Newtek Business Services
Annual Report 2022

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR oo 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 NEWTEKONE, INC. (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 x 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 o o Accelerated Filer Smaller reporting company Emerging growth company x 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 ☒ 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 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $432.0 million as of the last business day of the registrant’s second fiscal quarter of 2022, based on a closing price on that date of $18.93 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 March 14, 2023, there were 24,608,631 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share. Item 1. 1A. 1B. 2. 3. 4. 5. 6. 7. 7A. 8. 9. 9A. 9B. 9C. 10. 11. 12. 13. 14. 15. Business Risk Factors Unresolved Staff Comments Properties Legal Proceedings Mine Safety Disclosures NEWTEKONE, INC. AND SUBSIDIARIES TABLE OF CONTENTS 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 Quantitative and Qualitative Disclosures About Market Risk 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 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 Exhibits and Financial Statement Schedules Exhibits Index Signatures Financial Statements PART III PART IV Page 8 33 58 59 59 59 60 67 68 93 93 93 94 94 94 95 100 113 114 115 115 117 120 120 Table of Contents Defined Terms We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to NewtekOne, Inc. 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 2022-1 Trust 2022 Notes 2023 Notes 2024 Notes 2025 6.85% Notes 2025 5.00% Notes 2025 8.125% Notes 2025 Notes 2026 Notes ABL Acquisition Amended 2019 ATM Distribution Agreement ASC ASU 2017 ATM Equity Distribution Agreement 2019 ATM Equity Distribution Agreement 2020 ATM Equity Distribution Agreement BDC BHCA Board Capital One C&I CFPB Code CRA CRE Deutsche Bank DIF DRIP EBITDA Equity Incentive Plan Exchange Act FASB Federal Reserve FDIC 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 Newtek Small Business Loan Trust, Series 2022-1 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, redeemed in May 2022 5.00% Notes due 2025 8.125% Notes due 2025 Collectively, the 2025 6.85% Notes, the 2025 5.00% Notes and the 8.125% Notes due 2025 5.50% Notes due 2026 Asset based lending The Company’s Acquisition of NBNYC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million 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, as amended on July 20, 2022 Business Development Company under the 1940 Act The Bank Holding Company Act of 1956 The Company's board of directors Capital One Bank, National Association Conventional commercial and industrial loans Consumer Financial Protection Bureau Internal Revenue Code of 1986, as amended The Community Reinvestment Act Conventional commercial real estate lending Deutsche Bank AG Deposit Insurance Fund of the FDIC 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 Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation FFIEC FHLB LIBOR NAV NBL Capital One Facility NBL Deutsche Bank Facility NBL One Florida Bank Facility NBNYC Newtek Bank Receivable and Inventory Facility Related Party RLOC OCC PLP PPP Related Party RLOC RIC S&P SBA SBLC SEC SMB Stock Purchase Agreement Taxable Subsidiaries Trustee TSO II U.S. GAAP or GAAP Webster Federal Financial Institutions Examination Council Federal Home Loan Bank System 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 Revolving Credit and Security Agreement between NBL SPV3, LLC, a wholly-owned subsidiary of NBL, and One Florida Bank National Bank of New York City, which has been renamed Newtek Bank, National Association Newtek Bank, National Association Loan and Security Agreement between NBC and Webster, as successor by merger to Sterling National Bank, as lender, to fund accounts receivable and inventory financing arrangements. Unsecured revolving line of credit agreement between NMS as lender and NewtekOne as borrower Office of the Comptroller of the Currency Preferred Lender Program, as authorized by the SBA Paycheck Protection Program Unsecured revolving line of credit agreement between NMS as lender and NewtekOne 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 Small-and-medium sized businesses 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, as amended through December 12, 2022 Companies formed by Newtek which are taxed as corporations for income tax purposes U.S. Bank, National Association TSO II Booster Aggregator, L.P. Generally accepted accounting principles in the United States Webster Bank, N.A. Portfolio Companies and Subsidiaries as of December 31, 2022 NSBF NBL NCL Newtek-TSO JV Exponential NMS Mobil Money NTS IPM SIDCO EWS NBC 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 Newtek-TSO II Conventional Credit Partners, LP, 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 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 subsidiary of NTS Excel WebSolutions, LLC, a wholly-owned controlled portfolio company CDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company 5 SBL BSP NPS or PMT NIA TAM EMCAP POS 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 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 loan portfolio, 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: CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND PROJECTIONS • • • • • • • • • • • • • • • • • • • • • our future operating results; our business prospects and the prospects of our subsidiaries; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our business to achieve its objectives; the impact of a protracted decline in the liquidity of credit markets on our business; the adequacy of our cash resources and working capital; our ability to operate as a financial holding company and increased compliance and other costs associated with such operations; our ability to operate our subsidiary Newtek Bank, a national bank regulated and supervised by the OCC, and increased compliance and other costs associated with such operations; the timing of cash flows, if any, from the operations of our subsidiaries; Newtek Bank’s ability to maintain its SBA 7(a) license and obtain PLP status under the SBA 7(a) program; Newtek Bank’s ability to sell the guaranteed portions of SBA 7(a) loans at premiums; Our ability to wind-down NSBF in an orderly manner and transition its SBA 7(a) lending activities to Newtek Bank; the valuation of NSBF’s portfolio of SBA 7(a) loans; the ability of NSBF’s and Newtek Bank’s SBA 7(a) borrowers to pay principal and interest, including after any deferment periods granted by NSBF or Newtek Bank; and Newtek Bank’s ability to originate SBA 7(a) guaranteed loans. 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 subsidiaries’ ability to continue to operate or repay their borrowings, which could adversely affect our results; a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities; interest rate volatility, including the decommissioning of LIBOR, which could adversely affect our results; impacts to financial markets and the global macroeconomic and geopolitical environment, including higher inflation and its impacts; higher interest rates and the impacts on macroeconomic conditions, and NewtekOne, Inc.’s funding costs; 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 Newtek Bank to continue to originate loans under the SBA 7(a) program, obtain and maintain PLP status, and sell guaranteed portions of SBA 7(a) loans at premiums and grow deposits; our ability to originate new loans; our subsidiaries’ ability to generate revenue and obtain and maintain 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. 7 ITEM 1. BUSINESS. Prior to January 6, 2023 and during the entirety of the 2022 fiscal year, we operated as an internally managed non-diversified closed-end management investment company that was regulated as a BDC under the 1940 Act, and was treated as a RIC under the Code for U.S. federal income tax purposes. On January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, and filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, following approval from our shareholders, and ceased to be a BDC. As a result of the Acquisition, we are now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. We no longer qualify as a regulated investment company for federal income tax purposes and no longer qualify for accounting treatment as an investment company. Our Business We are a financial holding company that is a leading business and financial solutions provider to SMBs. NewtekOne and its subsidiaries provide SMBs with the following Newtek branded business and financial solutions: Newtek Bank, Newtek Lending, Newtek Payments, Newtek Insurance, Newtek Payroll and Newtek Technology. 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 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 to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by TM 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 and similar providers. In addition, we have launched the Newtek Advantage (patent pending) dashboard for our depository and non-depository clients. The Newtek Advantage offers NewtekOne’s clients a single online dashboard to access all of NewtekOne’s business and financial solutions. We believe the Newtek Advantage will allow NewtekOne clients to easily interact with NewtekOne subject matter experts in the areas of Banking, Lending, Payments, Technology, Payroll and Insurance. We believe the Newtek Advantage will enable us to grow core retail deposits and provide an advantage to our existing and new clients. We believe that NewtekOne’s technology and business model distinguishes us from our competitors. ® ® ® We define SMBs as companies having revenues of $1.0 million to $100.0 million, and we estimate the SMB market to be over 31 million businesses in the U.S. as of October 2020, according to the SBA. We expect to generate earnings from our subsidiaries, which have historically generated revenue from business operations, including a combination of realized gains on the sale of the government guaranteed portions of SBA 7(a) loans, servicing income and other income, including revenue generated from Newtek Lending, Newtek Payments, Newtek Insurance, Newtek Payroll and Newtek Technology. On January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Company. In connection with the completion of the Acquisition, the Company contributed to Newtek Bank $31 million of cash and two of the Company’s subsidiaries, NBL and SBL. Upon the consummation of the Acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC. The Company has also filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC as of January 6, 2023. As a result of the Acquisition, the Company is now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. The Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following NewtekOne portfolio companies and subsidiaries are now consolidated non-bank subsidiaries in the Company’s financial statements: NSBF; NMS; Mobil Money, LLC; NBC; PMT; NIA TAM; Newtek Business Services Holdco 6, Inc; NCL; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. See “Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance – Our status as a financial holding company requires us to curtail certain activities and imposes limitations on certain activities, which may negatively impact the Company’s business, financial condition and results of operations.” On January 17, 2023, the Company changed its name from Newtek Business Services Corp. to NewtekOne, Inc. 8 NewtekOne’s Business and Financial Solutions Ecosystem Newtek Lending SBA 7(a) Lending Our Newtek Lending platform includes loans originated under the federal Section 7(a) loan program, i.e., SBA 7(a) loans. 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. 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 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 3.00%. 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. Historically, prior to the acquisition of Newtek Bank, the Company’s NSBF subsidiary, a SBLC licensed by the SBA to originate SBA 7(a) loans, originated, serviced, sold and securitized loans originated under the SBA 7(a) program. As of January 6, 2023, NSBF was the third largest SBA 7(a) lender in the U.S. by loan approval dollar volume, including banks and nonbank lenders. NSBF has received PLP status, a designation whereby the SBA authorizes the most experienced SBA lenders to place SBA guarantees on loans without seeking prior SBA review and approval. PLP status has allowed NSBF to serve its clients in an expedited manner since it was not required to present applications to the SBA for concurrent review and approval. New SBA 7(a) loan originations will be transitioned to Newtek Bank, which anticipates obtaining PLP status. NewtekOne has a dedicated Senior Lending Team (as defined below) that is now supporting Newtek Bank, which will originate and service SBA 7(a) loans to qualifying SMBs and will follow the NewtekOne SBA 7(a) loan business model, as follows: originate SBA 7(a) loans, sell the guaranteed portions of the SBA 7(a) loans, typically within thirty to forty-five days of origination, and retain the unguaranteed portion until accumulating sufficient loans for investment or securitization. In a securitization, the unguaranteed portions of SBA 7(a) loans are transferred to a special purpose vehicle (a “Trust”), which in turn issues notes against the Trust’s assets in private placements. 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 paid by cash flows 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. NSBF has completed twelve (12) securitizations. Newtek Bank will continue the SBA 7(a) business model utilizing the NewtekOne Senior Lending Team and may determine to engage in securitization transactions. NSBF will continue to manage and service its portfolio of guaranteed and unguaranteed SBA 7(a) loans. We believe our twenty years of experience as one of the largest SBA 7(a) lenders, 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 $775.6 million of SBA 7(a) loans during 2022 and $560.6 million of SBA 7(a) loans during 2021. 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. NewtekOne has a dedicated capital markets team that sells the guaranteed portions of its SBA 7(a) loans and has securitized 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 historically sold SBA guaranteed portions of SBA 7(a) loans at premiums ranging from 106% to 123% of par value, and in current market conditions, approximately 108% to 113% of par, and any portion of the premium that is above 110% of par value is shared equally between NSBF and the SBA. However, there is no guarantee that Newtek Bank will be able to continue to earn premiums of 106% to 123% on future sales of the guaranteed portions of SBA 7(a) loans or obtain PLP status. See “Item 1A. Risk Factors - Risks related to SBA lending.” Since December 2010, NSBF maintained its securitization program for unguaranteed portions of its SBA 7(a) loans and successfully completed 12 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 September 2022, when it sold $116.2 million of Unguaranteed SBA 7(a) Loan-Backed Notes, Series 2022-1, consisting of $95.4 million of Class A Notes and $20.8 million Class B Notes, rated “A” and “BBB-”, respectively, by S&P Global, Inc. NSBF may complete additional securitizations in the future. Newtek Bank intends to use core deposits to fund SBA 7(a) loans and may securitize the unguaranteed portions of SBA 7(a) loans in the future, and may determine to retain the government guaranteed or unguaranteed portions of loans for longer periods, pending deployment of excess capital. 9 We have focused on making smaller SBA 7(a) 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 our exposure to regional and industry- specific economic downturns. Specifically, as of December 31, 2022, NSBF’s loan portfolio consisted of 3,538 loans originated across 50 states in 78 different industries as defined by the North American Industry Classification System (“NAICS”). As discussed below, in addition to SBA 7(a) lending, our Newtek Lending ecosystem includes the following loan products to be originated by Newtek Bank: SBA 504 loans, C&I loans, CRE lending and ABL. In addition, non-conforming conventional loans will be originated by NewtekOne nonbank subsidiaries and joint ventures. Commercial Banking – Newtek Bank NewtekOne intends to centralize its Newtek Lending ecosystem within Newtek Bank (except for our nonconforming conventional lending business, discussed herein), its newly acquired commercial bank. As discussed above, Newtek Bank will be originating, servicing and selling SBA 7(a) loans in a similar manner to NSBF’s historic business model and will be originating and servicing SBA 504 loans, C&I loans, CRE loans and ABL loans. In addition, we offer depository services and solutions through Newtek Bank. Our commercial banking clients will be able to take advantage of our full offerings via the Newtek Advantage dashboard. Newtek Bank's business lines include: SBA 7(a) Lending NSBF's SBA 7(a) loan business is being transitioned to Newtek Bank. NewtekOne's dedicated Senior Lending Team, which now supports Newtek Bank, and NSBF's management team and employees who are now part of the Newtek Bank, will originate and service SBA 7(a) loans to qualifying SMBs and will follow the NewtekOne SBA 7(a) loan business model. Any delays in Newtek Bank obtaining PLP status may negatively impact Newtek Bank's SBA 7(a) loan origination volumes and revenues to be generated from the sale of guaranteed portions of SBA 7(a) loans. SBA 504 Lending Historically, NewtekOne’s SBA 504 loan origination business line was conducted by NBL, its former portfolio company which has become a subsidiary of Newtek Bank. SBA 504 loans provide financing of fixed assets such as real estate or equipment. NBL will continue to provide loan origination services to other parts of the Newtek Lending platform, including NewtekOne subsidiaries and joint ventures. C&I Lending, CRE Lending and ABL Lending The Newtek Lending ecosystem also includes C&I Lending, CRE Lending and ABL. Newtek Bank will continue to provide C&I loans and CRE loans to its commercial customers and will originate ABL loans. In addition, NewtekOne’s subsidiary, NBC provided receivables financing, inventory financing and health care receivables financing to SMBs, which obtained $10,000 to $2.0 million per month through the sale of their trade receivables or the financing of their inventories. NBC will not originate new ABL loans and will manage its current portfolio in runoff mode Third Party Loan Servicing SBL, a former NewtekOne portfolio company which is now a subsidiary of Newtek Bank provides third-parties with 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 servicing solutions to NSBF and also provides loan origination and servicing solutions to NewtekOne subsidiaries and affiliates, and has provided loan servicing solutions to banks, credit unions and government agencies including the FDIC. 10 Non-Conforming Conventional Commercial Loans On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (NCL JV) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL JV is a 50/50 joint venture between NCL, a wholly-owned subsidiary of NewtekOne, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL JV ceased funding new non-conventional conforming loans during 2020. On January 28, 2022, NCL JV closed a non-conforming conventional commercial loan securitization with the sale of $56.3 million of 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 NCL JV’s portfolio of non-conforming conventional commercial business loans, including loans secured by liens on commercial or residential mortgaged properties, originated by NCL JV 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 NCL JV partners. On August 5, 2022, NewtekOne launched its second joint venture to invest in non-conforming conventional commercial loans, Newtek-TSO JV. NCL and TSO II each committed to contribute an equal share of equity funding to the Newtek-TSO JV and each have equal voting rights on all material matters. Newtek-TSO JV intends to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The intended purpose of Newtek-TSO JV is to invest in non-conforming conventional commercial and industrial term loans made to middle-market companies as well as small businesses. Newtek-TSO JV began making investments during the fourth quarter of 2022. Newtek Payments NewtekOne’s business and financial solutions ecosystem also includes its Newtek Payments businesses. Newtek Payments businesses include NewtekOne’s subsidiaries NMS, Mobil Money and POS. NMS markets credit and debit card processing services, check approval services, processing equipment, and software. 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 2022, 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 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 NewtekOne 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. Mobil Money provides payment processing for a merchant portfolio of taxi cabs and related licensed payment processing 11 software. NPS is a majority owned subsidiary of NewtekOne which provides 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. Newtek Insurance NIA is a wholly-owned subsidiary 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 SMB market as well as various personal lines of insurance. Newtek Payroll PMT is a wholly-owned subsidiary which offers an array of industry standard and competitively priced payroll management, and related payment and tax reporting services to SMBs. Newtek Technology NTS is a wholly-owned subsidiary, which along with its subsidiary SIDCO, 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 including consulting and implementing technology solutions for enterprise and commercial clients across the U.S. In addition, Excel WebSolutions, LLC (“Excel”), a wholly owned subsidiary, provides website design services to SMBs. As a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by Excel, NTS and SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. 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 SMB market in the United States. SMB market. NewtekOne 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® and One Solution for All Your Business Needs . 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 NewtekOne and its subsidiaries, including Newtek Bank®. ® ® ® ® We believe that our patented NewTracker system provides for transparency between NewtekOne and referring parties and has been material in our ability to obtain referrals from a wide variety of sources. The NewTracker 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 subsidiaries. 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. In addition, we believe that the Newtek Advantage dashboard, which patent is pending, is designed to be a management tool for our business clientele that can make their businesses more successful and that our clients can depend on. The Newtek Advantage will allow clients to access the entire suite of the NewtekOne business and financial solutions, and provide clients analytics, relationships and transactional capability that other banks do not offer. We believe the Newtek Advantage is unique because each of our clients will be assigned a NewtekOne relationship manager and specialist in each Newtek business line, and allow our clients to go into the Newtek Advantage and communicate via video or chat with a NewtekOne business line specialist. TM 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 environment for us and our subsidiaries to further expand and offer our NewtekOne business and financial solutions. We believe the following factors will continue to provide us with opportunities to grow and deliver attractive returns to shareholders. 12 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 2022, NSBF has consistently been the largest non-bank originator of SBA 7(a) loans by dollar volume of loan approvals and was the third largest SBA 7(a) lender in the United States as of January 6, 2023. As a result, we believe we and Newtek Bank 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. 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 subsidiaries 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 the NewtekOne platform, we believe 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: Senior lending Team and Executive Committee. The key members of our 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 lending professionals have worked 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 banking, finance, accounting, operations, strategy, business law and executive management. We are led by our Executive Committee, which includes Barry Sloane, Peter Downs, Michael A. Schwartz and Nicholas Leger, under the supervision of our Board of Directors. Each member of the Executive Committee has significant experience in our fields of operations. 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 subsidiaries. ® Established Direct Origination Platform with Extensive Deal Sourcing Infrastructure. We have established a direct origination pipeline for loan origination 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 Senior Lending 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 13 platform has allowed us to originate attractive credits at a low cost. During 2022 and 2021 we funded $775.6 million and $560.6 million, respectively, of SBA 7(a) loans. We anticipate that our principal source of loan origination 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) loan origination opportunities. Flexible, Customized Financing Solutions for Seasoned, Smaller Businesses. While Newtek Bank’s primary focus will be to expand its lending by activities by providing SBA 7(a) loans,SBA 504 loans, CRE loans, C&I loans and ABL loans to SMBs, we and our subsidiaries 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 Company and our subsidiaries. In particular 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. 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; 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 loans 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 borrower, 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 loan 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 borrowers. 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 NewtekOne affiliates, including our joint ventures, and provides loan servicing to NSBF. Former 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. From November 12, 2014 to January 6, 2023, we operated as a BDC and a RIC. As a BDC, we were required to meet certain regulatory tests, including the requirement to invest at least 70% of our gross assets in “qualifying assets.” In addition, as a BDC, we were 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). Although we are no longer subject to regulation as a BDC under the 1940 Act, the 2024 Notes and 2026 Notes require us to maintain a minimum of 150% asset coverage during the time that the 2024 and 2026 Notes are outstanding. See “Risk Factors – Risks Related to Our Common Stock – We are subject to 150% asset coverage requirements due to covenants contained in the indentures under which the 2024 and 2026 Notes were issued.” Additionally, as a RIC, we generally did 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. 14 Although we maintained our status as a BDC and a RIC through the entirety of our 2022 fiscal and tax years, upon completing the Acquisition, we filed with the SEC Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and ceased to be a BDC. As a result, we are no longer subject to regulation as a BDC under the 1940 Act, and no longer qualify for tax treatment as a RIC under the Code or investment company accounting treatment. Regulation and Supervision General The U.S. financial services and banking industry is highly regulated. The bank regulatory regime is intended primarily for the protection of customers, the public, the financial system and the DIF, rather than our stockholders or creditors. The legal and regulatory regime affects virtually all aspects of our operations. Statutes, regulations and policies govern, among other things, the scope of activities that we may conduct and the manner in which we may conduct them; our business plan and growth; our board, management, and risk management infrastructure; the type, terms, and pricing of our products and services; our loan and investment portfolio; our capital and liquidity levels; our reserves against deposits; our ability to pay dividends, repurchase our stock or distribute capital; and our ability to engage in mergers, acquisitions and other strategic initiatives. The legal and regulatory regime is continually under review by legislatures, regulators and other governmental bodies, and changes regularly occur through the enactment or amendment of laws and regulations or through shifts in policy, implementation or enforcement. Changes are difficult to predict and could have significant effects on our business. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.” The material regulatory requirements that are applicable to us and our subsidiaries are summarized below. The description below, as well as other descriptions of laws and regulations in this Form 10-K, are not intended to summarize all laws and regulations applicable to us and our subsidiaries, and are based upon the statutes, regulations, policies, interpretive letters and other written guidance that are in effect as of the date of this Form 10-K. Regulatory Framework We are subject to regulation and supervision by multiple regulatory bodies. As a bank holding company electing financial holding company status, the Company is subject to the BHCA and is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the Federal Reserve. The Federal Reserve’s jurisdiction also extends to any company that is directly or indirectly controlled by a bank holding company. As a national bank, Newtek Bank is subject to ongoing and comprehensive supervision, regulation, examination and enforcement by the OCC. The OCC charges fees to national banks, including Newtek Bank, in connection with its supervisory activities. Newtek Bank’s deposits are insured by the DIF up to applicable legal limits. As an FDIC-insured depository institution, Newtek Bank is subject under certain circumstances to supervision, regulation and examination by the FDIC. The FDIC charges deposit insurance assessments to FDIC-insured institutions, including Newtek Bank, to fund and support the DIF. The rate of these deposit insurance assessments is based on, among other things, the risk characteristics of Newtek Bank. The FDIC has the power to terminate Newtek Bank’s deposit insurance if it determines Newtek Bank is engaging in unsafe or unsound practices. Federal banking laws provide for the appointment of the FDIC as receiver in the event Newtek Bank were to fail, such as in connection with undercapitalization, insolvency, unsafe or unsound condition or other financial distress. In a receivership, the claims of Newtek Bank’s depositors (and those of the FDIC as subrogee of Newtek Bank) would have priority over other general unsecured claims against Newtek Bank. We are subject to the disclosure and regulatory requirements of the Securities Act and the Exchange Act, both as administered by the SEC. Our common stock is listed on the Nasdaq Global Market under the ticker symbol “NEWT” and therefore we are also subject to the rules of Nasdaq Global Market for listed companies. 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. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need 15 to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.” Broad Powers to Ensure Safety and Soundness A principal objective of the U.S. bank regulatory system is to ensure the safety and soundness of banking organizations. Safety and soundness is a broad concept that includes financial, operational, compliance and reputational considerations, including matters such as capital, asset quality, quality of board and management oversight, earnings, liquidity, and sensitivity to market and interest rate risk. As part of its commitment to maintain safety and soundness, at the time we acquired Newtek Bank, Newtek Bank entered into an Operating Agreement with the OCC (the “Operating Agreement”). The Operating Agreement sets forth key parameters within which Newtek Bank must operate, such as with respect to its business plan, minimum capital, minimum liquidity, risk management and compliance. The banking and financial regulators have broad examination and enforcement authority. The regulators require banking organizations to file detailed periodic reports and regularly examine the operations of banking organizations. Banking organizations that do not meet the regulators’ supervisory expectations can be subjected to increased scrutiny and supervisory criticism. The regulators have various remedies available, which may be public or of a confidential supervisory nature, if they determine that an institution’s condition, management, operations or risk profile is unsatisfactory. The regulators may also take action if they determine that the banking organization or its management is violating or has violated any law or regulation. The regulators have the power to, among other things: • • • • • • • • • • require affirmative actions to correct any violation or practice; issue administrative orders that can be judicially enforced; direct increases in capital; direct the sale of subsidiaries or other assets; limit dividends and distributions; restrict growth and activities; set forth parameters, obligations and/or limitations with respect to the operation of our business; assess civil monetary penalties; remove officers and directors; and terminate deposit insurance. Engaging in unsafe or unsound practices or failing to comply with applicable laws, regulations and supervisory agreements (including the Operating Agreement) could subject us and our subsidiaries or their officers, directors and institution-affiliated parties to a broad variety of sanctions or remedies, including those described above. Limits on Activities and Approval Requirements The BHCA generally restricts the Company’s ability, directly or indirectly, to engage in, or acquire more than 5% of any class of voting securities of a company engaged in activities other than those determined by the Federal Reserve to be so closely related to banking as to be a proper incident thereto. The Gramm-Leach-Bliley Act of 1999 authorized a bank holding company that meets specified conditions, including being “well capitalized” and “well managed,” to opt to become a “financial holding company” and thereby engage in a broader array of financial activities than previously permitted. The Company has elected to become a financial holding company, allowing it to engage in a broader array of financial activities than bank holding companies. 16 The bank regulatory regime, including through the Operating Agreement, requires that we obtain prior approval of one or more regulators for various initiatives or corporate actions, including acquisitions or minority investments, the establishment of branches, certain dividends or capital distributions, and significant deviations from Newtek Bank’s previously approved business plan. Regulators take into account a range of factors in determining whether to grant a requested approval, including the supervisory status of the applicant and its affiliates. Thus, there is no guarantee that a particular proposal by us would receive the required regulatory approvals. The CRA requires federal banking regulators, in their review of certain applications by banking organizations, to take into account the applicant’s record in helping meet the credit needs of its community, including low- and moderate-income neighborhoods. Newtek Bank is subject to periodic examination under the CRA by the OCC, which will assign ratings based on the methodologies set forth in its regulations and guidance. Less favorable CRA ratings, or concerns raised under the CRA, may adversely affect Newtek Bank’s ability to obtain approval for certain types of applications. Newtek Bank’s latest rating by the OCC under the CRA is “Satisfactory”. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.” Company as Source of Strength for Newtek Bank Federal law and Federal Reserve policy require that a bank holding company serve as a source of financial and managerial strength for any FDIC-insured depository institution that it controls. Thus, if Newtek Bank were to be in financial distress or to otherwise be viewed by the regulators as in an unsatisfactory condition, then the regulators could require the Company to provide additional capital or liquidity support, or take other action, in support of Newtek Bank, even if doing so is not otherwise in the best interest of the Company. Regulatory Capital Requirements and Prompt Corrective Action The banking regulators view capital levels as important indicators of an institution’s financial soundness. As a general matter, FDIC-insured depository institutions and their holding companies are required to maintain a specified level of capital relative to the amount and types of assets they hold. While capital can serve as an important cushion against losses, higher capital requirements can also adversely affect an institution’s ability to grow and/or increase leverage through deposit-gathering or other sources of funding. The Company and Newtek Bank are each subject to generally similar capital requirements adopted by the Federal Reserve and the OCC, respectively. These requirements establish required minimum ratios for common equity tier 1 risk-based capital, Tier 1 risk- based capital, total risk-based capital and a Tier 1 leverage ratio; set risk-weighting for assets and certain other items for purposes of the risk-based capital ratios; require an additional capital conservation buffer over the minimum required capital ratios in order to avoid certain limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses; and define what qualifies as capital for purposes of meeting the capital requirements. Specifically, the capital thresholds in order to be regarded as a well-capitalized institution under the Basel Committee on Banking Supervision standardized approach for U.S. banking organizations are as follows: a common equity tier 1 risk-based capital ratio of 6.5%, a Tier 1 risk-based capital ratio of 8.0%, a total risk-based capital ratio of 10.0% and a Tier 1 leverage ratio of 5.0%. The regulators assess any particular institution’s capital adequacy based on numerous factors and may require a particular banking organization to maintain capital at levels higher than the generally applicable minimums. In this regard, and unless otherwise directed by the OCC, we have made commitments for Newtek Bank to maintain a tier 1 leverage ratio of no less than 10% and a total risk-based capital ratio of 11.5% for the term of the Operating Agreement. The Federal Deposit Insurance Act provides for a system of “prompt corrective action” (“PCA”). The PCA regime provides for capitalization categories ranging from “well-capitalized” to “critically undercapitalized.” An institution’s PCA category is determined primarily by its regulatory capital ratios. The PCA regime requires remedial actions and imposes limitations that become increasingly stringent as an institution’s condition deteriorates and its PCA capitalization category declines. Among other things, institutions that are less than well-capitalized become subject to increasingly stringent restrictions on their ability to accept and/or rollover brokered deposits. In addition to capital requirements, depository institutions are required to maintain non-interest bearing reserves at specified levels against their transaction accounts and certain non-personal time deposits. 17 Regulatory Limits on Dividends and Distributions The ability of the Company or Newtek Bank to pay dividends, repurchase stock and make other capital distributions is limited by regulatory capital rules and other aspects of the regulatory regime. For example, a policy statement of the Federal Reserve provides that, among other things, a bank holding company generally should not pay dividends if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition. Dividends and capital distributions by Newtek Bank are also limited by the regulatory regimes. For example, the Operating Agreement requires Newtek Bank to be in compliance with certain capital levels before paying a dividend. Other laws and regulations generally applicable to national banks also limit the amount of dividends and capital distributions that may be made by a national bank and/or require prior approval of the OCC. Federal Home Loan Bank System Newtek Bank is a member of the FHLB, which consists of 11 regional Federal Home Loan Banks. The FHLB provides a central credit facility primarily for member institutions. Newtek Bank, as a member of the FHLB, is required to acquire and hold shares of capital stock in the FHLB. Newtek Bank is in compliance with this requirement with an investment in FHLB capital stock of $120,300.00 on January 18, 2023. Consumer Protection We are subject to a broad array of federal, state and local laws and regulations that govern almost every aspect of our business relationships with consumers. These laws relate to, among other things, the content and adequacy of disclosures, pricing and fees, fair lending, anti-discrimination, privacy, cybersecurity, usury, mortgages and housing finance, lending to service members, escheatment, debt collection, loan servicing, collateral secured lending, and unfair, deceptive or abusive acts or practices. The CFPB is generally responsible for rulemaking with respect to certain federal laws related to the provision of financial products and services to consumers. In addition, the CFPB has examination and primary enforcement authority with respect to federal consumer financial protection laws with respect to banking organizations with assets of $10 billion or more. Newtek Bank has assets less than $10 billion; therefore, we are not currently subject to the examination and enforcement jurisdiction of the CFPB. However, many consumer protection rules adopted or amended by the CFPB do apply to us and are the subject of examination and enforcement with respect to us by the OCC. If we fail to comply with these laws and regulations, we may be subject to significant penalties, judgments, other monetary or injunctive remedies, lawsuits (including putative class action lawsuits and actions by state and local attorneys general or other officials), customer rescission rights, supervisory or enforcement actions, and civil or criminal liability. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations.” Anti-Money Laundering, Sanctions and Financial Crime We are subject to a wide range of laws related to anti-money laundering, economic sanctions and prevention of financial crime, including the Bank Secrecy Act, the USA PATRIOT Act and economic sanctions programs. We are required to, among other things, maintain an effective anti-money laundering and counter-terrorist compliance program, identify and file suspicious activity and currency transaction reports, and block transactions with sanctioned persons or jurisdictions. Compliance with these laws requires significant investment of management attention and resources. These laws are enforced by a number of regulatory authorities, including the Federal Reserve, OCC, Office of Foreign Assets Control, the Financial Crimes Enforcement Network, the U.S. Department of Justice, Drug Enforcement Administration, and Internal Revenue Service. Failure to comply with these laws, or to meet our regulators’ supervisory expectations in connection with these laws, could subject us to supervisory or enforcement action, significant financial penalties, criminal liability and/or reputational harm. 18 Third-Party Relationship Risk Management We utilize third-party service providers to perform a wide range of operations and other functions, which may present various risks. Our regulators will expect us to maintain an effective program for managing risk arising from third-party relationships, which should be commensurate with the level of risk and complexity of our business and our third-party relationships. If not managed effectively, the use of third-party service providers may expose us to risks that could result in regulatory action, financial loss, litigation and reputational harm. Privacy, Information Technology and Cybersecurity We are subject to various laws related to the privacy of consumer information. For example, we and our subsidiaries are required under federal law periodically to disclose to their retail clients our policies and practices with respect to the sharing of nonpublic client information with their affiliates and others, and the confidentiality and security of that information. In some cases, Newtek Bank must obtain a consumer’s consent before sharing information with an unaffiliated third party, and Newtek Bank must allow a consumer to opt out of Newtek Bank’s sharing of information with its affiliates for marketing and certain other purposes. We are also subject to laws and regulatory requirements related to information technology and cybersecurity. For example, the FFIEC, which is a council comprised of the primary federal banking regulators, has issued guidance and supervisory expectations for banking organizations with respect to information technology and cybersecurity. Our regulators will regularly examine us for compliance with applicable laws, and adherence to industry best practices, with respect to these topics. For example, they will evaluate our security of user and customer credentials, business continuity planning, and the ability to identify and thwart cyber-attacks. State regulators have also been increasingly active in implementing privacy and cybersecurity standards and regulations. Recently, several states have adopted regulations requiring certain financial institutions to implement cybersecurity programs and providing detailed requirements with respect to these programs, including data encryption requirements. Many states have also recently implemented or modified their data breach notification and data privacy requirements. For example, the California Privacy Rights Act of 2020 became fully operative on January 1, 2023. We expect this trend of state-level activity in those areas to continue, and are continually monitoring developments in the states in which our clients are located. Limitations on Transactions with Affiliates and Loans to Insiders Banks are subject to restrictions on their ability to conduct transactions with affiliates and other related parties under federal banking laws. For example, federal banking laws impose quantitative limits, qualitative requirements, and collateral standards on certain extensions of credit and other transactions by an insured depository institution with, or for the benefit of, its affiliates. In addition, most types of transactions by an insured depository institution with, or for the benefit of, an affiliate must be on terms substantially the same or at least as favorable to the insured depository institution as if the transaction were conducted with an unaffiliated third party. Federal banking laws also impose restrictions and procedural requirements in connection with the extension of credit by an insured depository institution to directors, executive officers, principal stockholders (including the Company) and their related interests. In addition, purchases and sales of assets between an insured depository institution and its executive officers, directors, and principal stockholders may also be limited under such laws. The Sarbanes-Oxley Act generally prohibits loans by public companies to their executive officers and directors. However, there is a specific exception for loans by financial institutions, such as Newtek Bank, to its executive officers and directors that are made in compliance with federal banking laws. Acquisition of a Significant Interest in the Company Banking laws impose various regulatory requirements on parties that may seek to acquire a significant interest in the Company. For example, the Change in Bank Control Act of 1978 would generally require that any party file a formal notice with, and obtain non- objection of, the Federal Reserve prior to acquiring (directly or indirectly, whether alone or acting in concert with any other party) 10% or more of any class of voting securities of the Company. Further approval requirements and significant ongoing regulatory consequences would apply to any company that (directly or indirectly, whether alone or as part of an association with another company) seeks to acquire “control” of the Company or Newtek Bank for purposes of the BHCA. The determination whether a party “controls” a depository institution or its holding company for purposes of these laws is based on applicable regulations and all of the facts and circumstances surrounding the investment. See “Item 1A Risk Factors - Risks Related to Regulation, Supervision and Compliance - Federal law may discourage certain acquisitions of our common stock which could have a material adverse affect on our shareholders.” 