurora, CO 80014 3042 S 78th St, Tampa, FL 33619 Social Assistance 1415 W Andersonr Way, Stockton, CA 95206 800 SW 21st Terrace, Fort Lauderdale, FL 33312 2301 N Marginal Rd, Cleveland, OH 44114 5137 Clareton Drive, Ste 100,110 & 120, Agoura Hills, CA 91301 207 East Main St, Pipestone, MN 56164 7640 N. Wickham Rd, Melbourne, FL 32940 702 10th St, Wheatland, WY 82201 Food Manufacturing Building Material and Garden Equipment and Supplies Dealers Administrative and Support Services Truck Transportation Nonmetallic Mineral Product Manufacturing Food and Beverage Stores Food Manufacturing Air Transportation Term Loan Prime plus 2.75% 8/4/2027 Term Loan Prime plus 2.75% 8/2/2027 Term Loan Prime plus 2.75% 7/31/2042 Prime plus 2.75% 7/28/2027 7.5% 7/28/2027 Prime plus 2.75% 7/27/2027 Prime plus 2.75% 7/25/2027 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 7/21/2027 7/21/2042 Term Loan Prime plus 2.75% 7/21/2027 Term Loan Prime plus 3.75% 7/19/2027 Term Loan Prime plus 2.75% 7/18/2027 Term Loan Prime plus 2.75% 7/17/2027 Term Loan Prime plus 2.75% 7/14/2042 Term Loan Prime plus 2.75% 7/7/2027 Term Loan Prime plus 2.75% 7/6/2027 11776 West Sample Rd, Coral Springs, FL 33065 Real Estate Term Loan Prime plus 2.75% 6/30/2042 677 US Route 7, Pittsford, VT 5763 1221 County Rd 4371, Decatur, TX 76234 19972 Willowin Farm Lane, Purcellville, VA 20132 795 Touhy Ave, Elk Grove Village, IL 60007 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2042 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2027 Real Estate Term Loan Prime plus 2.75% 6/30/2027 Food Manufacturing Term Loan Prime plus 2.75% 6/30/2027 F-223 See accompanying notes to consolidated financial statements. 4.7 35.5 50.0 13.8 43.5 16.7 4.7 35.5 50.0 13.8 43.5 16.7 4.6 34.4 57.6 13.4 38.8 16.2 46.0 8.9 28.3 29.1 5.8 611.0 16.7 308.3 13.9 79.6 51.0 48.1 72.5 11.0 11.3 46.0 8.9 28.3 29.1 5.8 611.0 16.7 308.3 13.9 79.6 51.0 48.1 72.5 11.0 11.3 — % 0.01 % 0.02 % — % 0.01 % — % 0.05 % 0.01 % — % 0.01 % 0.01 % — % 0.18 % 0.01 % 0.10 % — % 0.02 % 44.5 9.0 32.8 28.2 6.2 594.5 17.4 345.2 13.7 79.2 59.4 0.02 % 56.3 73.4 11.2 11.8 0.02 % 0.02 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Oakhill Farms, LLC Best Bees Company Stiegelbauer Associates Inc. Intellixion LLC Malhame & Company Publishers & Importers Inc. Greensboro Plastic Surgical Associates, PA Ocean Trans LLC and Dehal Trucking LLC Foxhop Fitness, LLC Old Dominion Transportation Group, Inc. Akal Express Inc. dba Truck Trailer Service Stop Citibin, Inc. Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Four Seasons Laser Center Inc. (#,^) Ains Holding Company, LLC (#,^) Northern Industries, LLC Vella Construction Enterprises, Inc. dba Vella Construction Birches Group, LLC Scarlet Spartan Inc.dba FastSigns of Brighton Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC JAM Media Solutions, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 15 Carl St, Johnston, RI 2919 839 Albany St, Boston, MA 2119 63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 11205 7447 Egan Dr, Ste 110 A, Savage, MN 55378 180 Orville Rd, Bohemia, NY 11780 2716 Henry St, Greensboro, NC 27405 760 W. Charter Way, Stockton, CA 95206 4211 NW Federal Hwy, Jensen Beach, FL 34957 1308 Devils Reach Rd, Woodbridge, VA 22192 2901 I 40 West, Vega, TX 79092 254 36th St, Ste B519, Brooklyn, NY 11232 211 East 25th St, Norfolk, VA 23504 4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 33498 122 West 26th St, New York, NY 10011 W 5585 Dehart Drive, Tomahawk, WI 54484 318 28th Ave, San Mateo, CA 94403 228 East 45th St. 12th FL South, New York, NY 10017 533 W. Grand River Ave, Brighton, MI 48116 11535 Carmel Commons Blvd. Ste 200, Charlotte, NC 28226 Specialty Trade Contractors Animal Production and Aquaculture Term Loan Prime plus 2.75% 6/29/2030 Term Loan Prime plus 2.75% 6/29/2027 81.8 16.5 81.8 16.5 88.2 16.7 0.03 % — % Term Loan Prime plus 2.75% 6/29/2027 226.2 226.2 238.0 0.07 % Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2042 Specialty Trade Contractors Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Truck Transportation Amusement, Gambling, and Recreation Industries Transit and Ground Passenger Transportation Repair and Maintenance Furniture and Related Product Manufacturing Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/29/2027 Term Loan Prime plus 2.75% 6/29/2027 Term Loan Prime plus 2.75% 6/29/2027 Term Loan Prime plus 2.75% 6/28/2027 Term Loan Prime plus 2.75% 6/28/2027 Term Loan Prime plus 2.75% 6/28/2042 Term Loan Prime plus 2.75% 6/27/2027 2.7 68.4 545.4 452.3 66.8 765.1 26.4 91.7 2.7 68.4 545.4 452.3 66.8 765.1 26.4 91.7 2.8 69.4 632.9 458.3 67.9 780.7 31.1 92.9 Term Loan Prime plus 2.75% 6/27/2030 201.0 201.0 216.5 Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2042 Term Loan Prime plus 2.75% 6/26/2027 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/23/2042 Construction of Buildings Professional, Scientific, and Technical Services Administrative and Support Services Term Loan Prime plus 2.75% 6/23/2027 Term Loan Prime plus 2.75% 6/22/2027 Term Loan Prime plus 2.75% 6/19/2027 211.4 841.7 54.4 16.5 36.7 16.0 211.4 841.7 54.4 16.5 36.7 16.0 245.1 858.7 63.8 16.7 37.2 16.5 — % 0.02 % 0.19 % 0.14 % 0.02 % 0.23 % 0.01 % 0.03 % 0.06 % 0.07 % 0.25 % 0.02 % — % 0.01 % — % Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/16/2042 377.5 377.5 434.3 0.13 % 104 Wooster St, Bethel, CT 6801 4744 Tackawanna St, Philadelphia, PA 19124 Waste Management and Remediation Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/15/2042 Term Loan Prime plus 2.75% 6/15/2027 292.7 24.5 292.7 24.5 338.8 24.8 0.10 % 0.01 % F-224 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) ESA 365 Corp and Lucathor Realty LLC Hull's Kitchen, LLC and HK Too, LLC Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero Susan Hughes dba Aloha Junction B and B Refoleen Inc dba Spice and Tea Exchange Skydive California, LLC SCW, LLC dba Arthur Murray Dance Studio Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder Sage Oil LLC Ricnet III, Inc. dba Edible Arrangements Funtime, LLC and Universal Entertainment Group LLC Haroon Baig,Inc.dba US1 Petrol Chet Lemon Enterprises LLC dba All American Sports Eagle Wood Works LLC Hurricane Group, Inc. Swantown Inn & Spa LLC Beyond Waves A Unique Salon LLC and Lori Ann Carlson Jung Design Inc. Abdul Naushad MD PC dba Advanced Pain Centers Locavore LLC dba Paloma Restaurant Innovim, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2420 Grand Ave, Baldwin, NY 11520 19 Hull Shore Dr, Hull, MA 2045 577 Main Ave, Paterson, NJ 7055 19-4037 Olapalapa Rd, Volcano, HI 96785 849 E Commerce St Ste 121, San Antonio, TX 78205 25001 S Kasson Rd, Tracy, CA 95301 2383 Old Dixwell Ave, Hamden, CT 6518 246 East Belt Blvd, Richmond, VA 23224 8913 Egyptian Ave, Las Vegas, NV 89143 716 Foxcroft Ave, Martinsburg, WV 25401 13200 W. Foxfire Dr #144, Surprise, AZ 85387 1280-1290 Dixwell Ave, Hamden, CT 6514 1544 Lane Park Cutoff, Tavares, FL 32778 1448 Horsehead Rd, Lugoff, SC 29078 312 West Fourth St, Carson City, NV 89703 1431 11th Ave SE, Olympia, WI 98501 2290 Foxon Rd Route 80, North Branford, CT 6471 10857 Pine Bluff Drive, Fisher, IN 46037 2865 James Blvd, Poplar Bluff, MO 63901 401 S. Guadalupe St, Santa Fe, NM 87501 6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770 Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2042 Term Loan Prime plus 2.75% 6/14/2042 Term Loan Prime plus 2.75% 6/14/2042 Accommodation Term Loan Prime plus 2.75% 6/14/2042 Food and Beverage Stores Term Loan Prime plus 2.75% 6/8/2027 Educational Services Term Loan Prime plus 2.75% 6/2/2027 21.2 91.3 87.2 58.9 2.6 40.3 21.2 91.3 87.2 58.9 2.6 40.3 24.7 107.1 101.9 69.1 2.6 42.4 Educational Services Term Loan Prime plus 2.75% 6/2/2042 137.6 137.6 159.7 Motor Vehicle and Parts Dealers Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/1/2042 Term Loan Prime plus 2.75% 5/31/2027 Food and Beverage Stores Merchant Wholesalers, Durable Goods Gasoline Stations Amusement, Gambling, and Recreation Industries Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 5/31/2027 Term Loan Prime plus 2.75% 5/31/2027 Term Loan Prime plus 2.75% 5/31/2042 Term Loan Prime plus 2.75% 5/26/2042 Term Loan Prime plus 2.75% 5/26/2027 Other Information Services Term Loan Prime plus 2.75% 5/26/2027 43.0 16.3 10.9 50.0 248.4 746.7 8.7 55.1 43.0 16.3 10.9 50.0 248.4 746.7 8.7 55.1 50.1 16.6 11.1 50.9 291.4 876.1 9.0 55.8 Accommodation Term Loan Prime plus 2.75% 5/26/2042 119.6 119.6 140.2 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2027 Term Loan Prime plus 2.75% 5/25/2027 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus 2.75% 5/25/2042 Prime plus 2.75% 5/25/2027 Prime plus 2.75% 5/24/2027 9.1 6.5 372.3 36.3 219.9 9.1 6.5 372.3 36.3 219.9 9.2 6.6 434.9 37.2 222.8 0.01 % 0.03 % 0.03 % 0.02 % — % 0.01 % 0.05 % 0.01 % — % — % 0.01 % 0.09 % 0.26 % — % 0.02 % 0.04 % — % — % 0.13 % 0.01 % 0.07 % F-225 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Prestige Construction of Florida, LLC Hayden Trucking LLC Tres K Deli,Grocery,Fruit and Meat Inc. Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. (#,^) (#,^) (#,^) (#,^) Waterford Plumbing Co, Inc. (#,^) Mr. B's Bicycles & Mopeds, Inc. (#,^) Bay Car Wash LLC Computech Computers Inc. 5 Stars Learning Center Inc Arco Electrical Contractors Inc. dba Arco Construction Group Sanderson Distribution Inc. B G F Bobby Q's Inc Estelle Finkel Educational Associates,LLC Labmates,LLC NHS, LLC NHS, LLC Innovation Transport, LLC Benchmark Building, Inc. Cable Management LLC Fine Arts Center of Easley, Inc. dba Midtown Music Love and Glory Learning Center, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1404 Yorktown St Ste E, Deland, FL 34944 11540 Eagle Vista Drive, Fort Worth, TX 76179 125 West Tremont Ave, Bronx, NY 10453 132 North Wellwood Ave, Lindenhurst, NY 11757 2425 W. Cuyler Ave, Chicago, IL 60618 1870 S. 4th Ave, Yuma, AZ 85364 952 South Commercial St and West Magnolia, Aransas Pass, TX 78336 40-24 76th St, Office #2B, Elmhurst, NY 11373 14 Paine Ave, Irvington, NJ 7111 22-24 South Seventh St, Elizabeth, NJ 7202 100 Daniel Drive, Alamo, CA 94507 447 N. Main St, Freeport, NY 11520 125 West Mount Pleasant Ave, Livingston, NJ 7039 141 Watertown Rd, Thomaston, CT 6787 212 N Douglas Ave, Ellsworth, KS 67439 212 N Douglas Ave, Ellsworth, KS 67439 1 International Blvd, Mahwah, NJ 7495 1439 Stargazer Terrace, Sanford, FL 32771 290 Pratt St, Meriden, CT 6450 117 S. Pendleton St, Easley, SC 29640 4911 N. 42nd St., Tampa, FL 33610 Construction of Buildings Term Loan Prime plus 2.75% 5/23/2042 317.0 317.0 Truck Transportation Term Loan Prime plus 2.75% 5/19/2027 Food and Beverage Stores Term Loan Prime plus 2.75% 5/19/2027 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/19/2042 Specialty Trade Contractors Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/18/2027 Term Loan Prime plus 2.75% 5/18/2042 99.9 6.0 548.0 36.3 138.1 99.9 6.0 548.0 36.3 138.1 365.7 105.2 6.2 637.5 37.0 160.4 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2042 113.9 113.9 132.5 Educational Services Social Assistance Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 5/17/2027 5/16/2042 36.3 58.1 36.3 58.1 36.8 67.5 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/16/2027 262.0 262.0 270.7 Truck Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 5/12/2027 Term Loan Prime plus 2.75% 5/11/2027 Educational Services Term Loan Prime plus 2.75% 5/11/2027 Miscellaneous Store Retailers Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/10/2027 Term Loan Prime plus 2.75% 5/9/2027 Term Loan Prime plus 2.75% 5/9/2042 Truck Transportation Term Loan Prime plus 2.75% 5/9/2027 Construction of Buildings Waste Management and Remediation Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/5/2027 Term Loan Prime plus 2.75% 5/3/2027 Term Loan Prime plus 2.75% 5/2/2042 Social Assistance Term Loan Prime plus 2.75% 4/28/2042 F-226 See accompanying notes to consolidated financial statements. 7.6 5.4 88.6 72.6 64.3 20.6 56.8 16.3 41.6 112.5 73.3 7.6 5.4 88.6 72.6 64.3 20.6 56.8 16.3 41.6 112.5 73.3 7.7 5.7 89.8 75.9 66.0 23.6 59.4 16.6 43.3 132.0 84.9 0.11 % 0.03 % — % 0.19 % 0.01 % 0.05 % 0.04 % 0.01 % 0.02 % 0.08 % — % — % 0.03 % 0.02 % 0.02 % 0.01 % 0.02 % — % 0.01 % 0.04 % 0.03 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Sneads Ferry Foods, Inc. dba DQ Grill & Chill JMA Inc. dba Primecut and Mezzo; Primecut at Marquee Resident Research, LLC Getting Even LLC dba The Zoo Health Club Ralph's Hair Salon, Inc. Condron Brothers LLC DBA Luv 2 Play Butternuts Beer and Ale LLC The Altitude Group, LLC and Core Home Security, LLC Bear Trail Lodge LLC Citizens Lanes, LLC Applied Integrated Technologies, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Landmark Ventures USA, Inc. (#,^) Golden Hen Inc. dba Cafe KWG Industries LLC dba Peterson & Marsh Metal Industries Sea Smoke Barbeque, Corp and Danwen LLC Schafer Fisheries Inc. Discount Price, LLC dba Robert's Market Douglas K. Soderblom . dba Loma Linda Optometry Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham H and H Hotshot Services, Inc. dba AA Hotshot & Logistics (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 920 Hwy 210, Sneads Ferry, NC 28460 393 Charles St, Providence, RI 2904 4400 Morris Park Drive Ste M, Charlotte, NC 28277 377 South Willow St, Ste B 2-1, Manchester, NH 3103 175 NW 14th St, Homestead, FL 33030 4790 La Sierra Ave, Riverside, CA 92505 4021 Hwy 51, Garrattsville, NY 13342 949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487 Mile 1 Bear Trail Rd, King Salmon, AK 99613 5100 Goodson Connector Rd, Union City, GA 30291 7120 Samuel Morse Drive #150, Columbia, MD 21046 475 Park Ave South 25th Floor, New York, NY 10016 468 W. Cheltenham Ave, Philadelphia, PA 19126 330 Roycefield Rd Unit B, Hillsborough, NJ 8844 20 Island Farm Rd, Oak Bluffs, MA 2557 21985 Waller Rd, Fulton, IL 61252 2 Hill Rd, Franklin, NH 3235 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 1221 Kentucky Mills Drive, Louisville, KY 40299 5455 N 51st St, # 30, Glendale, AZ 85301 Food Services and Drinking Places Food Services and Drinking Places Other Information Services Amusement, Gambling, and Recreation Industries Personal and Laundry Services Amusement, Gambling, and Recreation Industries Beverage and Tobacco Product Manufacturing Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Food Services and Drinking Places Fabricated Metal Product Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 Term Loan Prime plus 2.75% 4/27/2042 Term Loan Prime plus 2.75% 4/24/2027 Term Loan Prime plus 2.75% 4/21/2027 Term Loan Prime plus 2.75% 4/21/2042 Term Loan Prime plus 2.75% 4/19/2027 Term Loan Prime plus 2.75% 4/12/2027 Term Loan Prime plus 2.75% 3/31/2027 Term Loan Prime plus 2.75% 3/31/2042 Term Loan 8.25% 3/31/2042 Term Loan Prime plus 2.75% 3/31/2027 Term Loan Prime plus 2.75% 3/31/2027 Term Loan Prime plus 2.75% 3/31/2027 Term Loan Prime plus 2.75% 3/30/2027 Term Loan Prime plus 2.75% 3/30/2042 Food Manufacturing Term Loan Prime plus 2.75% 3/30/2042 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2042 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2027 Accommodation Term Loan Prime plus 2.75% 3/29/2042 Couriers and Messengers Term Loan Prime plus 2.75% 3/29/2030 611.4 208.3 63.5 5.4 47.0 85.9 53.1 31.7 519.4 607.2 89.1 133.6 46.1 21.4 222.3 233.9 193.9 71.2 993.0 78.5 611.4 208.3 63.5 5.4 47.0 85.9 53.1 31.7 519.4 607.2 89.1 133.6 46.1 21.4 222.3 233.9 193.9 71.2 707.7 244.4 64.3 5.5 54.7 88.4 55.8 32.1 608.9 568.7 90.1 135.1 46.8 22.4 258.6 274.5 226.1 73.1 993.0 1,165.0 78.5 81.4 0.21 % 0.07 % 0.02 % — % 0.02 % 0.03 % 0.02 % 0.01 % 0.18 % 0.17 % 0.03 % 0.04 % 0.01 % 0.01 % 0.08 % 0.08 % 0.07 % 0.02 % 0.34 % 0.02 % F-227 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) New England Country Day School, Inc. and Thomas D. Walker American Pharmaceutical Innovation Company, LLC Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo Heil & Hornik LLC dba Elysium Tennis Color Graphic Press, Inc. JBK Truck Trailer and Bus Inc. Denton Bio Fuels LLC and American Bio Source LLC Executive Fitness & Nutrition Inc. Baton Rouge Cargo Services Inc. and 6507 Westport, LLC Vehicle Safety Supply LLC The Purple Cow House of Pancake Inc Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of 1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M Dwayne Bernard Tate Elegant Occasions, LLC dba E Productions Anthony LLC dba Star of Woodward Market (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Allegro Assisted Living Of Texas (#,^) Podium Auto Sales Inc and RRS Property, LLC SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express Weeping Willow Kennels, Inc and Aileen N Black Getting Even LLC dba The Zoo Health Club (#,^) (#,^) (#,^) 27 Kenosia Ave, Danbury, CT 6810 1425 Centre Circle, Downers Grove, IL 60515 421 S. Oak St, Pecos, TX 79772 7637 C. Commerce Place, Plain City, OH 43064 42 Main St, Nyack, NY 10960 8669 South State Rd 67, Camby, IN 46113 624 W. University Dr. Ste 359, TX, TX 76201 8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372 6507 Westport Ave, Shreveport, LA 71129 707 Femimore Rd, Mamaroneck, NY 10543 6 & 10 Skowhegan Rd, Fairfield, ME 4937 Social Assistance Term Loan Prime plus 2.75% 3/28/2042 356.3 356.3 414.0 0.12 % Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 5.0 5.0 5.1 — % Motion Picture and Sound Recording Industries Amusement, Gambling, and Recreation Industries Printing and Related Support Activities Repair and Maintenance Waste Management and Remediation Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2042 Term Loan Prime plus 2.75% 3/27/2042 Term Loan Prime plus 2.75% 3/23/2027 Term Loan Prime plus 2.75% 3/23/2042 Term Loan Prime plus 2.75% 3/23/2027 Term Loan Prime plus 2.75% 3/23/2027 Truck Transportation Term Loan Prime plus 2.75% 3/22/2042 Motor Vehicle and Parts Dealers Food Services and Drinking Places Term Loan Prime plus 2.75% 3/21/2027 Term Loan Prime plus 2.75% 3/16/2042 388.0 873.1 85.5 83.6 43.3 14.3 605.5 16.0 150.9 388.0 873.1 85.5 83.6 43.3 14.3 605.5 16.0 150.9 454.5 1,012.3 89.8 96.9 44.6 15.1 706.6 16.2 176.8 0.13 % 0.30 % 0.03 % 0.03 % 0.01 % — % 0.21 % — % 0.05 % 5880 US Hwy6, Portage, IN 46368 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027 220.6 220.6 231.7 0.07 % Term Loan Prime plus 2.75% 3/13/2027 468.9 468.9 474.1 0.14 % Truck Transportation Truck Transportation 6510 North Broadway, Saint Louis, MO 63147 1238 Woodcliff Court SW, Lilburn, GA 30047 3650 Coral Ridge Drive Units 103-104, Coral Springs, FL 33065 Personal and Laundry Services 5730 Woodward Ave, Detroit, MI 48202 3400 Remington Drive, Plano, TX 75023 246 S. Dixie Hwy, Pompano Beach, FL 33060 Food and Beverage Stores Nursing and Residential Care Facilities Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/10/2027 Term Loan Prime plus 2.75% 3/10/2042 Term Loan Prime plus 2.75% 3/9/2042 Term Loan Prime plus 2.75% 3/6/2027 Term Loan Prime plus 2.75% 3/3/2042 1001 E. Cooley Drive Ste 102, Colton, CA 92324 6041 Hammond School Rd, Salisbury, MD 21804 377 South Willow St Unit B2-1, Manchester, NH 3103 Truck Transportation Term Loan Prime plus 2.75% 2/28/2027 Personal and Laundry Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2042 Term Loan Prime plus 2.75% 2/28/2027 F-228 See accompanying notes to consolidated financial statements. 7.5 555.1 108.4 68.4 85.3 166.3 131.4 67.9 7.5 555.1 108.4 68.4 85.3 166.3 131.4 67.9 7.7 644.3 127.0 71.8 98.9 168.2 153.1 69.5 — % 0.19 % 0.04 % 0.02 % 0.03 % 0.05 % 0.05 % 0.02 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Total Document Solutions Inc and,TDS Services, LLC McNally Enterprises Inc. Teracore Inc. B & J Bicycle Shop Inc. TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant 3W Enterprises LLC Ameritube, LLC and Ravone Properties, LLC Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC Sushiya Inc. Maximo Canot dba Wash and Dry Laundrymat Marvic Enterprises Inc dba Jordan's Liquor (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Harrison Logging Company LLC (#,^) 8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. (#,^) DBMS Consulting, Inc. Chidlren's House Learning, Inc and Tarps Investment Group Brandco, LLC Fave Realty Inc. SRC Publishing LLC Fox Valley Rentals & Investments LLC and Brian M Tomaszewski Jolibe LLC and Jolibe Atelier LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2515 North Shiloh Drive, Fayetteville, AR 72704 1010 N. Grove St, Anaheim, CA 92806 3300 Holcomb Bridge Rd, Ste 226, Norcross, GA 30092 1620 E. Sample Rd, Pompano Beach, FL 33064 2235 S. Power Rd Ste 118, Mesa, AZ 85209 2727 Industrial Parkway, Elkhart, IN 46516 1000 North State. Hwy 77, Hillsboro, TX 76645 2808 Court St, Port Allen, LA 70767 72 S. Main St, Hanover, NH 3755 34 Morningside Ave, Yonkers, NY 10703 199 Taunton Ave, East Providence, RI 2914 255 Ray Crain Rd, Indian Mound, TN 37079 174-176 Mountain Ave, Springfield, NJ 7081 164 West 83rd St. Units CF1 and CF2, New York, NY 10024 720 Wilbraham Rd, Springfield, MA 1109 2151 Consulate Drive Ste 21, Orlando, FL 32837 1875 Grand Ave, Baldwin, NY 11510 8690 Waterford Bend St, Las Vegas, NV 89123 Merchant Wholesalers, Durable Goods Administrative and Support Services Professional, Scientific, and Technical Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 2/27/2030 Term Loan Prime plus 2.75% 2/27/2027 Term Loan Prime plus 2.75% 2/27/2027 Term Loan Prime plus 2.75% 2/24/2027 Term Loan Prime plus 2.75% 2/24/2027 Textile Product Mills Term Loan Prime plus 2.75% 2/24/2042 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/14/2042 Truck Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 2/10/2042 Term Loan Prime plus 2.75% 2/10/2027 Personal and Laundry Services Term Loan Prime plus 2.75% 2/10/2042 Food and Beverage Stores Term Loan Prime plus 2.75% 2/10/2042 Forestry and Logging Term Loan Prime plus 2.75% 2/9/2027 Repair and Maintenance Professional, Scientific, and Technical Services Social Assistance Professional, Scientific, and Technical Services Real Estate Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 2/7/2042 Term Loan Prime plus 2.75% 2/1/2042 Term Loan Prime plus 2.75% 1/31/2042 Term Loan Prime plus 2.75% 1/31/2027 Term Loan Prime plus 2.75% 1/30/2042 Term Loan Prime plus 2.75% 1/27/2027 2906 E. Newberry St., Appleton, WI 54915 357 w 36th #401, New York, NY 10018 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2042 Term Loan Prime plus 2.75% 1/18/2027 249.2 45.4 115.4 4.4 53.0 60.9 173.1 232.6 13.2 129.2 205.6 74.9 307.8 173.8 301.1 30.5 51.1 15.7 39.8 7.3 249.2 45.4 115.4 4.4 53.0 60.9 173.1 232.6 13.2 129.2 205.6 74.9 307.8 173.8 301.1 30.5 51.1 15.7 39.8 7.3 262.5 46.4 116.7 4.6 55.5 71.1 202.8 271.5 13.5 150.9 239.5 77.0 355.7 200.9 349.5 30.8 59.4 15.9 46.1 7.5 0.08 % 0.01 % 0.03 % — % 0.02 % 0.02 % 0.06 % 0.08 % — % 0.04 % 0.07 % 0.02 % 0.10 % 0.06 % 0.10 % 0.01 % 0.02 % — % 0.01 % — % F-229 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Eickmann Management Group LLC dba Jimmy Johns of Dundee (#,^) Fullbro Trust dba Menemsha Blues (#,^) Echelon Enterprises, Inc Metropolitan Solutions Group Inc. Means Enterprises LLC dba FastFrame Frisco (#,^) (#,^) (#,^) Soon Im. Chin dba Stan C-Store (#,^) Sempco, Inc. New Chicago Wholesale Bakery, Inc. (#,^) (#,^) Techni-Pro Institute LLC Elita 7, LLC HMG Strategy, LLC Trison Enterprises Inc.dba Lee's Automotive AGG Management Team LLC dba Chevron Roast Beef Levittown LLC dba Arby's Success Advertising Inc. dba Success Communivstion Gr Wayfarer Bicycle LLC Mack Team Enterprises Inc.dba The UPS Store #6815 Recycling Revolution,LLC eCommerce Direct, LLC New Life Hospital LLC Imagine By Carleen Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 568 Techumseh St, Dundee, MI 48131 Food Services and Drinking Places Gasoline Stations Food Manufacturing Miscellaneous Manufacturing Furniture and Home Furnishings Stores Sporting Goods, Hobby, Musical Instrument, and Book Stores Professional, Scientific, and Technical Services Educational Services Nursing and Residential Care Facilities Professional, Scientific, and Technical Services 2 Basin Rd, Chilmark, MA 2535 Miscellaneous Store Retailers 16701 E. Iliff Ave, Aurora, CO 80013 1420 Chestnut St, Portsmouth, VA 23704 4112-4150 Legacy Drive/5729 Leabanon Rd Unit 412, Frisco, TX 75034 4014 E Stan Schlueter Loop, Killeen, TX 76542 51 -55 Lake St Unit #2-6, Nashua, NH 3060 795 Touhy Ave, Elk Grove Village, IL 60007 414 NW 35th St, Boca Raton, FL 33431 16 Marble St, Worcester, MA 1603 191 Post Rd West, Westport, CT 6880 13281 Aurora Ave N, Seattle, WA 98311 2615 S Dixie Hwy, West Palm Beach, FL 33401 2080 Hempstead Turnpike, East Meadow, NY 11554 26 Eastmans Rd, Parsippany, NJ 7054 118-120 Ocean Ave, New London, CT 6320 38200 Ave of the States, Fort Gordon, GA 30905 4190 Collins Rd, Unadilla, GA 31091 3440 Gannett Ave, Des Moines, IA 50321 17400 Red Oak Drive, Houston, TX 77090 1404 Del Prado Blvd. Units 100 & 105, Cape Coral, FL 33990 Gasoline Stations Food Services and Drinking Places Professional, Scientific, and Technical Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Couriers and Messengers Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Personal and Laundry Services Repair and Maintenance Hospitals Term Loan Prime plus 2.75% 1/17/2027 Term Loan Prime plus 2.75% 1/13/2027 Term Loan Prime plus 2.75% 1/10/2027 69.5 15.7 34.1 69.5 15.7 34.1 73.0 16.5 35.8 Term Loan Prime plus 2.75% 12/19/2041 257.0 257.0 295.1 Term Loan Prime plus 2.75% 12/16/2026 Term Loan Prime plus 2.75% 12/15/2041 Term Loan Prime plus 2.75% 12/15/2041 Term Loan Prime plus 2.75% 12/15/2041 Term Loan Prime plus 2.75% 12/15/2026 Term Loan Prime plus 2.75% 12/15/2041 Term Loan Prime plus 2.75% 12/14/2026 Term Loan Prime plus 2.75% 12/14/2041 Term Loan Prime plus 2.75% 12/14/2041 Term Loan Prime plus 2.75% 12/13/2026 Term Loan Prime plus 2.75% 12/13/2041 Term Loan Prime plus 2.75% 12/13/2041 Term Loan Prime plus 2.75% 12/9/2026 Term Loan Prime plus 2.75% 12/9/2041 14.4 198.6 39.2 426.1 130.8 669.9 32.6 380.8 267.8 146.3 435.9 86.4 14.1 85.3 14.4 198.6 39.2 426.1 130.8 669.9 32.6 380.8 267.8 146.3 435.9 86.4 14.1 85.3 14.6 231.8 45.9 492.2 133.1 779.3 32.9 442.2 313.2 153.3 509.1 99.5 14.4 98.7 Term Loan Prime plus 2.75% 12/9/2026 534.4 534.4 546.0 Term Loan Prime plus 2.75% 12/8/2041 1,139.8 1,139.8 1,333.1 Term Loan Prime plus 2.75% 12/8/2041 49.1 49.1 56.9 0.02 % — % 0.01 % 0.09 % — % 0.07 % 0.01 % 0.15 % 0.04 % 0.23 % 0.01 % 0.13 % 0.09 % 0.05 % 0.15 % 0.03 % — % 0.03 % 0.16 % 0.39 % 0.02 % F-230 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Hanson's Greeks LLC Noso Development LLC Quick Ship, LLC Imaginarium Foods LLC, RD Management, LLC Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Usman Jalil, LLC dba Food Mart (#,^) Access Staffing, LLC CRK Mens, LLC dba Spiff for Men (#,^) (#,^) WPN Recycling Company LLC (#,^) Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn (#,^) Bouquet Restaurant LLC (#,^) JBK Truck Trailer and Bus Inc. (#,^) 6E Technologies LLC (#,^) Broms Asset Management LLC (#,^) Skaggs RV Outlet LLC Catherine Christine Morin dba Purr-Fect Pets Stratmar Systems Inc dba Stratmar Retail Services Hoosier Health Plus, LLC Hackensack Steel Corporation and Luzerne Ironworks Inc Dyer Properties, LLC and Bayview Pharmacy, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) MIK LLC dba Firehouse Subs (#,^) Professional, Scientific, and Technical Services 8132 N. 87th Place, Ste A, Scottsdale, AZ 85258 4 Walker Way, Albany, NY 12205 Construction of Buildings 448 W. 19th St, Houston, TX 77008 751 N. Cable Rd, Lima, OH 45805 2302 N. Kings Hwy, Myrtle Beach, SC 29572 Couriers and Messengers Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 12/8/2026 12/1/2026 Term Loan Prime plus 2.75% 11/30/2026 Term Loan Prime plus 2.75% 2/28/2042 Term Loan Prime plus 2.75% 11/30/2026 1 Pebble Wood Lane, Palm Coast, FL 32164 147 N Washington St, Plainville, CT 6062 360 Lexington Ave 8th Floor, New York, NY 10017 750 Third Ave, New York, NY 10017 5101 Andard Ave, Baltimore, MD 21226 1835 Auburn Way N Ste B, Auburn, WA 98002 519 Main St, Covington, KY 41011 8669 S. State Rd 67, Camby, IN 46113 11001 West 120th Ave, Ste 400, Broomfield, CO 80020 215 East 79th St Apt 9E, New York, NY 10075 301 Commerce Drive, Elizabethtown, KY 42701 1915 North Austin Ave, Georgetown, TX 78626 109 Willett Ave, Port Chester, NY 10573 520 East 8th St, Anderson, IN 46012 300 Sly St, Swoyersville, PA 18709 Nursing and Residential Care Facilities Gasoline Stations Administrative and Support Services Personal and Laundry Services Merchant Wholesalers, Durable Goods Administrative and Support Services Food Services and Drinking Places Repair and Maintenance Professional, Scientific, and Technical Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 11/30/2041 Term Loan Prime plus 2.75% 11/29/2041 Term Loan Prime plus 2.75% 11/29/2026 Term Loan Prime plus 2.75% 11/23/2026 Term Loan Prime plus 2.75% 11/23/2026 Term Loan Prime plus 2.75% 11/23/2026 Term Loan Prime plus 2.75% 11/22/2041 Term Loan Prime plus 2.75% 11/22/2041 Term Loan Prime plus 2.75% 11/22/2026 Term Loan Prime plus 2.75% 11/22/2026 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/21/2026 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/17/2026 Term Loan Prime plus 2.75% 11/16/2026 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/15/2026 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 3844 Post Rd, Warwick, RI 2886 Health and Personal Care Stores 17250 Royalton Rd, Strongsville, OH 44136 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2041 Term Loan Prime plus 2.75% 11/9/2026 F-231 See accompanying notes to consolidated financial statements. 7.7 53.5 7.2 349.1 145.7 63.4 217.9 841.0 71.1 15.3 40.9 90.6 388.2 105.4 84.8 68.2 12.8 46.8 63.1 176.0 224.3 151.9 7.7 53.5 7.2 349.1 145.7 63.4 217.9 841.0 71.1 15.3 40.9 90.6 388.2 105.4 84.8 68.2 12.8 46.8 63.1 176.0 224.3 151.9 8.1 54.0 7.2 406.5 147.6 74.2 250.7 848.6 72.2 16.1 41.4 105.9 449.9 109.1 85.6 71.4 12.9 49.0 66.1 184.4 259.1 153.8 — % 0.02 % — % 0.12 % 0.04 % 0.02 % 0.07 % 0.25 % 0.02 % — % 0.01 % 0.03 % 0.13 % 0.03 % 0.03 % 0.02 % — % 0.01 % 0.02 % 0.05 % 0.08 % 0.05 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Fine Line Interiors, Inc. 131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero Veracruz Shabo, LLC Waterfalls Quick Lube LLC Glocecol LLC (#,^) (#,^) (#,^) (#,^) Bloomquist Communications Inc. (#,^) Moolchan Enterprises LLC dba Staying Green Woodstock Enterprises Corp dba True Scent Candle Co (#,^) (#,^) Elite Structures Inc Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC Worldwide Estate, Inc. dba Washington Heights Manor Gold Wind Logistics LLC Speaker City, Inc. dba Rollin Thunder Maine Service Corp Justin Partlow (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Reliable Recovery Services LLC (#,^) Wyspen Corporation dba Charlestown Ace (#,^) Ailky Corporation JJA Transportation Management Inc. Seaway LLC and Reklaw LLC dba Allure Lounge Beadon Inc (#,^) (#,^) (#,^) (#,^) CNC Precision Machine, Inc. (#,^) 2530 SW 30th Ave, Hallandale Beach, FL 33009 13215 Miles Ave, Cleveland, OH 44105 1325 BRd St, Central Falls, RI 2863 10302 NW South River Drive, Bay #18, Miami, FL 33178 131 East Trinity Place, Decatur, GA 30030 2650 S.W. 154 Ave, Davie, FL 33331 Repair and Maintenance Food Services and Drinking Places Repair and Maintenance Administrative and Support Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 191 2nd Ave, Warwick, RI 2888 Miscellaneous Manufacturing 401 Old Quitman Rd, Abel, GA 31620 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/4/2041 Term Loan Prime plus 2.75% 11/3/2041 Term Loan Prime plus 2.75% 11/1/2041 Term Loan Prime plus 2.75% 11/1/2026 Term Loan Prime plus 2.75% 10/31/2026 Term Loan Prime plus 2.75% 10/31/2026 Term Loan Prime plus 2.75% 10/31/2041 60.3 111.5 110.8 51.1 40.4 7.4 82.6 60.3 111.5 110.8 51.1 40.4 7.4 82.6 70.5 130.0 128.9 53.5 40.8 7.7 95.2 Term Loan Prime plus 2.75% 10/27/2029 176.7 176.7 188.8 200 North Branford Rd, Branford, CT 6405 10620 W. Greenwood Terrace, Milwaukee, WI 53224 2830 Beech Daly Rd, Inkster, MI 48141 246 East Belt Blvd, Richmond, VA 23224 59-22 55th St, Maspeth, NY 11378 100 Independence Place, Ste 414, Tyler, TX 75703 2401 West Mcdowell Rd, Phoenix, AZ 85009 5 Austin St, Charlestown, MA 2129 352 Beford St, Lakeville, MA 2347 15 Church St, Upland, PA 19015 415 -417 Halsey Drive, Newark, NJ 7102 2601 Old Ocean City Rd, Salisbury, MD 21804 18360 Industrial Circle, Burton, OH 44021 Heavy and Civil Engineering Construction Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/24/2026 Term Loan Prime plus 2.75% 10/21/2041 Truck Transportation Term Loan Prime plus 2.75% 10/20/2041 Electronics and Appliance Stores Merchant Wholesalers, Durable Goods Insurance Carriers and Related Activities Support Activities for Transportation Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Transit and Ground Passenger Transportation Food Services and Drinking Places Food and Beverage Stores Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/14/2041 Term Loan Prime plus 2.75% 10/13/2026 Term Loan Prime plus 2.75% 10/13/2026 Term Loan Prime plus 2.75% 10/7/2026 Term Loan Prime plus 2.75% 10/3/2026 Term Loan Prime plus 2.75% 10/3/2026 Term Loan Prime plus 2.75% 9/30/2026 Term Loan Prime plus 2.75% 9/30/2041 Term Loan Prime plus 2.75% 9/28/2026 F-232 See accompanying notes to consolidated financial statements. 286.4 208.9 162.9 116.4 110.7 13.1 75.8 24.3 159.6 33.6 127.4 14.9 286.4 208.9 162.9 116.4 110.7 13.1 75.8 24.3 159.6 33.6 127.4 14.9 300.1 244.4 190.5 135.4 115.7 13.3 78.0 24.5 162.4 33.9 149.0 15.6 0.02 % 0.04 % 0.04 % 0.02 % 0.01 % — % 0.03 % 0.06 % 0.09 % 0.07 % 0.06 % 0.04 % 0.03 % — % 0.02 % 0.01 % 0.05 % 0.01 % 0.04 % — % Term Loan Prime plus 2.75% 9/28/2041 1,188.7 1,188.7 1,376.8 0.41 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 9320 Machado Drive, Indian Trail, NC 28079 1402 West Park Ave, Orange, TX 77630 82 Clarksville Rd, Folsom, CA 95630 5957 Glenway Ave, Cincinnati, OH 45238 24201 North Hwy 1, Fort Bragg, CA 95437 19442 Mesa Drive, Villa Park, CA 92861 313 S Main St, McGregor, TX 76557 229 Commercial Ave, Pittsburgh, PA 15212 3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 33306 301 Tabor Rd, Swanton, VT 5488 805 US Hwy 87, Belt, MT 59412 2057 West Shore Rd, Warwick, RI 2889 1362-1366 W. Carrier Parkway, Grand Prairie, TX 75050 557 West Whitney Rd, Fairport, NY 14450 705 S Market Ave, Fort Pierce, FL 34982 175 Campanelli Parkway, Stoughton, MA 2072 9300 NW 25th St Ste 103, Miami, FL 33172 1122 N Bloulevard, Richmond, VA 23230 410 N Church Rd, Liberty, MO 64068 Reynolds Fence & Guardrail Inc. (#,^) Kyle M Walker DDS, PC Luv 2 Play Nor Cal, LLC dba Luv 2 Play TPFC,LLC dbaThe Picture Frame Company Ridge Road Equestrian LLC dba Ricochet Ridge Ranch PeopleBest Inc. Cuppiecakes LLC Wrecking Crew Media LLC Consulting Solutions Inc. and Mark Luciani Benoit's Towing and Recovery LLC Marquis Cattle Company Metropet Dog Center, Inc Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C Raem Corporation dba Dryclean Express Warren Dale Warrington dba Custom Paint and Body Albert Basse Associates Inc Rosmel Pools Inc Avery Management Inc. dba Whetstone Upholstery TR Companies LLC dba Liberty Rental 4 U Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Luv 2 Play Temecula, LLC Grayson O Company (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2026 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026 Prime plus 2.75% 9/27/2026 Miscellaneous Store Retailers Support Activities for Agriculture and Forestry Administrative and Support Services Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Support Activities for Transportation Animal Production and Aquaculture Term Loan Prime plus 2.75% 9/26/2041 Term Loan Prime plus 2.75% 9/26/2026 Term Loan Prime plus 2.75% 9/26/2026 Term Loan Prime plus 2.75% 9/21/2041 Term Loan Prime plus 2.75% 9/21/2026 Term Loan Prime plus 2.75% 9/20/2026 Term Loan Prime plus 2.75% 9/20/2026 Term Loan Prime plus 2.75% 9/13/2026 418.4 157.1 36.2 54.5 6.0 10.0 20.9 33.2 16.2 5.6 33.5 418.4 157.1 36.2 54.5 6.0 10.0 20.9 33.2 16.2 5.6 33.5 435.8 159.5 36.9 63.2 6.3 10.0 24.1 33.5 16.8 5.7 35.1 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041 101.3 101.3 117.6 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041 Repair and Maintenance Printing and Related Support Activities Term Loan Prime plus 2.75% 8/26/2041 Term Loan Prime plus 2.75% 8/25/2026 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026 726-740 South Fleming St, Sebastian, FL 32958 26469 Ynez Rd, Temecula, CA 92591 6509 Newell Ave, Kannapolis, NC 28082 Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/24/2041 Term Loan Prime plus 2.75% 8/15/2026 Term Loan Prime plus 2.75% 8/10/2041 F-233 See accompanying notes to consolidated financial statements. 89.8 67.1 93.7 40.6 14.8 6.7 32.6 492.0 40.9 578.2 89.8 67.1 93.7 40.6 14.8 6.7 32.6 492.0 40.9 578.2 91.1 78.3 108.9 42.4 15.0 6.7 32.8 574.4 41.1 675.1 0.13 % 0.05 % 0.01 % 0.02 % — % — % 0.01 % 0.01 % — % — % 0.01 % 0.03 % 0.03 % 0.02 % 0.03 % 0.01 % — % — % 0.01 % 0.17 % 0.01 % 0.20 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Paul Belanger dba Paul Belanger Landscaping The Hungry Rhino LLC Little Tree Huggers Child Care LLC (#,^) (#,^) (#,^) (#,^) 303 Tower Drive LLC USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 676 Club LP dba The Green Door Tavern/The Drifter Apple Tree NC Inc dba Williams Farm & Garden Center (#,^) (#,^) Intrepid Trinity LLC EPEC Juice LLC dba Jamba Juice Pinco Pizza LLC dba Jet's Pizza JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar Robert G Larson State Farm Insurance My Sainath Inc dba Motel 6 Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho Franklin Firm LLC dba Luv 2 Play RM Hawkins LLC dba Pure Water Tech West Nevey's LLC dba Stark Food III Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai VMA Technologies LLC P L H Pharmaco Inc dba Farmacia San Jose Martin Inventory Management LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2595 Military Ave, Los Angeles, CA 90064 47 South Main St, Windsor Locks, CT 6096 38620 9 Mile Rd, Farmington Hills, MI 48335 303 Tower Drive, Ste A, Middletown, NY 10941 2290 NW 21st Terrace, Miami, FL 33142 676 and 678 North Orleans ST, Chicago, IL 60654 1309 Old Cherry Point Rd, New Bern, NC 28560 680 Douglas Ave, Providence, RI 2908 810 Ninth St, Ste 128, Durham, NC 27705 10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028 1 West Main St, Patchogue, NY 11772 7922 Jamaica Ave, Woodhaven, NY 11421 1008 E Crest Drive, Waco, TX 76705 1502 Hwy 157, Mansfield, TX 76063 1310 East Stan Schleuter Loop, Killeen, TX 76542 5140 Topaz Drive, Colorado Springs, CO 80918 6315 W. Fond Du Lac Ave, Milwaukee, WI 53218 Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026 Real Estate Term Loan Prime plus 2.75% 7/29/2041 Social Assistance Term Loan Prime plus 2.75% 7/29/2041 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041 Repair and Maintenance Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Nonstore Retailers Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/29/2026 Term Loan Prime plus 2.75% 7/28/2041 Term Loan Prime plus 2.75% 7/28/2041 Term Loan Prime plus 2.75% 7/28/2041 Term Loan Prime plus 2.75% 7/27/2026 Term Loan Prime plus 2.75% 7/27/2026 Term Loan Prime plus 2.75% 7/27/2026 Term Loan Prime plus 2.75% 7/22/2026 9.8 70.4 129.3 369.5 14.6 622.6 319.9 57.7 54.2 47.7 82.1 14.6 9.8 70.4 129.3 369.5 14.6 622.6 319.9 57.7 54.2 47.7 82.1 14.6 9.9 81.5 150.9 430.3 14.8 726.2 369.1 67.0 54.5 49.9 82.7 14.7 — % 0.02 % 0.04 % 0.13 % — % 0.21 % 0.11 % 0.02 % 0.02 % 0.01 % 0.02 % — % Accommodation Term Loan Prime plus 2.75% 7/22/2041 282.9 282.9 329.6 0.10 % Miscellaneous Store Retailers Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/18/2026 Term Loan Prime plus 2.75% 7/15/2041 Nonstore Retailers Term Loan Prime plus 2.75% 7/7/2026 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041 10.2 149.5 32.3 271.8 10.2 149.5 32.3 271.8 10.3 173.6 33.7 320.9 — % 0.05 % 0.01 % 0.09 % 1314 Sixth St, Orland, CA 95963 120 South Serenata Drive Unit 332, Ponte Vedra Beach, FL 32082 Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services 149 48th St, Union City, NJ 7087 Health and Personal Care Stores Merchant Wholesalers, Durable 304 1/2 Main St, Edgefield, SC Goods 29824 Term Loan Prime plus 2.75% 6/30/2029 147.5 147.5 159.1 0.05 % Term Loan Prime plus 2.75% 6/30/2026 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Prime plus 2.75% 6/30/2026 14.3 106.7 15.8 14.3 106.7 15.8 14.8 111.9 16.6 — % 0.03 % — % F-234 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Desert Tacos LLC WGI, LLC dba Williams Grant Inn O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc KWG Industries, LLC dba Peterson & Marsh Metal Industries JumboMarkets Inc dba Rines Jumbomarkets Island Time Investments, LLC dba Swantown Inn Bed & Breakfast Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy Visual Advantage LLC dba Signs Now Perryberg Long Island Comedy LLC dba Governors and New York Comedy, LLC Bagelicious, LLC Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr NKJ Lusby Donuts LLC Jai-Alexia Consulting, Inc. Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares Luv 2 Play AZ LLC Refoleen Inc dba Spice and Tea Exchange Larry H. Patterson and Rainbow Movers, Inc Solvit Inc and Solvit North Inc AP5 LLC dba Krauser's Food Store ATI Jet Inc Angelo Faia dba AVF Construction (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 245 East Bell Rd Ste A-2, Phoenix, AZ 85022 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026 154 High St, Bristol, RI 2809 Accommodation Term Loan Prime plus 2.75% 6/29/2041 64.9 113.3 64.9 113.3 67.9 133.6 0.02 % 0.04 % 626 Delsea Drive N, Glassboro, NJ 8028 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026 89.8 89.8 93.0 0.03 % 330 Roycefield Rd, Unit B, Hillsborough, NJ 8844 15500 SW Trail Drive, Indiantown, FL 34956 1431 11th Ave SE, Olympia, WA 98501 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/29/2041 Food and Beverage Stores Term Loan Prime plus 2.75% 6/24/2026 280.6 32.0 280.6 32.0 331.0 33.0 0.10 % 0.01 % Accommodation Term Loan Prime plus 2.75% 6/24/2041 93.3 93.3 110.0 0.03 % 27 Main St, Monroe, CT 6468 23248 Dunbridge Rd, Perrysburg, OH 43443 Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services 90 A Division Ave, Levittown, NY 11756 945 S Main St, Cheshire, CT 6410 Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041 Term Loan Prime plus 2.75% 6/23/2041 Term Loan Prime plus 2.75% 6/23/2041 Term Loan Prime plus 2.75% 6/17/2026 459.2 84.1 173.5 34.9 459.2 84.1 173.5 34.9 538.4 98.8 204.0 36.1 0.16 % 0.03 % 0.06 % 0.01 % Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026 352.9 352.9 364.1 0.11 % Food and Beverage Stores Term Loan Prime plus 2.75% 6/16/2026 Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026 14.4 7.6 14.4 7.6 14.9 7.8 Social Assistance Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026 Term Loan Prime plus 2% 6/15/2041 470.9 470.9 521.8 377 Boston Post Rd, Milford, CT 6460 174 Village Center Drive, Lusby, MD 20657 14660 Paddock Drive, Wellington, FL 33414 1137 West St, Southington, CT 6489 15495 Bell Rd, Surprise, AZ 85374 849 East Commerce St, Ste 121, San Antonio, TX 78205 2325 Hollers Ave, Bronx, NY 10475 65 Farmington Valley Drive, Plainville, CT 6062 5 Pond Point Rd, Milford, CT 6460 7007 Boeing Drive, El Paso, TX 79925 Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026 Truck Transportation Term Loan Prime plus 2.75% 6/6/2026 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/3/2026 Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041 Air Transportation Term Loan Prime plus 2.75% 5/31/2026 55 Arbour Lane, Sewell, NJ 8080 Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041 F-235 See accompanying notes to consolidated financial statements. — % — % 0.15 % 0.01 % 0.02 % — % 0.05 % 0.06 % 0.11 % 0.03 % 41.9 55.4 14.4 158.5 178.5 370.7 91.5 41.9 55.4 14.4 158.5 178.5 370.7 91.5 43.9 57.1 14.9 164.6 210.6 384.6 107.6 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Premier Athletic Center of Ohio, Inc Jack Frost Firewood Inc. and David Dubinsky Southwest Division Inc International Kitchen Supply LLC Groth Lumber Co. Inc. dba True Value Island Life Graphics Inc dba FASTSIGNS #576 Powerspec Inc Horseshoe Barbecue, LLC Pro Auto Repair LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) National Air Cargo Holdings Inc (#,^) Elderfriend Inc dba Granny Nannies dba GN Live Scan (#,^) Dedicated Incorporated J&A Laundromat Inc. HBA LLC dba Palmetto Twist- Vista (#,^) (#,^) (#,^) 8957 Kingsridge Drive, Centerville, OH 45459 3168 Holland Rd, Virginia Beach, VA 23453 2103 NE 3rd Terrace, Cape Coral, FL 33909 3466 North Hwy 11, West Union, SC 29696 6747 Pacific Ave, Wright, MN 55798 1925 S 14th St No. 7, Amelia Island, FL 32034 1 Linsley Place, Metuchen, NJ 8840 6555, 6565, 6575 N. Sandario Rd, Tucson, AZ 85743 204 F St SW, Quincy, WA 98848 5955 TG Lee Blvd., Ste 500, Orlando, FL 32822 1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 33486 2916 North 39th St, Phoenix, AZ 85019 225 East Park Ave, Long Beach, NY 11561 1225-1229 Lincoln St, Columbia, SC 29201 FJN Catering Inc Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano (#,^) (#,^) 106 Main St, Mineola, NY 11951 11 Kirby Rd, Cromwell, CT 6419 Sabir Inc. dba Bear Diner (#,^) Keller, Fishback & Jackson LLP (#,^) Loriet LLC Hard Exercise Works Winter Park LLC Marc S. Rosenberg P.C. dba Mammuth and Rosenberg (#,^) (#,^) (#,^) 603 Pulaski Hwy, Bear, DE 19701 28720 Canwood St, Agoura Hills, CA 91301 5001 Vivienda Way, Sarasota, FL 34235 11551 University Blvd, Ste. 4C Building 1, Orlando, FL 32817 401 East City Ave Ste 122, Bala Cynwyd, PA 19004 Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Heavy and Civil Engineering Construction Merchant Wholesalers, Durable Goods Building Material and Garden Equipment and Supplies Dealers Miscellaneous Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Repair and Maintenance Term Loan Prime plus 2.75% 5/27/2026 Term Loan Prime plus 2.75% 5/26/2041 Term Loan Prime plus 2.75% 5/26/2026 Term Loan Prime plus 2.75% 5/25/2026 Term Loan Prime plus 2.75% 5/25/2026 Term Loan Prime plus 2.75% 5/24/2026 Term Loan Prime plus 2.75% 5/24/2026 Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 5/23/2029 5/20/2026 Air Transportation Term Loan Prime plus 2.75% 5/20/2026 Social Assistance Administrative and Support Services Term Loan Prime plus 2.75% 5/20/2026 Term Loan Prime plus 2.75% 5/18/2041 Personal and Laundry Services Term Loan Prime plus 2.75% 5/18/2026 Repair and Maintenance Food Services and Drinking Places Social Assistance Food Services and Drinking Places Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/18/2026 Term Loan Prime plus 2.75% 5/13/2041 Term Loan Prime plus 2.75% 5/12/2041 Term Loan Prime plus 2.75% 5/11/2041 Term Loan Prime plus 2.75% 4/29/2026 Term Loan Prime plus 2.75% 4/29/2026 Term Loan Prime plus 2.75% 4/29/2026 Term Loan Prime plus 2.75% 4/29/2026 55.3 189.7 5.2 119.9 14.2 14.2 55.0 6.8 4.6 71.5 8.1 42.8 42.7 12.3 243.1 121.9 113.8 80.8 4.7 25.4 14.0 55.3 189.7 5.2 119.9 14.2 14.2 55.0 6.8 4.6 71.5 8.1 42.8 42.7 12.3 243.1 121.9 113.8 80.8 4.7 25.4 14.0 58.0 222.8 5.4 0.02 % 0.07 % — % 124.6 0.04 % 14.9 14.7 56.8 7.3 4.9 75.0 8.3 50.3 44.2 12.7 286.7 143.2 134.1 84.8 4.8 26.2 14.5 — % — % 0.02 % — % — % 0.02 % — % 0.01 % 0.01 % — % 0.08 % 0.04 % 0.04 % 0.02 % — % 0.01 % — % F-236 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041 Truck Transportation Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 4/29/2041 Term Loan Prime plus 2.75% 4/29/2041 Social Assistance Term Loan Prime plus 2.75% 4/29/2041 Term Loan Prime plus 2.75% 4/28/2041 Accommodation Clothing and Clothing Accessories Stores 75.7 161.2 227.2 139.4 621.9 75.7 161.2 227.2 139.4 621.9 89.0 190.2 267.9 164.4 732.8 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026 56.2 56.2 58.0 Term Loan Prime plus 2.75% 4/28/2041 1,153.3 1,153.3 1,360.3 0.03 % 0.06 % 0.08 % 0.05 % 0.22 % 0.40 % 0.02 % Term Loan Prime plus 2.75% 4/22/2041 229.5 229.5 268.6 0.08 % 1571 Canton Rd., NW, Carrollton, OH 44615 14432-52 State Line Rd, Brookings, OR 97415 96 Hillsboro Rd, Four Oaks, NC 27524 1250 South A. W. Grimes Rd, Round Rock, TX 78665 2207 W Third St, Pecos, TX 79772 950 South Federal Hwy, Deerfield Beach, FL 33441 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 27-29 Cooper St, Meriden, CT 6053 1 North Armistead Ave, Hampton, VA 23669 72 South Main St, Hanover, NH 3755 1325 BRd St, Central Falls, RI 2863 57 Merritt St SE, Marietta, GA 30060 7 Oak Drive, Sandy Hook, CT 6482 15 East 72nd St, Ste 14-H, New York, NY 10021 5805 NE Minder Rd, Poulsbo, WA 98370 101 East Redlands Blvd., Ste 106, Redlands, CA 92373 2039 US Route 130, Burlington, NJ 8016 9 Gibson Court Apt# 1, Norwalk, CT 6854 Warner Home Comfort, LLC dba Smith Piping (#,^) Alpha Omega Trucking LLC May-Craft Fiberglass Products Inc Empowerschool LLC and Empower Autism Academy, LLC (#,^) (#,^) (#,^) Pecos Inn LLC dba Econo Lodge (#,^) Costume World Inc (#,^) Accent Comfort Services, LLC (#,^) Automotive Core Recycling, LLC and 828 Old Colony Road, LLC AAA Mill Direct, Inc. dba Carpet Mill Outlets Sushiya Inc Waterfalls Quick Lube LLC and Veracruz Shabo LLC KNS Early Learning Academy LLC Christian Soderquist dba Soderquist Plumbing and Heating LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Vehicle Safety Supply LLC Dana A. Farley dba Independent Cabinets Cameo Carter, MD A Professional Corporation dba The Garden Pediatric G Men of Steel Enterprises LLC and Vogelbacher Properties LLC (#,^) (#,^) (#,^) MTS Car Service LLC Beale Street Blues Company- West Palm Beach, LLC dba Lafayette’s-West P Tom Sawyer Country Restaurant LLC and AM 3208 LLC Wyldewood Cellars, Inc. (#,^) (#,^) (#,^) (#,^) Merchant Wholesalers, Durable Goods Furniture and Home Furnishings Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 4/21/2026 Term Loan Prime plus 2.75% 4/12/2026 Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041 Social Assistance Term Loan Prime plus 2.75% 4/6/2041 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041 Motor Vehicle and Parts Dealers Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2026 Term Loan Prime plus 2.75% 3/31/2041 Ambulatory Health Care Services Term Loan Fabricated Metal Product Manufacturing Transit and Ground Passenger Transportation Term Loan Term Loan Prime plus 2.75% 3/31/2026 Prime plus 2.75% 3/31/2041 Prime plus 2.75% 3/30/2026 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33410 3208 Forest Hills Blvd, Palm Springs, FL 33406 951 East 119th St, Mulvane, KS 67120 Performing Arts, Spectator Sports, and Related Industries Food Services and Drinking Places Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/30/2026 Term Loan Prime plus 2.75% 3/30/2041 Term Loan Prime plus 2.75% 3/30/2041 F-237 See accompanying notes to consolidated financial statements. 