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
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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
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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
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•
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.
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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.
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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.
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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.
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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.
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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.”
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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.
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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.
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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.
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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:
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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.
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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.
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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:
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Commercial real estate — 75%
Residential real estate — 85%
• Vacant land — 50%
• Machinery & Equipment — 50%
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Furniture & Fixtures — 10%
• Accounts receivable & inventory —10%
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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.
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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:
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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:
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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:
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for real estate valued up to $500,000 — a transaction screen including a records review;
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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:
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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:
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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;
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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:
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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;
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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.
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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:
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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.
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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.
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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:
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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.
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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:
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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;
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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.
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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
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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.
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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.
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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
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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:
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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,
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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.”
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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:
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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:
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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:
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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.
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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.
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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.”
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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.
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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
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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.
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• 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.
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• 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.
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Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
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Because we have received the approval of our stockholders, we are subject to 150% asset coverage beginning after July 26, 2018.
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• 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.
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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.
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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
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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
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• 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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.”
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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.
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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.
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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
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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.
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A governmental failure to fund the SBA could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.
We are dependent upon the Federal government to maintain the SBA 7(a) Program. NSBF’s lending business could be materially and adversely affected by circumstances or events limiting the
availability of funds for this program. In October 2013, Congress failed to approve a budget, which, in turn, eliminated availability of funds for the SBA 7(a) program. At the time, the government
shutdown affected SBA 7(a) lenders’ ability to originate SBA 7(a) loans. More recently, the government shut down in January 2018 due to a lapse in appropriations, and the SBA closed all non-
disaster related programs and activities, including the SBA 7(a) program. The government could again fail to fund the SBA which would affect NSBF’s ability to originate government guaranteed
loans and to sell the government guaranteed portions of those loans in the secondary market. Any failure to fund the SBA could adversely affect NSBF’s SBA 7(a) loan originations and our results of
operations.
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
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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.
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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.
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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:
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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•
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
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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.
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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.
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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.
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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:
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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;
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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
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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.
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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.
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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%.
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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.
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(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.
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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
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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.
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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
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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.
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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
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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.
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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
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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
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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.
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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
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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
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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
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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.
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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.
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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.
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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
$
$
$
$
$
$
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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%.
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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