19 Effect on Economic Environment The policies of regulatory authorities, including the monetary policy of the Federal Reserve, have a significant effect on the operating results of bank holding companies and their subsidiaries. Among the means available to the Federal Reserve to affect the money supply are open market operations in U.S. government securities, changes in the discount rate on borrowings and changes in reserve requirements with respect to deposits. These means are used in varying combinations to influence overall growth and distribution of bank loans, investments and deposits, and their use may affect interest rates charged on loans or paid for deposits. The Federal Reserve monetary policies have materially affected the operating results of commercial banks in the past and are expected to continue to do so in the future. Although we conduct stress tests to measure and prepare for the impact of potential changes in monetary policy, we cannot predict with certainty the nature of future monetary policies and the effect of such policies on our business and earnings. NSBF’s Regulation as a Small Business Lending Company and the Transition of SBA 7(a) Lending to Newtek Bank Our wholly-owned subsidiary, NSBF, is licensed by the SBA as an SBLC that originates loans through the SBA 7(a) Program. However, as discussed above, as a result of the Acquisition, all SBA 7(a) loan originations are being transitioned to Newtek Bank, and NSBF will cease origination of SBA 7(a) loans, relinquish its PLP status and wind-down its operations. During this wind down process, NSBF will be required to continue to own the SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. During the wind down process, it is anticipated that NSBF will be required to maintain minimum capital requirements established by the SBA, will be required to maintain certain amounts of restricted cash available to meet any obligations to the SBA, will have restrictions on its ability to make dividends and distributions to its parent, and will remain liable to SBA for post-purchase denials and repairs, from the proceeds generated by NSBF’s SBA loan portfolio. Any future post-purchase denials and repairs demands on NSBF could negatively impact our results of operations. It is also anticipated that the Company will guarantee NSBF’s obligations to the SBA. NSBF will continue to service and manage its portfolio of SBA 7(a) loans pursuant to a lender service provider agreement with SBL. We anticipate Newtek Bank will obtain PLP status. 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. As a Preferred Lender, Newtek Bank will be 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 Newtek Bank is delayed in obtaining, or fails to obtain, PLP status, it would have a material adverse impact on Newtek Bank’s ability to originate SBA 7(a) loans at NSBF’s historic levels. See “Item 1A. Risk Factors – There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license.” Pursuant to the SBA’s regulations, the SBA is released from liability on its guaranty of an SBA 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 in part, would be transferred to NSBF or Newtek Bank as the originator of the loan, as the case may be. Even though NSBF will cease originating new SBA 7(a) loans, it will retain and be exposed to repair and denial liability to the SBA for SBA 7(a) loans in NSBF’s portfolio. The incurrence of repairs and denials when NSBF is no longer generating income from the sales of guaranteed portions of SBA 7(a) loans can have a material negative impact on our financial results and liquidity. In addition, changes in SBA regulations and economic factors may adversely impact NSBF’s or Newtek Bank’s repair and denial rates. See “Item 1A. Risk Factors – NSBF will remain subject to SBA regulation as it winds down its operations.” 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. 20 Lending Activities We engage in various investment strategies from time to time in order to achieve our overall lending objectives. Loan Characteristics We have and will continue to target loans that generate both current income and capital appreciation. In each case, the following criteria and guidelines are applied to the review of a potential loan however, not all criteria are met in every single loan, nor do we guarantee that all criteria will be met in the loans we will make in the future. We have and will continue to limit our loans to the SMB market. Experienced Management with Meaningful Investment. We seek to make loans to 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 company’s success and more likely to manage the company in a manner that protects our capital. Significant Invested Capital. We believe that the existence of an appropriate amount of equity beneath our debt capital provides valuable support for our loans. In addition, the degree to which the particular loan is a meaningful one for the 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 make loans to companies that are appropriately capitalized. First, we examine the amount of equity that is being invested by the borrower’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 loan. A key consideration is a strong balance sheet and sufficient free cash flow to service any loan we may make. Strong Competitive Position. We seek to make loans to 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 loans 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 make loans to 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 lending opportunity with some concentration among the borrower’s 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. Historically, we target our loans, which have been principally made through our business finance ecosystem by NSBF under the SBA 7(a) program, to produce generally, a coupon rate of prime plus 2.25% to 3.00% 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 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 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 company’s equity. As of December 31, 2022, substantially all of our SBA 7(a) loans at fair value consisted of loans secured by first or second priority liens on the assets of the borrower. • 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. 21 • • 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 subsidiaries, 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 loans 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 loans have strong protections, including default penalties, information rights and, in some cases, affirmative, negative and financial covenants. Loan 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 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 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 clients. We market our loan products and services, and those of our subsidiaries, 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 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 to our customers and customers of our subsidiaries, and to build upon our extensive deal sourcing infrastructure. Screening We screen all potential loan referrals that we receive for suitability and consistency with our loan origination criteria and underwriting guidelines. See “Loan Characteristics,” above. In screening loan referrals, our Senior Lending Team utilizes a value-oriented philosophy and commits resources to managing downside exposure. If a potential loan meets our basic loan criteria, a business service specialist or other member of our team is assigned to perform preliminary due diligence. 22 SBA Lending Procedures Prior to January 6, 2023, NSBF originated 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. Following the Acquisition, we anticipate that NSBF will continue to service its current portfolio of SBA 7(a) loans via a lender service provider agreement with SBL, and that new SBA 7(a) loan originations will be made by Newtek Bank. However, there can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending licenses, nor that Newtek Bank will obtain PLP status under the SBA 7(a) program following the Acquisition. See “Risk Factors – Risks Related to SBA Lending – There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license.” Historically, during the initial application process for a loan originated under the SBA 7(a) Program, a NewtekOne business service specialist assisted and guided the applicant through the application process, beginning with the submission of an online form through our customized loan portal. The online loan processing system collected required information and ensured that all necessary forms were provided to the applicant and filled out. The system conducted two early automatic screenings focused primarily on whether (i) the requested loan was for an eligible purpose, (ii) the requested loan was for an eligible amount and (iii) the applicant is an eligible borrower. If the applicant was eligible to fill out the entire application, the online system pre-qualified the applicant based on preset credit parameters meeting the standards of the Company and the SBA. Once the online form and the application materials were completed, our underwriting department (the “Underwriting Department”) became primarily responsible for reviewing and analyzing the application in order to accurately assess the level of risk that would be undertaken in making a loan. The Underwriting Department was responsible for assuring that all information necessary to prudently analyze the risk associated with a loan application had been obtained and analyzed. Credit files were 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. We anticipate that Newtek Bank will have similar SBA lending procedures. Required Information For a loan originated under the SBA 7(a) Program, the primary application document is SBA Form 1919 (Borrower Information Form) (“Form 1919”). Among other things, Form 1919 requires identifying information about the applicant, loan request, indebtedness, the principals, current or previous government financing, and certain other disclosures. In addition to Form 1919, the following additional information is required: • • • • • • • • an SBA Form 912 (Statement of Personal History), if the relevant questions in Form 1919 are answered affirmatively; an SBA Form 413 (Personal Financial Statement), for all owners of 20% or more (including the assets of the owner’s spouse and any minor children), and proposed guarantors; business financial statements dated within 180 days prior to submission to SBA, consisting of (a) year-end balance sheets for the last three years, including detailed debt schedule, (b) year-end profit & loss (P&L) statements for the last three years, (c) reconciliation of net worth, (d) interim balance sheet, and (e) interim P&L statements; a list of names and addresses of any subsidiaries and affiliates, including concerns in which the applicant holds a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with the applicant, and business financial statements meeting the same requirements as above of such subsidiaries and affiliates; formation documents for all obligor entities to validate existence and structure; the applicant’s original business license or certificate of doing business; records of any loans the applicant may have applied for in the past; signed personal and business U.S. federal income tax returns of the principals of the applicant’s business for previous three years; 23 • • • • 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. 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. 24 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. As a general rule, shareholder and affiliate loans may be added back to net worth only if such loans will be subordinated for the life of the SBA loan, with no principal or interest payments to be made. Financing by the seller of the business may also be considered as equity if the loan will be placed on full standby for the life of the SBA loan. Adjustments to net worth to account for the difference between the book value and appraised value of fixed assets may be made only when supported by a current appraisal. Appraisals on a “subject to” basis are not acceptable. Liquidity: Liquidity, as measured by the current ratio, must be in line with the RMA industry average. An assessment of the adequacy of working capital is required. An assessment of the liquidity of a business is essential in determining the ability to meet future obligations. Lending to cash businesses such as hotels and restaurants requires less analysis of the liquidity of the business due to the timing of cash receipts. Industries with large receivables, payables, and inventory accounts require thorough review of the cash cycle of the business and evaluation of the applicant’s ability to manage these accounts. The current and quick ratios and turnover of receivables, payables and inventory are measured against the RMA industry median in determining the adequacy of these liquidity measures. Collateral: We are required to reasonably secure each loan transaction with all worthwhile and available assets. Pursuant to SBA SOP 50 10, we may not (and will not) decline a loan if the only weakness in the application is the value of collateral in relation to the loan amount, provided that all assets available to the business and its principals have been pledged. As set forth in SBA SOP 50 10, the SBA considers a loan to be fully secured if the lender has taken a security interest in all available fixed assets with a combined “net book value” adjusted up to the loan amounts below. For 7(a) loans, “fixed assets” means real estate, including land and structures and machinery and equipment owned by the business. “Net book value” is defined as an asset’s original price minus depreciation and amortization. We attempt to secure each loan transaction with as much real estate and liquid asset collateral as necessary; however, all fixed assets must be evaluated. Fixed assets are evaluated on the basis of the net book value to determine the realizable value among collateral types. Valuation factors are applied as follows: • • Commercial real estate — 75% Residential real estate — 85% 25 • Vacant land — 50% • Machinery & Equipment — 50% • • • • • Furniture & Fixtures — 10% Accounts receivable & inventory —10% Leasehold improvements — 5% Certificate of Deposit — 100% Regulated Licenses — will vary dependent upon type of license and geographic area. The liquidation rate used must be fully justified. In addition to an assessment of the criteria specified above, there are certain special industry-specific requirements that will be considered in the loan application decision. Change of Ownership: The minimum equity injection required in a change of ownership transaction is generally 20% but may be lower for specific industries such as medical and dental practices, gas stations and convenience stores, flag hotels and “strong” non- lodging franchises. In the event of financing from the seller of the business, the applicant must inject not less than 10% of the project cost; the seller of the business may provide the balance on a complete standby basis for the life of the SBA loan. Exceptions to the equity requirement are reviewed on a case-by-case basis. For a change of ownership transaction, the application must be accompanied by a business plan including reasonable financial projections. The financial performance of the seller of the business must be evaluated based upon three years of corporate income tax returns and a current interim financial statement. Projections for the applicant must be in line with the historical financial performance at the business location. In cases where financial performance of the seller of the business is poor, a satisfactory explanation must be provided to detail the circumstances of performance. Projections for the applicant must be accompanied by detailed assumptions and be supported by information contained in the business plan. Management should have related experience in the industry and demonstrate the ability to successfully operate the business. In the absence of satisfactory related experience, an assessment of management’s experience and capabilities, given the complexity and nature of the business, will be made. In the case of a franchise, we will generally take into account the reputation of a franchisor for providing worthwhile management assistance to its franchisees. We carefully review change of ownership transactions. The loan underwriter will review the contract for sale, which will be included in the credit file. The contract for sale must include a complete breakdown of the purchase price, which must be justified through either a third party appraisal or directly by the loan underwriter through an approved valuation method specified in SBA SOP 50 10. The contract of sale must evidence an arm’s length transaction (but transactions between related parties are permitted so long as they are on an arm’s-length basis) which will preserve the existence of the small business or promote its sound development. In addition, a satisfactory reason for the sale of the business must be provided. The seller of the business must provide the prior three years of business tax returns and a current interim financial statement, as applicable. As part of due diligence for a change of ownership transaction, the closing department will order and review lien searches run on the seller as well as the borrower/buyer. If such a search identifies any adverse information or unexpected liens, the credit will be referred back to underwriting so that a prudent credit decision may be made on the application in light of the new information. Real Estate Transactions: Loan proceeds for the acquisition or refinancing of land or an existing building or for renovation or reconstruction of an existing building must meet the following criteria: • • the property must be at least 51% owner-occupied pursuant to SBA policies; and loan proceeds may not be used to remodel or convert any rental space in the property. 26 For new construction, the Applicant must occupy 60% of the Rentable Property, may permanently lease to a third party up to 20% and temporarily lease an additional 20% with the intention of using some of the additional 20% within 3 years and all of it within 10 years. NSBF policy regarding the use of real estate appraisals and environmental reports is intended to provide for a secure, orderly and independent process for the ordering, receipt and approval of independent valuation and environmental reports. Commercial real estate appraisals are required on all primary collateral prior to the loan closing. In general, appraisals will be required as follows: • • • • For loans greater than $500,000 is secured by commercial real property; or For loans $500,000 or less secured by commercial real property, an appraisal will be required if such appraisal is necessary for appropriate evaluation of creditworthiness. The appraiser must be either State-licensed or State-certified (except when the property’s estimated value is over $1,000,000, when the appraiser must be State-certified) and the appraisal report must conform to Uniform Standards of Professional Appraisal Practice (USPAP); Appraisal reviews are required for all commercial real estate with an appraised value of $500,000 or more conducted by a licensed/certified and independent MAI appraiser. Environmental screenings and an environmental questionnaire are required for all commercial real estate taken as collateral. The type and depth of an Environmental Investigation to be performed varies with the risks of Contamination. In general, environmental reports are required as follows: • • • for real estate valued up to $500,000 — a transaction screen including a records review; for real estate valued in excess of $500,000 — a Phase I Environmental Report; and a Phase I Environmental Report will be required regardless of property value: gasoline service stations, car washes, dry cleaners and any other business known to be in environmentally polluting industries. In all cases for commercial real estate taken as collateral: • • if further testing is recommended, the recommended level of testing will be performed prior to the loan closing; and if the report indicates remedial action to be taken by the business, such actions must be completed prior to the loan closing and a closure letter must be provided prior to funding. Medical Professionals: In connection with a loan application relating to the financing of a medical business, all medical licenses will be verified, with the loss or non-renewal of license constituting grounds for denial of the application. In addition, medical professionals must provide evidence of malpractice liability insurance of at least $2.0 million or the loan amount, whichever is higher. Malpractice insurance must be maintained for the life of the loan. Franchise Lending: All franchise loan applications will be evaluated as to eligibility by accessing SBA’s Franchise Directory as required by SBA, which does not permit assistance to a franchise that has not been approved and listed on its Franchise Directory. The underwriter will review the Franchise Disclosure Document and the Franchise Agreement in the course of underwriting the credit. Credit Package For each loan application, the loan underwriter will prepare a credit package (the “Credit Package”). All credit and collateral issues are addressed in the Credit Package, including but not limited to, the terms and conditions of the loan request, use of proceeds, collateral adequacy, financial condition of the applicant and business, management strength, repayment ability and conditions precedent. The Underwriting Department will recommend approval, denial or modification of the loan application. The Credit Package is submitted to our credit committee for further review and final decision regarding the loan application. 27 Other than rejections for ineligibility of the applicant, the type of business or the loan purpose, NSBF may decline a loan application for the following reasons: • • • • • • • • • • • • • after taking into consideration prior liens and considered along with other credit factors, the net value of the collateral offered as security is not sufficient to protect the interest of the U.S. Government; lack of reasonable assurance of ability to repay loan (and other obligations) from earnings; lack of reasonable assurance that the business can be operated at a rate of profit sufficient to repay the loan (and other obligations) from earnings; disproportion of loan requested and of debts to tangible net worth before and after the loan; inadequate working capital after the disbursement of the loan; the result of granting the financial assistance requested would be to replenish funds distributed to the owners, partners, or shareholders; lack of satisfactory evidence that the funds required are not obtainable without undue hardship through utilization of personal credit or resources of the owner, partners or shareholders; the major portion of the loan requested would be to refinance existing indebtedness presently financed through normal lending channels; credit commensurate with applicant’s tangible net worth is already being provided on terms considered reasonable; gross disproportion between owner’s actual investment and the loan requested; lack of reasonable assurance that applicant will comply with the terms of the loan agreement; 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. 28 Non SBA 7(a) Loans Due Diligence and Underwriting In making loans other than SBA 7(a) loans or similar conventional loans to SMBs, our Senior Lending Team will take a direct role in screening potential loans, in supervising the due diligence process, in the preparation of deal documentation and the completion of the transactions. The members of the Senior Lending Team complete due diligence and analyze the relationships among the prospective client’s business plan, operations and expected financial performance. Due diligence may address some or all of the following depending on the size and nature of the proposed investment: • • • on-site visits with management and relevant key employees; in-depth review of historical and projected financial statements, including covenant calculation work sheets; interviews with customers and suppliers; • management background checks; • • review reports by third-party accountants, outside counsel and other industry, operational or financial experts; and/or review material contracts. During the underwriting process, significant, ongoing attention is devoted to sensitivity analyses regarding whether a company might bear a significant “downside” case and remain profitable and in compliance with assumed financial covenants. These “downside” scenarios typically involve assumptions regarding the loss of key customers and/or suppliers, an economic downturn, adverse regulatory changes and other relevant stressors that we attempt to simulate in our quantitative and qualitative analyses. Further, we continually examine the effect of these scenarios on financial ratios and other metrics. Approval, Documentation and Closing Upon the completion of the due diligence process, the Senior Lending Team will review the results and determine if the transaction should proceed to approval. If approved by our Senior Lending Team or credit committee, the underwriting professionals heretofore involved proceed to documentation. As and to the extent necessary, key documentation challenges are brought before our Senior Lending Team for prompt discussion and resolution. Upon the completion of satisfactory documentation and the satisfaction of closing conditions, final approval is sought from Senior Lending Team before closing and funding. 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 loans 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 loan 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 loans than other specialty finance companies, the breadth of our contacts, our responsive and efficient loan analysis and decision-making processes, and the loan terms we offer. We and our subsidiaries compete in a large number of markets for the sale of financial and business solutions to SMBs. Each of our subsidiaries 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 subsidiaries compete are dominated by a small number of companies that could materially alter the terms of the competition. For example, our electronic payment processing subsidiaries compete with entities including Global Payments, First National Bank of Omaha and Paymentech, L.P. 29 Our Lending Platform 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 ecosystem 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; the patented NewTracker® referral system, which allows us and our subsidiaries 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 and financial solutions aimed at the SMB market; scalability, which allows us to size our business and financial 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 and video 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 Human Capital including Senior Lending Team and Executive Committee The long-term success of our Company depends on our people. Our team comprises experienced lending professionals, executive officers and banking, 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 lending-related fields. Many of these lending professionals have worked together 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. We are managed by our Executive Committee, which includes Barry Sloane, Peter Downs, Michael A. Schwartz and Nicholas Leger, under the supervision of our Board. While our subsidiaries are independently managed by their executive officers, members of our Executive Committee oversee our subsidiaries. Messrs. Sloane and Downs have been involved together in the structuring and management of equity investments for the past 19 years. The retention of our Senior Lending Team and Executive Committee is material to the management of our business. The departure of key personnel could adversely affect our business and cause us to lose current and potential business opportunities. As such, we believe 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. 30 As of December 31, 2022 our workforce consisted of 104 professionals (not including portfolio company employees). 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 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. Throughout the COVID-19 pandemic, the safety of our employees, clients, customers, and vendors was at the forefront of our decisions regarding a remote work policy. Following local and CDC guidance, we 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. 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. 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. Code of Ethics We have adopted a code of ethics pursuant to Section 5610 of the Nasdaq Corporate Governance Requirements that establishes procedures for personal investments and restricts certain transactions by our personnel. 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. 31 Compliance Policies and Procedures We have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a chief compliance officer to be responsible for administering the policies and procedures. Mr. Michael Schwartz currently serves as our Chief Compliance Officer. Privacy Principles We are committed to maintaining the privacy of our shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties. Generally, we do not receive any non-public personal information relating to our shareholders, although certain non-public personal information of our shareholders may become available to us. We do not disclose any non-public personal information about our shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent). Sarbanes-Oxley Act of 2002 The Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example: • • • • pursuant to Rule 13a-14 of the Exchange Act, our Chief Executive Officer and Chief Accounting Officer must certify the accuracy of the consolidated financial statements contained in our periodic reports; pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures; pursuant to Rule 13a-15 of the Exchange Act, our management must prepare a report regarding its assessment of our internal controls over financial reporting; and pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith. Taxation as a Financial Holding Company As a BDC, prior to our conversion on January 6, 2023 to a financial holding company, for any taxable year in which we qualified as a RIC and satisfied the Annual Distribution Requirement, we generally were not be subject to U.S. federal income tax on the portion of our income we distributed to our stockholders. In order to comply with these requirements, we maintained a dividend policy of making quarterly distributions in an amount that approximated 90 - 100% of the Company's annual taxable income. For 2023, the Company and its subsidiaries will no longer qualify as a RIC and will file a consolidated U.S. federal income tax return. Financial holding companies are subject to federal and state income taxes in essentially the same manner as other corporations. Taxable income is generally calculated under applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”), including Sections 581 through 597 that apply specifically to financial institutions. Some modifications are required by state law and the 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). Among other things, the Tax Act (i) established a new, flat corporate federal statutory income tax rate of 21%, (ii) eliminates the corporate alternative minimum tax and allowed the use of any such carryforwards to offset regular tax liability for any taxable year, (iii) limited the deduction for net interest expense incurred by U.S. corporations, (iv) allowed businesses to immediately expense, for tax purposes, the cost of new investments in certain qualified depreciable assets, (v) eliminated or reduced certain deductions related to meals and entertainment expenses, (vi) modified the limitation on excessive employee 32 remuneration to eliminate the exception for performance-based compensation and clarified the definition of a covered employee and (vii) limited the deductibility of deposit insurance premiums. There can be no assurance as to the actual effective rate because it will be dependent upon the nature and amount of future income and expenses as well as actual investments generating investment tax credits and transactions with discrete tax effects. ITEM 1A. RISK FACTORS. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Annual Report on Form 10-K, including the section titled “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes. While we believe the risks and uncertainties described below include the material factors that currently, individually or in the aggregate, could cause our actual results to differ significantly from anticipated or historical results, it is possible that these may not be the only ones we face. 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. Risk Factors Summary Our business is subject to a number of risks that may adversely affect our business, financial condition, results of operations and prospects and could affect the price of our securities. These risks are discussed more fully below and include, but are not limited to: Risks Related to Regulation, Supervision and Compliance • We have a limited operating history as a financial holding company. • We operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations can materially impact our business, financial condition and results of • • operations. Our status as a financial holding company requires us to curtail certain activities and imposes limitations on certain activities, which may negatively impact the Company’s business, financial condition and results of operations. Failure to comply with applicable laws, regulations or commitments, or to satisfy our regulators’ supervisory expectations, could subject us to, among other things, supervisory or enforcement action, which could adversely affect our business, financial condition and results of operations. • We are subject to stringent capital and liquidity regulations and requirements. • • Our business may be adversely affected if our risk management framework does not effectively identify, assess and mitigate risk. The loss of pass-through tax treatment, as a result of the Company’s withdrawal of its election to be regulated as a BDC, may substantially reduce net assets and income available for dividends and debt repayments. Risks Related to the Economy • • • • • • Global economic, political, social and market conditions, including uncertainty about the financial stability of the United States could have a significant adverse effect on our business, operating results and financial condition. Any public health emergency, 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 subsidiaries and our clients. Economic recessions or downturns, including as a result of the COVID-19 pandemic, could impair our clients and our operating results. Inflation may adversely affect our and our clients’ business, results of operations and financial condition. 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. 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 activities, the value of our loan portfolio value could decrease and our level liquidity could be affected adversely. Risks Related to Our Industry • We operate in a highly competitive market for clients, which could reduce returns and result in losses. • We could be adversely affected by the soundness of other financial institutions. 33 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 business could be significantly harmed. If we are unable to acquire and process lending opportunities and clients effectively, we may be unable to achieve our objectives. To the extent we borrow money to finance client loans, changes in interest rates will affect our cost of capital and 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. • • • • We are subject to specific risks associated with our small business loans lending activities and certain other activities of our subsidiaries. An inability to maintain adequate liquidity could jeopardize our business and financial condition. Our acquisitions and other strategic transactions, including the Acquisition, may not yield the intended benefits. If we and our subsidiaries are unable to protect our intellectual property rights, our business and prospects could be harmed. RISKS RELATED TO REGULATION, SUPERVISION AND COMPLIANCE We have a limited operating history as a financial holding company. Although we and our predecessor have operated since 1999, we became a financial holding company effective January 6, 2023, upon the completion of our acquisition of NBNYC, and therefore we have only recently became subject to the regulatory regime applicable to banking institutions in the United States. As of January 6, 2023, we are no longer regulated as a BDC and are no longer subject to the regulatory provisions of the 1940 Act (though certain of our outstanding indebtedness remains subject to covenants that were applicable to us as a BDC when such indebtedness was issued, as discussed below). Accordingly, we have a limited operating history upon which to evaluate our business and future prospects as a financial holding company. Our lending prospects as a financial holding company may differ significantly from our investment prospects as a BDC, and it is difficult to predict future operating results and to assess the likelihood of the success of our business as a financial holding company. As a new financial holding company, we may be subject to risks and levels of risk that are greater than those encountered by financial institutions with longer established operations and relationships. As a financial holding company we operate in a highly regulated environment that affects virtually all aspects of our operations, and the need to comply with applicable laws, regulations and supervisory expectations could materially impact our business, financial condition and results of operations. Upon becoming a financial holding company, we became subject to a wide range of statutory and regulatory restrictions and requirements that will affect many aspects of our business. We are subject to federal regulation and supervision by the FDIC, OCC and Federal Reserve. The laws and regulations applicable to us govern a variety of matters, including permissible types, amounts, and terms of loans and investments we may make, the maximum interest rate that may be charged, the amount of reserves we must hold against deposits we take, the types of deposits we may accept, maintenance of adequate capital and liquidity, changes in the control of Newtek Bank and the Company, restrictions on dividends, and establishment of new offices. A principal objective of the U.S. bank regulatory system is to ensure the safety and soundness of banking organizations. Safety and soundness is a broad concept that includes financial, operational, compliance and reputational considerations, including matters such as capital, asset quality, quality of board and management oversight, earnings, liquidity, and sensitivity to market and interest rate risk and is generally intended to protect customers, depositors, the DIF and the overall financial stability of the United States, not our stockholders or creditors. Our regulators also have the ability to compel us to take, or restrict us from taking, certain actions entirely, such as actions that our regulators deem to constitute an unsafe or unsound banking practice. As part of its commitment to maintain safety and soundness, at the time the Company acquired Newtek Bank, Newtek Bank entered into an Operating Agreement with the OCC (the “Operating Agreement”). The Operating Agreement sets forth key parameters within which Newtek Bank must operate, such as with respect to its business plan, minimum capital, minimum liquidity, risk management and compliance. We continue to devote substantial time and resources to compliance and meeting our regulators’ supervisory expectations, which may adversely affect our profitability and may adversely affect our ability to pursue advantageous business opportunities. See “Item 1. Business – Regulation and Supervision” for information on the regulation and supervision framework which governs our Company and its activities as a financial holding company. 34 Our status as a financial holding company requires us to curtail certain activities and imposes limitations on certain activities, which may negatively impact the Company’s business, financial condition and results of operations. As a financial holding company, we are subject to certain banking laws and regulations, including under the BHCA, and regulation and supervision by the Federal Reserve, and with respect to Newtek Bank, the OCC. As a result, we have regulatory restrictions on the actions in which we may engage, and such restrictions may limit our ability to acquire other businesses, enter into other strategic transactions, joint ventures, and undertake business transactions which we could otherwise undertake as a BDC. The Operating Agreement also contains certain concentration limits on the composition of Newtek Bank’s loan portfolio and dictates the amount of capital we must maintain (which during the term of the Operating Agreement is in excess of statutory requirements), which in turn could restrict our growth. Further, banking laws and regulations could require us to diversify into areas where we have less experience, which may adversely impact our financial condition and results of operations. For example, as a result of commitments made to the Federal Reserve, the Company has agreed to divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. The divestiture of these subsidiaries may adversely impact our financial condition and results of operations. As noted above, as a result of commitments made in the Operating Agreement, Newtek Bank is subject to, among other things, limitations on dividend payment, minimum liquidity requirements and risk management requirements. Further, if we do enter into acquisitions, partnerships and joint ventures, they may not provide us with the benefits we anticipate. We may not be able to successfully integrate any businesses, services or technologies that we acquire or with which we form a partnership or joint venture, or comply with applicable regulatory requirements. Changes in laws, regulations, or policies may adversely affect our business, financial condition and results of operations. Congress and federal regulatory agencies continually review banking laws, regulations, policies and other supervisory guidance for possible changes. Changes in the presidential administration or control of Congress also increases the likelihood of further changes to laws, regulations and supervisory practices affecting financial institutions, which could include more stringent requirements and greater scrutiny from regulatory authorities. We are unable to predict all of the ways in which changes in the legal or regulatory environment could impact our anticipated business models or objectives. Changes in these laws or regulations 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. Failure to comply with applicable laws, regulations or commitments, or to satisfy our regulators’ supervisory expectations, could subject us to, among other things, supervisory or enforcement action, which could adversely affect our business, financial condition and results of operations. If we do not comply with applicable laws, regulations or commitments, if we are deemed to have engaged in unsafe or unsound conduct, or if we do not satisfy our regulators’ supervisory expectations, then we may be subject to increased scrutiny, supervisory criticism, governmental or private litigation and/or a wide range of potential monetary penalties or consequences, enforcement actions, criminal liability and/or reputational harm. Such actions could be public or of a confidential nature, and arise even if we are acting in good faith or operating under a reasonable interpretation of the law and could include, for example, monetary penalties, payment of damages or other monetary relief, restitution or disgorgement of profits, directives to take remedial action or to cease or modify practices, restrictions on growth or expansionary proposals, denial or refusal to accept applications, removal of officers or directors, prohibition on dividends or capital distributions, increases in capital or liquidity requirements and/or termination of Newtek Bank’s deposit insurance. Additionally, compliance with applicable laws, regulations and commitments requires significant investment of management attention and resources. Any failure to comply with applicable laws, regulations or commitments could have an adverse effect on our business, financial condition and results of operations. We are subject to anti-money laundering and similar laws, and non-compliance with such laws can subject us to criminal or civil liability and harm our business, financial condition and results of operations. We are subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act, which require financial institutions to design and implement programs to prevent financial institutions from being used for money laundering and terrorist activities. If such activities are detected, financial institutions are obligated to file suspicious activity reports with Financial Crimes Enforcement Network. These rules require financial institutions to establish procedures for identifying and verifying the identity of customers and beneficial owners of certain legal entity customers seeking to open new financial accounts. Federal and state bank regulators also have focused on compliance with Bank Secrecy Act and anti-money laundering regulations. Failure to 35 comply with these regulations could result in fines or sanctions, including restrictions on conducting acquisitions or expanding activities. During the last several years, several banking institutions have received large fines for non-compliance with these laws and regulations. Although we have policies and procedures designed to assist in compliance with the Bank Secrecy Act and other anti-money laundering laws and regulations, there can be no assurance that such policies or procedures will work effectively all of the time or protect us against liability for actions taken by our employees, agents, and intermediaries with respect to our business or any businesses that we may acquire. Failure to maintain and implement adequate programs to combat money laundering and terrorist financing could also have serious reputational consequences for us, which could have a material adverse effect on our business, financial condition or results of operations. We are subject to stringent capital and liquidity regulations and requirements. NewtekOne, Inc. is the parent company of and a separate and distinct legal entity from Newtek Bank. Legal entity liquidity is an important consideration as there are legal, regulatory, contractual and other limitations on our ability to utilize liquidity from one legal entity to satisfy the liquidity requirements of another, which could result in adverse liquidity events at either NewtekOne, Inc. and/or Newtek Bank. Applicable laws and regulations, including capital and liquidity requirements and the Operating Agreement, could restrict our ability to transfer funds between Newtek Bank and NewtekOne, Inc., which could adversely affect our cash flow and financial condition. Additionally, applicable laws and regulations may restrict what NewtekOne, Inc.is able to do with the liquidity it does possess, which may adversely affect our business and results of operations. Further, pursuant to the Operating Agreement we have made certain commitments to the OCC which requires Newtek Bank to hold capital incremental to the minimum required under the applicable standards, which could also impact the Company’s ability to invest in assets. From time to time, regulators may implement changes to these capital adequacy and liquidity requirements. If we fail to meet these minimum capital adequacy and liquidity guidelines and other regulatory requirements, our business activities, including lending, and its ability to expand could be limited. It could also result in the Company being required to take steps to increase its regulatory capital that may be dilutive or adverse to stockholders, including limiting the Company’s ability to pay dividends to stockholders or limiting the Company’s ability to invest in assets even if deemed more desirable from a financial and business perspective. Federal law and Federal Reserve policy require that a bank holding company serve as a source of financial and managerial strength for any FDIC-insured depository institution that it controls. Thus, if Newtek Bank were to be in financial distress or to otherwise be viewed by the regulators as in an unsatisfactory condition, then the federal banking regulators could require the Company to provide additional capital or liquidity support, or take other action, in support of Newtek Bank, even if doing so is not otherwise in the best interest of the Company or its shareholders. Our business may be adversely affected if our risk management framework does not effectively identify, assess and mitigate risk. Our risk management framework seeks to appropriately balance risk and return and mitigate our risks, including risks attributable to third parties. We have established policies intended to regularly identify and assess our risk profile, including credit risk, pricing risk, liquidity risk, strategic risk and operational risk, and then implement appropriate processes and controls to mitigate risk. We have recently adopted a number of new policies as part of the conversion to a financial holding company and those policies and their efficacy are untested. If our risk management framework does not effectively identify, assess and/or mitigate our risk profile, we could suffer unexpected losses or be adversely affected, which could have a material adverse effect on our business. For example, assessment of our risk profile depends, in part, upon the use of forecasting models. If these models are ineffective at predicting future losses or are otherwise inadequate, we may incur unexpected losses or otherwise be adversely affected. In addition, the information we use may be inaccurate or incomplete, both of which may be difficult to detect and avoid. Additionally, there may be risks that exist, or that develop in the future, that we have not appropriately anticipated, identified or mitigated. Finally, our risk management framework may be deemed insufficient or inadequate by our regulators, which have in the past required, and we expect to continue to require, that we invest additional resources into remediating any deficiencies and adversely impact our ability to operate our business until such time as the revised framework is deemed sufficient and adequate by our regulators. 