4.9 54.7 249.9 46.9 52.0 13.9 59.5 46.2 360.4 6.5 57.8 236.1 960.1 4.9 54.7 249.9 46.9 52.0 13.9 59.5 46.2 360.4 6.5 57.8 236.1 960.1 5.2 56.7 294.3 55.0 61.3 14.3 70.2 47.6 421.4 6.7 59.7 278.4 1,124.2 — % 0.02 % 0.09 % 0.02 % 0.02 % — % 0.02 % 0.01 % 0.12 % — % 0.02 % 0.08 % 0.33 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) NOSO Development, LLC Gordon Rogers and Heidi Rogers dba Stone House Motor Inn Barrocas Gym LLC dba Snap Fitness Marathon Engineering Corporation PHCDC1 LLC dba Quarter & Glory and Public House Collective, Corp. Revolution Physical Therapy LLC dba Apex Network Physical Therapy (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) International Construction Inc (#,^) ActKnowledge, Inc Precious Care LLC and Precious Care Management LLC Taylors Zinn Enterprises Inc dba Eons Auto Care Inc Kekoa Enterprises Inc dba Signarama Sandy Brian T Rice dba BD Logging R & D Enterprises Inc dba My Pool Man HEWZ, LLC dba Hard Exercise Works Mustafa Inc and Raouf Properties LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Dupre Capital LLC dba Fastsigns (#,^) ABCs & 123s Infant and Child Care Center LP Step Up Academy of the Arts LLC Faith Summit Supply Inc dba Summit Supply and Summit True Value (#,^) (#,^) (#,^) Swerve Salon LLC J & W Hardwood Flooring Inc Labmates LLC and POV Holdings LLC (#,^) (#,^) (#,^) Term Loan Prime plus 2.75% 3/30/2026 120.2 120.2 123.8 0.04 % 4 Walker Way, Albany, NY 12205 Construction of Buildings 162 Danielson Pike, Foster, RI 2825 260 West Main St, Avon, CT 6001 5615 2nd St W, Lehigh Acres, FL 33971 Accommodation Amusement, Gambling, and Recreation Industries Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/30/2026 Term Loan Prime plus 2.75% 3/29/2026 Term Loan Prime plus 2.75% 3/28/2041 2017 14th St NW, Washington, DC 20009 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2026 Ambulatory Health Care Services Term Loan Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/25/2026 Prime plus 2.75% 3/24/2041 Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026 14.0 11.6 41.2 31.6 14.0 43.5 77.0 14.0 11.6 41.2 31.6 14.0 43.5 77.0 14.7 12.1 48.5 — % — % 0.01 % 32.8 0.01 % 14.5 51.0 80.6 2705 Dougherty Ferry Rd Ste 104, St. Louis, MO 63122 53955 Gratiot Ave, Chesterfield, MI 48051 365 5th Ave, New York, NY 10016 186-06 Union Turnpike, Fresh Meadows, NY 11364 330 West Harden St, Graham, NC 27253 8942 South 700 East, Sandy, UT 84070 800 3rd St Apt B, St Marys, WV 26170 291 North Texas Ave., Orlando, FL 32805 5684 West Sample Rd, Coral Springs, FL 33071 3538 Pin Oak Dr, San Antonio, TX 78229 215 Quartermaster Court, Jeffersonville, IN 47130 13419 Hwy 290E., Bldg 5, Manor, TX 78653 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 8584 US Business Hwy 277, Haskell, TX 79521 1419 N Wells St, Chicago, IL 60610 14967 Madison St, Brighton, CO 80602 141 Watertown Rd, Thomaston, CT 6787 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2026 342.2 342.2 352.6 Repair and Maintenance Professional, Scientific, and Technical Services Forestry and Logging Administrative and Support Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/18/2041 Term Loan Prime plus 2.75% 3/18/2026 Term Loan Prime plus 2.75% 3/17/2026 Term Loan Prime plus 2.75% 3/15/2026 Term Loan Prime plus 2.75% 3/14/2026 Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026 Social Assistance Term Loan Prime plus 2.75% 3/11/2026 Educational Services Term Loan Prime plus 2.75% 3/9/2026 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026 74.0 30.5 1.1 30.8 13.8 68.5 36.0 6.9 4.9 13.9 48.7 4.6 74.0 30.5 1.1 30.8 13.8 68.5 36.0 6.9 4.9 13.9 48.7 4.6 87.1 31.4 1.2 31.7 14.2 80.6 37.0 7.1 5.1 14.4 50.1 4.8 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/4/2041 100.1 100.1 117.8 0.03 % F-238 See accompanying notes to consolidated financial statements. — % 0.02 % 0.02 % 0.10 % 0.03 % 0.01 % — % 0.01 % — % 0.02 % 0.01 % — % — % — % 0.01 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Hueston and Company CPA LLC (#,^) Almost Home Daycare LLC The River Beas, LLC dba Subway and Punam Singh Consulting Solutions, Inc. and Mark Luciani (#,^) (#,^) (#,^) Living Essentials HVAC Corp (#,^) Powerpits CS1, LLC dba Pita Pit (#,^) Drug Detection Laboratories, Inc. and Minh Tran Aaradhya LLC dba Market Square Laundry (#,^) (#,^) Blackstones Hairdressing LLC (#,^) R & K Contracting Inc Jersey Shore Marina & Boat Sales, Inc. Ei3 Corporation Gilmore Heights Dental Holdings, LTD and Chas Rob LLC B for Blonde, LLC dba Blo Blow Dry Bar Base USA, Inc. Zouk Ltd dba Palma (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) SuzyQue's LLC dba SuzyQue's (#,^) Wildflour Bakery & Cafe LLC (#,^) Tammy Lavertue Gendron Funeral and Cremation Services, Inc. Dolarian Realty LLC and OV's Restaurant Inc Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt (#,^) (#,^) (#,^) (#,^) 8792 East State Rd 70, Ste B, Bradenton, FL 34202 35 Copps Hill Rd, Ridgefield, CT 6877 5516 Baltimore Ave, Hyattsville, MD 20781 3000 N Federal Hwy, STE 1, Fort Lauderdale, FL 33306 42 West St, Apt 24, Randolph, MA 2368 2008 S Texas Ave, College Station, TX 77840 9700 Business Park Drive, Sacramento, CA 95827 7727 Crittenden St, Philadelphia, PA 19118 2 Ave of the Americas, New York, NY 10013 3605 NW 31st Ave, Fort Lauderdale, FL 33309 841 Route 70 East, Brick, NJ 8724 136 Summit Ave, Montvale, NJ 7645 2250 Warrensville Center Rd, University Heights, OH 44118 142 East 49th St, New York, NY 10017 2215 NW 2nd Ave, Miami, FL 33127 28 Cornelia St, New York, NY 10014 34 South Valley Rd, West Orange, NJ 7052 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 24 Wakefield St, Rochester, NH 3867 135 North Lime Ave, Sarasota, FL 34237 34 Old Colony Ave, East Taunton, MA 2718 1196 Inverness Lane, Stow, OH 44224 Term Loan Prime plus 2.75% 3/4/2026 Term Loan Prime plus 2.75% 3/3/2026 5.0 34.5 5.0 34.5 5.2 36.1 Term Loan Prime plus 2.75% 2/28/2041 124.2 124.2 146.2 Professional, Scientific, and Technical Services Social Assistance Food Services and Drinking Places Professional, Scientific, and Technical Services Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2026 Term Loan Prime plus 2.75% 2/28/2026 Term Loan Prime plus 2.75% 2/28/2026 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/18/2026 Term Loan Prime plus 2.75% 2/12/2041 Term Loan Prime plus 2.75% 2/12/2026 7.5 9.1 1.4 12.0 47.1 31.8 9.6 572.4 198.7 7.5 9.1 1.4 12.0 47.1 31.8 9.6 572.4 198.7 7.8 9.4 1.5 12.4 48.5 32.8 10.1 674.0 207.9 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/12/2029 227.3 227.3 242.4 Personal and Laundry Services Clothing and Clothing Accessories Stores Food Services and Drinking Places Food Services and Drinking Places Social Assistance Securities, Commodity Contracts, and Other Financial Investments and Related Activities Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2026 Term Loan Prime plus 2.75% 2/2/2026 Term Loan Prime plus 2.75% 1/29/2026 Term Loan Prime plus 2.75% 1/28/2026 Term Loan Prime plus 2.75% 1/28/2026 Term Loan Prime plus 2.75% 1/28/2026 39.7 30.4 13.5 13.4 37.5 6.7 39.7 30.4 13.5 13.4 37.5 6.7 40.9 31.8 14.1 14.0 39.3 7.0 Term Loan Prime plus 2.75% 1/11/2041 102.8 102.8 121.0 61.8 66.6 61.8 66.6 72.8 68.7 Term Loan Prime plus 2.75% 1/5/2041 Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025 F-239 See accompanying notes to consolidated financial statements. — % 0.01 % 0.04 % — % — % — % — % 0.01 % 0.01 % — % 0.20 % 0.06 % 0.07 % 0.01 % 0.01 % — % — % 0.01 % — % 0.04 % 0.02 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) MCF Forte LLC Panditos LLC dba White Lotus Home Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc 800 on the Trax LLC and Matrix Z LLC Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga Joyce Outdoor Advertising Chicago LLC Hattingh Incorporated dba Prosthetic Care Facility (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Trip Consultants U.S.A. Inc. (#,^) Accent Tag and Label Inc Labmates LLC Sourceco Limited Liability Company Moments to Remember USA LLC dba Retain Loyalty New York Home Health Care Equipment, LLC Swalm Street LLC and New York Home Health Care Equipment LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Abitino's JFK LLC dba Abitino's (#,^) JAG Unit 1, LLC DC Enterprises Ltd. dba Lakeview True Value Basista Family Limited Partnership and UPE, Inc. Cares, Inc dba Dumpling Grounds Day Care Center Custom Exteriors, Inc. Sushiya, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 11.4 9.7 109.4 268.0 681.1 321.4 11.0 101.0 707.4 173.8 23.7 53.3 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 431 Raritan Ave, Highland Park, NJ 8904 24201 North Hwy 1, Fort Bragg, CA 95437 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Food Services and Drinking Places Miscellaneous Manufacturing Amusement, Gambling, and Recreation Industries Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/29/2025 Term Loan Prime plus 2.75% 12/28/2025 Term Loan Prime plus 2.75% 12/23/2040 11.1 9.4 93.3 11.1 9.4 93.3 Term Loan Prime plus 2.75% 12/23/2040 228.7 228.7 8957 Kingsridge Drive, Centerville, OH 45459 2443 West 16th St, Chicago, IL 60608 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 311 85th St, Brooklyn, NY 11209 2201 Rittenhouse St, Des Moines, IA 50321 141 Watertown Rd, Thomaston, CT 6787 17 Palmer Ave, West Long Branch, NJ 7764 1250 Sanders Ave SW, Massillon, OH 44646 30 Hopper St, Westbury, NY 11590 30 Hopper St, Westbury, NY 11590 Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430 1 West Main St, Patchogue, NY 11772 318 North F St, Lakeview, OR 97630 3401 Brecksville Rd, Richfield, OH 44286 4508 Blakiston St, Philadelphia, PA 19136 2142 Rheem Drive, Ste E, Pleasanton, CA 94588 72-74 South Main St, Hanover, NH 3755 Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2028 Term Loan Prime plus 2.75% 12/22/2040 Ambulatory Health Care Services Term Loan Professional, Scientific, and Technical Services Printing and Related Support Activities Term Loan Term Loan Prime plus 2.75% 12/21/2025 Prime plus 2.75% 12/18/2025 Prime plus 2.75% 12/18/2040 Miscellaneous Store Retailers Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2040 Term Loan 6.5% 12/17/2025 Term Loan Prime plus 2.75% 12/16/2025 635.3 274.3 10.6 98.4 603.3 147.9 24.5 51.3 635.3 274.3 10.6 98.4 603.3 147.9 24.5 51.3 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025 610.4 610.4 637.0 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Merchant Wholesalers, Durable Goods Term Loan Term Loan Term Loan Term Loan 7.5% 12/16/2040 Prime plus 2.75% 12/16/2022 Prime plus 2.75% 12/16/2025 Prime plus 2.75% 12/14/2025 Prime plus 2.75% 12/14/2040 Social Assistance Term Loan Prime plus 2.75% 12/10/2025 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 12/9/2025 Term Loan Prime plus 2.75% 12/8/2025 F-240 See accompanying notes to consolidated financial statements. 363.0 46.3 150.1 13.3 311.6 4.4 59.2 64.3 363.0 46.3 150.1 13.3 311.6 4.4 59.2 64.3 340.4 46.5 154.1 13.9 365.3 4.6 61.1 66.5 — % — % 0.03 % 0.08 % 0.20 % 0.09 % — % 0.03 % 0.21 % 0.05 % 0.01 % 0.02 % 0.19 % 0.10 % 0.01 % 0.05 % — % 0.11 % — % 0.02 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC Japp Business Inc dba Pick and Eat and Japp Drink Corp. DWeb Studio, Inc. Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy S.B.B. Enterprises Inc dba Williamston Hardware Key Pix Productions Inc. dba Air Bud Entertainment Green Life Lawnscapes LLC dba Green Life Lawn Care JumboMarkets Inc dba Rines Jumbomarkets (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Financial Network Recovery Inc (#,^) ADMO Inc dba Mid States Equipment SCJEN Management Inc dba Bowl of Heaven Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas Cit (#,^) (#,^) (#,^) Binky's Vapes LLC Barub Realty LLC and Barub LLC dba Woodlawn Cabinets R.H. Hummer Jr., Inc. RIM Investments LLC and RIM Architects LLC Greensward of Marco Inc. Sandlot Ventures LLC and Sandbox Ventures LLC Prestigious LifeCare for Seniors LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 880 Lowcountry Blvd, Mount Pleasant, SC 29464 4179 Broadway, New York, NY 10033 10800 E. Bethany Drive, Ste 275, Aurora, CO 80014 Repair and Maintenance Food Services and Drinking Places Educational Services Term Loan Prime plus 2.75% 11/25/2025 Term Loan Prime plus 2.75% 11/30/2025 75.7 6.6 75.7 6.6 Term Loan Prime plus 2.75% 12/4/2040 457.4 457.4 536.9 726-740 South Fleming St, Sebastian, FL 32958 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 11/23/2040 738.3 738.3 Building Material and Garden Equipment and Supplies Dealers Performing Arts, Spectator Sports, and Related Industries Administrative and Support Services 3105 107th Ave, Doral, FL 33178 Health and Personal Care Stores 139 S Putnam St, Williamston, MI 48895 22525 Pacific Coast Hwy, Malibu, CA 90265 1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957 15500 SW Trail Drive, Indiantown, FL 34956 250 E Easy St Ste 1, Simi Valley, CA 93065 16180 Westwoods Business Park, Ellisville, MO 63021 43958 Pacific Common Blvd, Fremont, CA 94538 Food and Beverage Stores Administrative and Support Services Plastics and Rubber Products Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 11/20/2025 Term Loan Prime plus 2.75% 11/19/2040 Term Loan Prime plus 2.75% 11/18/2040 Term Loan Prime plus 2.75% 11/6/2025 Term Loan Prime plus 2.75% 11/4/2025 Term Loan Prime plus 2.75% 10/26/2025 Term Loan Prime plus 2.75% 10/8/2025 Term Loan Prime plus 2.75% 9/30/2025 7748 Troost Ave, Kansas City, MO 64131 10539 Greenbelt Rd Ste 102, Lanham, MD 20706 1838 Adee Ave, Baychester, NY 10469 2141 P Ave, Williamsburg, IA 52361 645 G St Ste 400, Anchorage, AK 99501 54 Marco Lake Drive, Marco Island, FL 34146 1857A Elmdale Ave, Glenview, IL 60025 5701 North Pine Island Rd, Tamarac, FL 33321 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028 Miscellaneous Store Retailers Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2025 Term Loan Prime plus 2.75% 9/30/2040 Truck Transportation Professional, Scientific, and Technical Services Administrative and Support Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/30/2025 Term Loan Prime plus 2.75% 9/28/2040 Term Loan Prime plus 2.75% 9/28/2040 Term Loan Prime plus 2.75% 9/25/2040 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 F-241 See accompanying notes to consolidated financial statements. 52.5 98.5 499.7 80.1 178.6 23.0 12.9 40.8 46.7 12.7 129.1 230.8 360.7 79.6 413.0 5.6 52.5 98.5 499.7 80.1 178.6 23.0 12.9 40.8 46.7 12.7 129.1 230.8 360.7 79.6 413.0 5.6 0.16 % 0.02 % — % 0.20 % 0.02 % 0.03 % 0.17 % 0.02 % 0.05 % 0.01 % — % 0.01 % 0.01 % — % 0.04 % 0.07 % 0.12 % 0.03 % 0.14 % — % 78.3 6.7 692.8 54.1 114.9 587.4 83.6 186.4 23.6 13.3 41.9 50.1 13.1 151.8 240.9 422.4 93.3 482.0 5.8 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Daniel W. Stark dba Mountain Valley Lodge and RV Park St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn Finish Strong Inc dba FASTSIGNS St Peters Sound Manufacturing Inc IIoka Inc dba New Cloud Networks (#,^) (#,^) (#,^) (#,^) (#,^) Vanderhoof LLC dba Soxfords (#,^) MiJoy Inc dba Imo's Pizza Naeem Khan LTD FirstVitals Health and Wellness Inc (#,^) (#,^) (#,^) Almost Home Daycare LLC Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc (#,^) (#,^) Empower Autism Academy Elite Institute LLC dba Huntington Learning Center 3000 CSI Property LLC and Consulting Solutions Inc God Be Glorified Inc dba GBG Inc GDP Gourmet LLC dba Joe and John's Pizza Restaurant Gold Jet Corp. SKJ Inc dba Subway (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) LP Industries Inc dba Childforms (#,^) Beale Street Blues Company- West Palm Beach LLC dba Lafayette's-West Pa (#,^) Free Ion Advisors LLC Murrayville Donuts, Inc dba Dunkin' Donuts (#,^) (#,^) 223 Hwy 80, Rodeo, NM 88056 Accommodation Term Loan Prime plus 2.75% 9/25/2040 12.2 12.2 14.3 — % Accommodation Term Loan Prime plus 2.75% 9/24/2040 565.1 565.1 661.5 Term Loan Prime plus 2.75% 9/23/2025 Term Loan Prime plus 2.75% 9/21/2025 28.3 28.1 28.3 28.1 29.0 29.0 Term Loan Prime plus 2.75% 9/21/2025 378.5 378.5 387.8 10 West Orvis St, Massena, NY 13662 98 North Hillview Drive, St Peters, MO 63376 51 Donnelley Rd, Old Saybrook, CT 6475 160 Inverness Drive W Ste 150, Englewood, CO 80112 11 Sellecks Walk, Pound Ridge, NY 10576 215 South Kirkwood Rd, Kirkwood, MO 63122 260 West 36h St, New York, NY 10018 1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814 35 Copps Hill Rd, Ridgefield, CT 6877 170 Main St, North Kingstown, RI 2852 1250 South A. W. Grimes Rd, Round Rock, TX 78665 13526 Village Park Drive Ste 214, Orlando, FL 32837 3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306 40 West. 162nd St, South Holland, IL 60473 136 New Jersey Ave, Absecon, NJ 8201 2472 Broadway, New York, NY 10025 401 S Woodlawn Ave, Bloomington, IN 47401 110 Charleston Drive, Mooresville, NC 28117 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401 322 Evandale Rd, Scarsdale, NY 10583 2304 N College Rd, Wilmington, NC 28405 Miscellaneous Manufacturing Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services Apparel Manufacturing Food Services and Drinking Places Apparel Manufacturing Merchant Wholesalers, Durable Goods Social Assistance Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/18/2025 Term Loan Prime plus 2.75% 9/18/2025 Term Loan Prime plus 2.75% 9/17/2025 Term Loan Prime plus 2.75% 9/15/2025 Term Loan Prime plus 2.75% 9/11/2025 Term Loan Prime plus 2.75% 9/8/2040 Social Assistance Term Loan Prime plus 2.75% 9/4/2040 Educational Services Professional, Scientific, and Technical Services Insurance Carriers and Related Activities Food Services and Drinking Places Couriers and Messengers Food Services and Drinking Places Plastics and Rubber Products Manufacturing Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2025 Term Loan Prime plus 2.75% 8/20/2040 Term Loan Prime plus 2.75% 8/20/2025 Term Loan Prime plus 2.75% 8/19/2040 Term Loan Prime plus 2.75% 8/14/2025 Term Loan Prime plus 2.75% 8/13/2025 Term Loan Prime plus 2.75% 7/29/2025 Term Loan Prime plus 2.75% 7/24/2025 Term Loan Prime plus 2.75% 7/21/2025 0.19 % 0.01 % 0.01 % 0.11 % — % — % 0.02 % 0.03 % — % 0.04 % 0.21 % — % 0.04 % 0.01 % 0.05 % 0.01 % 0.01 % 0.02 % 0.01 % 0.01 % 0.11 % 8.6 4.7 70.8 87.6 6.4 126.7 619.3 8.5 127.8 29.6 130.9 39.9 48.4 72.3 36.4 35.3 8.6 4.7 70.8 87.6 6.4 126.7 619.3 8.5 127.8 29.6 130.9 39.9 48.4 72.3 36.4 35.3 8.8 4.8 72.6 89.7 6.7 148.7 726.8 8.7 149.9 30.3 153.1 41.3 49.7 75.2 37.5 36.2 Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040 330.7 330.7 385.9 F-242 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Union 2 LLC dba The Standard Jonathan E Nichols and Nichols Fire and Security LLC Thrifty Market, Inc. dba Thrifty Foods (#,^) (#,^) (#,^) Summit Beverage Group LLC (#,^) (#,^) SofRep, Inc dba Force 12 Media (#,^) TJU-DGT Inc dba The Lorenz Cafe Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling (#,^) CEM Autobody LLC dba Dawn's Autobody E & G Enterprises LLC dba Comfort Keepers Ohs Auto Body, Inc. dba Ohs Body Shop Wolf Enviro Interests, LLC and Enviromax Services Inc Evinger PA One, Inc. dba Postal Annex, Falcon (#,^) (#,^) (#,^) (#,^) (#,^) RJI Services, Inc. Real Help LLC dba Real Help Decorative Concrete PM Cassidy Enterprises, Inc. dba Junk King KRN Logistics, LLC and Newsome Trucking, Inc Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra AM PM Properties, LLC and AM PM Willington, LLC Mirage Plastering Inc and Mpire LLC and Mpire II LLC Eldredge Tavern LLC dba Gonyea's Tavern ViAr Visual Communications, Inc. dba Fastsigns 281701 Video Vault & Tanning LLC and Mosaic Salon LLC (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) 1520 Broadway, Fort Myers, FL 33901 1906 Vanderhorn Drive, Memphis, TN 38134 702 10th St, Wheatland, WY 82201 211 Washington Ave, Marion, VA 24354 930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451 714-718 Lorenz Ave, Pittsburgh, PA 15220 13886 Campo Rd, Jamul, CA 91935 7 Division St, Keyport, NJ 7735 220 Middle St, Franklin, VA 23851 3560 Hwy 93 South, Kalispell, MT 59901 18002 Mueschke Rd, Cypress, TX 77433 7661 McLaughlin Rd, Falcon, CO 80831 353 E Angeleno Ste G, Burbank, CA 91502 2221 Broadway St, Buffalo, NY 14212 960 Matley Lane, Ste 20 & 21, Bldg B, Reno, NV 89502 2262 Hwy 53 W, Jasper, GA 30143 111 N Pompano Beach Blvd., Pompano Beach, FL 33062 1308 Stafford Rd, Storrs Mansfield, CT 6268 1802 W Grant Rd Ste 114, Tucson, AZ 85745 150 Main St, Pascoag, RI 2859 4721 University Way NE, Seattle, WA 98105 W7003 Parkview Dr, Ste A & B, Greenville, WI 54942 Food Services and Drinking Places Administrative and Support Services Food and Beverage Stores Beverage and Tobacco Product Manufacturing Other Information Services Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025 Term Loan Prime plus 2.75% 6/30/2025 Term Loan Prime plus 2.75% 6/30/2030 Term Loan Prime plus 2.75% 8/29/2030 Term Loan Prime plus 2.75% 6/26/2025 Term Loan Prime plus 2.75% 6/26/2029 Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040 Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025 61.1 40.6 210.1 219.4 35.7 14.8 341.3 121.7 12.1 61.1 40.6 210.1 219.4 35.7 14.8 341.3 121.7 12.1 63.4 42.2 228.6 238.9 37.0 16.0 401.7 143.2 12.6 Repair and Maintenance Administrative and Support Services Miscellaneous Store Retailers Professional, Scientific, and Technical Services Administrative and Support Services Waste Management and Remediation Services Term Loan 7.22% 6/25/2040 1,097.8 1,097.8 1,029.7 Term Loan Prime plus 2.75% 6/25/2040 221.6 221.6 260.3 Term Loan Prime plus 2.75% 6/24/2025 Term Loan Prime plus 2.75% 6/23/2025 Term Loan Prime plus 2.75% 6/22/2025 Term Loan Prime plus 2.75% 6/19/2025 12.2 12.0 28.7 6.8 12.2 12.0 28.7 6.8 12.6 12.4 29.9 7.1 0.02 % 0.01 % 0.07 % 0.07 % 0.01 % — % 0.12 % 0.04 % — % 0.30 % 0.08 % — % — % 0.01 % — % Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 279.4 279.4 290.6 0.09 % Ambulatory Health Care Services Term Loan Food Services and Drinking Places Term Loan Prime plus 2.75% 6/18/2025 Prime plus 2.75% 6/17/2040 25.2 78.0 25.2 78.0 26.1 91.8 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040 Term Loan Prime plus 2.75% 6/12/2040 124.6 124.6 146.2 0.01 % 0.03 % 0.04 % 0.02 % 0.01 % 0.02 % 50.8 33.5 60.5 50.8 33.5 60.5 59.8 34.8 71.3 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025 Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040 F-243 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 10901 W. Toller Drive, Littleton, CO 80127 5980 Lamar St, Arvada, CO 80003 777 Brickell Ave, Ste 500, Miami, FL 33131 Professional, Scientific, and Technical Services Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025 Term Loan Prime plus 2.75% 5/29/2025 Term Loan Prime plus 2.75% 5/27/2025 Accommodation Printing and Related Support Activities Repair and Maintenance Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/20/2040 Term Loan Prime plus 2.75% 5/15/2040 Term Loan Prime plus 2.75% 5/8/2025 Term Loan Prime plus 2.75% 5/6/2040 Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040 Social Assistance Merchant Wholesalers, Durable Goods Personal and Laundry Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Repair and Maintenance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/1/2040 Term Loan Prime plus 2.75% 4/21/2025 Term Loan Prime plus 2.75% 4/17/2025 Term Loan Prime plus 2.75% 4/14/2025 Term Loan Prime plus 2.75% 4/3/2040 Term Loan Prime plus 2.75% 3/30/2025 Medworxs LLC XCESSIVE THROTTLE, INC dba Jake's Roadhouse Villela CPA PL Douglas Posey and Sally Watkinson dba Audrey's Farmhouse 15 McArdle LLC and No Other Impressions Inc Guard Dogs MFS LLC South Park Properties LLC and Midlothian Hardware LLC Matthew Taylor and Landon Farm LLC Cares Inc dba Dumpling Grounds Day Care Center Diamond Solutions LLC Giacchino Maritime Consultants Inc Sound Coaching Inc Faramarz Nikourazm dba Car Clinic Center Copper Beech Financial Group LLC Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC Shellhorn and Hill Inc dba Total Fleet Service Shorr Enterprises Inc dba New Design Furniture Manufacturers Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC Zero-In Media Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2188 Brunswyck Rd, Wallkill, NY 12589 15 McArdle St, Rochester, NY 14611 9460 Mistwater Close, Roswell, GA 30076 4751 147th St, Midlothian, IL 60445 6103 N Church St, Greensboro, NC 27455 4508 Blakiston St, Philadelphia, PA 19136 7655 E Gelding Drive, Ste B2, Scottsdale, AZ 85260 5219 Tamiami Court, Cape Coral, FL 33904 4749 Main St Ste 3, Bridgeport, CT 6606 10707 Shady Trail, Dallas, TX 75220 1223 North Church St, Moorestown, NJ 8057 40 Buzzard Ridge Rd, Sequim, WA 98382 5600 N. River Rd #925, Rosemont, IL 60018 501 South Market St, Wilmington, DE 19801 3033 NW 28 St, Lauderdale Lakes, FL 33311 Real Estate Term Loan Prime plus 2.75% 3/27/2025 Nonstore Retailers Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2040 Term Loan Prime plus 2.75% 3/27/2025 800 James Ave, Scranton, PA 18510 1123 Broadway Ste 704, New York, NY 10010 Professional, Scientific, and Technical Services Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/26/2040 Term Loan Prime plus 2.75% 3/25/2025 F-244 See accompanying notes to consolidated financial statements. 67.6 4.4 4.8 156.1 165.1 33.1 42.8 90.1 72.6 10.1 11.8 23.3 65.7 64.3 67.6 4.4 4.8 156.1 165.1 33.1 42.8 90.1 72.6 10.1 11.8 23.3 65.7 64.3 70.1 0.02 % 4.5 5.0 183.8 194.3 34.3 50.4 105.7 85.5 10.5 12.2 24.1 77.3 66.8 — % — % 0.05 % 0.06 % 0.01 % 0.01 % 0.03 % 0.03 % — % — % 0.01 % 0.02 % 0.02 % 637.4 924.3 54.9 48.2 11.6 637.4 924.3 54.9 48.2 11.6 658.8 1,084.1 57.0 56.7 12.0 0.19 % 0.32 % 0.02 % 0.02 % — % Accommodation Term Loan Prime plus 2.75% 3/27/2040 269.2 269.2 316.6 0.09 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) (#,^) (#,^) Loriet LLC Shelton Incorporated dba Mrs. Winners Jaymie Hazard dba Indigo Hair Studio and Day Spa R & R Security and Investigations Inc dba Pardners Lake Buchanan MMS Realty, LLC and Molecular MS Diagnostics LLC (#,^) (#,^) (#,^) Royal Crest Motors LLC Luigi's on Main LLC and Luigi's Main Street Pizza Inc Baystate Firearms and Training, LLC (#,^) (#,^) (#) Pace Motor Lines, Inc. Kingseal LLC dba Desoto Health and Rehab Center (#,^) (#,^) Nelson Financial Services LLC (#,^) Kiddie Steps 4 You Inc. Triangle Trash LLC dba Bin There Dump That Dean 1021 LLC dba Pure Pita Limameno LLC dba Sal's Italian Ristorante (#,^) (#,^) (#,^) (#,^) Palmabak Inc dba Mami Nora's (#,^) Jung Design Inc Grand Blanc Lanes, Inc. and H, H and H, LLC First Prevention and Dialysis Center, LLC Bowlerama Inc The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast Thermoplastic Services Inc and Paragon Plastic Sheet, Inc (#,^) (#,^) (#) (#,^) (#,^) (#,^) 5001 Vivienda Way, Sarasota, FL 34235 4509 N. Henry Blvd., Stockbridge, GA 30281 2016 Warwick Ave, Warwick, RI 2889 15615 State Route 29, Buchanan Dam, TX 78609 1224 Greenwich Ave, Warwick, RI 2886 769 Amesbury Rd, Haverhill, MA 1830 491 Montauk Hwy, Eastport, NY 11941 215 Newbury St, Peabody, MA 1960 1425 Honeyspot Rd Extension, Stratford, CT 6615 475 Nursing Home Drive, Arcadia, FL 34266 20015 N 83rd Place, Scottsdale, AZ 85255 1700 West 63rd St., Chicago, IL 60636 188 Northbend Drive, Youngsville, NC 27596 106 Central Ave, Westfield, NJ 7090 861 Yamato Rd, Bay #2, Boca Raton, FL 33431 4614 Capital Blvd, Raleigh, NC 27604 10857 Pine Bluff Drive, Fishers, IN 46037 5301 S Saginaw Rd, Flint, MI 48507 17940 NW 27th Ave, Miami Gardens, FL 33056 3031 New Castle Ave, New Castle, DE 19720 114-115 Medical Center Ave, Sebring, FL 33870 1700 W 4th St, Dequincy, LA 70633 Term Loan Prime plus 2.75% 2/26/2040 1,137.8 1,137.8 1,338.1 Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Term Loan Prime plus 2.75% 3/24/2025 Term Loan Prime plus 2.75% 3/20/2040 Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040 Food Services and Drinking Places Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040 Term Loan Prime plus 2.75% 3/18/2040 Term Loan Prime plus 2.75% 3/16/2040 Term Loan Prime plus 2.75% 3/4/2025 Educational Services Term Loan Prime plus 2.75% 2/27/2025 Term Loan Prime plus 2.75% 2/26/2025 Truck Transportation Nursing and Residential Care Facilities Professional, Scientific, and Technical Services Social Assistance Waste Management and Remediation Services Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/24/2025 Term Loan Prime plus 2.75% 2/19/2040 Term Loan Prime plus 2.75% 2/18/2025 Term Loan Prime plus 2.75% 4/29/2025 Term Loan Prime plus 2.75% 1/23/2025 Term Loan Prime plus 2.75% 1/22/2025 Term Loan Prime plus 2.75% 1/20/2022 Term Loan Prime plus 2.75% 12/31/2039 Prime plus 2.75% 12/30/2024 6.2 100.4 38.4 76.1 143.4 81.4 5.8 30.3 33.1 6.2 100.4 38.4 76.1 143.4 81.4 5.8 30.3 33.1 6.4 118.0 45.1 89.5 168.4 95.6 6.0 31.4 34.4 6.3 55.1 37.6 44.4 41.4 2.1 1.6 117.8 133.9 6.3 55.1 37.6 44.4 41.4 2.1 1.6 117.8 133.9 6.5 64.7 39.0 46.0 42.8 2.2 1.6 138.5 138.7 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039 1,072.3 1,072.3 1,258.8 Ambulatory Health Care Services Term Loan Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039 Prime plus 2.75% 12/23/2039 473.3 443.1 473.3 443.1 554.2 520.1 F-245 See accompanying notes to consolidated financial statements. — % 0.03 % 0.01 % 0.03 % 0.05 % 0.03 % — % 0.01 % 0.01 % 0.39 % — % 0.02 % 0.01 % 0.01 % 0.01 % — % — % 0.04 % 0.04 % 0.37 % 0.16 % 0.15 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) (#,^) (#,^) (#,^) (#,^) Beale Street Blues Company- West Palm Beach, LLC dba Lafayette Music Ha MM and M Management Inc dba Pizza Artista B.S. Ventures LLC dba Dink's Market The Jewelers Inc. dba The Jewelers of Las Vegas Will Zac Management LLC dba Papa John's B & W Towing, LLC and Boychucks Fuel LLC Kemmer LLC and Apples Tree Top Liquors LLC Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman Legacy Estate Planning Inc dba American Casket Enterprises DC Real LLC and DC Enterprises LTD dba Lakeview True Value Heartland American Properties LLC and Skaggs RV Outlet LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) DNT Storage and Properties LLC (#,^) Sound Manufacturing Inc Doctors Express Management of Central Texas LLC Smith Spinal Care Center P.C. and James C. Smith Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory Sumad LLC dba BrightStar Care of Encinitas Roccos LLC and Sullo Pantalone Inc dba Rocco's Gordon E Rogers dba Stonehouse Motor Inn Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 550 South Rosemary Ave Ste 236, West Palm Beach, FL 33401 5409 Johnston St, Lafayette, LA 70503 48649 Hwy 58, Oakridge, OR 97463 2400 Western Ave, Las Vegas, NV 89102 2410 West Jefferson St, Ste B, Joliet, IL 60435 701 Addison Rd, Painted Post, NY 14870 1300 S Jackson St, Salem, IN 47167 988 Hemlock St, Cannon Beach, OR 97110 2176 Route 119 North, Greensburg, PA 15601 318 North F St, Lakeview, OR 97630 301 Commerce Drive, Elizabethtown, KY 42701 38 Old National Pike, West Alexander, PA 15376 51 Donnelley Rd, Old Saybrook, CT 6475 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 1103 Russell Parkway, Warner Robins, GA 31088 Performing Arts, Spectator Sports, and Related Industries Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Clothing and Clothing Accessories Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2024 Term Loan Prime plus 2.75% 4/19/2025 Term Loan Prime plus 2.75% 12/19/2039 Term Loan Prime plus 2.75% 12/19/2024 Term Loan 6.25% 12/19/2024 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039 Real Estate Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2039 Term Loan Prime plus 2.75% 10/10/2024 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039 900 Alpine Rd, Bridgeville, PA 15017 680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020 79 Beach Rd Units B13 and B14, Vineyard Haven, MA 2568 162 Danielson Pike, Foster, RI 2825 308 Kennedy St NW, Washington, DC 20011 Personal and Laundry Services Administrative and Support Services Food Services and Drinking Places Accommodation Food Services and Drinking Places Term Loan Prime plus 2.75% 10/3/2039 Term Loan Prime plus 2.75% 10/2/2024 Term Loan Prime plus 2.75% 9/30/2039 Term Loan Prime plus 2.75% 9/26/2039 Term Loan Prime plus 2.75% 9/23/2024 F-246 See accompanying notes to consolidated financial statements. 91.6 24.1 47.6 605.3 63.3 140.8 122.2 105.0 20.1 106.0 422.3 89.7 86.9 3.0 25.4 108.5 25.0 225.0 50.6 12.0 91.6 24.1 47.6 605.3 63.3 140.8 122.2 105.0 20.1 106.0 422.3 89.7 86.9 3.0 25.4 108.5 25.0 225.0 50.6 12.0 94.7 24.9 55.9 624.5 62.1 165.0 143.2 123.2 20.8 124.4 495.4 105.3 89.9 3.2 29.8 127.4 25.9 263.7 59.3 12.4 0.03 % 0.01 % 0.02 % 0.18 % 0.02 % 0.05 % 0.04 % 0.04 % 0.01 % 0.04 % 0.15 % 0.03 % 0.03 % — % 0.01 % 0.04 % 0.01 % 0.08 % 0.02 % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) (#,^) (#,^) (#,^) (#,^) Ryan Crick and Pamela J. Crick and Crick Enterprises Inc Modern Leather Goods Repair Shop Inc Animal Intrusion Prevention Systems Holding Company, LLC (#,^) Tavern Properties LLC and Wildwood Tavern LLC Indy East Smiles Youth Dentistry LLC dba Prime Smile East B&P Diners LLC dba Engine House Restaurant Lamjam LLC Goldsmith Lambros Inc Atlas Auto Body Inc dba Atlas Auto Sales Alpha Preparatory Academy LLC Katie Senior Care LLC dba Home Instead Senior Care Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook Almost Home Property LLC and Almost Home Daycare LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) iFood, Inc. dba Steak N Shake 575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST Honeyspot Investors LLP and Pace Motor Lines Inc Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC AMG Holding, LLC and Stetson Automotive, Inc Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) iFood, Inc. dba Steak N Shake (#,^) 3390 W. Andrew Johnson Hwy, Greeneville, TN 37743 2 West 32nd St, Ste 401, New York, NY 10001 3330 N Beach St, Fort Worth, TX 76111 6480 West Touhy Ave, Niles, IL 60714 5430 E. Washington St, Indianapolis, IN 46219 71 Lafayette St,, Salem, MA 1970 7137 Little River Turnpike, Annandale, VA 22003 20 Providence St, West Warwick, RI 2893 4462 Mink Livsey Rd, Snellville, GA 30039 222E Eufaula St Ste 220, Norman, OK 73069 10463 Hamer Rd, Georgetown, OH 45121 35 Copps Hill Rd, Ridgefield, CT 6877 5900 Duraleigh Rd, Raleigh, NC 27612 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039 Repair and Maintenance Administrative and Support Services Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2024 Term Loan Prime plus 2.75% 9/15/2024 Term Loan Prime plus 2.75% 9/15/2039 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Clothing and Clothing Accessories Stores Term Loan Term Loan Prime plus 2.75% 9/11/2024 Prime plus 2.75% 9/10/2024 Prime plus 2.75% 8/27/2024 Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039 Social Assistance Term Loan Prime plus 2.75% 8/15/2039 Social Assistance Term Loan Prime plus 2.75% 8/15/2024 Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039 Social Assistance Food Services and Drinking Places Term Loan Prime plus 2.75% 8/7/2039 Term Loan Prime plus 2.75% 7/31/2024 575 Columbus Ave, New Haven, CT 6519 1425 Honeyspot Rd Extension, Stratford, CT 6615 15 Stonebridge, Cranston, RI 2921 Food Services and Drinking Places Truck Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039 Term Loan Prime plus 2.75% 7/24/2039 Term Loan Prime plus 2.75% 7/17/2039 309 Route 9, Waretown, NJ 8758 Repair and Maintenance 4920 Lincoln Ave Route 53, Lisle, IL 60532 2840 E Millbrook Rd, Raleigh, NC 27604 Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039 Term Loan Prime plus 2.75% 6/30/2024 Term Loan Prime plus 2.75% 6/30/2039 F-247 See accompanying notes to consolidated financial statements. 128.1 26.1 140.9 376.9 290.8 36.9 57.7 45.2 128.0 48.2 121.6 659.5 174.7 17.8 131.1 85.7 179.8 43.0 550.6 128.1 26.1 140.9 376.9 290.8 36.9 57.7 45.2 128.0 48.2 121.6 659.5 174.7 17.8 131.1 85.7 179.8 43.0 550.6 150.1 26.9 145.4 441.4 299.3 38.0 59.6 53.0 150.0 49.6 114.5 772.7 180.4 20.9 153.7 100.4 211.2 44.4 646.4 0.04 % 0.01 % 0.04 % 0.13 % 0.09 % 0.01 % 0.02 % 0.02 % 0.04 % 0.01 % 0.03 % 0.23 % 0.05 % 0.01 % 0.05 % 0.03 % 0.06 % 0.01 % 0.19 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Truck Transportation Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2039 Term Loan 7.25% 6/26/2024 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039 764.5 35.7 444.1 764.5 35.7 444.1 898.4 35.1 520.7 Term Loan Prime plus 2.75% 6/20/2039 203.9 203.9 239.1 Honeyspot Investors LLP and Pace Motor Lines Inc Zinger Hardware and General Merchant Inc Nikobella Properties LLC and JPO Inc dba Village Car Wash Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val Sico & Walsh Insurance Agency Inc and The AMS Trust Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel (#,^) (#) (#) (#,^) (#) (#,^) Long Island Barber Institute Inc (#,^) Pocono Coated Products, LLC Jonesboro Health Food Center LLC The River Beas LLC and Punam Singh AS Boyals LLC dba Towne Liquors Gerami Realty, LC Sherrill Universal City Corral, LP dba Golden Complete Body & Paint, Inc. Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu Wilshire Media Systems Inc 1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC Little People's Village II LLC and Iliopoulos Realty LLC Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle Kemmer, LLC and Pitts Package Store, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1425 Honeyspot Rd Extension, Stratford, CT 6615 4001 North Lamar Blvd Ste 300, Austin, TX 78756 1372 South US Route 12, Fox Lake, IL 60020 1313 West Park St #1, Livingston, MT 59047 106 Concord Ave, Belmont, MA 2478 15637 St Clair Ave, Cleveland, OH 44110 266 Greenwich St, Hempstead, NY 11550 100 Sweetree St, Cherryville, NC 28021 1321 Stone St, Jonesboro, AR 72401 11704 Centurion Way, Potomac, MD 20854 117 South BRd St, Woodbury City, NJ 8096 2301 Pat Booker Rd, Universal City, TX 78148 32220 Michigan Ave, Wayne, MI 48184 201-203-205 West Merrick Rd, Valley Stream, NY 11580 2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361 1899 State Route 35, South Amboy, NJ 8879 6522 Haverford Ave, Philadelphia, PA 19151 Building Material and Garden Equipment and Supplies Dealers Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039 Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024 Educational Services Printing and Related Support Activities Health and Personal Care Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 6/2/2039 Term Loan Prime plus 2.75% 5/30/2024 Term Loan Prime plus 2.75% 5/27/2024 Term Loan Prime plus 2.75% 5/8/2039 Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027 Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039 Real Estate Term Loan Prime plus 2.75% 4/22/2039 Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 4/17/2024 Term Loan Prime plus 2.75% 4/9/2039 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 0.26 % 0.01 % 0.15 % 0.07 % 0.03 % — % 0.02 % — % 0.01 % 0.03 % 0.03 % 0.02 % 0.01 % 0.03 % 0.02 % 0.03 % 0.03 % 0.13 % 0.04 % 80.9 7.2 48.5 9.6 26.9 78.7 94.6 48.7 18.1 90.1 75.8 97.4 80.3 80.9 7.2 48.5 9.6 26.9 78.7 94.6 48.7 18.1 90.1 75.8 97.4 80.3 94.9 7.4 56.8 9.9 27.7 92.2 111.0 51.7 21.2 105.7 78.2 114.3 94.1 456.7 118.9 16701 E. Iliff Ave, Aurora, CO 80013 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039 201 S. Main St, Salem, IN 47167 Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039 389.4 101.5 389.4 101.5 F-248 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) (#,^) (#,^) Little People's Village II LLC and Iliopoulos Realty LLC Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC 636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co Cormac Enterprises and Wyoming Valley Beverage Incorporated Kinisi, Inc. dba The River North UPS Store R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern (#,^) (#,^) (#,^) (#) Summit Beverage Group LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Faith Memorial Chapel LLC 952 Boston Post Road Realty, LLC and HNA LLC dba Styles International 96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki JWB Industries, Inc. dba Carteret Die Casting 986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC Sarah Sibadan dba Sibadan Agency Icore Enterprises Inc dba Air Flow Filters Inc Nutmeg North Associates LLC Steeltech Building Products Inc Amboy Woodbridge Realty LLC and United Premium Foods LLC (#) KK International Trading Corporation Kurtis Sniezek dba Wolfe's Foreign Auto TAK Properties LLC and Kinderland Inc (#,^) (#,^) (#,^) 6522 Haverford Ave, Philadelphia, PA 19151 4401 N I-35 #113, Denton, TX 76207 636 South Center St, New Washington, OH 44854 63 S Wyoming Ave, Edwardsville, PA 18704 301 West Grand Ave, Chicago, IL 60654 3111 and 3135 Delsea Drive, Franklinville, NJ 8322 211 Washington Ave, Marion, VA 24354 600 9th Ave North, Bessemer, AL 35020 952 Boston Post Rd, Milford, CT 6460 96 Mill St, Berlin, CT 6037 74 Veronica Ave, Somerset, NJ 8875 986 Dixwell Ave, Hamden, CT 6510 102-05 101st Ave, Ozone Park, NY 11416 151 W 24th St, Hialeah, FL 33010 636 Nutmeg Rd North, South Windsor, CT 6074 One Amboy Ave, Woodbridge, NJ 7095 219 Lafayette Drive, Syosset, NY 11791 712 5th St, New Brighton, PA 15066 1157 Commerce Ave, Longview, WA 98632 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 88.5 88.5 103.8 0.03 % Truck Transportation Term Loan Prime plus 2.75% 3/31/2024 305.8 305.8 314.9 0.09 % Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039 Food and Beverage Stores Administrative and Support Services Food and Beverage Stores Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/20/2039 Term Loan Prime plus 2.75% 3/18/2024 Term Loan Prime plus 2.75% 2/28/2039 Term Loan Prime plus 2.75% 2/28/2024 68.1 96.0 3.2 361.3 139.3 68.1 96.0 3.2 361.3 139.3 79.8 0.02 % 112.4 0.03 % 3.3 422.9 143.5 — % 0.12 % 0.04 % Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 185.3 185.3 216.9 0.06 % Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 179.0 179.0 209.5 0.06 % Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024 Food Services and Drinking Places Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 2/7/2039 Term Loan Prime plus 2.75% 1/27/2039 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038 122.0 111.2 86.1 111.6 8.4 788.2 122.0 111.2 86.1 111.6 8.4 788.2 142.9 114.5 100.8 130.7 8.7 922.3 Term Loan 6% 6/14/2024 1,813.7 1,813.7 1,782.3 Food Manufacturing Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028 Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038 Social Assistance Term Loan Prime plus 2.75% 12/18/2038 F-249 See accompanying notes to consolidated financial statements. 124.8 76.5 348.5 124.8 76.5 348.5 134.4 89.4 407.1 0.04 % 0.03 % 0.03 % 0.04 % — % 0.27 % 0.53 % 0.04 % 0.03 % 0.12 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 920 CHR Realty LLC V. Garofalo Carting Inc DKB Transport Corp Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle Spectrum Development LLC and Solvit Inc & Solvit North, Inc (#,^) (#,^) (#,^) (#,^) BVIP Limousine Service LTD (#,^) AcuCall LLC Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL Polpo Realty, LLC Polpo Restaurant, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Mid-Land Sheet Metal Inc 1 North Restaurant Corp dba 1 North Steakhouse Master CNC Inc & Master Properties LLC Janice B. McShan and The Metropolitan Day School, LLC (#,^) Greenbrier Technical Services, Inc Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd Discount Wheel and Tire of Broken Bow Inc Lenoir Business Partners LLC LP Industries, Inc dba Childforms LP Industries, Inc dba Childforms Cencon Properties LLC and Central Connecticut Warehousing Company, In Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Ho (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 920 Crooked Hill, Brentwood, NY 11717 555 Water Works Rd, Old Bridge, NJ 8857 1455 S Richland Creek Rd, Sugar HIll, GA 30518 65 Farmington Valley Drive, Plainville, CT 6062 887 W Liberty, Medina, OH 44256 824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408 3039-3043 Hedley, Springfield, IL 62704 554 Old Post Rd #3, Greenwich, CT 6830 125 E Fesler St, Santa Maria, CA 93454 322 W. Montauk Hwy, Hampton Bays, NY 11946 11825 29 Mile Rd, Washington, MI 48095 2817 Lomb Ave, Birmingham, AL 35208 407 E. Edgar Ave, Ronceverte, WV 24970 77 Mill Rd, Freeport, NY 11520 1202 S Park Drive, Broken Bow, OK 74728 Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038 Truck Transportation Term Loan Prime plus 2.75% 12/5/2038 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038 Specialty Trade Contractors Transit and Ground Passenger Transportation Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Specialty Trade Contractors Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/2/2023 Term Loan Prime plus 2.75% 11/27/2038 Term Loan Prime plus 2.75% 11/21/2023 Term Loan Prime plus 2.75% 11/18/2023 Term Loan Prime plus 2.75% 11/6/2038 Term Loan Prime plus 2.75% 10/31/2038 Term Loan Prime plus 2.75% 10/31/2038 Term Loan Prime plus 2.75% 10/31/2038 Social Assistance Term Loan Prime plus 2.75% 10/31/2023 Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038 2040 Norwood, Lenoir, NC 28645 110 Charleston Drive, Ste 105- 107, Morresville, NC 28117 Plastics and Rubber Products Manufacturing Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 Term Loan Prime plus 2.75% 9/30/2038 359.7 119.5 89.5 142.1 65.8 5.8 16.7 54.8 117.8 180.2 511.0 15.6 44.7 126.9 191.0 254.0 103.5 359.7 119.5 89.5 142.1 65.8 5.8 16.7 54.8 117.8 180.2 511.0 15.6 44.7 126.9 191.0 254.0 103.5 420.3 139.6 104.5 145.9 76.8 6.0 17.1 64.0 137.6 210.6 596.7 16.0 45.9 148.3 223.1 296.8 121.0 0.12 % 0.04 % 0.03 % 0.04 % 0.02 % — % 0.01 % 0.02 % 0.04 % 0.06 % 0.18 % — % 0.01 % 0.04 % 0.07 % 0.09 % 0.04 % 37 Commons Court, Waterbury, CT 6704 12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769 Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038 294.6 294.6 344.2 0.10 % Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038 286.0 286.0 334.2 0.10 % 17 Pearl St, Mystic, CT 6355 Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038 85.4 85.4 99.6 0.03 % F-250 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Eastside Soccer Dome, Inc . (#,^) Southeast Chicago Soccer, Inc. (#,^) Kiddie Steps 4 You Inc. Diamond Memorials Incorporated (#,^) (#,^) (#,^) Faith Memorial Chapel LLC Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta (#,^) Maynard Enterprises Inc dba Fastsigns of Texarkana Grafio Inc dba Omega Learning Center-Acworth The Berlerro Group, LLC dba Sky Zone (#,^) (#,^) (#,^) Sound Manufacturing Inc Prospect Kids Academy Inc B for Brunette dba Blo Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio ACI Northwest Inc. Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis IlOKA Inc dba Microtech Tel and NewCloud Networks Ramard Inc and Advanced Health Sciences Inc RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins JSIL LLC dba Blackstones Hairdressing Caribbean Concepts, Inc. dba Quick Bleach Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC Harbor Ventilation Inc and Estes Investment, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 11919 S Ave O, Chicago, IL 60617 10232 S Ave N, Chicago, IL 60617 1700 West 63rd St., Chicago, IL 60636 800 BRd St, Clifton, NJ 7013 600 9th Ave North, Bessemer, AL 35020 11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022 3735 Mall Drive, Texarkana, TX 75501 5330 Brookstone Drive, Ste 320, Acworth, GA 30101 111 Rodeo Drive, Edgewood, NY 11717 51 Donnelley Rd, Old Saybrook, CT 6475 532 St Johns Place, Brooklyn, NY 11238 50 Glen Cove Rd, Greenvale, NY 11548 Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/26/2038 395.9 395.9 461.8 Term Loan Prime plus 2.75% 9/26/2038 Term Loan Prime plus 2.75% 9/25/2038 Term Loan Prime plus 2.75% 9/25/2023 43.7 77.5 0.9 43.7 77.5 0.9 51.0 90.4 1.0 0.14 % 0.02 % 0.03 % — % Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038 228.9 228.9 266.9 0.08 % Educational Services Term Loan Prime plus 2.75% 9/20/2023 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023 Educational Services Amusement, Gambling, and Recreation Industries Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/13/2023 Term Loan Prime plus 2.75% 9/12/2023 Term Loan Prime plus 2.75% 9/12/2028 Educational Services Term Loan Prime plus 2.75% 9/11/2038 Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 6600 N Government Way, Coeur D Alene, ID 83815 Personal and Laundry Services Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/4/2038 Term Loan Prime plus 2.75% 8/30/2023 15150 Evans St, Gulfport, MS 39503 160 Inverness Dr W Ste 100, Englewood, CO 80112 4561 Ironworks Pike, Ste 161, Lexington, KY 40511 Social Assistance Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/30/2023 Term Loan Prime plus 2.75% 8/30/2023 Term Loan Prime plus 2.75% 8/28/2023 16.3 5.7 58.1 162.7 34.9 106.1 20.5 190.2 183.9 14.7 221.3 63.9 16.3 5.7 58.1 162.7 34.9 106.1 20.5 190.2 183.9 14.7 221.3 63.9 16.7 5.8 59.5 166.7 37.5 123.7 21.0 221.7 188.5 15.1 226.7 65.4 — % — % 0.02 % 0.05 % 0.01 % 0.04 % 0.01 % 0.07 % 0.06 % — % 0.07 % 0.02 % 1815 De Paul St, Colorado Springs, CO 80909 19 East 7th St, New York, NY 10003 120 East 56th St, St.#730, New York, NY 10022 38 Carmen Lane, Monroe, CT 6468 509 East Park St., Livingston, MT 59047 Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023 27.2 27.2 27.9 0.01 % Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/12/2023 Prime plus 2.75% 7/24/2023 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038 6.6 7.6 3.9 2.0 6.6 7.6 3.9 2.0 6.7 7.8 4.0 2.3 — % — % — % — % F-251 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 10 Traverse St, Providence, RI 2903 509 East Park St., Livingston, MT 59047 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023 1 Poppy Ave, Neptune, NJ 7753 Truck Transportation Term Loan Prime plus 2.75% 7/17/2023 Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023 Truck Transportation Heavy and Civil Engineering Construction Securities, Commodity Contracts, and Other Financial Investments and Related Activities Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/19/2026 Term Loan Prime plus 2.75% 6/18/2028 Term Loan Prime plus 2.75% 6/14/2023 Term Loan Prime plus 2.75% 6/12/2038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 Ambulatory Health Care Services Term Loan Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/28/2023 Prime plus 2.75% 5/24/2023 Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038 Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038 Angkor Restaurant Inc Tri County Heating and Cooling Inc. Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat (#,^) (#,^) (#,^) (#,^) (#,^) Maxiflex LLC 2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc. Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services (#,^) KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc (#,^) (#,^) Elite Structures Inc Absolute Desire LLC and Mark H. Szierer Sophisticated Smile Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and Ryan D. Thornton and Thornton & Associates LLC Peanut Butter & Co., Inc. 1258 Hartford TPKE, LLC and Phelps and Sons, Inc Xela Pack, Inc. and Aliseo and Catherine Gentile A & M Commerce, Inc. dba Cranberry Sunoco American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center Michael A.and HeatherR. Welsch dba Art & FrameEtc. Truth Technologies Inc dba Truth Technologies Inc. Sound Manufacturing, Inc. and Monster Power Equipment Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 411 Sharp St, Millville, NJ 8332 512 Verret St, New Orleans, LA 70114 2141 P Ave, Williamsburg, IA 52361 200 North Branford Rd, Branford, CT 6405 24 Elm St, Montpelier, VT 5602 401 Old Quitman Rd, Adel, GA 31620 85 Reaville Ave, Flemington, NJ 8822 4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188 800 Bethel St, Ste 200, Honolulu, HI 96813 250 West 54th St, New York, NY 10019 1258 Hartford Turnpike, Vernon, CT 6066 8300 Boettner Rd, Saline, MI 48176 398 Baltimore Blvd, Westminster, MD 21157 3937 Sherman Ave, Saint Joseph, MO 64506 2819 West T C Jester Blvd., Houston, TX 77018 2341 Cheshire Lane, Naples, FL 34109 51 Donnelley Rd, Old Saybrook, CT 6475 79.0 29.0 17.8 82.4 14.3 352.6 546.5 110.4 735.7 159.4 19.3 15.6 30.0 104.7 174.5 273.4 79.0 29.0 17.8 82.4 14.3 352.6 546.5 110.4 735.7 159.4 19.3 15.6 30.0 104.7 174.5 273.4 92.1 29.7 18.2 96.2 14.7 371.3 586.2 112.9 857.2 185.7 19.8 15.9 30.7 122.0 186.7 318.0 0.03 % 0.01 % 0.01 % 0.03 % — % 0.11 % 0.17 % 0.03 % 0.25 % 0.05 % 0.01 % — % 0.01 % 0.04 % 0.06 % 0.09 % 0.16 % 0.02 % 0.01 % 0.04 % Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038 455.5 455.5 529.7 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/22/2038 Term Loan Prime plus 2.75% 3/21/2023 56.7 25.2 56.7 25.2 66.0 25.7 Term Loan Prime plus 2.75% 3/15/2023 140.6 140.6 143.5 F-252 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Bakhtar Group LLC dba Malmaison Osceola River Mill, LLC Ironman Machine, Inc. Retain Loyalty LLC Sherill Universal City dba Golden Corral LP Macho LLC Madelaine Chocolate Novelties Inc dba The Madelai Babie Bunnie Enterprises Inc dba Triangle Mothercare Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restauran Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC D&L Rescources, Inc. dba The UPS Store Richmond Hill Mini Market, LLC DRV Enterprise, Inc. dba Cici's Pizza # 339 U & A Food and Fuel, Inc. dba Express Gas & Food Mart R & J Petroleum LLC Manar USA, Inc. St Judes Physical Therapy P.C. Hi-Def Imaging, Inc. dba SpeedPro Imaging Reidville Hydraulics Mfg Inc dba Summit University Park Retreat, LLC dba Massage Heights O'Rourkes Diner LLC dba O'Rourke's Diner AJK Enterprise LLC dba AJK Enterprise LLC Suncoast Aluminum Furniture, Inc Hofgard & Co., Inc. dba HofgardBenefits Central Tire, Inc. dba Cooper Tire & Auto Services (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) 3401 K St NW, Washington, DC 20007 27 Hungerford St, Pittsfield, MA 1201 1250 Sanders Ave SW, Massillon, OH 44647 2301 Pat Booker Rd, Universal City, TX 78148 Food Services and Drinking Places Machinery Manufacturing Printing and Related Support Activities Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023 Term Loan Prime plus 2.75% 2/20/2038 Term Loan Prime plus 2.75% 2/15/2038 27.0 72.3 93.7 27.0 72.3 93.7 Term Loan Prime plus 2.75% 1/28/2038 372.8 372.8 96-03 Beach Channel Drive, Rockaway Beach, NY 11693 8516 Swarthmore Drive, Raleigh, NC 27615 Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027 418.9 24.8 418.9 24.8 27.5 84.0 109.0 433.6 487.3 26.4 0.01 % 0.02 % 0.03 % 0.13 % 0.14 % 0.01 % 554 Old Post Rd #3, Greenwich, CT 6830 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037 442.4 442.4 513.6 0.15 % 38 Carmen Lane, Monroe, CT 6468 8958 W State Rd # 84, Davie, FL 33324 101 Richmond Hill Ave, Stamford, CT 6902 5771 East Fowler Ave, Temple Terrace, FL 33617 1345 Wampanoag Trail, East Providence, RI 2915 305 Quincy Shore Drive, Quincy, MA 2107 7712 Fourth Ave, Brooklyn, NY 11209 3580 Progress Drive, Unit Q, Bensalem, PA 19020 175 Industrial Lane, Torrington, CT 6790 5275 University Parkway # 110, Bradenton, FL 34201 728 Main St, Middletown, CT 6457 1901 Naylor Rd, SE, Washington, DC 20020 6291 Thomas Rd, Fort Myers, FL 33912 400 S McCaslin Blvd Ste 201, Louisville, CO 80027 1111 S Tillotson Ave, Muncie, IN 47304 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037 190.2 190.2 220.8 0.07 % Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/27/2022 2.5 2.5 2.5 — % Food and Beverage Stores Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022 Term Loan Prime plus 2.75% 11/27/2037 153.8 153.8 178.5 0.05 % 15.2 80.0 15.2 80.0 15.5 92.9 Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037 Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037 149.6 149.6 173.7 Ambulatory Health Care Services Term Loan Printing and Related Support Activities Term Loan Prime plus 2.75% 11/19/2022 Prime plus 2.75% 11/9/2022 5.2 5.6 5.2 5.6 5.3 5.7 Machinery Manufacturing Term Loan Prime plus 2.75% 11/2/2037 219.0 219.0 254.1 Personal and Laundry Services Food Services and Drinking Places Truck Transportation Furniture and Related Product Manufacturing Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/27/2022 Term Loan Prime plus 2.75% 9/19/2037 Term Loan Prime plus 2.75% 8/27/2022 Term Loan Prime plus 2.75% 8/17/2037 Term Loan Prime plus 2.75% 7/27/2022 Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037 20.0 54.6 3.5 297.3 22.6 236.1 20.0 54.6 3.5 297.3 22.6 236.1 20.3 63.3 3.6 344.5 23.0 273.7 F-253 See accompanying notes to consolidated financial statements. — % 0.03 % 0.05 % — % — % 0.07 % 0.01 % 0.02 % — % 0.10 % 0.01 % 0.08 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) KIND-ER-ZZ Inc dba Kidville Graphish Studio, Inc. and Scott Fishoff ALF, LLC Mulit-Service Eagle Tires Tracey Vita-Morris dba Tracey Vita's School of Dance Tanner Optical, Inc. dba Murphy Eye Care Access Staffing, LLC Manuel P. Barrera and Accura Electrical Contractor, Inc. Shweiki Media, Inc. dba Study Breaks Magazine ATI Jet, Inc. J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) K's Salon, LLC d/b/a K's Salon K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc 28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma 39581 Garfield, LLC and Tricounty Neurological Associates, P.C. Robert E. Caves, Sr. and American Plank dba Caves Enterprises 39581 Garfield, LLC and Tri County Neurological Associates, P.C. Michael S. Decker & Janet Decker dba The Hen House Cafe (#) (#,^) (#,^) (#,^) (#,^) Valiev Ballet Academy, Inc (#,^) LaHoBa, LLC d/b/a Papa John's (#,^) 30 Maple St, Summit, NJ 7901 231 Main St, Stanford, CT 6901 1985 B St, Colorado Springs, CO 80906 4181 9th Ave West, Bradenton, FL 34025 305 Shirley Ave, Douglas, GA 31533 360 Lexington Ave, 8th Floor, New York, NY 10017 6187 NW 167th St Unit H3, Miami, FL 33015 4954 Space Center Drive, San Antonio, TX 78218 7007 Boeing Drive, El Paso, TX 79925 2900 South 20th St, Philadelphia, PA 19145 162 West 84th St, New York, NY 10024 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090 28-28 1/2 Cornelia St, New York, NY 10014 39581 Garfield Rd, Clinton Township, MI 48038 Educational Services Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 6/15/2022 Term Loan Prime plus 2.75% 6/14/2022 Term Loan Prime plus 2.75% 5/31/2037 Term Loan Prime plus 2.75% 5/10/2022 Ambulatory Health Care Services Term Loan Administrative and Support Services Term Loan Prime plus 2.75% 4/27/2022 Prime plus 2.75% 3/30/2022 Specialty Trade Contractors Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/23/2028 Term Loan Prime plus 2.75% 3/22/2027 Air Transportation Term Loan Prime plus 2.75% 12/28/2026 9.9 3.9 51.3 4.3 1.4 38.5 60.2 660.6 292.3 9.9 3.9 51.3 4.3 1.4 38.5 60.2 660.6 292.3 10.1 4.0 59.3 4.3 1.5 39.0 64.4 700.6 309.3 — % — % 0.02 % — % — % 0.01 % 0.02 % 0.21 % 0.09 % Term Loan Prime plus 2.75% 12/22/2036 136.4 136.4 157.3 0.05 % Furniture and Home Furnishings Stores Personal and Laundry Services Publishing Industries (except Internet) Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2021 Term Loan Prime plus 2.75% 10/26/2021 Term Loan Prime plus 2.75% 10/25/2021 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 40515 Pumpkin Center Rd, Hammond, LA 70403 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021 39581 Garfield Rd, Clinton Township, MI 48038 401 Caribou St, Simla, CO 80835 635 - 637 Londonderry Lane, Denton, TX 76205 3001 Pontchartrain Drive, Slidell, LA 70458 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus 2.75% 9/30/2036 Prime plus 2.75% 8/30/2036 Prime plus 2.75% 8/12/2036 Prime plus 2.75% 8/3/2036 F-254 See accompanying notes to consolidated financial statements. 10.1 11.8 2.4 21.9 40.1 64.3 13.0 33.7 61.1 10.1 11.8 2.4 21.9 40.1 64.3 13.0 33.7 61.1 10.2 11.9 2.4 — % — % — % 25.2 0.01 % 40.4 0.01 % 74.1 14.9 38.7 70.3 0.02 % — % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Lavertue Properties LLP dba Lavertue Properties Lisle Lincoln II Limited Partnership dba Lisle Lanes LP Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. Profile Performance, Inc. and Eidak Real Estate, L.L.C. Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store Michael S. Korfe dba North Valley Auto Repair Actknowledge, Inc dba Actknowledge (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) SuzyQue’s LLC dba Suzy Que’s Little People’s Village, LLC dba Little People’s Village Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. Lodin Medical Imaging, LLC dba Watson Imaging Center Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center (#,^) Elan Realty, LLC and Albert Basse Asociates, Inc. Newsome Trucking Inc and Kevin Newsome Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery (#,^) (#,^) (#,^) (#,^) (#,^) I-90 RV & Auto Supercenter Tanner Optical Inc. dba Murphy Eye Care Lahoba,LLC dba Papa John's Pizza Animal Intrusion Prevention Systems Holding Company, LLC (#,^) (#,^) (#,^) KMC RE, LLC & B&B Kennels (#,^) 24 Wakefield St, Rochester, NH 13867 4920 Lincoln Ave Route 53, Lisle, IL 60532 1790 Broadway Ste 716, New York, NY 10019 44600 Michigan Ave, Canton, MI 48188 2267 Fernberg Trail, Ely, MN 55731 7516 B 2nd St, NW, Albuquerque, NM 87107 365 Fifth Ave, New York, NY 10016 34 South Valley Rd, West Orange, NJ 7052 904 North 66th St, Philadelphia, PA 19151 64-68 North Central Ave, Valley Stream, NY 11580 3915 Watson Rd, St. Louis, MO 63109 2879 Limekiln Pike, Glenside, PA 19038 175 Campanelli Park Way, Stroughton, MA 2072 2262 HWY 53W, Jasper, GA 30143 2320 2nd St, Albuquerque, NM 87107 4505 South I-90 Service Rd, Rapid City, SD 57703 305 Shirley Ave, Douglas, GA 31533 620 W. Judge Perez Drive, Chalmette, LA 70163 3330 North Beach St, Haltom City, TX 76111 6004 City Park Rd, Austin, TX 78730 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/29/2036 Term Loan Prime plus 2.75% 6/29/2036 Term Loan Prime plus 2.75% 6/3/2021 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036 35.4 277.3 3.1 99.7 35.4 277.3 3.1 99.7 40.7 319.1 3.1 0.01 % 0.09 % — % 114.5 0.03 % Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036 112.5 112.5 129.2 0.04 % Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036 Personal and Laundry Services Food Services and Drinking Places Term Loan Prime plus 2.75% 3/21/2021 Term Loan Prime plus 2.75% 2/11/2036 Social Assistance Support Activities for Transportation Term Loan Prime plus 2.75% 1/31/2036 Term Loan Prime plus 2.75% 1/28/2036 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020 Repair and Maintenance Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2035 Term Loan Prime plus 2.75% 9/30/2035 Truck Transportation Term Loan Prime plus 2.75% 9/2/2035 Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Administrative and Support Services Term Loan Term Loan Prime plus 2.75% 6/22/2035 Prime plus 2.75% 12/30/2034 Prime plus 2.75% 3/29/2024 Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034 F-255 See accompanying notes to consolidated financial statements. 12.1 2.1 47.5 24.1 87.9 1.2 26.2 173.4 187.6 38.1 56.5 68.9 31.6 16.9 43.0 12.1 2.1 47.5 24.1 87.9 1.2 26.2 173.4 187.6 38.1 56.5 68.9 31.6 16.9 43.0 13.8 2.1 54.5 27.6 100.8 — 30.0 198.4 214.1 43.5 64.5 78.5 35.9 17.4 48.8 — % — % 0.02 % 0.01 % 0.03 % — % 0.01 % 0.06 % 0.06 % 0.01 % 0.02 % 0.02 % 0.01 % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) 301 MACDADE BLVD, COLLINGDALE, PA 19023 1420 Spring Hill Rd, McLain, VA 22102 5524 Germantown Ave, Philadelphia, PA 19144 1402-A Handlir Drive, Bel Air, MD 21015 1101 Ivy Hill Rd, #4, Philadelphia, PA 19150 1911 East Main St, Endicott, NY 13760 968-970 Bergen St, Newark, NJ 7104 15 Elm Park, Groveland, MA 1930 2331 North State Rd 7, Lauderhill, FL 33313 11600 County Rd 71, Lexington, AL 35648 47 Chestnut St, Elmer, NJ 8318 2700 West Cypress Creek Rd, Fort Lauderdale, FL 33309 1912 Manhattan Ave, Harvey, LA 70058 511 South BRd St, Brooksville, FL 34601 1370 Le Anne Marie Circle, Columbus, OH 43026 745 Cheney Hwy, Ttitusville, FL 32780 ROVER REPAIRS (#,^) The Alba Financial Group, Inc. D & D's Divine Beauty School of Esther, LLC (#,^) (#,^) Bliss Coffee and Wine Bar, LLC (#) Connect Litigation Technology, Inc. 1911 East Main Street Holdings, Corp (#,^) (#,^) Water Works Laundromat, LLC (#) (#,^) Dave Kris, and MDK Ram Corp. (#,^) Head To Toe Personalized Pampering, Inc. Christopher F. Bohon & Pamela D. Bohon Mogas Limited Moonlight Multi Media Production, Inc. David M. Goens dba Superior Auto Paint & Body, Inc. McCallister Venture Group, LLC and Maw's Vittles, Inc. (#,^) (#,^) (#,^) (#,^) (#) Whirlwind Car Wash, Inc. Shuttle Car Wash, Inc. dba Shuttle Car Wash (#) (#,^) Min Hui Lin Auto Sales, Inc. Ralph Werner dba Werner Transmission Inc Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC (#,^) (#,^) (#,^) (#,^) OrthoQuest, P.C. (#,^) Track Side Collision & Tire, Inc. (#,^) Repair and Maintenance Securities, Commodity Contracts, and Other Financial Investments and Related Activities Educational Services Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.5% 11/28/2029 Term Loan Term Loan Term Loan 6% 6% 6% 3/10/2021 8/1/2031 11/30/2022 Term Loan Prime plus 2% 10/18/2025 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032 42.0 1.2 41.2 61.8 17.0 9.5 42.0 1.2 41.2 61.8 17.0 9.5 1.2 39.6 61.0 17.5 10.5 Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027 126.0 126.0 132.1 45.2 0.01 % Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026 Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031 Social Assistance Gasoline Stations Term Loan Term Loan Prime plus 2.75% Prime plus 2.75% 10/28/2026 5/31/2030 Other Information Services Term Loan 5.3% Repair and Maintenance Food Services and Drinking Places Term Loan 6% Term Loan Prime plus 2.75% 7/30/2029 Repair and Maintenance Term Loan Prime plus 2% 4/9/2029 2/1/2025 8/26/2024 Repair and Maintenance Food Services and Drinking Places 1916 BRd St, Lanett, AL 36863 1925 State St, Hamden, CT 6417 Motor Vehicle and Parts Dealers 259 East Central Ave, Bangor, PA 18013 3118 Bayshore Ave, Brigantine, NJ 8203 2336 Wisteria Drive, Ste 430, Snellville, GA 30078 98-16 160 Ave, Ozone Park, NY 11414 Gasoline Stations Amusement, Gambling, and Recreation Industries Ambulatory Health Care Services Term Loan Plastics and Rubber Products Manufacturing Term Loan Term Loan Prime plus 2.25% 11/10/2028 Term Loan Term Loan Prime plus 2.75% 6% 1/30/2028 8/17/2023 Term Loan Prime plus 2.75% 12/29/2021 Term Loan 6% 9/14/2023 Prime plus 2% 3/12/2022 Prime plus 2.75% 6/16/2025 F-256 See accompanying notes to consolidated financial statements. 19.2 7.2 2.2 53.0 1.0 9.4 9.0 11.8 12.6 12.7 3.5 0.5 23.1 0.8 3.0 19.2 7.2 2.2 53.0 1.0 9.4 9.0 11.8 12.6 12.7 3.5 0.5 23.1 0.8 3.0 20.1 8.0 2.3 57.9 1.0 9.2 9.8 12.4 13.4 13.6 3.4 0.5 22.8 0.8 3.1 — % 0.01 % 0.02 % 0.01 % — % 0.04 % 0.01 % — % — % 0.02 % — % — % — % — % — % — % — % — % 0.01 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Accrual Investments (1) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Deesha Corporation, Inc. dba Best Inn & Suites Randall D. & Patricia D. Casaburi dba Pat's Pizzazz Gain Laxmi, Inc. dba Super 8 Motel Naseeb Corporation Stillwell Ave Prep School Alyssa Corp dba Knights Inn Bhailal Patel dba New Falls Motel Pegasus Automotive, Inc. P. Agrino, Inc. dba Andover Diner (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 9225 Parkway East, Birmingham, AL 35206 386 Winsted Rd, Torrington, CT 6790 14341 U.S. Hwy 431 South, Gunterville, AL 35976 1696 North BRd St, Meriden, CT 6450 1990 Stillwell Ave, Brooklyn, NY 11214 1105 Columbus Parkway, Opelika, AL 36801 201 Lincoln Hwy, Fairless Hills, PA 19030 3981 Hylan Blvd, Staten Island, NY 10308 193 Main St, Andover, NJ 7860 Accommodation Furniture and Home Furnishings Stores Term Loan Prime plus 2.25% 2/14/2025 Term Loan Prime plus 2.75% 3/13/2023 Accommodation Term Loan Prime plus 2.25% 5/31/2023 Accommodation Term Loan Prime plus 2.25% 3/31/2024 Social Assistance Term Loan Prime plus 2.75% 1/14/2023 Accommodation Term Loan Prime plus 2.25% 9/30/2023 Accommodation Term Loan Prime plus 2.75% 3/27/2023 Gasoline Stations Food Services and Drinking Places Term Loan Prime plus 2.75% 12/23/2022 Term Loan Prime plus 2.75% 7/18/2021 Total SBA Unguaranteed Accrual Investments $ F-257 See accompanying notes to consolidated financial statements. 15.7 2.9 8.6 15.0 2.5 29.1 1.0 3.0 15.7 2.9 8.6 15.0 2.5 29.1 1.0 3.0 16.2 3.0 8.8 15.4 2.6 29.7 1.0 3.1 0.1 0.1 364,957.1 $ 364,957.1 $ 378,329.4 0.1 — % — % — % — % — % 0.01 % — % — % — % 111.49 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) (*,#,^) (*,#) 200 North 8th Street Associates LLC and Enchanted Acres Fa 15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs Pioneer Windows Manufacturing Corp, Pioneer Windows 2 Cool Beans LLC dba Menchies's Frozen Yogurt 3SIXO Motorsports LLC dba 3SIXO Motorsports Shop 6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc Acton Hardware LLC and Mark Allgood & Jamie Allgood Advance Case Parts RE Holdings LLC and Advance Case Parts Inc (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) Albas Bar & Grill LLC Alive Design, LLC All About Kids and Families Medical Center, Inc. All Printing Solutions, Inc. dba Pryntcomm Allied Welding Inc. Amboy Group, LLC dba Tommy Moloney's Anglin Cultured Stone Products LLC Anglin Cultured Stone Products LLC dba Anglin Construction Arclay ,LLC Arrow Freight Inc Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud AWA Fabrication & Construction, L.L.C. (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#) 200 North 8th St, Reading, PA 19601 3 Expressway Plaza, Ste 221, Roslyn Heights, NY 11577 3 Expressway Plaza, Suuite 221, Roslyn Heights, NY 11577 11331 Thienes Ave, South El Monte, CA 91733 217 W Main St, Centralia, WA 98531 6 Price Ave, Norwalk, CT 6840 31814 Crown Valley Rd, Acton, CA 93510 12485-12489 NW 44th St, Coral Springs, FL 33071 221 Self Main St, Homer City, PA 15748 234 Middle St, Middletown, CT 6457 12086 FT Caroline Rd, Ste. 102,103,401,402,403, 501,502, Jacksonville, FL 32225 303 E. Sioux Ave., Pierre, SD 57501 1820 N. Santa Fe Ave, Chillicothe, IL 61523 1 Amboy Ave, Woodbridge, NJ 7095 877 Salem Church Rd, Newark, DE 19702 877 Salem Church Rd, Newark, DE 19702 49 Geyser Rd Ste 100, Saratoga Springs, NY 12866 1000 Jorie Blvd Ste 250, Oak Brook, IL 60523 2646 South Rd, Poughkeepsie, NY 12601 811 Country Rd #99, Headland, AL 36345 Food Manufacturing Term Loan 6.25% 5/4/2028 $ 445.6 $ 445.6 $ 311.8 0.09 % Fabricated Metal Product Manufacturing Fabricated Metal Product Manufacturing Food Services and Drinking Places Motor Vehicle and Parts Dealers Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers Repair and Maintenance Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 0% 12/16/2021 Term Loan Prime plus 0% 11/21/2022 Term Loan Prime plus 0% Term Loan 7.75% Term Loan Term Loan 8% 8% Term Loan 7.75% 8/11/2026 1/6/2029 9/24/2039 3/24/2041 3/31/2040 Term Loan Prime plus 0% 10/13/2042 Term Loan Prime plus 2.75% 3/13/2027 Ambulatory Health Care Services Term Loan Printing and Related Support Activities Fabricated Metal Product Manufacturing Term Loan Term Loan 8.25% 7.75% 8.25% 1/13/2029 6/27/2041 12/15/2041 44.8 80.7 54.1 94.6 237.3 117.1 318.3 43.9 11.4 364.9 491.8 713.5 44.8 80.7 54.1 94.6 237.3 117.1 318.3 43.9 11.4 364.9 491.8 713.5 43.3 78.1 53.0 59.6 192.6 37.9 131.4 17.1 9.7 262.9 81.7 713.5 Food Manufacturing Term Loan 6% 6/14/2024 1,458.1 1,458.1 1,458.1 Construction of Buildings Term Loan 8.25% 12/27/2042 Specialty Trade Contractors Nonmetallic Mineral Product Manufacturing Term Loan 8.25% Term Loan 8% Truck Transportation Term Loan 8.25% Gasoline Stations Fabricated Metal Product Manufacturing Term Loan 7.75% Term Loan 6% 6/30/2025 5/5/2030 3/30/2028 9/26/2024 4/30/2025 630.5 193.3 137.1 653.0 15.7 34.4 630.5 193.3 137.1 653.0 15.7 34.4 324.4 185.2 30.1 — 15.2 2.5 F-258 See accompanying notes to consolidated financial statements. 0.01 % 0.02 % 0.02 % 0.02 % 0.06 % 0.01 % 0.04 % 0.01 % 0.00 % 0.08 % 0.02 % 0.21 % 0.43 % 0.10 % 0.05 % 0.01 % 0.00 % 0.00 % 0.00 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) B&B Fitness and Barbell, Inc. dba Elevations Health Club B4 Fitness LLC dba The Zoo Health Club Baker Sales, Inc. d/b/a Baker Sales, Inc. Band Sawn Lumber,LLC and Nathan Ryan Adams Fieldstone Quick Stop LLC Barber Investments LLC Thadius M B Bear Creek Entertainment LLC dba The Woods at Bear Creek Bear Creek Entertainment, LLC dba The Woods at Bear Creek Bebos Inc dba Pizza Hut & Sunoco (*,#) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#) (*,#) Benevolent International Inc (*,#,^) Bev's Sweets LLC (*,#,^) (*,#,^) (*,#) (*,#) Bone Bar & Grill LLC Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. BQRS, Inc. DBA Gresham Meineke Car Care Center Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps Calhoun Satellite Communications, Inc. Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation (*,#) (*,#) (*,#) (*,#) CD Game Exchange Inc. Central Medical Clinic, PLLC- Clinica Central Chickamauga Properties, Inc., MSW Enterprises, LLP (*,#,^) (*,#) (*,#) Route 611 North, Scotrun, PA 18355 4 Beehive Dr, Epping, NH 3042 60207 Camp Villere Rd, Slidell, LA 70460 1873 State Hwy 29, Johnstown, NY 12095 190 Route 3, South China, ME 4358 3510 Bear Creek Rd, Franklinville, NY 14737 3510 Bear Creek Rd, Franklinville, NY 14737 2003 West 5th St, Clifton, TX 76634 2781 Saturn St Ste F, Brea, CA 82821 3778 Hwy 254, Cleveland, GA 30528 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 201 Highland Ave, East Syracuse, NY 13057 18081 SE Division St, Portland, OR 97236 690 South Creek Rd, West Chester, PA 19382 1914 Tigertail Blvd, Dania Beach, FL 33004 310 25th Ave N. St Ste. 201, Nashville, TN 37203 320 Fair St, Kutztown, PA 19530 3719 N Mississippi, Portland, OR 97227 393 North Dunlap St Ste LL26, LL34, LL38, St Paul, MN 55104 214 Sutherland Way, Rocky Face, GA 30740 Term Loan 6% 6/22/2035 1,385.8 1,385.8 334.3 Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan 8.25% Nonstore Retailers Term Loan 6% Wood Product Manufacturing Term Loan 7.75% 9/23/2026 3/29/2036 5/15/2042 59.8 177.4 110.8 59.8 177.4 110.8 Gasoline Stations Term Loan 6% 9/30/2038 400.4 400.4 Accommodation Term Loan Prime plus 2.75% 8/12/2041 1,608.1 1,608.1 Accommodation Term Loan 7.25% 12/30/2024 Gasoline Stations Administrative and Support Services Administrative and Support Services Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan 7.75% Term Loan 6% Term Loan Prime plus 0% Term Loan 7% Term Loan 8.25% Repair and Maintenance Amusement, Gambling, and Recreation Industries Term Loan 8.25% Term Loan 8.25% Telecommunications Term Loan 7% Ambulatory Health Care Services Transit and Ground Passenger Transportation Merchant Wholesalers, Durable Goods Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Term Loan 7.75% Term Loan 7.5% Term Loan 8.25% Term Loan 8.25% 3/28/2028 4/26/2029 9/30/2044 6/30/2042 3/13/2039 6/30/2027 3/30/2031 12/2/2026 5/15/2025 9/30/2027 9/28/2026 6/7/2029 85.4 214.1 71.6 210.5 73.4 201.2 53.9 145.7 37.2 556.4 366.2 10.4 171.9 59.0 85.4 214.1 71.6 210.5 73.4 201.2 53.9 145.7 37.2 556.4 366.2 10.4 171.9 59.0 Term Loan 6.25% 12/22/2035 F-259 See accompanying notes to consolidated financial statements. 0.10 % 0.01 % 0.02 % 0.01 % 0.01 % 0.22 % 0.02 % 0.01 % 0.02 % 0.06 % 0.02 % 0.04 % 0.01 % 0.04 % 0.01 % 0.02 % 0.10 % 0.00 % 0.05 % 0.02 % 31.6 62.1 33.5 33.2 742.4 82.7 29.8 68.6 201.6 62.6 148.4 47.8 144.1 24.0 55.7 354.6 10.2 166.4 56.5 Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Children First Home Health Care Inc CK Heating and Cooling LLC Clark Realty LLC Clearwater Transportation LTD dba Thrifty Car Rental, CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck Conference Services International ETC LLC Custom Software, Inc. a Colorado Corporation dba M-33 Access CZAR Industries, Inc. D&G Capital LLC dba Miami Grill 277 Darian L Hampton DDS PA and Darian L. Hampton David D. Sullivan dba DMS Construction Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc Destination Hope, Inc. and The Academy for Addiction Professionals Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown Douglas Printy Motorsports, Inc. dba Blackburn Trike Doxa Deo Inc dba Luv 2 Play Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC Driven Warehouse/Distribution LLC DTM Parts Supply Inc. (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#) Ambulatory Health Care Services Term Loan 7.5% 12/27/2028 282.4 282.4 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 10017 Pebble Beach Drive, St. Louis, MO 63114 4 Walker Way, Albany, NY 12205 Real Estate 8790 Crownhill Blvd, San Antonio, TX 78209 717 Titus Ave, Rochester, NY 14617 Specialty Trade Contractors Rental and Leasing Services Food Services and Drinking Places Repair and Maintenance Administrative and Support Services Professional, Scientific, and Technical Services 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 4802 West Van Buren St, Phoenix, AZ 85007 380 E. Borden Rd, Rose City, MI 48654 1424 Heath Ave, Ewing, NJ 8638 Machinery Manufacturing 2521 North Federal Hwy, Unit C, Boca Raton, FL 33431 3610 N Josey Lane Ste 104, Carrollton, TX 75007 6400 Charwood Place, Bakersfield, CA 93306 Food Services and Drinking Places Specialty Trade Contractors Term Loan Term Loan Prime plus 2.75% 8% Term Loan 8.25% Term Loan 8.25% Term Loan 6.75% Term Loan 8% Term Loan Term Loan 6.25% 8.25% Term Loan 6.5% 4/12/2029 8/29/2041 11/29/2027 11/20/2040 9/26/2039 8/14/2028 6/17/2021 12/19/2027 12/16/2025 12/20/2028 18.5 73.3 153.7 158.0 553.3 597.0 210.6 141.3 44.1 292.6 11.5 18.5 73.3 153.7 158.0 553.3 597.0 210.6 141.3 44.1 292.6 11.5 51.7 1.3 37.1 17.5 60.2 450.0 408.2 112.7 45.1 20.8 3.2 4.3 0.02 % 0.00 % 0.01 % 0.01 % 0.02 % 0.13 % 0.12 % 0.03 % 0.01 % 0.01 % 0.00 % 0.00 % Ambulatory Health Care Services Term Loan 8.25% Term Loan Prime plus 0% 8/9/2028 6555 NW 9th Ave, Fort Lauderdale, FL 33309 6555 NW 9th Ave, Fort Lauderdale, FL 33309 2685 US Hwy 41, Calhoun, GA 30701 1410 Medina Rd, Medina, OH 44256 1600 Village Market Blvd, Leesburg, VA 20175 1515 Shopton Rd, Charlotte, NC 28217 271 East North Ave, Glendale, IL 60139 31 Sageman St, Mount Vernon, NY 10550 Ambulatory Health Care Services Term Loan Prime plus 0% 12/30/2029 345.6 345.6 338.2 0.10 % Ambulatory Health Care Services Term Loan 6% 12/30/2044 371.2 371.2 363.3 0.11 % Support Activities for Transportation Term Loan 5.25% 12/28/2035 1,316.8 1,316.8 522.2 Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Term Loan 8.25% Term Loan 8.25% Ambulatory Health Care Services Term Loan 7.5% Truck Transportation Merchant Wholesalers, Durable Goods Term Loan Term Loan 8% 7% 3/9/2040 2/28/2026 9/29/2042 12/22/2027 6/2/2025 74.2 81.3 243.0 726.2 42.6 74.2 81.3 243.0 726.2 42.6 3.2 79.5 211.2 371.6 42.6 0.15 % 0.00 % 0.02 % 0.06 % 0.11 % 0.01 % F-260 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty Dynamic Dental Corporation E & I Holdings, LP & PA Farm Products, LLC E.S.F.P. LLC dba Volusia Van and Storage Earth First Recycling LLC Earth First Recycling, LLC and 191 Clark Road, LLC Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) Ericon, Inc. ERT Group Inc and Curt's Tools Inspection Inc (*,#,^) (*,#,^) Europlast Ltd Evergreen Pallet LLC and Evergreen Recycle LLC (*,#) (*,#,^) Evernook Valley Milk LLC (*,#,^) Excel RP Inc Excel RP Inc Excel RP, Inc./Kevin and Joann Foley (*,#,^) (*,#,^) (*,#) Florida Apnea Diagnostics LLC (*,#,^) Frontier Sand LLC Galaforo Construction and Companies LLC GEM2K, LLC dba Precision Precast Group Grand Manor Realty, Inc. & Kevin LaRoe Graphics,Type and Color Enterprises Inc dba Clubflyers.com H.M.C, Incorporated (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) 1717 Hwy 200, Noxon, MT 59853 3760 NW 126th Ave, Coral Springs, FL 33065 1095 Mt Airy Rd, Stevens, PA 17578 1203 N US 1, Ormond Beach, FL 32174 400 Island Park Rd, Easton, PA 18040 400 Island Park Rd, Easton, PA 18040 11949 Borden Ave, San Fernando, CA 91340 740 Davenport Ave, Fremont, NE 68025 5229 142nd Dr. NW, Williston, ND 58801 100 Industrial Lane, Endeavor, WI 53930 302 W 53rd St N., Wichita, KS 67204 7448 Emmerson Rd, Everson, WA 98247 6531 Park Ave, Allen Park, MI 48101 6531 Park Ave, Allen Park, MI 48101 6531 Park Ave, Allen Park, MI 48101 2664 Cypress Ridge Blvd Ste. 101 & 102 A, Wesley Chapel, FL 33544 305 Country Hwy AA, New Auburn, WI 54757 1770 Stumpf Blvd, Terrytown, LA 70056 4150 E Magnolia St, Phoenix, AZ 85034 318 S. Halsted St, Chicago, IL 60661 Wood Product Manufacturing Merchant Wholesalers, Durable Goods Term Loan 8% Term Loan 7.5% 2/2/2040 5/31/2029 163.2 60.4 163.2 60.4 47.5 22.2 Food Manufacturing Term Loan 6% 4/30/2030 4,705.2 4,705.2 3,746.2 Term Loan Prime plus 0% 11/11/2025 Truck Transportation Merchant Wholesalers, Durable Goods Merchant Wholesalers, Durable Goods Term Loan Term Loan 8% 8% Specialty Trade Contractors Term Loan 8.25% Gasoline Stations Term Loan 8.25% Support Activities for Mining Plastics and Rubber Products Manufacturing Term Loan 6% Term Loan Prime plus 2.75% 3/18/2041 Wood Product Manufacturing Animal Production and Aquaculture Term Loan 7.25% Term Loan 7.5% Machinery Manufacturing Term Loan 8.25% Machinery Manufacturing Term Loan 8.25% Machinery Manufacturing Term Loan 8.25% Ambulatory Health Care Services Term Loan 8.25% Mining (except Oil and Gas) Term Loan 8.25% Construction of Buildings Term Loan 7.5% Miscellaneous Manufacturing Term Loan 8.25% Real Estate Term Loan 6% 12/6/2027 6/5/2027 12/31/2022 12/1/2041 9/26/2022 3/16/2026 8/31/2042 8/30/2023 3/25/2026 7/8/2028 10/20/2027 11/30/2027 12/15/2042 5/19/2027 2/20/2023 9/28/2041 7/3/2028 54.4 72.8 338.0 43.9 705.6 932.4 312.9 898.3 637.5 66.8 95.2 32.4 143.4 463.6 12.1 140.4 19.0 821.5 183.8 54.4 72.8 338.0 43.9 705.6 932.4 312.9 898.3 637.5 66.8 95.2 32.4 143.4 463.6 12.1 140.4 19.0 821.5 183.8 46.6 72.0 334.4 43.0 652.0 902.7 44.0 409.0 446.8 64.7 25.7 31.4 62.7 319.8 11.1 23.8 18.2 795.3 177.9 2300 NW 7th Ave, Miami, FL 33127 7190 Oakland Mills Rd Ste 10, Columbia, MD 21046 Printing and Related Support Activities Furniture and Related Product Manufacturing Term Loan 8.25% Term Loan 8.25% F-261 See accompanying notes to consolidated financial statements. 0.01 % 0.01 % 1.10 % 0.01 % 0.02 % 0.10 % 0.01 % 0.19 % 0.27 % 0.01 % 0.12 % 0.13 % 0.02 % 0.01 % 0.01 % 0.02 % 0.09 % 0.00 % 0.01 % 0.01 % 0.23 % 0.05 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Hagerstown Muffler, Inc. and JMS Muffler, Inc Harrelson Materials Management,Inc HDD Solutions, LLC HG Ventures, Inc. dba Diamond Head Trucking Home Again Restaurant LLC Insight Vision Care, PC, CRMOD Lubbock, P.C., Vielm Vision Eyecare Inc J&K Fitness, LLC dba Physiques Womens Fitness Center J Olson Enterprises LLC and Olson Trucking Direct, Inc. J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill JN Thompson Ent,Inc. JNP Delivery Inc JP Dhillon's Foods LLC K Soles Corp dba Max Collections Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto Kids at Heart,LLC dba Monster Mini Golf Kidtastic LLC dba The Little Gym of Audubon Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle Kostekos Inc dba New York Style Pizza LA Diner Inc dba Loukas L A Diner (*,#) (*,#) (*,#) (*,#,^) (*,#) (*,#,^) (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#) (*,#) 1390 Dual Hwy, Hagerstown, MD 21740 1101 Russell Rd, Shreveport, LA 71107 6550 Progress Parkway, Cedar Hill, MO 63016 100 Phoenix Drive, Finleyville, PA 15332 9524 Camp Lake Rd, Salem, WI 53168 4899 Griggs Rd, Houston, TX 77021 2505 Verot School Rd, Lafayette, LA 70508 311 Ryan St, Holmen, WI 54636 640 Dubois St, Du Bois, PA 15801 640 Dubois St, Dubois, PA 15801 24480 W 10 Mile RD, Southfield, MI 48033 400 5th Ave S Ste 100, Naples, FL 34102 4500 North Providence # 7, Appleton, WI 54913 840 El Paseo de Saratoga, San Jose, CA 95130 3208 Oakcliff Industrial St, Doraville, GA 30340 200 West Adams St, Cochranton, PA 16314 10 Newbury St, Danvers, MA 1923 2850 Audubon Drive, Audubon, PA 19403 Repair and Maintenance Waste Management and Remediation Services Heavy and Civil Engineering Construction Term Loan Term Loan 8% 6% Term Loan 8.25% Truck Transportation Food Services and Drinking Places Term Loan 7.5% Term Loan 6.25% 9/24/2040 6/24/2021 12/31/2028 6/29/2030 6/30/2040 58.6 465.2 552.8 807.7 0.4 58.6 465.2 552.8 807.7 0.4 37.0 4.7 336.6 47.1 0.4 7.75% 12/27/2043 1,084.6 1,084.6 222.9 Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan Truck Transportation Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan 8% 6% 6% 6% 6% Construction of Buildings Term Loan 7.75% Couriers and Messengers Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 0% Term Loan Prime plus 0% Term Loan Prime plus 0% 3/16/2026 Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan 6.25% Term Loan 6.75% Term Loan 8.25% 10/29/2039 9/22/2026 7/27/2026 6/8/2036 6/28/2025 11/10/2026 11/10/2041 1/4/2029 12/7/2028 11/7/2027 6/1/2029 14.6 628.4 161.6 438.5 34.8 329.7 47.5 86.5 14.4 11.1 18.8 44.9 17.8 61.9 92.8 14.6 628.4 161.6 438.5 34.8 329.7 47.5 86.5 14.4 11.1 18.8 44.9 17.8 61.9 92.8 9.2 40.6 121.9 419.0 22.5 39.8 46.4 1.3 1.5 2.5 14.7 16.4 17.1 28.1 67.0 0.01 % 0.00 % 0.10 % 0.01 % 0.00 % 0.07 % 0.00 % 0.01 % 0.04 % 0.12 % 0.01 % 0.01 % 0.01 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.01 % 0.01 % 0.02 % 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411 10 South King St, Gloucester, NJ 8030 3205 Route 22 East, Branchburg, NJ 8876 Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 Term Loan 8% Term Loan 7.25% 2/6/2040 9/28/2037 F-262 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) LAN Doctors Inc LAN Doctors Inc (*,#) (*,#,^) Legacy Roof Contractors LLC (*,#,^) Lilo Holdings LLC Linqserv Inc. Lowgap Grocery & Grill LLC M & H Pine Straw Inc and Harris L. Maloy M & H Pine Straw, Inc and Harris L. Maloy M & H Pine Straw, Inc.and Harris Maloy M & H Pinestraw, Inc. and Harris L. Maloy Magill Truck Line LLC and Jeff J. Ralls Mariam Diner Inc dba Country Kitchen Restaurant Marlin Lighting LLC Matchless Transportation LLC dba First Class Limo MB Xpress Inc Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad MIT LLC Mojo Brands Media, LLC Morris Glass and Construction Inc MTV Bowl, Inc. dba Legend Lanes Murf & Sons LLC N Transport LLC N Transport LLC (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) 14 Pierson Court, Mahwah, NJ 7430 14 Pierson Court, Mahwah, NJ 7430 32091 Broken Branch Circle, Spanish Fort, AL 36527 1000 Roosevelt Ave., Cartaret, NJ 7008 1555 Lyell Ave, Rochester, NY 14606 8773 West Pine St, Lowgap, NC 27024 526 Perry House Rd, Fitzgerald, GA 31750 526 Perry House Rd, Fitzgerald, GA 31750 526 Perry House Rd, Fitzgerald, GA 31750 526 Perry House Rd, Fitzgerald, GA 31750 211 West 53rd St N., Park City, KS 67204 17393 Main St, Hesperia, CA 92345 7207 B Lockport Pl, Lorton, VA 22079 31525 Aurora Rd # 5, Solon, OH 44139 159 D'Arcy Parkway, Lathrop, CA 95330 780 S Peace Haven Rd, Winston Salem, NC 27103 11 North Peach ST., Medford, OR 97504 3260 University Blvd., Ste 100, Winter Park, FL 32792 40058 Hwy 30, Astoria, OR 97103 4190 State Rd, Cuyahoga Falls, OH 44223 3821 Pleasant Hill Rd, Store #B- 107, Kissimmee, FL 34746 5348 W Brown Ave, Fresno, CA 93722 294 N. Fruit Ave, Fresno, CA 93706 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Specialty Trade Contractors Food Services and Drinking Places Transit and Ground Passenger Transportation General Merchandise Stores Merchant Wholesalers, Nondurable Goods Support Activities for Agriculture and Forestry Merchant Wholesalers, Nondurable Goods Merchant Wholesalers, Nondurable Goods Truck Transportation Food Services and Drinking Places Specialty Trade Contractors Transit and Ground Passenger Transportation Term Loan 8.25% Term Loan 8.25% Term Loan Term Loan 6% 6% Term Loan 7.5% Term Loan 7.25% Term Loan 7.5% Term Loan 6% Term Loan Term Loan 7.5% 7.5% Term Loan 7.25% Term Loan Term Loan 8% 6% 8/28/2025 3/16/2026 2/28/2044 12/5/2026 11/9/2027 3/24/2041 3/21/2023 4/30/2020 7/10/2020 12/15/2021 3/11/2029 3/18/2026 12/19/2028 59.8 43.4 294.0 11.6 264.0 48.0 197.4 44.6 27.4 133.8 183.5 42.8 90.9 59.8 43.4 294.0 11.6 264.0 48.0 197.4 44.6 27.4 133.8 183.5 42.8 90.9 Term Loan 6.25% 5/31/2020 119.2 119.2 Truck Transportation Term Loan 8.25% 9/19/2028 1,110.1 1,110.1 Electrical Equipment, Appliance, and Component Manufacturing Publishing Industries (except Internet) Term Loan 7% 11/25/2025 Term Loan Prime plus 2.75% 3/31/2042 Broadcasting (except Internet) Term Loan Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Food Services and Drinking Places 6% 15% Term Loan Term Loan 8.25% 8/28/2023 10/1/2023 6/30/2036 Term Loan Prime plus 2.75% 11/16/2027 Truck Transportation Term Loan 8% Truck Transportation Term Loan 8.25% 11/20/2027 11/20/2042 F-263 See accompanying notes to consolidated financial statements. 10.5 84.9 725.0 365.9 189.6 129.3 385.5 175.3 10.5 84.9 725.0 365.9 189.6 129.3 385.5 175.3 58.5 36.3 170.8 3.7 22.2 20.3 59.4 43.6 26.8 49.5 82.7 16.5 89.0 12.4 — 10.2 63.2 114.0 188.5 126.7 126.6 79.8 143.3 0.02 % 0.01 % 0.05 % 0.00 % 0.01 % 0.01 % 0.02 % 0.01 % 0.01 % 0.01 % 0.02 % 0.00 % 0.03 % 0.00 % 0.00 % 0.00 % 0.02 % 0.03 % 0.06 % 0.04 % 0.04 % 0.02 % 0.04 % Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Nando LLC dba Tall Timbers Banquet and Conference Center Neville Galvanizing, Inc North Country Transport, LLC Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC P & M Entertainment, LLC dba Luv 2 Play Panther Ironworks and Rigging Solutions LLC Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv Peter K Lee MD, PC dba Atlanta Primary Care Peter K Lee MD, PC dba Atlanta Primary Care LLC Play4Fun dba Luv 2 Play PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and Providence Management Environmental, LLC, Tindol Energy Group, LLC PS Camping Inc. PS Camping, Inc. dba Prospectors RV Resort Purely Seed LLC Ramjay Inc. Randall Miller Company, Inc and Boyz Transportation Services, LLC Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) 13831 National Rd SW, Reynoldsburg, OH 43068 2983 Grand Ave, Pittsburgh, PA 15225 10 LaCrosse St, Ste 14, Hudson Falls, NY 12839 2520 Pennsylvania Ave, Ogden, UT 84401 35 Lafayette Rd Ste #8, North Hampton, NH 3862 1028 Washburn Switch Rd, Shelby, NC 28150 Food Services and Drinking Places Fabricated Metal Product Manufacturing Transit and Ground Passenger Transportation Truck Transportation Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Term Loan Term Loan 6% 4/20/2028 Term Loan Prime plus 2.75% 12/15/2042 Term Loan 6% Term Loan 8.25% Term Loan 6% 6% 2/6/2023 6/20/2028 5/10/2028 11/10/2026 12.7 235.7 4.9 513.2 96.1 112.7 12.7 235.7 4.9 513.2 96.1 112.7 12.4 — 4.8 53.3 76.1 75.4 0.00 % 0.00 % 0.00 % 0.02 % 0.02 % 0.02 % 412 and 500 Main St, La Marque, TX 77568 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2026 570.7 570.7 3.1 0.00 % 412 and 500 Main St, La Marque, TX 77568 211 Roberson Mill Rd, Milledgeville, GA 31061 5 Ashford Way, Hawkinsville, GA 31061 13722 Jamboree Rd, Irvine, CA 92602 Heavy and Civil Engineering Construction Term Loan 7% Ambulatory Health Care Services Term Loan 8.25% Ambulatory Health Care Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan 8.25% 7.5% 9/28/2041 9/13/2043 9/13/2028 3/7/2028 110.1 859.6 381.0 148.1 110.1 859.6 381.0 148.1 48.7 823.3 364.9 88.9 0.01 % 0.24 % 0.11 % 0.03 % 2040 Dowdy Ferry, Dallas, TX 75218 13851 S State HWY 34, Scurry, TX 75158 6570 W Hwy 67, Cleburne, TX 76033 43595 US Hwy 50, Canon City, CO 81212 43659&43595 US Hwy 50, Canon City, CO 81212 11515 Lake Lane, Ste 102, Chisago, MN 55013 85 S. Bragg St Ste 303, Alexandria, VA 22312 256 Blackley Rd, Bristole, TN 37620 85 SW 5th Ave, Delray Beach, FL 33444 Specialty Trade Contractors Term Loan 8.25% 12/19/2038 494.7 494.7 473.8 0.14 % Specialty Trade Contractors Term Loan 8.25% 10/28/2025 479.9 479.9 314.0 0.09 % Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2029 Accommodation Term Loan 8.25% Accommodation Merchant Wholesalers, Nondurable Goods Transit and Ground Passenger Transportation Term Loan 8.25% Term Loan Prime plus 0% Term Loan 8.25% 12/1/2027 5/19/2042 2/26/2028 1/13/2027 255.9 18.2 227.3 101.7 375.6 255.9 18.2 227.3 101.7 375.6 245.1 17.4 217.7 — 81.6 0.07 % 0.01 % 0.06 % 0.00 % 0.02 % Truck Transportation Term Loan 7.75% 7/31/2029 772.8 772.8 18.8 0.01 % Ambulatory Health Care Services Term Loan 7.75% 12/28/2028 112.6 112.6 9.4 0.00 % F-264 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Return to Excellence Inc Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) RG Productions LLC Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. Roundhay Partners LLC and Roundhay Farming LLC Rich's Food Stores LLC dba Hwy 55 of Wallace Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d Sanabi Investment, LLC dba Oscar's Moving and Storage Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point SDA Holdings LLC and Les Cheveux Salon Inc Select Propane & Fuel Inc. and Select Fuel & Convenience LLC (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) Shaffer Automotive Repair, LLC (*,#) Shane M. Howell and Buck Hardware and Garden Center, LLC Shining Star Kids, Inc. dba Brain Balance (*,#) (*,#,^) Smith and Son Plumbing, LLC (*,#,^) Southside BBQ Corp (*,#,^) Sovereign Communications LLC (*,#) Specialty Surgery Center, Inc. Street Magic Enterprise LLC dba New Lisbon Travel Mart (*,#,^) (*,#,^) Studio Find It Georgia Inc (*,#,^) 176 Country Club Drive, Waynesville, NC 28786 176 Country Club Drive, Waynesville, NC 28786 2414 W Battlefield Ste H, Springfield, MO 65807 Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan 8.25% 1/27/2027 15.6 15.6 15.3 Term Loan 8% 10/10/2039 1,154.0 1,154.0 1,129.4 Rental and Leasing Services Term Loan Prime plus 0% 3/28/2029 139.5 139.5 127.4 5245 Bucks Bar Rd, Placerville, CA 95667 6160 Granite Spring Rd, Somerset, CA 95684 611 East Southerland St, Wallace, NC 28466 423-429 Route 156, Trenton, NJ 8620 11421 N W 107th St, #13, Miami, FL 33178 2 Sand Hill Cove Rd, Narragansett, RI 2882 306 McClanahan St, Roanoke, VA 24014 3822 State Route 3, Red Bud, IL 62278 1485 North McQueen Rd #1, Gilbert, AZ 85233 Beverage and Tobacco Product Manufacturing Term Loan 8.25% Crop Production Food Services and Drinking Places Term Loan 8.25% Term Loan 8.25% Food Services and Drinking Places Term Loan 6.25% Truck Transportation Food Services and Drinking Places Term Loan 7.5% Term Loan 8.25% Personal and Laundry Services Merchant Wholesalers, Nondurable Goods Term Loan Term Loan 7.5% 7.5% Repair and Maintenance Term Loan 7% 1/19/2030 8/8/2042 9/14/2026 9/30/2039 6/20/2027 12/27/2041 12/15/2040 2/10/2030 5/24/2030 230.9 902.1 99.3 279.5 95.9 413.0 108.5 524.2 132.8 230.9 902.1 99.3 279.5 95.9 413.0 108.5 524.2 132.8 Term Loan Term Loan Educational Services Building Material and Garden Equipment and Supplies Dealers 1007 Lancaster Pike, Quarryville, PA 17566 17323 Ventura Blvd, Encino, CA 91316 15922 Eldorado Parkway, Ste 500-1579, Frisco, TX 75035 16032 South Hwy 16, Cherokee, TX 76832 26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783 5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342 Ambulatory Health Care Services Term Loan 1700 East Bridge St, New Lisbon, WI 53950 3399 Peachtree Rd NE, Ste 400, Atlanta, GA 30326 Gasoline Stations Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Food Services and Drinking Places Broadcasting (except Internet) Term Loan Term Loan Term Loan Term Loan Term Loan 7.5% 12/27/2038 113.4 113.4 Prime plus 0% 6% Prime plus 0% 1/7/2029 6/10/2029 1/25/2028 77.2 76.0 15.7 77.2 76.0 15.7 6.75% 2/7/2024 627.4 627.4 Prime plus 0% 6/28/2029 1,158.8 1,158.8 7.5% Prime plus 0% 11/7/2042 5/13/2026 419.0 14.8 419.0 14.8 221.2 781.4 9.8 33.5 14.0 197.9 50.5 28.4 38.7 11.5 75.6 34.1 15.4 118.1 186.1 139.8 5.3 0.00 % 0.33 % 0.04 % 0.07 % 0.23 % 0.00 % 0.01 % 0.00 % 0.06 % 0.01 % 0.01 % 0.01 % 0.00 % 0.02 % 0.01 % 0.00 % 0.03 % 0.05 % 0.04 % 0.00 % F-265 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Unguaranteed Non-Accrual Investments (3) (22) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Suncrest Stone Products LLC (*,#,^) Suncrest Stone Products LLC T and B Boots Inc dba Takken's Shoes Tarver-Henley Inc. and Tar-Hen LLC The Jig, LLC The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The TX Superior Communications, LLC United States Plastic Equipment LLC Victorian Restaurant and Tavern, LLC Webb Eye Associates, PA White Hawk Inc. Wilban LLC Wilban LLC Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A- Van Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) 341 County Farm Rd, Ashburn, GA 31714 341 County Farm Rd, Ashburn, GA 31714 72 South Main St, Templeton, CA 93465 2125 College Ave, Jackson, AL 36545 3115 Camp Phillips Rd, Wausau, WI 54403 Nonmetallic Mineral Product Manufacturing Nonmetallic Mineral Product Manufacturing Clothing and Clothing Accessories Stores Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Term Loan 7.25% Term Loan 7.5% Term Loan 7.25% Term Loan 7.75% 8/29/2041 8/29/2026 12/7/2026 6/21/2042 Term Loan 8.25% 10/24/2042 608.6 535.4 95.2 97.8 25.0 608.6 535.4 95.2 97.8 25.0 116.1 129.7 79.8 49.7 24.4 0.03 % 0.04 % 0.02 % 0.01 % 0.01 % 29291 Amerihost Drive, Dowagiac, MI 49047 3510 Bear Creek Rd, Franklinville, NY 14737 6223 Krempen Ave, San Antonio, TX 78233 4447 OH-303, Mantua, OH 44255 226 Maple Ave, Cheshire, CT 6410 1720 S W W White Rd, San Antonio, TX 78220 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 454 US Hwy 22, Whitehouse Station, NJ 8889 454 US Hwy 22, Whitehouse Station, NJ 8889 Accommodation Term Loan 8.25% 12/5/2041 335.1 335.1 328.0 0.10 % Accommodation Specialty Trade Contractors Merchant Wholesalers, Durable Goods Food Services and Drinking Places Term Loan Term Loan 7% 8% Term Loan 8.25% Term Loan 8.25% Ambulatory Health Care Services Term Loan 7.25% Truck Transportation Food Services and Drinking Places Food Services and Drinking Places Term Loan 8.25% Term Loan 7.5% Term Loan 7.25% 9/29/2039 3/19/2028 12/13/2028 2/22/2042 7/19/2027 12/15/2026 3/11/2026 3/28/2039 489.6 85.5 110.5 104.4 71.2 917.5 44.2 238.6 489.6 85.5 110.5 104.4 71.2 917.5 44.2 238.6 474.0 15.1 26.4 27.9 33.8 99.4 43.7 103.5 0.14 % 0.00 % 0.01 % 0.01 % 0.01 % 0.03 % 0.01 % 0.03 % 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010 Transit and Ground Passenger Transportation Term Loan 7.75% 9/27/2028 638.9 638.9 450.9 0.13 % (*,#,^) 33-51 11th St, Astoria, NY 11106 Merchant Wholesalers, Nondurable Goods Term Loan 8.25% 4/28/2027 Total Unguaranteed Non-Accrual SBA Investments Total Unguaranteed SBA Investments F-266 See accompanying notes to consolidated financial statements. 75.8 55,442.8 75.8 55,442.8 $ 74.2 29,418.5 0.02 % 8.67 % $ 420,399.9 $ 420,399.9 $ 407,747.9 120.15 % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Lulubelle's Mountain Banana Bread LLC Moon Group, Inc. Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade Hackstaff Restaurants American Pharmaceutical Innovation Company, LLC Matrix Z LLC Rello Inc. 2Choice2Friends LLC NYM Solutions Inc. Crystal Cleaning Service Clowers Trucking by Faith LLC MCM Design LLC Still Photography Archer Cleaners Inc. Law Office of Paula Padilla PLLC Bonadi Inc. Campuscuts LLC Port Diesel LLC Menshka Inc. The Bean Coffee Company, LLC Lawrence Adeyemo & Co LLC Gradstreet LLC A&S Services LLC Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Chemical Manufacturing Nonmetallic Mineral Product Manufacturing Food Manufacturing Merchant Wholesalers, Nondurable Goods Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Personal and Laundry Services Food Services and Drinking Places Insurance Carriers and Related Activities Administrative and Support Services 1063 Carousel Rd, Lake Arrowhead, CA 92352 145 Moon Rd, Chesapeake City, MD 21915 100 Village Rd, Port Lavaca, TX 77979 248 W 1st. St Ste 201, Reno, NV 89501 1425 Centre Circle, Downers Grove, IL 60515 800 SW 21st Terrace, Ft Lauderdale, FL 33312 8063 Jericho Turnpike, Woodbury, NY 11797 901 W Braker Lane, Austin, TX 78758 12150 SW 128th St CT Ste 209, Miami, FL 33186 26 Cooper Rd, Byhalia, MS 38611 705 E Brookwood PL, Valdosta, GA 31601 5926 Vinings Vintage Way, Mableton, GA 30126 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 1514 W. 33rd St, Chicago, IL 60608 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 9858 W Sample Rd, Coral Springs, FL 33065 930 Robtrice Ct, Edmond, OK 73430 3212 Alex Trask Drive, Castle Hayne, NC 28429 Term Loan 88 High St, Mountclair, NJ 07042 Ambulatory Health Care Services Term Loan 112 South Main St, Spring Hill, KS 66083 209-34 112 Ave, Queens Village, NY 11429 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 3888 Lightner Rd, Vandalia, OH 45377 Truck Transportation Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food Services and Drinking Places Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Nonstore Retailers Food Services and Drinking Places Personal and Laundry Services Personal and Laundry Services Repair and Maintenance Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 12/21/2045 $ 750.0 $ 750.0 $ 848.0 Prime plus 2.75% 6/27/2029 3,385.0 3,385.0 3,634.3 Prime plus 2.75% 3/16/2029 Prime plus 2.75% 7/15/2029 113.0 426.0 113.0 426.0 122.0 461.0 Prime plus 2.75% 3/28/2027 Prime plus 6.5% 2/27/2029 Prime plus 6.5% 4/17/2029 Prime plus 6.5% 4/17/2029 Prime plus 6.5% Prime plus 6.5% 5/6/2029 5/9/2029 Prime plus 6.5% 5/23/2029 Prime plus 6.5% 5/23/2029 Prime plus 6.5% 6/6/2029 Prime plus 6.5% 6/10/2029 Prime plus 6.5% 6/13/2029 Prime plus 6.5% 6/17/2029 Prime plus 6.5% 6/21/2029 Prime plus 6.5% Prime plus 6.5% 6/21/2029 7/10/2029 Prime plus 6.5% 7/17/2029 Prime plus 6.5% 7/19/2029 Prime plus 6.5% 7/30/2029 Prime plus 6.5% 8/7/2029 45.2 11.1 5.4 11.3 11.3 9.1 11.2 8.8 11.4 11.4 4.6 11.4 6.8 11.4 11.5 11.5 9.2 7.3 11.5 45.2 11.1 5.4 11.3 11.3 9.1 11.2 8.8 11.4 11.4 4.6 11.4 6.8 11.4 11.5 11.5 9.2 7.3 11.5 45.2 11.1 5.4 11.3 11.3 9.1 11.2 8.8 11.4 11.4 4.6 11.4 6.8 11.4 11.5 11.5 9.2 7.3 11.5 0.25 % 1.07 % 0.04 % 0.14 % 0.01 % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-267 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Crystal Clear Accounting Doghouse Sport Fishing Charters Inc. No Push Back LLC Softcare247 LLC Host Marketing LLC Standard Real Estate Services LLC Bargain Store Powerlift Dumbwaiters Inc. Pine Mountain Residential LLC James Clark and Company Inc. Deer Valley Sport Shop LLC Sean McNamara The Pinnacle Group Pen’s Electric Company, Inc Standard Capital Corp. Scott’s Hardware Inc HADD Corp La Tradicion Cubana Inc. This is a Fly Closet LLC 2 N 1 Home and Lawn LLC All Modes Transportation and Logistics Green Farm Inc. 34099 Tuscan Creek Way, Temecula, CA 92592 83413 Overseas Hwy, Islamorada, FL 33036 2223 Dungan Ave, Bensalem, PA 19020 4191 Naco Perrin Blvd, San Antonio, TX 78217 206 Bell Lane, Ste B, West Monroe, LA 71291 500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217 107 Tabernacle Church Rd, Candor, NC 27229 2444 Georgia Slide Rd, Georgetown, CA 95634 10240 Cosmopolitan Circle, Parker, CO 80134 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 507 Bamboo Rd, Boone, NC 28607 5639 Wood Lane, Allentown, PA 18106 105 Springside Drive, Akron, OH 44333 504 Fairfax Ave, Nashville, TN 37212 2349 Wessington Drive, Virginia Beach, VA 23456 200 Tuckerton Rd, Medford, NJ 8055 364 Rugby Rd, Cedarhurst, NY 11516 9357 S.W. 40th St, Miami, FL 33165 12408 Kingsview St, Bowie, MD 20721 1300 Ridenour Blvd, Kennesaw, GA 30152 4313 Collingtree Drive, Rockledge, FL 32955 1018 W SR 424 Ste 100, Longwood, FL 32750 Professional, Scientific, and Technical Services Scenic and Sightseeing Transportation Personal and Laundry Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 Term Loan Prime plus 6.5% 8/30/2029 Term Loan Prime plus 6.5% 8/30/2029 Term Loan Prime plus 6.5% 9/11/2029 Term Loan Prime plus 6.5% 9/18/2029 Real Estate Term Loan Prime plus 6.5% 9/19/2029 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 Specialty Trade Contractors Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 10/16/2029 Term Loan Prime plus 6.5% 10/22/2029 Term Loan Prime plus 6.5% 11/7/2029 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 Specialty Trade Contractors Insurance Carriers and Related Activities Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Miscellaneous Store Retailers Clothing and Clothing Accessories Stores Administrative and Support Services Support Activities for Transportation Term Loan Prime plus 6.5% 11/21/2029 Term Loan Prime plus 6.5% 12/5/2029 Term Loan Prime plus 6.5% 12/6/2029 Term Loan Prime plus 6.5% 12/17/2029 Term Loan Prime plus 6.5% 12/20/2029 Term Loan Prime plus 6.5% 1/30/2030 Term Loan Prime plus 6.5% 2/3/2030 Term Loan Prime plus 6.5% 2/14/2030 Food and Beverage Stores Term Loan Prime plus 6.5% 11/19/2030 2.9 11.5 11.2 11.8 11.6 11.6 11.6 11.3 11.6 11.6 12.0 11.7 11.7 11.9 11.8 11.8 11.8 11.8 11.8 11.9 11.9 12.5 2.9 11.5 11.2 11.8 11.6 11.6 11.6 11.3 11.6 11.6 12.0 11.7 11.7 11.9 11.8 11.8 11.8 11.8 11.8 11.9 11.9 12.5 2.9 11.5 11.2 11.8 11.6 11.6 11.6 11.3 11.6 11.6 12.0 11.7 11.7 11.9 11.8 11.8 11.8 11.8 11.8 11.9 11.9 12.5 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-268 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Caraniologie LLC Kendra Leigh Boyer CPA Flex Beauty Labs LLC Dearly Loved Counseling LLC Diane's Accounting Service Combs Creative LLC Travel with Love, LLC R. JOHNSON CRAFTSMANSHIP Jamali LLC Donald W. Harris David Benson LLC Savannah Area Language & Culture Exchange, LLC Vege Investments, LLC ASIL Ventures, LLC SPECTRUM DYNAMICS, INC Pittman Holdings LLC DBA Maple Bourbon KCL Business Service Inc Chris' Angels Cleanning Service LLC Tiki Torch Liquors AJN Innocations LLC The Cow Harbor Beer Company NJ Floats 225 Wall St, Ste 102A, Vail, CO 81657 5068 Dupont Court E, Santa Rosa, CA 95409 7512 Dr. Phillip Blvd, Orlando, FL 32819 14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618 119 E Haywood St, England, AR 72046 157 Antler Ridge Circle,, Nashville, TN 37214 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 346 Spring Garden Rd, Milford, NJ 8848 2741 Raceway Fairfield West, Pensacola, FL 32505 1625 US-59 N, Linden, TX 75563 1422 Euclid Ave, Cleveland, OH 44115 6 Dovetail Crossing, Savannah, GA 31419 26400 SW 177th Ave, Homestead, FL 33031 444 N Michigan Ave, Ste 1200, Chicago, IL 60611 27727 Dalton Bluff Court, Katy, TX 77494 1116 E Main St, Richmond, VA 23219 1042 San Fernando Rd., San Fernando, CA 91340 2090 Dunwoody Club Drive, Sandy Springs, GA 30350 101 Dallas St., Talihima, OK 74571 6704 Main St, Miami Lakes, FL 33014 19 Scudder Ave, Northport, NY 11768 327 Route 202/206, Bedminster Township, NJ 7921 General Merchandise Stores Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Social Assistance Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Specialty Trade Contractors Food Services and Drinking Places Warehousing and Storage Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 11/20/2030 Term Loan Prime plus 6.5% 11/20/2030 Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 6.5% 12/3/2030 Term Loan Prime plus 6.5% 12/4/2030 Term Loan Prime plus 6.5% 12/4/2030 Term Loan Prime plus 6.5% 12/4/2030 Term Loan Prime plus 6.5% 12/11/2030 Term Loan Prime plus 6.5% 12/11/2030 Term Loan Prime plus 6.5% 12/16/2030 Educational Services Term Loan Prime plus 6.5% 12/16/2030 Gasoline Stations Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Administrative and Support Services Food and Beverage Stores Food Services and Drinking Places Beverage and Tobacco Product Manufacturing Computer and Electronic Product Manufacturing Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 6.5% 12/22/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 Term Loan Prime plus 2.75% 2/15/2031 Term Loan Prime plus 2.75% 2/11/2031 Term Loan Prime plus 2.75% 2/12/2046 12.5 12.5 12.5 12.5 12.5 5.5 5.0 10.0 12.5 12.5 12.5 12.5 12.5 4.3 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 5.5 5.0 10.0 12.5 12.5 12.5 12.5 12.5 4.3 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 5.5 5.0 10.0 12.5 12.5 12.5 12.5 12.5 4.3 12.5 12.5 12.5 12.5 12.5 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % 329.5 878.2 437.0 329.5 878.2 437.0 365.0 972.6 494.9 0.11 % 0.29 % 0.15 % F-269 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Kuros LLC dba Alexander Lake Lodge Emmalina LLC Sherwood Sporthorses Inc. Chet Lemon Enterprises Jones Roger Shermann Inn Inc. The Hall at the Yard Edel Family Management Corp The Rabbi Grafman Endowment Fund for Temple Emanu-El Surf Cup Sports AM House Eat Here LLC Masood A. Rizvi, MD. Casetabs James D. Paliwoda, A Law Corporation Medical Review Service North Carolina Custom Modulars, LLC Thrive TC LLC Kenco Inc Glynwood Center, Inc. San Basilio, LLC Stephen Binder DDS Mto Summerlin Asthma & Allergy Medical Care, P.C. 21221 Baron Lake Drive, Cedaredge, CO 81413 3602 Rock Bay Drive, Louisville, KY 40245 20502 Forestview, Magnolia, TX 77355 1544 Lane Park Cut off, Tavares, FL 32778 195 Oenoke Ridge, New Canaan, CT 6840 1412 Alden Rd, Orlando, FL 32803 2207 Coney Island Ave, Brooklyn, NY 11223 2100 Highland Ave South, Birmingham, AL 35205 2037 Park Dale Ln, Encinitas, CA 92024 22322 Burton St, Canoga Park, CA 91304 500 S Main St, Las Vegas, NV 89101 900 Pompton Ave, Ste B-1, Cedar Grove, NJ 7009 3333 Michelson Dr, Ste 240, Irvine, CA 92612 1000 Lakes Dr, Ste 230, West Covina, CA 91790 13400 Marsh Landing, West Palm Beach, FL 33418 1936 US-64, Murphy, NC 27203 4888 Town Center Pkwy, Ste 106, Jacksonville, FL 32246 774 Mays Blvd, Ste 10-574, Incline Village, NV 89451 362 Glynwood Rd, Cold Spring, NY 10516 12305 SW 38th St, Ocala, FL 34481 3900 W Fullerton Ave, Chicago, IL 60647 10970 Rosemary Park Drive, Ste #100, Las Vegas, NV 89135 68 Nassau Rd, Huntington, NY 11743 Accommodation Food Services and Drinking Places Term Loan Prime plus 2.75% 11/19/2045 Term Loan Prime plus 2.75% 5/21/2030 Personal and Laundry Services Term Loan Prime plus 2.75% 5/21/2046 Personal and Laundry Services Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% 3/3/2031 6/4/2030 4/2/2031 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 4/30/2022 5/4/2022 5/4/2022 5/4/2022 5/4/2022 5/4/2022 5/4/2022 5/4/2022 246.8 34.9 615.9 622.0 86.3 761.6 39.2 3.0 19.0 7.7 4.8 3.8 38.5 12.3 31.3 7.8 5.5 2.4 246.8 34.9 615.9 622.0 86.3 761.6 39.2 3.0 19.0 7.7 4.8 3.8 38.5 12.3 31.3 7.8 5.5 2.4 279.2 38.5 698.3 688.9 95.3 846.4 39.2 3.0 19.0 7.7 4.8 3.8 38.5 12.3 31.3 7.8 5.5 2.4 0.08 % 0.01 % 0.21 % 0.20 % 0.03 % 0.25 % 0.01 % — % 0.01 % — % — % — % 0.01 % — % 0.01 % — % — % — % 30.3 30.3 30.3 0.01 % 2.5 3.0 4.8 2.5 3.0 4.8 2.5 3.0 4.8 16.1 16.1 16.1 — % — % — % — % F-270 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) SK8CLICK INC Provino's South, Inc. Kore Surgical Inc Buddy's Towing EON.AI LLC Superior Property Solutions WHO Insurance Agency Inc Ventum LLC MacLeod and Company Dance Daly Studio, LLC Julius Schwarz LLC West & East Art Group Soudan Metals Co American Showcase Modulars, LLC Swirnow Capital Management Corp acaso master fund llc GMS Racing LLC D Bober LLC dba the Public Private Network Ntrepid LLC South Bay Cable Basic L Corporation dba Action Industries Fernway Solutions Inc. KJM Medical, LLC 17062 Westport Dr, Huntington Beach, CA 92649 14485 Hopewell Rd, Alpharetta, GA 30004 26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275 830 Birch St, Daytona Beach, FL 32117 3401 North Miami Ave, Ste 211, Miami, FL 33127 7009 E Country Highlands Dr, Floral City, FL 34436 708 6th Ave SE #A, Decatur, AL 35601 2775 South Hwy 40, Ste 4, Heber City, UT 84032 3161 Michelson Dr, Irvine, CA 92612 24000 Alicia Parkway, #33, Mission Viejo, CA 92691 50 Pascack Rd, Hillsdale, NJ 7642 9 N Moore St, New York, NY 10013 319 W 40th Pl, Chicago, IL 60609 6281 US-29, Blairs, VA 24527 500 Harborview Drive, Third Floor, Baltimore, MD 21230 6710 Benjamin Rd, Ste 100, Tampa, FL 33634 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135 445 Hamilton Ave, Ste 1102, White Plains, NY 10601 12801 Worldgate Dr, Ste 800, Herndon, VA 20170 54125 Maranatha Dr, Idyllwild, CA 92549 1120 Olympic Dr, Corona, CA 92881 34 Tidal Way, San Mateo, CA 94401 3012 Pinehurst Dr., Montgomery, AL 36111 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/4/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/5/2022 5/6/2022 5/6/2022 5/6/2022 5/6/2022 5/6/2022 5/7/2022 5/7/2022 5/7/2022 1.9 18.2 8.0 4.0 2.5 2.5 0.9 8.1 7.5 5.2 4.0 3.3 64.3 6.7 10.0 0.7 130.0 2.8 720.2 80.4 43.1 3.8 1.0 1.9 18.2 8.0 4.0 2.5 2.5 0.9 8.1 7.5 5.2 4.0 3.3 64.3 6.7 10.0 0.7 130.0 2.8 720.2 80.4 43.1 3.8 1.0 1.9 18.2 — % 0.01 % 8.0 4.0 2.5 2.5 0.9 8.1 7.5 5.2 4.0 3.3 64.3 6.7 10.0 0.7 — % — % — % — % — % — % — % — % — % — % 0.02 % — % — % — % 130.0 0.04 % 2.8 720.2 80.4 43.1 3.8 1.0 — % 0.21 % 0.02 % 0.01 % — % — % F-271 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Nolan Construction Care Values, Inc. Fried Chicken Kitchen LLC Playback, Inc. Conglomerated Hosts, LTD David A Beach, DMD, MS, PA Fleming Island Dental Care Dominion Glass & Mirror Inc. Allergy & Asthma Associates of Murray Hill, P.C. Jeff O. Gonzalez, M.D., P.A. J.P. Makhlouf, M.D., F.A.A.P., & Tiziana Anello, M.D., F.A.A.P., P.A. d/b/a Roseland Pediatrics Sweet Dreams Legg's Welding Inc. Drobu Media Urban Clarity Scott Zucker P.A. Landmark IV Realty Inc. Leader, Leader & Zucker, PLLC Therapeutic Equestrian Center Inc Rodney and Bernstein P.A. Tyler Pidgeon Sole Proprietor Altea Group LLC 10 Fairway Drive, Deerfield Beach, FL 33441 1905 Woodstock Rd, Ste 1250, Roswell, GA 30075 1750 Market St, San Francisco, CA 94102 17 Ridge Ave, Natick, MA 1760 14485 Hopewell Rd, Alpharetta, GA 30004 27605 Cashford Circle, Ste 101, Wesley Chapel, FL 33544 1590 Island Ln, Ste 12, Fleming Island, FL 32003 14707-B Willard Rd, Chantilly, VA 20151 35 E 35th St, Ste 202, New York, NY 10016 2140 W 68th St, Ste 300, Hialeah, FL 33016 556 Eagle Rock Ave, Ste 106, Roseland, NJ 7068 480 Mondi Dr, Woodstock, GA 30188 5871 Clay Hwy, Bickmore, WV 25019 1010 Brickell Ave Unit 4105, Miami, FL 33131 13 S Elliott Pl, Brooklyn, NY 11217 633 S Andrews Ave, #203, Fort Lauderdale, FL 33301 3990 Sheridan St, Ste 105, Hollywood, FL 33021 633 S Andrews Ave, #201, Fort Lauderdale, FL 33301 115 Stonecrop Lane, Cold Spring, NY 10516 1925 Brickell Ave, Ste D-207, Miami, FL 33129 10200 Sporting Club Drive, Raleigh, NC 27617 4510 Cheltenham Dr, Bethesda, MD 20814 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/7/2022 5/7/2022 5/7/2022 5/7/2022 5/8/2022 5/8/2022 5/8/2022 5/8/2022 5/8/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/11/2022 5/12/2022 2.1 14.1 42.7 4.7 12.7 6.6 6.9 20.4 17.1 2.1 12.8 5.0 9.5 2.1 2.1 1.0 0.9 5.0 6.5 17.1 0.9 1.2 2.1 14.1 42.7 4.7 12.7 6.6 6.9 20.4 17.1 2.1 12.8 5.0 9.5 2.1 2.1 1.0 0.9 5.0 6.5 17.1 0.9 1.2 2.1 14.1 42.7 4.7 12.7 6.6 6.9 20.4 17.1 2.1 12.8 5.0 9.5 2.1 2.1 1.0 0.9 5.0 6.5 — % — % 0.01 % — % — % — % — % 0.01 % 0.01 % — % — % — % — % — % — % — % — % — % — % 17.1 0.01 % 0.9 1.2 — % — % F-272 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Temple Emanu-El American Automotive Aftermarket Inc. Stanton Schwartz Design Group LLC Ernst Architect, PLLC Dental Designs of Fort Myers, LLC RX Psychological Services, LLC KKAP El Sereno Laundry, LLC KTF Consulting HL Group Inc. Child Welfare League of America Inc. Gray Global Advisors, LLC OrtenB Software Z Valet, Inc. Quality Pool Management Weisner Steel Products Myrna Casta Fairview Ford Sales, Inc. Deep Ellum Art Co. Stress Analysis Services, Inc. Sun Cloud Holdings LLC Retrotope, Inc. Mastermind Alliance Wealth Solutions Inc. 2100 Highland Ave, Birmingham, AL 35205 50 Dunham Rd, Billerica, MA 1821 346 Congress St, #201, Boston, MA 2210 177 W Broadway, 3rd Floor, New York, NY 10013 3220 Forum Blvd, #104, Fort Myers, FL 33905 5300 McNutt Rd, Ste 12, Santa Teresa, NM 88008 4899 Huntington Drive North, Los Angeles, CA 90032 2471 N Geneva Terrace, Chicago, IL 60614 16690 Swingley Ridge Rd, Ste 100, Chesterfield, MO 63017 727 15th St NW, Ste 1200, Washington, DC 20005 300 New Jersey Ave NW, 9th Floor, Washington, DC 20001 519 Lori Drive, Benicia, CA 94510 4221 Wilshire blvd, Ste 170-11, Los Angeles, CA 90010 161 Rombout Rd, Poughkeepsie, NY 12603 77 Moraga Way, Ste F, Orinda, CA 94563 1801 Century Park E, Ste 1100, Los Angeles, CA 90067 292 N G St, San Bernardino, CA 92410 3200 Commerce St, Dallas, TX 75226 3920 Ira Rd, Akron, OH 44333 65 Hemlock Ln, Highland Park, IL 60035 4300 El Camino Real, Ste 201, Los Altos, CA 94022 5271 Arnica Way, Santa Rosa, CA 95403 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/12/2022 5/12/2022 5/12/2022 5/12/2022 5/12/2022 5/12/2022 5/12/2022 5/12/2022 5/13/2022 5/13/2022 5/13/2022 5/13/2022 5/13/2022 5/13/2022 5/13/2022 5/13/2022 5/13/2022 5/14/2022 5/14/2022 5/14/2022 5/14/2022 5/14/2022 28.0 22.0 0.6 17.6 34.8 2.1 1.8 3.3 16.0 20.0 8.1 0.8 33.9 6.4 24.2 1.8 28.0 22.0 0.6 17.6 34.8 2.1 1.8 3.3 16.0 20.0 8.1 0.8 33.9 6.4 24.2 1.8 28.0 22.0 0.6 17.6 34.8 2.1 1.8 3.3 16.0 20.0 8.1 0.8 33.9 6.4 24.2 1.8 143.9 143.9 143.9 8.0 19.0 0.8 28.3 0.1 8.0 19.0 0.8 28.3 0.1 8.0 19.0 0.8 28.3 0.1 0.01 % 0.01 % — % 0.01 % 0.01 % — % — % — % — % 0.01 % — % — % 0.01 % — % 0.01 % — % 0.04 % — % 0.01 % — % 0.01 % — % F-273 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Ashford AFH Meredith Ward Fine Art, Inc. Tuckahoe Animal Hospital PLLC Melbourne United Laser Vision Martin Medical Group Dalva Bros Inc. D. R. Horne & Company Uniglobal Pension Planning, Inc. Dominic Orfitelli, LLC James Hundshamer CPA Grossman LLP Temecula Hot Yoga, LLC DBA Hot Yoga Healthy You Alpine Metal Products, Inc. Ranco Construction LLC Rumi K. Lakha D.O., Inc. Chatham Pathology and Associates Kevin C. McWilliams Timothy G Greco, MD A Prof Corp F T Brooks Inc. 3 Options Consulting Marti E. Peck PhD Brookhollow Management Company Mayer Fayes Richard C. Watts, Inc. PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP 15527 Burke Ave N, Shoreline, WA 98133 44 East 74th St., Ste G, New York, NY 10021 20 Depot Square, Tuckahoe, NY 10707 1478 Highland Ave, Ste A, Melbourne, FL 32935 4422 N 75th St, Unit 4012, Scottsdale, AZ 85251 53 E 77th St, New York, NY 10075 117 Mercer St, Princeton, NJ 8540 4114 Legato Rd, Ste 300, Fairfax, VA 22033 7101 Elizabeth Dr, McLean, VA 22101 223 S Glendora Ave, Glendora, CA 91741 745 5th Ave, Ste 500, New York, NY 10151 31773 Temecula Pkwy, Temecula, CA 92592 2000 St John St, Easton, PA 18042 2 Coleman Ct, Southampton, NJ 8088 7136 Pacific Blvd, Ste 225, Huntington Park, CA 90255 5353 Reynolds St, Savannah, GA 31405 225 W 35th St 14th Floor, New York, NY 10001 1260 Crestview Drive, Fullerton, CA 92833 1206 Powhatan St, Alexandria, VA 22314 PPP 2215 Palmer Pl, Tustin, CA 92782 PPP 3990 Old Town Ave, Ste B100, San Diego, CA 92110 151 Kalmus Drive, F-1, Costa Mesa, CA 92626 18800 NE 29th Ave., Apt 114, Aventura, FL 33180 1602 E 4th St, Santa Ana, CA 92701 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/14/2022 5/14/2022 5/14/2022 5/14/2022 5/14/2022 5/14/2022 5/14/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/15/2022 5/18/2022 F-274 See accompanying notes to consolidated financial statements. 0.01 % — % — % — % — % — % — % — % — % — % — % — % 0.01 % 0.02 % 0.01 % — % — % — % — % — % — % 17.3 3.2 14.0 7.6 1.7 8.5 4.1 17.3 3.2 14.0 7.6 1.7 8.5 4.1 17.3 3.2 14.0 7.6 1.7 8.5 4.1 14.4 14.4 14.4 3.1 7.0 7.1 1.7 25.0 52.9 21.7 16.8 3.0 3.4 2.1 4.9 2.3 3.1 7.0 7.1 1.7 25.0 52.9 21.7 16.8 3.0 3.4 2.1 4.9 2.3 30.6 0.6 6.1 3.1 7.0 7.1 1.7 25.0 52.9 21.7 16.8 3.0 3.4 2.1 4.9 2.3 30.6 0.6 6.1 30.6 0.01 % 0.6 6.1 — % — % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Paradise Shutters Inc M&A Services BEACHES JET SET PETS INC Hotel Cheval, LLC Kohcoon LLC Leader & Leader P.A. Michael J Scherb DMD PA McGee Media LLC te Neues Publishing Company LP South City Construction Elixir Corporation Olivenhain Capital Partners Roselle-Stacy, Inc. Lisa Stransky Real Estate LLC JLR Realty Inc Aldene Industrial Park Yu-Song Yen DDS Wheelhouse Life Science Advisors Keldon Paper Company Mark E Goldberg, esq. John Woody Inc. Chophouse 13 4353 Canton CT, Gulf Breeze, FL 32563 320 East 53rd St, New York, NY 10022 949 12th Ave South, Jacksonville Beach, FL 32250 1021 Pine St, Paso Robles, CA 93446 4060 Woodridge Rd, Miami, FL 33133 633 S Andrews Ave, #201, Fort Lauderdale, FL 33301 2143 South Us Hwy 1, Jupiter, FL 33477 156 Katonah Ave., Ste #202, Katonah, NY 10536 350 7th Ave, Ste 301, New York, NY 10001 1111 Rancho Conejo Blvd, #205, Newbury Park, CA 91320 305 Shawnee North Drive, Ste 250, Suwanee, GA 30024 3521 Fortuna Ranch Rd, Encinitas, CA 92024 204 Sinclair Pl, Westfield, NJ 7090 10000 Falls Rd, Ste 300, Potomac, MD 20854 119 Circle Dr, Manhasset, NY 11030 204 Sinclair Pl, Westfield, NJ 7090 5222 Balboa Ave, Ste 71, San Diego, CA 92117 927 Regalo Way, San Ramon, CA 94583 5960 Boxford Ave, Commerce, CA 90040 130 North Main St, Port Chester, NY 10573 754 Harrison St, Jacksonville, FL 32220 11362 San Jose Blvd, Ste 1, Jacksonville, FL 32223 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/18/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 2.4 12.6 9.5 17.5 2.9 2.3 14.2 106.0 12.1 24.0 11.3 5.4 1.3 4.7 3.1 2.2 3.3 11.6 11.9 2.1 27.6 20.4 2.4 12.6 9.5 17.5 2.9 2.3 14.2 106.0 12.1 24.0 11.3 5.4 1.3 4.7 3.1 2.2 3.3 11.6 11.9 2.1 27.6 20.4 2.4 12.6 9.5 17.5 2.9 2.3 14.2 106.0 12.1 24.0 11.3 5.4 1.3 4.7 3.1 2.2 3.3 11.6 11.9 2.1 27.6 20.4 — % — % — % 0.01 % — % — % — % 0.03 % — % 0.01 % — % — % — % — % — % — % — % — % — % — % 0.01 % 0.01 % F-275 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Shorstein & Shorstein PA Doctors Medical Center of Walton County, PA Stephen Wang & Associates Mecca Resources Inc Susan Surell SHAWN KASSMAN ESQ., P.C. Sybil Hill Felica Zwebner Design LLC Robert Giarrusso Susan Iannelli Sharrets, Paley, Carter & Blauvelt, PC CCG Advisors The Croft Offshore, LLC ABRAHAM J DANIEL Sodales Partners LLC Mark Allen & Company, LLC Susan Giarrusso SA Legends Lacrosse LLC Laura Billon Serge Loobkoff Florida Premier Cardiology LLC Specialty Coverage Insurance Agency (SPCIA) Gregory A. Ebenfeld PA 8265 Bayberry Rd, Jacksonville, FL 32256 21 W Main Ave, Defuniak Springs, FL 32435 950 3rd Ave, New York, NY 10022 3033 Riviera Dr, Ste 101, Naples, FL 34103 26 Diamond Crest Ct, Baltimore, MD 21209 110 Carleton Ave, Central Islip, NY 11722 1479 Mossy Branch Way, Mt Pleasant, SC 29464 115 W 29th St, New York, NY 10001 9 Sabine Lane, Hardyston, NJ 7416 26 Court St, Ste 1805, Brooklyn, NY 11242 75 BRd St, New York, NY 10004 817 W Peachtree St, Ste 205, Atlanta, GA 30308 1030 Bayside Ln, Weston, FL 33326 18851 NE 29th Ave, #700, Aventura, FL 33180 11 Random Farms Circle, Chappaqua, NY 10514 450 W 17th St, Unit 738, New York, NY 10011 9 Sabine Ln, Franklin, NJ 7416 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 1286 El Mercado Way,, Unit C, Oceanside, CA 92057 215 S Santa Fe Ave, Ste 15, Los Angeles, CA 90012 11195 Jog Rd, Ste 6, Boynton Beach, FL 33437 1 Water St, 2nd Floor, Mystic, CT 6355 11011 Sheridan St, Ste 113, Hollywood, FL 33026 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/19/2022 5/20/2022 5/20/2022 42.3 21.9 12.5 6.3 1.0 1.8 0.8 0.8 0.6 1.0 13.8 21.5 1.3 2.1 1.5 2.2 0.3 42.3 21.9 12.5 6.3 1.0 1.8 0.8 0.8 0.6 1.0 13.8 21.5 1.3 2.1 1.5 2.2 0.3 42.3 21.9 12.5 6.3 1.0 1.8 0.8 0.8 0.6 1.0 13.8 21.5 1.3 2.1 1.5 2.2 0.3 10.1 10.1 10.1 0.1 0.2 8.0 3.2 2.2 0.1 0.2 8.0 3.2 2.2 0.1 0.2 8.0 3.2 2.2 0.01 % 0.01 % — % — % — % — % — % — % — % — % — % 0.01 % — % — % — % — % — % — % — % — % — % — % — % F-276 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Caveonix Seamus Henchy and Associates Drink Here LLC Sunren International, LLC Melanie L Kemmerer, DMD, PLLC Sierra Music Publications, Inc. AllianceRad LLC Testicular Cancer Commons Krista Saloom GARDEN LTC LLC DIXIE CONTRACT CARPET INC KKAP Reseda Laundry LLC RTP Corp. KKAP Van Nuys Laundry, LLC Brandy Cox, Inc Steven R Wynn Othidonics Mark E Haddad MD Inc The Duncraggen Realty Corp Direct Resources Group Patricia Margolin Herion Productions LLC Fernando Suarez Physical Therapy, PLLC Gwendolyn Luce PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP 7777 Leesburg Pike, Ste 303 South, Falls Church, VA 22043 145 Hudson St, New York, NY 10013 6410 S DURANGO DR, Ste 100, Las Vegas, NV 89113 1141 Orange Ave, Monrovia, CA 91016 110 SW Suwannee Ave, Branford, FL 32008 2711 N Idaho Rd, Liberty Lake, WA 99019 425 N Ocean Blvd, Unit 4, Boca Raton, FL 33432 5415 SW 149th Ave, Beaverton, OR 97007 7210 Corporate Ct, Frederick, MD 21703 10 EVANS DRIVE, BROOKVILLE, NY 11545 7523 PHILIPS Hwy, Jacksonville, FL 32256 18300 Vanowen St, Unit #5, Reseda, CA 91335 2832 Center Port Cir, Pompano Beach, FL 33064 16105 Victory Blvd, Unit 9I, Van Nuys, CA 91406 11818 Cupworth Ct, Huntersville, NC 28078 1901 Westcliff Drive, Ste #1, Newport Beach, CA 92660 PO Box 791507, Paia, HI 96779 708 W 192nd St, Ste 1K, New York, NY 10040 1520 4th Ave, Ste 500, Seattle, WA 98101 551 Spring Valley Rd, Paramus, NJ 7652 PPP 95 Thomas Rd, Valatie, NY 12184 PPP 72-15 Grand Ave, Maspeth, NY 11378 4065 Laguna Way, Palo Alto, CA 94306 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/20/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 31.0 10.0 4.6 4.2 2.9 1.6 2.1 1.0 1.3 1.3 42.9 0.4 39.2 0.8 0.8 2.5 1.5 0.8 31.0 10.0 4.6 4.2 2.9 1.6 2.1 1.0 1.3 1.3 42.9 0.4 39.2 0.8 0.8 2.5 1.5 0.8 31.0 10.0 4.6 4.2 2.9 1.6 2.1 1.0 1.3 1.3 42.9 0.4 39.2 0.8 0.8 2.5 1.5 0.8 0.01 % — % — % — % — % — % — % — % — % — % 0.01 % — % 0.01 % — % — % — % — % — % 31.3 31.3 31.3 0.01 % 0.9 1.2 3.7 0.8 0.9 1.2 3.7 0.8 0.9 1.2 3.7 0.8 — % — % — % — % F-277 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Hamilton Technology Services Routable AI Inc Michelle Euler Lisa R. Drake PC KKAP ELA Laundry, LLC North Carolina Baptist Foundation, Inc. Taylor SF Inc Carrie Risatti Todd Goodman Productions LLC DBA LA Light Photography INNERCONX Ultracare of Manhattan Ltd Frank Betz Associates, Inc. Lemon Tree Entertainment, LLC Hoops 4 Health Psychiatry Associates PC YourHQ EAM Partners L.P. S & L Paper Corporation Javalin Group LLC A & L Films, Inc. Inner Pieces Maselan & Jones, P.C. Utility Consulting Group LLC 14115 West 59th Place, Arvada, CO 80004 32 Chester St, Apt 7, Somerville, MA 2144 1709 Forest Bend Lane, Keller, TX 76248 3325 Piedmont Rd NE, Unit 3002, Atlanta, GA 30305 3845 East 3rd St, Los Angeles, CA 90063 201 Convention Drive, Cary, NC 27511 333 Bush St, Ste 3705, San Francisco, CA 94104 307 Montana Ave, #201, Santa Monica, CA 90403 1112 Montana Ave, #381, Santa Monica, CA 90403 641 Ranch Rd, Weston, FL 33326 800 Second Ave, Ste 905, New York, NY 10017 12045 Hwy 92, Woodstock, GA 30188 130 E 94th ST, 9D, New York, NY 10128 875 Heather Ln, Winnetka, IL 60093 1736 Oxmoor Rd, Ste 103, Birmingham, AL 35209 1592 Union St, #505, San Francisco, CA 94123 3131 Maple Ave, Ste 13B, Dallas, TX 75201 3500 Hampton Rd, Oceanside, NY 11572 9735 Rod Rd, Johns Creek, GA 30022 16105 Meadowcrest Rd, Sherman Oaks, CA 91403 171 Vidal Blvd, Decatur, GA 30030 One International Place, 8th Floor, Boston, MA 2110 23679 Calabasas Rd, #263, Calabasas, CA 91302 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/21/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 15.3 15.3 15.3 3.2 1.2 2.3 1.8 3.2 1.2 2.3 1.8 3.2 1.2 2.3 1.8 — % — % — % — % — % 27.6 27.6 27.6 0.01 % 1.3 1.7 1.8 7.7 90.0 20.9 1.9 3.4 5.0 1.4 3.2 1.3 1.7 1.8 7.7 90.0 20.9 1.9 3.4 5.0 1.4 3.2 1.3 1.7 1.8 7.7 90.0 20.9 1.9 3.4 5.0 1.4 3.2 12.9 12.9 12.9 1.3 2.3 0.4 9.4 1.3 2.3 0.4 9.4 1.3 2.3 0.4 9.4 — % — % — % — % 0.03 % 0.01 % — % — % — % — % — % — % — % — % — % — % 53.0 53.0 53.0 0.02 % F-278 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Platinum Marketing Fybr LLC Schlemmer Farms LLC Black Hawk Inc Steeplechase Amusement Inc Four Paws Animal Hospital PC L Corp JK Belz & Associates Inc South Florida Imaging Consultants LLC Stoker Construction Inc JB Press LLC BanzaiFly Inc Anders Environmental LLC P3s Corp Youth Tennis San Diego Foundation Jewish Community Foundation of the West Cinema Vehicles Provino's Italian Restaurant, Inc. Bethany L. LaFlam Easy Content Media LLC Bar-Z Anderson LTD Co The Desai Foundation JM Robson LPCCS 120 Windermere Drive, Blue Bell, PA 19422 640 Cepi Dr, Ste C, Chesterfield, MO 63005 6167 State Line Rd., Convoy, oh 45832 PO BOX 476, BRISTOL, IN 46507 11540 Clover Ave, Los Angeles, CA 90066 199 Broadway, Amityville, NY 11701 2190 Talmadge St, Los Angeles, CA 90027 10580 N McCarran Blvd, #115- 222, Reno, NV 89503 10754 Versailles Blvd, Wellington, FL 33449 56471 29 PALMS Hwy, YUCCA VALLEY, CA 92284 82 Flamingo Rd, Roslyn, NY 11576 3861 Reklaw Drive, Studio City, CA 91604 1315 Hartford Dr, Boulder, CO 80305 21526 Privada Avila, San Antonio, TX 78257 4490 W Point Loma Blvd, San Diego, CA 92107 2130 21st St, Sacramento, CA 95818 12580 Saticoy St, North Hollywood, CA 91605 14485 Hopewell Rd, Alpharetta, GA 30004 9 Acacia Tree Ln, Irvine, CA 92612 706 Van Nest Drive, Martinsville, NJ 8836 1408 Wathen Ave, Austin, TX 78703 209 Burlington Rd, Ste 217, Bedford, MA 1730 4807 Rockside Rd, Ste 300, Independence, OH 44131 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/22/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 F-279 See accompanying notes to consolidated financial statements. 3.6 27.3 3.0 14.4 4.2 4.4 3.3 4.8 4.4 3.6 27.3 3.0 14.4 4.2 4.4 3.3 4.8 4.4 3.6 27.3 3.0 14.4 4.2 4.4 3.3 4.8 4.4 14.5 14.5 14.5 1.4 2.0 4.0 60.8 0.7 1.2 59.0 25.8 1.7 5.8 5.0 5.3 0.8 1.4 2.0 4.0 60.8 0.7 1.2 59.0 25.8 1.7 5.8 5.0 5.3 0.8 — % 0.01 % — % — % — % — % — % — % — % — % — % — % — % 1.4 2.0 4.0 60.8 0.02 % 0.7 1.2 59.0 25.8 1.7 5.8 5.0 5.3 0.8 — % — % 0.02 % 0.01 % — % — % — % — % — % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Improving Communications Kenneth R. Hughes Drosihn Construction, Inc. 163rd Avenue Investors, LLC 2875 Sedgwick Owners Corp KN Artist Management, LLC Hunstiger Inc Larry Lawrence Realty, Inc. Quickway Metal Fabricators DANGOLD, INC. TK Food Concepts LLC Jennifer Leigh Cobb 44678 Valley Center LLC Jennie Kwon Designs Pacific CCI, Inc Onchip Systems J Partners LLC Craig Iwai Scalini's, Inc. Phillip Thomas Inc X-Pest Evalyn Mosser Bookkeeping and Consulting Hauser Family Foundation 105 Haven Ave, Port Washington, NY 11050 3620 Mt Diablo Blvd, Ste 203, Lafayette, CA 94549 749 Atherton Ave, Novato, CA 94945 1435 163rd Ave, San Leandro, CA 94578 708 W 192nd St, Ste 1K, New York, NY 10040 3924 Poppyseed Place, Calabasas, CA 91302 9120 Rock Pond Way, Colorado Springs, CO 80924 PO Box 2365, Olympic Valley, CA 96146 9 Murran Rd, P.O. Box 1378, Monticello, NY 12701 138-43 78th Rd, Flushing, NY 11367 107 North 3rd St, Ste 3D, Brooklyn, NY 11249 303 Port Royal Way, Pensacola, FL 32502 1417 Antigua Way, Newport Beach, CA 92660 643 S Olive St, Los Angeles, CA 90014 880 W 1st St, #520, Los Angeles, CA 90012 1953 O'Toole Way, San Jose, CA 95131 4885 Rebel Trail, Atlanta, GA 30327 848 S Myrtle Ave, Monrovia, CA 91016 14485 Hopewell Rd, Alpharetta, GA 30004 210 E 68th St, Ste 9G, New York, NY 10065 100 N Hill Dr, #40, Brisbane, CA 94005 2436 N Federal Hwy, Ste 474, Lighthouse Point, FL 33064 10617 Charleston Drive, Vero Beach, FL 32963 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/26/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 F-280 See accompanying notes to consolidated financial statements. 2.1 2.1 2.6 2.9 1.3 2.1 3.3 4.7 5.9 1.0 2.1 2.1 2.6 2.9 1.3 2.1 3.3 4.7 5.9 1.0 2.1 2.1 2.6 2.9 1.3 2.1 3.3 4.7 5.9 1.0 15.4 15.4 15.4 0.2 3.0 5.4 36.4 12.8 2.1 3.6 17.7 8.4 5.0 1.4 1.3 0.2 3.0 5.4 36.4 12.8 2.1 3.6 17.7 8.4 5.0 1.4 1.3 — % — % — % — % — % — % — % — % — % — % — % — % — % — % 0.01 % — % — % — % 0.2 3.0 5.4 36.4 12.8 2.1 3.6 17.7 0.01 % 8.4 5.0 1.4 1.3 — % — % — % — % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Paige Management LLC AC Diel Robert Frantz MD, Inc Sports Academy Integrated Sports Medicine, LLC Jasmine Greenhow Butterfly Sunrise Corp Aqua Flies LLC Bent Tail, Inc. Actors and Others for Animals Cabrillo Capital Group, Inc. Julie Evans Realtor PlayWorks Counseling, LLC AMAN PC Joped, Inc. Marguarite Clark Public Relations Jenius Solutions Frenchy's Hoaka Property Company LLC Fourth Church Daniel I Richman, MD SANDLER SEARCH ASSOCIATES, LLC Yoga Connection of Pembroke Pines, Inc Studio U&A, LLC 254 Corsair Ave, Lauderdale-By- The-Sea, FL 33308 17 Eton Ct, South Barrington, IL 60010 1730 San Ysidro Dr, Beverly Hills, CA 90210 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 4848 E Cactus Rd, Ste 505-473, Scottsdale, AZ 85254 2261 Market St, #418, San Francisco, CA 94114 PO Box 2216, Sebastopol, CA 95473 824 Brooks Ave, Venice, CA 90291 11523 Burbank Blvd, North Hollywood, CA 91601 15404 Highland Valley Rd, Escondido, CA 92025 4 Hopscotch Ln, Savannah, GA 31411 4420 NE St Johns Rd, Ste D, Vancouver, WA 98661 181 Westfield Ave, Clark, NJ 7066 1411 SE Indian St, Stuart, FL 34997 2 New Chardon, Laguna Niguel, CA 92677 2772 Lansdowne Ln SE, Atlanta, GA 30339 1460 3rd St S, Jacksonville Beach, FL 32250 PO Box 670, Kailua Kona, HI 96745 1270 Silverado St, La Jolla, CA 92037 429 E 75th St, 6th Floor, New York, NY 10021 132 E 35th St, Apt 5E, New York, NY 10016 12592 Pines Blvd, #103, Pembroke Pines, FL 33027 231 W 29th St, Ste 1402, New York, NY 10001 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/27/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 1.1 1.0 2.1 1.1 1.0 2.1 1.1 1.0 2.1 — % — % — % 31.4 31.4 31.4 0.01 % 0.7 1.3 1.0 2.1 5.6 4.2 1.7 0.6 9.9 0.7 1.3 1.0 2.1 5.6 4.2 1.7 0.6 9.9 0.7 1.3 1.0 2.1 5.6 4.2 1.7 0.6 9.9 14.4 14.4 14.4 3.4 1.0 8.6 40.0 3.6 16.8 8.7 2.3 1.6 3.4 1.0 8.6 40.0 3.6 16.8 8.7 2.3 1.6 3.4 1.0 8.6 40.0 3.6 16.8 8.7 2.3 1.6 — % — % — % — % — % — % — % — % — % — % — % — % — % 0.01 % — % — % — % — % — % F-281 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Studio LBV Naissan O Wesley, MD, Inc - A Medical Corporation richard noren llc Tinny Corporation PPJ Dr. Tom Gallant DDS MLN Partners LLC Tucker Investment Group, LLC CHANCELLOR CONSULTING GROUP, INC Emeco Sports Academy Venture Lab, Inc. George Chien Law Office of Debrah B. Rosenthal, APC Mamba and Mamacita Sports Foundation TMCG Marketing Inc. dba The Marcom Group TrueCustomerSuccess LLC Tectonics Enterprises Inc Julia Obadiah, PC Jaron Presant, Inc. Pig Will Productions, Inc. Construction Details, LLC Dawn Coleman-Hyman Benjamin Leshin, M.D. P.C. 6562 San Vicente Blvd, Los Angeles, CA 90048 9201 W Sunset Blvd, Ste 602, Los Angeles, CA 90069 2101 Waukegan Rd, Ste 110, Bannockburn, IL 60015 100 Bradley St, Middletown, CT 6457 2 Carsha Dr, Natick, MA 1760 8906 Colesville Rd, Silver Spring, MD 20910 550 S Ocean Blvd, Boca Raton, FL 33432 5010 Parkway Calabasas, Ste 105, Calabasas, CA 91302 749 Atherton Ave, Novato, CA 94945 805 W Elm Ave, Hanover, PA 17331 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 12898 Woodmont Dr, Saratoga, CA 95070 120 Eucalyptus Ln, Costa Mesa, CA 92627 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 1655 N Main St, #390, Walnut Creek, CA 94596 921 N Idaho St, San Mateo, CA 94401 56471 29 PALMS Hwy, YUCCA VALLEY, CA 92284 6370 SW Borland, Ste 200, Tualatin, OR 97062 752 Juanita Ave, Santa Barbara, CA 93109 1957 N Bronson Ave, Los Angeles, CA 90068 5412 Planting Field Lane, Flowery Branch, GA 30542 2505 E 7 st, Long Beach, CA 90804 1267 Willis St, Redding, CA 96001 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/28/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 1.7 12.3 2.8 50.2 33.6 1.0 4.2 3.4 4.2 50.7 11.2 2.6 2.7 3.3 5.5 0.7 7.5 3.1 2.0 1.3 2.1 1.2 2.1 1.7 12.3 2.8 50.2 33.6 1.0 4.2 3.4 4.2 50.7 11.2 2.6 2.7 3.3 5.5 0.7 7.5 3.1 2.0 1.3 2.1 1.2 2.1 1.7 12.3 2.8 50.2 33.6 1.0 4.2 3.4 4.2 50.7 11.2 2.6 2.7 3.3 5.5 0.7 7.5 3.1 2.0 1.3 2.1 1.2 2.1 — % — % — % 0.01 % 0.01 % — % — % — % — % 0.01 % — % — % — % — % — % — % — % — % — % — % — % — % — % F-282 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Don Dietrich Inc. Shalik, Morris & Company, LLC Strategic Code Solutions LLC Elizabeth W. Shull MANHATTAN RETINA & EYE CONSULTANTS TPR Ent. LTD Michael E. Cindrich, Attorney At Law HCMA Consultants, Inc. Electric Sales Associates, Inc Derco Construction, Inc. Brink Design LLC 7D Surgical USA Inc. BY BABBA Inc Joseph W Robb DDS Inc A Dental Corp Stix,LLC LB Eatery, LLC DRAWINGROOM LLC NOVA Fisheries, Inc. POTOMAC GLEN DAY SCHOOL SLS Partners Inc Steve Kupfer Consulting Dreyfus Advisors, LLC Hawk Management LLC PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP 240 Main St, Nyack, NY 10960 80 Crossways Park Dr W, Woodbury, NY 11797 182 Summer St, Box 355, Kingston, MA 2364 2600 Wamath Drive, Charlotte, NC 28210 67 E 78th St, Unit 1c, New York, NY 10075 644 Fayette Ave, Mamaroneck, NY 10543 225 Broadway, Ste 2100, San Diego, CA 92101 1802 Harper Rd, Ste 102, Beckley, WV 25801 2121 N Commerce Pkwy, Weston, FL 33326 1771 Blount Rd, #509, Pompano Beach, FL 33069 1088 Longley Ave NW, Atlanta, GA 30318 2711 Centerville Rd, Ste 400, Wilmington, DE 19808 6 St Johns Ln, New York, NY 10013 56 Penny Lane, Ste A, Watsonville, CA 95076 7805 NW Beacon Square Blvd, Ste 201, Boca Raton, FL 33487 1781 Village Ln N, Wantagh, NY 11793 73 Milland Dr, Mill Valley, CA 94941 2532 Yale Ave. E, Seattle, WA 98102 9908 S Glen Rd, Potomac, MD 20854 6844 Spyglass Ln, Rancho Santa Fe, CA 92067 PPP 290 6th Ave, Brooklyn, NY 11215 PPP 448 Springer Rd., Fairfield, CT 6824 2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 F-283 See accompanying notes to consolidated financial statements. 3.3 108.3 3.3 108.3 3.3 — % 108.3 0.03 % 1.7 1.7 2.8 6.0 5.0 14.5 20.0 5.3 2.9 25.2 6.9 9.5 3.3 3.9 2.1 3.1 1.7 1.7 2.8 6.0 5.0 14.5 20.0 5.3 2.9 25.2 6.9 9.5 3.3 3.9 2.1 3.1 1.7 1.7 2.8 6.0 5.0 14.5 20.0 5.3 2.9 — % — % — % — % — % — % 0.01 % — % — % 25.2 0.01 % 6.9 9.5 3.3 3.9 2.1 3.1 — % — % — % — % — % — % — % — % — % — % 13.9 13.9 13.9 2.7 2.1 2.1 2.7 2.1 2.1 2.7 2.1 2.1 18.9 18.9 18.9 0.01 % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Lenat & Partners, Inc. Knock Out Productions Inc. Southside Cleaning Service, Inc. DELUCA MASONRY CONSTRUCTION LLC Atlanta Consulting Engineers, Inc. Sirockman Management LLC Nicholas Thaler PHD Atlas Compensation Partners , LLC. Scelsi & Associates LLC Headhunter Inc Hi Point, LLC Construction Solutions and Services LLC Curtis A Mellon, ReMax Anchor, MLS Detectives Group Vicarious Music LLC Raidah Hudson Dentistry Clifton Triplett Benton Oil & Gas LLC TLM Equities LLC Xtreme Acro and Cheer Inc. Jeffrey Bayer CPA, P.C. Josefa F Simkin Calgo Mfg Inc Haley Glazer Geriatric Care Management, LLC 1633 Old Bayshore Hwy, Ste 220, Burlingame, CA 94010 21425 Dumetz Rd, Woodland Hills, CA 91364 2969 Riverwood Terrace, Birmingham, AL 35242 4 Stone Cir, Norwood, MA 2062 500 Sun Valley Drive, Unit G2, Roswell, GA 30076 1600 Northside Dr NW, Ste 100, Atlanta, GA 30318 2950 S Bentley Ave, Unit 10, Los Angeles, CA 90064 2200 Anna Mae Drive, Coraopolis, PA 15108 76 E Euclid Ave, Haddonfield, NJ 8033 3380 SW 11th AVE, FT LAUDERDALE, FL 33315 10798 LONESOME DOVE TRAIL, Waxahachie, TX 77808 7698 Hoffy Cir, Lake Worth, FL 33467 3941 Tamiami Trail, Ste 3121, Punta Gorda, FL 33950 70 Berry St, Ste 2C, Brooklyn, NY 11249 4374 S Laburnum Ave, Richmond, VA 23231 90 S Tranquil Path, Spring, TX 77380 2700 Post Oak Blvd, #2700, Houston, TX 77056 8 Saddle Ridge Rd, Old Westbury, NY 11568 14702 Southlawn Ln, Rockville, MD 20850 240 Kent Ave, Brooklyn, NY 11249 266 Green Valley Rd, Freedom, CA 95019 9930 Research Drive, Ste 100, Irvine, CA 92618 40 Bradway Ave, Ewing Township, NJ 8618 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 5/29/2022 6/1/2022 1.5 2.3 0.6 3.4 9.3 2.1 2.2 1.0 9.9 1.5 2.3 0.6 3.4 9.3 2.1 2.2 1.0 9.9 1.5 2.3 0.6 3.4 9.3 2.1 2.2 1.0 9.9 — % — % — % — % — % — % — % — % — % 78.2 78.2 78.2 0.02 % 2.8 1.1 4.1 0.6 2.5 3.7 0.6 2.0 5.0 2.2 1.2 2.0 3.3 2.8 1.1 4.1 0.6 2.5 3.7 0.6 2.0 5.0 2.2 1.2 2.0 3.3 2.8 1.1 4.1 0.6 2.5 3.7 0.6 2.0 5.0 2.2 1.2 2.0 3.3 — % — % — % — % — % — % — % — % — % — % — % — % — % F-284 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Snipers Lacrosse Inc Makena Tech Solutions, Inc Michael A Friedman, MD Kevin A. Swersey Wine Consultant, Inc. Clozd Triple Aught Foundation Bonsecours Productions Inc. Tova1 Corp Exclusive 30A Rentals, LLC Eric Fischl Senior Resouces Guide LLC Lori B. Birndorf, D.O., A Medical Corporation James E. Schad VCSC MRV Associates Welles & Montgomery LLC Lubin & Meyer, PC Broomstick Productions Inc LAUREL RACQUET AND HEALTH CLUB INC Special Events Staffing BOWIE RACQUET AND FITNESS CLUB, INC Tiny Transformations JAM Marketing, Inc. 1024 W Heritage Club Cir, Delray Beach, FL 33483 232 N Lone Hill Ave, Glendora, CA 91741 2675 N Decatur Rd, Decatur, GA 30033 612 Pondside Dr, White Plains, NY 10607 2801 N Thanksgiving Way, Ste 190, Lehi, UT 84043 24052 Watergap Rd, Hiko, NV 89017 420 Riverside Drive, New York, NY 10025 21 S Hope Chapel Rd, Jackson Township, NJ 8527 20 Mark Twain lane, Inlet Beach, FL 32461 3724 24th St, #113, Long Island City, NY 11101 PO Box 6027, Denver, CO 80206 12139 Riverside Drive, Valley Village, CA 91607 260 Hampton Farms Ct NE, Marietta, GA 30068 11627 Versailles Lakes Ln, Houston, TX 77082 19 Fox Meadow Rd, Scarsdale, NY 10583 770 Wildwood Rd NE, Atlanta, GA 30324 100 City Hall Plaza, Boston, MA 2108 10866 Wilshire Blvd, 10th Floor, Los Angeles, CA 90024 204 Fort Meade Rd, Laurel, MD 20707 1015 N Lake Ave, Ste 205, Pasadena, CA 91104 100 White Marsh Park Dr, Bowie, MD 20715 222 N Henry St, Apt 2, Brooklyn, NY 11222 736 Broadway, 4th Floor, New York, NY 10003 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 F-285 See accompanying notes to consolidated financial statements. 2.6 3.9 1.7 0.2 2.6 3.9 1.7 0.2 2.6 3.9 1.7 0.2 10.6 10.6 10.6 6.7 1.2 8.4 8.7 1.9 2.7 3.0 2.1 2.4 2.1 0.7 63.0 2.1 5.3 54.6 28.1 0.5 1.1 6.7 1.2 8.4 8.7 1.9 2.7 3.0 2.1 2.4 2.1 0.7 63.0 2.1 5.3 54.6 28.1 0.5 1.1 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % 6.7 1.2 8.4 8.7 1.9 2.7 3.0 2.1 2.4 2.1 0.7 63.0 0.02 % 2.1 5.3 54.6 28.1 0.5 1.1 — % — % 0.02 % 0.01 % — % — % Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Schroeder Arts Consulting LLC CATHY FRANKLIN R.E. Hazard Contracting Company Sterling Creek Energy LLC J. B. GOOD RESOURCES, LLC Bull City Sue Get Wired Tec, Inc. A&J Enterprises, Inc. Steven F. Stratton Colgate McCallum Advisors Inc Hafner Research Associates LLC JD Digital Documentation Richard A Stevenson DDS Eco Tekk Franz Weber, Inc. Bailey and Owens Construction Levin's Crosstown Supply Corp. Egan-Wagner Corporation MW Engineering New Soho Gallery Inc., DBA Julie Saul Projects Judy DeCanio Fedbiz Consulting Inc. Quad Cities Autism Center Inc The On The Line Company, Inc 35 W 90th St, Ste 9F, New York, NY 10024 124 EAST 92ND St, NEW YORK, NY 10128 401 B St, Ste 2400, San Diego, CA 92101 308 N Colorado St, Ste 200, Midland, TX 79701 257 Abercorn Circle, Chapel Hill, NC 27516 228 Pineview Rd, Durham, NC 27707 2192 Lysander Ave, Simi Valley, CA 93065 250 Columbine Unit 503, Denver, CO 80206 200 E Randolph St, Chicago, IL 60601 5440 Harvest Hill Rd., #253, Dallas, TX 75230 12 Quarry Ridge Rd, Sandy Hook, CT 6482 408 E. 4th St, Ste 301A, Bridgeport, PA 19405 6851 Belfort Oaks Pl, Jacksonville, FL 32216 21136 N Andover Rd, Kildeer, IL 60047 PO Box 34000, Reno, NV 89533 2649 Valleydale Rd, Birmingham, AL 35244 1347 Boston Rd, Bronx, NY 10456 2929 Two Paths Dr, Woodridge, IL 60517 2001 W Alameda Dr, Ste 201, Tempe, AZ 85282 1133 Broadway, Ste 733, New York, NY 10010 171 E 77th St, New York, NY 10075 47522 Coldspring Pl, Sterling, VA 20165 2430 6th Ave, Moline, IL 61265 101 Arch St, Ste 225, Boston, MA 2110 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 2.1 2.1 6.3 1.6 1.1 1.0 4.0 2.2 2.1 2.1 2.1 6.3 1.6 1.1 1.0 4.0 2.2 2.1 2.1 2.1 6.3 1.6 1.1 1.0 4.0 2.2 2.1 14.6 14.6 14.6 1.8 3.6 4.2 4.5 2.2 1.8 3.6 4.2 4.5 2.2 1.8 3.6 4.2 4.5 2.2 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % 17.5 17.5 17.5 0.01 % 6.5 4.4 6.6 2.1 2.0 4.3 14.6 9.7 6.5 4.4 6.6 2.1 2.0 4.3 14.6 9.7 6.5 4.4 6.6 2.1 2.0 4.3 14.6 9.7 — % — % — % — % — % — % — % — % F-286 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) FVC Associates Exec.Dev.&Strategy, Inc. Barnhill Chiropractic Clinic Guest Associates, Inc. LG Networks Inc Steve Solodoff Orange Park Travel Alessandra Santopietro Pacific Design Directions, Inc. Paul T.C. Liu MD Inc. JAB Executive Services Glyphix Studio Inc. E & J Frankel Limited Trapwire Inc. Chitra Kumar MD Robert M. Worman, P.A Innervision Technology Relocation Company Marilyn Ontell Management Residential Origination Capital Mortgage Corp. Jessica Weber Design Inc TK Digital Corporation Provino's of North Gwinnett, Inc. General Glass Zola Electric Labs, Inc. PPP PPP PPP PPP PPP PPP PPP PPP PPP 97 Aldrich St, Boston, MA 2131 5270 Northwest 34th Blvd., Gainesville, FL 32605 2707 Artie St SW, Bldg 300, Ste 2, Huntsville, AL 35805 8111 Lyndon B Johnson Fwy, Ste 700, Dallas, TX 75251 PPP 1523 Portola St, Davis, CA 95616 PPP 3657 St Johns Ave, Jacksonville, FL 32205 88 Leonard St, Apt 517, New York, NY 10013 8171 E Kaiser Blvd, Anaheim, CA 92808 2233 Huntington Dr, San Marino, CA 91108 11277 Gravitation Dr, Las Vegas, NV 89135 6964 Shoup Ave, Canoga Park, CA 91307 612 Pondside Dr, White Plains, NY 10607 1818 Library St, Reston, VA 20190 5311 John F. Kennedy Blvd, West New York, NJ 7093 1200 S Pine Island Rd, Ste 220, Plantation, FL 33324 3780 Kilroy Airport Way, Ste 200-300, Long Beach, CA 90806 14 W 17th St, Ste 5S, New York, NY 10011 5698 Pirrone Rd, Salida, CA 95368 305 7th Ave, New York, NY 10001 107 North 3rd St, Ste 3D, Brooklyn, NY 11249 14485 Hopewell Rd, Alpharetta, GA 30004 3646 23rd Ave S, #105, Lake Worth, FL 33461 555 De Haro St, San Francisco, CA 94107 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/1/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 2.1 3.3 3.8 15.1 2.1 6.3 1.8 44.6 7.5 2.1 4.9 1.5 2.1 3.3 3.8 15.1 2.1 6.3 1.8 44.6 7.5 2.1 4.9 1.5 2.1 3.3 3.8 15.1 2.1 6.3 1.8 — % — % — % — % — % — % — % 44.6 0.01 % 7.5 2.1 4.9 1.5 — % — % — % — % 24.4 24.4 24.4 0.01 % 2.9 1.2 7.4 0.3 4.5 3.9 10.8 24.0 13.3 50.0 2.9 1.2 7.4 0.3 4.5 3.9 10.8 24.0 13.3 50.0 2.9 1.2 7.4 0.3 4.5 3.9 10.8 24.0 13.3 50.0 — % — % — % — % — % — % — % 0.01 % — % 0.01 % F-287 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Elena Napolitano MD, LLC T-Cubed Ventures, LLC St. Jude Emergency Medical Group Inc. Breiner Psychological Services LLC Spruce Street Tap ICVM Group, INC. Black Orchard Studios, LLC Prime Refrigerant Services, LLC Swiet411, Inc. Wavecrest Sales LLC Alarm Specialist Inc CLG LLC HIGGINS CONSTRUCTION LLC RBR Associates, LLC Life Without Fear Chiropractic Clinic LLC Joseph B. Krauss, DDS Flynn Gallagher Associates LLC FGR Automation, LLC Law Offices of Rajiv S Khanna PC Travel Etcetera, Inc. Samantha Hundshamer Porretta/Westenhagen Living Trust Monument Management Systems LLC PPP PPP PPP PPP PPP PPP PPP PPP PPP 58 Summit Ct, Westfield, NJ 7090 PPP 3317 P St NW, Washington, DC 20007 9930 Research Dr, Irvine, CA 92618 5825 Glenridge Dr, Bldg 3, Ste 101C, Atlanta, GA 30328 PO Box 1636, Asheville, NC 28802 PO Box 761, Mattituck, NY 11952 521 Eayrestown Rd, Southampton, NJ 8088 511 Gates Creek Rd, Bradenton, FL 34212 247 Maxwell St, Decatur, GA 30030 501 NE Wavecrest Way, Boca Raton, FL 33432 333 Old Tarrytown Rd, White Plains, NY 10603 5108 Baroque Cir NE, Atlanta, GA 30342 1626 Dunkirk Ln N, Plymouth, MN 55447 11720 Dancliff Trce, Alpharetta, GA 30009 1925 Justice Drive, Ste 170, Lexington, KY 40509 3351 El Camino Real, Ste 235, Atherton, CA 94027 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135 1800 Sunset Harbor, Unit 1202, Miami Beach, FL 33139 5225 N. Wilson Blvd, Arlington, VA 22205 1107 S Fair Oaks Ave, Pasadena, CA 91105 8223 Leucite Ave, Rancho Cucamonga, CA 91730 6454 Van Nuys Blvd, Ste 150, Van Nuys, CA 91401 2400 Sisson St, Baltimore, MD 21211 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/2/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 1.0 0.3 24.5 1.2 68.5 7.2 1.0 1.2 2.5 2.0 1.0 0.3 24.5 1.2 68.5 7.2 1.0 1.2 2.5 2.0 1.0 0.3 24.5 1.2 68.5 7.2 1.0 1.2 2.5 2.0 — % — % 0.01 % — % 0.02 % — % — % — % — % — % 20.0 20.0 20.0 0.01 % 2.1 4.2 2.1 2.5 9.4 23.2 7.1 31.3 0.6 0.8 6.9 8.8 2.1 4.2 2.1 2.5 9.4 23.2 7.1 31.3 0.6 0.8 6.9 8.8 2.1 4.2 2.1 2.5 9.4 23.2 7.1 31.3 0.6 0.8 6.9 8.8 — % — % — % — % — % 0.01 % — % 0.01 % — % — % — % — % F-288 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Compass Management Services LLC El Tigre Productions LLC UVR Sculpture LLC Solomon Construction Consulting LLC Fisher Vista, Inc. New York Construction Associates LLC Ultimate Sports Medicine Princeton Van Service Crescent Oil and Gas, LLC David H.C. King, M.D., Inc. Renuart Enterprises Inc. (REI) Integrated risk management services, llc Subterranean Hair Steven R Bateh, DMD, PA Apache Behavioral Health Services, Inc. Saecularia LLC Bennett Elia HAssan Medical Pain Relief and Wellness Center. DBA: Hassan Spine and Sports Medicine Mazco Ventures LLC Parenteau Guidance Paul Leitner MD Ryan Berman Advisory, LLC 1711 Parklake Village Dr, Katy, TX 77450 14 West 17th St, New York, NY 10011 78 Ingraham St, Brooklyn, NY 11237 38 Turtle Cove Ln, Huntington, NY 11743 119 Marina Ave, Ste A, Aptos, CA 95003 242 West 36th St, Ste 704, New York, NY 10018 3727 Buchanan St., Ste 203, San Francisco, CA 94123 92 north main St bldg 4, WINDSOR, NJ 8561 4925 Greenville Ave, Ste 600, Dallas, TX 75206 320 Dardanelli Ln, Ste 23B, Los Gatos, CA 95032 16950 SW 90th Ave, Palmetto Bay, FL 33157 225 West 34th St, Ste 905, New York, NY 10122 263 W 7th St, San Pedro, CA 90731 1305 N Orange Ave, #116, Green Cove Springs, FL 32043 249 W Ponderosa St, Whiteriver, AZ 85941 1552 N Cahuenga Blvd, Los Angeles, CA 90028 3304 Cole Ave, Ste 171, Dallas, TX 75204 316 Tennent Rd, Ste 202A, Morganville, NJ 7751 3410 Montrose Blvd, Houston, TX 77006 132 E 35th St, Apt 3J, New York, NY 10016 8540 S Sepulveda Blvd, Ste 910, Los Angeles, CA 90045 161 Falcon Rd, Guilford, CT 6437 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 1.1 1.8 9.8 0.7 3.3 9.8 2.1 1.7 2.1 3.8 7.3 0.6 0.9 3.7 1.1 1.8 9.8 0.7 3.3 9.8 2.1 1.7 2.1 3.8 7.3 0.6 0.9 3.7 1.1 1.8 9.8 0.7 3.3 9.8 2.1 1.7 2.1 3.8 7.3 0.6 0.9 3.7 — % — % — % — % — % — % — % — % — % — % — % — % — % — % 241.1 241.1 241.1 0.07 % 3.8 4.2 1.5 0.3 0.9 3.9 2.1 3.8 4.2 1.5 0.3 0.9 3.9 2.1 3.8 4.2 1.5 0.3 0.9 3.9 2.1 — % — % — % — % — % — % — % F-289 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Linda Lane PR & Marketing Heath Tinsley Innovative Waste Solutions LLC over the moon Fiber Connect LLC Dr. Stuart Schlisserman, MD Griffin Land Corp. Mohlar Hurley Partners Avlis Partners LLC G2 Computers LLC Children's Dispensary & Hospital Association Realign by Randee, Inc. Breckenridge Technologies, LLC Chris Soukas Furs LLC BRAS NW INC Metal Oxide Technologies LLC Social Leadia Prime Sales & Marketing, Inc. Vreeke & Associates THE MYOCARDITIS FOUNDATION Gerald A. Field d/b/a Gerald A. Field, Attorney at Law Lisa Segmiller PPP PPP PPP PPP PPP PPP PPP PPP 280 Edgewood Drive, West Palm Beach, FL 33405 1595 Sailing Club Rd, Camden, SC 29020 10300 W Charleston Blvd, Ste 13-B4, Las Vegas, NV 89135 619 Valley Rd, Montclair, NJ 7043 12 Buckingham Lane, Monterey, MA 1245 211 Quarry Rd, Ste 203 MC5993, Stanford, CA 94304 115 North St, Ste 40, Litchfield, CT 6759 608 Santa Monica Blvd, Santa Monica, CA 90401 900 Golf View Ct, Dacula, GA 30019 1116 Taylorsville Rd, Washington Crossing, PA 18977 812 E Lasalle Ave, South Bend, IN 46617 PPP 730 Crystal Ct, Weston, FL 33326 PPP 2333 San Ramon Valley Blvd, Ste 460, San Ramon, CA 94583 1050 Point Seaside Dr, Crystal Beach, FL 34681 317 NW Gilman Blvd, Ste 44, Issaquah, WA 98027 8807 Emmott Rd, Ste 100, Houston, TX 77040 427 Country Ln, Louisville, KY 40207 3211 University Blvd SE, Ste A, Albuquerque, NM 87106 845 E Easy St., Ste 101, Simi Valley, CA 93065 3518 Echo Mountain Dr, Kingwood, TX 77345 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP 11 Asylum St, Hartford, CT 6103 17211 Bellhaven Walk Ct, Charllote, NC 28277 PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/3/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 1.6 0.4 0.3 3.4 4.7 4.5 2.1 1.8 2.6 2.4 2.2 0.4 6.9 4.2 1.1 25.2 0.6 24.7 8.8 2.2 1.6 1.2 1.6 0.4 0.3 3.4 4.7 4.5 2.1 1.8 2.6 2.4 2.2 0.4 6.9 4.2 1.1 25.2 0.6 24.7 8.8 2.2 1.6 1.2 1.6 0.4 0.3 3.4 4.7 4.5 2.1 1.8 2.6 2.4 2.2 0.4 6.9 4.2 1.1 25.2 0.6 24.7 8.8 2.2 1.6 1.2 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % 0.01 % — % 0.01 % — % — % — % — % F-290 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) MAYATEX, INC. Rock Bottom Productions Franciscan Poor Clares SKYMINA LLC Guardian Consulting Services, Inc. Kitty and Vibe, Inc Oncology and Hematology Associates of Central Jersey PA Serlin Consulting LLC Amanda Thompson Design Cartoon Collections, LLC Farrell Remodeling, Inc. Aircel LLC Make 3 Architecture Edgewater Services Co Ltd Eva Davis Human Capital Management and Performance, LLC. Robert Spransy CPA Unity Worldwide Ministries Eastern Region Melanie S. Francis, LCSW Fry Investment Company RAZL LLC New Experience 5015 S IH 35, Georgetown, TX 78626 1125 E Broadway, #249, Glendale, CA 91205 720 HENRY CLAY AVE, NEW ORLEANS, LA 70118 3105 Cedar Rd, Yorktown Heights, NY 10598 3333 New Hyde Park Rd, Ste 202, New Hyde Park, NY 11042 126 13th St, 3rd Floor, Brooklyn, NY 11215 2177 OAK TREE RD, Ste 104, Edison, NJ 8820 1445 Gordon Terrace, Deerfield, IL 60015 4676 Dovefield Ln, Kannapolis, NC 28081 155 E 44th St, 29th Floor, New York, NY 10017 148 2nd St, Los Altos, CA 94022 3033 Riviera Dr, Ste 101, Naples, FL 34103 1075 Brady Ave NW, Atlanta, GA 30318 225 Greenfield Pkwy, Ste 202, Liverpool, NY 13088 4403 Chase Ave, Bethesda, MD 20814 6506 Mebane Oaks Rd, Mebane, NC 27302 257 Abercorn Cir, Chapel Hill, NC 27516 800 Blanton Ave, Richmond, VA 23221 116 W 23rd St., 5th Floor, New York, NY 10011 4241 N Winfield Scott Plaza, #201, Scottsdale, AZ 85251 45 Coldstream Cir, Lincolnshire, IL 60069 1029 N Peachtree Parkway 268, Peachtree City, GA 30269 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 4.7 1.4 2.0 2.1 8.0 0.6 12.0 2.1 0.3 4.4 15.4 35.0 4.0 3.7 2.1 2.1 1.5 0.8 1.6 13.9 2.1 6.9 4.7 1.4 2.0 2.1 8.0 0.6 12.0 2.1 0.3 4.4 15.4 35.0 4.0 3.7 2.1 2.1 1.5 0.8 1.6 13.9 2.1 6.9 4.7 1.4 2.0 2.1 8.0 0.6 12.0 2.1 0.3 4.4 15.4 35.0 4.0 3.7 2.1 2.1 1.5 0.8 1.6 13.9 2.1 6.9 — % — % — % — % — % — % — % — % — % — % — % 0.01 % — % — % — % — % — % — % — % — % — % — % F-291 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Enhanced Affordable Management Company, LLC Socorro Corp Amanda Lopez Brodeur Kazanjian Beauty & Fashion LLC dba Queen Beauty Charm City Cakes James Reinish & Associates, Inc. Moody Creek Farms LLC YMCA of West San Gabriel Valley National Postdoctoral Association Laura A. Brevetti Superius Securities Group Inc CATWALK, LLC fka VITRINE LLC Michelle Frost Real Estate Sales Nezhat Medical Center P.C. MS-IR LLC Michael S. Blank Realty PDT LLC Hrach Khudatyan MD, Inc Corona Jackson Refrigeration Service, Inc. Hight Accounting Services LLC Seattle Ventures LLC Nottingham Investment Company LLLP 4221 Wilshire Blvd, Ste 260, Los Angeles, CA 90010 900 Wilshire Blvd, Ste 2400, Los Angeles, CA 90017 23411 aliso viejo parkway, Aliso Viejo, CA 92656 1675 E Morten