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 creates a rebuttable presumption that the acquirer “controls” the bank holding company. In addition, a bank holding company 36 must obtain the prior approval of the Federal Reserve before, among other things, acquiring direct or indirect ownership or control of more than 5% of the voting shares of any bank, including Newtek Bank. 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. The withdrawal of the Company’s election to be regulated as a BDC has resulted in a significant change in our accounting and financial reporting requirements. Due to the Company’s withdrawal of its election to be regulated as a BDC on January 6, 2023, the Company is no longer subject to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, which will result in a significant change in our accounting and financial reporting requirements. Our financial statements as of December 31, 2022 are, and in previous years were, presented and accounted for under the specialized method of accounting applicable to investment companies, including BDCs, which required us to recognize our investments, including controlled investments, at fair value. As a BDC, we were precluded from consolidating any entity other than another investment company that acted as an extension of our investment operations and facilitated the execution of our investment strategy or an investment in a controlled operating company that provided substantially all of its services to us. Our financial statements for the fiscal year ended December 31, 2022 consolidate the accounts of the Company and NSBF, and excludes other wholly-owned subsidiaries. Our financial statements for the fiscal year ended December 31, 2022 reflect our investments at fair value, as determined in good faith by our Board. Certain of our subsidiaries’ financial statements are separately provided as significant unconsolidated wholly-owned subsidiaries. In future financial statements, beginning with the first quarter of 2023, the Company will be required to consolidate the financial statements of certain of its controlled or majority-owned investments together with those of the Company, which will be a significant change in our accounting and financial reporting requirements. Management will be required to expend significant efforts in order to implement this change in accounting and financial reporting requirements, which could adversely affect the time and attention devoted to other aspects of our business and operations. The loss of pass-through tax treatment, as a result of the Company’s withdrawal of its election to be regulated as a BDC, may substantially reduce net assets and income available for dividends and debt repayments. Prior to January 6, 2023, we operated so as to qualify as a RIC, which generally allowed us to qualify for effective pass-through tax treatment. Upon withdrawing our election to be regulated as a BDC, we have ceased to qualify for such pass-through tax treatment, and we will have to pay corporate-level taxes on all of our income whether or not we distribute it, which we expect will substantially reduce the amount of income available for distribution to our shareholders and to repay our borrowings. The Company will no longer qualify as a RIC beginning with the 2023 taxable year (e.g., beginning on January 1, 2023). For more information, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Summary.” RISKS RELATED TO THE ECONOMY Global economic, political, social and market conditions, including uncertainty, including uncertainty about the financial stability of the United States could have a significant adverse effect on our business, operating results and financial condition. The current worldwide financial markets situation, as well as various social, political, economic and other conditions and events (including political tensions in the United States and around the world, wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as natural disasters, epidemics and pandemics) may 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. 37 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; greater fluctuations in spreads on debt instruments 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. In addition, the war between Russia and Ukraine, and resulting market volatility, could adversely affect our business, financial condition or results of operations. In response to the war between Russia and Ukraine, the United States have imposed sanctions or other restrictive actions against Russia. The ongoing war and the measures in response could have a negative impact on the economy and business activity globally and could have a material adverse effect on our business, financial condition, cash flows and results of operations. The severity and duration of the war and its impact on global economic and market conditions are impossible to predict. In addition, sanctions could also result in Russia taking counter measures or retaliatory actions which could adversely impact our business, including, but not limited to, cyberattacks targeting private companies, individuals or other infrastructure upon which our business and the business of our clients rely. 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. In addition, recently, concerns have arisen with respect to the financial condition of a number of banking organizations in the United States, in particular those with exposure to certain types of depositors and large portfolios of investment securities. On March 10, 2023 Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation was appointed receiver of Silicon Valley Bank. On March 11, 2023, Signature Bank was similarly closed and placed into receivership and concurrently the Federal Reserve Board announced it will make available additional funding to eligible depository institutions to assist eligible banking organizations with potential liquidity needs. While the Company’s business, balance sheet and depositor profile differs substantially from banking institutions that are the focus of the greatest scrutiny, the operating environment and public trading prices of financial services sector securities can be highly correlated, in particular in times of stress, which may adversely affect the trading price of the Company’s common stock and potentially its results of operations. Any public health emergency, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us, our subsidiaries and our clients. The extent of the impact of any public health emergency, such as the COVID-19 pandemic, on our results of operations 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 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 personnel. This could create widespread business continuity issues for us. A number of factors related to a public health emergency 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; collateral for loans, including real estate, may decline in value, which could cause loan losses to increase; 38 • • • • demand for our 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; and increases in cyber risk as criminals may take advantage of the changes of business practices necessitated by a public health emergency. If the economy is unable to substantially reopen or remain reopened after a public health emergency, 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. Any public health emergency, 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. Economic recessions or downturns, including as a result of the COVID-19 pandemic, could impair our clients and our operating results. Many of our clients may be susceptible to economic slowdowns or recessions and may be unable to repay outstanding borrowings during these periods. 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, uncertainty in connection with economic sanctions resulting from the ongoing war between Russia and Ukraine, 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 assets is likely to decrease during these periods. 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 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 loan originations, negatively impact the revenues of our subsidiaries, limit our ability to grow and negatively impact our operating results and financial condition. Inflation may adversely affect our and our clients’ business, results of operations and financial condition. Recent inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our clients’ operations. Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, its benchmark interest rates in an effort to combat inflation. Certain of our clients may operate in industries that have been, or are expected to be, impacted by inflation. If such clients 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 to them and could result in future unrealized losses. 39 While the United States and other developed economies are experiencing higher-than-normal inflation rates, it remains uncertain whether substantial inflation will be sustained over an extended period of time or have a significant effect on the U.S. economy or other economies. Inflation may affect our loan portfolio adversely in a number of ways, including those noted above. During periods of rising inflation, interest and dividend rates of any instruments we or our subsidiaries may have issued could increase, which would tend to reduce returns to our investors. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which are critical to the operation of many of our clients as noted above. Clients may have fixed income streams and, therefore, be unable to pay their debts when they become due. The market value of such investments may decline in value in times of higher inflation rates. As inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses. Governmental efforts to curb inflation often have negative effects on the level of economic activity. In an attempt to stabilize inflation, certain countries have imposed wage and price controls at times. Past governmental efforts to curb inflation have also involved more drastic economic measures that have had a materially adverse effect on the level of economic activity in the countries where such measures were employed. There can be no assurance that continued and more widespread inflation in the United States and/or other economies will not become a serious problem in the future and have a material adverse impact on us. 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 have passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. The impact of this or any 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 activities, the value of our loan portfolio could decrease and our level of 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. RISKS RELATED TO OUR INDUSTRY We operate in a highly competitive market for clients, which could reduce returns and result in losses. We compete for clients with other financial institutions and various SMB lenders, as well as other sources of funding. Additionally, competition for clients 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 clients 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. Additionally, some of our competitors may also be subject to less burdensome licensing and other regulatory requirements. These characteristics could allow our competitors to establish more relationships and offer better pricing and more flexible structuring than we will be able to offer. We may lose clients 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 or may bear substantial risk of capital loss. 40 Substantial and increasing competition in our industry may harm our business. The financial services and banking industry is increasingly competitive. We compete with a variety of entities in various markets in this industry. The consumer lending market is very competitive and is served by a variety of entities, including banks, savings and loan associations, credit unions, independent finance companies, and financial technology companies. The recreation lending and home improvement lending markets are also highly fragmented, with a small number of lenders capturing large shares of each market and many smaller lenders competing for the remaining market share. Our competitors often seek to provide financing on terms more favorable to consumers or dealers, contractors, and financial services providers (“FSPs”) than we offer. Many of these competitors also have long-standing relationships with dealers, contractors, and FSPs and may offer other forms of financing that we do not offer. We may encounter greater competition as we expand our operations, and competition may also increase in more stable or favorable economic conditions. Certain of our competitors are not subject to the same regulatory requirements that we are and, as a result, these competitors may have advantages in conducting certain business and providing certain services and may be more aggressive in their loan origination activities. Increasing competition could also require us to lower the rates we charge on loans in order to maintain our desired loan origination volume, which could also have a material adverse effect on our business, financial condition and results of operations. 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. We could be adversely affected by the soundness of other financial institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty or other relationships. We have exposure to many different industries and counterparties, and routinely execute transactions with counterparties in the financial services industry, including commercial banks, brokers and dealers, investment banks and other institutional clients. Many of these transactions expose us to credit risk in the event of a default by a counterparty or client. In addition, our credit risk may be exacerbated when our collateral cannot be foreclosed upon or is liquidated at prices not sufficient to recover the full amount of the credit or derivative exposure due. Any such losses could adversely affect our business, financial condition and results of operations. 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 business 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 business opportunities. 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 other senior personnel could have a material adverse effect on our business and operations. 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. If we are unable to acquire and process clients effectively, we may be unable to achieve our objectives. Our ability to achieve our objectives depends on our ability to acquire clients. Accomplishing this on a cost-effective basis is largely a function of our marketing capabilities, our management of our referral processing, our ability to provide efficient services and our access to financing sources on acceptable terms. 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. 41 Our business model depends, to a significant extent, upon strong referral relationships and our inability to maintain or further develop these relationships, the failure of which could adversely affect our business, financial condition and results of operations. 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 clients. If our Senior Lending Team and our Executive Committee fail to maintain its existing relationships or develop new relationships with referral partners, we may not be able to acquire new clients. In addition, individuals with whom members of our Senior Lending Team and our Executive Committee have relationships are not obligated to provide us with referral opportunities, and, therefore, there is no assurance that such relationships will generate opportunities for us. Indebtedness could adversely affect our business and financial results. In the past, we have had a significant amount of indebtedness. If our debt service obligations increase, whether due to the increased cost of existing indebtedness or the incurrence of additional indebtedness, more of our cash flow from operations would need to be allocated to the payment of principal of, and interest on, our indebtedness, which would reduce the funds available for other purposes. Our indebtedness also could limit our ability to execute our business plans and withstand competitive pressures and could reduce our flexibility in responding to changing business and economic conditions. Our ability to make payments on our debt, to repay our existing indebtedness when due, and to fund our business, operations and significant planned capital expenditures will depend on our ability to pay with available cash or generate cash in the future. This, to a certain extent, is subject to financial, competitive, legislative, regulatory and other factors that are beyond our control. In addition, if we cannot service our indebtedness, we may have to take actions such as utilizing available capital, limiting the facilitation of additional loans, selling assets, selling equity or reducing or delaying capital expenditures, strategic acquisitions, investments and alliances, any of which could impede the implementation of our business strategy, prevent us from entering into transactions that would otherwise benefit our business and/or adversely affect our business and financial results. We also may not be able to refinance our indebtedness or take such other actions, if necessary, on commercially reasonable terms, or at all. To the extent we borrow money to finance our lending activities, changes in interest rates will affect our cost of capital and net investment income. To the extent we borrow money to finance our lending activities, our earnings will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we lend those funds. General interest rate fluctuations may also have an impact on the value of our common stock. As a result, a significant change in market interest rates may have a material adverse effect on our income in the event we borrow money to finance our loans. In periods of rising interest rates, our cost of funds would increase, which could reduce our income. Further, rising interest rates could also adversely affect our financial condition and results of operations if we hold loans 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 is not increasing in a corresponding manner as a result of such minimum interest rates. Rising interest rates could also cause clients 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, which could adversely affect our income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments. 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. 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. In July 2017, the Financial Conduct Authority announced its intention to cease sustaining LIBOR by the end of 2021. As of January 1, 2023, USD LIBOR is available in five settings (overnight, one-month, three-month, six-month and 12-month). The ICE Benchmark Administration has stated that it will cease to publish all remaining USD LIBOR settings immediately following their publication on June 30, 2023. 42 As such, when LIBOR is discontinued, if a replacement rate is not widely agreed upon or if a replacement rate is significantly different from LIBOR, it could cause a disruption in the credit markets generally. Such a disruption 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. It is not possible to predict the effect of any of these developments, and any future initiatives to regulate, reform or change the manner of administration of LIBOR could result in adverse consequences to the rate of interest payable and receivable on, market value of and market liquidity for LIBOR-based financial instruments. 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 any credit agreements extending beyond June 2023 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 loans 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. We may expose ourselves to risks as we engage in hedging transactions. In the second half of 2021, we began using derivatives to hedge interest rate exposure on specific fixed rate loans originated by us or our subsidiaries 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 loans to hedge against interest 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 loans. 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 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 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 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. An inability to maintain adequate liquidity could jeopardize our business and financial condition. Liquidity is essential to our business. Although we believe that we currently have an adequate amount of liquidity to support our business, there are a number of factors that could reduce and/or deplete our existing liquidity position, including results of operations that are reduced relative to our projections, costs related to existing or future litigation or regulatory matters, the pursuit of strategic business opportunities (whether through acquisition or organic) and unanticipated liabilities. Additionally, as noted above, we are subject to stringent capital and liquidity regulations and requirements and need to manage our liquidity position at NewtekOne, NSBF and Newtek Bank within the parameters and terms set forth by applicable regulations and regulators. Newtek Bank is subject to various legal, regulatory and other restrictions on its ability to make distributions and payments to the Company. Any inability to maintain an adequate liquidity position could adversely affect our operations, our compliance with applicable regulations and the performance of our business. Further, our ability to raise additional capital, should that be deemed beneficial and/or necessary, depends on conditions in the capital markets, economic conditions and a number of other factors, including investor perceptions regarding the financial services and banking industry, market conditions, governmental activities, and our financial condition and performance. Accordingly, we may be unable to raise additional capital if needed or on acceptable terms, which may adversely affect our liquidity, business, financial condition and results of operations. 43 Our acquisitions and other strategic transactions, including the Acquisition, may not yield the intended benefits. We have historically, and may continue to, evaluate and consider strategic transactions, combinations, acquisitions, dispositions or alliances. These transactions could be material to our financial condition and results of operations if consummated. If we are able to identify an appropriate business opportunity, we may not be successful in negotiating favorable terms and/or consummating the transaction and, even if we do consummate such a transaction, we may be unable to obtain the benefits or avoid the difficulties and risks of such transaction. In particular, on January 6, 2023, we completed the Acquisition (of NBNYC). We anticipate that the Acquisition will continue to be transformational for the Company from both a financial and strategic perspective. However, any acquisition (including the Acquisition), disposition or other strategic transactions involves risks, including: • • • • • • • • • • • • • • • • difficulties in assimilating and integrating the operations, personnel, systems, data, technologies, products and services of the acquired business, which may require ongoing investment in development and enhancement of additional operational and reporting processes and controls; inability of the acquired technologies, products or businesses to achieve expected levels of revenue, profitability, productivity or other benefits; difficulties in retaining, training, motivating and integrating key personnel; diversion of management’s time and resources from our normal daily operations; difficulties in successfully incorporating licensed or acquired technology and rights into our platform; difficulties in maintaining uniform standards, controls, procedures and policies within the combined organization; difficulties in retaining relationships with customers, employees and suppliers of the acquired business; risks of entering markets in which we have no or limited direct prior experience; regulatory risks, including remaining in good standing with existing regulatory bodies or receiving any necessary pre-closing or post-closing approvals, as well as being subject to new regulators with oversight over an acquired business; assumption of contractual obligations that contain terms that are not beneficial to us, require us to license or waive intellectual property rights or increase our risk for liability; failure to successfully further develop any acquired technology; liability for activities of the acquired or disposed of business before the acquisition or disposition, including patent and trademark infringement claims, violations of laws, regulatory actions, commercial disputes, tax liabilities and other known and unknown liabilities; difficulty in separating assets and replacing shared services; assumption of exposure to performance of any acquired loan portfolios; potential disruptions to our ongoing businesses; and unexpected costs and unknown risks and liabilities associated with the acquisition. Accordingly, any acquisition, disposition or other strategic transaction may not be successful, may not benefit our business strategy, may not generate sufficient revenue to offset the associated costs or may not otherwise result in the intended benefits. Additionally, it may take us longer than expected to fully realize the anticipated benefits and synergies of these transactions (including the Acquisition), and those benefits and synergies may ultimately be smaller than anticipated or may not be realized at all, which could adversely affect our business and operating results. 44 Any transactions, combinations, acquisitions, dispositions or alliances may also require us to issue additional equity securities, spend our cash, or incur debt (and increased interest expense), liabilities and amortization expenses related to intangible assets or write- offs of goodwill, which could adversely affect our results of operations and dilute the economic and voting rights of our stockholders and the interests of holders of our indebtedness. In addition, we cannot assure you that any acquisition of new businesses or technology will lead to the successful development of new or enhanced products and services or that any new or enhanced products and services, if developed, will achieve market acceptance or prove to be profitable. Finally, we may also choose to divest certain businesses or product lines that no longer fit with our strategic objectives. If we decide to sell assets or a business, we may have difficulty obtaining terms acceptable to us in a timely manner, or at all. Additionally, the terms of such potential transactions may expose us to ongoing obligations and liabilities. 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 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. If we and our subsidiaries are unable to protect our intellectual property rights, our business and prospects could be harmed. The proprietary software essential to our business and that of our subsidiaries 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. RISKS RELATED TO SBA LENDING There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license. Prior to the Acquisition, both Newtek Bank and NSBF were granted SBA 7(a) lending licenses. Additionally, prior to the Acquisition, NSBF had been granted PLP status, which allowed it to place SBA guarantees on loans without seeking prior SBA review and approval. PLP status allowed NSBF to expedite loans since NSBF was not required to present applications to the SBA for concurrent review and approval. While the Company intends that NBSF will continue to service its current portfolio of SBA 7(a) loans, and that new SBA 7(a) loan originations will be made by Newtek Bank, there can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license or obtain and maintain PLP status. The loss of Newtek Bank’s SBA 7(a) lending license or failure to obtain and maintain, or delays in obtaining, PLP status would have a material adverse impact on Newtek Bank’s ability to originate SBA 7(a) loans at NSBF’s historic levels, and it may negatively impact Newtek Bank’s SBA 7(a) loan origination volumes and revenues to be generated from the sale of guaranteed portions of SBA 7(a) loans, which could in turn negatively impact our results of operations. 45 NSBF will remain subject to SBA regulation as it winds down its operations. 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. As a result of the Acquisition, all SBA 7(a) loan originations are being transitioned to Newtek Bank, and NSBF will cease origination of SBA 7(a) loans, relinquish its PLP status and wind-down its operations. During this wind down process, NSBF will be required to continue to own the SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. During the wind down process, it is anticipated that NSBF will be required to maintain minimum capital requirements established by the SBA, will be required to maintain certain amounts of restricted cash available to meet any obligations to the SBA, will have restrictions on its ability to make dividends and distributions to its parent, and will remain liable to SBA for post-purchase denials and repairs, from the proceeds generated by NSBF’s SBA loan portfolio. Any future post-purchase denials and repairs demands on NSBF could negatively impact our results of operations. It is also anticipated that the Company will guarantee NSBF’s obligations to the SBA. If NSBF or Newtek Bank fail 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 or Newtek Bank. 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 SBA 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. 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. 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 or Newtek Bank. In addition, the growth in the number of loans made by Newtek Bank, changes in SBA regulations and economic factors may adversely impact our current repair and denial rate. Curtailment of the government-guaranteed loan programs could adversely affect our results of operations. We are dependent upon the federal government to maintain the SBA 7(a) program. 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. 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 46 changing the SBA 7(a) program or other 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. There are non-bank lenders as well as a large number of banks that participate in the SBA 7(a) program. All of these participants compete for the business of eligible borrowers. Furthermore, in an effort to support 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. RISKS RELATED TO OUR SUBSIDIARIES - 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. 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. 47 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. 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. 48 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. • 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. 49 RISKS RELATED TO OUR SUBSIDIARIES - NEWTEK BANK If the credit decisioning, pricing, loss forecasting and scoring models we use contain errors, do not adequately assess risk, or are otherwise ineffective, our reputation and relationships with customers could be harmed, our market share could decline and the value of loans held on our balance sheet may be adversely affected. Our ability to attract clients to, and build trust in, Newtek Bank is significantly dependent on our ability to effectively evaluate a borrower’s credit profile and likelihood of default. To conduct this evaluation, we utilize credit decisioning, pricing, loss forecasting and scoring models that assign each loan offered through our marketplace bank a grade and a corresponding interest rate. Additionally, if these models fail to adequately assess the creditworthiness of our borrowers, we may experience higher than forecasted losses. Furthermore, as stated above, we hold loans on our balance sheet. We periodically assess the value of these loans and in doing so we review and incorporate a number of factors including forecasted losses. Accordingly, if we fail to adequately assess the creditworthiness of our borrowers such that we experience higher than forecasted losses, the value of the loans held on our balance sheet may be adversely affected. Similarly, if any of these models contain programming or other errors, are ineffective or the data provided by borrowers or third parties is incorrect or stale, our loan pricing and approval process could be negatively affected, resulting in mispriced or misclassified loans or incorrect approvals or denials of loans. If these errors were to occur, we may be obligated to repurchase the affected loans, investors may try to rescind their affected investments or decide not to invest in loans in the future or borrowers may seek to revise the terms of their loans or reduce the use of our marketplace bank for loans. If collection efforts on delinquent loans are ineffective or unsuccessful, the return on investment for investors in those loans would be adversely affected and investors may not find investing through our marketplace bank desirable. Many of our loan products are unsecured obligations of borrowers, and they are not secured by any collateral. None of the loans facilitated on our platform are guaranteed or insured by any third party or backed by any governmental authority in any way. We are the loan servicer for all loans supporting notes, all certificates and certain secured borrowings, and we are the loan servicer for most, though not all, loans sold as whole loans. The ability to collect on the loans is dependent on the borrower’s continuing financial stability, and consequently, collections can be adversely affected by a number of factors, including bankruptcy or the economic and/or social factors. Furthermore, the application of various federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on these loans. Accordingly, we and our designated third-party servicers and collection agencies are limited in our ability to collect loans. In addition, most investors must depend on us or our third-party servicers and collection agents to pursue collection on delinquent borrower loans. Because we make payments ratably on an investor’s investment only if we receive the borrower’s payments on the corresponding loan, if we, or third parties on our behalf, cannot adequately perform collection services, the investor will not be entitled to any payments under the terms of the investment. Further, if collection action must be taken in respect of a loan, we or the collection agency may charge a collection fee on any amounts that are obtained (excluding litigation). These fees will correspondingly reduce the amounts of any payments received by an investor. Similarly, the returns to investors may be impacted by declines in market rates for sales of charged-off loans to third-party purchasers. Ultimately, if delinquencies impair our ability to offer attractive risk-adjusted returns for investors, they may seek alternative investments and our business may suffer. In addition, because our servicing fees depend on the collectability of the loans, if we experience a significant increase in the number of delinquent or charged-off loans we will be unable to collect our entire servicing fee for such loans and our revenue could be adversely affected. RISKS RELATED TO OUR SUBSIDIARIES - NEWTEK TECHNOLOGY SOLUTIONS (NTS) NTS operates in a highly competitive industry in which technological change can be rapid. 50 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’and employees’ 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. For more information on risks relating to cybersecurity, see “Item 1A. Risk Factors – 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. 51 RISKS RELATED TO OUR SUBSIDIARIES - 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 Receivable and Inventory Facility at NBC. Maximum borrowings under the Receivable and Inventory Facility are $12.0 million. The Receivable and Inventory Facility matures in May 2023. As of December 31, 2022, total principal owed by NBC was $10.2 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. 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. 52 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 COMMON STOCK Our common stock price may be volatile and may decrease substantially. The trading price of our common stock may fluctuate substantially. The price of our common stock may be higher or lower depending on many factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include, but are not limited to, the following: • • • • • • • • • price and volume fluctuations in the overall stock market from time to time; investor demand for our stock; significant volatility in the market price and trading volume of securities of 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 financial holding companies; 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 loans; departures of key Company personnel; operating performance of companies comparable to us; and 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. 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 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 53 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’s 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 NewtekOne or the removal of our directors. We are subject to the Maryland Business Combination 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. 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. Future issuances of additional equity securities could result in dilution of existing shareholders’ equity ownership. We may determine from time to time to issue additional equity securities to raise additional capital, support growth, or to make acquisitions. Further, we may issue stock options or other stock grants to retain and motivate our employees. These issuances of our securities could dilute the voting and economic interests of our existing shareholders. We are subject to 150% asset coverage requirements due to covenants contained in the indentures under which the 2024 and 2026 Notes were issued. The 2024 and 2026 Notes were issued pursuant to a base indenture, dated as of September 23, 2015 (the “Base Indenture”), and a Fourth Supplemental Indenture, dated as of July 29, 2019, and a Seventh Supplemental Indenture dated as of January 22, 2021, respectively, each between us and U.S. Bank National Association, as trustee. The Fourth Supplemental Indenture and Seventh Supplemental Indenture include covenants requiring us to comply with (regardless of whether we are 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 we are 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 we should no longer be subject to the reporting requirements under the Exchange Act. As a result, we are subject to 150% asset coverage requirements under the 1940 Act even though, effective January 6, 2023, we are not regulated as a BDC or under the 1940 Act. Under these requirements we are only permitted to issue multiple classes of indebtedness and one class of shares senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. The ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, must be at least 150%. As a result, if we were to redeem all of the outstanding 2024 Notes and 2026 Notes, we would no longer be subject to the above requirements. 54 RISKS RELATED TO CYBERSECURITY We could be adversely affected by information security breaches or cybersecurity attacks. Our business operations and our subsidiaries’ 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. In addition, our business operations involve the storage and transmission of Newtek, 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 or third parties with whom we 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. Additionally, the increased use of mobile and cloud technologies due to the increased amount of remote work resulting from the COVID-19 pandemic could heighten these and other operational risks as certain aspects of the security of such technologies may be complex and unpredictable. It is critical to our business strategy that our facilities and infrastructure remain secure and are perceived by the marketplace to be secure. We maintain a cybersecurity risk management program that is overseen by the Chief Information Security Officer (“CISO”) of NTS. The CISO is chiefly responsible for developing, maintaining, and enforcing cybersecurity and cyber risk-related policies; ensuring the Company and its subsidiaries satisfy requirements of relevant regulations, industry standards, and third-party risk assessment requirements; keeping abreast of developing security threats, and helping both the Board and the board of directors of Newtek Bank understand potential security problems that might arise from the changing threat landscape; and overseeing and implementing regular security awareness training of all employees on cybersecurity, and supporting effective communication with users to limit security vulnerabilities. The CISO regularly reports to the Board and the board of directors of Newtek Bank on the state of our cybersecurity risk management program and provides updates on cybersecurity matters. 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 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 55 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 subsidiaries 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 subsidiaries’ 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. 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 the occurrence of remote work arising from the global COVID-19 pandemic. 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. Accordingly, the risks described above are heightened under current conditions. 56 We and our subsidiaries are subject to risks associated with “phishing” and other cyber-attack. Our business and the business of our subsidiaries relies upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation and updating, ours and our subsidiaries’ 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. GENERAL RISK FACTORS 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. 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. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Additionally, new regulatory initiatives related to ESG could adversely affect our business. The SEC has proposed rules that, among other matters, would establish a framework for reporting of climate-related risks. At this time, there is uncertainty regarding the scope of such proposals or when they would become effective (if at all). Compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our subsidiaries conduct our businesses and adversely affect our profitability. The effect of global climate change may impact our operations and the operations of our subsidiaries. Climate change is widely considered to be a significant threat to the global economy. Climate change creates physical and financial risk and we and some of our subsidiaries 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 us or our subsidiaries if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect our and some of our subsidiaries’ 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. 57 In December 2015 the United Nations, of which the United States 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 United States 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, we and some of our subsidiaries may become subject to new or strengthened regulations or legislation, which could increase our and their operating costs and decrease our and their revenues. ITEM 1B. UNRESOLVED STAFF COMMENTS. None. 58 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, 2022 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 14 East Washington Street Orlando, FL 32801 1111 Brickell Avenue, Suite 135 Miami, Florida 33131 ITEM 3. LEGAL PROCEEDINGS. Lease expiration April 2026 April 2027 Month-to-Month February 2027 Purpose Approximate square feet Corporate headquarters and NSBF lending operations Lending operations, corporate operations, NY Capco offices and certain subsidiaries’ offices NBL lending operations Main office Newtek Bank, National Association 7,800 44,800 1,700 1,800 In the ordinary course of business, the Company and its wholly-owned subsidiaries 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, 2022, filed on March 1, 2022. 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 million 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. 59 ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. Price Range of Common Stock PART II 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. 2 Premium of Low Sales Price to NAV 2 Premium of High Sales Price to NAV Price Range 1 NAV 2021 First Quarter Second Quarter Third Quarter Fourth Quarter 2022 First Quarter Second Quarter Third Quarter Fourth Quarter 2023 First Quarter: January 1, 2023 through March 14, 2023 High $28.63 $38.78 $36.41 $32.38 $28.70 $27.18 $23.11 $19.51 $20.83 Low $18.77 $26.41 $24.07 $25.63 $24.00 $17.65 $15.65 $14.75 $11.26 $16.28 $16.38 $16.23 $16.72 $16.49 $16.31 $16.04 $15.25 * 76% 137% 124% 94% 74% 67% 44% 28% *% 15% 61% 48% 53% 46% 8% (2)% (3)% *% (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. * Not determinable at time of filing. The last reported price for our common stock on March 14, 2023 was $12.66 per share. 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. During the time that we operated as a BDC, our shares of common stock have traded at prices both less than and exceeding our NAV per share. Holders As of March 14, 2023, there were approximately 92 holders of record of our common stock. 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, 2022 and December 31, 2021 we issued 95,300 and 72,200 shares of common stock, respectively, valued at $1.6 million and $1.9 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, 2022 and December 31, 2021 we issued an additional 35,500 and 19,200 shares, respectively, valued at $0.6 million and $0.5 million, respectively, related to dividends on unvested restricted stock awards. 60 Table of Contents Distributions Prior to our 2023 taxable year, when the Company operated as a RIC, we were required to 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 were not subject to U.S. federal income taxes at corporate rates on any income we distributed to our shareholders as dividends for U.S. federal income tax purposes. However, as a RIC we were subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income and gains unless we made 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 were not 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 could choose to carry over taxable income in excess of that taxable’s 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. As a financial holding company, the Company will no longer maintain the dividend policy pursuant to which the Company distributed an amount equal to the Annual Distribution Requirement and can offer no assurance that we will achieve results that will permit the payment of any cash distributions. See “Item 1. Business.” 61 Table of Contents The following table summarizes our dividend declarations and distributions through December 31, 2022: (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 March 21, 2022 June 20, 2022 September 20, 2022 December 20, 2022 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 March 31, 2022 June 30, 2022 September 30, 2022 December 30, 2022 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 0.65 0.75 0.65 0.70 19.52 (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. Prior to 2023, as a BDC and RIC, our Board maintained a variable distribution policy with the objective of distributing four quarterly distributions in an amount that approximated 90 - 100% of our estimated annual taxable income for a particular taxable year. As a financial holding company the Company’s ability to pay dividends and make other capital distributions is limited by regulatory capital rules and other aspects of the regulatory regime. For example, a policy statement of the Federal Reserve provides that, among other things, a financial holding company generally should not pay dividends if its net income for the past year is not sufficient to cover both the cash dividends and a rate of earnings retention that is consistent with the company’s capital needs, asset quality, and overall financial condition. Historically, 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 62 Table of Contents 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 year ended December 31, 2022, $48.3 million was distributions derived from our current and accumulated earnings and profits and capital gains and $17.9 million was a return of capital. Of the distributions declared during the year ended December 31, 2021, 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 2023 distributions that we anticipate would be made to shareholders. 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, 2022 and 2021, we issued 95,300 and 72,200 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, 2022: 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 63 None None 2,311,596 shares None 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, 2017 through December 31, 2022. The graph assumes that, on January 1, 2018, 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 As of December 31, 2022, we held $546.5 million of aggregate principal amount of senior securities, which represented 169% asset coverage, as defined under the 1940 Act. 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, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, and 2013 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 RSM US LLP. RSM US LLP’s report on the senior securities table as of December 31, 2022 is attached as an exhibit to this Annual Report. 64 Class and Year Securitization Trust Bank Notes Payable Notes Payable Related Parties Notes due 2026 December 31, 2022 $ 2021 2020 2019 2018 2017 2016 2015 2014 2013 December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 December 31, 2022 2021 2020 2019 2018 2017 Total Amount Outstanding Exclusive of Treasury (1) Securities (in thousands) Asset Coverage Ratio Per Unit (2) Involuntary Liquidation Preference Per Unit (3) Average Market Value Per Unit (4) $ 283,143 249,750 221,752 276,637 220,137 165,432 120,945 91,745 79,520 60,140 55,885 50,000 86,339 30,000 34,700 — 5,100 29,100 43,023 41,218 24,250 11,450 24,090 12,163 16,840 7,001 1,400 5,647 — — 115,000 115,000 — — — — 65 $ 3,256 3,537 3,595 2,754 2,839 3,018 3,184 3,692 3,634 2,966 16,496 17,667 9,234 25,392 18,010 — 75,512 11,641 6,716 4,327 38,016 77,147 33,096 62,633 37,111 71,324 275,081 59,990 — — 8,016 7,681 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — $ 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 997 1,035 — — — — Notes due 2025 Notes due 2024 (5) Notes due 2023 (6) Notes due 2022 (7) 2016 2015 2014 2013 December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 December 31, 2022 2021 2020 2019 2018 — — — — 30,000 15,000 5,000 — — — — — — — 38,250 38,250 63,250 63,250 — — — — — — — — 57,500 57,500 57,500 — — — — — — — — — 8,324 66 — — — — 30,730 58,889 159,457 — — — — — — — 24,102 23,094 12,605 12,044 — — — — — — — — 13,866 13,248 10,869 — — — — — — — — — 75,078 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1,002 1,014 963 1,009 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 Notes due 2021 (8) 2017 2016 2015 2014 2013 December 31, 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 8,324 8,324 8,324 — — — — — — — 40,250 40,250 — — — 59,988 46,265 40,697 — — — — — — — 12,406 9,568 — — — — — — — — — — — — — — — — — — 1,018 969 1,025 N/A N/A N/A N/A N/A N/A N/A 1,019 972 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]. 67 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 Conversion to a Financial Holding Company As of January 6, 2023, we are a financial holding company that, together with our consolidated subsidiaries, intends to provide a wide range of business and financial solutions under the NewtekOne brand to the SMB market. Effective January 6, 2023, following authorization by our shareholders, we withdrew our previous election to be regulated as a BDC under the 1940 Act. Prior to such time, we operated as a closed-end, non-diversified management investment company that was subject to regulation as a BDC under the 1940 Act. Contemporaneously with withdrawing our election to be regulated as a BDC, on January 6, 2023, we completed the previously announced Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which we acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become our wholly owned subsidiary. In connection with the completion of the Acquisition, we have contributed to Newtek Bank $31 million of cash and two of our subsidiaries, NBL and SBL. As a result of the Acquisition, we are now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. We no longer qualify as a RIC under Subchapter M of the Code for federal income tax purposes and will no longer qualify for accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following portfolio companies and subsidiaries will now be consolidated non-bank subsidiaries in our financial statements: NSBF; NMS; Mobil Money; NBC; PMT; NIA; TAM; Newtek Business Services Holdco 6, Inc; NCL; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, we will divest or otherwise terminate the activities conducted by EWS and NTS including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. See “Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance – Our status as a financial holding company requires us to curtail certain activities and imposes limitations on certain activities, which may negatively impact the Company’s business, financial condition and results of operations.” ® Historical Business Regulation and Taxation Prior to January 6, 2023, we operated as an internally managed non-diversified closed-end management investment company that elected to be regulated as a BDC under the 1940 Act. As a BDC, under the 1940 Act, we were not permitted to 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, and we were not permitted to 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, was at least 150%. As of December 31 2022, our asset coverage was 169%. Although we are no longer regulated as a BDC, certain covenants in our outstanding 2024 and 2026 Notes require us to maintain an asset coverage of at least 150% as long as the 2024 and 2026 Notes are outstanding. See “Risk Factors – Risks Related to Our Common Stock – We are subject to 150% asset coverage requirements due to covenants contained in the indentures under which the 2024 and 2026 Notes were issued.” Additionally, prior to January 6, 2023, due to our status as a BDC under the 1940 Act, we elected to be treated as a RIC for U.S. federal income tax purposes, beginning with our 2015 tax year. As a RIC, we generally did not have to pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that we distributed to our shareholders as dividends. To maintain our qualification as a RIC, we were required to, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax benefits, we were required to distribute to our shareholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses. 68 For 2023, the Company and its subsidiaries will no longer qualify as a RIC and will file a consolidated U.S. federal income tax return. Financial holding companies are subject to federal and state income taxes in essentially the same manner as other corporations. Taxable income is generally calculated under applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”), including Sections 581 through 597 that apply specifically to financial institutions. Some modifications are required by state law and the 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). Among other things, the Tax Act (i) established a new, flat corporate federal statutory income tax rate of 21%, (ii) eliminates the corporate alternative minimum tax and allowed the use of any such carryforwards to offset regular tax liability for any taxable year, (iii) limited the deduction for net interest expense incurred by U.S. corporations, (iv) allowed businesses to immediately expense, for tax purposes, the cost of new investments in certain qualified depreciable assets, (v) eliminated or reduced certain deductions related to meals and entertainment expenses, (vi) modified the limitation on excessive employee remuneration to eliminate the exception for performance-based compensation and clarified the definition of a covered employee and (vii) limited the deductibility of deposit insurance premiums. There can be no assurance as to the actual effective rate because it will be dependent upon the nature and amount of future income and expenses as well as actual investments generating investment tax credits and transactions with discrete tax effects. From 2012 through December 31, 2022, NSBF, our wholly-owned subsidiary, was consistently the largest non-bank SBA 7(a) lender in the U.S. based on dollar volume of loan approvals, and, as of December 31, 2022, was the third largest SBA 7(a) lender in the United States. Historically, NSBF structured its loans so that it could both sell the government guaranteed portions of SBA 7(a) loans and securitize the unguaranteed portions. This structure generally allowed NSBF to recover its capital and earn excess capital on each loan, typically within a year. Following the Acquisition, NSBF will begin to wind down its operations, transition SBA 7(a) loan originations to Newtek Bank, and will continue to own the 7(a) Loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off or (subject to SBA’s prior written approval) sale or transfer. There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license, nor that Newtek Bank will obtain PLP status under the SBA 7(a) program following the Acquisition. See “Item 1A. Risk Factors – Risks Related to SBA lending – There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license.” Additionally, we and our subsidiaries have historically provided a wide range of business and financial solutions to SMB relationships, including Business Lending, which includes 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 relationships nationwide across all industries. We supported the operations of our subsidiaries by providing access to our proprietary and patented technology platform, including NewTracker®, our patented prospect management software. We have historically defined SMBs as companies having revenues of $1.00 million to $100.00 million, and we have generally estimated the SMB market to be over 30 million businesses in the United States. While our historical investments primarily included making loans and providing business solutions to the SMB market through NSBF and our controlled portfolio companies, we also made opportunistic investments in larger or smaller companies. Following the Acquisition, there can be no assurance regarding our continued lending prospects or operations as a financial holding company. See “Item 1A. Risk Factors – Risks Related to Regulation, Supervision and Compliance – We have a limited operating history as a financial holding company.” On August 2, 2021, we entered into the Stock Purchase Agreement to acquire all of the issued and outstanding stock of NBNYC. The Acquisition was part of a plan to reposition us as a bank holding company and our intent to elect financial holding company status. Prior to January 6, 2023, we received the approval of our shareholders to withdraw our election as a BDC under the 1940 Act, received the approval of the OCC to acquire all of the outstanding stock of NBNYC, and received approval from the Federal Reserve to become a financial holding company. On January 6, 2023, we closed on the acquisition of all of the issued and outstanding stock of NBNYC, changed NBNYC’s name to Newtek Bank, N.A. and, contemporaneously therewith, withdrew our election to be regulated as a BDC under the 1940 Act. As a result of withdrawing our election to be regulated as a BDC under the 1940 Act, we will no longer qualify for tax treatment as a RIC under the Code beginning in our 2023 taxable year. Following the closing of the Acquisition on January 6, 2023, we intend to operate as a financial holding company. Specifically, we have contributed $31 million cash and NBL and SBL to Newtek Bank, and intend to provide a centralized lending operations through Newtek Bank, N.A. In addition, all of our portfolio companies are now consolidated subsidiaries of the Company. We intend to further develop our current patented technology, which we intend to complement its proposed banking offerings, subject to Regulatory Approvals. We also intend to retain our current board of directors and management, as supplemental by additional personnel with banking experience. However, there can be no assurance that we will be able to successfully operate a bank and as a financial holding company. See “Item 1A. Risk Factors – Risk Related to Regulation, Supervision and Compliance.” 69 As a financial holding company, we will subject to regulation and supervision that will be different from our prior regulation and supervision as a BDC under the 1940 Act, and will be required to comply with accounting and financial reporting requirements that will be different from our reporting requirements as a BDC under the 1940 Act. Moreover, our conversion to a financial holding company may make it more difficult for us to be acquired in the future. For information on the risks of operating as a financial holding company, see “Item 1A. Risk Factors – Risk Related to Regulation, Supervision and Compliance.” Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”. NSBF and Newtek Bank are nationally licensed SBA lenders under the federal Section 7(a) loan program and originate, sell and service SBA 7(a) loans. NSBF has been granted PLP status 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. We anticipate Newtek Bank, N.A. obtaining PLP status during the first quarter of 2023, however, there is no guarantee that Newtek Bank will receive PLP status. See "Item 1A. Risk Factors - Risks Related to SBA Lending - There can be no guarantee that Newtek Bank will be able to maintain its SBA 7(a) lending license." Economic Developments We have observed and continue to observe supply chain interruptions, significant labor and resource shortages, commodity inflation, rising interest rates, economic sanctions as a result of the ongoing war between Russia and Ukraine and elements of economic and financial market instability in the United States, the United Kingdom, the European Union and China. One or more of these factors may contribute to increased market volatility, may have long term effects in the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. Additionally, in the event that the U.S. economy enters into a protracted recession, it is possible that the results of some of the companies similar to those in which we invest could experience deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. While we are not seeing signs of an overall, broad deterioration in our operating results at this time, there can be no assurance that the performance of certain of our clients will not be negatively impacted by economic conditions, which could have a negative impact on our future results. Over two years after COVID-19 was recognized as a pandemic by the World Health Organization, its continued persistence in the United States and worldwide and the magnitude of the economic impact of the outbreak continue to create an uncertain environment in which we, our subsidiaries and our clients operate. The preventative measures taken to contain or mitigate the spread of COVID-19 have caused, and may in the future cause, business shutdowns, cancellations of events and other travel disruptions. We continue to closely monitor our clients; however, we are unable to predict the duration of any business and supply-chain disruptions and resource shortages, the extent to which COVID-19 or economic conditions may negatively affect our clients’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Revenues For the year ended December 31, 2022, we generated revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. We entered into debt investments that typically have terms of 10 to 25 years and bear interest at prime plus a margin. In some instances, we received payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we received repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuated significantly from period to period. Our portfolio activity for the year ended December 31, 2022 also reflects the proceeds of sales of securities. We received servicing income related to the guaranteed portions of SBA investments which we originated and sold into the secondary market. These recurring fees were earned daily and recorded when earned. In addition, we generated revenue in the form of packaging, prepayment, legal and late fees. We recorded such fees related to loans as other income. Dividends were recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and were expected to be collected. Dividend income was recorded at the time dividends were declared. Distributions of earnings from portfolio companies were evaluated to determine if the distribution was 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. 70 We recognized 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 recorded current period changes in fair value of investments and assets that were 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. Following our conversion to a financial holding company, we intend to generate revenues in the form of interest, servicing and other fee income on the loans we and Newtek Bank originate. In addition, our portfolio companies have become consolidating subsidiaries of NewtekOne in 2023 and therefore, under the new organizational structure, their revenues will be consolidated within the statement of operations going forward along with our joint ventures. With the inclusion of NMS, NIA, PMT, and NTS, we anticipate reporting Web Hosting and IT Support Revenue, Electronic Payment Processing Revenue, Insurance Commissions Revenue, and Payroll Processing Revenue going forward. Expenses For the years ended December 31, 2022 and 2021, our primary operating expenses were 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. Following our conversion to a financial holding company, we expect to incur expenses in the form of interest on borrowings at Newtek Bank. In addition, our portfolio companies have become consolidating subsidiaries of NewtekOne, Inc. in 2023 and therefore, under the new organizational structure, their expenses will be consolidated within the statement of operations going forward along with our joint ventures. With the inclusion of NMS, NIA, PMT, and NTS, we anticipate reporting COGS on Technology, Electronic Payment Processing Costs, and Payroll Processing Costs going forward. Guarantees The Company is a guarantor on the Receivable and Inventory Facility at NBC. Maximum borrowings under the Receivable and Inventory Facility are $12.0 million and will be reduced until the facility matures in May 2023. At December 31, 2022, total principal owed by NBC was $10.2 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At December 31, 2022, 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 $60.0 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 2025. Maximum borrowings under the NBL Deutsche Bank facility $50.0 million with a maturity date in November 2024. Maximum borrowings under the NBL One Florida Bank facility are $20.0 million with a maturity date in September 2024. At December 31, 2022, total principal owed by NBL under these facilities was $42.5 million. At December 31, 2022, 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 $54.9 million. The Webster Facility matures in November 2023. At December 31, 2022, total principal outstanding was $39.9 million. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee. 71 The Company’s Non-Conforming Conventional Commercial Loan Program 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. 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 NCL’s portfolio 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 NCL partners. Refer to NOTE 3—INVESTMENTS for selected financial information and a schedule of investments of NCL as of December 31, 2022. Newtek-TSO JV: On August 5, 2022, Newtek Commercial Lending, Inc. and TSO II Booster Aggregator, L.P. (“TSO II”) entered into a joint venture, Newtek-TSO JV, governed by the Amended and Restated Limited Partnership Agreement for the Newtek-TSO JV. Newtek Commercial Lending, Inc. and TSO II each committed to contribute an equal share of equity funding to the Newtek-TSO JV and each will have equal voting rights on all material matters. The Newtek-TSO JV intends to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The purpose of the Newtek-TSO JV is to invest in non-conforming conventional commercial and industrial term loans made to middle-market companies as well as small businesses. Newtek-TSO JV began making investments during the fourth quarter of 2022 and intends to continue this activity in 2023. Unfunded Commitments At December 31, 2022, the Company had $10.4 million of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. For the year ended December 31, 2022, the Company funded these commitments from the same sources it used 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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 is $11.4 million and $18.5 million, respectively. Distribution by Business Type As of December 31, 2022 Existing Business Business Acquisition Start-Up Business Total As of December 31, 2021 Existing Business Business Acquisition Start-Up Business Total Business Type # of Loans Balance Average Balance % of Balance 2,820 397 321 3,538 2,162 333 266 2,761 $ $ $ $ 430,021 72,821 29,952 532,793 349,999 59,794 22,176 431,970 $ $ $ $ Balance 152 207 96 151 162 207 96 156 80.7 % 13.7 % 5.6 % 100.0 % 81.1 % 13.8 % 5.1 % 100.0 % % of Balance Average Balance Business Type # of Loans 72 Distribution by Borrower Credit Score December 31, 2022 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, 2021 500 to 550 551 to 600 601 to 650 651 to 700 701 to 750 751 to 800 801 to 850 Not available Total Distribution by Primary Collateral Type December 31, 2022 Commercial Real Estate Residential Real Estate Machinery and Equipment Accts Receivable and Inventory Other Unsecured Furniture and Fixtures Liquid Assets Total Credit Score # of Loans Balance Average Balance % of Balance Credit Score # of Loans 11 54 287 902 1,282 879 121 2 3,538 15 59 299 754 914 632 86 2 2,761 $ $ $ $ 3,057 12,917 57,010 142,546 184,252 120,560 12,409 43 532,793 3,562 15,322 59,139 118,150 140,720 85,479 9,548 49 431,970 $ $ $ $ Balance 278 239 199 158 144 137 103 21 151 237 260 198 157 154 135 111 25 179 Average Balance % of Balance Collateral Type # of Loans Balance Average Balance % of Balance $ $ 1,079 1,036 494 452 102 326 37 12 3,538 73 231,568 96,922 85,434 81,665 27,647 6,772 2,178 606 532,793 $ $ 215 94 173 181 271 21 59 50 151 0.6 % 2.4 % 10.7 % 26.8 % 34.6 % 22.6 % 2.3 % 0.0 % 100.0 % 0.8 % 3.6 % 13.7 % 27.4 % 32.6 % 19.8 % 2.2 % 0.0 % 100.0 % 43.5 % 18.2 % 16.0 % 15.3 % 5.2 % 1.3 % 0.4 % 0.1 % 100.0 % December 31, 2021 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 December 31, 2022 Accrual Current 31 to 60 days 61 to 90 days 91 days or greater Non-accrual Total December 31, 2021 Accrual Current 31 to 60 days 61 to 90 days 91 days or greater Non-accrual Total Collateral Type # of Loans Balance Average Balance % of Balance Delinquency Status # of Loans Delinquency Status # of Loans 1,016 430 312 707 93 161 28 14 2,761 3,257 44 — — 237 3,538 2,512 59 — — 190 2,761 $ $ $ $ $ $ 228,381 73,433 50,692 47,240 26,509 2,984 1,797 936 431,970 450,549 12,578 — — 69,666 532,793 365,198 12,646 — — 54,126 431,970 $ $ $ $ $ $ Balance Balance 225 171 162 67 285 19 64 67 156 Average Balance % of Balance 138 — — — 294 151 Average Balance % of Balance 145 214 — — 285 156 53.0 % 17.0 % 11.7 % 10.9 % 6.1 % 0.7 % 0.4 % 0.2 % 100.0 % 84.5 % 2.4 % — % — % 13.1 % 100.0 % 84.6 % 2.9 % — % — % 12.5 % 100.0 % During this wind-down of NSBF’s operations, NSBF will be required to continue to own its SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. In addition, NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. The Company will continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. The Company will report both realized and unrealized gains and losses relating to the fair value adjustments on the legacy NSBF SBA 7(a) portfolio. Results of Operations for the year ended December 31, 2022 and 2021 Set forth below is a comparison of the results of operations for the years ended December 31, 2022 and 2021, during which years the Company operated as both a BDC and a RIC. For a comparison of the results of operations for the years ended December 31, 2021 and 2020, see the Company's Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 1, 2022. 74 Comparison of the year ended December 31, 2022 and 2021 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, 2022 Year Ended December 31, 2021 Change $ $ — 38,617 — 24,657 13,698 9,272 86,244 $ $ 49,989 28,549 428 9,896 11,307 8,325 108,494 $ $ (49,989) 10,068 (428) 14,761 2,391 947 (22,250) The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act. By July 2021, NSBF funded the balance of its PPP loans and therefore the Company did not earn any PPP interest income during 2022. NSBF redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans. 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 $482.6 million from $406.2 million for the year ended December 31, 2022 and 2021, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period. In September 2020, the Company purchased one loan from NBL, a wholly-owned controlled portfolio company and began earning interest income from non-control investments. In November 2021, the Company sold the loan to NCL and therefore the Company did not earn any interest income from non-control investments during 2022. Dividend Income Dividend income was earned from the following investments, which were held as portfolio companies, for the year ended December 31, 2022 and 2021: (in thousands) Newtek Merchant Solutions, LLC (NMS) Newtek Technology Solutions, Inc. Mobil Money, LLC Newtek Conventional Lending, LLC Newtek Business Lending, LLC Automated Merchant Services, LLC EMCAP Loan Holdings, LLC Total dividend income Year Ended December 31, 2022 Year Ended December 31, 2021 Change $ $ 14,550 1,500 400 2,379 5,025 720 83 24,657 $ $ 6,000 250 — 51 3,500 — 95 9,896 $ $ 8,550 1,250 400 2,328 1,525 720 (12) 14,761 For the years ended December 31, 2022 and 2021, dividend income was dependent on portfolio company earnings and portfolio company capital investment objectives and opportunities. On January 6, 2023, we completed the previously announced Acquisition of NBNYC and converted to a financial holding company. See “Item 1. Business – Our Business.” With the exception of EMCAP, the above portfolio companies have become consolidating subsidiaries of NewtekOne, Inc. in 2023 and therefore, under the new organizational structure, their profits and losses will be consolidated within the statement of operations instead of in the form of dividend income going forward. 75 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, 2022 and 2021: (in thousands): Total NSBF originated servicing portfolio Total average NSBF originated portfolio earning servicing income Total servicing income earned Year Ended December 31, 2022 Year Ended December 31, 2021 Change $ $ $ 2,217,497 1,392,650 13,698 $ $ $ 1,839,239 1,151,891 11,307 $ $ $ 378,258 240,759 2,391 The increase in servicing income related to an increase in the total portfolio investments for which we earn servicing income period over period, due to an increase in SBA 7(a) loan originations period over period. Other Income For the year ended December 31, 2022, other income related 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 $775.6 million compared to $560.6 million for the year ended December 31, 2022 and 2021, respectively. As a result of the uncertain economic impact to U.S. small businesses at the onset of 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 July 2021 and 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 Loss on extinguishment of debt Other general and administrative costs Total expenses Salaries and Benefits Year Ended December 31, 2022 Year Ended December 31, 2021 Change 20,186 26,325 239 7,134 11,606 19,140 417 7,673 92,720 $ $ 17,866 20,515 304 5,610 10,234 19,272 1,552 7,454 82,807 $ $ 2,320 5,810 (65) 1,524 1,372 (132) (1,135) 219 9,913 $ $ The increase in salaries and benefits was attributable to an increase in salaries and bonuses and related accruals period over period due to increased performance pay as well as a higher headcount period over period. 76 Interest Expense The following is a summary of interest expense by facility for the year ended December 31, 2022 and 2021: (in thousands) Notes payable - Securitization Trusts Bank notes payable 1 2023 Notes 2 2024 Notes 3 2025 6.85% Notes 2025 5.00% Notes 2026 Notes Notes payable - related parties Total interest expense Year Ended December 31, 2022 Year Ended December 31, 2021 Change 10,641 3,998 — 2,424 379 1,294 7,042 547 26,325 $ $ 5,520 1,536 549 4,714 1,134 — 6,675 387 20,515 $ $ 5,121 2,462 (549) (2,290) (755) 1,294 367 160 5,810 $ $ (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. (3) On May 2, 2022, the Company redeemed all $15.0 million in aggregate principal amount of the 2025 6.85% Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from February 28, 2022 through, but excluding, the redemption date. The increase in interest expense period over period is primarily from additional interest expense on the 2026 Notes of $0.4 million, 2025 5.00% Notes of $1.3 million, Notes payable - Securitization Trusts of $5.1 million, and Bank notes payable of $2.5 million related to an increase in the average outstanding balance and interest rates period over period. The increase was partially offset by the redemption of the 2023 Notes, 2025 6.85% Notes, and partial redemption of the 2024 Notes, which resulted in a reduction of $0.5 million, $0.8 million and $2.3 million of interest expense, respectively. 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 repositioning of itself as a financial holding company in January 2023. Origination and Loan Processing The change in origination and loan processing expenses was due to an 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. 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 May 2022, the Company redeemed the remaining $15.0 million in aggregate principal amount of the 2025 6.85% Notes and as a result, the Company recorded a $0.4 million loss on extinguishment of debt during the year ended December 31, 2022, equivalent to the balance of unamortized deferred financing costs as of the redemption date. Net Realized Gains and Net Unrealized Appreciation (Depreciation) Net realized gains from SBA non-affiliate investments for the year ended December 31, 2022 and 2021 were $56.9 million and $53.1 million, respectively, which included realized losses of $16.6 million and $10.4 million, respectively. 77 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, 2022 December 31, 2021 # of Debt Investments $ Amount (in thousands) # of Debt Investments $ Amount (in thousands) Year Ended $ $ $ 931 880 — — 775,573 630,028 73,530 110.02 % $ $ $ 781 678 — — 560,571 419,735 63,484 113.05 % (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 at the onset of 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, 2022 compared to 2021. NSBF redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans in 2021. For the year ended December 31, 2022, the average sale price as a percent of principal balance was 110.02% compared to 113.05% for the prior period. The decrease reflects the lagging prime rate adjustments and the quarterly reset of interest rates on our loan portfolio. During this wind-down of NSBF’s operations, NSBF will be required to continue to own its SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. In addition, NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. The Company will continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. The Company will report both realized and unrealized gains and losses relating to the fair value adjustments on the legacy NSBF SBA 7(a) portfolio. Net Unrealized Appreciation (Depreciation) (in thousands) Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments Net unrealized appreciation on controlled investments Change in deferred taxes Net unrealized depreciation on servicing assets Net unrealized appreciation (depreciation) on derivative transactions Total net unrealized (depreciation) appreciation Year Ended December 31, 2022 Year Ended December 31, 2021 Change $ $ (6,532) (19,972) 24,321 (6,464) (10,095) 183 (18,559) $ $ 6,380 5,097 2,829 (1,327) (6,778) (183) 6,018 $ $ (12,912) (25,069) 21,492 (5,137) (3,317) 366 (24,577) 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 amount of the unrealized appreciation (depreciation) is determined by the quantity of guaranteed loans held for sale at quarter end as well as the change in secondary market pricing conditions. During the year ended December 31, 2022, there was a reduction in the gain-on-sale pricing as compared to the prior period. Unrealized depreciation on servicing assets relates to the amortization of the Company’s servicing assets in proportion to, and over the period of, estimated net servicing income. The increase in unrealized depreciation period over period is primarily due to the increase in the discount rate used to fair value the servicing asset. In September 2020, the Company purchased one loan from NBL, a wholly-owned controlled portfolio company and began recording unrealized results on non-control/non-affiliate investments. In November 2021, the Company sold the loan to NCL 78 and therefore the Company does not have any unrealized results from non-control/non-affiliate investments during 2022. The net unrealized appreciation 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, 2022 and 2021: (in thousands) Newtek Merchant Solutions, LLC (NMS) Newtek Technology Solutions, Inc. (NTS) CDS Business Services, Inc. PMTWorks Payroll, LLC banc-serv Partners, LLC (BSP) Small Business Lending, LLC Newtek Insurance Agency, LLC Newtek Business Lending, LLC Newtek Conventional Lending, LLC Newtek TSO II Conventional Credit Partners, LP Titanium Asset Management LLC Advanced Cyber Security Systems, LLC Mobil Money, LLC Automated Merchant Services, Inc. Excel WebSolutions, LLC Total net unrealized appreciation on controlled investments $ $ Year Ended December 31, 2022 Year Ended December 31, 2021 Change (5,600) (8,900) (1,496) 1,010 — 2,535 3,200 32,422 (3,526) 673 (329) — 4,350 53 (71) 24,321 $ $ 3,000 6,000 (9,040) (1,250) 885 (5,650) (1,750) 7,370 1,535 — (52) 381 1,400 — — 2,829 $ $ (8,600) (14,900) 7,544 2,260 (885) 8,185 4,950 25,052 (5,061) 673 (277) (381) 2,950 53 (71) 21,492 For the years ended December 31, 2022 and 2021, net unrealized appreciation (depreciation) on controlled investments was driven by the valuation of the above portfolio companies. On January 6, 2023, we completed the previously announced Acquisition of NBNYC and converted to a financial holding company. See “Item 1. Business - Our Business.” The above portfolio companies have become consolidating subsidiaries of NewtekOne, Inc. in 2023 and therefore, under the new organizational structure, their profits and losses will be consolidated within the statement of operations and there will no longer be unrealized appreciation (depreciation) on these investments going forward. Provision for Deferred Taxes on Unrealized Appreciation of Investments Certain consolidated subsidiaries of ours were subject to U.S. federal and state income taxes during the taxable year ended December 31, 2022. These taxable subsidiaries were not consolidated with the Company for income tax purposes, but were consolidated for GAAP purposes, and may have generated 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, 2022 and 2021, we recognized a provision for deferred taxes of $6.5 million and $1.3 million related to the net unrealized (depreciation) appreciation of controlled portfolio company investments, respectively. 79 Liquidity and Capital Resources Overview Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2024 Notes, 2025 5.00% Notes, 2025 8.125% Notes, 2026 Notes, securitization transactions and cash flows from operations, including investment sales and repayments, and income earned. In the year ended December 31, 2022, our primary use of funds from operations included investments in portfolio companies and payments of fees and other operating expenses we incurred. In the year ended December 31, 2022, we used our borrowings and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. As of December 31, 2022, our asset coverage was 169% based on $546.5 million of aggregate principal amount of senior securities outstanding. On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018. Although we are no longer subject to regulation as a BDC under the 1940 Act, the 2024 Notes and 2026 Notes require us to maintain a minimum of 150% asset coverage during the time that the 2024 and 2206 Notes are outstanding. See “Risk Factors – Risks Related to Our Common Stock – We are subject to 150% asset coverage requirements due to covenants contained in the indentures under which the 2024 and 2026 Notes were issued.” 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. On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement, as amended, provides that the Company may offer and sell up to 6,400,000 shares of common stock from time to time through the placement agents. From inception through December 31, 2022, we sold 3,069,754 shares of our common stock at a weighted average price of $23.02 per share. Proceeds, net of offering costs and expenses were $70.6 million. The Company paid the placement agents $1.4 million in compensation. As of December 31, 2022, there were 3,330,246 shares of common stock that remained unsold under the 2020 ATM Equity Distribution Agreement. The Company does not currently have an effective shelf registration statement in place and therefore, the ATM program has been suspended as of January 6, 2023 however on January 27, 2023 the Company submitted a Form S-3 with the SEC in order to commence the process of re-establishing an effective shelf registration statement and intends to seek effectiveness of such registration statement upon completion of the SEC review process. 2026 Notes 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% 2026 Notes, 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 80 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% 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, 2022, the Company was in compliance with all covenants related to the 2026 Notes. 2024 Notes 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% 2024 Notes. 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, 2022, 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, 2022, the outstanding principal balance of the 2024 Notes was $38.25 million. 2023 Notes In February 2018, the Company and the Trustee entered into the Third Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $50.0 million aggregate principal amount of 6.25% 2023 Notes. 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 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. 81 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. 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 (except for the Tenth 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. These covenants currently apply to the 2024 and 2026 Notes. At December 31, 2022, the Company was in compliance with all covenants related to the Notes. 2025 Notes (Private Placement) 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 6.85% Notes. The offering was consummated pursuant to the terms of a purchase agreement among the Company and an accredited investor, which provided for the 2025 6.85% 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 Company exercised its option to issue up to $10.0 million of additional 2025 6.85% Notes to the purchaser, and issued $10.0 million in additional 2025 6.85% Notes to the purchaser in an exempt offering in January 2021. On March 31, 2022, the Company caused notices to be issued to the holder of its 2025 6.85% Notes regarding the Company’s exercise of its option to redeem all $15.0 million in aggregate principal amount of the Notes on May 2, 2022. The Notes were redeemed on May 2, 2022 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from February 28, 2022 through, but excluding, May 2, 2022. On March 31, 2022, the Company completed a private placement of $15.0 million aggregate principal amount of its 5.00% notes due 2025 (2025 5.00% Notes). The offering was consummated pursuant to the terms of a purchase agreement dated March 31, 2022 among the Company and an accredited investor, which provided for the 2025 5.00% Notes to be issued to the purchaser in a transaction that relied on Section 4(a)(2) of the Securities Act to be exempt from registration under the Securities Act. The net proceeds from the sale of the notes were approximately $14.5 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The 2025 5.00% 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 5.00% 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. Under the purchase agreement, the Company also issued an additional $15.0 million in aggregate principal amount of the 2025 5.0% Notes to the purchaser on May 2, 2022. The 2025 5.00% Notes were issued under the Base Indenture and the Tenth Supplemental Indenture, dated as of March 31, 2022. The 2025 5.00% Notes will mature on March 31, 2025, and under the terms of the Indenture, the Notes are redeemable at any time, at the option of the Company, at a redemption price of 100% of the outstanding principal amount thereof. The Tenth Supplemental Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act as long as the Company remains subject to the provisions. 