Ave, #4112, Phoenix, AZ 85020 2936 Remington Ave, Baltimore, MD 21211 25 E 73rd St, New York, NY 10021 31257 VIA MARIA ELENA, Bonsall, CA 92003 401 East Corto St, Alhambra, CA 91801 15800 Crabbs Branch Way, Derwood, MD 20855 575 5th Ave, 14th Floor, New York, NY 10017 94 Grand Ave, Englewood, NJ 7631 4300 Stevens Creek Blvd, Ste 126, San Jose, CA 95129 3113 Roswell Rd, Ste 101, Marietta, GA 30062 5555 Peachtree Dunwoody Rd, Ste #276, Atlanta, GA 30342 88 Morningside Ave, Ste 7A, New York, NY 10027 1870 Baldwin Rd. - Unit 69, Yorktown Heights, NY 10598 2812 Rivers Edge Rd, Louisville, KY 40222 134 N Glendale Ave, Glendale, CA 91206 59-6 Central Ave, Farmingdale, NY 11735 3209 E Wood Valley Rd NW, Atlanta, GA 30327 2215 3rd Ave W, Seattle, WA 98119 1690 Derby Mesa Loop, Burns, CO 80426 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/4/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 12.0 12.0 12.0 2.1 0.5 5.9 5.5 3.4 35.4 15.7 3.7 3.0 4.4 0.6 2.1 8.3 2.1 1.3 3.3 3.3 2.8 0.5 2.1 2.1 2.1 0.5 5.9 5.5 3.4 35.4 15.7 3.7 3.0 4.4 0.6 2.1 8.3 2.1 1.3 3.3 3.3 2.8 0.5 2.1 2.1 2.1 0.5 5.9 5.5 3.4 35.4 15.7 3.7 3.0 4.4 0.6 2.1 8.3 2.1 1.3 3.3 3.3 2.8 0.5 2.1 2.1 — % — % — % — % — % — % 0.01 % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-292 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) CT Business Enterprises Sherman Law Group, a Professional Law Corporation Salon Vivace VA, LLC Statewide Interpreters The Fiedler Companies, Inc. Chris Matheos Custom Trades Company The JW Agency LLC Precision Landscape Management Inc Stonecrop Gardens Inc Panache Justin W McClung d/b/a The McClung Group Door Four LLC Grandview Advisors Inc. Andrew S. Gaffney Foundation The Law Offices of Bob Camors Ash Health Corp Anne T. Carlon M.D. P.C. SDG Engineering PC Active Reading Clinic JD Randall group American Friends of the Israel Museum STSE - DBA Plaza Auto PPP PPP PPP PPP PPP PPP PPP PPP 14703 Lyon Hill Ln, Huntersville, NC 28078 9454 Wilshire Blvd, Beverly Hills, CA 90212 680 Ingomar Rd, Wexford, PA 15090 63 Milland Dr, Mill Valley, CA 94941 PPP 408 E 134th St, Bronx, NY 10454 PPP 13726 Leadwell St, Van Nuys, CA 91405 129 Stonehedge Dr N, Greenwich, CT 6831 707 Skokie Blvd, Ste 600, Northbrook, IL 60062 3130 Carter Jones Rd, Groveland, FL 34736 81 Stonecrop Ln, Cold Spring, NY 10516 639 Pilot House Dr, Newport News, VA 23606 55 N Altwood Cir, Spring, TX 77382 508 W 26th St, Ste 11A, New York, NY 10001 100 RIVERSIDE LN, Riverside, CT 6878 245 South St, Morristown, NJ 7960 1501 The Alameda, Ste 210, San Jose, CA 95126 316 Tennent Rd, Ste 202A, Morganville, NJ 7751 425 E 58th St, #39A, New York, NY 10022 121 Huntington Rd, Port Washington, NY 11050 25 Hillcroft Way, Walnut Creek, CA 94597 4422 Sea Harbour Dr, Huntington Beach, CA 92649 545 5th Ave, Ste 920, New York, NY 10017 359 E Western Reserve Rd, Youngstown, OH 44514 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 0.5 4.2 12.7 11.7 5.9 0.1 0.5 3.6 19.0 16.7 7.1 4.2 13.2 1.5 1.4 3.2 1.7 0.5 4.2 12.7 11.7 5.9 0.1 0.5 3.6 19.0 16.7 7.1 4.2 13.2 1.5 1.4 3.2 1.7 0.5 4.2 12.7 11.7 5.9 0.1 0.5 3.6 19.0 16.7 7.1 4.2 13.2 1.5 1.4 3.2 1.7 12.4 12.4 12.4 8.5 3.2 1.5 13.2 1.1 8.5 3.2 1.5 13.2 1.1 8.5 3.2 1.5 13.2 1.1 — % — % — % — % — % — % — % — % 0.01 % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-293 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Green Rhino Recycling, LLC Landmark Technologies LLC Jacqueline R. Moroco, D.D.S., M.S., P.A. Compacted Recycling Company LLC LaFlower Construction, Inc. DC Retina Docs PLLC Katherine W Luce HYPRLABS INC. Tmack Property Maintenance LLC Sea-Est Incorporated Gwinnett Cemeteries, LLC Clint Dewey KP Auto Repair LLC Michael S Chlopak Morgan Blakeley LLC Frank Nicholson Inc. John Merrick Music Center Inc. dba Haight Ashbury Music Center; dba Gelb Music Korhan Beba Grenville Owners Corp. Camfed U.S.A. Foundation National Roofing Dental Designs of Naples 2809 Academy Dr SE, Auburn, WA 98092 4806 S St Andrews Ln, Spokane, WA 99223 4600 Linton Blvd, Ste 330, Delray Beach, FL 33445 2809 Academy Dr SE, Auburn, WA 98092 23888 Madison St, Torrance, CA 90505 3317 P St NW, Washington, DC 20007 1220 University Dr, Ste 104, Menlo Park, CA 94025 400 Concar Dr, San Mateo, CA 94402 14 Knollwood Dr, East Hanover, NJ 7936 1741 W Beaver St, Jacksonville, FL 32209 103 Crestview Church Rd, Warner Robins, GA 31088 155 E 31st St, Apt 4S, New York, NY 10016 12917 Percheron Ln, Oak Hill, VA 20171 1 Claridge Drive, Apt PH 14, Verona, NJ 7044 255 Saint Paul St, Apt #220, Denver, CO 80206 360 Massachusetts Ave, Acton, MA 1720 3209 Centenary Ave, Dallas, TX 75225 722 El Camino Real, Redwood City, CA 94063 17 Oak Hill Rd, Branchburg, NJ 8853 225 Bennett Ave, Ste 1K, New York, NY 10040 466 Geary St, Ste 400, San Francisco, CA 94102 1237 Circle Ave, Forest Park, IL 60130 5048 Tamiami Trail N, Naples, FL 34103 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/8/2022 6/9/2022 2.2 2.8 14.3 1.1 0.1 0.6 1.3 10.4 1.6 25.6 16.5 2.1 1.3 1.4 0.7 8.6 2.0 9.5 0.5 3.2 18.2 52.5 21.1 2.2 2.8 14.3 1.1 0.1 0.6 1.3 10.4 1.6 25.6 16.5 2.1 1.3 1.4 0.7 8.6 2.0 9.5 0.5 3.2 18.2 52.5 21.1 2.2 2.8 14.3 1.1 0.1 0.6 1.3 10.4 1.6 25.6 16.5 2.1 1.3 1.4 0.7 8.6 2.0 9.5 0.5 3.2 18.2 52.5 21.1 — % — % — % — % — % — % — % — % — % 0.01 % — % — % — % — % — % — % — % — % — % — % 0.01 % 0.02 % 0.01 % F-294 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Ronald A. Williams Ltd National Foundation for Infectious Diseases (NFID) The Junior League of Pensacola, Florida, Incorporated David Dee Fine Arts HERBERT CHARLES SCHWAT ATL Advisory LLC Kushnika, Inc. Gabriella New York, LLC Luxury Destinations G&A Rehab, Inc CCR Investment Group dba Equity Finance Group OCC installations Charm City Cakes West Cape fear kickboxing inc Solstice Adventure, LLC Standard Wedding Band Co Inc Michigan Braille Transcribing Fund Joy DiNapoli PJH Partners LLC Christine Yi Intrepid J3 Consulting, LLC Don Marshall CPA Inc 5540 Falmouth St Ste 303, Richmond, VA 23230 7201 Wisconsin Ave, Ste 750, Bethesda, MD 20814 2016 W. Garden St., Pensacola, FL 32502 1374 E Arlington Drive, Salt Lake City, UT 84108 1940 Biltmore St NW, Apt 32, Washington, DC 20009 76 Bellefair Rd, Rye Brook, NY 10573 14766 Live Oak Ln, Saratoga, CA 95070 155 Wooster St., Unit 3W, New York, NY 10012 151 Melius Rd, Warren, CT 6754 3333 Skypark Drive, Ste 220, Torrance, CA 90505 2271 W. Malvern ave, Ste 424, Fullerton, CA 92833 12102 Manley St, Garden Grove, CA 92845 8302 Melrose Ave, Los Angeles, CA 90069 7122 Market St, Ste 120, Wilmington, NC 28411 1521 Alton Rd, #802, Miami Beach, FL 33139 951 Franklin Ave, Garden City, NY 11530 3500 N. Elm, Jackson, MI 49201 154 Beach Ave, Larchmont, NY 10538 455 East Paces Ferry Rd NE, Ste 214, Atlanta, GA 30305 111 E 30th St, Ste 8B, New York, NY 10016 7 Quail Ridge Rd S, Rolling Hills, CA 90274 1 Mountain Oaks Park, Glendale, CA 91214 3427 S Walker Ave, San Pedro, CA 90731 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/9/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 3.8 9.9 0.5 0.6 2.1 2.1 0.7 3.1 1.6 3.8 9.9 0.5 0.6 2.1 2.1 0.7 3.1 1.6 3.8 9.9 0.5 0.6 2.1 2.1 0.7 3.1 1.6 15.8 15.8 15.8 5.1 0.7 6.6 4.9 0.9 3.5 4.7 1.0 0.9 0.8 6.9 2.1 1.0 5.1 0.7 6.6 4.9 0.9 3.5 4.7 1.0 0.9 0.8 6.9 2.1 1.0 5.1 0.7 6.6 4.9 0.9 3.5 4.7 1.0 0.9 0.8 6.9 2.1 1.0 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-295 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Cassidy Holdings, LLC AUREUS CAPITAL LLC Timothy F. Lester Hamilton Hill LLC Rain Wine National Corp Mora Investment Management Mark Friedman Grunberger Diamonds Incorporated Examoto LLC Michael Slayton General Contracting, Inc Joseph Haraszti Statement Lawn and Landscape, Inc. Alexis D. Bodenheimer Augusta Grant Travel NEUMENTUM, INC. Paige Hoholik LLC Birdie Golf Ball Company Rachel Dack Counseling LLC Law Office of Swati P Mantione, P.C. Amanda Reynal Interiors Clark A Miller Sales LTD Lucy McRae The Great Escape Room Tampa LLC PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP 7712 Hillside Dr, La Jolla, CA 92037 216 E Sheridan Pl, Lake Bluff, IL 60044 8 Forest Dr, Westport, CT 6880 905 W Main St, Durham, NC 27701 2608 SW River Shore Dr, Port St. Lucie, FL 34984 9 W Star Island Dr, Miami Beach, FL 33139 210 W 101st St, Ste 5E, New York, NY 10025 98 Cutter Mill Rd, Great Neck Plaza, NY 11021 125 Booth Ln, Haverford, PA 19041 232 N Lonehill Ave, Glendora, CA 91741 2810 East Del Mar Blvd, Ste 8A, Pasadena, CA 91107 19520 W 95th St, Lenexa, KS 66220 205 East 92nd St, Apt 27A, New York, NY 10128 1428 Hemingway Place, Naples, FL 34103 250 Colorado Ave, Palo Alto, CA 94301 PPP 210 St Paul St, Denver, CO 80206 PPP 208 Margate Ct, Margate, FL 33063 6917 Arlington Rd, #222, Bethesda, MD 20814 12 Thadford St, East Northport, NY 11731 1417 Walnut St, Ste D, Des Moines, IA 50309 1205 Tuscany Ct, Alpharetta, GA 30004 1340 E 6th St, Los Angeles, CA 90021 300 E Madison St, #301, Tampa, FL 33602 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/10/2022 6/11/2022 6/11/2022 6/11/2022 7/2/2022 7/9/2022 7/9/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 1.2 1.3 0.5 4.3 2.1 1.2 2.1 8.4 5.3 1.2 2.9 1.1 2.1 0.7 4.9 2.1 0.9 1.3 2.1 1.8 0.6 1.7 4.7 1.2 1.3 0.5 4.3 2.1 1.2 2.1 8.4 5.3 1.2 2.9 1.1 2.1 0.7 4.9 2.1 0.9 1.3 2.1 1.8 0.6 1.7 4.7 1.2 1.3 0.5 4.3 2.1 1.2 2.1 8.4 5.3 1.2 2.9 1.1 2.1 0.7 4.9 2.1 0.9 1.3 2.1 1.8 0.6 1.7 4.7 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % F-296 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Woodrow Orlando LLC DBA The Great Escape Room Orlando Mary Jane Marchisotto dba MJM Advisory, LLC Copperfield Investment & Development Company Score OKC Lead Tek Plating Dan Counts & Associates, Inc. Diamondback Golf Course, LLC Josh Madonick Physical Therapy RHBerman Consulting MPYRE HOLDING CO NICK A. DEFILIPPIS, PHD, PC Orloff Eye Group, Inc. Protestant Episcopal Church In The Diocese of California The Great Escape Room New York LLC K.S.M Enterprises Inc. DBA Michaels Shell Bobbie Baron Inc. DEAFLINK INC Joseph L. Lester, M.D., P.C. Weber Brands, LLC Robert M. Tudisco, Esq. Propel A Charter Management Group Inc Sunburst Decorative Rock, Inc Nancy R. Reinish 525 Woodstead Ct, Longwood, FL 32779 245 E 87th St, Apt 9F, New York, NY 10128 1721 Crystal Ann Ave, Las Vegas, NV 89106 18509 N Meridian Ave, Edmond, OK 73012 27555 SW Boones Ferry Rd, Wilsonville, OR 97070 1780 Prescott Ave, Monterey, CA 93940 500 Harborview Drive, Third Floor, Baltimore, MD 21230 86 Eucalyptus Rd, Petaluma, CA 94952 161 Falcon Rd, Guilford, CT 6437 1723 23rd Ave, San Francisco, CA 94122 990 Hammond Dr, Ste 575, Sandy Springs, GA 30328 1 Plume Grass Way, Westhampton, NY 11977 2791 Driscoll Rd, Fremont, CA 94539 1150 University Ave Bldg 5, Ste 12A, Rochester, NY 14607 2589 N Lakewood Blvd, Long Beach, CA 90815 1633 Broadway, New York, NY 10019 57 Ludlow Ln, Palisades, NY 10964 2201 Evans Drive, Opelika, AL 36801 50 Pine Hill Rd, Great Neck, NY 11020 90 Stebbins Ave, Eastchester, NY 10709 5200 Irwindale Ave, Irwindale, CA 91706 282 Live Oak Ave, Irwindale, CA 91706 336 Central Park West, New York, NY 10025 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 2.0 0.6 1.2 3.0 2.0 0.6 1.2 3.0 2.0 0.6 1.2 3.0 — % — % — % — % 20.0 20.0 20.0 0.01 % 1.1 7.6 0.3 2.1 1.7 1.6 4.8 2.5 2.2 4.0 2.1 1.3 5.5 2.1 1.4 29.8 18.3 2.1 1.1 7.6 0.3 2.1 1.7 1.6 4.8 2.5 2.2 4.0 2.1 1.3 5.5 2.1 1.4 29.8 18.3 2.1 1.1 7.6 0.3 2.1 1.7 1.6 4.8 2.5 2.2 4.0 2.1 1.3 5.5 2.1 1.4 29.8 18.3 2.1 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % 0.01 % 0.01 % — % F-297 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) The Great Escape Room Chicago Daydream Reels LLC C Sensei Group LLC Dockum Research Lab, Inc 306 Hollywood LLC Irvine Optometry Double H Farms, LLC The Nashville Dermatology And Skin Cancer Clinic, P.C. Harper Road Treatment Center Sense Education, Inc. PR Realty Management LLC Roadtrip Productions Inc Hirezi & Hirezi, D.M.D., P.A. NTR Partners Administration LLC Bartman Bros. Kleopatra Productions, Inc. PHILIP F. STOTTS Rajan Shah MD PA Surco Products, Inc. Joel Diaz Training Camp, LLC. John J. McMahon Auto Trim Design of Northeastern New York Inc Steven Robert Justman aka Steven Justman 160 E Grand Ave, #400, Chicago, IL 60611 3615 N Kenilworth St, Arlington, VA 22207 1730 S Federal Hwy, Ste 280, Delray Beach, FL 33483 844 E Mariposa St, Altadena, CA 91001 14 West 17th St, New York, NY 10011 17585 Harvard Ave,, Ste E, Irvine, CA 92614 15050 Golden Point Ln, Wellington, FL 33414 2222 State St, Ste A, Nashville, TN 37203 1802 Harper Rd, Ste 202, Beckley, WV 25801 1 W 85th St, New York, NY 10024 2207 Coney Island Ave, Brooklyn, NY 11223 One Penn Plaza, Ste 3500, New York, NY 10119 4495 Baymeadows Rd, Jacksonville, FL 32217 11726 San Vicente Blvd, Ste 290, Los Angeles, CA 90049 11777 San Vicente Blvd, Ste 600, Los Angeles, CA 90049 4230 Gardendale, Ste 101, San Antonio, TX 78229 4985 Stonehaven Dr., Yorba Linda, CA 92887 1060 BRd St, Newark, NJ 7102 14001 S Main St, Los Angeles, CA 90061 40795 Adriatico Ct, Indio, CA 92203 80 Main St, West Orange, NJ 7052 83 Ellison St, Milton, VT 5468 54 Banksville Rd, North Castle, NY 10504 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 3.9 1.3 2.1 6.4 1.2 4.5 12.9 4.4 2.6 12.0 19.2 2.1 7.4 3.5 5.8 2.1 2.1 4.1 7.5 1.4 2.1 7.0 2.0 3.9 1.3 2.1 6.4 1.2 4.5 12.9 4.4 2.6 12.0 19.2 2.1 7.4 3.5 5.8 2.1 2.1 4.1 7.5 1.4 2.1 7.0 2.0 3.9 1.3 2.1 6.4 1.2 4.5 12.9 4.4 2.6 12.0 19.2 2.1 7.4 3.5 5.8 2.1 2.1 4.1 7.5 1.4 2.1 7.0 2.0 — % — % — % — % — % — % — % — % — % — % 0.01 % — % — % — % — % — % — % — % — % — % — % — % — % F-298 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Accrual Investments (4a) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets J. Li Brand LTD John Berry Turbidy Hanson & Schwam Public Relations LLC Debra L. Holt Kenneth Baer Model Partner, LLC ARJ Medical LLC David Raksin Constance Scharff Mazza Real Estate, LLC JP Davis Farms 63 Roebling St, #6L, Brooklyn, NY 11211 1501 Silver King Dr, Aspen, CO 81611 9350 Wilshire Blvd, #315, Beverly Hills, CA 90212 233 NW 36th St, Miami, FL 33127 16 Millstone Dr, East Windsor, NJ 8512 19 William Close Ct, Warwick, NY 10990 2827 Frontier Trail, Atlanta, GA 30341 1010 16th St, #543, San Francisco, CA 94107 8584 Blue Grouse Way, Blaine, WA 98230 402 Page St, Cary, NC 27511 10100 Suzanne Dr, River Ridge, LA 70123 PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 7/15/2022 3.5 2.1 0.8 2.1 0.5 2.1 1.0 2.1 0.7 0.8 1.2 3.5 2.1 0.8 2.1 0.5 2.1 1.0 2.1 0.7 0.8 1.2 3.5 2.1 0.8 2.1 0.5 2.1 1.0 2.1 0.7 0.8 1.2 — % — % — % — % — % — % — % — % — % — % — % Total SBA Guaranteed Accrual Investments $ 15,888.9 $ 15,888.9 $ 16,747.1 4.94 % F-299 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry SBA Guaranteed Non-Accrual Investments (4b) Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) MIT LLC Neville Galvanizing, Inc Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N (*) (*) (*) Chavero's Auto Total SBA Guaranteed Non-Accrual Investments (*) Total SBA Guaranteed Investments 11 North Peach ST., Medford, OR 97504 2983 Grand Ave, Pittsburgh, PA 15225 Publishing Industries (except Internet) Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/31/2042 Term Loan Prime plus 2.75% 12/15/2042 254.7 707.1 254.7 707.1 254.7 707.1 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411 1364 E Palma Vista Drive, Palmview, TX 78572 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 101.0 101.0 101.0 Motor Vehicle and Parts Dealers Term Loan Prime plus 6.5% 10/11/2029 $ $ 12.5 1,075.3 $ 12.5 1,075.3 $ 12.5 1,075.3 16,964.2 $ 16,964.2 $ 17,822.4 5.25 % Total SBA Unguaranteed and Guaranteed Investments $ 437,364.1 $ 437,364.1 $ 425,570.3 125.41 % F-300 See accompanying notes to consolidated financial statements. % of Net Assets 0.08 % 0.21 % 0.03 % — % 0.32 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Controlled Investments (5) (22) Tickmarks Company Address Industry Advanced Cyber Security Systems, LLC (*,#) (6) (21) 3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716 Data processing, Hosting, and Related Services Automated Merchant Services, Inc. (*,#) (7) (21) 12230 Forest Hill Blvd., Wellington, FL 33414 CDS Business Services, Inc. (*,#) (8) 1985 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Newtek Technology Solutions, Inc. (*,#) (25) 1904 W. Parkside Lane Phoenix, AZ 85027 Data processing, Hosting, and Related Services Newtek Insurance Agency, LLC (*,#) (13) 1981 Marcus Ave., Lake Success, NY 11042 Insurance Carriers and Related Activities PMTWorks Payroll, LLC (*,#) (9) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Small Business Lending, LLC (*,#) (12) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities ADR Partners, LLC dba banc- serv Partners, LLC (*,#) (26) 8777 Purdue Rd, Indianapolis, IN 46268 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Newtek Merchant Solutions, LLC (#) (11) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Mobil Money, LLC (#) (17) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Type of Investment 50% Membership Interest Term Loan 100% Common Stock 100% Common Stock Line of Credit 100% Common Stock Line of Credit Line of Credit Line of Credit 100% Membership Interest 100% Membership Interest Term Loan Term Loan Term Loan Term Loan 100% Membership Interest Term Loan 100% Membership Interest 100% Membership Interest 100% Membership Interest Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets —% 3% —% —% 10% —% 10% Prime plus 0.5% Prime plus 0.5% — Dec 2014 — — Dec 2021 — Nov 2028 April 2021 July 2022 — 381.0 — — 9,560.0 — 10,821.0 750.0 100.0 — 381.0 — 4,428.0 9,560.0 19,503.7 10,821.0 750.0 225.0 — — — — 5,900.0 29,999.7 10,821.0 750.0 225.0 — % — % — % — % 1.74 % 8.84 % 3.19 % 0.22 % 0.07 % —% —% 10% 10% 12% 10% —% 10% —% —% —% — — 135.0 2,150.0 0.63 % — Oct 2021 May 2022 May 2022 July 2022 — June 2021 — — — — 435.0 750.0 500.0 1,000.0 — 400.0 — — — 1,878.1 435.0 750.0 500.0 1,000.0 — — — — — — % — % — % — % — % 598.0 400.0 9,650.4 400.0 2.84 % 0.12 % 7,085.2 — — % 16,438.0 111,500.0 32.86 % 2,980.0 2,500.0 0.74 % F-301 See accompanying notes to consolidated financial statements. Portfolio Company Controlled Investments (5) (22) Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Newtek Business Lending, LLC (*,#) (10) 14 East Washington St., Orlando, FL 32801 Newtek Conventional Lending, LLC Titanium Asset Management, LLC (#) (18) (23) (*,#) (14) 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Securities, Commodity Contracts, and Other Financial Investments and Related Activities Administrative and Support Services Excel WebSolutions, LLC (*,#) (15) 888 East Brighton Ave. Syracuse, NY 13205 Data processing, Hosting, and Related Services POS on Cloud, LLC (#) (20) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest 50% Membership Interest Term Loan 100% Membership Interest Term Loan 100% Membership Interest Term Loan 50.14% Membership Interest —% —% 10% —% 10% — 10% — Total Controlled Investments F-302 See accompanying notes to consolidated financial statements. — — — — 39,912.0 43,541.8 12.83 % 19,002.0 20,028.0 March 2021 900.0 900.0 655.1 — — — Sept 2021 159.2 159.2 — — — — — — 5.90 % 0.19 % — % — % — % Sept 2023 850.0 1,050.0 1,050.0 0.31 % — $ — — 26,606.2 $ 138,891.0 $ 239,171.0 — — % 70.48 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value Non-Control Investments (22) EMCAP Loan Holdings, LLC (+,#) (19) (16) ARC Metal Stamping, LLC (#) Total Non-Control Investments 1140 Reservoir Ave., Cranston, RI 02920 4111 Munson Hwy, Hudson, MI 49247 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 6.04% Membership Interest —% — $ — $ 1,000.0 $ 1,000.0 Machinery Manufacturing Term Loan 5 Yr Tr plus 7.43% 1/1/2045 5,447.4 5,447.4 $ 5,447.4 6,447.4 $ 5,447.4 6,447.4 $ % of Net Assets 0.29 % 1.61 % 1.90 % Total Investments $ 469,417.7 $ 582,702.5 $ 671,188.7 197.78 % ^ Investment has been pledged as collateral under the Securitization Trusts. * Non-income producing security. # Fair value determined using significant unobservable inputs. + Restricted security. (1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre- payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors. (2) The interest rates in effect on our loans as of December 31, 2020 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.14388%. (3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re- amortized at the end of the modification period. (4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in NOTE 6—FAIR VALUE MEASUREMENTS. (4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost. (5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2020 with affiliates the Company is deemed to control. (6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero. (7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp. (8) CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions, a wholly-owned portfolio company that is part of the Company’s business finance platform, providing receivables and inventory financing and management services to small and medium size businesses; 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.). F-303 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Non-Control Investments (22) (9) PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (“NPS” or “PMT”), a wholly-owned portfolio company which offers an array of industry standard and competitively priced payroll management, payment and tax reporting services to SMBs; 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.). (10) Newtek Business Lending, LLC (“NBL”), a wholly-owned portfolio company that provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets; 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp. (11) Newtek Merchant Solutions, LLC (“NMS”) is a wholly-owned portfolio company that markets credit and debit card processing services, check approval services, processing equipment, and software; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). (12) Small Business Lending, LLC (“SBL”) is a wholly-owned portfolio company that is part of the Company’s business finance platform;100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.). SBL provides third-party loan servicing for SBA and non-SBA loans, and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. In addition, SBL provides loan and servicing solutions to other parts of the Company’s business finance platform. (13) Newtek Insurance Agency, LLC (“NIA”), a wholly-owned portfolio company which is a retail and wholesale brokerage insurance agency, licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the small and medium size business market as well as various personal lines of insurance; 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.). (14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.). (15) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) (16) The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018. (17) Mobil Money, LLC (“Mobil Money”), a wholly-owned portfolio company that provides payment processing for a merchant portfolio of taxi cabs; 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.). (18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a wholly-owned subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act. (19) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.) (20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates. (21) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred. (22) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States. (23) Non-qualifying asset under the Investment Company Act of 1940, as amended. Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2020, 7.7% of total assets are non-qualifying assets. (24) The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration. F-304 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2020 (In Thousands) Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Non-Control Investments (22) (25) Newtek Technology Solutions, Inc. (“NTS”) is a wholly-owned portfolio company that provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). International Professional Marketing, Inc. (“IPM”) and Sidco, LLC d/b/a Cloud Nine Services (“SIDCO”) are wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S. On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. The Schedule of Investments shows IPM and SIDCO under NTS. (26) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.). As of December 31, 2020, the federal tax cost of investments was $582.7 million resulting in estimated gross unrealized gains and losses of $154.7 million and $57.8 million, respectively. F-305 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. On August 2, 2021, the Company entered into the Stock Purchase Agreement with NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC. Subject to certain regulatory approvals (the “Regulatory Approvals”) , and the Company receiving its shareholders' approval to withdraw the Company’s election as a business development company as required under the 1940 Act, this acquisition is part of the Company's plan to reposition itself as a bank holding company that has elected financial holding company status. See "Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations— Executive Summary." The Company has formed certain Taxable Subsidiaries, which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. The following wholly-owned subsidiaries are consolidated in the financial statements of the Company: Newtek Small Business Finance, LLC Newtek Asset Backed Securities, LLC CCC Real Estate Holdings, LLC The Whitestone Group, LLC Wilshire DC Partners, LLC Wilshire Holdings I, Inc. 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. 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 F-306 financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in NOTE 6—FAIR VALUE MEASUREMENTS. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates. Consolidation As provided under ASC Topic 946 — Investment Companies, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts and are included in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company. Although the Company owns more than 25% of the voting securities of NCL, the Company does not have sole control over significant actions of NCL for purposes of the 1940 Act or otherwise, and does not consolidate its interest in NCL. Distributions Dividends and distributions to the Company's common stockholders are recorded on the declaration date. The timing and amount to be paid out as a dividend or distribution is determined by the Company's Board each quarter and is generally based upon the annual taxable earnings estimated by management. Cash The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2021, cash deposits in excess of insured amounts totaled $41.0 million. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of December 31, 2021. Restricted Cash Restricted cash includes amounts due on SBA loan-related remittances to third parties, cash reserves established as part of a voluntary agreement with the SBA, cash reserves associated with securitization transactions, and cash margin as collateral for derivative instruments. As of December 31, 2021, total restricted cash was $184.5 million. F-307 The following table provides a reconciliation of cash and restricted cash as of December 31, 2021 and 2020: Cash Restricted cash Cash and restricted cash Broker Receivable December 31, 2021 December 31, 2020 $ $ 2,397 $ 184,463 186,860 $ 2,073 49,352 51,425 Broker receivable represents amounts due from third parties for loans which have been traded at year end but have not yet settled. Transfers of Financial Assets For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. A securitization uses a special purpose entity (the “Trust”), which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. The Company therefore consolidates the entities using the carrying amounts of the Trust’s assets and liabilities and reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Consolidated Statements of Assets and Liabilities. Servicing Assets The Company accounts for servicing assets in accordance with ASC Topic 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets are measured at fair value at each reporting date and the Company reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy. Due to Participants Due to participants represents amounts due to third party investors in the SBA guaranteed portion of SBA 7(a) and PPP loans. When the Company receives principal payments, including PPP loan forgiveness, after the loan has been either partially or fully sold to the participant, the remittances received by the Company are either owed in part of in full to the participant and amounts are recorded as a liability on the consolidated statements of assets and liabilities. Derivative Instruments The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations. Derivative instruments consist of interest rate futures and are held at fair value on the balance sheet. Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or, if the Company agrees, substantially the same collateral as the market value of the interest rate futures change. F-308 The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended its rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. Income Taxes The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and made significant prospective and retroactive changes to the U.S. federal income tax laws (and certain corresponding state and local conformity measures) including: (1) 5-year net operating loss (“NOL”) carrybacks with no taxable income limitation, (2) relaxation of the limitations on interest expense deductions, (3) qualified improvement property eligible for bonus depreciation, (4) acceleration of alternative minimum tax credits and related quick tax refunds, and (5) indirect tax measures, including workplace tax credits and deferral of social security payroll tax. Management has considered the impact of the CARES Act on the Company, its Taxable Subsidiaries, and the underlying portfolio companies, and the Company has reflected these potential impacts in the financial statements, related tax disclosures, and the value of the investments. Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. The Company’s U.S. federal and state income tax returns prior to fiscal year 2018 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The Company has elected to be treated as a RIC under the Code beginning with the 2015 tax year and operates in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes Newtek Business Services Corp. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. In order to maintain its RIC tax treatment, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to any income that is distributed to its stockholders as dividends. Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the years ended December 31, 2021, 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 $12.7 million and $11.4 million at December 31, 2021 and December 31, 2020, respectively, and are recorded as deferred tax liabilities on the consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the consolidated statements of operations. Investment Income Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. F-309 On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provided an over $2.0 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA paid all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allowed NSBF, as an SBA 7(a) lender, to originate loans under the Paycheck Protection Program (“PPP”) as an expansion of the existing SBA Section 7(a) loan program through June 30, 2020, which PPP was extended through May 31, 2021, with PPP lenders allowed to continue to close PPP loans approved by the SBA prior to May 31, 2021. Pursuant to the PPP, the SBA reimbursed NSBF for originating PPP loans and such SBA reimbursements are included as interest income on PPP loans. Such fees were accounted for under ASC-310 Receivables and deferred until the PPP loan participations were sold to one of the banks which had entered into PPP loan participation agreements with NSBF. Refer to NOTE 3—INVESTMENTS. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has continued to shift resources and refocus its efforts on funding SBA 7(a) loans. Dividend income is recognized on an accrual basis for preferred equity securities to the extent that such amounts are expected to be collected or realized. In determining the amount of dividend income to recognize, if any, from cash distributions on common equity securities, we will assess many factors including a portfolio company’s cumulative undistributed income and operating cash flow. Cash distributions from common equity securities received in excess of such undistributed amounts are recorded first as a reduction of our investment and then as a realized gain on investment. The Company earns servicing income related to the guaranteed portions of SBA loan investments which it sells into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid. The Company earns a variety of fees from borrowers in the ordinary course of conducting its business, including packaging, legal, late payment and prepayment fees. All other income is recorded when earned. Other income is generally non-recurring in nature and earned as “one time” fees in connection with the origination of new debt investments with non-affiliates. Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in the fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. Stock – Based Compensation The Company accounts for its equity-based compensation plan using the fair value method, as prescribed by ASC Topic 718 – Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of the Company’s common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term. Recently Adopted Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,(“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting 2021-01 on the consolidated financial statements, however, the impact of the adoption is not expected to be material.The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements. 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 F-310 acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv) conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendment became effective January 1, 2021. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2020-08 did not have a material impact on its consolidated financial statements since the Company does not have any convertible debt. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements. New Accounting Standards In November 2020, the SEC published Release No. IC-34084 Use of Derivatives by Registered Investment Companies and Business Development Companies and adopted rules amending Rule 18f-4 and Rule 6c-11. Under the newly adopted rules, BDCs that use derivatives will be subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Compliance is required by August 19, 2022. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Segments The Company has determined that it has a single reporting segment and operating unit structure. The Company issues debt and makes equity investments in portfolio companies in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these debt and equity investment relationships have similar business and economic characteristics, they have been aggregated into a single lending and investment segment. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. F-311 NOTE 3—INVESTMENTS: Investments, all of which are in portfolio companies in the United States, consisted of the following at: Non-affiliate debt investments Non-control investments: Equity Debt Controlled investments: Equity Equity interest in NCL (Joint Venture) Debt Total investments December 31, 2021 December 31, 2020 Cost Fair Value Cost Fair Value 497,698 $ 497,387 $ 437,364 $ 425,570 1,000 — 93,717 26,903 36,669 655,987 $ 1,000 — 208,106 29,464 22,828 758,785 $ 1,000 5,447 92,958 19,002 26,931 582,702 $ 1,000 5,447 199,342 20,028 19,801 671,188 $ $ SBA unguaranteed investments consisted of the following breakdown of accrual and non-accrual loans at: Accrual Non-Accrual Total SBA unguaranteed investments December 31, 2021 December 31, 2020 Cost Fair Value Cost Fair Value $ $ 377,845 $ 54,126 431,971 $ 393,910 $ 30,507 424,417 $ 364,957 $ 55,443 420,400 $ 378,329 29,419 407,748 SBA guaranteed investments consisted of the following breakdown of accrual and non-accrual loans at: Accrual Non-Accrual Total SBA guaranteed investments December 31, 2021 December 31, 2020 Cost Fair Value Cost Fair Value $ $ 61,474 $ 4,254 65,728 $ 68,716 $ 4,254 72,970 $ 15,889 $ 1,075 16,964 $ 16,747 1,075 17,822 As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans in March 2020. During the duration of the PPP through December 31, 2020, NSBF funded approximately 10,570 PPP loans totaling $1.2 billion, with an additional $729.0 million funded during year ended December 31, 2021. Beginning in July 2020, NSBF restarted funding SBA 7(a) loans, and since that time has continued to shift resources and refocus its efforts on funding SBA 7(a) loans. To facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”), collectively the “Participants.” The participation interests were sold at par due to the short term maturity of the loans. NSBF and the Participants share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel, and Amalgamated amended their agreements with NSBF to allow the banks to purchase 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100%, while Morgan Stanley continues to hold 90% participation interests as of December 31, 2021. NSBF continues to hold the PPP loan notes and the PPP loan documents for PPP loans yet to be forgiven by the SBA, in order to service the loans and facilitate the PPP loan forgiveness process. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations. In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan notes, the PPP loan documents and service the PPP loans (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a F-312 deficiency in the manner in which the PPP loan was originated, funded, or serviced by NSBF, the SBA may deny its liability under the guaranty, reduce the amount of the guaranty, or, if it has already paid under the guaranty, seek recovery of any loss related to the deficiency. NSBF has agreed that it will repurchase from the Participants on demand the Participants’ Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF. The following table shows the Company’s SBA guaranteed accrual loans by SBA loan type at: 7(a) 1 PPP Accrual SBA guaranteed investments December 31, 2021 December 31, 2020 Cost Fair Value Cost Fair Value $ $ 60,610 $ 864 61,474 $ 67,852 $ 864 68,716 $ 9,369 $ 6,520 15,889 $ 10,227 6,520 16,747 (1) 41 SBA guaranteed loans originated under the PPP by NSBF; comprised of 40 loans in which NSBF holds 10% participation interests and 1 loan voluntarily repurchased from a participant during the second quarter of 2021 that is 100% owned by NSBF. The total of 100% NSBF-owned PPP loans at December 31, 2021 is $0.02 million. The following table shows the Company’s portfolio investments by industry at: Data Processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Administrative and Support Services Specialty Trade Contractors Truck Transportation Ambulatory Health Care Services Repair and Maintenance Fabricated Metal Product Manufacturing Merchant Wholesalers, Durable Goods Social Assistance Accommodation Motor Vehicle and Parts Dealers Merchant Wholesalers, Nondurable Goods Personal and Laundry Services Food Manufacturing Transportation Equipment Manufacturing Rental and Leasing Services Educational Services Computer and Electronic Product Manufacturing Nonstore Retailers Food and Beverage Stores NCL (Joint Venture) Other Total Newtek Conventional Lending, LLC December 31, 2021 December 31, 2020 Cost Fair Value Cost Fair Value $ $ 59,552 $ 69,473 48,782 28,806 27,374 25,320 25,250 24,929 23,078 18,301 15,138 14,725 12,967 13,795 12,435 12,649 11,218 12,760 9,599 8,529 7,511 7,014 7,364 6,734 26,903 125,781 655,987 $ 169,043 $ 60,553 51,840 29,578 27,213 25,036 24,745 21,937 21,483 18,752 16,104 15,107 14,401 13,529 13,016 12,115 11,935 11,427 10,461 8,505 8,107 7,523 7,308 7,209 29,464 122,394 758,785 $ 56,900 $ 63,635 38,142 25,187 26,571 14,612 17,207 30,684 20,365 17,650 15,834 12,507 10,075 11,704 5,838 13,607 13,303 13,923 3,619 8,955 4,396 2,572 6,403 5,370 19,002 124,641 582,702 $ 156,874 61,135 38,832 25,509 25,998 13,962 16,673 24,341 17,626 18,521 16,484 12,843 11,147 12,072 5,863 12,853 14,192 12,990 3,639 8,505 4,542 2,696 6,319 5,808 20,028 121,736 671,188 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. F-313 NCL is a 50/50 joint venture between Newtek Commercial Lending, Inc. a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL ceased funding new non-conventional conforming loans during 2020 due to the COVID-19 pandemic. The Company anticipates relaunching its non-conforming conventional commercial loan program through new joint venture partnerships. The following table shows NCL’s individual investments as of December 31, 2021: Portfolio Company 10 28th Ave SW Associates LLC 10 28th Ave SW Associates LLC Cocoa Beach Office LLC Foxhall Hospitality, LLC Foxhall Hospitality, LLC The Camera Division, LLC The Emerald Green Group, LLC XL Soccer World Orlando II LLC XL Sports World NJ LLC and XL Soccer World Orlando LLC XL Sports World NJ LLC and XL Soccer World Orlando LLC Tricare Unlimited LLC and Geron Enterprises LLC Industry Fitness and Recreational Sport Centers Fitness and Recreational Sport Centers Other Activities Related to Credit Intermediation Hotels (except Casino Hotels) and Motels Hotels (except Casino Hotels) and Motels Commercial & Industrial Machinery & Equipment Full-Service Restaurant Fitness and Recreational Sport Centers Investment Type Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Interest Rate 5 Yr Libor plus 5.50% 5 Yr Libor plus 5.50% Maturity 4/1/2045 4/1/2045 2 Yr Libor plus 5.70% 8/1/2044 5 Yr Libor plus 6.00% 11/1/2044 5 Yr Libor plus 6.00% 11/1/2044 5 Yr Libor plus 7.25% 2 Yr Libor plus 5.65% Prime plus 3.25% 9/1/2029 8/1/2029 11/1/2045 Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 8/1/2044 Fitness and Recreational Sport Centers Nursing Care Facilities(Skilled Nursing Facilities) Term Loan Term Loan E Entities LLC Exterminating & Pest Control Services Term Loan Trinity MCC Realty, LLC Motor Vehicle and Parts Dealers Term Loan Jaffe Real Estate LLC Berry Ventures Inc Full-Service Restaurant Term Loan Painting & Wall Covering Contractors Term Loan ARC Metal Stamping, LLC Industrial Mold Manufacturing Term Loan McNeill Properties V, LLC Fitness and Recreational Sport Centers Term Loan Total (1) Fair value determined using significant unobservable inputs. 5 Yr Libor plus 5.50% 2 Yr Treasury plus 6.51% 5 Yr Treasury plus 7.71% 5 Yr Treasury plus 6.58% 5 Yr Treasury plus 7.93% 5 Yr Treasury plus 7.25% 5 Yr Treasury plus 7.43% 5 Yr Treasury plus 8.00% 8/1/2044 1/1/2045 1/1/2030 2/1/2045 4/1/2045 4/1/2045 1/1/2045 9/1/2046 F-314 1 Fair Value $ Principal $ Cost $ 2,225 1,253 422 10,321 6,037 11,050 5,510 4,986 6,094 4,686 5,617 5,244 5,092 2,228 212 5,383 2,181 1,225 407 10,115 5,917 10,734 5,344 4,836 5,943 4,570 5,463 5,113 4,950 2,167 199 5,383 $ 10,277 86,637 $ 10,277 84,824 $ 2,117 1,192 415 10,447 6,110 11,203 5,173 4,907 6,241 4,738 5,838 5,526 5,260 2,453 225 5,809 11,472 89,126 The following table shows NCL’s individual investments as of December 31, 2020: Portfolio Company 10 28th Ave SW Associates LLC 10 28th Ave SW Associates LLC Cocoa Beach Office LLC Foxhall Hospitality, LLC Foxhall Hospitality, LLC Industry Fitness and Recreational Sport Centers Fitness and Recreational Sport Centers Other Activities Related to Credit Intermediation Hotels (except Casino Hotels) and Motels Hotels (except Casino Hotels) and Motels Commercial & Industrial Machinery & Equipment Full-Service Restaurant Fitness and Recreational Sport Centers Investment Type Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan The Camera Division, LLC The Emerald Green Group, LLC XL Soccer World Orlando II LLC XL Sports World NJ LLC and XL Soccer World Orlando LLC XL Sports World NJ LLC and XL Soccer World Orlando LLC Fitness and Recreational Sport Centers JW Aviation LLC and 21 Air LLC and AMN Doral LLC Other Nonscheduled Air Transportation Nursing Care Facilities(Skilled Nursing Facilities) Tricare Unlimited LLC and Geron Enterprises LLC Fitness and Recreational Sport Centers E Entities LLC Exterminating & Pest Control Services Term Loan Trinity MCC Realty, LLC Motor Vehicle and Parts Dealers Term Loan Jaffe Real Estate LLC Berry Ventures Inc Total Full-Service Restaurant Term Loan Painting & Wall Covering Contractors Term Loan (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 Cash Investments in loans, at fair value (amortized cost of $84,824 and $73,197, respectively) Other assets Total assets Bank notes payable Other liabilities Total liabilities Net assets Total liabilities and net assets Selected Statements of Operations Information Interest and other income Total expenses Net investment (loss) income Net unrealized appreciation (depreciation) on investments Net increase in net assets resulting from operations F-315 Interest Rate 5 Yr Libor plus 5.50% 5 Yr Libor plus 5.50% 2 Yr Libor plus 5.70% 5 Yr Libor plus 6.00% 5 Yr Libor plus 6.00% 5 Yr Libor plus 7.25% 2 Yr Libor plus 5.65% Prime plus 3.25% Maturity 4/1/2045 4/1/2045 8/1/2044 11/1/2044 11/1/2044 9/1/2029 8/1/2029 11/1/2045 5 Yr Libor plus 5.50% 8/1/2044 5 Yr Libor plus 5.50% 2 Yr Libor plus 8.25% 2 Yr Treasury plus 6.51% 5 Yr Treasury plus 7.71% 5 Yr Treasury plus 6.58% 5 Yr Treasury plus 7.93% 5 Yr Treasury plus 7.25% 8/1/2044 12/1/2044 1/1/2045 1/1/2030 2/1/2045 4/1/2045 4/1/2045 1 Fair Value $ Principal $ Cost $ 2,268 1,277 429 10,470 6,124 11,144 6,127 4,557 6,193 4,762 2,497 5,695 5,656 5,240 2,257 2,223 1,248 414 10,261 6,002 10,802 5,947 4,405 6,039 4,644 2,410 5,538 5,515 5,096 2,195 $ 472 75,168 $ 459 73,198 $ 2,130 1,199 430 10,840 6,340 11,144 6,049 4,517 6,544 4,970 2,497 6,145 6,028 5,616 2,257 513 77,219 December 31, 2021 (Unaudited) December 31, 2020 1,845 $ 89,126 595 91,566 $ 32,341 $ 296 32,637 58,928 91,565 $ Year Ended December 31, 2021 2020 6,300 $ 2,612 3,688 282 3,970 $ 1,493 77,219 1,274 79,986 38,792 1,138 39,930 40,056 79,986 6,136 3,401 2,735 (1,496) 1,239 $ $ $ $ $ $ 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 year ended December 31, 2021 were as follows: Portfolio Company Controlled Investments Newtek Merchant Solutions, LLC Mobil Money, LLC 1 Newtek Technology Solutions, Inc. (NTS) banc-serv Partners, LLC CDS Business Services, Inc. Small Business Lending, LLC Newtek Insurance Agency, LLC PMTWorks Payroll, LLC Titanium Asset Management LLC POS on Cloud, LLC Newtek Conventional Lending, LLC Advanced Cyber Security Systems, LLC Newtek Business Lending, LLC Total Controlled Investments Non-Control Investments EMCAP Loan Holdings, LLC Total Affiliate Investments Fair Value at December 31, 2020 Purchases (Cost) Principal Received Net Realized Gains/(Losses) Net Unrealized Gains/(Losses) Fair Value at December 31, 2021 Interest and Other Income Dividend Income $ $ $ $ 111,500 $ 2,500 41,796 — 5,900 10,050 2,150 — 655 1,050 20,028 — 43,542 239,171 $ — $ — 179 — 10,440 — 1,900 3,250 — 250 7,901 — 31,350 55,270 $ — $ — (750) — — — — — — — — — (34,856) (35,606) $ — $ — — (885) — — — — — — — (381) — (1,266) $ 3,000 $ 1,400 6,000 885 (9,040) (5,650) (1,750) (1,250) (52) — 1,535 381 7,370 2,829 $ 114,500 $ 3,900 47,225 — 7,300 4,400 2,300 2,000 603 1,300 29,464 — 47,406 260,398 $ — $ — 1,134 — 1,026 41 514 2,397 5 110 — — — 5,227 $ 1,000 $ 240,171 $ — $ 55,270 $ — $ (35,606) $ — $ (1,266) $ — $ 2,829 $ 1,000 $ 261,398 $ — $ 5,227 $ 6,000 — 250 — — — — — — — 51 — 3,500 9,801 95 9,896 (1) On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The above table reflects the combined fair values, unrealized appreciation and amount of dividends credited to income. Related Party Transactions Notes Payable - Related Parties In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38.0 million. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50.0 million. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%. At December 31, 2021, the Related Party RLOC interest rate was 2.60%. The Related Party RLOC has a maturity date of November 8, 2023. There were no outstanding borrowings from NMS at December 31, 2021 under the Related Party RLOC. For the years ended December 31, 2021, 2020 and 2019, interest expense was $0.4 million, $0.4 million and $0.9 million, respectively. Expenses Incurred from Controlled Portfolio Companies The Company incurs expenses from certain controlled portfolio companies including managed technology services from NTS, origination and loan processing fees from various related parties and payroll processing fees from PMT. F-316 Managed technology services Origination and loan processing Loan servicing Payroll processing fees Total December 31, 2021 Year Ended December 31, 2020 December 31, 2019 $ $ 1,451 $ 19,227 46 36 20,760 $ 1,754 $ 9,886 37 34 11,711 $ 1,026 9,975 — 35 11,036 The Company also sub-leases portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows: Portfolio Company Newtek Merchant Solutions, LLC Newtek Technology Solutions, Inc. Small Business Lending, LLC Newtek Insurance Agency, LLC CDS Business Services, Inc. PMTWorks Payroll, LLC Newtek Business Lending, LLC Total December 31, 2021 Year Ended December 31, 2020 December 31, 2019 $ $ 251 $ 11 287 72 56 17 6 700 $ 221 $ 11 292 58 82 30 6 700 $ 232 11 244 61 69 44 8 669 Amounts due from related parties were $4.4 million and $6.1 million at December 31, 2021 and December 31, 2020, respectively. Amounts due to related parties were $1.5 million and $2.1 million at December 31, 2021 and December 31, 2020, respectively. Managerial Assistance Fees from Controlled Investments The Company offers managerial assistance to all portfolio companies and currently provides managerial assistance to certain controlled portfolio companies. Fees are recorded on a quarterly basis, are recurring in nature, and are charged consistently based on estimates of time and effort spent by certain employees providing managerial services. The table below summarizes amounts charged to each controlled portfolio company, and are recorded as a credit to salaries and benefits in the consolidated statements of operations. Portfolio Company Newtek Merchant Solutions, LLC 1 Newtek Technology Solutions, Inc. (NTS) PMTWorks Payroll, LLC Newtek Insurance Agency, LLC Newtek Conventional Lending, LLC CDS Business Services, Inc. 1 International Professional Marketing, Inc. (IPM) 1 SIDCO, LLC Mobil Money, LLC Newtek Business Lending, LLC Small Business Lending, LLC Total December 31, 2021 Year Ended December 31, 2020 December 31, 2019 $ $ 450 $ 465 89 129 10 211 — — 108 161 516 2,139 $ 402 $ 509 105 127 — 123 91 96 121 135 507 2,216 $ 373 476 185 185 87 88 93 111 133 93 449 2,273 (1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. Managerial assistance fees for 2021 for IPM and SIDCO are included within NTS. F-317 Purchase and Sale of Loans with Related Parties In September 2020, the Company purchased one loan purchased from NBL, a wholly-owned controlled portfolio company. The Company was not affiliated with the borrower of the loan. In November 2021, the Company sold the loan to NCL at par. During the year ended December 31, 2021, the Company earned $0.4 million in interest income on non-control investments attributable to interest on the loan. Other Transactions with Related Parties The nephew of the Chief Executive Officer of the Company is employed by one of the Company’s controlled portfolio companies and earned annual compensation in excess of $125,000 during 2021, 2020 and 2019. NOTE 5—SERVICING ASSETS: Servicing assets are measured at fair value. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells. The following tables summarizes the fair value and valuation assumptions related to servicing assets at December 31, 2021 and December 31, 2020: Date December 31, 2021 December 31, 2020 Servicing Assets Fair Value Unobservable Input Weighted Average Range Minimum Maximum $ $ 1 28,008 Discount factor Cumulative prepayment rate Average cumulative default rate 1 26,061 Discount factor Cumulative prepayment rate Average cumulative default rate 12.60 % 25.00 % 25.00 % 11.24 % 20.00 % 25.00 % 12.60 % 25.00 % 25.00 % 11.24 % 20.00 % 25.00 % 12.60 % 25.00 % 25.00 % 11.24 % 20.00 % 25.00 % (1) Determined based on risk spreads and observable secondary market transactions. Servicing fee income earned for the years ended December 31, 2021, 2020, and 2019 was $11.3 million, $11.2 million, and $10.1 million, respectively. NOTE 6—FAIR VALUE MEASUREMENTS: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, management uses various valuation approaches, all of which have been approved by the Company’s Board. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). The levels of the fair value hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale. F-318 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 years ended December 31, 2021 or 2020. Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. For certain investments, the Company generally calculates the fair value of the investment primarily based on the net asset NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL. 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 December 31, 2021 by circumstances and events that are not yet known. In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022. The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of December 31, 2021 and December 31, 2020: Assets: SBA unguaranteed non-affiliate investments SBA guaranteed non-affiliate investments Controlled investments 1 Other real estate owned Non-control investments Servicing assets 2 Controlled investments measured at NAV Total assets Liabilities: 3 Derivative instruments (1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities. F-319 Fair Value Measurements at December 31, 2021 Total Level 1 Level 2 Level 3 $ $ $ 424,417 $ 72,970 230,934 2,354 1,000 28,008 29,464 789,147 $ — $ — — — — — — — $ — $ 72,970 — — — — — 72,970 $ 424,417 — 230,934 2,354 1,000 28,008 — 686,713 183 $ — $ 183 $ — (2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. (3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to Level 3 investments held at December 31, 2021 includes $5.1 million in unrealized depreciation on SBA unguaranteed non-affiliate investments, $1.3 million in unrealized depreciation on controlled investments and $6.8 million in unrealized depreciation on servicing assets. Assets: SBA unguaranteed non-affiliate investments SBA guaranteed non-affiliate investments Controlled investments 1 Other real estate owned Non-control investments Servicing assets 2 Controlled investments measured at NAV Total assets Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 $ $ 407,748 $ 17,822 219,143 2,717 6,447 26,061 20,028 699,966 $ — $ — — — — — — — $ — $ 17,822 — — — — — 17,822 $ 407,748 — 219,143 2,717 6,447 26,061 — 662,116 (1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities. (2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The following tables represents the changes in investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the years ended December 31, 2021 and 2020: SBA Unguaranteed Investments Controlled Investments Servicing Assets Non-Control Investments Other Real Estate Owned Year Ended December 31, 2021 Fair value, December 31, 2020 Net change in unrealized appreciation on investments Change in net unrealized depreciation on servicing assets due to changes in valuation inputs or assumptions Change in net unrealized depreciation on servicing assets due to other factors Realized loss SBA unguaranteed non-affiliate investments, funded Foreclosed real estate acquired Purchase of investments Purchase of loans from SBA Sale of investment Return of investment Principal payments received on debt investments Additions to servicing assets Fair value, December 31, 2021 $ $ 407,748 $ 5,097 — — (10,371) 85,191 (2,171) — 6,945 — — (68,023) — 424,417 $ F-320 219,143 $ 1,295 — — (1,266) — — 47,369 — — (34,856) (750) — 230,935 $ 26,061 $ — (2,375) (4,403) — — — — — — — — 8,725 28,008 $ 6,447 $ — — — — — — — — (5,394) — (54) — 1,000 $ 2,717 (198) — — (424) — 2,171 — — (1,912) — — — 2,354 Fair value, December 31, 2019 Net change in unrealized depreciation on investments Change in net unrealized appreciation on servicing assets due to changes in valuation inputs or assumptions Change in net unrealized depreciation on servicing assets due to other factors Realized loss SBA unguaranteed non-affiliate investments, funded Foreclosed real estate acquired Purchase of investments Purchase of loans from SBA Sale of investment Change in fair value of contingent consideration liabilities Payment of contingent consideration Net accretion of premium/discount Return of investment Principal payments received on debt investments Additions to servicing assets Fair value, December 31, 2020 $ Year Ended December 31, 2020 SBA Unguaranteed Investments Controlled Investments $ 417,223 $ (176) 199,694 $ (7,410) Servicing Assets 24,411 $ — — 2,460 — (8,367) 48,824 (1,588) — 6,804 — — — (172) — (54,800) — 407,748 $ — — — — 46,480 — — — — — (18,996) (625) — 219,143 $ (3,985) — — — — — — — — — — — 3,175 26,061 $ Non-Control Investments Contingent Consideration 1 Liabilities Other Real Estate Owned 1,000 $ — — — — — — 15,296 — — — — — — (9,849) — 6,447 $ 621 $ — — — — — — — — — 54 (675) — — — — — $ 2,539 (415) — — (129) — 1,530 — — (808) — — — — — — 2,717 (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 December 31, 2021 and December 31, 2020. In addition to the inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at December 31, 2021 and December 31, 2020. Fair Value as of December 31, 2021 Unobservable Input Weighted 1 Average Range Minimum Maximum Assets: SBA unguaranteed non-affiliate investments - accrual loans SBA unguaranteed non-affiliate investments - non- accrual loans 1 Controlled equity investments Controlled debt investments Non-control equity investments Servicing assets Other real estate owned $ $ $ $ $ $ $ 393,910 Market yields Cumulative prepayment rate Average cumulative default rate 30,507 Market yields Average cumulative default rate 2 208,106 EBITDA multiples-TTM 2 EBITDA multiples-NTM 2 Revenue multiples 2 Weighted average cost of capital 22,828 Market yields 1,000 Market yields 28,008 Market yields Cumulative prepayment rate Average cumulative default rate 2,354 Appraised value F-321 4.50 % 22.00 % 25.00 % 4.85 % 30.00 % 8.3x 7.5x 2.67x 12.34 % 8.52 % 9.50 % 12.60 % 25.00 % 25.00 % N/A 4.50 % 22.00 % 25.00 % 4.85 % 30.00 % 7.50x 6.30x 1.10x 11.00 % 3.80 % 8.00 % 12.60 % 25.00 % 25.00 % N/A 4.50 % 22.00 % 25.00 % 4.85 % 30.00 % 9.00x 8.25x 3.50x 18.50 % 12.00 % 12.00 % 12.60 % 25.00 % 25.00 % N/A (1) Weighted by relative fair value. (2) The Company valued $152.8 million of investments using a combination of EBITDA, both trailing twelve months (“TTM”) and next twelve months (“NTM”), and revenue multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $55.3 million of investments using only discounted cash flows. Fair Value as of December 31, 2020 Unobservable Input Weighted 1 Average Range Minimum Maximum Assets: SBA unguaranteed non-affiliate investments - accrual loans SBA unguaranteed non-affiliate investments - non- accrual loans 1 Controlled equity investments Controlled debt investments Non-control equity investments Non-control debt investments Servicing assets Other real estate owned $ $ $ $ $ $ $ $ 378,329 Market yields Cumulative prepayment rate Average cumulative default rate 29,419 Market yields Average cumulative default rate 2 199,342 EBITDA multiples 2 Revenue multiples 2 Weighted average cost of capital 19,801 Market yields 1,000 Net asset value 5,447 Recent transaction 26,061 Market yields Cumulative prepayment rate Average cumulative default rate 2,717 Appraised value 4.00 % 20.00 % 25.00 % 4.34 % 30.00 % 9.20x 1.17x 12.73 % 9.69 % N/A N/A 11.24 % 20.00 % 25.00 % N/A 4.00 % 20.00 % 25.00 % 4.34 % 30.00 % 6.00x 1.0x 11.10 % 3.80 % N/A N/A 11.24 % 20.00 % 25.00 % N/A 4.00 % 20.00 % 25.00 % 4.34 % 30.00 % 10.00x 2.30x 18.40 % 10.00 % N/A N/A 11.24 % 20.00 % 25.00 % N/A (1) (2) Weighted by relative fair value. The Company valued $143.7 million of investments using an equal weighting of EBITDA and revenue multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $55.7 million of investments using only discounted cash flows. NOTE 7—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITES: The following table details the components of accounts payable, accrued expenses and other liabilities at December 31, 2021 and December 31, 2020: Loan related remittances due to SBA Accrued payroll and related expenses Accrued interest Loan processing, servicing and other loan related expenses Other Total accounts payable, accrued expenses and other liabilities December 31, 2021 December 31, 2020 $ $ 80 $ 2,851 1,869 3,052 3,083 10,935 476 1,507 1,484 2,655 3,601 9,723 F-322 NOTE 8—BORROWINGS: At December 31, 2021 and December 31, 2020, the Company had borrowings comprised of the following: 1 Capital One line of credit - guaranteed 1 Capital One line of credit - unguaranteed Notes due 2023 Notes due 2024 Notes due 2025 Notes due 2026 Notes payable - related parties Notes payable - Securitization Trusts Total Commitments December 31, 2021 Borrowings Outstanding Weighted Average Interest Rate Commitments December 31, 2020 Borrowings Outstanding Weighted Average Interest Rate $ $ 150,000 $ — — 38,250 15,000 115,000 50,000 249,750 618,000 $ 50,000 — — 37,679 14,545 112,128 11,450 246,250 472,052 2.50 % $ 3.50 % — % 5.75 % 6.85 % 5.50 % 2.60 % 2.05 % 3.38 % $ 150,000 $ — 57,500 63,250 5,000 — 50,000 221,752 547,502 $ 52,500 33,839 56,505 61,774 4,735 — 24,090 218,339 451,782 2.50 % 3.50 % 6.25 % 5.75 % 6.85 % — % 2.74 % 2.39 % 3.50 % (1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150.0 million at December 31, 2021 and December 31, 2020. On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018. As of December 31, 2021, our asset coverage was 184%. Outstanding borrowings under the 2023 Notes, 2024 Notes, 2025 Notes, 2026 Notes, and Notes payable - Securitization Trusts consisted of the following: Principal balance Unamortized deferred financing costs Net carrying amount $ Notes Due 2024 $ 38,250 $ (571) 37,679 $ December 31, 2021 December 31, 2020 Notes Due 2025 Notes Due 2026 Notes Payable- Securitization Trusts Notes Due 2023 Notes Due 2024 Notes Due 2025 Notes Payable- Securitization Trusts 15,000 $ (455) 14,545 $ 115,000 $ (2,872) 112,128 $ 249,750 $ (3,500) 246,250 $ 57,500 $ (995) 56,505 $ 63,250 $ (1,476) 61,774 $ 5,000 $ (265) 4,735 $ 221,752 (3,413) 218,339 At December 31, 2021 and December 31, 2020, the carrying amount of the Company’s borrowings under the Capital One lines of credit, Notes payable - related parties and Notes payable - Securitization Trusts, approximates fair value due to their variable interest rates. The fair values of the fixed rate 2026 Notes and 2024 Notes are based on the closing public share price on the date of measurement. On December 31, 2021, the closing price of the 2026 Notes was $25.77 per note, or $118.5 million. On December 31, 2021, the closing price of the 2024 Notes was $25.40 per note, or $38.9 million. On December 31, 2020, the closing price of the 2024 Notes was $25.26 per note, or $63.9 million. These borrowings are not recorded at fair value on a recurring basis. The fixed rate 2025 Notes are held at par as of December 31, 2021. Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the year ended December 31, 2021, 2020, and 2019 was $20.5 million, $17.9 million and $20.4 million, respectively. Capital One Facilities In May 2017, NSBF amended its Capital One facility to increase the facility from $50.0 million to $100.0 million and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non- guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and F-323 extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100.0 million to $150.0 million. In May 2020, the facility was amended to extend both the maturity date and date on which the facility will convert to a term loan by a period of three years. 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 December 31, 2021, there was $50.0 million and no balance outstanding under the guaranteed and unguaranteed lines of credit, respectively. At December 31, 2021, NSBF was in full compliance with all applicable loan covenants. For the years ended December 31, 2021, 2020 and 2019, interest expense including amortization of related deferred financing costs was $1.5 million, $1.4 million and $2.1 million, respectively. Notes Due 2022 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 million, including the underwriter’s partial exercise of their over-allotment option, in aggregate principal amount of the 7.5% Notes due 2022. The 2022 Notes were scheduled to mature on September 30, 2022 and could be redeemed in whole or in part at the Company’s option at any time or from time to time on or after September 23, 2018, 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. Proceeds net of offering costs and expenses were $7.7 million. On August 29, 2019, the Company redeemed all $8.324 million in aggregate principal amount of the 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. No interest expense was incurred during the years ended December 31, 2021 and 2020. For the year ended December 31, 2019, interest expense including amortization of related deferred financing costs was $0.5 million. Notes dues 2023 On February 21, 2018, the Company closed a public offering of $50.0 million in aggregate principal amount of its 2023 Notes. In February 2018, the underwriters exercised their option to purchase an additional $7.5 million in aggregate principal amount of the 2023 Notes. Total net proceeds received after deducting underwriters’ discount and expenses was $55.2 million. The 2023 Notes were listed on the Nasdaq Global Market under the trading symbol “NEWTI.” A portion of the proceeds were used to redeem the outstanding 2021 Notes. The 2023 Notes were scheduled to mature on March 1, 2023 and could be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after March 1, 2020. The 2023 Notes bore interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1 and December 1, of each year, beginning June 1, 2018. On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on the redemption date of February 22, 2021, at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 1, 2020, through, but excluding, the redemption date. As a result of the redemption of the 2023 Notes, the Company recorded a $1.0 million loss on extinguishment of debt during the year ended December 31, 2021, equivalent to the balance of unamortized deferred financing costs as of the redemption date. For the years ended December 31, 2021, 2020, and 2019 interest expense including amortization of related deferred financing costs was $0.5 million, $4.1 million, and $4.1 million, respectively. Notes dues 2024 On July 25, 2019, the Company closed a public offering of $55.0 million in aggregate principal amount of its 2024 Notes. The 2024 Notes will mature on August 1, 2024 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after August 1, 2021. The 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on August 1, November 1, February 1 and May 1, of each year, beginning November 1, 2019. Total net proceeds received after deducting underwriters’ discount and expenses was $53.3 million. The 2024 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTL” and were rated “A-“ by Egan-Jones. A portion of the proceeds were used to redeem the outstanding 2022 Notes. In August 2019, the underwriters exercised their option to purchase an additional $8.25 million in aggregate principal amount of the 2024 Notes resulting in an additional $8.0 million in net proceeds. As a result of the F-324 redemption of the 2022 Notes, the Company recorded a $0.25 million loss on extinguishment of debt during the year ended December 31, 2019, equivalent to the balance of unamortized deferred financing costs as of the redemption date. On December 29, 2021, the Company redeemed $40.0 million in aggregate principal amount of the $78.25 million in aggregate principal amount of the Notes on the redemption date of December 29, 2021 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021, through, but excluding, the redemption date. As a result of the partial redemption of the 2024 Notes, the Company recorded a $0.6 million loss on extinguishment of debt during the year ended December 31, 2021, equivalent to the redeemed portion of the remaining balance of unamortized deferred financing costs as of the redemption date. For the years ended December 31, 2021, 2020, and 2019 interest expense including amortization of related deferred financing costs was $4.7 million, $4.1 million, and $1.7 million, respectively. Notes due 2025 On November 27, 2020, the Company closed an exempt offering of $5.0 million in aggregate principal amount of its 2025 Notes. The offering was consummated pursuant to the terms of a purchase agreement dated November 27, 2020 among the Company and an accredited investor. The purchase agreement provided for the 2025 Notes to be issued to the Purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The 2025 Notes will mature on November 30, 2025 and may be redeemed in whole or in part at any time. The 2025 Notes bear interest at a rate of 6.85% per year payable quarterly on February 28, May 31, August 31 and November 30, of each year, beginning February 28, 2021. Total net proceeds received after deducting structuring fees and estimated offering expenses was $4.8 million. Under the Purchase Agreement, the Company may issue additional Notes in aggregate principal amount of up to $10 million to the Purchaser by placement notice delivered to the Purchaser on or before March 31, 2021, and, by mutual agreement of the parties, of up to $15 million in aggregate principal amount of additional Notes by placement notice delivered to the Purchaser after March 31, 2021 and before November 30, 2022. For the year ended December 31, 2021 and 2020 interest expense including amortization of related deferred financing costs was $1.1 million and $0.04 million, respectively. No interest expense was incurred during the year ended December 31, 2019. Notes due 2026 In January 2021, the Company closed a public offering of $115.0 million aggregate principal amount of 5.50% Notes due 2026, including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The sale of the 2026 Notes generated proceeds of approximately $111.3 million, net of underwriter's fees and expenses. The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2022. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1 of each year, commencing on May 1, 2021, and trade on the Nasdaq Global Market under the trading symbol “NEWTZ.” For the year ended December 31, 2021 interest expense including amortization of related deferred financing costs was $6.7 million. No interest expense was incurred during the years ended December 31, 2020 and 2019. Notes Payable - Securitization Trusts 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. F-325 In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56.1 million of unguaranteed portions of SBA loans to the 2016-1 Trust. The 2016-1 Trust in turn issued securitization notes for the par amount of $53.4 million, consisting of $43.6 million Class A notes and $9.8 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 3.0% and 4.25%, respectively. In December 2021, the 2016-1 Trust was terminated as a result of NSBF purchasing the 2016-1 Trust assets, with the 2016-1 Trust’s noteholders receiving the redemption price. In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76.2 million of unguaranteed portions of SBA loans to the 2017-1 Trust. The 2017-1 Trust in turn issued securitization notes for the par amount of $75.4 million, consisting of $58.1 million Class A notes and $17.3 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 2.0% and 3.0%, respectively. In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108.6 million of unguaranteed portions of SBA loans to the 2018-1 Trust. The 2018-1 Trust in turn issued securitization notes for the par amount of $108.6 million, consisting of $82.9 million Class A notes and $25.7 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044. In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118.9 million of unguaranteed portions of SBA loans to the 2019-1 Trust, The 2019-1 Trust in turn issued securitization notes for the par amount of $118.9 million, consisting of $93.5 million of Class A notes and $25.4 million Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2044. The Class A and Class B notes bear interest at a rate of LIBOR plus 1.83% across both classes. In December 2021, NSBF completed its eleventh securitization which resulted in the transfer of $103.4 million of unguaranteed portions of SBA loans to the 2021-1 Trust, The 2021-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $79.7 million of Class A notes and $23.8 million Class B notes, against the 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 1.92% across both classes. For the years ended December 31, 2021, 2020 and 2019, interest expense including amortization of related deferred financing costs and discount was $5.5 million, $7.9 million, and $11.1 million, respectively. At December 31, 2021 and 2020, the assets of the consolidated Trusts totaled $18.4 million and $10.4 million, respectively. The liabilities of the consolidated Trusts totaled $249.7 million and $221.8 million, respectively. Note Payable - Related Parties In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38.0 million. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50.0 million. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%. At December 31, 2021, the Related Party RLOC interest rate was 2.60%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at December 31, 2021 under the Related Party RLOC were $11.5 million. For the years ended December 31, 2021, 2020 and 2019, interest expense was $0.4 million, $0.4 million and $0.9 million, respectively. F-326 Total expected principal repayments on the Company’s borrowings for the next five fiscal years and thereafter are as follows: December 31, 2022 2023 2024 2025 2026 Thereafter Borrowings — 61,450 38,250 15,000 115,000 249,750 479,450 $ $ NOTE 9—DERIVATIVE INSTRUMENTS: The Company uses derivative instruments primarily to economically manage the fair value variability of certain fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of December 31, 2021: Contract Type Notional 1 Asset 5-year Swap Futures $ 43,247 $ (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. Fair Value — $ 1 Liability Remaining Maturity (years) 183 0.25 The following table indicated the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives as included in the consolidated statements of operations for the years ended December 31, 2021 and 2020: Contract Type Unrealized Gain/(Loss) Realized Gain/(Loss) Unrealized Gain/(Loss) Realized Gain/(Loss) 5-year Swap Futures $ (183) $ 590 $ — $ — Year Ended December 31, 2021 Year Ended December 31, 2020 Collateral posted with our futures counterparty is segregated in the Company’s books and records. The Company’s counterparty held cash margin as collateral for derivatives as of December 31, 2021, which is included in restricted cash in the consolidated balance sheets. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. NOTE 10—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. F-327 The following summarizes the Company’s obligations and commitments, as of December 31, 2021 for future minimum cash payments required under operating lease and employment agreements: Year 2022 2023 2024 2025 2026 Thereafter Total Operating Leases 1 Employment Agreements Total $ $ 1,876 $ 1,928 1,981 2,035 1,915 440 10,175 $ 763 $ — — — — — 763 $ 2,639 1,928 1,981 2,035 1,915 440 10,938 (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. As a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices. Guarantees The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35.0 million. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At December 31, 2021, total principal owed by NBC was $7.6 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At December 31, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee. The Company is a guarantor on the NBL Capital One Facility. Maximum borrowings under the NBL Facility are $75.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lender’s commitments terminate in November 2022, with all amounts due under the NBL Facility maturing in November 2023. At December 31, 2021, total principal owed by NBL was $20.7 million. At December 31, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee. The Company is a guarantor on the NBL Deutsche Bank Facility. Maximum borrowings under the NBL Deutsche Bank Facility are $100.0 million. The Deutsche Bank Facility matures in March 2023. At December 31, 2021, total principal owed by NBL was $11.1 million. At December 31, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee. The Company is a guarantor on the NBL One Florida Bank Facility. Maximum borrowings under the NBL One Florida Bank Facility are $20.0 million. The Deutsche Bank Facility matures in September 2023. At December 31, 2021, total principal owed by NBL was $3.4 million. At December 31, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee. The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50.0 million. The Webster Facility matures in November 2023. At December 31, 2021, total principal outstanding was $25.4 million. At December 31, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee. Unfunded Commitments At December 31, 2021, the Company had $17.4 million of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments. F-328 NOTE 11—FINANCIAL HIGHLIGHTS: The financial highlights for the Company are as follows: Per share data¹ Net asset value at beginning of period Net investment income (loss) Net realized gain on investments Net realized loss on derivative transactions Net unrealized appreciation (depreciation) on investments Net unrealized depreciation on servicing assets Net unrealized depreciation on derivative transactions Change in deferred taxes Net increase in net assets resulting from operations Distributions to common stockholders Stock-based compensation expense Consolidation of Exponential Business Development Co., Inc. Accretive effect of stock offerings (issuing shares above NAV per share) Deferred tax asset reversal Out of period adjustment related to BDC conversion Exponential of NY LLC distributions to members Accretive effect of shares issued in connection with DRIP (issuing shares above NAV per share) Dilutive effect of purchase of vested stock for employee payroll tax withholding (purchase of shares above NAV) Dilutive effect of restricted stock awards Other⁴ Net asset value at end of period Per share market value at end of period Total return based on market value² Total return based on average net asset value³ Shares outstanding at end of period (in thousands) $ $ $ 2021 2020 2019 2018 2017 2016 2015 Year Ended December 31, Period Ended 7 Dec. 31, 2014 $ $ $ 15.45 1.13 2.27 0.03 0.63 (0.30) (0.01) (0.06) 3.69 (3.15) 0.09 — 0.79 — — — 0.03 (0.03) (0.16) 0.01 16.72 27.63 57.31 % 28.61 % $ 15.70 1.51 0.54 — (0.44) (0.07) — 0.05 1.59 (2.05) 0.03 — 0.20 — — — — — (0.01) (0.01) 15.45 19.69 (2.12)% 11.46 % $ $ $ $ $ 15.19 (0.29) 2.61 — 0.24 (0.27) — (0.16) 2.13 (2.15) 0.03 — 0.51 — — — 0.01 — (0.01) (0.01) 15.70 22.65 17.55 % 17.48 % $ $ $ 15.08 (0.40) 2.31 — 0.36 (0.30) — (0.06) 1.91 (1.80) 0.02 — 0.04 — — — 0.01 — (0.08) 0.01 15.19 17.44 4.06 % 12.67 % $ $ $ 14.30 (0.45) 2.27 — 0.75 (0.20) — (0.12) 2.25 (1.64) 0.05 — 0.02 — — — 0.01 — — 0.09 15.08 18.49 26.60 % 16.92 % $ 14.06 (0.64) 2.17 — 0.85 (0.16) — (0.34) 1.88 (1.53) 0.04 (0.03) — — — — — — (0.11) (0.01) 14.30 15.90 24.51 % 12.59 % $ $ $ $ $ 16.31 (0.57) 3.14 — 0.94 (0.13) — (0.06) 3.32 (4.45) — — 2.43 (0.19) (0.06) (0.25) — — (3.07) 0.02 14.06 14.32 24.46 % 13.52 % 13.49 (0.33) 0.08 — 0.36 (0.02) — — 0.09 — — — 2.73 — — — — — — — 16.31 14.76 13.10 % 20.87 % 24,159 21,970 20,530 18,919 18,457 14,624 14,509 10,206 F-329 Ratios/Supplemental Data: Net assets at end of period Ratio of expenses to average net assets Ratio of net investment income (loss) to average net assets 6 Portfolio turnover Average debt outstanding Average debt outstanding per share Asset coverage ratio⁵ Senior securities outstanding $ $ $ $ 2021 2020 2019 2018 2017 2016 2015 Year Ended December 31, 403,887 $ 339,353 $ 322,225 $ 287,445 $ 278,329 $ 209,094 $ 203,949 $ 22.44 % 18.64 % 21.29 % 20.15 % 19.20 % 19.48 % 17.42 % 7.38 % 173.92 % 472,121 19.54 184 % 479,451 $ $ $ 9.90 % 206.49 % 406,005 18.48 174 % 457,931 $ $ $ (1.84)% 130.71 % 388,525 18.92 173 % 439,550 $ $ $ (2.65)% 130.41 % 279,254 14.76 185 % 337,501 $ $ $ (3.23)% 116.40 % 193,747 10.50 229 % 221,007 $ $ $ (4.48)% 109.60 % 151,502 10.36 222 % 176,019 $ $ $ (3.34)% 103.50 % 128,680 8.87 249 % 134,816 $ $ $ Period Ended 7 Dec. 31, 2014 166,418 20.46 % (11.99)% 5.08 % 108,483 10.63 223 % 122,543 (1) (2) (3) (4) (5) (6) (7) 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. Total return based on market value is calculated based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported and assumes reinvestment of dividends at prices obtained by the Company's DRIP plan during the period. The return does not reflect any sales load that may be paid by an investor. Total return based on change in NAV is calculated using the change in net asset value plus dividends to stockholders during the period, divided by the beginning net asset value. 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. Calculated based on the amount of senior securities outstanding at period end. Portfolio turnover is calculated by dividing (a) the lesser of purchases or sales of portfolio securities by (b) the average total investments at fair value. The calculation includes PPP loan activity in 2020 and 2021. The Company converted to a BDC on November 12, 2014 and therefore a partial period is shown through December 31, 2014. NOTE 12—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 December 31, 2021. 1 Restricted Stock authorized under the plan Less net restricted stock (granted)/forfeited during: 1,500,000 Year ended December 31, 2016 Year ended December 31, 2017 Year ended December 31, 2018 Year ended December 31, 2019 Year ended December 31, 2020 Year ended December 31, 2021 Restricted stock available for issuance as of December 31, 2021 F-330 (120,933) (5,007) (93,568) (6,285) 2,639 (214,654) 1,062,192 (1) A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3.0 million shares, are available for awards of restricted stock and stock options under the Equity Incentive Plan. No more than 50% of the shares of stock reserved for the grant of awards under the Equity Incentive Plan may be restricted stock awards at any time during the term of the Equity Incentive Plan. No stock options have been granted under the Equity Incentive Plan. As of December 31, 2021, there was $3.3 million of total unrecognized compensation expense related to unvested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of approximately 1.8 years as of December 31, 2021. For the years ended December 31, 2021, 2020, and 2019, the Company recognized total stock-based compensation expense of $2.1 million, $0.6 million, and $0.6 million, respectively. NOTE 13—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: Shares sold Net weighted average price per share Net proceeds Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 $ $ — — $ — $ — — $ — $ 187,962 19.46 3,650 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 $28.5 million. The Company paid the ATM placement agents $0.6 million 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, the Company amended the 2019 ATM Equity Distribution Agreement to add UBS Securities LLC as a placement agent. On June 24, 2020, the Company terminated the Amended 2019 ATM Equity Distribution Agreement. As of June 24, 2020, the Company had sold 1,716,517 shares of its common stock under the Amended 2019 ATM Equity Distribution Agreement, and received net proceeds of $37.6 million. The Company paid the ATM placement agents a total of $0.8 million in compensation under the Amended 2019 ATM Equity Distribution Agreement. The following table summarizes the total shares sold and net proceeds received under the Amended 2019 ATM Equity Distribution Agreement: Shares sold Net weighted average price per share Net proceeds Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 $ $ — — $ — $ 359,819 20.40 $ 7,342 $ 1,356,698 22.27 30,212 On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. The company paid the placement agents $1.0 million in compensation during the year ended December 31, 2021. As of December 31, 2021, there were 37,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement. F-331 The following table summarizes the total shares sold and net proceeds received under the 2020 ATM Equity Distribution Agreement: Shares sold Net weighted average price per share Net proceeds Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 $ $ 1,939,760 25.91 $ 50,261 $ 1,022,579 17.95 $ 18,334 $ — — — The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies. NOTE 14—EARNINGS PER SHARE: The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the years ended December 31, 2021, 2020 and 2019: Net increase in net assets resulting from operations Weighted average shares outstanding Net increase in net assets resulting from operations per share NOTE 15—LEASES: 2021 Year Ended December 31, 2020 2019 $ $ 84,142 $ 22,795 3.69 $ 33,619 $ 21,146 1.59 $ 41,135 19,326 2.13 Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to 5 years, some of which include renewal options that extend the leases for up to 10 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. As the rate implicit in the leases generally is not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are excluded from our weighted-average remaining lease term. The following table summarizes supplemental cash flow and other information related to our operating leases: Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) Weighted-average remaining lease term - operating leases Weighted-average discount rate - operating leases Total lease costs (included in other general and administrative costs on the consolidated statements of operations) $ $ 2021 1,555 5.30 years 4.55 % 894 $ $ Year Ended December 31, 2020 1,646 6.12 years 4.76 % 840 $ $ 2019 1,609 7.03 years 4.76 % 941 F-332 The following table represents the maturity of the Company’s operating lease liabilities as of December 31, 2021: Maturity of Lease Liabilities 2022 2023 2024 2025 2026 Thereafter Total future minimum lease payments Less: Imputed interest Present value of future minimum lease payments NOTE 16—DIVIDENDS AND DISTRIBUTIONS: 1,876 1,928 1,981 2,035 1,915 469 10,204 (1,148) 9,056 $ $ $ 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 years ended December 31, 2021 and 2020. Date Declared Year ended December 31, 2021 February 23, 2021 May 11, 2021 August 10, 2021 October 20, 2021 Year ended December 31, 2020 February 5, 2020 June 12, 2020 July 20, 2020 November 11, 2020 Record Date Payment Date Amount Per Share Cash Distribution DRIP Shares Issued DRIP Shares Value March 22, 2021 June 15, 2021 September 20, 2021 December 20, 2021 March 18, 2020 July 15, 2020 September 21, 2020 December 18, 2020 March 31, 2021 June 30, 2021 September 30, 2021 December 30, 2021 March 31, 2020 July 31, 2020 September 30, 2020 December 30, 2020 $ $ $ $ $ $ $ $ 0.50 $ 0.70 $ 0.90 $ 1.05 $ 0.44 $ 0.56 $ 0.58 $ 0.47 $ 11,025 15,433 19,895 23,791 8,882 11,450 12,107 10,144 6 $ 6 $ 10 $ 50 $ 18 $ 13 $ 13 $ 7 $ 140 213 264 1,305 224 235 231 121 During the years ended December 31, 2021 and 2020, an additional 19,200 and 12,400 shares valued at $0.5 million and $0.2 million, respectively, were issued related to dividends on unvested restricted stock awards. NOTE 17—BENEFIT PLANS: Defined Contribution Plan The Company’s employees participate in a defined contribution 401(k) plan (the “Plan”) adopted in 2004 which covers substantially all employees based on eligibility. The Plan is designed to encourage savings on the part of eligible employees and qualifies under Section 401(k) of the Code. Under the Plan, eligible employees may elect to have a portion of their pay, including overtime and bonuses, reduced each pay period, as pre-tax contributions up to the maximum allowed by law. The Company may elect to make a matching contribution equal to a specified percentage of the participant’s contribution, on their behalf as a pre-tax contribution. For the years ended December 31, 2021, 2020 and 2019, the Company matched 50% of the first 2% of employee contributions, resulting in $0.14 million, $0.07 million and $0.13 million in expense, respectively. NOTE 18—INCOME TAXES: As a RIC, the Company must distribute substantially all of its respective net taxable income each tax year as dividends to its shareholders. Accordingly, no provision for federal income tax has been made in the financial statements for the years ended December 31, 2021, 2020 and 2019. Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-tax differences, including the offset of net operating losses against net short-term gains and nondeductible meals and F-333 entertainment, have no impact on net assets. During the year ended December 31, 2021, the Company decreased additional paid in capital by $1.9 million and increased accumulated undistributed earnings by $1.9 million. During the year ended December 31, 2020, the Company decreased additional paid in capital by $0.4 million and increased accumulated undistributed earnings by $0.4 million. Taxable income generally differs from net increase (decrease) in net assets for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses and generally excludes unrealized appreciation (depreciation) on investments as investment gains and losses are not included in taxable income until they are realized. The following table reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2021, 2020 and 2019: Net increase in net assets Net change in unrealized depreciation on investments Net change in deferred tax liabilities GAAP versus tax basis consolidation of subsidiaries Other income (deductions/losses) for tax, not book Other differences Taxable income before deductions for distributions December 31, 2021 December 31, 2020 December 31, 2019 $ $ 84,142 $ (7,345) 1,327 1,060 6 (5,262) 73,928 $ 33,619 $ 10,733 (999) 782 (99) (705) 43,331 $ 41,135 482 3,164 1,329 (24) (4,500) 41,586 The tax character of distributions paid during the years ended December 31, 2021, 2020 and 2019 were as follows: Ordinary income Long-term capital gains Return of capital December 31, 2021 December 31, 2020 December 31, 2019 $ 72,053 $ — — 43,393 $ — — 37,709 4,187 — The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Approximately 28% of the Company’s ordinary income was from qualified dividends. The actual tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. The tax basis components of distributable earnings/(accumulated losses) and reconciliation to accumulated earnings on a book basis for the years ended December 31, 2021, 2020 and 2019 were as follows: Undistributed ordinary income - tax basis Net change in unrealized appreciation on investments GAAP versus tax basis consolidation of subsidiaries Other temporary differences Total accumulated earnings - book basis December 31, 2021 December 31, 2020 December 31, 2019 $ $ 5,623 $ 13,096 (2,728) 19,750 35,741 $ 3,577 $ 7,077 (1,668) 13,294 22,280 $ 3,713 16,811 (887) 12,215 31,852 The differences between the components of distributable earnings on a tax basis and the amounts reflected in the consolidated statements of changes in net assets are primarily due to temporary book- tax differences that will reverse in a subsequent period. NOTE 19—SUPPLEMENTAL FINANCIAL DATA: In accordance with the SEC’s Regulation S-X and GAAP, we are not permitted to consolidate any subsidiary or other entity that is not an investment company, including those in which we have a controlling interest. We had one unconsolidated subsidiary that met at least one of the significance conditions under Rule 1-02(w) of Regulation S-X during certain periods presented for which we are required, pursuant to Rule 3-09 of Regulation S-X, to attach separate financial statements as exhibits to the Form 10-K. Accordingly, the audited financial statements of NMS for the years ended December 31, 2021, 2020 and 2019 have been attached as exhibits. F-334 Table of Contents 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 our portfolio companies that are required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information. Newtek Business Lending, LLC NBL originates, purchases and sells commercial loans under the SBA’s 504 loans program. The summarized financial information of our unconsolidated subsidiary is as follows: Newtek Business Lending, LLC Balance Sheets As of December 31, 2021 (unaudited) As of December 31, 2020 Current assets Noncurrent assets Total assets Current liabilities Noncurrent liabilities Total liabilities Total member’s equity Newtek Business Lending, LLC Statements of Income Revenue Expenses Income from operations Interest expense, net Income before tax Net unrealized depreciation on loans receivable - held for sale, at fair value Realized gain on derivative transactions Unrealized loss on derivative transactions Income taxes Net Income The Company recorded the following related to its investment in NBL: Dividend income Unrealized appreciation (depreciation) 77,739 2,012 79,751 8,355 35,241 43,596 36,155 2021 2020 2019 Year Ended December 31, 10,740 $ 4,463 6,277 $ 2,210 4,067 (285) $ 644 (43) (1,199) 3,184 $ 6,069 $ 3,037 3,032 $ 1,427 1,605 1,402 $ — — (22) 2,985 $ 86,858 653 87,511 3,318 44,216 47,534 39,977 3,228 2,955 273 1,465 (1,192) 160 — — — (1,031) 2021 Year Ended December 31, 2020 2019 3,500 $ 7,370 $ 1,600 $ — $ — 630 $ $ $ $ $ $ F-335 Table of Contents NOTE 20—SUBSEQUENT EVENTS: NCL On January 28, 2022, NCL closed its conventional commercial loan securitization with the sale of $56.3 million Class A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of conventional commercial business loans, originated by NCL and NBL. The Class A Notes were rated “A” (sf) by DBRS Morningstar, had a 65.0% advance rate, and were priced at a yield of 3.209%. F-336 Table of Contents Newtek Business Services Corp. and Subsidiaries Schedule of Investments In and Advances to Affiliates Year Ended December 31, 2021 Portfolio Company 1 Type of Investment Advanced Cyber Security Systems, LLC 2 50% Membership Interest Automated Merchant Services, Inc. 2 100% Common Stock CDS Business Services, Inc. 7 Newtek Technology Solutions, Inc. 2 100% Common Stock Line of Credit (10%) Term Loan (10%) 2 100% Common Stock Line of Credit (10%) 6 Line of Credit (Prime + 0.5%) 6 Line of Credit (Prime + 0.5%) Newtek Insurance Agency, LLC 2 100% Membership Interest PMTWorks Payroll, LLC Small Business Lending, LLC 2 100% Membership Interest 2 Term Loans (10%-12%) 2 100% Membership Interest Term Loan (10%) Amount of Realized Gain (Loss) $ (381) $ — — — — — — — — — — — — banc-serv Partners, LLC 2 100% Membership Interest (885) Newtek Merchant Solutions, LLC 100% Membership Interest Titanium Asset Management, LLC 2 100% Membership Interest 2 Term Loan (10%) Newtek Business Lending, LLC 2 100% Membership Interest Newtek Conventional Lending, LLC 50% Membership Interest — — — — — F-337 — (9,040) 6,000 — — — (1,750) (1,250) — (5,650) — 885 3,000 — (52) 7,370 1,535 Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to 3 Income Fair Value at December 31, 2020 Gross 4 Additions Gross 5 Reductions Fair Value at December 31, 2021 381 $ — $ — $ 381 $ (381) $ — — — — — — 1,026 — — 1,347 28 9 — 5,900 — 30,000 10,821 750 225 514 2,150 2,115 282 — 41 — — — 9,650 400 — — 10,440 — 6,000 179 — — 1,900 3,250 2,000 — — 885 6,000 111,500 3,000 — 5 — 655 — 4 — — — 7,300 — 36,000 11,000 — 225 — (9,040) — — — (750) — (1,750) 2,300 (3,250) — (5,650) — — 2,000 4,000 400 (885) — — — (56) 114,500 — 603 3,500 43,542 38,720 (34,856) 47,406 51 20,028 9,629 (193) 29,464 Table of Contents Portfolio Company Mobil Money, LLC 1 Type of Investment 100% Membership Interest 2 50.1% Membership Interest Term Loan (10%) 2 Term Loans (10%) 2 100% Membership Interest POS on Cloud, LLC Excel WebSolutions LLC Total Controlled Investments Non-Control Investments EMCAP Loan Holdings, LLC Total Affiliate Investments Amount of Realized Gain (Loss) — — — — — Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to 3 Income Fair Value at December 31, 2020 Gross 4 Additions Gross 5 Reductions Fair Value at December 31, 2021 1,400 — 2,500 1,400 — — — — — 110 — — — 1,050 — — — 250 — — — — — — — 3,900 — 1,300 — — $ (1,266) $ 2,829 $ 15,028 $ 239,171 $ 78,038 $ (56,811) $ 260,398 4.67% Membership Interest — — 95 1,000 — — 1,000 $ (1,266) $ 2,829 $ 15,123 $ 240,171 $ 78,038 $ (56,811) $ 261,398 This schedule should be read in connection with the Company’s Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements. (1) (2) (3) (4) (5) (6) (7) The principal amount and ownership detail as shown in the Company’s Consolidated Schedule of Investments. Represents non-income producing security. Represents the total amount of interest, dividends, and other income credited to income for the year. 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. 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. Index based floating rate debt investments bear interest at rate of Prime plus a contractual spread which typically resets monthly. At December 31, 2021, the Prime rate in effect was 3.25%. On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. As a result, the Schedule of Investments in and Advances to Affiliates shows IPM and SIDCO within NTS. F-338 Exhibit 4.2 DESCRIPTION OF SECURITIES As of December 31, 2021, Newtek Business Services Corp. (the “Company,” “we,” “our,” or “us”) had two classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: (1) our common stock and (2) our debt securities. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit. A. Common Stock, $0.02 par value per share As of December 31, 2021, the authorized capital stock of Newtek Business Services Corp. consisted of 200,000,000 shares of stock, par value $0.02 per share, all of which are initially designated as common stock. Our common stock is traded on the Nasdaq Global Market under the ticker symbol “NEWT.” All shares of our common stock have equal rights as to earnings, assets, voting, and distributions and, when they are issued, will be duly authorized, validly issued, fully paid and non- assessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our Board and declared by us out of assets legally available therefor. Shares of our common stock have no preemptive, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will be unable to elect any director. Under our charter, our Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock without obtaining stockholder approval. Our charter also provides that the Board, without any action by our stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. Options and Restricted Stock On April 27, 2015, the Compensation, Corporate Governance and Nominating Committee and the Board of Directors approved the Amended and Restated 2014 Stock Incentive Plan (the “2015 Stock Plan”), subject to exemptive relief from the SEC and shareholder approval, in order to have increased flexibility to use restricted shares of common stock, in addition to stock options, to assist the Company in achieving its objectives with respect to long-term equity incentive compensation. On May 10, 2016, we received an exemptive order from the SEC permitting us to award restricted shares of common stock to our employees, officers, and non-employee directors, and on July 27, 2016, our shareholders approved the 2015 Stock Plan. The 2015 Stock Plan permits us to issue awards of stock options and restricted shares of common stock in an aggregate amount of up to 20% of our issued and outstanding shares of common stock (the “Plan Maximum Shares”) as of the effective date of the plan. Under the 2015 Stock Plan, all of the Plan Maximum Shares are available for grants of stock options, and half of the Plan Maximum Shares (up to 10% of our issued and outstanding shares of common stock as of the effective date of the 2015 Stock Plan) is available for grants of restricted shares of common stock. The Compensation, Corporate Governance and Nominating Committee believes that restricted shares of common stock is the best method of encouraging stock ownership in the Company by eligible participants by giving them a proprietary interest in the Company’s performance, which more closely aligns compensation with the Company’s performance and provides a means to attract and retain persons of outstanding ability in key positions with the Company. If in the future we successfully grow our assets under management and our net asset value, we may choose to increase the number of employees of the Company. The Compensation, Corporate Governance and Nominating Committee may or may not choose to consider the use of stock options for incentive compensation of these employees. We also may in the future request exemptive relief to permit us to grant dividend equivalent right to our option holders. However, there is no assurance that we will receive any such exemptive relief. Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision which eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act. Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses Our charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of us in any of the capacities described above and any of our employees or agents or any employees or agents of our predecessor. In accordance with the 1940 Act, we will not indemnify any person for any liability to which such person would be subject by reason of such person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either case, a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met. Certain Provisions of the Maryland General Corporation Law and Our Charter and Bylaws The Maryland General Corporation Law and our charter and bylaws contain provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms. Classified Board of Directors Our Board is divided into three classes of directors serving staggered three-year terms. The first expires in 2022, the second class expires in 2023, and the third class expires in 2024. Upon expiration of their current terms, directors of each class will be elected to serve for three-year terms and until their successors are duly elected and qualify and each year one class of directors will be elected by the stockholders. A classified board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified board of directors will help to ensure the continuity and stability of our management and policies. Election of Directors Our charter and bylaws provide that the affirmative vote of the holders of a plurality of the outstanding shares of stock entitled to vote in the election of directors cast at a meeting of stockholders duly called and at which a quorum is present will be required to elect a director. Pursuant to our charter our Board may amend the bylaws to alter the vote required to elect directors. Number of Directors; Vacancies; Removal Our charter provides that the number of directors will be set only by the Board in accordance with our bylaws. Our bylaws provide that a majority of our entire Board may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never be less than one nor more than twelve. Our charter provides that, at such time as we have at least three independent directors and our common stock is registered under the Securities Exchange Act of 1934, as amended, we elect to be subject to the provision of Subtitle 8 of Title 3 of the Maryland General Corporation Law regarding the filling of vacancies on the board of directors. Accordingly, at such time, except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act. Our charter provides that a director may be removed only for cause, as defined in our charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of directors. Action by Stockholders Under the Maryland General Corporation Law, stockholder action can be taken only at an annual or special meeting of stockholders or (unless the charter provides for stockholder action by less than unanimous written consent, which our charter does not) by unanimous written consent in lieu of a meeting. These provisions, combined with the requirements of our bylaws regarding the calling of a stockholder-requested special meeting of stockholders discussed below, may have the effect of delaying consideration of a stockholder proposal until the next annual meeting. Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the Board and the proposal of business to be considered by stockholders may be made only (a) pursuant to our notice of the meeting, (b) by the Board or (c) by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of our bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that directors will be elected at the meeting, by a stockholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws. The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders. Calling of Special Meetings of Stockholders Our bylaws provide that special meetings of stockholders may be called by our Board and certain of our officers. Additionally, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting. Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter generally provides for approval of charter amendments and extraordinary transactions by the stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Our charter also provides that certain charter amendments, any proposal for our conversion, whether by charter amendment, merger or otherwise, from a closed-end company to an open-end company and any proposal for our liquidation or dissolution requires the approval of the stockholders entitled to cast at least a majority of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by a majority of our continuing directors (in addition to approval by our Board), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The “continuing directors” are defined in our charter as (1) our current directors, (2) those directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of our current directors then on the Board or (3) any successor directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office. In any event, in accordance with the requirements of the 1940 Act, any amendment or proposal that would have the effect of changing the nature of our business so as to cause us to cease to be, or to withdraw our election as, a BDC would be required to be approved by a majority of our outstanding voting securities, as defined under the 1940 Act. Our charter and bylaws provide that the Board will have the exclusive power to make, alter, amend or repeal any provision of our bylaws. In a Special Meeting of Stockholders held on July 10, 2020, our stockholders rejected a proposal that would have allowed our stockholders to amend our bylaws. No Appraisal Rights Except with respect to appraisal rights arising in connection with the Control Share Act discussed below, as permitted by the Maryland General Corporation Law, our charter provides that stockholders will not be entitled to exercise appraisal rights unless a majority of the Board shall determine such rights apply. Control Share Acquisitions The Maryland General Corporation Law provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter (the “Control Share Act”). Shares owned by the acquirer, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power: one-tenth or more but less than one-third; one-third or more but less than a majority; or a majority or more of all voting power. a. b. c. The requisite stockholder approval must be obtained each time an acquirer crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions. A person who has made or proposes to make a control share acquisition may compel the Board of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting. If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations, including compliance with the 1940 Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition. The Control Share Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the Control Share Act any and all acquisitions by any person of our shares of stock. There can be no assurance that such provision will not be amended or eliminated at any time in the future. However, the SEC staff has taken the position that, under the 1940 Act, an investment company may not avail itself of the Control Share Act. As a result, we will amend our bylaws to be subject to the Control Share Act only if the Board determines that it would be in our best interests and, after notification, the SEC staff does not object to our determination that our being subject to the Control Share Act does not conflict with the 1940 Act. Business Combinations Under Maryland law, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder (the “Business Combination Act”). These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as: d. e. any person who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting stock; or an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation. A person is not an interested stockholder under this statute if the board of directors approved in advance the transaction by which the stockholder otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board. After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least: f. g. 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Our Board has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Business Combination Act, provided that the business combination is first approved by Board, including a majority of the directors who are not interested persons as defined in the 1940 Act. This resolution may be altered or repealed in whole or in part at any time; however, our Board will adopt resolutions so as to make us subject to the provisions of the Business Combination Act only if the Board determines that it would be in our best interests and if the SEC staff does not object to our determination that our being subject to the Business Combination Act does not conflict with the 1940 Act. If this resolution is repealed, or the Board does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer. Conflict with 1940 Act Our bylaws provide that, if and to the extent that any provision of the Maryland General Corporation Law, including the Control Share Act (if we amend our bylaws to be subject to such Act) and the Business Combination Act, or any provision of our charter or bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control. B. Debt Securities • • 5.75% Notes due 2024 (the “2024 Notes”); and 5.50% Notes due 2026 (the “2026 Notes,” and together with the 2024 Notes, the “Notes”). The 2024 Notes In July 2019, we issued $55.0 million in aggregate principal amount of 5.75% notes due 2024 (the “2024 Notes”). In August 2019, we closed on an additional $8.25 million in aggregate principal amount of the 2024 Notes pursuant to a fully-exercised overallotment option granted to the underwriters. The total net proceeds to us, after deducting underwriting discounts and offering expenses, were approximately $61.3 million. On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The new 2024 Notes are treated as a single series with the prior 2024 Notes and have the same terms as the prior 2024 Notes. The existing 2024 Notes have the same CUSIP number and are fungible and rank equally with the prior 2024 Notes. On December 29, 2021, the Company partially redeemed $40.0 million in aggregate principal amount of the $78.25 million of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date. As of December 31, 2021, the outstanding principal balance of the 2024 Notes was $78.25 million. The 2024 Notes were issued under a base indenture (the “Base Indenture”), dated September 23, 2015, by and between the Company and U.S. Bank National Association (the “Trustee”), as supplemented by the fourth supplemental indenture, dated as of July 29, 2019 (the “Fourth Supplemental Indenture”, and together with the Base Indenture and the Third Supplemental Indenture, the “Indenture”). The 2024 Notes bear interest at a rate of 6.25% per year payable quarterly on February 1, May 1, August 1, and November 1 of each year, beginning on November 1, 2019. The 2024 Notes will mature on August 1, 2024. The 2024 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after August 1, 2021. We have listed the 2024 Notes on The Nasdaq Global Select Market under the trading symbol “NEWTL.” The 2026 Notes In January 2021, we issued $115.0 million in aggregate principal amount of 5.50% notes due 2026 (the “2026 Notes,” and together with the 2024 Notes, the “Notes”). The 2026 Notes including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. Total net proceeds received after deducting underwriters’ discount and expenses was approximately $111.3 million. As of December 31, 2021, the outstanding principal balance of the 2026 Notes was $115.0 million. The 2026 Notes were issues under the Seventh Supplemental Indenture (the “Seventh Supplemental Indenture”) to the Indenture, dated as of September 23, 2015, between the Company and the Trustee (the “Base Indenture”, and together with the Seventh Supplemental Indenture, the “Indenture”). The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after February 1, 2022. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1, of each year, beginning May 1, 2021. The 2026 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTZ.” General The Indenture provides that any debt securities proposed to be sold may be issued under the Indenture in one or more series. The Indenture does not limit the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the Indenture, when a single trustee is acting for all debt securities issued under the Indenture, are called the “indenture securities.” The Indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See “— Resignation of Trustee” below. At a time when two or more trustees are acting under the Indenture, each with respect to only certain series, the term “indenture securities” means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the Indenture, the powers and trust obligations of each trustee will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the Indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures. Except as described under “— Events of Default” and “— Merger or Consolidation” below, the Indenture does not contain any provisions that give you protection in the event we issue a large amount of debt or we are acquired by another entity. We refer you to the applicable prospectus supplement for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants, as applicable, that are described below, including any addition of a covenant or other provision providing event risk protection or similar protection. We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created. Optional Redemption The 2024 Notes and the 2026 may be redeemed in whole or in part at any time or from time to time at our option on or after August 1, 2020 and February 1, 2022, respectively, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to the date fixed for redemption. You may be prevented from exchanging or transferring the Notes when they are subject to redemption. In case any Notes are to be redeemed in part only, the redemption notice will provide that, upon surrender of such Note, you will receive, without a charge, a new Note or Notes of authorized denominations representing the principal amount of your remaining unredeemed Notes. Any exercise of our option to redeem the Notes will be done in compliance with the 1940 Act. If we redeem only some of the Notes, the trustee or, with respect to global securities, DTC will determine the method for selection of the particular Notes to be redeemed, in accordance with the Indenture and in accordance with the rules of any national securities exchange or quotation system on which the Notes are listed. Unless we default in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on the Notes called for redemption. Global Securities Each Note will be issued in book-entry form and represented by a global security that we deposit with and register in the name of The Depository Trust Company, New York, New York, known as DTC, or its nominee. A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all the Notes represented by a global security, and investors will be permitted to own only beneficial interests in a global security. For more information about these arrangements, see “Description of Notes — Book-Entry Procedures” below. Termination of a Global Security If a global security is terminated for any reason, interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated Notes directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders. Payment We will pay interest to the person listed in the trustee’s records as the owner of the Notes at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the Note on the interest due date. That day, usually about two weeks in advance of the interest due date, is called the “record date.” Because we will pay all the interest for an interest period to the holders on the record date, holders buying and selling the Notes must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the Notes to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called “accrued interest.” Payments on Global Securities We will make payments on the Notes so long as they are represented by a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder’s right to those payments will be governed by the rules and practices of the depositary and its participants, as described under “Description of Notes — Book-Entry Procedures.” Payments on Certificated Securities In the event the Notes become represented by certificated securities, we will make payments on the Notes as follows. We will pay interest that is due on an interest payment date to the holder of the Notes as shown on the trustee’s records as of the close of business on the regular record date. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee in New York, New York and/or at other offices that may be specified in the Indenture or a notice to holders against surrender of the Note. Alternatively, at our option, we may pay any cash interest that becomes due on the Notes by mailing a check to the holder at his, her or its address shown on the trustee’s records as of the close of business on the regular record date or by transfer to an account at a bank in the United States, in either case, on the due date. Payment When Offices Are Closed If any payment is due on the Notes on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the Indenture as if they were made on the original due date. Such payment will not result in a default under the Notes or the Indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day. Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on the Notes. Events of Default You will have rights if an Event of Default occurs in respect of the Notes, as described later in this subsection. The term “Event of Default” in respect of the Notes means any of the following: • We do not pay the principal of (or premium, if any, on) any Note on its due date and such default is not cured within 5 days of its due date. An Event of Default for the Notes does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other Indenture. The trustee may withhold notice to the holders of the Notes of any default, except in the payment of principal or interest, if it in good faith considers the withholding of notice to be in the best interests of the holders. • • • • We do not pay interest on any Note when due, and such default is not cured within 30 days of its due date. We remain in breach of any other covenant with respect to the Notes for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25.0% of the principal amount of the Notes. We file for bankruptcy, or certain other events of bankruptcy, insolvency, or reorganization occur and, in the case of certain orders or decrees entered against us under any bankruptcy law, such order or decree remains undischarged or unstayed for a period of 90 days. On the last business day of each of twenty-four consecutive calendar months, the Notes have an asset coverage, as defined in the 1940 Act, of less than 100% after giving effect to any exemptive relief granted to us by the SEC. Remedies if an Event of Default Occurs If an Event of Default has occurred and is continuing, the trustee or the holders of not less than 25% in principal amount of the Notes may declare the entire principal amount of all the Notes to be due and immediately payable. This is called a declaration of acceleration of maturity. In certain circumstances, a declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the Notes if (1) we have deposited with the trustee all amounts due and owing with respect to the Notes (other than principal that has become due solely by reason of such acceleration) and certain other amounts, (2) any other Events of Default have been cured or waived, and (3) we have deposited with the trustee a sum sufficient to pay all sums paid or advanced by the trustee and the reasonable compensation, expenses, disbursements, and advances of the trustee, its agents, and counsel as required under the Indenture in connection with the rescinded Event of Default. The trustee is not required to take any action under the Indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability reasonably satisfactory to it (called an “indemnity”). If indemnity reasonably satisfactory to the trustee is provided, the holders of a majority in principal amount of the Notes may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default. Before you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the Notes, the following must occur: • you must give the trustee written notice that an Event of Default has occurred and remains uncured; However, you are entitled at any time to bring a lawsuit for the payment of money due on your Notes on or after the due date. • • • the holders of at least 25% in principal amount of all the Notes must make a written request that the trustee take action because of the default and must offer the trustee indemnity, security or both reasonably satisfactory to it against the cost and other liabilities of taking that action; the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity and/or security; and the holders of a majority in principal amount of the Notes must not have given the trustee a direction inconsistent with the above notice during that 60-day period. Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity. Each year, we will furnish to the trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the Indenture and the Notes, or else specifying any default. Waiver of Default The holders of a majority in principal amount of the Notes may waive any past defaults other than a default: • in the payment of principal (or premium, if any) or interest; or Merger or Consolidation • in respect of a covenant that cannot be modified or amended without the consent of each holder. Under the terms of the Indenture, we are generally permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions are met: • where we merge out of existence or convey or transfer our assets substantially as an entirety, the resulting entity must agree, in a supplemental indenture, to be legally responsible for our obligations under the Notes and the Indenture; Modification or Waiver • • the merger or sale of assets must not cause a default on the Notes and we must not already be in default (unless the merger or sale would cure the default). For purposes of this no- default test, a default would include an Event of Default that has occurred and has not been cured, as described under “Events of Default” above. A default for this purpose would also include any event that would be an Event of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded; and we must deliver to the trustee certain certificates and documents and an opinion of counsel. There are three types of changes we can make to the Indenture and the Notes issued thereunder. Changes Requiring Your Approval First, there are changes that we cannot make to your Notes without your specific approval. The following is a list of those types of changes: • change the stated maturity of the principal of or interest on the Notes; Changes Not Requiring Approval • • • • • • reduce any amounts due on the Notes; reduce the amount of principal payable upon acceleration of the maturity of a Note following a default; change the place or currency of payment on a Note; impair your right to sue for payment; reduce the percentage of holders of Notes whose consent is needed to modify or amend the Indenture; and reduce the percentage of holders of Notes whose consent is needed to waive compliance with certain provisions of the Indenture or to waive certain defaults. The second type of change does not require any vote by the holders of the Notes. This type is limited to clarifications and certain other changes that would not adversely affect holders of the Notes in any material respect. Changes Requiring Majority Approval Any other change to the Indenture and the Notes would require the following approval: • if the change affects only the Notes, it must be approved by the holders of a majority in principal amount of the Notes; and In each case, the required approval must be given by written consent. • if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose. The holders of a majority in principal amount of any series of debt securities issued under an indenture, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under “Description of Notes — Modification or Waiver — Changes Requiring Your Approval.” Further Details Concerning Voting When taking a vote, we will use the following rules to decide how much principal to attribute to the Notes: The Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. The Notes will also not be eligible to vote if they have been fully defeased as described later under “Description of Notes — Defeasance — Full Defeasance.” We will generally be entitled to set any day as a record date for the purpose of determining the holders of the Notes that are entitled to vote or take other action under the Indenture. However, the record date may not be more than 30 days before the date of the first solicitation of holders to vote on or take such action. If we set a record date for a vote or other action to be taken by holders of the Notes, that vote or action may be taken only by persons who are holders of the Notes on the record date and must be taken within eleven months following the record date. The trustee shall not be deemed to have notice of any default or Event of Default unless (i) written notice of any event which is in fact such a default is received by the trustee at the corporate trust office of the trustee and such notice references the Notes and the Indenture or (ii), in the case of a Default or Event of Default in the payment of the principal of (or premium, if any) or interest, if any, on any Notes, a responsible officer of the trustee has actual knowledge thereof. Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the Indenture or the Notes or request a waiver. Defeasance The following defeasance provisions will be applicable to the Notes. “Defeasance” means that, by depositing with a trustee an amount of cash and/or government securities sufficient to pay all principal and interest, if any, on the Notes when due and satisfying any additional conditions noted below, we will be deemed to have been discharged from our obligations under the Notes. In the event of a “covenant defeasance,” upon depositing such funds and satisfying similar conditions discussed below we would be released from certain covenants under the Indenture relating to the Notes. The consequences to the holders of the Notes would be that, while they would no longer benefit from certain covenants under the Indenture, and while the Notes could not be accelerated for any reason, the holders of Notes nonetheless would be guaranteed to receive the principal and interest owed to them. Covenant Defeasance Under current U.S. federal income tax law and the Indenture, we can make the deposit described below and be released from some of the restrictive covenants in the Indenture under which the Notes were issued. This is called “covenant defeasance.” In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your Notes. In order to achieve covenant defeasance, the following must occur: • Since the Notes are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of the Notes a combination of cash and U.S. government or U.S. government agency notes or bonds that will, in the written opinion of a nationally recognized accounting firm, generate enough cash to make interest, principal and any other payments on the Notes on their various due dates; If we accomplish covenant defeasance, you can still look to us for repayment of the Notes if there were a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the Notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall. • • • • we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the Notes any differently than if we did not make the deposit; we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, and a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with; defeasance must not result in a breach or violation of, or result in a default under, the Indenture or any of our other material agreements or instruments; no default or event of default with respect to the Notes shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency, or reorganization shall occur during the next 90 days. Full Defeasance If there is a change in U.S. federal income tax law, as described below, we can legally release ourselves from all payment and other obligations on the Notes (called “full defeasance”) if we put in place the following other arrangements for you to be repaid: • Since the Notes are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will, in the written opinion of a nationally recognized accounting firm, generate enough cash to make interest, principal and any other payments on the Notes on their various due dates; If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent. If your Notes were subordinated as described later under “Description of Notes — Indenture Provisions — Ranking,” such subordination would not prevent the trustee under the Indenture from applying the funds available to it from the deposit referred to in the first bullet of the preceding paragraph to the payment of amounts due in respect of such Notes for the benefit of the subordinated debtholders. • • • • we must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal income tax law or an IRS ruling that allows us to make the above deposit without causing you to be taxed on the Notes any differently than if we did not make the deposit. Under current U.S. federal income tax law the deposit and our legal release from the Notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your Notes and you would recognize gain or loss on the Notes at the time of the deposit; we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, and a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with; defeasance must not result in a breach or violation of, or constitute a default under, the Indenture or any of our other material agreements or instruments; and no default or event of default with respect to the Notes shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency, or reorganization shall occur during the next 90 days. Other Covenants In addition to any other covenants described in applicable prospectus supplement or accompanying prospectus, as well as standard covenants relating to payment of principal and interest, maintaining an office where payments may be made or securities can be surrendered for payment, payment of taxes by the Company and related matters, the following covenants will apply to the Notes: • We agree that for the period of time during which the Notes are outstanding, we will not violate Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings. See “Risk Factors — Because we have received the approval of our stockholders, we are subject to 150% asset coverage beginning after July 26, 2018” in this Form 10-K. Form, Exchange and Transfer of Certificated Registered Securities • • We agree that for the period of time during which Notes are Outstanding, pursuant to Section 18(a)(1)(B) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment Company Act, the Company will not declare any dividend (except a dividend payable in stock of the issuer), or declare any other distribution, upon a class of the capital stock of the Company, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or at the time of any such purchase, the Company has an asset coverage (as defined in the Investment Company Act) of at least the threshold specified in Section 18(a)(1) (B) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment Company Act, as such obligation may be amended or superseded, after deducting the amount of such dividend, distribution or purchase price, as the case may be, and in each case giving effect to (i) any exemptive relief granted to the Company by the Commission, and (ii) any SEC no-action relief granted by the Commission to another business development company (or to the Company if it determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a) (1)(B) as modified by Section 61(a) of the Investment Company Act, as such obligation may be amended or superseded, in order to maintain such business development company’s status as a regulated investment company under Subchapter M of the Code. If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with applicable U.S. GAAP. If registered Notes cease to be issued in book-entry form, they will be issued: • only in fully registered certificated form; Holders may exchange their certificated securities for Notes of smaller denominations or combined into fewer Notes of larger denominations, as long as the total principal amount is not changed and as long as the denomination is equal to or greater than $25. • • without interest coupons; and unless we indicate otherwise, in denominations of $25 and amounts that are multiples of $25. Holders may exchange or transfer their certificated securities at the office of the trustee. We have appointed the trustee to act as our agent for registering Notes in the names of holders transferring Notes. We may appoint another entity to perform these functions or perform them ourselves. Holders will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder’s proof of legal ownership. We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts. If we redeem any of the Notes, we may block the transfer or exchange of those Notes selected for redemption during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to determine and fix the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated Notes selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any Note that will be partially redeemed. If registered Notes are issued in book-entry form, only the depositary will be entitled to transfer and exchange the Notes as described in this subsection, since it will be the sole holder of the Notes. Resignation of Trustee The trustee may resign or be removed with respect to the Notes provided that a successor trustee is appointed to act with respect to the Notes. In the event that two or more persons are acting as trustee with respect to different series of Indenture securities under the Indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee. Indenture Provisions — Ranking The Notes will be designated as Senior Securities and, therefore, Senior Indebtedness under the Indenture. Senior Indebtedness is defined in the Indenture as the principal of (and premium, if any) and unpaid interest on: • our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed, that we have designated as “Senior Indebtedness” for purposes of the Indenture and in accordance with the terms of the Indenture (including any Indenture securities designated as Senior Indebtedness), and As unsecured obligations of the Company designated as Senior Indebtedness under the Indenture, the Notes will rank: • • • • • renewals, extensions, modifications and refinancings of any of this indebtedness. pari passu, or equal, with any of our existing and future unsecured indebtedness; senior to any of our future indebtedness that expressly provides it is subordinated to the Notes; effectively subordinated, or junior, to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness; and structurally subordinated, or junior, to all existing and future indebtedness and other obligations of any of our subsidiaries or financing vehicles, if any. NEWTEK BUSINESS SERVICES CORP. SUBSIDIARIES Name of Company State of Incorporation/Organization CCC Real Estate Holdings, LLC Exponential Business Development Co., Inc. NBSH Holdings, LLC Newtek Asset Backed Securities, LLC Newtek Business Services Holdco 1, Inc. (surviving entity of January 2021 merger with Newtek Business Services Holdco 2, 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 Co, Inc.) Newtek Business Services Holdco 6, Inc. Newtek Commercial Lending, Inc. Newtek LSP Holdco, LLC Newtek Small Business Finance, 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 Partners III, LLC Wilshire Partners, LLC Delaware New York New York New York New York New York New York New York New York New York New York New York New York New York District of Columbia New York Louisiana Louisiana Louisiana Louisiana New York Florida Exhibit 23.1 1 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the Registration Statement on Form N-2 of Newtek Business Services Corp and subsidiaries (the Company) of our report dated March 1, 2022, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting of the Company, appearing in the this Annual Report on Form 10-K of the Company for the year ended December 31, 2021. We also consent to the incorporation by reference in such Registration Statement of our report dated March 1, 2022, relating to the senior securities table, appearing in Part II, Item 5 of the Form 10-K of the Company for the year ended December 31, 2021. We also consent to the reference to our firm under the headings “Senior Securities” in the Form 10-K and "Independent Registered Public Accounting Firm” in such Registration Statement on Form N-2. /s/ RSM US LLP New York, New York March 1, 2022  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 annual report on Form 10-K 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: March 1, 2022 /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, Nicholas Leger, certify that: 1. I have reviewed this annual report on Form 10-K 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: March 1, 2022 /S/ NICHOLAS LEGER Nicholas Leger Principal Financial Officer CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 32.1 In connection with the Annual Report on Form 10-K for the year ended December 31, 2021 (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: March 1, 2022 /S/ BARRY SLOANE Barry Sloane, Principal Executive Officer CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 32.2 In connection with the Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Nicholas Leger, 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: March 1, 2022 /S/ NICHOLAS LEGER Nicholas Leger, Principal Financial Officer Newtek Merchant Solutions, LLC and Subsidiary (A Wholly-owned Subsidiary of NBSH Holdings, LLC Consolidated Financial Statements and Independent Auditor’s Report December 31, 2021 Newtek Merchant Solutions, LLC and Subsidiary Index Year Ended December 31, 2021 Page: Independent Auditor’s Report 1-2 Consolidated Financial Statements Consolidated Balance Sheet 3 Consolidated Statement of Income 4 Consolidated Statement of Changes in Member's Equity 5 Consolidated Statement of Cash Flows 6 Notes to Consolidated Financial Statements 7 - 13 INDEPENDENT AUDITOR’S REPORT To the Board of Directors and Stockholder of Newtek Merchant Solutions, LLC and Subsidiary Opinion We have audited the accompanying consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiary (“NMS”), a wholly-owned subsidiary of NBSH Holdings LLC, which comprise the consolidated balance sheet as of December 31, 2021, and the related consolidated statement of income, changes in member’s equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Newtek Merchant Solutions, LLC and Subsidiary as of December 31, 2021, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Newtek Merchant Solutions, LLC and Subsidiary and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibility of Management’s for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Newtek Merchant Solutions, LLC and Subsidiary’s ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued. Auditor’s Responsibility for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements. 1 In performing an audit in accordance with generally accepted auditing standards, we: (cid:0) Exercise professional judgment and maintain professional skepticism throughout the audit. (cid:0) Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. (cid:0) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Newtek Merchant Solutions, LLC and Subsidiary’s internal control. Accordingly, no such opinion is expressed. (cid:0) Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements. (cid:0) Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Newtek Merchant Solutions, LLC and Subsidiary’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. Melville, New York February 24, 2022 2 Newtek Merchant Solutions, LLC and Subsidiary Consolidated Balance Sheet December 31, 2021 3 Current assets: Cash $ 6,198,459 Accounts receivable 3,252,940 Prepaid expenses and other current assets 192,492 Inventory, net 320,643 9,964,534 Fixed assets, net 444,311 Restricted cash 474,309 Customer merchant accounts, net 496,898 Due from related parties 321,018 Investment in Biller Genie 200,000 Notes receivable - related party 11,450,000 Goodwill 13,813,812 Total assets $ 37,164,882 Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses $ 1,327,022 Residuals payable 1,228,920 Chargeback reserves 1,073,213 Due to related parties 511,836 Bank notes payable, current 4,812,500 Total current liabilities 8,953,491 Bank notes payable, long-term, net (Note 7) 20,290,874 Total liabilities 29,244,365 Commitments and contingencies (Note 11) Member's equity 7,920,517 Total liabilities and member's equity $ 37,164,882 See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Income December 31, 2021 4 2021 Revenues Electronic payment processing $ 38,374,865 Expenses Electronic payment processing costs 17,349,461 Salaries and benefits 6,596,072 Professional fees 362,106 Depreciation and amortization 757,630 Other general and administrative costs 1,324,013 Total expenses 26,389,282 Income from operations 11,985,583 Interest expense, net (917,187) Interest income - related parties 387,440 Total other expenses (529,747) Net income $ 11,455,836 See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Changes in Member's Equity December 31, 2021 5 Member’s Equity Balance - January 1, 2021 $ 5,835,385 Net income 11,455,836 Contribution from member 389,352 Distributions (9,760,056) Balance - December 31, 2021 $ 7,920,517 See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Cash Flows December 31, 2021 6 Cash flows from operating activities: Net income $ 11,455,836 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 757,630 Amortization of deferred financing costs 149,116 Stock compensation expense 389,352 Changes in operating assets and liabilities: Accounts receivable (416,832) Prepaid expenses and other current assets 101,471 Inventory (153,323) Accounts payable and accrued expenses (1,565,218) Due to/from related parties 74,470 Net cash provided by operating activities 10,792,502 Cash flows from investing activities: Proceeds from related party note 12,640,000 Purchase of investment (200,000) Purchase of fixed assets (199,245) Net cash provided by investing activities 12,240,755 Cash flows from financing activities: Dividends paid to shareholder (9,428,537) Distribution to parent (331,519) Repayments of the line of credit (7,500,000) Principal payments to Webster Bank (3,500,000) Net cash used in financing activities (20,760,056) Net increase in cash and restricted cash 2,273,201 Cash - beginning of year 4,399,567 Cash - end of year $ 6,672,768 Supplemental disclosure of cash flow activities: Interest paid $ 884,415 See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 7 1. Organization, Basis of Presentation and Description of Business Newtek Merchant Solutions, LLC (“NMS”) was organized as a limited liability company (“LLC”) under the laws of the State of Wisconsin and is a wholly-owned subsidiary of NBSH Holdings, LLC (“NBSH”). NBSH was organized on November 1, 2018 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Holdco 1, Inc. (“Holdco”) which was incorporated on June 5, 2015 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Corp. (“Newtek”). The accompanying consolidated financial statements include the accounts of NMS and its wholly-owned subsidiary, UPSWI Sales (“UPS Sales”), which are collectively hereinafter referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. The Company 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 noncash forms of payment. 2. Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the nea term relate to the determination of the reserve for chargeback losses. Financial Instruments The Company’s financial instruments include cash, accounts receivable, notes receivable from related party, accounts payable, residuals payable, line of credit and bank notes payable. The carrying amount of cash, accounts receivable, accounts payable and residuals payable approximate fair value due to their short-term maturities. The carrying amounts of notes receivable from related party, line of credit and bank notes payable approximate fair value due to the variable interest rate they carry. Cash Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2021, cash deposits in excess of insured amounts totaled approximately $5,749,000. Restricted Cash Under the terms of the processing agreements between NMS and its processing banks, NMS maintains cash accounts as reserves against chargeback losses. As the Company receives fees from the processing bank, a certain percentage is allocated to the cash reserve account. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows at December 31, 2021. Cash $ 6,198,459 Restricted cash 474,309 Total cash and restricted cash $ 6,672,768 Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 8 Accounts Receivable Accounts receivable represent amounts owed to the Company by third parties for electronic payment processing and related residuals. The Company estimates losses on accounts receivable based on known troubled accounts and historical experience of losses incurred. The Company determined no reserve for uncollectible accounts was necessary at December 31, 2021. Inventory Inventory consists primarily of equipment to be installed in merchant locations to enable the merchants to process electronic transactions. Inventory is stated at the lower of cost or net realizable value, which is determined on a FIFO (first in-first out) basis. Fixed Assets Fixed assets, which are comprised of terminals, software, telephone systems, computer equipment, automobile, website and leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is provided on a straight-line basis using estimated useful lives of the related assets ranging from three to seven years. Amortization of leasehold improvements is provided on a straight-line basis using the lesser of the useful life of the asset, which is generally three to five years, or lease term. Software Development Costs The Company capitalizes certain software development costs for internal use. Costs incurred during the preliminary project stage are expensed as incurred, while application stage projects are capitalized. The latter costs are typically employee and/or consulting services directly associated with the development of the internal use software. Software and website costs are included in fixed assets in the accompanying consolidated balance sheets. Amortization commences once the software and website costs are ready for their intended use and are amortized using the straight-line method over the estimated useful life, typically three years. Goodwill and Customer Merchant Accounts Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Customer merchant accounts with finite lives are amortized over an estimated useful life of 30 or 66 months (See Note 5). The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognize revenue when or as the Company satisfies a performance obligation Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 9 Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue is primarily derived from electronic payment processing and related fee income. Electronic payment processing and fee income Electronic payment processing and fee income is derived from the electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported gross of amounts paid to sponsor banks. The Company's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. The Company’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract. ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" (“ASC 606”) requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the year ended December 31, 2021 substantially all of the Company’s revenues were recognized at a point in time. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. Interest income Interest income from a related party is recorded on an accrual basis, when earned, based on the current lending rate in place. Reserve for Losses on Merchant Accounts Disputes between a cardholder and a merchant periodically arise as a result of, among other things, cardholder dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction is “charged back” to the merchant, which means the purchase price is refunded to the customer through the merchant’s acquiring bank and charged to the merchant. If the merchant has inadequate funds, the Company or, under limited circumstances, the Company and the acquiring bank, must bear the credit risk for the full amount of the transaction. The Company evaluates its risk for such transactions and estimates its potential loss for charge- backs based primarily on historical experience and other relevant factors. The Company records reserves for charge-backs and contingent liabilities when such amounts are deemed to be probable and estimable. The required reserves may change in the future due to new developments, including, but not limited to, changes in litigation or increased charge-back exposure as the result of merchant insolvency, liquidation, or other reasons. The required reserves are reviewed periodically to determine if adjustments are required. Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 10 In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third-party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income. During the year ended December 31, 2021, the Company partnered with two sponsor banks for substantially all merchant transactions. Substantially all merchant transactions were processed by one merchant processor. Stock Based Compensation The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC Topic 718, Stock Compensation. The Company measures the grant date fair value based upon the market price of the of its wholly owned parent Newtek Business Services Corp. (“Newtek”) 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. Income Taxes The Company and its subsidiary are treated as flow-through entities for federal and state income tax purposes. Under present income tax laws, the Company is not subject to federal or state income taxes. The member is responsible for taxes on their respective share of the Company’s net income or losses. The Company reviews uncertain tax positions taken, or expected to be taken, in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Management of the Company is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company has reviewed the open tax years in major jurisdictions and concluded there is no tax liability, interest, or penalties resulting from unrecognized tax benefits relating to uncertain income tax positions taken, or expected to be taken, in future tax returns. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through February 24, 2022, the date these consolidated financial statements were available to be issued. 3. Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2021: Terminals $ 1,490,330 Software 698,334 Telephone systems 96,717 Computer equipment 28,265 Automobile 24,576 Website 9,500 Leasehold improvements 4,420 2,352,142 Less: accumulated depreciation and amortization (1,907,831) $ 444,311 Depreciation and amortization expense related to fixed assets for the year ended December 31, 2021 was approximately $190,000. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 11 4. Goodwill The carrying value of goodwill at December 31, 2021 is approximately $13,814,000. The Company performed a qualitative assessment on goodwill to determine if it is more likely than not that the Company’s fair value is less than its carrying amount. Based on its qualitative assessment, the Company determined that goodwill was not impaired at December 31, 2021 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2021. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $497,000 at December 31, 2021. Customer merchant accounts are amortized over an estimated useful life of 30 to 66 months, as appropriate. Total amortization expense of customer merchant accounts using the straight-line method is included in depreciation and amortization in the accompanying consolidated statements of income and was approximately $568,000 for the year ended December 31, 2021. Total expected amortization expense is as follows: Years Ending December 31, 2022 $ 333,690 2023 150,343 2024 12,865 $ 496,898 6. Investments During 2021, the Company made an investment in Biller Genie Software, LLC. The Company’s 1.74% interest is accounted for using the cost method because the Company’s investment is considered minor, representing less than 20% of the investee’s common stock. Therefore, the Company’s investment in Biller Genie Software, is carried at cost, $200,000, at December 31, 2021. Management analyzes this investment for potential impairment when events or changes in circumstances indicate that it is more likely than not that the cost of the investment will not be realized. There were no impairments during 2021. 7. Line of Credit and Bank Notes Payable, Net In November 2018, the Company entered into a Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $35,000,000 (the “Webster Term Loan”) and a revolving line of credit (the “Webster RLOC” combined with the Webster Term Loan, the “Webster Facility”) with maximum borrowings of $15,000,000 for a total commitment of $50,000,000. All assets of the Company are pledged as collateral under the Webster Agreement and is guaranteed by Newtek. The Webster Facility provides for monthly interest payments and the Webster Term Loan provides for quarterly principal payments, with total remaining principal due at maturity. The Webster Facility matures in November 2023. Borrowings under the Webster Facility are classified either as a “Base Rate Loan” or a “LIBOR Rate Loan” at the Company’s election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to LIBOR plus 2.5%, and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to the Prime Rate plus 1.5%. The effective interest rate at December 31, 2021 for the Webster Term Loan and was 2.60%. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 12 The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2021. Total interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2021 was approximately $803,000. Amortization of deferred financing costs for the year ended December 31, 2021 was approximately $149,000 and is included in interest expense on the consolidated statements of income. The remaining amount of unamortized deferred financing costs incurred by the Company related to the Webster Facility was approximately $272,000 at December 31, 2021. Outstanding borrowings under the Webster RLOC was $0 at December 31, 2021. Outstanding borrowings under the Webster Term Loan consisted of the following at December 31, 2021: Principal $ 25,375,000 Unamortized deferred financing costs (271,626) Net carrying amount $ 25,103,374 Debt principal payments are as follows: Years Ending December 31, 2022 $ 4,812,500 2023 20,562,500 $ 25,375,000 8. Notes Receivable - Related Party The Company has extended a line of credit to Newtek. The Company had approximately $11,450,000 outstanding on its revolving line of credit with Newtek, at December 31, 2021. The line, which matures in November 2023, allows for maximum borrowings of $50,000,000 (subject to availability) and bears interest at a rate equal to that in effect under the Company’s Webster Facility, at any given time. The Company recorded related party interest income of approximately $387,000 during the year ended December 31, 2021. 9. Related Party Transactions The Company has related party transactions with Newtek and various portfolio companies of Newtek, including Automated Merchant Services, Inc. (“AMS”), Mobil Money LLC (“MOB”), Newtek Technology Solutions Inc. (“NTS”) and PMTWorks Payroll, LLC (“PMT”). During the year ended December 31, 2021, the Company incurred residual expenses totaling approximately $185,000 from AMS and NTS, managed technology services costs of approximately $699,000 from NTS, licensing fees for zero cost payment processing of approximately $523,000 from MOB and payroll processing costs of approximately $19,000 from PMT. Included in salaries and benefits are charges from Newtek related to salaries for management and certain other employees that perform services for the Company. Total amounts allocated to the Company for the year ended December 31, 2021 were approximately $450,000. The Company subleases office space from Newtek in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space. Rent expense for the years ended December 31, 2021 was approximately $251,000. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 13 10. Stock Based Compensation Newtek has an incentive stock plan and contributes stock compensation expense to the Company using an allocation methodology similar to allocations utilized by Newtek and the Company recognizes compensation related expenses. The plan is summarized below: 2021 Stock Incentive Plan The 2021 Stock Incentive Plan allows employees and officers an opportunity to acquire Newtek’s common stock, par value $0.02 per share. Under the Plan, the Newtek has authorized that the awards should not exceed 150,000 shares and the maximum number of shares an employee may be granted in any calendar year is 10,000 shares. Incentive Stock Plan shall remain in effect until terminated by Managers. The Plan allows for grants of options which vest in accordance with a continuous service condition. Dividends paid on Stock Incentive Plan are accrued as of the dividend payment date, in shares of Stock at the Market Value price. For the year ended December 31, 2021, Newtek contributed $389,352 of stock compensation expense to the Company. As of December 31, 2021, there was $57,833 of total unrecognized compensation expense related to unvested shares. This compensation expense is expected to be recognized over a remaining period of approximately 2 years. 11. Commitments and Contingencies The Company has a Merchant ISO Agreement with a sponsor bank. Under the terms of the Merchant ISO Agreement, NMS is required to pay monthly minimum fees of $15,000 during the term of the agreement. The agreement renews automatically annually. Litigation As a result of prior litigation with the Federal Trade Commission, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.  Newtek Merchant Solutions, LLC and Subsidiary (A Wholly-owned Subsidiary of NBSH Holdings, LLC) Consolidated Financial Statements and Independent Auditor’s Report December 31, 2020 Newtek Merchant Solutions, LLC and Subsidiary Index Year Ended December 31, 2020 Pages Independent Auditor’s Report ................................................................................................................... 1 Consolidated Financial Statements Consolidated Balance Sheet .......................................................................................................................... 2 Consolidated Statement of Income ............................................................................................................... 3 Consolidated Statement of Changes in Member’s Equity ............................................................................ 4 Consolidated Statement of Cash Flows ........................................................................................................ 5 Notes to Consolidated Financial Statements ............................................................................................ 6-13 1 INDEPENDENT AUDITOR’S REPORT To the Board of Directors and Stockholder of Newtek Merchant Solutions, LLC and Subsidiary We have audited the accompanying consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiary (“NMS”), a wholly-owned subsidiary of NBSH Holdings LLC, which comprise the consolidated balance sheets as of December 31, 2020, and the related consolidated statements of income, changes in member’s equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation o the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Newtek Merchant Solutions, LLC and Subsidiary as of December 31, 2020, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Melville, New York March 11, 2021 Newtek Merchant Solutions, LLC and Subsidiary Consolidated Balance Sheet December 31, 2020 See notes to consolidated financial statements. 2 Assets Current assets: Cash 3,821,415$ Accounts receivable 2,836,108 Prepaid expenses and other current assets 293,963 Inventory 167,320 Total current assets 7,118,806 Fixed assets, net 434,915 Restricted cash 578,152 Customer merchant accounts, net 1,064,678 Due from related parties 282,890 Notes receivable - related party 24,090,000 Goodwill 13,813,812 Total assets 47,383,253$ Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses 3,211,861$ Residuals payable 983,014 Chargeback reserves 999,497 Due to related parties 399,238 Line of credit 7,500,000 Bank notes payable, current 3,500,000 Total current liabilities 16,593,610 Bank notes payable, long-term, net (Note 6) 24,954,258 Total liabilities 41,547,868 Member's equity 5,835,385 Total liabilities and member's equity 47,383,253$ Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Income Year Ended December 31, 2020 See notes to consolidated financial statements. 3 Revenues Electronic payment processing 33,036,467$ Expenses Electronic payment processing costs 13,418,432 Salaries and benefits 5,678,172 Professional fees 870,510 Depreciation and amortization 1,536,116 Other general and administrative costs 1,284,599 Total expenses 22,787,829 Income from operations 10,248,638 Interest expense, net (1,182,591) Interest income - related parties 429,894 Total other expenses (752,697) Net income 9,495,941$ Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Changes in Member’s Equity Year Ended December 31, 2020 See notes to consolidated financial statements. 4 Member's Equity Balance, January 1, 2020 6,625,317$ Net income 9,495,941 Distributions (10,285,873) Balance, December 31, 2020 5,835,385$ Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Cash Flows Year Ended December 31, 2020 See notes to consolidated financial statements. 5 Cash flows from operating activities: Net income 9,495,941$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,615,837 Amortization of deferred financing costs 150,290 Changes in operating assets and liabilities: Accounts receivable 214,888 Prepaid expenses and other current assets (86,993) Inventory (33,049) Accounts payable and accrued expenses (278,932) Due to/from related parties (226,465) Net cash provided by operating activities 10,851,517 Cash flows used in investing activities: Net drawdowns from related party note (11,927,499) Purchase of fixed assets (199,326) Net cash used in investing activities (12,126,825) Cash flows used in financing activities: Dividends paid to shareholder (10,285,873) Proceeds from line of credit 7,500,000 Principal payments to Webster Bank (3,500,000) Net cash used in financing activities (6,285,873) Net decrease in cash and restricted cash (7,561,182) Cash and restricted cash, beginning of year 11,960,749 Cash and restricted cash, end of year 4,399,567$ Supplemental disclosure of cash flow activities Interest paid 1,453,583$ Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 6 1. Organization, Basis of Presentation and Description of Business Newtek Merchant Solutions, LLC (“NMS”) was organized as a limited liability company (“LLC”) under the laws of the State of Wisconsin and is a wholly-owned subsidiary of NBSH Holdings, LLC (“NBSH”). NBSH was organized on November 1, 2018 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Holdco 1, Inc. (“Holdco”) which was incorporated on June 5, 2015 under the laws of the State of New York and is a wholly- owned subsidiary of Newtek Business Services Corp. (“Newtek”). The accompanying consolidated financial statements include the accounts of NMS and its wholly- owned subsidiary, UPSWI Sales (“UPS Sales”), which are collectively hereinafter referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. The Company 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 noncash forms of payment. 2. Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of the reserve for chargeback losses. Financial Instruments The Company’s financial instruments include cash, accounts receivable, notes receivable from related party, accounts payable, residuals payable, line of credit and bank notes payable. The carrying amount of cash, accounts receivable, accounts payable and residuals payable approximate fair value due to their short-term maturities. The carrying amounts of notes receivable from related party, line of credit and bank notes payable approximate fair value due to the variable interest rate they carry. Cash Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2020, cash deposits in excess of insured amounts totaled approximately $3,547,000. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 7 Restricted Cash Under the terms of the processing agreements between NMS and its processing banks, NMS maintains cash accounts as reserves against chargeback losses. As the Company receives fees from the processing bank, a certain percentage is allocated to the cash reserve account. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows at December 31, 2020. Cash 3,821,415$ Restricted cash 578,152 Total cash and restricted cash 4,399,567$ Accounts Receivable Accounts receivable represent amounts owed to the Company by third parties for electronic payment processing and related residuals. The Company estimates losses on accounts receivable based on known troubled accounts and historical experience of losses incurred. The Company determined no reserve for uncollectible accounts was necessary at December 31, 2020. Inventory Inventory consists primarily of equipment to be installed in merchant locations to enable the merchants to process electronic transactions. Inventory is stated at the lower of cost or net realizable value, which is determined on a FIFO (first in-first out) basis. Fixed Assets Fixed assets, which are comprised of terminals, software, telephone systems, computer equipment, automobile, website and leasehold improvements, are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is provided on a straight-line basis using estimated useful lives of the related assets ranging from three to seven years. Amortization of leasehold improvements is provided on a straight-line basis using the lesser of the useful life of the asset, which is generally three to five years, or lease term. Software Development Costs The Company capitalizes certain software development costs for internal use. Costs incurred during the preliminary project stage are expensed as incurred, while application stage projects are capitalized. The latter costs are typically employee and/or consulting services directly associated with the development of the internal use software. Software and website costs are included in fixed assets in the accompanying consolidated balance sheets. Amortization commences once the software and website costs are ready for their intended use and are amortized using the straight-line method over the estimated useful life, typically three years. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 8 Goodwill and Customer Merchant Accounts Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Customer merchant accounts with finite lives are amortized over an estimated useful life of 30 or 66 months (See Note 5). The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue is primarily derived from electronic payment processing and related fee income. Electronic payment processing and fee income Electronic payment processing and fee income is derived from the electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported gross of amounts paid to sponsor banks. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 9 The Company's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. The Company’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract. ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" (“ASC 606”) requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the year ended December 31, 2020 substantially all of the Company’s revenues were recognized over time. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. Interest Income Interest income from a related party is recorded on an accrual basis, when earned, based on the current lending rate in place. Reserve for Losses on Merchant Accounts Disputes between a cardholder and a merchant periodically arise as a result of, among other things, cardholder dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction is “charged back” to the merchant, which means the purchase price is refunded to the customer through the merchant’s acquiring bank and charged to the merchant. If the merchant has inadequate funds, the Company or, under limited circumstances, the Company and the acquiring bank, must bear the credit risk for the full amount of the transaction. The Company evaluates its risk for such transactions and estimates its potential loss for charge-backs based primarily on historical experience and other relevant factors. The Company records reserves for charge-backs and contingent liabilities when such amounts are deemed to be probable and estimable. The required reserves may change in the future due to new developments, including, but not limited to, changes in litigation or increased charge-back exposure as the result of merchant insolvency, liquidation, or other reasons. The required reserves are reviewed periodically to determine if adjustments are required. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 10 Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed. In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third- party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income. During the year ended December 31, 2020, the Company partnered with two sponsor banks for substantially all merchant transactions. Substantially all merchant transactions were processed by one merchant processor. Income Taxes The Company and its subsidiary are treated as flow-through entities for federal and state income tax purposes. Under present income tax laws, the Company is not subject to federal or state income taxes. The member is responsible for taxes on their respective share of the Company’s net income or losses. The Company reviews uncertain tax positions taken, or expected to be taken, in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Management of the Company is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company has reviewed the open tax years in major jurisdictions and concluded there is no tax liability, interest, or penalties resulting from unrecognized tax benefits relating to uncertain income tax positions taken, or expected to be taken, in future tax returns. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through March 11, 2021, the date these consolidated financial statements were available to be issued. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 11 3. Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2020: Terminals 1,368,055$ Software 877,990 Telephone systems 96,717 Computer equipment 46,929 Automobile 24,576 Website 14,705 Leasehold improvements 5,170 2,434,142 Less: accumulated depreciation and amortization (1,999,227) 434,915$ Depreciation and amortization expense related to fixed assets for the year ended December 31, 2020 was approximately $254,000. 4. Goodwill The carrying value of goodwill at December 31, 2020 is approximately $13,814,000. The Company performed a qualitative assessment on goodwill to determine if it is more likely than not that the Company’s fair value is less than its carrying amount. Based on its qualitative assessment, the Company determined that goodwill was not impaired at December 31, 2020 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2020. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $1,065,000 at December 31, 2020. Customer merchant accounts are amortized over an estimated useful life of 30 to 66 months, as appropriate. Total amortization expense of customer merchant accounts using the straight-line method is included in depreciation and amortization in the accompanying consolidated statements of income and was approximately $1,362,000 for the year ended December 31, 2020. Total expected amortization expense is as follows: Years Ending December 31, 2021 567,796 2022 333,690 2023 150,343 2024 12,848 1,064,678$ Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 12 6. Line of Credit and Bank Notes Payable, Net In November 2018, the Company entered into a Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $35,000,000 (the “Webster Term Loan”) and a revolving line of credit (the “Webster RLOC” combined with the Webster Term Loan, the “Webster Facility”) with maximum borrowings of $15,000,000 for a total commitment of $50,000,000. All assets of the Company are pledged as collateral under the Webster Agreement and is guaranteed by Newtek. The Webster Facility provides for monthly interest payments and the Webster Term Loan provides for quarterly principal payments, with total remaining principal due at maturity. The Webster Facility matures in November 2023. Borrowings under the Webster Facility are classified either as a “Base Rate Loan” or a “LIBOR Rate Loan” at the Company’s election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to LIBOR plus 2.5%, and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to the Prime Rate plus 1.5%. The effective interest rate at December 31, 2020 for the Webster Term Loan and Webster RLOC were 2.74% and 2.64%, respectively. The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2020. Total interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2020 was approximately $1,202,000. Amortization of deferred financing costs for the year ended December 31, 2020 was approximately $150,000 and is included in interest expense on the consolidated statements of income. The remaining amount of unamortized deferred financing costs incurred by the Company related to the Webster Facility wa approximately $421,000 at December 31, 2020. Outstanding borrowings under the Webster RLOC was $7,500,000 at December 31, 2020. Outstanding borrowings under the Webster Term Loan consisted of the following at December 31, 2020: Principal 28,875,000$ Unamortized deferred financing costs (420,742) Net carrying amount 28,454,258$ Debt principal payments are as follows: Years Ending December 31, 2021 3,500,000$ 2022 4,812,500 2023 20,562,500 28,875,000$ Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements Year Ended December 31, 2020 13 7. Notes Receivable – Related Party The Company has extended a line of credit to Newtek. The Company had approximately $24,090,000 outstanding on its revolving line of credit with Newtek, at December 31, 2020. The line, which matures in November 2023, allows for maximum borrowings of $50,000,000 (subject to availability) and bears interest at a rate equal to that in effect under the Company’s Webster Facility, at any given time. The Company recorded related party interest income of approximately $430,000 during the year ended December 31, 2020. At December 31, 2020 there was approximately $192,000, in accrued interest income included in prepaid expenses and other current assets on the consolidated balance sheet. 8. Related Party Transactions The Company has related party transactions with Newtek and various portfolio companies of Newtek, including Automated Merchant Services, Inc. (“AMS”), Mobil Money LLC (“MOB”), Newtek Technology Solutions, Inc. (“NTS”) and PMTWorks Payroll, LLC (“PMT”). During the year ended December 31, 2020, the Company incurred residual expenses totaling approximately $136,000 from AMS and NTS, managed technology services costs of approximately $632,000 from NTS, licensing fees for zero cost payment processing of approximately $107,000 from MOB and payroll processing costs of approximately $28,000 from PMT. Included in salaries and benefits are charges from Newtek related to salaries for management and certain other employees that perform services for the Company. Total amounts allocated to the Company for the year ended December 31, 2020 were approximately $402,000. The Company subleases office space from Newtek in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space. Rent expense for the years ended December 31, 2020 was approximately $229,000. 9. Commitments and Contingencies The Company has a Merchant ISO Agreement with a sponsor bank. Under the terms of the Merchant ISO Agreement, NMS is required to pay monthly minimum fees of $15,000 during the term of the agreement. The agreement renews automatically annually. Litigation As a result of prior litigation with the Federal Trade Commission, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.   Newtek Merchant Solutions, LLC and Subsidiary (A Wholly-owned Subsidiary of NBSH Holdings, LLC) Consolidated Financial Statements and Independent Auditor’s Report December 31, 2019 Newtek Merchant Solutions, LLC and Subsidiaries Index Years Ended December 31, 2019 Pages Independent Auditor’s Report ................................................................................................................... 1 Consolidated Financial Statements Consolidated Balance Sheet .......................................................................................................................... 2 Consolidated Statement of Income ............................................................................................................... 3 Consolidated Statement of Changes in Member’s Equity ............................................................................ 4 Consolidated Statement of Cash Flows ........................................................................................................ 5 Notes to Consolidated Financial Statements ............................................................................................ 6-14 1 INDEPENDENT AUDITOR’S REPORT To the Board of Directors and Stockholder of Newtek Merchant Solutions, LLC and Subsidiaries We have audited the accompanying consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiaries (“NMS”), a wholly-owned subsidiary of NBSH Holdings LLC, which comprise the consolidated balance sheets as of December 31, 2019, and the related consolidated statements of income, changes in member’s equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Newtek Merchant Solutions, LLC and Subsidiaries as of December 31, 2019, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Melville, New York March 5, 2020 Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Balance Sheet December 31, 2019 See notes to consolidated financial statements. 2 Assets Current assets: Cash 11,315,071$ Accounts receivable 3,050,996 Prepaid expenses and other current assets 206,970 Inventory 134,271 Total current assets 14,707,308 Fixed assets, net 489,434 Restricted cash 645,678 Customer merchant accounts, net 2,426,669 Due from related parties 170,750 Notes receivable - related party 12,162,501 Goodwill 13,813,812 Total assets 44,416,152$ Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses 2,934,732$ Residuals payable 1,036,716 Chargeback reserves 1,501,856 Due to related parties 513,563 Bank notes payable, current 3,500,000 Total current liabilities 9,486,867 Bank notes payable, long-term, net (Note 6) 28,303,968 Total liabilities 37,790,835 Member's equity 6,625,317 Total liabilities and member's equity 44,416,152$ Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statement of Income Year Ended December 31, 2019 See notes to consolidated financial statements. 3 Revenues Electronic payment processing 35,167,736$ Expenses Electronic payment processing costs 13,338,482 Salaries and benefits 6,087,635 Professional fees 771,450 Depreciation and amortization 1,874,519 Other general and administrative costs 1,419,858 Total expenses 23,491,944 Income from operations 11,675,792 Interest expense, net (1,802,585) Interest income - related parties 910,595 Gain on sale of merchant portfolio 500,000 Total other expenses (391,990) Net income 11,283,802$ Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statement of Changes in Member’s Equity Year Ended December 31, 2019 See notes to consolidated financial statements. 4 Member's Equity Balance, January 1, 2019 12,861,813$ Net income 11,283,802 Distributions (17,520,298) Balance, December 31, 2019 6,625,317$ Newtek Merchant Solutions, LLC and Subsidiaries Consolidated Statement of Cash Flows Year Ended December 31, 2019 See notes to consolidated financial statements. 5 Cash flows from operating activities: Net income 11,283,802$ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,874,519 Amortization of deferred financing costs 150,413 Changes in operating assets and liabilities: Accounts receivable (289,054) Prepaid expenses and other current assets (34,468) Inventory (51,763) Accounts payable and accrued expenses 1,210,780 Due to/from related parties 37,071 Net cash provided by operating activities 14,181,300 Cash flows from investing activities: Purchase of customer merchant accounts (217,252) Net repayments received from related party note 4,677,499 Purchase of fixed assets (140,698) Net cash provided by investing activities 4,319,549 Cash flows used in financing activities: Dividends paid to shareholder (17,520,298) Principal payments to Webster Bank (2,625,000) Deferred financing costs paid (6,000) Net cash used in financing activities (20,151,298) Net decrease in cash and restricted cash (1,650,449) Cash and restricted cash, beginning of year 13,611,198 Cash and restricted cash, end of year 11,960,749$ Supplemental disclosure of cash flow activities Interest paid 1,469,486$ Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 6 1. Organization, Basis of Presentation and Description of Business Newtek Merchant Solutions, LLC (“NMS”) was organized as a limited liability company (“LLC”) under the laws of the State of Wisconsin and is a wholly-owned subsidiary of NBSH Holdings, LLC (“NBSH”). NBSH was organized on November 1, 2018 under the laws of the State of New York and is a wholly-owned subsidiary of Newtek Business Services Holdco 1, Inc. (“Holdco”) which was incorporated on June 5, 2015 under the laws of the State of New York and is a wholly- owned subsidiary of Newtek Business Services Corp. (“Newtek”). The accompanying consolidated financial statements include the accounts of NMS and its wholly- owned subsidiary, UPSWI Sales (“UPS Sales”), which are collectively hereinafter referred to as the “Company”. All significant intercompany accounts and transactions have been eliminated in these consolidated financial statements. The Company 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 noncash forms of payment. 2. Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Estimates that are particularly susceptible to significant changes in the near term relate to the determination of the reserve for chargeback losses. Recently Adopted Accounting Pronouncements The Company adopted ASU 2014-09, "Revenues from Contracts with Customers (“Topic 606”)" as well as other clarifications and technical guidance issued by the FASB related to this new revenue standard ("ASC 606") and ASC Subtopic 340-40: "Other Assets and Deferred Costs - Contracts with Customers" on January 1, 2019. The Company elected the modified retrospective transition method. The cumulative impact of adopting Topic 606 was immaterial and no adjustments to the opening balance of member’s equity were recorded. Prior to the adoption of ASC 606, the Company presented payments made to certain third parties, including interchange fees and fees paid to payment networks, as a component of operating expenses. For periods beginning on and after January 1, 2019, the Company presents revenue net of these third-party payments. This change in presentation had the effect of reducing the Company’s revenues and operating expenses by the same amounts. The adoption of ASC 606 had no effect on any other line items in the Company’s consolidated financial statements. Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 7 Financial Instruments The Company’s financial instruments include cash, accounts receivable, notes receivable from related party, accounts payable, residuals payable and bank notes payable. The carrying amount of cash, accounts receivable, accounts payable and residuals payable approximate fair value due to their short-term maturities. The carrying amounts of notes receivable from related party and bank notes payable approximate fair value due to the variable interest rate they carry. Cash Invested cash is held exclusively at financial institutions of high credit quality. As of December 31, 2019, cash deposits in excess of insured amounts totaled approximately $11,162,000. Restricted Cash Under the terms of the processing agreements between NMS and its processing banks, NMS maintains cash accounts as reserves against chargeback losses. As the Company receives fees from the processing bank, a certain percentage is allocated to the cash reserve account. The following table provides a reconciliation of cash and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows. 2019 2018 Cash 11,315,071$ 13,026,644$ Restricted cash 645,678 584,554 Total cash and restricted cash 11,960,749$ 13,611,198$ Accounts Receivable Accounts receivable represent amounts owed to the Company by third parties for electronic payment processing and related residuals. The Company estimates losses on accounts receivable based on known troubled accounts and historical experience of losses incurred. The Company determined no reserve for uncollectible accounts was necessary at December 31, 2019. Inventory Inventory consists primarily of equipment to be installed in merchant locations to enable the merchants to process electronic transactions. Inventory is stated at the lower of cost or net realizable value, which is determined on a FIFO (first in-first out) basis. Fixed Assets Fixed assets, which are comprised of terminals, software, telephone systems, computer equipment, leasehold improvements, automobile and website, are stated at cost less accumulated depreciation and amortization. Depreciation of fixed assets is provided on a straight-line basis using estimated useful lives of the related assets ranging from three to seven years. Amortization of leasehold improvements is provided on a straight-line basis using the lesser of the useful life of the asset, which is generally three to five years, or lease term. Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 8 Software Development Costs The Company capitalizes certain software development costs for internal use. Costs incurred during the preliminary project stage are expensed as incurred, while application stage projects are capitalized. The latter costs are typically employee and/or consulting services directly associated with the development of the internal use software. Software and website costs are included in fixed assets in the accompanying consolidated balance sheets. Amortization commences once the software and website costs are ready for their intended use and are amortized using the straight-line method over the estimated useful life, typically three years. Goodwill and Customer Merchant Accounts Goodwill is an indefinite lived asset, which is not amortized and is instead subject to impairment testing, at least annually. Customer merchant accounts with finite lives are amortized over an estimated useful life of 30 or 66 months (See Note 5). The Company considers the following to be some examples of indicators that may trigger an impairment review outside of its annual impairment review: (i) significant under-performance or loss of key contracts acquired in an acquisition relative to expected historical or projected future operating results; (ii) significant changes in the manner or use of the acquired assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy; (iii) significant negative industry or economic trends; (iv) increased competitive pressures; (v) a significant decline in the Company’s fair value for a sustained period of time; and (vi) regulatory changes. In assessing the recoverability of the Company’s goodwill and customer merchant accounts, the Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets. These include estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Company, the period over which cash flows will occur, and determination of the Company’s cost of capital. Changes in these estimates and assumptions could materially affect the determination of fair value and conclusions on impairment. Revenue Recognition Effective January 1, 2019, revenues are recognized when control of the promised goods or services is transferred to the Company's customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To achieve this core principle, the Company applies the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognize revenue when or as the Company satisfies a performance obligation Revenue is recognized net of taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue is primarily derived from electronic payment processing and related fee income. Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 9 Electronic payment processing and fee income Electronic payment processing and fee income is derived from the electronic processing of credit and debit card transactions that are authorized and captured through third-party networks. Typically, merchants are charged for these processing services by applying a percentage to the dollar amount of each transaction plus a flat fee per transaction. Certain merchant customers are charged miscellaneous fees, including fees for handling charge-backs or returns, monthly minimum fees, statement fees and fees for other miscellaneous services. Revenues derived from the electronic processing of MasterCard®, Visa®, American Express® and Discover® sourced credit and debit card transactions are reported gross of amounts paid to sponsor banks. The Company's performance obligations are to stand ready to provide holistic electronic payment processing services consisting of a series of distinct elements that are substantially the same and have the same pattern of transfer over time. The Company’s promise to its customers is to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ use (i.e., number of payment transactions processed, number of cards on file, etc.); as such, the total transaction price is variable. The Company allocates the variable fees charged to the day in which it has the contractual right to bill under the contract. Revenues and electronic payment processing costs were lower than the amounts that would have been presented if not for the effect of the new revenue accounting standard by approximately $88,179,000 each, respectively, for the year ended December 31, 2019. ASC 606 requires that the Company determine for each customer arrangement whether revenue should be recognized at a point in time or over time. For the year ended December 31, 2019 substantially all of the Company’s revenues were recognized over time. ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations; however, as permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. As described above, the Company’s most significant performance obligations consist of variable consideration under a stand-ready series of distinct days of service. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material. Interest Income Interest income from a related party is recorded on an accrual basis, when earned, based on the current lending rate in place. Reserve for Losses on Merchant Accounts Disputes between a cardholder and a merchant periodically arise as a result of, among other things, cardholder dissatisfaction with merchandise quality or merchant services. Such disputes may not be resolved in the merchant’s favor. In these cases, the transaction is “charged back” to the merchant, which means the purchase price is refunded to the customer through the merchant’s acquiring bank and charged to the merchant. If the merchant has inadequate funds, the Company or, under limited circumstances, the Company and the acquiring bank, must bear the credit risk for the full amount of the transaction. The Company evaluates its risk for such transactions and estimates its potential loss for charge-backs based primarily on historical experience and other relevant factors. Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 10 The Company records reserves for charge-backs and contingent liabilities when such amounts are deemed to be probable and estimable. The required reserves may change in the future due to new developments, including, but not limited to, changes in litigation or increased charge-back exposure as the result of merchant insolvency, liquidation, or other reasons. The required reserves are reviewed periodically to determine if adjustments are required. Electronic Payment Processing Costs Electronic payment processing costs consist principally of costs directly related to the processing of merchant sales volume, bank processing fees and costs paid to third-party processing networks. Such costs are recognized at the time the merchant transactions are processed or when the services are performed. In addition to costs directly related to the processing of merchant sales volume, electronic payment processing costs also include residual expenses. Residual expenses represent fees paid to third- party sales referral sources. Residual expenses are paid in accordance with contracted terms. These are generally linked to revenues derived from merchants successfully referred to the Company and that begin using the Company for merchant processing services. Such residual expenses are recognized in the Company’s consolidated statements of income. During the year ended December 31, 2019, the Company partnered with two sponsor banks for substantially all merchant transactions. Substantially all merchant transactions were processed by one merchant processor. Income Taxes The Company and its subsidiaries are treated as flow-through entities for federal and state income tax purposes. Under present income tax laws, the Company is not subject to federal or state income taxes. The member is responsible for taxes on their respective share of the Company’s net income or losses. The Company reviews uncertain tax positions taken, or expected to be taken, in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more likely than not” of being sustained by the applicable tax authority. Management of the Company is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company has reviewed the open tax years in major jurisdictions and concluded there is no tax liability, interest, or penalties resulting from unrecognized tax benefits relating to uncertain income tax positions taken, or expected to be taken, in future tax returns. Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through March 5, 2020, the date these consolidated financial statements were available to be issued. Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 11 3. Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2019: 2019 Terminals 1,280,974$ Software 870,713 Telephone systems 152,049 Computer equipment 120,849 Leasehold improvements 97,150 Automobile 24,576 Website 14,705 2,561,016 Less: accumulated depreciation and amortization (2,071,582) 489,434$ Depreciation and amortization expense related to fixed assets for the year ended December 31, 2019 was approximately $213,000. 4. Goodwill The carrying value of goodwill at December 31, 2019 is approximately $13,814,000. The Company performed a qualitative assessment on goodwill to determine if it is more likely than not that the Company’s fair value is less than its carrying amount. Based on its qualitative assessment, the Company determined that goodwill was not impaired at December 31, 2019 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2019. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $2,427,000 at December 31, 2019. Customer merchant accounts are amortized over an estimated useful life of 30 to 66 months, as appropriate. Total amortization expense of customer merchant accounts using the straight-line method is included in depreciation and amortization in the accompanying consolidated statements of income and was approximately $1,661,000 for the year ended December 31, 2019. Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 12 Total expected amortization expense for the next five fiscal years and thereafter is as follows: Years Ending December 31, 2020 1,361,986 2021 567,796 2022 333,690 2023 150,343 2024 12,853 2,426,669$ In November 2018, the Company sold a portion of its merchant portfolio to Elavon Inc. (“Elavon”). The Company sold substantially all of its merchants processing on the Elavon platform for $7,500,000 with an additional $500,000 contingent payment to be made in November 2019 if the sold portfolio achieves certain volume requirements and the Company boards 200 new merchants on the Elavon platform. During 2018, as a result of the sale, the Company recorded a gain on sale of approximately $5,581,000 broken down as follows: Sale price 7,500,000$ Payments to agents (1,480,561) Carrying value of Elavon portfolio (438,107) Gain on sale 5,581,332$ During 2019, the Company recorded a gain on sale of $500,000 as a result of the satisfying the requirements for the contingent payment. 6. Bank Notes Payable, Net In November 2018, the Company entered into a Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $35,000,000 (the “Webster Term Loan”) and a revolving line of credit (the “Webster RLOC” combined with the Webster Term Loan, the “Webster Facility”) with maximum borrowings of $15,000,000 for a total commitment of $50,000,000. All assets of the Company are pledged as collateral under the Webster Agreement and is guaranteed by Newtek. The Webster Facility provides for monthly interest payments and quarterly principal payments beginning April 2019, with total remaining principal due at maturity. The Webster Facility matures in November 2023. Borrowings under the Webster Facility are classified either as a “Base Rate Loan” or a “LIBOR Rate Loan” at the Company’s election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to LIBOR plus 2.5%, and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to the Prime Rate plus 1.5%. The effective interest rate at December 31, 2019 was 4.71%. Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 13 The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2019. Total interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2019 was approximately $1,714,000. Amortization of deferred financing costs for the year ended December 31, 2019 was approximately $150,000 and is included in interest expense on the consolidated statements of income. The remaining amount of unamortized deferred financing costs incurred by the Company related to the Webster Facility was approximately $571,000 at December 31, 2019. Outstanding borrowings under the Bank note payable consisted of the following at December 31, 2019: 2019 Principal 32,375,000$ Unamortized deferred financing costs (571,032) Net carrying amount 31,803,968$ Debt principal payments are as follows: Years Ending December 31, 2020 3,500,000$ 2021 3,500,000 2022 4,812,500 2023 20,562,500 32,375,000$ 7. Notes Receivable – Related Party The Company has extended a line of credit to Newtek. The Company had approximately $12,163,000 outstanding on its revolving line of credit with Newtek, at December 31, 2019. The line, which matures in November 2023, allows for maximum borrowings of $50,000,000 (subject to availability) and bears interest at a rate equal to that in effect under the Company’s Webster Facility, at any given time. The Company recorded related party interest income of approximately $911,000 during the year ended December 31, 2019. At December 31, 2019 there was approximately $64,000, in accrued interest income included in prepaid expenses and other current assets on the consolidated balance sheet. 8. Related Party Transactions The Company has related party transactions with Newtek and various portfoli companies of Newtek, including Automated Merchant Services, Inc. (“AMS”), Newtek Technology Solutions, Inc. (“NTS”) and PMTWorks Payroll, LLC (“PMT”). During the year ended December 31, 2019, the Company incurred residual expenses totaling approximately $145,000 from AMS and NTS, managed technology services costs of approximately $398,000 from NTS, and payroll processing costs of approximately $22,000 from PMT. Newtek Merchant Solutions, LLC and Subsidiaries Notes to Consolidated Financial Statements Year Ended December 31, 2019 14 Included in salaries and benefits are charges from Newtek related to salaries for management and certain other employees that perform services for the Company. Total amounts allocated to the Company for the year ended December 31, 2019 were approximately $373,000. The Company subleases office space from Newtek in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space. Rent expense for the years ended December 31, 2019 was approximately $232,000. 9. Commitments and Contingencies Operating Commitments The Company leases office spaces under non-cancelable operating leases. The following summarizes the Company’s obligations and commitments, as of December 31, 2019 for future minimum cash payments required under operating leases: Years Ending December 31, Operating Leases 2020 52,978$ 52,978$ Total rent expense for the year ended December 31, 2019 was approximately $288,000. The Company has a Merchant ISO Agreement with a sponsor bank. Under the terms of the Merchant ISO Agreement, NMS is required to pay monthly minimum fees of $15,000 during the term of the agreement. The agreement renews automatically annually. Litigation As a result of prior litigation with the Federal Trade Commission, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.  Ex. 99.4 1 Report of Independent Registered Public Accounting Firm Board of Directors and Shareholders Newtek Business Services Corp. and Subsidiaries Our audits of the Newtek Business Services Corp. and Subsidiaries (the Company) ‘s consolidated financial statements and internal control over financial reporting referred to in our report dated March 1, 2022, (appearing in the accompanying Form 10-K) also included an audit of the senior securities table of Newtek Business Services Corp. appearing in this Form 10-K. This table is the responsibility of the Company’s management. Our responsibility is to express an opinion based on our audits of the consolidated financial statements. In our opinion, the senior securities table, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein. /s/ RSM US LLP New York, New York March 1, 2022  

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