82 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. On February 28, 2023, NSBF entered into a Limited Waiver Agreement with the lenders under the Capital One facility pursuant to which the lenders waived the event of default under the facility relating to NSBF’s net income for the quarter ended on December 31, 2022. See “Recent Developments – Capital One Facility Waiver.” At December 31, 2022, there was $10.5 million and $45.4 million outstanding under the guaranteed and unguaranteed lines of credit, respectively. At December 31, 2022, we were in full compliance with all applicable loan covenants. Notes Payable - Related Parties In June 2015 the Company entered into the Related Party RLOC with certain controlled portfolio companies. Maximum borrowings under the Related Party RLOC are $50.0 million at an interest rate equal to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%. At December 31, 2022, the Related Party RLOC interest rate was 6.72%. The Related Party RLOC has a maturity date of November 8, 2023. At December 31, 2022, there was $24.3 million of outstanding borrowings due to NMS under the Related Party RLOC. 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 September 2022, NSBF completed its twelfth securitization which resulted in the transfer of $116.2 million of unguaranteed portions of SBA loans to the 2022-1 Trust. The 2022-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $95.4 million of Class A notes and $20.8 million Class B notes, against the 2022-1 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 October 2049. The Class A and Class B notes bear interest at an average rate of 30-day average compounded SOFR plus 2.97% 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 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. 83 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. On February 27, 2023, the 2017-1 Trust was terminated as a result of NSBF purchasing the 2017-1 Trust assets, with the 2017-1 Trust’s noteholders receiving the redemption price. 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. 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. PPP Loan Participations 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 participating interests to several participants. The participations were sold at par due to the short term maturity of the loans. One participant continues to hold a 90% participation interest in 1 of the 2 PPP loans that remain as of December 31, 2022. NSBF and the participant share proportionally in all interest and principal payments made on the loan. NSBF 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. Cash Flows and Liquidity As of December 31, 2022, the Company’s unused sources of liquidity consisted of $0.9 million available through the Capital One facility; $8.5 million available through notes payable with related parties; and $53.7 million in unrestricted cash. Restricted cash of $71.9 million as of December 31, 2022 is primarily held by NSBF. The majority, or $71.2 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. 84 The Company generated and used cash as follows: (in thousands) Net cash provided by (used in) operating activities Net cash used in investing activities Net cash provided by (used in) financing activities Net (decrease) increase in cash and restricted cash Cash and restricted cash, beginning of period Cash and restricted cash, end of period Year Ended December 31, 2022 Year Ended December 31, 2021 $ $ (62,418) (11) 1,175 (61,254) 186,860 125,606 $ $ 140,923 — (5,488) 135,435 51,425 186,860 During the year ended December 31, 2022, operating activities used cash of $62.4 million, consisting primarily of (i) $775.6 million of SBA 7(a) loan investments funded; (ii) $53.2 million of investments in controlled portfolio companies; (iii) a $110.6 million decrease in due to participants which arises when loan payments are received in the current period but not processed in time to have funds remitted to the participant during the current period; the amount varies depending on payment volume and timing at quarter end; and (iv) a $44.5 million increase in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded in the period but did not settle 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 uses of cash were offset by (i) $691.2 million of proceeds from the sale of SBA 7(a) guaranteed loan investments and (ii) $74.3 million of principal payments received from SBA non-affiliate investments. Net cash provided by financing activities was $1.2 million consisting primarily of a (i) $116.2 million issuance of notes payable from the 2022-1 securitization, (ii) $5.9 million of net borrowings under our bank notes payable and (iii) $30.0 million of issuances of the 2025 5.0% Notes. These sources of cash were offset by (i) $82.8 million of principal payments related to securitization notes payable, (ii) a redemption of $15.0 million of the 2025 6.85% Notes, (iii) net repayments under the Related Party RLOC of $12.8 million and (iv) $64.5 million of dividend payments. Contractual Obligations The following table represents the Company’s obligations and commitments as of December 31, 2022: (in thousands) Contractual Obligations Bank notes payable 1 Securitization notes payable 1 2024 Notes 1 2025 Notes 1 2026 Notes Stock Purchase Agreement Employment agreements Operating leases Totals Total 2023 2024 Payments due by period 2025 2026 2027 Thereafter $ $ 55,885 283,143 38,250 30,000 115,000 20,000 417 8,813 575,758 $ $ 55,885 — — — — 20,000 417 2,045 102,597 $ $ — — 38,250 — — — — 2,099 40,349 $ $ — — — 30,000 — — — 2,155 32,155 $ $ — — — — 115,000 — — 2,035 117,035 $ $ — — — — — — — 479 479 $ $ — 283,143 — — — — — — 283,143 (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 for the year ended December 31, 2022. 85 Fair Value Measurements For the years ended December 31, 2022 and 2021, we valued investments for which market quotations are readily available at their market quotations. However, a readily available market value did not exist for many of the investments in our portfolio, and we valued these portfolio investments at fair value as determined in good faith by our Board under our valuation policy and process. We may have sought pricing information with respect to certain of our investments from pricing services or brokers or dealers in order to value such investments. We also employed independent third party valuation firms for certain of our investments for which there is not a readily available market value. For the years ended December 31, 2022 and 2021, the application of our valuation methods may have included 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. In the case of the occurrence of an external event such as a purchase transaction, public offering or subsequent equity sale, we considered 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 was 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. For the year ended December 31, 2022, the Company carried all investments at fair value. Additionally, the Company carried 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. The Company complied with all applicable components of Rule 2a-5 by the compliance date in September 2022 for the year ended December 31, 2022. 86 Valuation of Investments Level 1 investments were valued using quoted market prices. Level 2 investments were valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments were 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 were 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 have taken 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 was performed to determine the value of equity investments and to determine if debt investments were credit impaired. If debt investments were credit impaired, the Company used the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that were not determined to be credit impaired, the Company used a market interest rate yield analysis to determine fair value. In addition, for certain debt investments, the Company may have based its valuation on quotes provided by an independent third party broker. For certain investments, the Company generally calculated the fair value of the investment primarily based on the NAV of the entity and adjusted the fair value for other factors that would affect the fair value of the investment. The Company used 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. For the year ended December 31, 2022, we determined the fair value of each individual investment and recorded changes in fair value as unrealized appreciation or depreciation.For the year ended December 31, 2022, 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)." We believe our investment portfolio as of December 31, 2022 and December 31, 2021 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates. As of January 6, 2023, the Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for accounting treatment as an investment company and therefore, will no longer fair value the investments in its portfolio companies. During this wind-down of NSBF’s operations, NSBF will be required to continue to own its SBA 7(a) loans and PPP Loans in its SBA loan portfolio to maturity, liquidation, charge-off, or (subject to SBA’s prior written approval), sale or transfer. In addition, NSBF will be required to continue to service and liquidate its SBA Loan Portfolio, including processing forgiveness and loan reviews for PPP Loans, pursuant to an SBA approved lender service provider agreement with SBL. The Company will continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. The Company will report both realized and unrealized gains and losses relating to the fair value adjustments on the legacy NSBF SBA 7(a) portfolio. 87 Valuation of Servicing Assets The Company accounted for servicing assets in accordance with ASC 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets were measured at fair value at each reporting date and the Company reported 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 reviewed all loans that became 90 days or more past due on principal or interest or when there was reasonable doubt that principal or interest would be collected for possible placement on management’s designation of non-accrual status. Interest receivable was analyzed regularly and reserved against when deemed uncollectible. Interest payments received on non-accrual loans were recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans were restored to accrual status when past due principal and interest was paid and, in management’s judgment, were likely to remain current, although there may have been exceptions to this general rule if the loan had sufficient collateral value and was 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. For the years ended December 31, 2022, 2021, and 2020, we received servicing income related to the guaranteed portions of SBA loan investments which we sell into the secondary market. These recurring fees were earned and recorded daily. Servicing income was earned for the full term of the loan or until the loan is repaid. For the year ended December 31, 2022, 2021, and 2020, we received 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 was recorded when earned. For the year ended December 31, 2022, 2021, and 2020, dividends were recorded as dividend income on an accrual basis to the extent that such amounts were payable by the portfolio company and expected to be collected. Dividend income was recorded at the time dividends were declared. Distributions of earnings from a portfolio companies were evaluated to determine if the distribution is income, return of capital or realized gain. Following our conversion to a financial holding company, we intend to generate income in the form of interest, servicing and other fee income on the loans we and Newtek Bank originate. In addition, our portfolio companies have become consolidating subsidiaries of NewtekOne in 2023 and therefore, under the new organizational structure, their income will be consolidated within the statement of operations going forward along with our joint ventures. With the inclusion of NMS, NIA, PMT, and NTS, we anticipate reporting Web Hosting and IT Support Revenue, Electronic Payment Processing Revenue, Insurance Commissions Revenue, and Payroll Processing Revenue going forward. 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 2019 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. 88 The Company elected to be treated as a RIC under the Code beginning with the 2015 tax year and, through the year ended December 31, 2022, operated in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes NewtekOne, Inc. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries were included in the RIC tax return for the taxable year ended December 31, 2022. The Company evaluated and recorded any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. As a RIC, the Company was required to pay a 4% excise tax if it did not distribute in each calendar year an amount at least equal to the sum of: • • • 98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a calendar year; 98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of such calendar year; and 100% of any income or gains recognized, but not distributed, in preceding years. For the years ended December 31, 2022 and 2021, 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 $19.2 million and $12.7 million at December 31, 2022 and December 31, 2021, 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. Following our conversion to a financial holding company, for 2023, the Company and its subsidiaries will no longer qualify as a RIC and will file a consolidated U.S. federal income tax return. Financial holding companies are subject to federal and state income taxes in essentially the same manner as other corporations. Taxable income is generally calculated under applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”), including Sections 581 through 597 that apply specifically to financial institutions. Some modifications are required by state law and the 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). Among other things, the Tax Act (i) established a new, flat corporate federal statutory income tax rate of 21%, (ii) eliminates the corporate alternative minimum tax and allowed the use of any such carryforwards to offset regular tax liability for any taxable year, (iii) limited the deduction for net interest expense incurred by U.S. corporations, (iv) allowed businesses to immediately expense, for tax purposes, the cost of new investments in certain qualified depreciable assets, (v) eliminated or reduced certain deductions related to meals and entertainment expenses, (vi) modified the limitation on excessive employee remuneration to eliminate the exception for performance-based compensation and clarified the definition of a covered employee and (vii) limited the deductibility of deposit insurance premiums. There can be no assurance as to the actual effective rate because it will be dependent upon the nature and amount of future income and expenses as well as actual investments generating investment tax credits and transactions with discrete tax effects. 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, 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 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 certain testing and board reporting requirements. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules, provided that the BDC adopts written policies and procedures that are reasonably designed to manage the BDC's derivatives risks and comply with certain recordkeeping requirements. 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. The Company currently qualifies as a "limited derivatives user" and expects to continue to do so, therefore, the adoption of the rules did not have a material impact on the Company’s consolidated 89 financial statements. Effective January 6, 2023, the Company is no longer regulated as a BDC. As a result, and as of that date, Rule 18f-4 is no longer applicable to the Company. 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. The adoption of Rule 2a-5 did not have a material impact on the consolidated financial statements. Effective January 6, 2023, the Company is no longer regulated as a BDC. As a result and as of that date, Rule 2a-5 is no longer applicable to the Company. New Accounting Standards In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments” (Topic 326) and in April 2019, the FASB issued ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (collectively, “CECL”). CECL changed how entities measure potential credit losses for most financial assets and certain other instruments that are not measured at fair value. CECL replaced the “incurred loss” approach under existing guidance with an “expected loss” model for instruments measured at amortized cost. While ASU 2016-13 does not require any particular method for determining the CECL allowance, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. CECL is effective for the Company beginning January 1, 2023; however, the Company intends to continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. After the Acquisition on January 6, 2023, the Company owns and will consolidate Newtek Bank, which will apply CECL. The Company is currently re-evaluating the impact of adopting CECL accounting including for Newtek Bank. The Company will have the CECL analysis completed to report in our upcoming 10-Q filing for the quarter ended March 31, 2023. Off Balance Sheet Arrangements There were no off balance sheet arrangements as of December 31, 2022. Recent Developments Acquisition of NBNYC On January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Company. In connection with the completion of the Acquisition, the Company contributed to Newtek Bank $31 million of cash and two of the Company’s subsidiaries, NBL and SBL. Upon the consummation of the Acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC. Conversion to a Financial Holding Company The Company has also filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC as of January 6, 2023. As a result of the Acquisition, the Company is now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. The Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for 90 accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following NewtekOne portfolio companies and subsidiaries are now consolidated non-bank subsidiaries in the Company’s financial statements: NSBF; NMS; Mobil Money, LLC; NBC; PMT; NIA TAM; Newtek Business Services Holdco 6, Inc; NCL; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. Employment Agreements with our Named Executive Officers On January 13, 2023, Newtek Bank, our consolidated subsidiary, entered into an employment agreement, effective as of January 6, 2023, with Mr. Nicolas Young. Generally, under the employment agreement, Mr. Young will serve as the President and Chief Operating Officer of Newtek Bank and is entitled to a set annual base compensation in the amount of $500,000, which amount will increase to $650,000 on March 1, 2023, and cash bonuses pursuant to an annual cash bonus plan. In addition, Mr. Young is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off and sick leave. The employment agreement also provides for a severance payment in the case of Mr. Young being terminated without just cause, as defined therein, Mr. Young resigning with good reason, as defined therein, a change of control, as defined therein, or a non-renewal of Mr. Young’s employment agreement. Under the employment agreement, during the term of his employment, Mr. Young agrees to devote substantially all of his business time to Newtek Bank and to not engage in any business or activity contrary to the business or affairs of Newtek Bank. Newtek Bank agrees to indemnify Mr. Young for any and loss, expenses, or liability that he may incur as a result of his services for Newtek Bank. Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time. Effective as of March 1, 2023, the Company entered into one year employment agreements with Barry Sloane, Chief Executive Officer and President, Michael A. Schwartz, Chief Legal Officer and Chief Compliance Officer, and Nicolas Leger, Chief Accounting Officer (the “Employment Agreements”). Generally, under the Employment Agreements, Mr. Sloane, is entitled to a set annual base compensation of $700,000, Mr. Schwartz is entitled to a set annual base compensation of $450,000 and Mr. Leger is entitled to a set annual base compensation of $400,000. Each of Messrs, Sloane, Schwartz and Leger are entitled to a cash bonus pursuant to the Company’s Annual Cash Bonus Plan. In addition, Messrs. Sloane, Schwartz and Leger are entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off. The Employment Agreements also provide for severance payments if Messrs. Sloane, Schwartz or Leger were to be terminated without just cause, as defined therein, or were to resign with good reason, as defined therein, or in the case of a change of control, as defined therein, or a non-renewal of their respective Employment Agreements. Under the Employment Agreements, during the terms of their employment, Messrs. Sloane, Schwartz and Leger agree to devote substantially all of their business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agrees to indemnify Messrs. Sloane, Schwartz and Leger for any and all loss, expenses, or liability that they may incur as a result of their services for the Company. Cash bonuses will be based on performance and will be determined during the term of the Employment Agreements and therefore cannot be disclosed as this time. Effective as of March 1, 2023, NSBF, the Company’s consolidated subsidiary, has entered into a one year employment agreement with Peter Downs, President of NSBF (the “Employment Agreement”). In addition, Mr. Downs serves as the Chief Lending Officer of the Company. Generally, under the Employment Agreement, Mr. Downs is entitled to a set annual base compensation of $625,000, and a cash bonus pursuant to the Company’s Annual Cash Bonus Plan. In addition, Mr. Downs is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and vacation and sick leave. The Employment Agreement also provides for a severance payment in the case where Mr. Downs were to be terminated without just cause, as defined therein, Mr. Downs were to resign with good reason, as defined therein, or in the case of a change of control, as defined therein, or a non-renewal of Mr. Down’s Employment Agreement. Under the Employment Agreement, during the term of his employment, Mr. Downs agrees to devote substantially all of his business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agrees to indemnify Mr. Downs for any and all loss, expenses, or liability that he may incur as a result of his services for the Company. Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time. Amendments to Articles of Incorporation Effective January 13, 2023, we filed Articles of Amendment amending our Charter to change the name of the Company to “NewtekOne, Inc.” 91 2025 8.125% Notes On January 23, 2023 we completed an exempt offering of $50.0 million aggregate principal amount of 8.125% notes due 2025. The net proceeds from the sale of the notes were approximately $48.94 million, after deducting estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, including payment of expenses incurred in connection with the issuance of the notes and other working capital purposes. The Notes will mature on February 1, 2025. The Notes bear interest at a rate of 8.125% per year payable semiannually on February 1 and August 1 each year, commencing on August 1, 2023. Securities Purchase Agreement On February 3, 2023, we entered into a Securities Purchase Agreement with Patriot Financial Partners IV, L.P., and Patriot Financial Partners Parallel IV, L.P. in respect of 20,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.02 per share, in a private placement transaction. The aggregate purchase price was $20.0 million. Capital One Facility Waiver On February 28, 2023, NSBF entered into a Limited Waiver Agreement with the lenders under the Capital One facility pursuant to which the lenders waived the event of default under the facility relating to NSBF’s net income for the quarter ended on December 31, 2022. Dividends On February 27, 2023, the Company declared a quarterly cash dividend of $0.18 per share, which is payable on April 14, 2023 to shareholders of record as of April 4, 2023. 92 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. Uncertainty with respect to the economic effects of the ongoing COVID-19 pandemic, the ongoing war between Russia and Ukraine, rising inflation, increasing interest rates and the risk of recession 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 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, and Newtek Bank will primarily originate SBA 7(a) loans, at an interest rate of prime, which resets on a calendar 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 historically 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. On June 30, 2022, SBA published final rules, effective August 1, 2022, revising various regulations governing the SBA’s business loan programs. As part of these rule changes, the SBA amended 13 CFR 1201.214(d), to require the use of loan amounts as the basis upon which the variable interest rate is set on SBA 7(a) loans, instead of loan maturities. To implement this change, SBA revised 13 CFR 1201.214(d) to reflect the maximum variable interest rates for all SBA 7(a) loans, as follows: (1) For all 7(a) loans of $50,000 and less, the interest rate shall not exceed six and a half (6.5) percentage points over the base rate; (2) For all 7(a) loans of more than $50,000 and up to and including $250,000, the maximum interest rate shall not exceed six (6.0) percentage points over the base rate; (3) For all 7(a) loans of more than $250,000 and up to and including $350,000, the maximum interest rate shall not exceed four and a half (4.5) percentage points over the base rate; and (4) For all 7(a) loans of more than $350,000, the maximum interest rate shall not exceed three (3.0) percentage points over the base rate. The Company is evaluating these rule changes and the potential impacts. 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 portions of SBA 7(a) loans could negatively impact our business. During the second quarter of 2022, the weighted average net gain-on-sale price for the guaranteed portions of SBA 7(a) loans sold decreased over the first quarter of 2022, which we believe reflects the rising interest rate environment, other capital market pressures and the fact that increases in prime rate, which is base rate for our SBA 7(a) loans, have lagged other base rate interest rate increases and further, that the interest rates on our SBA 7(a) loans reset on a calendar quarterly basis. We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents and restricted cash) which was approximately $125.6 million at December 31, 2022. 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, 2022, cash deposits in excess of insured amounts totaled approximately $90.6 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. 93 ITEM 9A. CONTROLS AND PROCEDURES. . (a) Evaluation of Disclosure Controls and Procedures: As of December 31, 2022 (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. (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, 2022. 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, 2022 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, 2022 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, 2022, 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. 94 Table of Contents PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. Information about the Directors and Executive Officers Set forth below is information, as of March 14, 2023, regarding the Company’s directors. Included below is specific information about each director’s experience, qualifications, attributes or skills that led the Board of Directors to the conclusion that the individual is qualified to serve on our Board, in light of our business and structure. (1) The business addresses of the director nominees and the other directors are c/o NewtekOne, Inc., 4800 T-Rex Avenue, Suite 120, Boca Raton, FL 33431. Class II Directors — Terms Expiring 2025 Name, Address, and Age (1) Messrs. Zink and Perez-Hickman are indepdendent Directors as defined by Nasdaq listing rules. Gregory Zink, 66 Fernando Perez-Hickman, 55 Director Director Position(s) Held with the Company Term of Office and Length of Time Served Principal Occupation(s) During Past 5 Years Other Directorships Held by Director or Nominee for Director During Past 5 Years Class II Director since 2017; term expires in 2025 Class II Director since 2021; term expires in 2025 Partner at Newport LLC 2021-current; Managing partner of the Lowell Group, LLC; 1988-2021; Managing Director ExigoAsiaPacific, LLC 2018- 2022; Managing Partner, Azora Exan; Vice Chairman, Director of Corporate Strategy and member of IBERIABANK’s Planning Group Committee from 2017-2020; Executive Chairman of the Board of Directors of Sabadell United Bank, 2007-2017 Executive Chairman of the Board of Directors of Sabadell United Bank, June 2007 to August 2017 Mrs. Razon-Feingold is not an independent Director as defined by Nasdaq listing rules. Halli Razon-Feingold, 34 Director; Chief Administrative Officer and Senior Vice President, Human Resources Class II Director since 2021; term expires in 2025 Chief Administrative Officer of the Company since July 2016, and Senior Vice President, Human Resources of the Company since July 2019 95 Table of Contents Mr. Zink has served as an independent director of the Company since 2017. Mr. Zink is a Partner at Newport LLC, a national strategic advisory firm that specializes in helping owners and CEOs of privately held, growth stage companies accelerate growth and significantly improve the value of their businesses. From 1998 to 2021, Mr. Zink was the principal of the Lowell Group, LLC, a management consulting firm which provided strategic, operational, marketing and financial consulting assistance to start-up, small and medium size businesses. From 2018 to 2022, Mr. Zink was a managing director of ExigoAsia Pacific, LLC. a manufacturer of commercial fitness equipment. From 1988 through 2019, Mr. Zink served as the Chief Executive Officer, Chief Financial Officer and Director of NGJ Brand Solutions, a distributor of commercial fitness equipment and health and wellness solutions provider in Japan. Mr. Zink was also previously employed by Newtek as an Executive Vice President from 2000-2005, Touche Ross/Deloitte Consulting, AT&T, and is a graduate of the General Electric Financial Management Program. Mr. Zink has an MBA from the Wharton School of the University of Pennsylvania. Mr. Zink’s professional experience provides a significant addition to the Board of Directors. Mr. Zink’s many years of experience providing consulting and financial advice to small and medium sized businesses, provides a significant addition to the Board of Directors. Mr. Perez-Hickman is a Managing Partner at Azora Capital, a Madrid-based European based private equity firm, and its U.S. affiliate Azora Exan, based in Miami, Florida. Mr. Perez-Hickman served as Vice Chairman, Director of Corporate Strategy and member of IBERIABANK’s Planning Group Committee from 2007 until its merger with First Horizon Bank in July 2020. At IBERIABANK, he was responsible for corporate strategy and mergers and acquisitions, supervising the Consumer and Retail Banking Division, reporting to the CEO. From 2007 to 2017, Mr. Perez-Hickman served as Executive Chairman of the Board of Sabadell United Bank and Managing Director of Santander Private Banking International. Mr. Perez-Hickman’s broad experience as a highly successful and experienced executive with a proven track record in management, mergers and acquisitions and value creation at financial services businesses in the United States, Spain and international markets, provides a significant addition to the Board of Directors. Mrs. Razon-Feingold has served as the Company’s Chief Administrative Officer since July 2016 and as Senior Vice President of Human Resources for the Company since July 2019. Mrs. Razon-Feingold’s tenure at Newtek spans over ten years, with her current principal responsibilities centered on managing the executive department and all areas of human resources for the Company and all of its subsidiaries. Mrs. Razon-Feingold holds a master’s degree in Industrial/Organizational Psychology from CUNY Baruch College and a bachelor’s degree in Psychology from Hofstra University. Mrs. Razon-Feingold’s long experience with the Company provides a significant addition to the Board of Directors. Class III Directors — Terms Expiring 2023 Name, Address, and Age (1) Messrs. Salute and Mulia are independent Directors as defined by Nasdaq listing rules. Richard Salute, 77 Salvatore Mulia, 75 Position(s) Held with the Company Term of Office and Length of Time Served Principal Occupation(s) During Past 5 Years Director Director Class III Director since 2015; Term expires 2023 Director since 2004 and Class III Director since 2014; Term expires 2023 Capital Markets and SEC Practice Director at J.H. Cohn and CohnReznick LLP; Partner at Arthur Andersen; Chief Financial Officer, PAVmed Inc., June 2014 through September 2015 Financial advisor at RTM Financial Services 96 Other Directorships Held by Director or Nominee for Director During Past 5 Years Director, Walker Innovation Inc., 2015- 2018 Table of Contents Mr. Salute served as Capital Markets and SEC Practice Director at J.H. Cohn and CohnReznick LLP from 2004 to 2014. Prior to that, he spent 29 years, from 1972 to 2001, at Arthur Andersen managing complex audits for public and private companies. During his tenure, he was responsible for providing clients with strategic planning services as well as consulting on corporate finance, mergers and acquisitions, and process evaluation. His clients included large multinational companies and entrepreneurial start-ups. In addition to his client responsibilities, he started three business lines for Arthur Anderson: the Enterprise Group (New York Metropolitan area), the Technology Practice (New York office) and the Bankruptcy and Corporate Recovery Practice (nationwide). More recently, Mr. Salute served as Chief Financial Officer of PAVmed Inc. from June 2014 to September 2015. Mr. Salute also served as a director of Walker Innovation Inc. from 2015 through 2018. Mr. Salute is a graduate of Adelphi University and a member of the American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants. Mr. Salute has more than 39 years of audit, accounting, and tax experience. His extensive audit, accounting, and tax experience and relationships with industry players are an asset to our Board of Directors. Mr. Salute’s expertise and experience also qualify him to serve as chairman of the Audit Committee and as the Audit Committee Financial Expert. Mr. Salute’s experience with SEC matters includes numerous initial public offerings and his experience representing publicly traded, as well as over-the-counter market traded, clients provides a significant addition to the Board of Directors. Mr. Mulia, prior to his retirement in 2017, was a financial advisor and principal at RTM Financial Services, Westport, CT, a firm he founded with his wife. RTM was involved in advising small business with an emphasis on leasing and lending advisory services since February 2003. From February 2001 to February 2003, Mr. Mulia was Executive Vice President of Pitney Bowes Capital Corp, Shelton, CT which was engaged in providing financial services to business customers. From 1980 to 1993, Mr. Mulia held senior management positions within General Electric’s Financial Services Division, GE Capital Corporation (“GECC”), and was responsible for developing new products and business initiatives in financial services. In addition, during his tenure at GECC, Mr. Mulia was a principal in GEVEST, GECC’s investment banking unit, where he headed syndication and led acquisition teams which acquired leasing companies including TransAmerica Leasing, Chase Manhattan’s leasing subsidiary and LeaseAmerica. Mr. Mulia’s experience in the financial services industry, as well as his experience with smaller to mid-sized companies needing capital and debt and his understanding of these businesses provides a significant addition to our Board of Directors. His understanding of the dynamics of these businesses has been particularly helpful in addressing similar issues of the Company and this experience provides a significant addition to the Board of Directors. Class I Directors — Terms Expiring 2024 Name, Address, and Age (1) Messrs. Sloane and Downs are not independent Directors as defined by Nasdaq listing rules. Barry Sloane, 63 Peter Downs, 58 Position(s) Held with the Company Term of Office and Length of Time Served Principal Occupation(s) During Past 5 Years Other Directorships Held by Director or Nominee for Director During Past 5 Years Director; Chief Executive Officer and President Director; Chief Lending Officer of the Company and Newtek Bank; President, Newtek Small Business Finance, LLC Director since 1999 and Class I Director since 2014; Term expires 2024 Class I Director since 2014; Term expires 2024 Chairman of the Board of Directors, Chief Executive Officer and President of the Company Chief Lending Officer of the Company and Newtek Bank; President of Newtek Small Business Finance, LLC 97 Table of Contents Mr. Sloane has served as our Chairman and Chief Executive Officer since 1999 and as our President since 2008. Mr. Sloane founded Newtek in 1998 and is an executive officer of each of the Company’s subsidiaries. From September 1993 through July 1995, Mr. Sloane was a Managing Director of Smith Barney, Inc. While there, he directed the Commercial and Residential Real Estate Securitization Unit, and he was national sales manager for institutional mortgage and asset backed securities sales. From April 1991 through September 1993, Mr. Sloane was founder and President of Aegis Capital Markets, a consumer loan origination and securitization business which was eventually taken public with the name of “Aegis Consumer Funding.” From October 1988 through March 1991, Mr. Sloane was Senior Vice President of Donaldson, Lufkin and Jenrette, where he was responsible for directing sales of mortgage-backed securities. From August 1982 to September 1988, Mr. Sloane was a senior mortgage security salesman and trader for Bear Stearns, L.F. Rothschild, E.F. Hutton and Paine Webber. Mr. Sloane’s broad business and financial experience and his knowledge of the Company’s businesses have been of great value to the other members of the Board and qualify him to serve on our Board of Directors and as the Chairman of our Board of Directors. Mr. Downs is the Company’s and Newtek Bank’s Chief Lending Officer and was appointed as director in 2014. Mr. Downs joined the Company in 2003 and has been the President of Newtek Small Business Finance, LLC (“NSBF”), the Company’s wholly owned subsidiary, and a member of the NSBF board of directors. He has had primary responsibility for the development of the Company’s lending policies and procedures, portfolio and marketing, from its inception. Prior to joining Newtek in 2003, Mr. Downs spent sixteen years in various small business lending roles within the banking industry. From 1990 to 2001, he was employed with European American Bank (“EAB”), where he held various positions including New Business Development Officer for Small Business Lending and Group Manager of Retail Small Business Lending which encompassed the underwriting and servicing of the bank’s small business loan portfolio. Subsequent to EAB’s acquisition by Citibank, Mr. Downs ran the bank’s U.S. Small Business Administration (“SBA”) lending portfolio in New York, and eventually was named the National Director of SBA lending, after which he was responsible for coordinating the bank’s SBA underwriting and sales efforts in all Citibank markets across the country. In addition to his banking experience, he has been involved in several non-profit small business advisory boards, and has been a member of the National Association of Government Guaranteed Lenders (NAGGL) Regional Technical Issues Committee. Mr. Down’s history with the Company and extensive experience in the small business lending space, including SBA 7(a) lending, provides our Board of Directors with the valuable insight of an experienced lender. The Board of Directors and Board of Directors Meetings The Company’s Board of Directors and management are committed to responsible corporate governance to ensure that the Company is managed for the long-term benefit of the Company and its shareholders. To that end, the Board of Directors and executive committee, comprised of the Company’s Named Executive Officers (referenced below) (the “Executive Committee”), periodically review and update, as appropriate, the Company’s corporate governance policies and practices. In doing so, the Board of Directors and Executive Committee review published guidelines and recommendations of institutional shareholder organizations and current best practices of similarly situated public companies. The Board of Directors and Executive Committee also regularly evaluate and, when appropriate, revise the Company’s corporate governance policies and practices in accordance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and listing standards issued by the SEC and The Nasdaq Stock Market, Inc. (“Nasdaq”) where the Company’s Common Shares are listed and traded. ® During the fiscal year ended December 31, 2022, the Board of Directors held a total of 19 meetings, the Audit Committee held 4 meetings and the Compensation, Corporate Governance and Nominating Committee (the “Nominating Committee”) held 4 meetings. Each of the directors attended at least 75% of the aggregate of the Board of Directors meetings and meetings of the committee(s) on which he or she served held during the last fiscal year and while he or she served as a director. All members of the Board of Directors make a diligent effort to attend all board and committee meetings, as well as the Annual Meeting of Shareholders. In 2022, all members of the Board of Directors then serving in such roles attended the Annual Meeting of Shareholders. Corporate Governance Policies The Company has adopted corporate governance policies which are available at the Investor Relations page of www.newtekone.com (http://investor.newtekbusinessservices.com/corporate-governance.cfm). The corporate governance policies are also available in print to any shareholder who requests them. These policies were adopted by the Board of Directors, among other things, to best ensure that the Board of Directors is independent from management, that the Board of Directors adequately performs its function as the overseer of management and to help ensure that the interests of the Board of Directors and management align with the interests of the shareholders. On an annual basis, each director and executive officer is obligated to complete a Directors’ and Officers’ Questionnaire which requires disclosure of any transactions with the Company in which the director or executive officer, or any member of his or her immediate family, have a direct or indirect material interest. 98 Table of Contents Committees of the Board of Directors The Board of Directors currently has two standing committees: the Audit Committee and the Nominating Committee. Each member of these committees is independent as defined by applicable Nasdaq and SEC rules. A brief description of each committee is below, and each of the committees has a written charter approved by the Board of Directors, which is available the Investor Relations page of our website at www.newtekone.com (http://investor.newtekbusinessservices.com/corporate-governance.cfm). Audit Committee. The Board of Directors has established an Audit Committee in accordance with the Exchange Act. The Audit Committee consists of Messrs. Salute, Mulia and Zink, each of who are independent, and operates pursuant to its written Charter. Mr. Salute serves as Chair of the Audit Committee and currently serves as the “audit committee financial expert,” as defined under applicable SEC rules. Mr. Salute is independent in accordance with the applicable Nasdaq listing rules. The Audit Committee is authorized to examine and approve the audit report prepared by the independent auditors of the Company, to review and select the independent auditors to be engaged by the Company, to review the internal accounting controls and audit policies. In addition, the Board of Directors has determined that all members of the Audit Committee are “financially literate” as that term is defined by applicable Nasdaq and SEC rules. Compensation, Corporate Governance and Nominating Committee. The Board of Directors has established a Nominating Committee. The Company’s Nominating Committee consists of Messrs. Mulia, Salute and Zink, each of whom are independent, and operates pursuant to its written Charter. Mr. Mulia currently serves as Chair of the Nominating Committee. The Nominating Committee evaluates the compensation and benefits of the directors, officers and employees, recommends changes, and monitors and evaluates employee performance. The Nominating Committee is generally responsible for identifying corporate governance issues, creating corporate governance policies, identifying and recommending potential candidates for election to the Board of Directors, reviewing and approving conflicts of interest or related party transactions and reviewing executive and director compensation and performance. The Nominating Committee seeks candidates who possess the background, skills, and expertise to make a significant contribution to the Board of Directors, the Company, and its shareholders. In considering possible candidates for election as a director, the Nominating Committee will take into account, in addition to such other factors as it deems relevant, the desirability of selecting candidates who: • Are of the highest character and integrity; • Are free of any conflict of interest; • Are willing and able to devote sufficient time to the affairs of the Company; and • Have the capacity and desire to represent the best interests of the shareholders. The Nominating Committee has not adopted a formal policy with regard to the consideration of diversity in identifying director nominees. However, in determining whether to recommend a director nominee, the Nominating Committee considers and discusses diversity, among other factors, with a view toward the needs of the Board of Directors as a whole. The Nominating Committee generally conceptualizes diversity expansively to include, without limitation, concepts such as race, gender, national origin, differences of viewpoint, professional experience, education, skill and other qualities that contribute to the Board of Directors, when identifying and recommending director nominees. The Nominating Committee believes that the inclusion of diversity as one of many factors considered in selecting director nominees is consistent with the Nominating Committee’s goal of creating a Board of Directors that best serves the needs of the Company and the interest of its shareholders. Code of Ethics We have adopted, and will maintain, a Code of Ethics that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the Code of Ethics may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the Code of Ethics’ requirements. Our Code of Ethics generally will not permit investments by our employees in securities that may be purchased or held by us. Our current Code of Ethics is posted on the Investor Relations section of our website at http://investor.newtekbusinessservices.com. 99 Table of Contents Section 16(a) Beneficial Ownership Reporting Compliance Pursuant to Section 16(a) of the Exchange Act, the Company’s directors and executive officers, and any persons holding more than 10% of its shares, are required to report their beneficial ownership and any changes therein to the SEC and the Company. Specific due dates for those reports have been established, and the Company is required to report herein any failure to file such reports by those due dates. Based on the Company’s review of Forms 3, 4, and 5 filed by such persons and information provided by the Company’s directors and officers, the Company believes that during the fiscal year ended December 31, 2022, all Section 16(a) filing requirements applicable to such persons were timely filed. ITEM 11. EXECUTIVE COMPENSATION Introduction The following Compensation Discussion & Analysis (CD&A) includes our compensation philosophy, a description of our compensation program and the program’s objectives, the elements of compensation used to pay our executives and the compensation-related decisions made with respect to our named executive officer (NEOs) as set forth below. 2022 Named Executive Officers This compensation discussion and analysis (“CD&A”) provides 2022 compensation information for the following Named Executive Officers (“NEOs”). References to “2022 NEOs” in this CD&A are references to Messrs. Sloane, Downs, Schwartz, Leger and Young. Name Barry Sloane Peter Downs Michael A. Schwartz Nicholas Leger Nicolas Young Age 63 58 62 42 46 Chairman, Chief Executive Officer and President Chief Lending Officer; President Newtek Small Business Finance, LLC Chief Legal Officer, Chief Compliance Officer and Corporate Secretary Chief Accounting Officer and Executive Vice President Chief Risk Officer Position Information about 2022 NEOs Who Are Not Directors Michael A. Schwartz, age 62, has served as Chief Legal Officer and Corporate Secretary since January 2015. In October 2015, Mr. Schwartz was appointed the Company’s Chief Compliance Officer. Beginning in November 2013, Mr. Schwartz was Senior Counsel to the Company. Prior to joining the Company, Mr. Schwartz spent twenty-two years in private practice specializing in complex litigation in the fields of securities, mergers and acquisitions, corporate governance, commercial law, unfair employment practices, consumer protection and antitrust. Mr. Schwartz served on the Company’s Board of Directors from 2005 through 2009. Nicholas J. Leger, age 42, was appointed the Company’s Chief Accounting Officer effective as of February 5, 2021. Mr. Leger, has, since November 2015, served as Vice President of Finance and Controller of Newtek Small Business Finance, LLC (“NSBF”), the Company’s consolidated subsidiary that operates as a nationally licensed SBA lender under the federal Section 7(a) loan program, with principal responsibility for financial reporting and the development and implementation of NSBF’s accounting policies and practices. Mr. Leger previously worked at First Data Corp. as a Manager and Senior Accountant, in the Financial Planning and Reporting department, from 2005 to 2015, and previously worked in public accounting as a Senior Associate for PricewaterhouseCoopers (PWC) from 2004 to 2005 and with RSM from 2001 to 2004, primarily in the audit of public and private entities. Mr. Leger graduated from Bentley University in 2002 with a bachelor’s degree in Accounting. Nicolas Young, age 46, was appointed President and Chief Operating Officer of the Company’s subsidiary Newtek Bank on January 6, 2023. From August 2, 2021 until January 2023, Mr. Young was the Company’s Chief Risk Officer. Mr. Young previously served as Executive Vice President & Chief Credit Officer for IBERIABANK, and was EVP & Chief Risk Officer of Sabadell in Miami, Florida. Mr. Young has over 20 years’ experience in credit and risk management. Mr. Young is a native of Montevideo, Uruguay and holds a Bachelor of Economics from Universidad ORT Uruguay. 100 Table of Contents Compensation Philosophy and Objectives Our compensation programs are designed to attract and retain key employees and to motivate them to achieve, and reward them for achieving, superior performance. Different programs are geared to shorter- and longer-term performance, with the goal of increasing shareholder value over the long-term. Because we believe the performance of every employee is important to our success, we are mindful of the effect of executive compensation and incentive programs on all of our employees. We believe that the compensation of our executives should reflect their success as a management team, rather than just as individuals, in attaining key operating objectives, such as growth of earnings per share and the growth and success of our subsidiaries, and long-term competitive advantage, and ultimately, in attaining an increased market price for our Common Shares. We believe that the performance of our executives in managing our Company, considered in light of general economic and specific company, industry and competitive conditions, should be the basis for determining their overall compensation. We also believe that their compensation should not be based on the short-term performance of our Common Shares, whether favorable or unfavorable, but rather that the price of our Common Shares, in the long-term, reflect our operating performance and, ultimately, the management of the Company by our executives. We seek to have the long-term performance of our Common Shares reflected in executive compensation through our equity incentive programs, including restricted stock awards. Role of Executive Officers in Compensation Decisions The Nominating Committee supervises the design and implementation of compensation policies for all executive officers (which include the NEOs) and overall incentive equity awards to all employees of the Company. Decisions regarding the non-equity compensation of executive officers, other than NEOs, are made by the Chief Executive Officer within the compensation philosophy set by the Nominating Committee. Decisions regarding the non-equity compensation of NEOs are made by the Chief Executive Officer and the Nominating Committee for consistency with the Company’s compensation policies. The Chief Executive Officer semi-annually reviews the performance of each member of the senior executive team, including NEOs (other than himself whose performance is reviewed by the Nominating Committee). The conclusions reached and recommendations based on these reviews, including with respect to salary adjustments and annual award amounts, are then presented to the Nominating Committee by the Chief Executive Officer. The Nominating Committee will review and approve the recommendations for consistency with the Company’s compensation policies. Setting Executive Compensation During the course of each fiscal year, it has been the practice of the Chief Executive Officer to review the history of all the elements of each executive officer’s total compensation and the Chief Executive Officer may also compare the compensation of the executive officers with that of the executive officers in an appropriate market comparison group of companies with a capitalization similar to that of the Company. We seek to set compensation levels that are perceived as fair, internally and externally, and competitive with overall compensation levels at other companies in our industry, including larger companies from which we may want to recruit employees. However, the Company does not establish individual objectives in the range of comparative data for each individual or for each element of compensation. Typically, the Chief Executive Officer sets compensation with respect to the executive officers who report to him and presents it to the Nominating Committee for conformity with the Company’s overall compensation policies. The NEOs are not present at the time of these deliberations. The Nominating Committee then performs a similar review of the Chief Executive Officer’s total compensation and makes compensation decisions with respect to such officer, who does not participate in that determination. We choose to pay each element of compensation in order to attract and retain the necessary executive talent, reward annual performance and provide incentive for balanced focus. The amount of each element of compensation is determined by or under the direction of our Committee, which has historically used the following factors to determine the amount of salary and other benefits to pay each NEO: • achievement of income to sustain and grow the Company’s dividend payments; • attainment of risk-adjusted returns on the Company’s investment portfolio; • performance against competitors for the year; • difficulty in achieving desired results in the coming year; • value of their unique skills and capabilities to support long-term performance; • contribution and growth as a member of the executive management team; • professional development and growth of individual executives, the management team and other employees; and 101 Table of Contents • managerial assistance provided to our controlled portfolio companies, including contributions to growth of sales, growth of operating earnings and dividends paid to the Company. We do not establish individual goals but focus on the overall profitable growth of our business. Based on the foregoing objectives, we have historically structured the Company’s annual and long-term incentive-based non-cash executive compensation to motivate executives to achieve the business goals set by the Company. There is no pre-established policy or target for the allocation between either cash or non-cash compensation. Historically we have granted a majority of total compensation to executive officers in the form of cash compensation. For the year ended December 31, 2022, the principal components of compensation for NEOs were: • base salary; • incentive compensation based on the Company’s and the executive’s performance; and • retirement and other benefits made available to all employees. Base Salary The Company provides NEOs and other employees with base salary to compensate them for services rendered during the fiscal year. Executive base salaries continue to reflect our operating philosophy, our performance driven corporate culture and business direction, with each salary determined by the skills, experience and performance level of the individual executive, and the needs and resources of the Company. Base salaries are generally targeted to market levels and base salary ranges for NEOs are determined for each executive based on his or her position and responsibility by using market data from peer companies and published salary surveys, and the Company generally attempts to fix each NEO’s salary within the range. We believe that the Company’s most direct competitors for executive talent are not necessarily restricted to those companies that are included in the peer company index used to compare shareholder returns, but encompass a broader group of companies engaged in the recruitment and retention of executive talent in competition with the Company. During the review of base salaries for senior level executives for 2022, including the NEOs, we primarily considered: • an internal review of each executive’s compensation both individually and relative to other executive officers; • individual performance of the executive; and • a review of the Company’s dividend growth and adjusted net investment income relative to the Company’s annual plan. Salary levels typically are considered annually as part of the Company’s performance review process as well as upon a promotion or other change in job responsibility. Merit based increases to salaries are based on the Chief Executive Officer’s assessment of the individual’s performance. Merit based increases to the salaries of NEOs other than the Chief Executive Officer are recommended by the Chief Executive Officer and confirmed by the Nominating Committee and those for the Chief Executive Officer are determined by the Committee. Annual Bonus Annual bonuses may be awarded to executive officers along with the Company’s non-executive employees under the Company’s cash bonus plan. The Company creates a bonus pool based on an annually determined percentage of the salaries of all employees, which it accrues as an expense. Payments under the plan are based on the Company’s overall performance as determined by the Chief Executive Officer and the Nominating Committee. The Nominating Committee determines any bonus for the Chief Executive Officer based on, among other things, a review of the Company’s investment income, net asset value and dividend payments relative to the Company’s annual plans as established by the Board of Directors. The Chief Executive Officer in consultation with the Nominating Committee with respect to the NEOs, or in consultation with the NEOs and other senior level officers with respect to lower level employees, determines annual bonuses for other employees based on such employee’s performance. Factors considered include the achievement of business plans, defined goals and performance relative to other companies of a similar size and business strategy. The mix and weighting of the factors vary, depending on the business segment and the executive’s responsibilities. The level of achievement and overall contribution by the executive determines the level of bonus. 102 Table of Contents Equity-Based Compensation The Company must compete for leadership with commercial banks, investment banks, and other publicly traded companies not regulated as investment companies, which are generally able to award many different types of stock-based compensation to their directors, (including their non-employee directors,) officers, and employees. Moreover, the Company has had to compete for leadership with private equity funds, which generally have the discretion to offer a portion of their various carried interests to induce professional talent to associate with their funds without being required to obtain SEC approval each time. On September 12, 2014, the Board of Directors voted to establish the Newtek Business Services Corp. 2014 Stock Incentive Plan (the “2014 Plan”). The 2014 Plan was approved by shareholders of the Company on October 22, 2014. The 2014 Plan provided for the grant of options to purchase Common Shares, the terms of which will be determined by the Nominating Committee and set forth in an award agreement between the Company and the executive or employee. The Company has not issued options under the 2014 Plan. On April 27, 2015, the 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 Common Shares, 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 Common Shares to our employees, officers, and non-employee directors, and on July 27, 2016, our shareholders approved the 2015 Stock Plan. Prior to our conversion to a financial holding company, the 2015 Stock Plan permited us to issue awards of stock options and restricted Common Shares in an aggregate amount of up to 20% of our issued and outstanding Common Shares (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 Common Shares as of the effective date of the 2015 Stock Plan) is available for grants of restricted Common Shares. The Nominating Committee believes that restricted Common Shares 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 Nominating Committee may or may not choose to consider the use of stock options for incentive compensation of these employees. The Company’s Board of Directors and its Nominating Committee, which consists entirely of directors who are not employees of the Company, believe that in light of the Company’s plan for growth, stock-based incentive compensation, particularly the award of restricted Common Shares, advances the interests of the Company by providing substantial motivation for superior performance and more fully aligning the interests of officers and directors with the interests of our shareholders. The Company does not intend on issuing any additional awards under the 2015 Stock Plan and intends on submitting an amended Stock Plan for shareholder approval at our 2023 Annual Meeting of Shareholders. Benefits and Perquisites Our NEOs are generally not entitled to benefits that are not available to all of our employees. In this regard, it should be noted that we do not provide pension arrangements, post-retirement health coverage or similar benefits for our executives or employees. The Nominating Committee periodically reviews the levels of benefits provided to executive officers. The NEOs participate in the Company’s 401(k) savings plan and other benefit plans on the same basis as other similarly situated employees. The Company has adopted a match for the Company’s 401(k) savings plan for 2022, which consists of a discretionary match of 50% of the first 2% of employee contributions up to a maximum of 1% of the employee’s compensation (subject to the Internal Revenue Code annual limitation). It is anticipated that the Board will approved a match for 2023. Compensation of the Chief Executive Officer The Nominating Committee’s decisions regarding compensation of Mr. Sloane are guided by the same policies and considerations that govern compensation of the Company’s other NEOs. While recognizing the Chief Executive Officer’s leadership in building a highly talented management team and in driving the Company forward, Mr. Sloane’s base salary was $700,000 for 2022 and 2021. Mr. Sloane received a $1,000,000 cash bonus for 2021 that was paid in 2022 and did not receive a cash bonus for 2022. 103 Table of Contents Mr. Sloane received an award of 61,652 restricted Common Shares in December 2022, which award vests on December 28, 2025; an award of 47,081 restricted Common Shares in August 2022, which vests on August 15, 2025; and 83,217 restricted Common Shares in February 2021, with one-third vested on February 15, 2022 and February 15, 2023, and one-third vesting on February 15, 2024. The Nominating Committee has determined that this salary package is competitive with the labor market median for someone with Mr. Sloane’s skills and talents and is reflective of the Company’s current cash and financial position and the status of the Company’s Common Shares. Compensation of the Other NEOs The Nominating Committee approved the 2022 compensation for Peter Downs, Michael Schwartz, Nicolas Young and Nicholas Leger, as recommended to it by the Chief Executive Officer. Mr. Downs’s base salary was $550,000 in 2022 and 2021. Mr. Downs received a $250,000 cash bonus for 2022 (paid in 2023) and a $250,000 cash bonus for 2021 (paid in 2022). Mr. Downs received an award of 17,655 restricted Common Shares in August 2022, which award vests on August 15, 2025; and 11,557 restricted Common Shares in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024. Mr. Schwartz’s base salary was $400,000 in 2022 and $360,000 in 2021. Mr. Schwartz received a $250,000 cash bonus for 2022 (paid in 2023) and a $200,000 cash bonus for 2021 (paid in 2022). Mr. Schwartz received an award of 14,124 restricted Common Shares in August 2022, which award vests on August 15, 2025; 3,083 restricted Common Shares in March 2021, with one-third vested on March 15, 2022 and one-third vesting on each of March 15, 2023 and March 15, 2024; 2,312 restricted Common Shares awarded in February 2021, which vested on April 30, 2021; and 6,934 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024. Mr. Leger’s base salary was $325,000 in 2022 and $270,000 in 2021. Mr. Leger received a $200,000 cash bonus for 2022 (paid in 2023) and a $150,000 cash bonus for 2021 (paid in 2022). Mr. Leger received an award of 10,593 restricted Common Shares awarded in August 2022, which award vests on August 15, 2025; and 4,623 restricted Common Shares awarded in February 2021, with one-third vested on April 30, 2021 and one-third vesting on each of February 15, 2023 and February 15, 2024. Mr. Young’s base salary was $500,000 in 2022 and 2021. Mr. Young received a $100,000 cash bonus for 2022 (paid in 2023) and a $25,000 cash bonus for 2021 (paid in 2022). Mr. Young received an award of 9,416 restricted Common Shares in August 2022, which award vests on August 15, 2025; and 17,197 restricted Common Shares in August 2021, with one-third vested on August 2, 2022, and one-third vesting on each of August 2, 2023 and August 2, 2024. Elements of Executive Compensation and 2022 Compensation Determinations Base Salary. We believe that base salaries are a fundamental element of our compensation program. The Nominating Committee establishes base salaries for each NEO to reflect (i) the scope of the NEO’s industry experience, knowledge and qualifications, (ii) the NEO’s position and responsibilities and contributions to our business growth and (iii) salary levels and pay practices of those companies with whom we compete for executive talent. The Nominating Committee considers base salary levels at least annually as part of its review of the performance of NEOs and from time to time upon a promotion or other change in job responsibilities. During its review of base salaries for our executives, the Nominating Committee primarily considers: individual performance of the executive, including leadership and execution of strategic initiatives and the accomplishment of business results for the company; market data; the NEO’s total compensation, both individually and relative to our other NEOs; and for NEOs other than the CEO, the base salary recommendations of our Chief Executive Officer. The following table sets forth the 2022 and 2021 base salaries for our current NEOs. Barry Sloane Peter Downs Michael Schwartz Nicholas Leger Nicolas Young 2022 Base Salary 2021 Base Salary $ $ $ $ $ 700,000 550,000 400,000 325,000 500,000 $ $ $ $ $ 700,000 550,000 360,000 270,000 500,000 104 Table of Contents Annual Bonus Awards. The Nominating Committee designs our annual cash bonuses to motivate our NEOs to achieve financial and non-financial objectives consistent with our operating plan. The Nominating Committee retains discretion in the sizing and awarding of cash bonuses for each NEO to ensure that individual bonus determinations appropriately balance the interests of the Company’s shareholders, while rewarding an NEO’s contributions to performance. In evaluating the performance of our NEOs to arrive at their 2022 cash bonus awards, the Nominating Committee considered the factors to determine the amount of salary and other benefits, as set forth above. The Nominating Committee also considered the following factors and aspects of the Company’s 2022 operating performance in the determination of specific NEO bonus awards: • Declaration of $2.75 per share in cash dividends; • Obtaining regulatory approvals for, and the closing of, the Acquisition of NBNYC;• • Ability to maintain employee and staff productivity in a remote work environment; • The management of the Company’s assets and capital; • Managerial assistance provided to our controlled portfolio companies, including contributions to growth of sales, growth of operating earnings and earnings per share, as well as navigating the pandemic; and • Each NEO’s specific performance achievements and contributions to the Company’s 2022 financial performance. When allocating bonus awards, the Nominating Committee also evaluated the total compensation paid to the NEOs and other employees. Based on the foregoing considerations and analysis, and after due deliberation, the Committee awarded the 2022 NEOs the following annual cash bonuses and awards of restricted Common Shares pursuant to the 2015 Stock Plan with respect to 2022. Barry Sloane Peter Downs Michael Schwartz Nicholas Leger Nicolas Young Name Barry Sloane (2) Peter Downs (3) (4) Michael A Schwartz Nicholas Leger Nicolas Young (6) (5) All Others ____________ 2022 Cash Bonus Award As Percentage of 2022 Base Salary $ $ $ $ n/a 250,000 250,000 200,000 100,000 n/a 45 % 63 % 62 % 20 % Number of Shares or Units that have not Vested (#) Market Value of Shares or Units of Stock that have not Vested ($) (1) Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have not Vested (#) Equity Incentive Plan Awards: Market or Payout Value of Number of Unearned Shares, Units or Other Rights that have not Vested ($) 184,103 29,063 23,912 15,454 24,409 120,477 $ $ $ $ $ $ 2,991,673 472,267 388,570 251,131 396,649 1,957,749 184,103 29,063 23,912 15,454 24,409 120,477 $ $ $ $ $ $ 2,991,673 472,267 388,570 251,131 396,649 1,957,749 (1) Based on the closing price for our Common Shares of $16.25 on December 31, 2022. (2) Received an award of 61,652 restricted Common Shares in December 2022, vesting on December 28, 2025; 47,081 restricted Common Shares in August 2022, vesting on August 15, 2025; and 83,217 restricted Common Shares in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024. (3) Received an award of 17,655 restricted Common Shares in August 2022, vesting on August 15, 2025; and 11,557 restricted Common in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023, and February 15, 2024. 105 Table of Contents (4) Received an award of 14,124 restricted Common Shares in August 2022, vesting on August 15, 2025; 3,083 restricted Common Shares in March 2021, with one third vested on March 15, 2022 and one-third vesting on each of the following dates: March 15, 2023 and March 15, 2024; and 6,935 restricted Common Shares awarded in February 2021, with one-third vested February 15, 2022 and one-third vesting on each of the following dates: February 15, 2023 and February 15, 2024. (5) Received an award of 10,593 restricted Common Shares in August 2022, vesting on August 15, 2025; and 4,623 restricted Common Shares in February 2021 with one-third of the award vested in 2021 and one-third vesting in each of 2023 and 2024. (6) Received an award of 9,416 restricted Common Shares in August 2022, vesting on August 15, 2025; and 17,197 restricted Common Shares in August 2021 with one-third vested in 2022 and one-third of the award vesting in each of 2023 and 2024. Conclusion The Nominating Committee believes that attracting and retaining talented and motivated management and employees is essential to creating long-term shareholder value. The Nominating Committee seeks to attract and retain management and employees by offering a competitive, performance-based compensation program which the Nominating Committee believes aligns the interests of the executive officers and other key employees with those of our Shareholders. We believe that the Company’s 2022 compensation program met those objectives. Compensation Risk Assessment Our Nominating Committee aims to establish Company-wide compensation policies and practices that reward contributions to long-term shareholder value and do not promote unnecessary or excessive risk-taking. In furtherance of this objective, the Nominating Committee conducted an assessment of our compensation arrangements, including those for our named executive officers. The assessment process included, among other things, a review of our (1) compensation philosophy, (2) compensation mix and (3) cash and equity-based incentive plans. In its review, among other factors, the Nominating Committee considered the following: • Our investment model and our cash incentive plan encourage our employees to focus on creating a stable, predictable stream of investment income over multiple years, rather than focusing on current year revenue at the expense of succeeding years. • The distribution of compensation among our core compensation elements has effectively balanced short-term performance and long-term performance. • Our cash and equity-based incentive awards in conjunction with management efforts focus on both near-term and long-term goals. • Our cash and equity-based incentive awards contain a range of performance levels and payouts, to discourage executives from taking risky actions to meet a single target with an all or nothing result of compensation or no compensation. Our executives are encouraged to hold a meaningful number of Common Shares pursuant to our stock ownership policy. Based upon this assessment, our Nominating Committee believes that our Company-wide compensation policies and practices do not create risks that are reasonably likely to have a material adverse effect on us. 2022 Advisory Vote on Executive Compensation; Continuing Shareholder Engagement At our 2022 annual meeting of shareholders, our advisory vote on say-on-pay received strong support from our shareholders (approximately 94% of votes cast). The Nominating Committee views as important the continuing dialogue with our shareholders on compensation and other governance matters. The results of the Company’s 2022 advisory vote on say-on-pay represent positive support for the named executive officers’ compensation, but we continue to review our compensation program such that it recognizes the business environment in which the Company operates, control costs, is transparent, and enables employees to make informed decisions. We anticipate continuing our shareholder engagement efforts in advance of our future annual meetings. Compensation, Corporate Governance and Nominating Committee Interlocks and Insider Participation All members of the Nominating Committee are independent directors, and none of them are paid officers of ours or any of our subsidiaries. No member of the Nominating Committee: (i) has had any relationship with us requiring disclosure under Item 404 of Regulation S-K under the Exchange Act; or (ii) is an executive officer of another entity, at which one of our executive officers serves on our Board of Directors. 106 Table of Contents 2022 Compensation, Corporation Governance and Nominating Committee Report The Compensation, Corporate Governance and Nominating Committee of the Company has reviewed and discussed the foregoing Compensation Discussion and Analysis for fiscal 2022 required by Item 402(b) of Regulation S-K with management and, based on such review and discussions, the Compensation, Corporate Governance and Nominating Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Annual Report. THE COMPENSATION, CORPORATE GOVERNANCE AND NOMINATING COMMITTEE Salvatore Mulia, Chairman Richard Salute Gregory Zink Summary Compensation Table The following tables set forth the aggregate compensation earned by the Company’s Chief Executive Officer, Chief Accounting Officer, and next most highly compensated executive officers (which we refer to as NEOs) during 2022 and the two previous years. Name and Principal Position Barry Sloane, Chief Executive Officer Peter Downs, Chief Lending Officer Michael Schwartz, Chief Legal Officer Nicholas Leger Chief Accounting Officer Nicolas Young Chief Risk Officer Former NEO Chris Towers, (7) Chief Accounting Officer ____________ Year 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 Salary ($) 700,000 700,000 700,000 550,000 550,000 550,000 400,000 360,000 360,000 325,000 270,000 n/a 500,000 500,000 n/a n/a n/a 250,000 (2) (1) (2) (3) (1) (2) (3) (1) (2) (1) (2) Bonus ($) — 1,000,000 — 250,000 250,000 100,000 250,000 200,000 150,000 200,000 150,000 n/a 100,000 25,000 n/a n/a n/a — Stock Awards ($) (4) (13) (5) 1,000,000 1,800,000 — 375,000 250,000 (14) (6) — (15) (8) (9) (16) (10) (12) (11) 300,000 325,000 50,000 225,000 100,000 n/a 200,000 600,000 n/a n/a n/a — Option Awards Non-Equity Incentive Plan Compensation ($) Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) All Other Compensation ($) Totals ($) — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 1,700,000 3,500,000 700,000 1,175,000 1,050,000 650,000 950,000 885,000 560,000 750,000 520,000 n/a 800,000 1,125,000 n/a n/a n/a 250,000 (1) Cash bonus awarded for 2022 performance and paid in 2023. (2) Cash bonus awarded for 2021 performance and paid in 2022. (3) Cash bonus awarded for 2020 performance and paid in 2021. (4) The value reported for Stock Awards is the aggregate grant date fair value of stock awards granted to the NEOs, determined in accordance with FASB ASC Topic 718, disregarding adjustments for forfeiture assumptions. The assumptions for making the valuation determinations are set forth in Note 12—Stock Based Compensation within this Annual Report on Form 10-K for the fiscal year ended December 31, 2022. (5) Received an award of 83,217 restricted Common Shares in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024. (6) Received an award of 11,557 restricted Common in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023, and February 15, 2024. (7) Mr. Towers resigned from the Company effective February 5, 2021. 107 Table of Contents (8) Received an award of 3,083 restricted Common Shares in March 2021, vesting one-third on each of March 15, 2022, March 15, 2023 and March 15, 2024; and 6,935 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024. (9) Stock bonus for 2020 performance (awarded restricted Common Shares in February 2021 with a three (3) month vesting period). (10) Received an award of 4,623 restricted Common Shares in February 2021, vested one-third in 2021 and vesting one-third in each of 2023 and 2024. (11) Received an award of $17,196 restricted Common Shares in August 2021, vested one-third on August 2, 2022 and vesting one-third on each of August 2, 2023 and August 2, 2024 . (12) Received an award of 9,416 restricted Common Shares in August 2022, vesting on August 15, 2025. (13) Received an award of 61,652 restricted Common Shares in December 2022, vesting on January 15, 2026. (14) Received an award of 17,655 restricted Common Shares in August 2022, vesting on August 15, 2025. (15) Received an award of 14,124 restricted Common Shares in August 2022, vesting on August 15, 2025. (16) Received an award of 10,593 restricted Common Shares in August 2022, vesting on August 15, 2025. Equity Compensation Plans & Grants of Plan-Based Awards On April 27, 2015, the Nominating Committee and the Board of Directors approved the 2015 Stock Plan, subject to exemptive relief from the SEC and shareholder approval, in order to have increased flexibility to use restricted Common Shares, 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 Common Shares to our employees, officers, and non-employee directors, and on July 27, 2016, our shareholders approved the 2015 Stock Plan. Under the 2015 Stock Plan, a maximum of 20% of our total Common Shares issued and outstanding, calculated on a fully diluted basis, were available for awards under the 2015 Stock Plan as December 31, 2022. Up to 10% of our total issued and outstanding Common Shares were available for grants of restricted Common Shares. As of December 31, 2022, we had approximately 24,608,631 Common Shares outstanding. Therefore, there were 3.0 million Common Shares available for grant pursuant to the 2015 Stock Plan as of December 31, 2022. None of those shares are currently subject to stock options. Under the 2015 Stock Plan, no more than 50% of the Common Shares reserved for the grant of the awards under the 2015 Stock Plan (up to an aggregate of 3,000,000 shares) could be restricted Common Share awards at any time during the term of the 2015 Stock Plan. To date, the Nominating Committee has awarded 688,430 restricted Common Shares (net of forfeitures) to 112 employees. Therefore, after including accrued stock dividends and adding back the Common Shares withheld from awards upon vesting to satisfy recipient’s tax withholding obligations, approximately 0.8 million Common Shares would be available for additional grants of restricted Common Shares as of December 31, 2022. The Company has no outstanding options under the 2015 Stock Plan. The Nominating Committee does not intend to authorize additional grants under the 2015 Stock Plan and intends to seek stockholder approved of an amended stock plan at the next annual meeting of stockholders. Outstanding Equity Awards at 2022 Year End There were 397,418 outstanding equity awards as of December 31, 2022, including dividends paid on the outstanding equity awards in the form of additional restricted Common Shares, of which 276,941 were held by our NEOs. There were no outstanding option awards as of December 31, 2022. 108 Table of Contents The following table sets forth information regarding outstanding awards of restricted Common Shares held by our Named Executive Officers as of December 31, 2022: (1) (2) Name Barry Sloane Peter Downs Michael A Schwartz Nicholas Leger Nicolas Young (5) (4) (3) Number of Shares or Units that have not Vested (#) Market Value of Shares or Units of Stock that have not Vested (6) ($) Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that have not Vested (#) Equity Incentive Plan Awards: Market or Payout Value of Number of Unearned Shares, Units or Other Rights that have not Vested ($) (6) 184,103 29,063 23,912 15,454 24,409 $ $ $ $ $ 2,991,673 472,267 388,570 251,131 396,649 184,103 29,063 23,912 15,454 24,409 $ $ $ $ $ 2,991,673 472,267 388,570 251,131 396,649 ____________ (1) Mr. Sloane received an award of 47,081 restricted Common Shares in August 2022, vesting on August 15, 2025; and 83,217 restricted Common Shares in February 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024. (2) Mr. Downs received an award of 17,655 restricted Common Shares in August 2022, vesting on August 15, 2025; and 11,558 restricted Common Shares in February 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024. (3) Mr. Schwartz received an award of 14,124 restricted Common Shares in August 2022, vesting on August 15, 2025; 6,935 restricted Common Shares in February 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024 and an award of 3,083 restricted Common Shares in March 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024. (4) Mr. Leger received an award of 10,593 restricted Common Shares in August 2022, vesting on August 15, 2025; and 4,623 restricted Common Shares in February 2021 with one-third of the award vested in 2021 and one-third vesting in each of 2023 and 2024. (5) Mr. Young received an award of 9,416 restricted Common Shares in August 2022, vesting on August 15, 2025; and 17,197 restricted Common Shares in August 2021 with one-third of the award vested in 2022 and one-third vesting in each of 2023 and 2024. (6) Based on the closing price of our Common Shares of $16.25 on December 31, 2022. Options Exercised and Stock Vested No options were exercised in 2022. The number of restricted Common Shares held by the NEOs that vested in the fiscal year ended December 31, 2022 are set forth in the table below. Name Barry Sloane (1) Peter Downs (2) (3) Michael Schwartz Nicholas Leger Nicolas Young (4) Number of shares acquired on exercise (#) Value realized on exercise ($) Number of shares acquired on vesting (#) Value realized on vesting ($) (5) Option Awards Stock Awards — — — — — — — — — — 30,901 4,292 3,748 — 6,544 $ $ $ $ $ 824,748 114,553 100,773 — 136,770 ____________ (1) Mr. Sloane received an award of 83,218 restricted Common Shares in February 2021, with one-third of the award vested on February 15, 2022 and one-third vesting on each of February 15, 2023, and February 15, 2024. (2) Mr. Downs received an award of 11,558 restricted Common Shares in February 2021, with one-third of the award vested on February 15, 2022 and one-third vesting on each of February 15, 2023, and February 15, 2024. (3) Mr. Schwartz received an award of 6,935 restricted Common Shares in February 2021, with one-third of the award vested on February 15, 2022 and one-third vesting on each of February 15, 2023 and February 15, 2024, and 3,083 restricted Common Shares in March 2021, with one-third of the award vested on March 15, 2022 and one-third vesting on each of March 15, 2023 and March 15, 2024. (4) Mr. Young received an award of 17,197 restricted Common Shares in August 2021, with one-third of the award vested on August 2, 2022 and one-third vesting on each of August 2, 2023 and August 2, 2024. (5) Based on the closing price of our Common Shares of $26.69, $27.32 and $20.90 on February 15, 2022, March 15, 2022 and August 2, 2022, respectively. 109 Table of Contents Employment Agreements The Company entered into separate employment agreements with the following NEOs during 2022 (each, an “2022 Employment Agreement” and collectively, the “2022 Employment Agreements”): • Barry Sloane, as Chairman, Chief Executive Officer and President; • Peter Downs, as Chief Lending Officer and President of Newtek Small Business Finance, LLC; • Michael Schwartz, as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary; .• Nicholas Leger, as Chief Accounting Officer and Executive Vice President; and • Nicolas Young, as Chief Risk Officer. Mr. Sloane’s, Mr. Down’s, Mr. Schwartz’s and Mr. Leger’s employment agreements were renewed as of March 1, 2023 for terms through March 1, 2024, at annual base salaries of $700,000, $650,000, $450,000 and $400,000, respectively. Nicolas Young, who was the Company’s Chief Risk Officer from August 2, 2021 through January 6, 2023, entered into an one-year employment agreement with the Company on August 2, 2021, which employment agreement was amended during 2022 to extend through January 6, 2023, on the same terms. Mr. Young was appointed President and Chief Operating Officer of the Company’s subsidiary Newtek Bank on January 6, 2023, and entered into an employment agreement with Newtek Bank effective as of January 6, 2023 for a term through December 31, 2023 at an annual salary of $650,000 effective March 1, 2023. Aside from base salaries, the other terms and provisions of Mr. Sloane’s, Mr. Down’s, Mr. Leger’s, Mr. Schwartz’s and Mr. Young’s employment agreements remained substantially the same. Generally, under the 2022 Employment Agreements, Messrs. Sloane, Schwartz, Leger, Young and Downs were entitled to a set base compensation, cash bonuses pursuant to the Company’s Annual Cash Bonus Plan or by the action of the Board of Directors, and incentive compensation at the discretion of the Nominating Committee. In addition, Messrs. Sloane, Schwartz, Leger, Young and Downs are entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and vacation and sick leave available to all employees of the Company. The 2022 Employment Agreements also provided for severance payments in the case of termination without just cause, as defined therein, or of resignation with good reason, as defined therein, and payment if their 2022 Employment Agreements were not renewed for other than just cause. Under the 2022 Employment Agreements, during the term of their employment, Messrs. Schwartz, Downs, Leger, Young and Sloane agreed to devote substantially all of their business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agreed to indemnify Messrs. Downs, Schwartz, Leger, Young and Sloane for any and all loss, expenses, or liability that he may incur as a result of their services for the Company to the extent permitted by the Company’s Bylaws. Mr. Sloane’s 2022 Employment Agreement provided for: • a twelve-month term through March 1, 2023 at an annual base salary of $700,000; • at least one annual salary review by the Board of Directors; • participation in any discretionary bonus plan established for senior executives; and • retirement and medical plans, customary fringe benefits, vacation and sick leave. Mr. Downs’ 2022 Employment Agreement provided for: • a twelve-month term through March 1, 2023 at an annual base salary of $550,000; • at least one annual salary review by the Board of Directors; • participation in any discretionary bonus plan established for senior executives; and • retirement and medical plans, customary fringe benefits, vacation and sick leave. Mr. Schwartz’s 2022 Employment Agreement provided for: • a twelve-month term through March 1, 2023 at an annual base salary of $400,000; • at least one annual salary review by the Board of Directors; • participation in any discretionary bonus plan established for senior executives; and 110 Table of Contents • retirement and medical plans, customary fringe benefits, vacation and sick leave. Mr. Leger’s 2022 Employment Agreement provided for: • a twelve-month term through March 1, 2023 at an annual base salary of $325,000; • at least one annual salary review by the Board of Directors; • participation in any discretionary bonus plan established for senior executives; and • retirement and medical plans, customary fringe benefits, vacation and sick leave. Mr. Young’s 2022 Employment Agreement provided for: • a term through January 6, 2023 at an annual base salary of $500,000; • at least one annual salary review by the Board of Directors; • participation in any discretionary bonus plan established for senior executives; • an award of $600,000 of restricted Common Shares in August 2021 with three year vesting; and • retirement and medical plans, customary fringe benefits, vacation and sick leave. Payments upon Change of Control, Non-renewal or Termination Mr. Sloane’s Employment Agreement provided for a payment in the event of non-renewal of his employment in an amount equal to one (1.0) times the sum of his annual base compensation plus any cash bonus or other incentive compensation paid in the immediately preceding fiscal year, or in the case of a change of control or termination other than for just cause, an amount equal to two (2) times the sum of the his annual base salary in effect at the time of termination, plus the amount of any incentive compensation paid with respect to the immediately preceding fiscal year. The Company’s proposal to convert to a financial holding company would not qualify as a change of control under the terms of Mr. Sloane’s Employment Agreement. In addition, in the case of termination other than for just cause, all outstanding and unvested equity awards are to be accelerated in full. Messrs. Downs’, Schwartz’ and Leger’s Employment Agreements provided for a payment in the case of termination other than for just cause or a change in control, equal to one (1.0) times the sum of their current annual base compensation plus any cash bonuses or other incentive compensation paid in the prior year. In addition, in the case of termination other than for cause, all outstanding and unvested equity awards are to be accelerated in full. In addition, in the event of non-renewal of their employment agreements, Messrs. Downs, Leger and Schwartz would be entitled to amounts equal to 50% of the sum of their respective current annual base compensation plus any cash bonus or other incentive compensation paid in the immediately preceding fiscal year. Mr. Young’s Employment Agreement provides for a payment in the case of termination other than for just cause or a change in control, equal to one (1.0) times his annual base compensation. In addition, in the case of termination other than for cause, 50% of all outstanding and unvested equity awards are to be accelerated. In addition, in the event of non-renewal of his Employment Agreement, Mr. Young would be entitled to an amount equal to 100% of his annual base compensation. Each Employment Agreement contained a non-competition provision that requires Messrs. Sloane, Schwartz, Leger, Young and Downs to devote substantially their full business time and efforts to the performance of their duties under the Employment Agreements. Messrs. Sloane, Schwartz, Leger, Young and Downs are not prohibited, however, from serving on the boards of directors of, and holding offices or positions in, companies or organizations which, in the opinion of the Board of Directors, will not present conflicts of interest with the Company, or investing in any business dissimilar from the Company’s or, solely as a passive or minority investor, in any business. 111 Table of Contents Under each of the Employment Agreements, the Company may terminate Messrs. Sloane, Schwartz, Leger, Young or Downs employment for “just cause” as defined in the respective Employment Agreement, and upon the termination, no severance benefits are available. If Messrs. Sloane, Schwartz, Leger, Young or Downs voluntarily terminates his employment for “good reason” as defined in the Employment Agreement, the executive is entitled to the same payment as in the case of termination other than for cause. If the executive’s employment terminates during the term of the agreement due to death, disability, or retirement after age 62, the executive shall receive only his compensation, vested rights, and executive benefits up to the date of executive’s last day of employment. The executive is able to terminate voluntarily his agreement by providing prior written notice to the Board of Directors, in which case the executive is entitled to receive only his compensation, vested rights and benefits up to the date of termination. Post Termination Payments The table below reflects the amount of compensation that would have been payable to the executive officers under these arrangements if the hypothetical termination of employment events described above had occurred on December 31, 2022, given their compensation and service levels as of such date. All payments are payable by the Company in a lump sum unless otherwise noted. These benefits are in addition to benefits available regardless of the occurrence of such an event, such as currently exercisable stock options, and benefits generally available to salaried employees, such as distributions under the Company’s 401(k) plan, disability benefits, and accrued vacation pay. In addition, in connection with any termination of Mr. Sloane’s employment, the Company may determine to enter into an agreement or to establish an arrangement providing additional benefits or amounts, or altering the terms of benefits described below, as the Nominating Committee deems appropriate. The actual amounts that would be paid upon Mr. Sloane’s termination of employment can be determined only at the time of his separation from the Company. Name Barry Sloane Peter Downs Michael Schwartz Nicholas Leger Nicolas Young Change in Control Post Termination Payments Non-Renewal Termination without cause $ $ $ $ $ 2,800,000 800,000 600,000 475,000 500,000 $ $ $ $ $ 1,400,000 400,000 300,000 237,500 500,000 $ $ $ $ $ 2,800,000 800,000 600,000 475,000 500,000 Nonqualified Deferred Compensation The Company did not have any nonqualified deferred compensation in the year ended December 31, 2022. Pension Benefits The Company had no obligation under pension benefit plans to the Named Executive Officers as of December 31, 2022. Tax and Accounting Implications Deductibility of Executive Compensation As part of its role, the Committee reviews and considers the deductibility of executive compensation under Section 162(m) of the Internal Revenue Code, which provides that the Company may not deduct compensation of more than $1,000,000 that is paid to certain individuals. The Company believes that, with the exception of Mr. Sloane, compensation paid by the Company is generally fully deductible for federal income tax purposes. However, in certain situations, the Committee may, in the future, approve compensation that will not meet these requirements in order to ensure competitive levels of total compensation for its executive officers. Accounting for Stock-Based Compensation Beginning on January 1, 2006, the Company began accounting for stock-based payments under its three incentive stock plans in accordance with the requirements of ASC Topic — 718. 112 Table of Contents ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The following table sets forth, as of December 31, 2022, the beneficial ownership of each current director, the nominee for director, the Company’s executive officers, each person known to us to beneficially own 5% or more of the outstanding Common Shares, and the executive officers and directors as a group. Percentage of beneficial ownership is based on 24,608,631 Common Shares outstanding as of the Record Date. Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. If applicable and available, ownership information for those persons who beneficially own 5% or more of our Common Shares is based upon filings by such persons with the SEC and other information obtained from such persons. Unless otherwise indicated, the Company believes that each beneficial owner set forth in the table has sole voting and investment power. The Company’s directors are divided into two groups — interested directors and independent directors. Independent directors are “independent directors” of the Company as defined in applicable Nasdaq listing rules. Unless otherwise indicated, the addresses of all executive officers and directors are c/o Newtek Business Services Corp.,4800 T-Rex Avenue, Suite 120, Boca Raton, FL 33431. Name of Beneficial Owner Interested Directors: Barry Sloane (1) Peter Downs Halli Razon-Feingold (2) (3) Independent Directors: Gregory Zink (7,8) Salvatore Mulia (7,8) Richard Salute Fernando Perez-Hickman (7,8) (8) Executive Officers: Nicholas Leger (4) Michael Schwartz Nicolas Young (6) (5) All current directors and executive officers as a group ____________ Number of Shares Beneficially Owned Percent of Class 5.2 % * * * * * * * * * 6.3 % 1,274,269 67,437 18,645 23,973 59,142 25,475 2,170 17,493 40,336 28,539 1,557,479 * Less than 1% of total Common Shares outstanding as of the Record Date. (1) Includes 176,221 Shares owned by The B Sloane Family Foundation, a 501(c)(3) private foundation, of which Mr. Sloane shares voting and dispositive power, 61,652 restricted Common Shares awarded to Mr. Sloane in December 2022, vesting on December 28, 2025, 47,081 restricted Common Shares awarded in August 2022, vesting on August 15, 2025, and 83,217 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on February 15, 2023 and February 15 2024. (2) Includes 17,655 restricted Common Shares awarded in August 2022, vesting on August 15, 2025 and 11,557 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on February 15, 2023 and February 15, 2024. (3) Includes 3,467 restricted Common Shares awarded in February 2021, with one-third vested on each of February 15, 2022 and February 15, 2023 and one-third vesting on February 15, 2024, plus accrued dividends through December 31, 2022. Includes 7,062 restricted Common Shares awarded in August 2022, vesting on August 15, 2025. (4) Includes 10,593 restricted Common Shares awarded in August 2022, vesting on August 15, 2025 and 4,623 restricted Common Shares awarded in February 2021, with one-third vested in 2021 and one-third vesting on each of February 15, 2023 and February 15, 2024. (5) Includes 14,124 restricted Common Shares awarded in August 2022, vesting on August 15, 2025, 3,082 restricted Common Shares awarded in March 2021, with one-third vested on March 15, 2022 and one-third vesting on each of March 15, 2023 and March 15, 2024, and 6,934 restricted Common Shares awarded in February 2021, with one-third vested on February 15, 2022 and one-third vesting on February 15, 2023 and February 15, 2024. (6) Includes 9,416 restricted Common Shares awarded in August 2022, vesting on August 15, 2025 and 17,197 restricted Common Shares awarded in August 2021, with one-third vested on August 2, 2022 and one-third vesting on each of August 2, 2023 and August 2, 2024. 113 Table of Contents (7) Includes 1,332 restricted Company Shares awarded in June 2019 as equity-based compensation to non-employee directors Mulia, Salute and Zink, at the beginning of their 2019 terms of service, which forfeiture restrictions will lapse as to one-third of such Company Shares each year for three years, plus accrued dividends through December 31, 2022. (8) Includes 2,000 restricted Company Shares awarded in June 2022 as equity-based compensation to non-employee directors Mulia, Salute, Fernando and Zink, at the beginning of their 2022 terms of service, which forfeiture restrictions will lapse as to one-third of such Company Shares each year for three years, plus accrued dividends through July 15, 2025. Dollar Range of Equity Securities in the Company Beneficially Owned by Each Director: Name of Director Interested Directors: Barry Sloane Peter Downs Halli Razon-Feingold Independent Directors: Richard Salute Salvatore Mulia Gregory Zink Fernando Perez-Hickman ____________ Dollar Range of Equity Securities in (1)(2) Newtek Business Services Corp. Over $100,000 Over $100,000 Over $100,000 Over $100,000 Over $100,000 Over $100,000 $10,001 - $50,000 (1) Dollar ranges are as follows: None, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000, or Over $100,000. (2) The dollar range of equity securities beneficially owned is based on the closing price for our Common Shares of $16.25 on December 31, 2022 on the Nasdaq Global Market. Beneficial ownership has been determined in accordance with Rule 13d-3 of the Exchange Act. The information required by this item regarding shareholder approval of our equity compensation plans is incorporated by reference from Item 5 of this Annual Report on Form 10-K. ITEM 13. CERTAIN RELATIONSHIPS, RELATED PARTY TRANSACTIONS AND DIRECTOR INDEPENDENCE Certain Relationships and Related Party Transactions We have written procedures in place for the review, approval and monitoring of transactions involving the Company and certain persons related to the Company. When the company operated as a BDC for the year ended December 31, 2022, the Company was prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without meeting certain requirements, such as the prior approval of the independent directors and, in some cases, the SEC. The affiliates with which the Company was prohibited from transacting include its officers, directors and employees and any person who owns 5% or more of our outstanding voting securities or controlling or under common control with the Company. The Board of Directors reviews all potential related party transactions on an ongoing basis, and all such transactions must be approved by the Board of Directors. The Board of Directors reviews such transactions on a case-by-case basis. In addition, the Nominating Committee or the Board of Directors reviews and approves all compensation-related policies involving our directors and executive officers. The Board of Directors may approve or ratify a related party transaction only if it determines that, under all of the circumstances, the transaction is in, or is not inconsistent with, our best interests. The Board of Directors may impose any conditions on the related person transaction that it deems appropriate. Mr. Sloane’s nephew, Kyle Sloane, is employed by one of the Company’s subsidiaries. Kyle Sloane earned in excess of $125,000 for the year ended December 31, 2022. Director Independence and Executive Sessions Nasdaq listing standards requires that a majority of the Board of Directors and every member of our Audit Committee and Nominating Committee are “independent.” Our Board of Directors reviews the independence of its members annually. 114 Table of Contents The Board of Directors has determined that Messrs. Mulia, Zink, Salute and Perez-Hickman qualify as “independent” as defined by applicable Nasdaq and SEC rules. In making this determination, the Board of Directors has concluded that none of these members has a relationship which, in the opinion of the Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. It is the policy of the Board of Directors to hold executive sessions of the independent directors meeting without management at the conclusion of regularly scheduled meetings and as requested by a director. Mr. Salute presides over these meetings of the independent directors. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES Audit Fees and Services Fees for professional services rendered to the Company by RSM during the fiscal year ended December 31, 2022 were as follows (in thousands): Audit fees Audit related fees Tax fees All other fees Total fees Fees for professional services rendered to the Company by RSM during the fiscal year ended December 31, 2021 were as follows (in thousands): Audit fees Audit related fees Tax fees All other fees Total fees $ $ $ $ 599 158 292 53 1,049 478 173 269 290 1,210 Audit Fees: The audit fees for the fiscal years ended December 31, 2022 and 2021 were for professional services rendered in connection with the audits of the Company’s annual financial statements, assistance with review of documents filed with the SEC, consents and other services required to be performed by our independent registered public accounting firm. Audit-Related Fees: All other fees billed to the Company by RSM during the fiscal years ended December 31, 2022 and 2021 for non-audit services and assurance and related services for attestations not required by law. Tax Fees: Tax fees were for professional services rendered in connection with tax compliance, tax advice, and tax planning. All Other Fees: Non-audit related services billed by RSM were primarily related to the Company’s Form N-2 and other SEC filings. In accordance with the Audit Committee Charter, all of the foregoing audit and non-audit fees paid to, and the related services provided by, RSM were pre-approved by the Audit Committee after consulting with the Company’s Chief Accounting Officer. 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, 2022 115 384 Table of Contents 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. 116 Table of Contents Number 3.1 3.2 3.3 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 10.1 10.2 10.3 10.4 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). Amended Bylaws of NewtekOne, Inc. (Incorporated by reference to Exhibit 99.1 of NewtekOne, Inc.''s Current Report on Form 8-K, filed January 24, 2023). 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. 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). Tenth Supplemental Indenture, dated as of March 31, 2022 relating to the 5.00% 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 March 31, 2022). Limited Waiver Agreement, dated February 28, 2023 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). 117 Table of Contents 10.5 10.6 10.7 10.8 10.9 10.10 10.11 10.12 10.13 10.14 10.15 10.16 10.17 10.18 10.19 10.20 10.21 10.22 10.23 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. 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). 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). 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). Employment Agreement by and between NewtekOne and Nicolas Young dated as of January 6, 2023, filed herewith. Employment Agreement by and between NewtekOne and Barry Sloane, dated March 1, 2023 filed herewith. Employment Agreement by and between NewtekOne and Michael A. Schwartz, dated March 1, 2023, filed herewith. Employment Agreement by and between NewtekOne and Nicholas Leger, dated March 1, 2023, filed herewith. Employment Agreement by and between Newtek Small Business Finance and Peter Downs, dated March 1, 2023, filed herewith. 118 Table of Contents 14.1 21.1 23.1 23.2 23.3 31.1 31.2 32.1 32.2 99.1 99.2 99.3 99.4 99.5 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. Consent of the Independent Registered Public Accounting Firm with respect to Newtek Merchant Solutions, LLC and Subsidiaries Consent of the Independent Auditor with respect to Newtek Business Lending, LLC and Subsidiaries Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, furnished herewith. 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, 2022 (audited) 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 Business Lending, LLC and Subsidiaries as of and for the year ended December 31, 2022 (audited) filed herewith. Financial Statements of Newtek Business Lending, LLC and Subsidiaries as of and for the year ended December 31, 2021 (audited) filed herewith. Report of Independent Registered Public Accounting Firm on Supplemental Information filed herewith. 119 Table of Contents 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 15, 2023 Date: March 15, 2023 NEWTEKONE, INC. 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 Date March 15, 2023 March 15, 2023 March 15, 2023 March 15, 2023 March 15, 2023 March 15, 2023 March 15, 2023 March 15, 2023 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 120 NEWTEKONE, INC. AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Table of Contents Report of Independent Registered Public Accounting Firm (PCAOB ID: 49) Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting Consolidated Statements of Assets and Liabilities as of December 31, 2022 and 2021 Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 Consolidated Statements of Changes in Net Assets for the years ended December 31, 2022, 2021 and 2020 Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 Consolidated Schedules of Investments as of December 31, 2022 and 2021 Notes to Consolidated Financial Statements F-1 PAGE NO. F-2 F-5 F-6 F-8 F-10 F-11 F-12 F-348 To the Shareholders and the Board of Directors of NewtekOne, Inc. (formerly known as Newtek Business Services Corp.) Report of Independent Registered Public Accounting Firm Opinion on the Financial Statements We have audited the accompanying consolidated statements of assets and liabilities of NewtekOne, Inc and its subsidiaries, formerly known as Newtek Business Services Corp. (the Company), including the consolidated schedules of investments, as of December 31, 2022 and 2021, 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, 2022, and the related notes to the consolidated financial statements (collectively, the financial statements), and the financial statement schedules 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, 2022 and 2021, 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, 2022, 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, 2022, 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 15, 2023, 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, 2022 and 2021, 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-2 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, 2022 and 2021 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. As of December 31, 2022 and 2021, total Level 3 investments had a fair value of $769.3 million and $658.7 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 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, 2022 and 2021 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). Additionally, we considered the external specialist report engaged by management in valuing certain of the Company’s privately held investments. SBA unguaranteed non-affiliate investments – Accrual and Non-accrual loans • We obtained an understanding of and evaluated the methods and assumptions management uses to value the SBA unguaranteed non-affiliate investments accrual and non-accrual loans. • We tested the completeness and accuracy of information used in the valuations by agreeing the total amount of schedules to the 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 accrual 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-accrual loans (prepayment rate, probability of default, time to liquidate and discount rate). • With the assistance of our valuation specialists, we developed independent estimates to evaluate the reasonableness of the fair market value of collateral used by management in the valuation of non-accrual loans for a sample of loans. Additionally, we recalculated the present value of expected cashflows and compared it with the value of loans determined by management. F-3 Valuation of Servicing assets As described in Notes 2, 5 and 6 to the consolidated financial statements, servicing assets are measured at fair value. The 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, 2022 and 2021 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, discount rate, servicing costs, default rate, prepayment rate, and the impact of economic conditions. As of December 31, 2022 and 2021, total Level 3 servicing assets had a fair value of $30.27 million and $28.01 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, 2022 and 2021. • We reviewed the significant assumptions (e.g. discount rate, prepayment rate, default rate and servicing cost) used by externally engaged valuation specialist for reasonableness. /s/ RSM US LLP We have served as the Company's auditor since 2013. Hartford, Connecticut March 15, 2023 F-4 To the Shareholders and the Board of Directors of NewtekOne, Inc., formerly known as Newtek Business Services Corp. Report of Independent Registered Public Accounting Firm Opinion on the Internal Control Over Financial Reporting We have audited NewtekOne, Inc., formerly known as Newtek Business Services Corp.'s (the Company) internal control over financial reporting as of December 31, 2022, 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, 2022, 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, 2022 and 2021, 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, 2022, and our report dated March 15, 2023 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 Hartford, Connecticut March 15, 2023 F-5 NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In Thousands, except for Per Share Data) December 31, 2022 December 31, 2021 Investments, at fair value ASSETS SBA unguaranteed non-affiliate investments (cost of $532,793 and $431,970, respectively; includes $423,686 and $344,266, respectively, related to securitization trusts) SBA guaranteed non-affiliate investments (cost of $18,460 and $65,728, respectively) Controlled investments (cost of $154,809 and $157,289, respectively) Non-control investments (cost of $1,360 and $1,000, 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 2024 Notes, net (par: $38,250 and $38,250 as of December 31, 2022 and December 31, 2021, Note 8) 2025 6.85% Notes, net (par: $0 and $15,000 as of December 31, 2022 and December 31, 2021, Note 8) 2025 5.00% Notes, net (par:$30,000 and $0 as of December 31, 2022 and December 31, 2021, Note 8) 2026 Notes, net (par: $115,000 and $115,000 as of December 31, 2022 and December 31, 2021, Note 8) Notes payable - Securitization trusts, net (par: $283,143 and $249,750 as of December 31, 2022 and December 31, 2021, 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 Commitments 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, 24,609 and 24,159 issued and outstanding, respectively) Additional paid-in capital Accumulated undistributed earnings Total net assets F-6 $ $ $ $ $ $ 505,268 19,171 282,239 1,360 808,038 53,692 71,914 — 1,338 30,268 6,484 27,168 998,902 55,885 37,903 — 29,306 112,846 279,136 24,250 1,211 7,973 19,194 35,627 — 20,213 623,544 — 492 354,243 20,623 375,358 424,417 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 Total liabilities and net assets Net asset value per common share $ $ 998,902 15.25 $ $ 1,056,561 16.72 F-7 See accompanying notes to consolidated financial statements. 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 (loss) income Net realized and unrealized gains (losses): Net realized gain on non-affiliate investments - SBA 7(a) loans Net realized loss on controlled investments Net realized gain on derivative transactions Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments Net unrealized (depreciation) appreciation 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 appreciation (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 (loss) income per share NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, except for Per Share Data) F-8 See accompanying notes to consolidated financial statements. 2022 Year ended December 31, 2021 2020 $ — 35,696 13,698 8,600 57,994 $ 49,989 25,951 11,307 5,696 92,943 — 83 83 2,921 24,574 672 28,167 86,244 20,186 26,325 239 7,134 11,606 19,140 — 417 7,673 92,720 (6,476) 56,901 — 445 (6,532) (19,972) 24,321 (6,464) (10,095) 183 38,787 32,311 1.34 (0.27) $ $ $ $ 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 $ $ $ $ 37,743 24,719 11,154 2,693 76,309 403 104 507 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 $ $ $ $ $ Dividends and distributions declared per common share Weighted average number of shares outstanding $ 2.75 $ 24,198 3.15 $ 22,795 2.05 21,146 NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS F-9 See accompanying notes to consolidated financial statements. Increase in net assets: Net investment gain (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 (decrease) 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 NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (In Thousands) F-10 See accompanying notes to consolidated financial statements. $ $ 2022 2021 2020 Year Ended December 31, (6,476) $ 57,346 (18,559) 32,311 (66,158) 1,614 2,511 (826) 2,019 5,318 (28,529) 403,887 375,358 $ 24,609 95 107 (30) 286 458 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 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 (used in) provided by operating activities: 2022 Year Ended December 31, 2021 2020 $ 32,311 $ 84,142 $ 33,619 NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) Net unrealized (appreciation) depreciation on controlled investments Net unrealized depreciation (appreciation) on non-affiliate investments Net unrealized depreciation on servicing assets Net unrealized (appreciation) depreciation on derivative transactions Net realized (gains) losses on controlled investments Net realized gains on non-affiliate investments - SBA 7(a) loans Allowance for doubtful accounts Change in fair value of contingent consideration liabilities Loss on extinguishment of debt Amortization of deferred financing costs Change in 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 Funding of non-control/affiliate investment 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 Return of investment from controlled investments Other, net Changes in operating assets and liabilities: Broker receivable Due to/from related parties Other assets Due to participants Accounts payable, accrued expenses and other liabilities Capitalized servicing asset Other, net Net cash (used in) provided by operating activities Cash flows from investing activities: Purchase of fixed assets Cash flows from financing activities: Net borrowings (repayments) on bank notes payable Proceeds from common shares sold, net of offering costs Net proceeds (repayments) under related party line of credit F-11 See accompanying notes to consolidated financial statements. (24,321) 26,504 10,095 (183) — (44,547) — — 417 2,494 6,464 239 (2,404) — — (583,267) (192,310) (53,198) (360) 691,219 74,287 6,970 — 48,709 3,258 44,537 2,778 1,816 (110,598) 9,021 (12,355) 6 (62,418) (11) 5,885 2,019 12,800 (2,829) (11,477) 6,778 183 1,266 (44,389) 397 — 1,552 2,654 1,327 304 (9,096) — 5,394 (1,196,425) (93,147) (55,270) — 1,203,475 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) 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 Proceeds from 2024 Notes Proceeds from 2025 6.85% Notes Proceeds from 2025 5.00% Notes Proceeds from 2026 Notes Redemption of 2023 Notes Redemption of 2025 6.85% Notes Payments on Notes Payable - Securitization Trusts Issuance of Notes Payable - Securitization Trusts Dividends paid, net of dividend reinvestment plan Additions to deferred financing costs Purchase of vested stock for employee payroll tax withholding Net cash provided by (used in) financing activities Net (decrease) 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 NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) F-12 See accompanying notes to consolidated financial statements. 2022 Year Ended December 31, 2021 2020 — — 30,000 — — (15,000) (82,817) 116,210 (64,544) (2,552) (826) 1,175 (61,254) 186,860 125,606 3,466 1,614 $ $ $ 15,000 10,000 — 115,000 (57,500) — (75,432) 103,430 (70,144) (5,295) (1,575) (5,488) 135,435 51,425 186,860 2,171 1,923 $ $ $ — 5,000 — — — — (54,885) — (42,583) (856) (48) 465 18,218 33,207 51,425 1,588 810 $ $ $ Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Chad Dorsey Design David Wayne Inc and EZ Holding Co Hazleton Oil & Environmental, Inc. F & B Rubberized, Inc. The Aerial Loft LLC JBM Hospitality Group LLC dba Rise N Roll Bakery and DeliRise N Roll Stainless Depot & Associates Burchardt Enterprises of Texas, LLC dba True Value Hardware Sunshine Bright Academy, LLC Comungas Creation LLC E5 Pharma, LLC Sho-Air International, Inc. One Shield Security Services LLC Helix Biotech, Inc. AARR Corp dba WOLFE INDIA BAZAR Vibey.com LLC, Trinity Print & Media Inc and Turtle Media Group LLC MLM Worldwide LTD Traiden, Inc. dba Ace Handy Services East Anthony S, Costanzo dba Dent Co Longhorn Solar Corporation US Dedicated LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Professional, Scientific, and Technical Services 1316 Slocum St, Dallas, TX 75207 Merchant Wholesalers, Durable Goods 2441 S 25 W, Franklin, IN 46131 300 Tamaqua St., Hazleton, PA 18201 Merchant Wholesalers, Durable Goods 37 Washburn St., New Bedford, MA 02740 Merchant Wholesalers, Durable Goods 267 Horton Hwy., Mineola, NY 11501 Educational Services 9263 E US Hwy. 36, Avon, IN 46123 214 NW 9th Ter., Homestead, FL 33030 Food Manufacturing Fabricated Metal Product Manufacturing Building Material and Garden Equipment and Supplies Dealers Social Assistance 5900-12 Bosque Blvd., Waco, TX 76710 740 Greenville Blvd SE, Greenville, NC 27858 1628 Vermont Rte 125, Hancock, VT 05748 Ambulatory Health Care Services 225 NE Mizner Blvd, Boca Raton, FL 33432 Merchant Wholesalers, Nondurable Goods 4325 Etiwanda Ave, Jurupa Valley, CA 91752 3145 Tiger Run Ct, Carlsbad, CA 92010 1460 Breda Dr, Knoxville, TN 37918 854 Old San Francisco Rd., Sunnyvale, CA 94086 Support Activities for Transportation Administrative and Support Services Chemical Manufacturing Food and Beverage Stores Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus 3% 3% 3% 3% 6.5% 3% 3% 3% 3% 6.5% 3% 3% 3% 3% 3% 3% 12/16/2047 12/16/2047 12/16/2032 12/16/2047 12/15/2032 12/15/2032 12/15/2047 12/15/2032 12/14/2047 12/14/2032 12/14/2032 12/14/2032 12/14/2032 12/14/2047 12/14/2032 12/14/2032 1001 W Cleveland St, Tampa, FL 33606 15067 Encanto Dr., Sherman Oaks, CA 91403 755 Longleaf Blvd., Lawrenceville, GA 30046 753 County Rd. 565, Augusta, NJ 07822 1421 West Wells Branch Pkwy., Ste. 110, Pflugerville, TX 78660 13410 SE 26th Cir., Vancouver, WA 98683 Merchant Wholesalers, Durable Goods Term Loan Prime plus Real Estate Term Loan Prime plus 6.5% 12/14/2032 Repair and Maintenance Repair and Maintenance Term Loan Term Loan Prime plus Prime plus Specialty Trade Contractors Data Processing, Hosting, and Related Services Term Loan Prime plus Term Loan Prime plus 3% 3% 3% 3% 12/13/2032 12/13/2032 12/13/2032 12/13/2032 F-13 See accompanying notes to consolidated financial statements. $ 892.5 $ 975.0 60.0 87.5 12.5 892.5 $ 975.0 60.0 87.5 12.5 70.9 207.5 112.5 279.8 25.0 1,250.0 1,000.0 200.0 300.0 87.5 750.0 25.0 22.5 15.0 66.3 17.3 70.9 207.5 112.5 279.8 25.0 1,250.0 1,000.0 200.0 300.0 87.5 750.0 25.0 22.5 15.0 66.3 17.3 964.2 1,047.1 63.7 98.8 12.7 74.3 224.8 100.6 315.0 25.5 1,327.5 894.5 178.9 319.2 78.3 688.7 25.5 20.1 13.5 62.1 16.5 0.26 % 0.28 % 0.02 % 0.03 % — % 0.02 % 0.06 % 0.03 % 0.08 % 0.01 % 0.35 % 0.24 % 0.05 % 0.09 % 0.02 % 0.18 % 0.01 % 0.01 % — % 0.02 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Sherwood Works LLC dba Puroclean of (#) Romeoville Clore Equipment, LLC (#) JC's Tall Glass Inc dba The Hive Bar & Grill (#) Informa Solutions, Inc dba Analytics Intell Straight Up Nuts Inc. Copple Show Horses Inc Phil-Am Trading, Inc Fredrick Lee Press Plumbing, LLC dba Fred’s Plumbing RSD Construction, LLC (#) (#) (#) (#) (#) (#) The Fifty Fifty Group, Inc. dba Lola Products (#) Stillwater Grill, LLC (#) ICON Technical Inc dba CON Technical Solutions (#) RG and E Foods LLC dba Food Trip Anopitse Ventures, LLC dba Kukuruku Crispy Chicken Adil Ghumman dba Cold Stone Creamery Zen Japanese Bistro LLC CALORIQUE, LLC and Augusta Glen Partners LLC Electric bricks Inc dba Bricks and Minifigs Avondale It Takes a Village Child Care LLC The Abacus Oasis, LLC dba Abacus Oasis TAO Bookkeeping Max Rosin & Associates, Inc. Energy Shield USA, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 1280 Meyer Ct., Naperville, IL 60564 21220 FM 1420, Harlingen, TX 78550 2412 Floral Rd, Lake Worth, FL 33426 20 Timber Ridge Dr., Huntington, NY 11743 1518 Nature Ct., Winter Springs, FL 32708 Merchant Wholesalers, Nondurable Goods 9141 178th Ave SW, Rochester, WA 98579 Animal Production and Aquaculture 324 Hoboken Ave., Jersey City, NJ 07306 Merchant Wholesalers, Nondurable Goods Construction of Buildings Heavy and Civil Engineering Construction Food Services and Drinking Places Professional, Scientific, and Technical Services 9056 FM1641, Terrell, TX 75160 8695 Sand Pebble Ct., Hebron, MD 21830 241 Main St 5th Floor, Hackensack, NJ 07601 328 East St, Stafford Springs, CT 06076 24274 North 170th Ln., Surprise, AZ 85387 230 E. Betteravia Rd., Unit F, Santa Maria, CA 93454 Specialty Trade Contractors Specialty Trade Contractors Miscellaneous Manufacturing Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus Food Services and Drinking Places Term Loan Prime plus Food Services and Drinking Places 8950 US-64, Lakeland, TN 38002 Food Services and Drinking Places 4700 Freeport Blvd, Sacramento, CA 95822 Food Services and Drinking Places 1703 N Causeway Blvd, Mandeville, LA 70471 2380 Cranberry Hwy., West Wareham, MA 02576 1721 North Dysart Rd., Avondale, AZ 85392 617A Buck St,, Pembroke, NH 03275 4510 South East Howe St., Milwaukie, OR 97222 39 West 14th St., Ste. 304, New York, NY 10011 4209 Clay Ave, Haltom City, TX 76117 Miscellaneous Store Retailers Social Assistance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Machinery Manufacturing Term Loan Term Loan Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Term Loan Prime plus Prime plus Term Loan Prime plus Term Loan Term Loan Prime plus Prime plus F-14 See accompanying notes to consolidated financial statements. 3% 3% 3% 3% 3% 3% 3% 3% 3% 2.75% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 12/13/2032 12/13/2032 12/13/2047 12/13/2032 12/13/2032 12/13/2032 12/12/2032 12/12/2032 12/12/2032 12/12/2032 12/12/2047 12/12/2032 12/12/2032 5/12/2033 5/12/2033 12/9/2032 12/9/2032 12/9/2032 12/9/2032 12/9/2032 12/9/2032 12/9/2032 59.3 87.5 275.0 87.5 87.5 22.5 62.5 500.0 22.5 375.0 87.5 15.0 13.5 3.7 48.5 170.0 202.9 59.0 59.6 18.0 62.5 72.8 59.3 87.5 275.0 87.5 87.5 22.5 62.5 500.0 22.5 375.0 87.5 15.0 13.5 3.7 48.5 170.0 202.9 59.0 59.6 18.0 62.5 72.8 54.2 78.3 289.6 78.3 78.3 20.2 57.0 467.6 20.1 332.2 96.2 13.4 12.1 3.3 46.1 153.5 183.3 52.7 53.3 16.1 55.9 65.1 0.01 % 0.02 % 0.08 % 0.02 % 0.02 % 0.01 % 0.02 % 0.12 % 0.01 % 0.09 % 0.03 % — % — % — % 0.01 % 0.04 % 0.05 % 0.01 % 0.01 % — % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) WBG Engineering, Inc. dba Genxc Engineering Cortez Landscaping and General Contractor LLC iConique Visualz Limited Company dba Kioko Florida PPE Services, LLC Palazzo Iron Doors Inc. Asago, LLC JLS Electric Company LLC (#) (#) (#) (#) (#) (#) (#) Valley Brook Equestrian Center, LLC (#) Hospitality Heating & Air Conditioning, Inc. (#) SweatWorks LLC Escape Brewing Company, LLC Littlefield's Paint & Body Inc. and Delmont R. Littlefield Kreative Kutz LLC dba KREATIVE KUTZ BARBER SHOP HRI AC and Gas Services, LLC Avery11 Construction LLC dba Amos Construction C.S. Legacy Construction Peppermint Plantation, Inc. Alpha Global Partners LLC Valley Veterinary Service, Inc. and Kayla McCrone Total Cyber Solutions, LLC dba Total Cyber Academy LHC, LLC dba Tendril Herbal Apothecary and Healing Center, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 12855 SW 132nd St., Miami, FL 33186 Professional, Scientific, and Technical Services Administrative and Support Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities 215 Ct.land Ave., Stamford, CT 06906 1872-A Canon Blvd, Newport News, VA 23606 970 Sunshine :Ln., Units J/K, Altamonte Springs, FL 32714 1551 S. Greenwood Ave., Montebello, CA 90640 2113 Pecos St, Mission, TX 78572 956 English Hollow Dr, Bandera, TX 78003 Specialty Trade Contractors Merchant Wholesalers, Durable Goods Heavy and Civil Engineering Construction Administrative and Support Services 1132 El Centro Ave, Napa, CA 94558 956 E Black St, Rock Hill, SC 29730 901 N Glebe Rd 5th Floor, Arlington, VA 22203 9945 Trinity Blvd, Trinity, FL 34655 Support Activities for Agriculture and Forestry Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Beverage and Tobacco Product Manufacturing Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 3% 3% 3% 3% 3% 3% 6.5% 3% 2.75% 12/9/2032 12/9/2032 12/9/2032 12/9/2032 12/9/2032 12/9/2032 12/8/2032 12/8/2032 12/8/2032 Term Loan Prime plus 3% 12/8/2032 Term Loan Prime plus 2.75% 12/8/2032 1630 Parade Cir, Deland, FL 32724 Repair and Maintenance Term Loan Prime plus 3% 12/8/2032 865 Cassat Ave., Jacksonville, FL 32205 1891 Elsa St., Naples, FL 34109 106006 Wiser Pkwy., Kennewick, WA 99338 675 S Brea Canyon Rd, Walnut, CA 91789 1300 North Big Spring St., Midland, TX 79701 4999 Kahala Ave., Unit #472, Honolulu, HI 96816 7374 20 1-2 Ave, Lemoore, CA 93245 4021 University Dr, Fairfax, VA 22030 Personal and Laundry Services Merchant Wholesalers, Durable Goods Specialty Trade Contractors Specialty Trade Contractors Social Assistance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 3% 2.75% 3% 3% 12/8/2032 12/8/2032 12/7/2032 12/7/2032 Term Loan Prime plus 2.75% 12/7/2032 Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus 3% 3% 3% 12/6/2032 12/6/2047 12/5/2032 530 Main St., Sandpoint, ID 83864 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/5/2032 F-15 See accompanying notes to consolidated financial statements. 425.0 425.0 388.8 0.10 % 12.0 11.3 19.2 56.9 350.0 15.0 22.5 537.5 425.0 125.0 143.8 16.5 213.8 750.0 250.0 192.5 87.5 287.5 22.5 87.5 12.0 11.3 19.2 56.9 350.0 15.0 22.5 537.5 425.0 125.0 143.8 16.5 213.8 750.0 250.0 192.5 87.5 287.5 22.5 87.5 10.8 10.5 18.6 51.3 342.4 15.3 23.9 498.1 392.0 123.0 151.6 15.9 192.4 677.2 223.6 202.8 78.3 315.8 20.1 92.2 — % — % — % 0.01 % 0.09 % — % 0.01 % 0.13 % 0.10 % 0.03 % 0.04 % — % 0.05 % 0.18 % 0.06 % 0.05 % 0.02 % 0.08 % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Grand Blanc Lanes, Inc JHB ENGINEERING PLLC Diamond Cut Auto & Detail, LLC JRG SERVICES IL LLC Pacific Force Consulting Group LLC RP DEFENSE LAW, APC Looma Space Inc. (#) (#) (#) (#) (#) (#) (#) Integris Roofing, Inc. (#) Kaitlyn J Gasiamis dba Kaitlyn Jeanne Salon (#) Tema Homecare Services, LLC Mile High Sprinkler and Landscaping, Ltd Volant Custom Builders LLC Alkemy Ice Cream, LLC Aqui Bar and Backyard, LLC Jeff's Roofing Inc. dba Allphase Storage Mike Judy Presents LLC THOMPSON FAMILY FIRM, P.A. Front Office Solutions LLC,1209 Adams LLC and Jeremy Kilpatrick (#) (#) (#) (#) (#) (#) (#) (#) (#) American Access Industries & Services Inc (#) SPIG INDUSTRY, LLC Whole Sol Group Holdings LLC dba Whole Sol Blend Bar OFR, Inc (#) (#) (#) Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Administrative and Support Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries 5301 S. Saginaw Rd., Flint, MI 48507 400 Rella Blvd., Ste. 165, Montebello, NY 10901 3405-3421 Fowler St, Fort Myers, FL 33901 4325 Schofield Dr., Oswego, IL 60543 6142 Rising Cir., North Las Vegas, NV 89031 16861 Ventura Blvd., Ste. 305, Encino, CA 91436 2065 Palos Verdes Dr. North, Lomita, CA 90717 1174 Yellowstone Dr., Lake Arrowhead, CA 92352 439 N West Rd., Lombard, IL 60148 1404 Beatties Ford Rd., Charlotte, NC 28216 2555 South Sante F Dr., Denver, CO 80222 Administrative and Support Services 450 Gerber Rd, Volant, PA 16156 260 Main St., Huntington, NY 11743 511 NE 3rd Ave, Fort Lauderdale, FL 33301 1868 NE 39th Ct, Pompano Beach, FL 33064 84 S Ridgewynd Ct, Lake Saint Louis, MO 63367 Specialty Trade Contractors Food Services and Drinking Places Specialty Trade Contractors Personal and Laundry Services Food Services and Drinking Places Ambulatory Health Care Services Specialty Trade Contractors Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services 1217 E Robinson St, Orlando, FL 32801 1209 Adams Ave, La Grande, OR 97850 4120 Dr. Greaves Rd, Grandview, MO 64030 14675 Industrial Park Rd., Bristol, VA 24202 1420 Pearl St., Boulder, CO 80302 1607 Simpson St., Kingsburg, CA 93631 Term Loan Prime plus 3% 12/5/2032 Term Loan Prime plus 2.75% 12/5/2032 Term Loan Term Loan Prime plus Prime plus 3% 2.75% 12/2/2047 12/2/2032 Term Loan Prime plus 3% 12/2/2032 Term Loan Prime plus 6.5% 12/1/2032 Term Loan Prime plus 3% 12/1/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus 3% 6.5% 3% 3% 3% 3% 3% 3% 6.5% 6.5% 3% 3% 12/1/2032 12/1/2032 11/30/2032 11/30/2032 11/30/2032 3/30/2033 11/30/2032 11/30/2032 11/30/2032 11/30/2032 11/30/2032 11/30/2032 Administrative and Support Services Term Loan Prime plus Machinery Manufacturing Term Loan Prime plus Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/30/2047 Food Services and Drinking Places Support Activities for Agriculture and Forestry Term Loan Prime plus 3% 11/30/2032 Term Loan Prime plus 2.75% 11/30/2032 F-16 See accompanying notes to consolidated financial statements. 150.0 87.5 503.1 168.5 22.5 25.0 112.5 87.5 25.0 502.5 187.5 137.5 52.4 150.0 22.5 25.0 25.0 87.5 167.0 625.0 137.5 425.0 150.0 87.5 503.1 168.5 22.5 25.0 112.5 87.5 25.0 502.5 187.5 137.5 52.4 150.0 22.5 25.0 25.0 87.5 167.0 625.0 137.5 425.0 159.3 81.7 542.9 149.3 20.1 25.5 104.2 85.3 25.5 468.1 171.0 123.3 48.6 159.3 23.9 25.5 25.5 92.7 149.4 690.0 129.3 393.7 0.04 % 0.02 % 0.14 % 0.04 % 0.01 % 0.01 % 0.03 % 0.02 % 0.01 % 0.12 % 0.05 % 0.03 % 0.01 % 0.04 % 0.01 % 0.01 % 0.01 % 0.02 % 0.04 % 0.18 % 0.03 % 0.10 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) JOH, Inc dba Morris Wholesale Nursery Stroud's Building Supply, LLC JJ&B INVESTMENTS LLC and HAPPY LAKE LIFE LLC Bassett's Cricket Ranch, Inc and Bassett Ranches Veear Projects Inc and Predictive Business Intelligence Inc Dr. Ginger's Health Care Products LLC PA Epoxy Inc;Epoxy Depot Everglades Inc;Epoxy Depot Ohio, Inc. AERGO APPRAISAL, INC Real House Inc and BFM Main St LLC A-1 HEART MONITORING, LLC Arshad Limo LLC Above Construction Group Prodigy Scientific C&A Empire LLC Twim Corp dba I Fix Detroit Fact Finder Forensics Inc. Duo Studios, Inc dba The Credit People NGAA, inc dba Royal Pizza VITA10 IV THERAPY, LIMITED LIABILITY COMPANY CASWELL BAY,INC and Jesse Walters dba Hillendale Home Care SLATE- A RUSTIC TAVERN LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 1909 Patterson Rd., Riverbank, CA 95367 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 3% 3% 11/30/2032 11/30/2047 403 E Fleming Dr, Morganton, NC 28655 5028 Lake Rd East, Geneva on the Lake, OH 44041 365 S Mariposa Ave, Visalia, CA 93292 4695 Chabot Dr., Pleasanton, CA 94588 1815 W Crest Ln, Phoenix, AZ 85027 Accommodation Term Loan Prime plus 2.75% 11/30/2047 Food Manufacturing Professional, Scientific, and Technical Services Chemical Manufacturing Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus Term Loan Term Loan Prime plus Prime plus 3% 3% 3% 11/29/2047 11/29/2032 11/29/2032 Term Loan Prime plus 2.75% 11/29/2032 654 W Main St., Palmyra, PA 17078 29718 226th Ave SE, Black Diamond, WA 98010 95 Grove St, Montclair, NJ 07042 361 Atlantic Ave, East Rockaway, NY 11518 1870 aka 26 Charles St., Merrick, NY 11566 2801 Coliseum St, Los Angeles, CA 90018 Construction of Buildings Real Estate Social Assistance Professional, Scientific, and Technical Services Transit and Ground Passenger Transportation Professional, Scientific, and Technical Services Repair and Maintenance Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 7098 Miratech D, San Diego, CA 92121 13825 W Alderny Ct, Wichita, KS 67235 16401 E Warren Ave, Detroit, MI 48224 1299 N 7th St, Philadelphia, PA 19122 1 E Erie St ste 525 303, Chicago, IL 60611 1001 Boston Providence Hwy, Norwood, MA 02062 3321 Colorado Blvd, Denton, TX 76210 2950 Buskirk Ave, Walnut Creek, CA 94597 2401 NY-10, Caroga Lake, NY 12032 Term Loan Term Loan Prime plus Prime plus 3% 2.75% Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus 3% 3% 3% 2.75% 2.75% 3% 3% 3% 3% 3% 11/29/2032 11/29/2047 11/29/2047 11/29/2032 11/29/2032 11/28/2032 11/28/2047 11/28/2032 11/28/2032 11/25/2032 11/23/2032 11/23/2032 11/23/2032 11/23/2047 Food Services and Drinking Places Term Loan Prime plus Ambulatory Health Care Services Term Loan Prime plus Ambulatory Health Care Services Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 3% 2.75% F-17 See accompanying notes to consolidated financial statements. 121.3 109.0 482.5 356.3 525.0 87.5 450.0 53.0 176.3 204.0 22.5 15.0 225.0 119.6 75.0 22.5 87.5 22.5 22.5 482.5 50.0 121.3 109.0 482.5 356.3 525.0 87.5 450.0 53.0 176.3 204.0 22.5 15.0 225.0 119.6 75.0 22.5 87.5 22.5 22.5 482.5 50.0 109.7 117.6 512.6 394.2 469.6 78.3 425.1 47.4 197.8 227.3 20.1 13.4 199.3 128.0 67.1 20.1 78.3 20.1 20.1 431.6 53.9 0.03 % 0.03 % 0.14 % 0.11 % 0.13 % 0.02 % 0.11 % 0.01 % 0.05 % 0.06 % 0.01 % — % 0.05 % 0.03 % 0.02 % 0.01 % 0.02 % 0.01 % 0.01 % 0.11 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) ONE FAT FROG, INCORPORATED Rojas Tree Service LLC Grisly Manor LLC dba Dynamic Augmented Solutions Marschand Motor Cars, Limited Co BROWN AUTOMOTIVE LLC dba Saville's Service Center American Off-Road Customs LLC MHETRA LLC TDI Partners LLC Valenzuela Service Group LLC dba The Cutting Edge Waco CAPISTRANO GEAR COMPANY, INC dba Aamco Total Care Care John S James (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Performance Consulting LLC and Daryl Pater Performance Consulting LLC dba MAINSTREAM HEATING AND COOLING (#) NRJ Holdings LLC (#) Mi Cocina Inc and Saul Sierra dba Mi Cocina Inc 4 Your Peace of Mind, LLC (#) (#) Crystalizations Systems Inc. East Coast Food Services LLC Bakersfield Glass and Window Incorporated Grudziena, Inc. dba Hotworx Surf City Teamania LLC, dba Teamania (#) (#) (#) (#) (#) Transportation Equipment Manufacturing Administrative and Support Services Professional, Scientific, and Technical Services Transportation Equipment Manufacturing 2416 Sand Lake Rd, Orlando, FL 32809 5180 Oaktree Trail, Stonecrest, GA 30038 11107 Trenton Ct, Rancho Cucamonga, CA 91701 300 Jonesboro Rd., McDonough, GA 30253 37251 E Richards Ln., Purcellville, VA 20132 Repair and Maintenance 5115 Dean Martin Dr, Las Vegas, NV 89118 Repair and Maintenance 848 Brickell Ave., Penthouse 5, Miami, FL 33131 401 E Las Olas Blvd, Fort Lauderdale, FL 33301 Food Manufacturing Professional, Scientific, and Technical Services Personal and Laundry Services Repair and Maintenance Professional, Scientific, and Technical Services 2301 Washington Ave, Waco, TX 76701 33990 Doheny Park Rd, Dana Point, CA 92624 299 Broadway,Floor 17, New York, NY 10007 1539a Ashland City Rd, Clarksville, TN 37040 1539 Ashland City Rd Ste. A, Clarksville, TN 37040 525 Memory Ln., Antigo, WI 54409 1600 West Belleville Ave, Littleton, CO 80120 435 Buckland Rd, South Windsor, CT 06074 Ambulatory Health Care Services Crystalizations Systems Inc., Holbrook, NY 11741 2951 Bayshore Dr., Miami, FL 33133 1030 Alta Vista Dr., Bakersfield, CA 93305 Specialty Trade Contractors Accommodation Food Services and Drinking Places Specialty Trade Contractors Fabricated Metal Product Manufacturing Food Services and Drinking Places Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Food Services and Drinking Places 112 Charlie Medlin Dr, Surf City, NC 28445 20280 N 59th Ave, Glendale, AZ 85308 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 3% 3% 3% 3% 3% 2.75% 11/23/2032 11/23/2032 11/23/2032 11/23/2032 11/22/2032 11/22/2032 Term Loan Prime plus 3% 11/22/2032 Term Loan Prime plus 2.75% 11/22/2032 Term Loan Prime plus 3% 11/22/2032 Term Loan Prime plus 2.75% 11/22/2032 Term Loan Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 3% 3% 3% 2.75% 2.75% 3% 3% 2.75% 2.75% 3% 3% 11/21/2032 11/21/2047 11/21/2032 11/21/2047 11/21/2047 11/21/2032 11/18/2032 11/18/2032 11/18/2047 4/18/2033 11/18/2032 502.5 151.3 52.5 49.8 119.9 22.5 22.5 550.0 22.3 123.8 22.5 300.0 325.0 325.0 106.3 87.5 62.5 212.5 61.3 41.8 15.0 502.5 151.3 52.5 49.8 119.9 22.5 22.5 550.0 22.3 123.8 22.5 300.0 325.0 325.0 106.3 87.5 62.5 212.5 61.3 41.8 15.0 449.5 137.3 47.5 45.3 108.2 20.0 20.1 493.5 19.9 109.6 20.1 320.2 290.7 364.7 119.2 92.9 66.4 195.5 68.7 44.5 15.1 0.12 % 0.04 % 0.01 % 0.01 % 0.03 % 0.01 % 0.01 % 0.13 % 0.01 % 0.03 % 0.01 % 0.09 % 0.08 % 0.10 % 0.03 % 0.02 % 0.02 % 0.05 % 0.02 % 0.01 % — % F-18 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Gold Lion Music Inc. Matthew Paul DBA Cabinets Plus Refacing Legend Cookware LLC and Willo Island NY LLC Stevens Aviation and Parts LLC dba AERIAL SE Porto Pavino LLC PlumbWise, Inc. RDS Investments, Inc. Schwartz's Pallet LLC BAKER INC dba Baker's Paint and Body Shop Kelly N. Eberle, dba Kelly Nicole Salon Blue Strategies Group LLC Brea Construction LLC Red Thread Brands, LLC Rabits & Romano Architecture, Inc. dba Rabits & Romano Architecture Pricetone Entertainment LLC MAJIC TOUCH WINDOW TINTING INC. Shea Grace Wellness LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Smash Ink Design, Inc. West 7th Corp dba Piscataway Auto & Truck Repair and Charles Lehmann (#) (#) Irydescents Inc. E&A CORBETT ENTERPRISES LLC dba Your Pie - Lee Vista (#) (#) Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% 11/18/2032 11/18/2032 Term Loan Prime plus 3% 11/17/2032 928 S. BROADWAY, Ste. 1002, Los Angeles, CA 90015 16651 Shadyridge Dr, Tyler, TX 75703 Motion Picture and Sound Recording Industries Specialty Trade Contractors 46 Main St. #126, Monsey, NY 10952 1617 Freeman Mill Rd, Suffolk, VA 23438 1300 Wheaton Ave, Millville, NJ 08332 895 Branch Dr., Alpharetta, GA 30040 19677 Grover St., Omaha, NE 68130 52240 County Rd. 35, Bristol, IN 46507 Nonstore Retailers Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Specialty Trade Contractors Insurance Carriers and Related Activities Wood Product Manufacturing 903 3rd Ave. W, Palmetto, FL 34221 931 W Liberty Dr., Wheaton, IL 60187 4465 E Paradise Village Pkwy. S, Unit #1131, Phoenix, AZ 85032 1420 N Cumberland St., Metairie, LA 70003 Construction of Buildings Repair and Maintenance Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 3922 South East 28th Pl., Portland, OR 97202 5205 S Orange Ave, Edgewood, FL 32809 3200 N San Fernando Blvd, Burbank, CA 91504 6623 West 111th Strret, Worth, IL 60482 18 Blyman Ct, Trenton, NJ 08690 445B S Blackstock Rd, Spartanburg, SC 29301 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Motion Picture and Sound Recording Industries Repair and Maintenance Personal and Laundry Services Term Loan Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Printing and Related Support Activities Term Loan Prime plus 1801 West 7th St, Piscataway, NJ 08854 12953 Carriage Rd, Poway, CA 92064 Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus Term Loan Prime plus 4425 Carolwood St., Orlando, FL 32812 Food Services and Drinking Places Term Loan Prime plus F-19 See accompanying notes to consolidated financial statements. 3% 3% 2.75% 6.5% 3% 3% 6.5% 6.5% 6.5% 3% 3% 6.5% 3% 3% 3% 3% 3% 3% 5/17/2048 11/17/2032 11/17/2032 11/17/2032 11/17/2032 11/17/2032 11/17/2032 11/17/2032 11/17/2032 11/17/2032 11/17/2032 11/16/2032 11/16/2032 5/16/2033 11/16/2032 11/15/2047 11/15/2032 11/15/2032 25.0 25.0 264.3 60.0 250.0 374.9 25.0 143.8 87.5 25.0 15.5 12.5 22.5 81.3 15.0 22.5 135.7 87.5 60.0 22.5 87.5 25.0 25.0 264.3 60.0 250.0 374.9 25.0 143.8 87.5 25.0 15.5 12.5 22.5 81.3 15.0 22.5 135.7 87.5 60.0 22.5 87.5 25.5 25.5 236.4 67.8 232.0 332.1 25.5 131.0 92.9 25.5 15.8 12.7 20.1 86.3 15.3 21.5 122.2 78.3 67.7 20.1 78.9 0.01 % 0.01 % 0.06 % 0.02 % 0.06 % 0.09 % 0.01 % 0.03 % 0.02 % 0.01 % — % — % 0.01 % 0.02 % — % 0.01 % 0.03 % 0.02 % 0.02 % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Post American Fine Art LP (#) Elle Medical Aesthetics and Welness, LLC (#) (#) Auburn Downtown Limo L.L.C. (#) Vosges Holdings, LLC Armstrong Law, PLLC Mosley and Associates Consulting, LLC K Broussard Industries LLC Evolve Foot and Woundcare P.L.L.C Integrity Home Care Corporation Harness Power, Inc. A. Diamond Production, Inc. dba The Fulton Shop GJS APPRAISAL SERVICES LLC Educational Equity Services, LLC GARRELTS GLASS LLC CAN'T RANCH, LLC Ray’s Big Top Tents, Inc L & L Operations; Jennifer E. Symons and John M. Symons East Rock Construction, LLC Peggs Designs LLC N & A Express Inc Loving Life LLC International Business Deals, Inc. dba Glass Doctor (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 1810 E Sahara Ave, Ste. 455, Las Vegas, NV 89104 Miscellaneous Store Retailers 500 Commonwealth Ave, Boston, MA 02215 Personal and Laundry Services 430 W Glenn Ave, Auburn, AL 36832 2950 N Oakley, Chicago, IL 60618 Term Loan Term Loan Transit and Ground Passenger Transportation Term Loan Food Manufacturing Term Loan Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Repair and Maintenance Ambulatory Health Care Services Term Loan Term Loan Term Loan Term Loan Ambulatory Health Care Services Specialty Trade Contractors Furniture and Home Furnishings Stores Real Estate Educational Services Term Loan Term Loan Term Loan Term Loan Term Loan Nonmetallic Mineral Product Manufacturing Term Loan Term Loan Animal Production and Aquaculture Term Loan Rental and Leasing Services 624 Elk St, Gassaway, WV 26624 491 Glendalough Pl SW, Atlanta, GA 30310 3188 Carbide Dr, Sulphur, LA 70665 27 Hospital Ave., Danbury, CT 06810 8954 Reseda Blvd, Ste. 201, Northridge, CA 91324 439 E Harrison St, Corona, CA 92879 2150 Cesar Chavez St, San Francisco, CA 94124 200 Hoover Ave, Las Vegas, NV 89101 9382 Pep Rally Ln, Waldorf, MD 20603 18018 SW Hopkins Switch Rd., Douglass, KS 67039 2302 Henderson Way, Plant City, FL 33563 1320 Belmar Dr, Louisville, KY 40213 656 Lakeside Dr, Rock Hill, SC 29730 4333 Still Ct, Slatington, PA 18080 812 NE 16th St, Fort Lauderdale, FL 33304 13209 Sharondale Ct., Riverview, FL 33579 2 Mechanic St, Pawcatuck, CT 06379 Specialty Trade Contractors Construction of Buildings Construction of Buildings Truck Transportation Clothing and Clothing Accessories Stores Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 3% 2.75% 11/14/2032 11/14/2047 11/11/2032 11/10/2032 Prime plus 3% 11/10/2047 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 3% 3% 3% 3% 3% 6.5% 3% 6.5% 6.5% 6.5% 3% 3% 6.5% 3% 3% 11/10/2032 11/9/2032 11/9/2047 11/8/2032 11/8/2032 11/8/2032 11/4/2032 11/4/2032 11/4/2032 11/4/2032 11/4/2032 11/4/2032 11/4/2032 11/3/2032 11/3/2032 11/3/2032 80 Wyche Rd, Stafford, VA 22554 Repair and Maintenance Term Loan Prime plus 3% 11/3/2032 F-20 See accompanying notes to consolidated financial statements. 21.5 1,225.0 21.0 600.0 22.5 25.0 20.3 48.2 21.5 1,225.0 21.0 600.0 22.5 25.0 20.3 48.2 22.5 1,000.0 22.5 1,000.0 87.5 25.0 50.0 25.0 25.0 25.0 16.2 50.0 25.0 20.4 22.5 22.5 87.5 25.0 50.0 25.0 25.0 25.0 16.2 50.0 25.0 20.4 22.5 22.5 21.9 1,290.8 22.3 531.6 24.1 25.5 19.1 51.0 20.1 896.5 78.3 25.5 44.7 25.5 25.5 25.5 14.5 45.7 25.5 18.2 20.1 20.1 0.01 % 0.34 % 0.01 % 0.14 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.24 % 0.02 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % — % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) DE Luxury Event Planning & Rentals LLC,De Lux Enterprises Inc Nautigirl Beachwear Inc and Anthony Rate A & L Associates LLC dba Floor coverings international of Sugarland US Trusted Towing, Inc Prevail Practices, PLLC dba Prevail Physical Therapy Hexaider Technologies LLC Solcium Solar LLC Eyecare on the Square, LLC and Clear Eyes Aesthetics, LLC ROOF IT RIGHT, LLC and THE RIGHT INVESTMENT GROUP, LLC B&B Cars, LLC and Bret Parkinson Billion Tower Int'l, LLC Goff Heat and Air LLC Global Fashion Works, LLC dba Flying Colors Apparel ES&A, INC., A LAW CORPORATION Goshen House & Trading LLC and ATSU AGBETSI Sitas Sweets LLC Mankind, L.L.C. McQueen Companies LLC dba McQueen Building Company Global One Media, Inc Global One Media, Inc Parkway-Kew Corporation (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 985 Arnet Ave, Union, NJ 07083 216 2nd St N, St. Petersburg, FL 33701 Food Services and Drinking Places Clothing and Clothing Accessories Stores Term Loan Term Loan Prime plus Prime plus 2.75% 3% 11/3/2047 11/3/2032 4240 Bluebonnet Dr., Stafford, TX 77477 1000 W. Horsetooth Rd., Fort Collins, CO 80526 17012 Aurora Ave North, Shoreline, WA 98133 555 Winderley Pl. Ste. 300, Maitland, FL 32751 302 S Oak Ave, Sanford, FL 32771 Specialty Trade Contractors Term Loan Prime plus 3% 11/2/2032 Support Activities for Transportation Term Loan Prime plus 6.5% 11/2/2032 Ambulatory Health Care Services Professional, Scientific, and Technical Services Specialty Trade Contractors Term Loan Prime plus Term Loan Term Loan Prime plus Prime plus 3% 3% 3% 11/2/2032 11/1/2032 11/1/2032 Clothing and Clothing Accessories Stores Specialty Trade Contractors Motor Vehicle and Parts Dealers 6833 Wooster Pike, Cincinnati, OH 45227 Ambulatory Health Care Services 1452 Hugh Ave Ste. 1, Louisville, KY 40213 4144 S State St, Millcreek, UT 84107 240 W40th St., 5th Floor, New York, NY 10018 927 W Veterans Memorial Hwy, Blanchard, OK 73010 7513 Connelley Dr. Ste. A, Hanover, MD 21076 1003 Bishop St, Ste. 2750, Honolulu, HI 96813 4310 Pennwood Rd, Brentwood, MD 20722 2600 W 9 Mile Rd., Pensacola, FL 32534 2741 Patterson rd sw,, Pataskala, OH 43062 Specialty Trade Contractors Construction of Buildings Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Food Manufacturing Term Loan Prime plus 2.75% 10/31/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% Term Loan Prime plus Term Loan Prime plus 3% 3% 10/31/2047 10/31/2032 10/31/2032 10/31/2032 Term Loan Prime plus 2.75% 10/31/2032 Term Loan Prime plus 3% 10/31/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 3% 3/31/2048 10/31/2032 Term Loan Prime plus 2.75% 10/28/2032 1105 Boyce Rd., Pittsburgh, PA 15241 6605 Grand Montecito Pkwy, Las Vegas, NV 89149 6605 Grand Montecito Pkwy, Las Vegas, NV 89149 2095 Execelsior Ave, North Brunswick, NJ 08902 Construction of Buildings Term Loan Prime plus 3% 10/28/2047 Broadcasting (except Internet) Term Loan Prime plus 2.75% 10/28/2032 Broadcasting (except Internet) Term Loan Prime plus 2.75% 10/28/2047 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/28/2032 F-21 See accompanying notes to consolidated financial statements. 253.8 78.8 22.5 12.5 87.5 125.0 212.5 243.7 238.5 154.9 87.0 147.0 397.8 37.3 19.2 22.4 22.4 147.4 200.2 121.4 380.4 253.8 78.8 22.5 12.5 87.5 125.0 212.5 243.7 238.5 154.9 87.0 147.0 397.8 37.3 19.2 22.4 22.4 147.4 200.2 121.4 380.4 263.2 70.4 20.1 12.7 79.3 111.8 190.4 220.3 250.8 137.4 77.9 132.3 352.7 33.4 21.6 20.0 19.8 163.3 178.2 129.7 400.8 0.07 % 0.02 % 0.01 % — % 0.02 % 0.03 % 0.05 % 0.06 % 0.07 % 0.04 % 0.02 % 0.04 % 0.09 % 0.01 % 0.01 % 0.01 % 0.01 % 0.04 % 0.05 % 0.03 % 0.11 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Learn2speak.net LLC Nevada Winshield Repair, LLC dba Superglass Windshield Repair Nevada (#) (#) Kevin Concannon LLC dba E.M. Diagnostics (#) Global One Media, Inc RightTalents LLC Prometheus Retail Solutions (#) (#) (#) Eleven11, LLC dba Eleven11 Event Studio (#) Sanderson & Associates LLC Common Interest Investment Group LLC dba Sky Zone of Columbus GA (#) (#) Daze Salon Suites LLC Five Churches By The Bay, LLC;Five Churches Brewing LLC Parkway-Kew Corporation and Extreme Performance Technology, LLC California Recovery Center LLC Brooklyn Magazine, LLC Inpowered, Inc (#) (#,^) (#) (#) (#) (#) J&A Fitness LLC dba ANYTIME FITNESS (#) Mariposa Group LLC dba YogaSix Bellevue (#) The DRT Agency Inc SLCP Transport, LLC dba AAMCO Transmission Sharleen D. Spohn dba BS Wholesales Mixed Up Cakes LLC (#) (#) (#) (#) 12768 Wood Trail Blvd., TAMPA, FL 33625 2300 W Sahara Ave Ste. 800, Las Vegas, NV 89102 4840 E Salida Del Sol Pl, Tucson, AZ 85718 6605 Grand Montecito Pkwy, Las Vegas, NV 89149 639 Passaic Ave, Nutley, NJ 07110 1211 San Simeon Dr., Roseville, CA 95661 27690 Middlebelt Rd, Farmington Hills, MI 48334 198 Cemetery St., Winder, GA 30680 3716 Gentian Blvd., Columbus, GA 31907 1310 E Broadway Rd Ste. 102, Tempe, AZ 85282 215 Main St., Niantic, CT 06357 2095 Execelsior Ave, North Brunswick Township, NJ 08902 423 Oak St, Roseville, CA 95678 226 Prospect Park West # 175, Brooklyn, NY 11215 584 Castro St, San Francisco, CA 94114 914- 948 Lee St, Jefferson, GA 30549 8131 Sawyer Brown Rd, Nashville, TN 37221 6026 Castlebrook Dr., Castro Valley, CA 94552 111 Brentwood Dr. E, College Station, TX 77840 330 N. Reading Rd., Ephrata, PA 17522 42978 Lost Farm Ter., Leesburg, VA 20175 Ambulatory Health Care Services Term Loan Prime plus Repair and Maintenance Term Loan Prime plus Health and Personal Care Stores Term Loan Prime plus 3% 3% 3% 10/28/2032 10/28/2032 10/28/2032 22.4 14.2 22.4 14.2 20.0 12.7 1,156.5 1,156.5 1,052.5 Broadcasting (except Internet) Professional, Scientific, and Technical Services Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 10/28/2047 Term Loan Prime plus 3% 10/28/2032 Term Loan Prime plus 2.75% 10/28/2032 Real Estate Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus 3% 3% 3% 10/28/2032 10/28/2032 10/28/2032 Personal and Laundry Services Term Loan Prime plus 2.75% 4/28/2033 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/28/2032 Fabricated Metal Product Manufacturing Nursing and Residential Care Facilities Term Loan Term Loan Prime plus Prime plus 2.75% 3% 10/28/2047 10/27/2032 Other Information Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/27/2032 Term Loan Prime plus 3% 10/27/2032 Term Loan Prime plus 2.75% 4/27/2033 Term Loan Prime plus 2.75% 4/27/2033 Term Loan Prime plus 3% 10/27/2032 Repair and Maintenance Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Prime plus Prime plus 2.75% 3% 10/27/2047 10/27/2032 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 3% 10/27/2032 F-22 See accompanying notes to consolidated financial statements. 57.9 62.2 87.0 22.4 62.2 87.0 10.3 119.6 507.0 170.3 149.2 919.8 114.5 27.1 161.6 146.1 14.9 49.7 57.9 62.2 87.0 22.4 62.2 87.0 10.3 119.6 507.0 170.3 149.2 919.8 114.5 27.1 161.6 146.1 14.9 49.7 63.4 55.6 77.2 20.0 66.0 80.0 9.2 126.0 569.0 163.5 132.2 822.8 106.0 26.2 144.6 161.6 13.4 44.5 0.01 % — % 0.28 % 0.02 % 0.01 % 0.02 % 0.01 % 0.02 % 0.02 % — % 0.03 % 0.15 % 0.04 % 0.04 % 0.22 % 0.03 % 0.01 % 0.04 % 0.04 % — % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Sierra Care LLC GETTYSBURG CLEANER, LLC Wine 702 LLC dba The Wine Emporium ORMENO ENTERPRISES, LLC dba A and B Muffler Plus The studio pilates Az LLC DBA Sultivate Beard Health Inc dba Prime IV Hydration and Wellness The SPA Sante and Salon, Inc McQueen Companies LLC, F.K.A. Farmhouse Luxe and Co. Limited Liability In the Round LLC IDOCKET.COM, LLC Building Shooters Technology LLC ANDREA R. SLOSS dba Images By Andrea Rae The Better Pool Guy & Home Solutions Inc New London Ink, LLC Elexa Consumer Products, Inc Net Retailers, Inc dba PatioContract Mambos CCP LLC and Mambos Holdings, LLC Mulder's Landscape Supplies, Inc. Elite Lifting Service, LLC Muller Miles Trucking LLC Prime Time Coatings, Inc. (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 101 Smith Dr., Ste. 2, Cranberry Township, PA 16066 12 Springs Ave, Gettysburg, PA 17325 702 Bridgeport Ave, Shelton, CT 06484 1924 N Galloway Ave, Mesquite, TX 75149 468 S Main St, Cottonwood, AZ 86326 9747 E 21st St N, Ste. 139, Wichita, KS 67206 153 E Holly St, Pasadena, CA 91101 1105 Boyce Rd., Pittsburgh, PA 15241 1305 Stratton Ave., Nashville, TN 37206 447 Hickory St, Hereford, TX 79045 700 Church St. Apt 604, Nashville, TN 37203 3140 Black Oak Dr, Rocklin, CA 95765 4420 South Hwy. 27 Unit 8, Clermont, FL 34711 90 Bank St., New London, CT 06320 126 E Wing St Ste. 379, Arlington Heights, IL 60004 980 N Michigan Ave, Chicago, IL 60611 Ambulatory Health Care Services Personal and Laundry Services Food and Beverage Stores Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 6.5% 6.5% 10/26/2047 10/26/2032 10/26/2032 Repair and Maintenance Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Personal and Laundry Services Construction of Buildings Rental and Leasing Services Publishing Industries (except Internet) Educational Services Professional, Scientific, and Technical Services Term Loan Prime plus 3% 10/26/2032 Term Loan Prime plus 6.5% 10/26/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 3% 2.75% 3% 3% 1/26/2033 10/26/2032 10/25/2032 10/25/2032 10/25/2032 Term Loan Prime plus 2.75% 10/25/2032 Term Loan Prime plus 6.5% 10/25/2032 Administrative and Support Services Personal and Laundry Services Professional, Scientific, and Technical Services Furniture and Home Furnishings Stores Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 3% 3% 2.75% 3% 10/25/2032 10/24/2032 10/24/2032 10/24/2032 13770 Beach Blvd, Jacksonville, FL 32224 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/21/2047 3333 Ravine Rd, Kalamazoo, MI 49006 3 Garden Cove Dr., Key Largo, FL 33037 14107 Newberry Grove Ln, Rosharon, TX 77583 202 E. 26th St., National City, CA 91950 Building Material and Garden Equipment and Supplies Dealers Specialty Trade Contractors Truck Transportation Fabricated Metal Product Manufacturing Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 6.5% 2.75% 10/21/2032 10/21/2032 10/21/2032 10/21/2032 F-23 See accompanying notes to consolidated financial statements. 117.8 24.9 24.9 74.6 24.9 66.3 87.0 348.1 79.1 621.8 22.4 14.9 124.4 22.0 87.4 1,243.3 499.6 14.9 47.7 24.9 149.2 117.8 24.9 24.9 74.6 24.9 66.3 87.0 348.1 79.1 621.8 22.4 14.9 124.4 22.0 87.4 1,243.3 499.6 14.9 47.7 24.9 149.2 124.0 25.4 25.4 79.2 25.4 58.8 82.2 308.4 76.5 556.2 20.3 15.2 132.1 20.6 92.1 1,112.3 544.5 15.2 45.2 25.4 132.2 0.03 % 0.01 % 0.01 % 0.02 % 0.01 % 0.02 % 0.02 % 0.08 % 0.02 % 0.15 % 0.01 % — % 0.04 % 0.01 % 0.02 % 0.30 % 0.15 % — % 0.01 % 0.01 % 0.04 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) KATEMOVES INC dba The Dance Academy at Costa Mesa MYE Technologies, Inc A California Corp; MYE Technologies Inc Penny P Cook dba Cook Home Frederick Mayfield and Michael Pechar dba Vitraform, Inc Goodwood Brewing Company LLC dba Goodwood Brewing Co Cedar Point Hardscapes Supply, LLC SAFER SCHOOL SOLUTIONS, LLC Zenoff Products. Inc. NELTA EQUIPMENT SALES AND GENERAL COMMERCE LLC WRIGHT-DUNNIGAN, INC dba KCI SITE SERVICES Bhavi Corp dba The Penn Stroud and DK Stroudsburg LLC ORTIZ ORCHARD BRUSH SHREDDING AND ORTIZ SHREDDING & HARVESTING Anna Marie's Fajita Shack LLC A Younger You, PLLC Psychonautic Entertainment dba : Hottest Hell Tours At Peace Logistics Inc dba The Exercise Coach MandM Lopez Corporation Accent Tag & Label, Inc Bay Environmental, Inc.and Mark Anthony Wev (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 4667 MacArthur Blvd Ste. 150, Newport Beach,, CA 92660 25060 Ave. Stanford,Ste. #145, Valencia, CA 91355 1862 Florence Ave, Sanger, CA 93657 Educational Services Term Loan Prime plus 3% 10/21/2032 Merchant Wholesalers, Durable Goods Nursing and Residential Care Facilities Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/21/2032 10/20/2047 4201 E 48th Ave, Denver, CO 80216 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 10/20/2032 636 E Main St, Louisville, KY 40202 229 Pete Rd., Newport, NC 28570 333 Las Olas Way, Fort Lauderdale, FL 33301 1585 Creek St, San Marcos, CA 92078 Beverage and Tobacco Product Manufacturing Term Loan Merchant Wholesalers, Durable Goods Term Loan Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 10/20/2032 10/20/2047 10/19/2032 10/19/2032 14015 Foyt Dr, Mont Belvieu, TX 77523 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/19/2032 671 Hedburg Way, Oakdale, CA 95361 Administrative and Support Services Term Loan Prime plus 2.75% 10/18/2032 700 Main St, Stroudsburg, PA 18360 Accommodation Term Loan Prime plus 2.75% 10/18/2032 1934 Johnson Ave, Dos Palos, CA 93620 411 Marywood Dr, Henderson, KY 42420 1431 Orange Camp Rd., Ste. 115, DeLand, FL 32724 Support Activities for Agriculture and Forestry Term Loan Term Loan Food Services and Drinking Places Prime plus Prime plus 2.75% 6.5% 10/17/2032 10/17/2032 Personal and Laundry Services Term Loan Prime plus 2.75% 10/14/2032 2520 Deers St, New Orleans, LA 70117 Administrative and Support Services Term Loan Prime plus 2.75% 10/14/2032 10740 Green Harvest Dr., Riverview, FL 33578 54 Kestrel, Irvine, CA 92618 2201 Rittenhouse St., Des Moines, IA 50321 11261 Richmond Ave, Houston, TX 77082 Amusement, Gambling, and Recreation Industries Miscellaneous Store Retailers Printing and Related Support Activities Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 3% 10/14/2032 10/14/2032 Term Loan Prime plus 2.75% 10/14/2032 Term Loan Prime plus 2.75% 10/14/2032 F-24 See accompanying notes to consolidated financial statements. 16.4 385.5 174.8 87.0 925.0 45.0 87.0 130.6 87.0 14.9 87.0 547.0 10.2 22.4 99.5 56.7 22.4 182.8 22.4 16.4 385.5 174.8 87.0 925.0 45.0 87.0 130.6 87.0 14.9 87.0 547.0 10.2 22.4 99.5 56.7 22.4 182.8 22.4 14.7 383.2 183.2 78.4 835.7 42.9 77.1 115.7 78.4 13.2 77.1 517.1 10.4 20.9 94.5 51.9 20.1 171.8 19.8 — % 0.10 % 0.05 % 0.02 % 0.22 % 0.01 % 0.02 % 0.03 % 0.02 % — % 0.02 % 0.14 % — % 0.01 % 0.03 % 0.01 % 0.01 % 0.05 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) (#) David Brian McNamara dba Sidestreets Delicatessen GATORTURTLE, INC dba Window Genie of Destin, Ft Walton and Navarre Afrodisiac Enterprises LLC dba AFRODISIAC NOLA A&R Marine, LLC and A&R Marine Proprety Holdings, LLC (#) A & R Marine, LLC dba Cape Romain Marine (#) BARUCH AND PAGAN ASSOCIATES INC dba ROCKVILLE WINDOW & DOOR (#) (#) (#) Urban Farm Mart Inc Yeren LLC Long Island Pool Care Corp Debra J Reid dba Golden State Specialties Five Star Aviation Enterprises Inc. Valentine Productions LLC Trinity SB Ventures LLC, dba Trinity Property Management Francisco Jose Cordovez R Babu Enterprise Inc Fritz Irrigation, Inc. Finn MacCool's Irish Bar, LLC Poteat's Transmission Parts Inc Call's Community Pharmacy, LLC Pickett Excavating, LLC T&D ELECTRIC INC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 2152 South Cochran Rd., Charlotte, MI 48813 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/14/2032 7274 Mossy Oaks Dr, Navarre, FL 32566 Administrative and Support Services Term Loan Prime plus 3% 10/14/2032 5363 Franklin ave, New Orleans, LA 70122 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/13/2032 10129 US-17, McClellanville, SC 29458 10129 Hwy 17, McClellanville, SC 29458 8505 Muscatello Ct,, Gaithersburg, MD 20877 13863 S Military Trail, Delray Beach, FL 33484 347 5th Ave, New York, NY 10016 50000 Main Rd., Southold, NY 11971 400 Park Center Dr #7, Hollister, CA 95023 2091 Dobbs Rd,, St. Augustine, FL 32086 4-4382 Kuhio Hwy, Anahola, HI 96703 606 E Chippewa St., Paola, KS 66071 11113 Biscayne Blvd., Miami, FL 33181 316 E 3rd St., Ste. B, Los Angeles, CA 90013 4535 S.E. Basswood Ter., Stuart, FL 34997 1127 Eldridge Pkwy Ste 600, Houston, TX 77077 1906 N Main St., Kannapolis, NC 28081 985 S Main St., Snowflake, AZ 85937 3958 Ky Hwy 1032 E, Berry, KY 41003 4211 Smithsonia Ct,, Tucker, GA 30084 Motor Vehicle and Parts Dealers Motor Vehicle and Parts Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/13/2047 10/13/2032 Specialty Trade Contractors Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Specialty Trade Contractors Specialty Trade Contractors Transportation Equipment Manufacturing Motion Picture and Sound Recording Industries Real Estate Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/12/2032 Term Loan Prime plus 2.75% 10/12/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 10/12/2032 10/12/2032 10/12/2032 10/12/2032 Term Loan Prime plus 6.5% 10/11/2032 Term Loan Prime plus 6.5% 10/11/2032 Term Loan Prime plus 6.5% 10/10/2032 Miscellaneous Store Retailers Utilities Food Services and Drinking Places Motor Vehicle and Parts Dealers Health and Personal Care Stores Specialty Trade Contractors Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 6.5% 6.5% 10/10/2032 10/7/2032 10/7/2032 10/7/2032 10/7/2032 10/7/2032 10/7/2032 F-25 See accompanying notes to consolidated financial statements. 78.3 22.4 14.9 182.3 290.9 15.5 37.3 25.0 373.0 22.4 87.0 24.9 14.9 10.2 77.1 20.1 70.6 24.9 149.2 24.9 12.3 78.3 22.4 14.9 182.3 290.9 15.5 37.3 25.0 373.0 22.4 87.0 24.9 14.9 10.2 77.1 20.1 70.6 24.9 149.2 24.9 12.3 69.4 20.3 13.3 196.0 257.7 13.9 33.1 25.4 354.2 19.8 77.1 25.4 15.2 10.4 68.3 17.9 62.8 25.4 132.3 25.4 12.6 0.02 % 0.01 % — % 0.05 % 0.07 % — % 0.01 % 0.01 % 0.09 % 0.01 % 0.02 % 0.01 % — % — % 0.02 % — % 0.02 % 0.01 % 0.04 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) 123 GO DAYCARE INC. Lily Beans Microroasted Coffee, LLC dba LilyBean Coffee & Creamery Frozen Flavors, LLC dba Let it Be Ice Cream MK&C, LLC and KMCptic L.L.C. Paradise Pools, Spas & More, Inc. Kooi Law Firm, LLC One Love Jiu Jitsu LLC F5 Athletics LLC Master Auto Repair LLC Sapphire Software Services, Inc Faxon Enterprises Inc dba Henderson Fabrication Studio 27 Inc Big Happy, Inc. Kompleye Attestation LLC MB Construction & Real Estate LLC Dough Tally LLC dba DoubleDave's Pizzaworks - Sugar Land Dennis Mosley Equipment Services FCA Construction LLC and Albert W. Courcelle, III National Senior Benefit Advisors Inc A.C. Development, LLC La Michoacana El Rodeo Ice Cream Parlors, LLC G3 Florida Enterprises LLC dba Grumpy's Restaurant Company (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#,^) 3107 Nichols Ave, Bay City, TX 77414 2558 Creston Ave., Apt GRI, Bronx, NY 10468 Social Assistance Term Loan Prime plus 108 E Warren St, Shelby, NC 28150 Food Services and Drinking Places Term Loan Prime plus Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% 2.75% 2.75% 10/7/2032 10/7/2032 10/6/2032 10/6/2047 3127 Beach Blvd S, Gulfport, FL 33707 96 South Main St., New Hope, PA 18938 350 W Plz. Dr., Unit 3, Mooresville, NC 28117 17665 Pebble Center Dr., Noblesville, IN 46062 5255 S Decatur Blvd, Las Vegas, NV 89118 1078 W 350 S, Syracuse, UT 84075 4410 Lawrenceville Hwy. NW, Lilburn, GA 30047 1470 Englert Rd., Eagan, MN 55122 2-6 Central Ave., Massapequa, NY 11758 17 E 48th St, New York, NY 10017 10507 Patrician Woods Ct,, Great Falls, VA 22066 5375 Katelyn Ave., Van Meter, IA 50261 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Educational Services Amusement, Gambling, and Recreation Industries Repair and Maintenance Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Construction of Buildings 4875 Hwy. 6, Missouri City, TX 77459 5386 Seth Cobb Rd., Lauderdale, MS 39335 Repair and Maintenance Food Services and Drinking Places 5609 Crawford St, Elmwood, LA 70123 4241 Jutland Dr., Ste. 101, San Diego, CA 92117 9804 Plowline Rd, Randallstown, MD 21133 Construction of Buildings Specialty Trade Contractors Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/6/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 10/6/2032 10/5/2032 Term Loan Prime plus 6.5% 10/5/2032 Term Loan Prime plus 2.75% 10/4/2047 Term Loan Prime plus 2.75% 10/3/2032 Term Loan Prime plus 2.75% 9/30/2032 Term Loan Prime plus 2.75% 9/30/2047 Term Loan Prime plus 2.75% 9/30/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/30/2032 9/30/2032 9/30/2032 9/30/2032 Term Loan Prime plus 2.75% 9/30/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/30/2032 9/30/2032 770 E 6th St., Beaumont, CA 92223 Food Manufacturing Term Loan Prime plus 2.75% 9/30/2032 200 3rd St., Neptune Beach, FL 32266 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2033 F-26 See accompanying notes to consolidated financial statements. 14.9 24.9 87.0 121.3 62.2 229.7 19.9 22.4 222.8 22.4 222.6 324.4 207.8 86.6 86.6 101.7 324.1 865.8 160.8 44.5 22.3 313.8 14.9 24.9 87.0 121.3 62.2 229.7 19.9 22.4 222.8 22.4 222.6 324.4 207.8 86.6 86.6 101.7 324.1 865.8 160.8 44.5 22.3 313.8 15.2 25.4 77.2 133.8 55.9 217.2 20.3 22.8 239.3 19.8 204.0 364.0 186.0 76.7 76.7 92.3 287.1 767.1 142.5 39.5 20.3 302.3 — % 0.01 % 0.02 % 0.04 % 0.01 % 0.06 % 0.01 % 0.01 % 0.06 % 0.01 % 0.05 % 0.10 % 0.05 % 0.02 % 0.02 % 0.02 % 0.08 % 0.20 % 0.04 % 0.01 % 0.01 % 0.08 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Cabridor LLC, Brian Dorick and Caroline Ziegler Dorick SE Iowa metals Recycling Inc dba Complete Recycling Greene Legal Group LLC LDD Construction Inc Frosina, LLC Intelligent Security Systems Corporation NC DRIVE THRU INC dba EZ Pass Drive Thru Air Bud Entertainment, Inc Food Sales Midwest, LLC AMF Industrial LLC Blueprint Consulting Services, LLC dba Excelicon (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) A2Z Automation Group LLC, Using Design To Multiply Outcomes, LLC (#) WALKING URGENT CARE, INC Water Damage Rescue Inc Pitman Pharmacy Inc (#) (#) (#) Franklin Fitness, LLC dba Hotworx Studio (#) Vision Construction & Developers LLC Revolution Energy Services, Inc Recovering Life Services, LLC Marketplace Inc dba Wilbur Wholesale Foods Faith Memorial Chapel L.L.C. (#) (#) (#) (#) (#) 44 Manchester Ave, Forked River, NJ 08731 2140 Vetch Blvd, Lockridge, IA 52635 600 W Peachtree St. NW, Ste. 605, Atlanta, GA 30308 3900 Allen Rd., Bakersfield, CA 93314 1724 E 7th Ave, Tampa, FL 33605 1480 US-9, Woodbridge Township, NJ 07095 2200 South Evans St., Greenville, NC 27834 23410 Civic Center Way, Malibu, CA 90265 908 Wolfrum Glen Ct., St Peters, MO 63304 4612 nw 74th ave, Miami, FL 33166 1444 I St NW, Washington, DC 20005 13007 SW 68th Ter., Miami, FL 33183 8211 E Cypress St, Scottsdale, AZ 85257 10308 W Sample Rd, Coral Springs, FL 33065 7232 Owensmouth Ave, Canoga Oark, CA 91303 39 South Broadway, Pitman, NJ 08071 2860 Chapel Hill Rd, Douglasville, GA 30135 805 Barkwood Ct Ste. G, Linthicum Heights, MD 21090 1217 Laurel Hill Rd, McDonald, PA 15057 155 Main Dunstable Rd. Ste. 130, Nashua, NH 03060 818 Market St unit 102, Woodstock, GA 30188 600 9th Ave. North, Bessemer, AL 35020 Personal and Laundry Services Term Loan Prime plus 2.75% 9/30/2047 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Food Services and Drinking Places Professional, Scientific, and Technical Services Food and Beverage Stores Performing Arts, Spectator Sports, and Related Industries Wholesale Electronic Markets and Agents and Brokers Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/30/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/30/2032 9/30/2032 9/30/2032 Term Loan Prime plus 2.75% 9/29/2032 Term Loan Prime plus 2.75% 9/29/2047 Term Loan Prime plus 2.75% 9/29/2032 Term Loan Term Loan Prime plus Prime plus 6.5% 2.75% 9/29/2032 9/29/2032 Term Loan Prime plus 2.75% 9/29/2032 Term Loan Term Loan Prime plus Prime plus 6.5% 2.75% 9/29/2032 9/29/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/29/2032 Specialty Trade Contractors Health and Personal Care Stores Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/29/2047 9/29/2032 Term Loan Prime plus 3% 2/28/2033 Specialty Trade Contractors Support Activities for Mining Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/29/2032 9/28/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/28/2032 Merchant Wholesalers, Nondurable Goods Personal and Laundry Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/28/2032 9/28/2047 F-27 See accompanying notes to consolidated financial statements. 110.8 247.1 432.9 84.1 259.7 494.7 112.3 371.1 15.9 248.5 321.6 24.8 49.5 148.4 201.4 408.2 87.5 742.1 1,236.9 1,236.9 1,088.4 235.5 110.8 247.1 432.9 84.1 259.7 494.7 112.3 371.1 15.9 248.5 321.6 24.8 49.5 148.4 201.4 408.2 87.5 742.1 1,236.9 1,236.9 1,088.4 235.5 123.1 223.0 383.5 88.6 230.1 439.3 118.3 328.8 16.2 240.7 284.9 25.3 43.9 131.5 205.1 373.6 81.2 657.5 1,175.6 1,101.9 1,022.6 264.3 0.03 % 0.06 % 0.10 % 0.02 % 0.06 % 0.12 % 0.03 % 0.09 % — % 0.06 % 0.08 % 0.01 % 0.01 % 0.04 % 0.05 % 0.10 % 0.02 % 0.18 % 0.31 % 0.29 % 0.27 % 0.07 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Elite Kidz LLC Bishopville Manor Management Group LLC and Bishopville 2779 LLC Strumba Media LLC dba Miracle Noodle Prosperity Flowers LLC dba Miracle Flowers Safety Restore Inc Battery Ninjas Inc.dba Interstate Batteries of Greater Georgia Atizado Enterprises Incorporated dba Brian Atizado Homes Teigen LLC Lex- Mar Service Inc Rev It Up Pro Shop LLC and Jayson Paul Robarge 25 Dials LLC ENERCON MANAGEMENT SERVICES LLC (#) (#) (#) (#) (#) (#) (#,^) (#) (#) (#) (#) (#) Hoot County Inc dba Hoot County Saloon (#) Center for Autism & Behavior Analysis, LLC (#) (#) Sky Aviation, Inc GD Kitchen & Bath LLC SUNNY ROSE CORPORATION Inc Revolution Brands International LLC Central Ohio Hospitality LLC dba Bucks Bar and Grill InFoPak International, Inc (#) (#) (#) (#) (#) 30 E Crossville Rd., Roswell, GA 30075 Educational Services Term Loan Prime plus 2.75% 9/28/2032 2779 US-15, Bishopville, SC 29010 10275 Collins Ave. Apt 1034, Bal Harbour, FL 33154 610 E Bidwell St Ste. B, Folsom, CA 95630 66 S Broad St, Westfield, MA 01085 4563 Knight Rd., Macon, GA 31220 361 Merchant St., Vacaville, CA 95688 90 Madison St., Denver, CO 80206 12268 NW 106 Ct. Unit 12268, Medley, FL 33178 3717 Minnesota Dr, Anchorage, AK 99503 4455 Earman Dr., Hilliard, OH 43026 1142 Minnesota Ave, Kansas City, KS 66102 15655 John F Kennedy Blvd, Houston, TX 77032 6363 S Pecos Rd, Las Vegas, NV 89120 1444 Airport Rd, Worland, WY 82401 22047 Sherman Way, Canoga Park, CA 91303 2660 Pacific Park Dr, Whittier, CA 90601 10801 NW 97th St, Medley, FL 33178 192 E Main St., Lexington, OH 44904 60936 Grand Targhee Dr., Bend, OR 97702 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 9/28/2047 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/28/2032 Miscellaneous Store Retailers Repair and Maintenance Electrical Equipment, Appliance, and Component Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/28/2032 9/27/2032 Term Loan Prime plus 2.75% 9/27/2032 Real Estate Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/27/2032 9/27/2032 Repair and Maintenance Sporting Goods, Hobby, Musical Instrument, and Book Stores Merchant Wholesalers, Durable Goods Waste Management and Remediation Services Term Loan Prime plus 2.75% 9/27/2047 Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 9/27/2032 9/27/2032 Term Loan Prime plus 2.75% 9/26/2032 Food Services and Drinking Places Ambulatory Health Care Services Air Transportation Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/26/2032 9/26/2032 9/26/2032 Construction of Buildings Waste Management and Remediation Services Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 9/23/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/23/2032 9/23/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2047 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/23/2032 F-28 See accompanying notes to consolidated financial statements. 11.9 168.5 791.6 86.6 321.6 19.8 49.5 13.4 64.4 10.7 24.8 86.6 58.6 123.7 896.7 86.6 86.6 1,236.9 306.1 22.3 11.9 168.5 791.6 86.6 321.6 19.8 49.5 13.4 64.4 10.7 24.8 86.6 58.6 123.7 896.7 86.6 86.6 1,236.9 306.1 22.3 10.7 181.3 701.3 76.7 284.8 17.6 43.8 12.1 72.2 9.7 25.2 76.6 51.8 109.4 943.4 77.6 76.6 1,100.4 335.6 19.7 — % 0.05 % 0.19 % 0.02 % 0.08 % — % 0.01 % — % 0.02 % — % 0.01 % 0.02 % 0.01 % 0.03 % 0.25 % 0.02 % 0.02 % 0.29 % 0.09 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) STRUMBA MEDIA LLC , dba Miracle Noodle, Moonshine Catering LLC and Bravo Catering LLC GSGI LLC Ponce & Ponce Inc. dba Dream Farms VSPOT, LLC The Crane Guys, LLC Tom Fox Enterprise Inc MCN CONSULTING LLC Liquor Cabinet SI, LLC Skunk Bait Wildlife Control LLC Mr.Wholesale Inc dba House of Cigars Brisas Del Mar Sea Food Market Corp DiVRgence Entertainment, LLC dba DiVRgence Autumn Springs RAL LLC Nishaz inc dba Perfume Paradise Nunez Flooring LLC Moore Integrity Engineering LLC dba MIE Systems Argenta Health LLC dba Blue Q Health and Wellness Derheim, Inc dba My Aquatic Services J. Anukem & Associates LLC Klarity Optical 2020 Inc Dave's Fence Inc (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Health and Personal Care Stores Term Loan Prime plus 6.5% 9/23/2032 10275 Collins Ave.,Ste. 1034,, Bal Harbour, FL 33154 956 2nd St., Manchester, NH 03102 3949 Evans Ave, Fort Myers, FL 33901 3015 NW 74th Ave, Miami, FL 33122 Food Services and Drinking Places Administrative and Support Services Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Specialty Trade Contractors Professional, Scientific, and Technical Services Food and Beverage Stores Administrative and Support Services 741 Madison Ave, New York, NY 10065 10850 Portal Dr, Los Alamitos, CA 90720 3808 Oak Orchard Rd, Albion, NY 14411 Machinery Manufacturing 111 N Orange Ave,Ste. 800, Orlando, FL 32801 2435 Hylan Blvd, Staten Island, NY 10306 3274 Ranchview Ln, Guthrie, OK 73044 2990 Jamacha Rd. Ste. 104, El Cajon, CA 90219 1785-1787 Lexington Ave., NEW YORK, NY 10029 3015 Governors Dr SW, Huntsville, AL 35805 2121 Brittmoore Rd, Houston, TX 77043 8811 Winding Hollow Way, West Springfield, VA 22152 1915 Peters Rd Ste. 302, Irving, TX 75061 13300 Old Blanco Rd., Ste. 260, San Antonio, TX 78216 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Nursing and Residential Care Facilities Health and Personal Care Stores Specialty Trade Contractors Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/23/2032 9/23/2032 9/23/2032 2/23/2033 9/22/2032 9/22/2032 9/22/2032 9/21/2032 9/21/2032 Term Loan Prime plus 2.75% 9/21/2032 Term Loan Prime plus 2.75% 9/21/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/20/2032 9/20/2047 9/20/2032 9/20/2032 Term Loan Prime plus 2.75% 9/19/2032 2480 E Bay Dr., Ste. 13, Largo, FL 33771 331 George Ln., Harwood, ND 58042 7209 Hanover Pkwy. Ste. A, Greenbelt, MD 20770 1083 Flatbush Ave, Brooklyn, NY 11226 220 Benson Junction Rd, Debary, FL 32713 Specialty Trade Contractors Ambulatory Health Care Services Miscellaneous Store Retailers Professional, Scientific, and Technical Services Health and Personal Care Stores Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 9/19/2032 9/16/2047 9/16/2032 9/16/2032 9/16/2032 F-29 See accompanying notes to consolidated financial statements. 24.8 395.8 395.8 61.8 87.5 132.3 15.6 14.8 151.4 22.3 123.7 74.7 124.6 374.3 15.1 247.4 77.9 44.5 87.3 22.1 22.3 247.4 24.8 395.8 395.8 61.8 87.5 132.3 15.6 14.8 151.4 22.3 123.7 74.7 124.6 374.3 15.1 247.4 77.9 44.5 87.3 22.1 22.3 247.4 25.2 350.1 352.3 54.7 78.4 139.2 13.8 13.3 134.0 20.7 109.4 66.1 116.9 413.6 13.4 219.5 69.2 40.0 97.9 22.7 19.7 218.8 0.01 % 0.09 % 0.09 % 0.01 % 0.02 % 0.04 % — % — % 0.04 % 0.01 % 0.03 % 0.02 % 0.03 % 0.11 % — % 0.06 % 0.02 % 0.01 % 0.03 % 0.01 % 0.01 % 0.06 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) ELIJAH ZACHARIAH LLC dba EZ Kids Franchise Investment Properties Inc. and Square Media Inc. CJY Enterprise LLC and Scotch Culinary LLC dba Brave Korean BBQ All the Kings Horses Cafe LLC Connene Enterprises LLC Property Development Company, Inc. dba Elevation 3330 Public House Neat Repeats Cleaning Services LLC Joe's Auto Repair Bernard Wojtas dba Mine Street 21 Consulting Toliao Ioroi Holding LLC dba Cassava EAS LOGISTICS LLC USATEQ, LLC Baham Steel, LLC Stone & Sprig, LLC Andersen Nursery Farm Inc Andersen Nursery Farm Inc 207 Vending LLC Anna Aesthetics Inc Faith Memorial Chapel L.L.C. Urban Farm Mart Inc and 13863 S Military LLC Orthopaedic Acquire, LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 3939 Glade Valley Dr., Kingwood, TX 77339 Educational Services Term Loan Prime plus 2.75% 9/16/2047 Construction of Buildings 685 Stone Rd., #5, Benicia, CA 94510 4920 W Thunderbird Rd #117, Glendale, AZ 85306 521 E 12th St, New York, NY 10009 1741 E Warrenton Ave, Anaheim, CA 92805 Miscellaneous Store Retailers 410 Central Ave Ste. 201, Great Falls, MT 59401 4142 Fenton Rd., Flint, MI 48507 4603 S New Hope Rd, Belmont, NC 28012 Food Services and Drinking Places Food Services and Drinking Places 173 Mission Rd, Hackettstown, NJ 07840 3519 Balboa St., San Francisco, CA 94121 141 Hillwood Cir, Newnan, GA 30263 1242 Heavens Peak, San Antonio, TX 78258 Merchant Wholesalers, Durable Goods 6124 Kuebel Dr., New Orleans, LA 70126 Food Services and Drinking Places Administrative and Support Services Repair and Maintenance Professional, Scientific, and Technical Services Food Services and Drinking Places Support Activities for Transportation Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/15/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/15/2032 9/15/2032 9/15/2032 9/15/2032 9/15/2032 9/15/2032 9/14/2032 1/14/2033 9/14/2032 9/14/2032 9/14/2032 Term Loan Prime plus 2.75% 9/14/2047 525 Lincoln Hwy., Rochelle, IL 61008 18455 South West 272 ST, Homestead, FL 33031 18455 South West 272 ST, Homestead, FL 33031 40 Park Ave. East, Brewer, ME 04412 2400 Mid Ln., Houston, TX 77027 600 9th Ave. North, Bessemer, AL 35020 13863 S Military Trail, Delray Beach, FL 33484 949 National Ave., Ste. 133, Lexington, KY 40502 Crop Production Term Loan Prime plus 2.75% 9/13/2047 Crop Production Sporting Goods, Hobby, Musical Instrument, and Book Stores Personal and Laundry Services Personal and Laundry Services Building Material and Garden Equipment and Supplies Dealers Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 9/13/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/12/2032 9/12/2032 9/9/2047 Term Loan Prime plus 2.75% 9/9/2047 Term Loan Prime plus 2.75% 9/9/2032 F-30 See accompanying notes to consolidated financial statements. 729.8 692.6 111.1 8.2 14.8 19.4 22.3 14.8 22.3 87.5 14.8 14.8 22.3 52.9 130.5 618.4 21.4 50.7 145.7 215.3 22.3 729.8 692.6 111.1 8.2 14.8 19.4 22.3 14.8 22.3 87.5 14.8 14.8 22.3 52.9 130.5 618.4 21.4 50.7 145.7 215.3 22.3 794.2 728.7 98.2 7.3 13.3 17.2 23.6 14.5 19.7 77.7 15.2 13.1 19.7 59.3 146.3 580.9 20.3 45.1 163.4 221.7 19.7 0.21 % 0.19 % 0.03 % — % — % — % 0.01 % — % 0.01 % 0.02 % — % — % 0.01 % 0.02 % 0.04 % 0.15 % 0.01 % 0.01 % 0.04 % 0.06 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Brooker Construction LLC dba Sampson Tree Service Wagner LLC AMS LUMBER SUPPLY LLC Across the Bar Bartending Services and Rentals LLC Badu Tax Services LLC Daley Technology Systems, LLC Stonepark Logistics, LLC and Stone Park Productions Inc VNB Business Brokers, LLC Love for Mankind LLC Balanced Health & Fitness LLC Tomastools LLC Bryer-Mullins LP dba Clovis RV Ranch PIANCA Packaging LLC Fish IP Law, LLP SherpTek, LLC Beato Auto Sales Inc. Christina Buckner dba Anonei Park Academy Agustina Vega Individually dba Eastside Vintage Co and Vega's Pottery Elite Cleaning Solution dba MaidPro North of Boston Payco Enterprises, Inc and Parabellum Technology, Inc M&L Real Estate LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#,^) (#) (#) (#,^) (#,^) 2170 SW Conant Ave., Port St. Lucie, FL 34953 141 S Barfield Dr., Marco Island, FL 34145 507 North Main St., Atmore, AL 36502 342 McGrady Rd. NE, Rome, GA 30165 4258 N Greenview Ave, Apt 1E, Chicago, IL 60613 190 E Hoffman Ave, Lindenhurst, NY 11757 13427 Haddonfield Ln., Gaithersburg, MD 20878 845 Third Ave., 6th Floor, New York, NY 10022 2741 Patterson Rd. Southwest, Pataskala, OH 43062 5110 Mae Anne Ave,Ste. 702, Reno, NV 89523 12 Southern Blvd, Danbury, CT 06810 200 Humphrey Rd, Clovis, NM 88101 1139 Lehigh Ave, Whitehall, PA 18052 2603 Main St, Irvine, CA 92614 1948 N Main St, Building 9, Prineville, OR 97754 9 Nashua Rd, Londonderry, NH 03053 2273 Taney Pl, Gary, IN 46404 5005 Lyndon B. Johnson Fwy, Ste. 200, Dallas, TX 75244 27 Water St,, Wakefield, MA 01880 520 E Wilson Ave, Ste. 210, Glendale, CA 91206 9958 Acklin Dr, Dallas, TX 75243 Administrative and Support Services Personal and Laundry Services Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/9/2032 9/8/2032 Term Loan Prime plus 2.75% 9/7/2032 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/7/2032 Term Loan Prime plus 2.75% 9/7/2032 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/7/2032 Construction of Buildings Professional, Scientific, and Technical Services Social Assistance Amusement, Gambling, and Recreation Industries Motor Vehicle and Parts Dealers Accommodation Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/2/2032 Term Loan Prime plus 6.5% 9/2/2032 Term Loan Prime plus 2.75% 9/2/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/2/2032 9/2/2032 9/2/2047 9/2/2032 Term Loan Prime plus 2.75% 9/2/2032 Transportation Equipment Manufacturing Motor Vehicle and Parts Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/2/2032 9/1/2032 Social Assistance Term Loan Prime plus 2.75% 8/31/2047 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/31/2047 Administrative and Support Services Term Loan Prime plus 2.75% 8/31/2032 Credit Intermediation and Related Activities Real Estate Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/31/2032 8/31/2032 F-31 See accompanying notes to consolidated financial statements. 136.1 41.0 14.8 19.8 128.6 79.2 153.4 24.8 86.6 14.8 14.8 161.4 78.4 494.7 128.4 22.2 242.2 49.8 12.5 295.2 64.2 136.1 41.0 14.8 19.8 128.6 79.2 153.4 24.8 86.6 14.8 14.8 161.4 78.4 494.7 128.4 22.2 242.2 49.8 12.5 295.2 64.2 123.0 36.2 15.6 20.1 135.3 70.0 161.4 25.2 76.6 13.1 13.1 176.0 77.6 437.6 117.3 19.7 268.2 55.9 11.1 261.3 56.7 0.03 % 0.01 % — % 0.01 % 0.04 % 0.02 % 0.04 % 0.01 % 0.02 % — % — % 0.05 % 0.02 % 0.12 % 0.03 % 0.01 % 0.07 % 0.01 % — % 0.07 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Gideon Toal Management Services LLC Porto Pavino LLC Indoor Soccer World LLC and Indoor Soccer World Mesquite LLC YOURS Beverage LLC dba YOURS NON- ALCOHOLIC WINE User Creative dba Eleven11 Group Copper Roofing LLC Evans West, Inc. Universal Innovations Consulting and Contracting, LLC dba UICC, LLC (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#) Gideon Toal Management Services LLC (#,^) CHASE LAW AND ASSOCIATES, P.A. VHM Enterprises Inc and Ali Ajami The Radiology Group LLC RCG Valuation & Monetization, Inc Mashore Trucking LLC The Silver Dolphin County Store and Restaurant, Inc Labriola Cafe - Michigan Ave., LLC and Labriola Café, LLC Richardson Services LLC Jennifer L Kos dba Tristar Counseling FS International, Inc Gonzales South Texas Electric Corporation; GCE Services, LLC Top Fuel Transport LLC (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) Construction of Buildings Term Loan Prime plus 2.75% 8/31/2047 2401 Scott Ave Ste. #110, Fort Worth, TX 76103 235 North 3rd St., Vineland, NJ 08360 3265 Broadway Blvd, Garland, TX 75043 929 N Harvard Ave, Arlington Heights, IL 60004 Support Activities for Transportation Merchant Wholesalers, Nondurable Goods Performing Arts, Spectator Sports, and Related Industries Beverage and Tobacco Product Manufacturing Professional, Scientific, and Technical Services 760 Buttermilk Rd, Hellertown, PA 18055 201 Saint Charles Ave., New Orleans, LA Specialty Trade Contractors 70170 4038 Dover Rd., Colorado City, CO 81019 Specialty Trade Contractors 419 Ragland Rd, Beckley, WV 25801 2401 Scott Ave Ste. 110, Fort Worth, TX 76103 Support Activities for Transportation Professional, Scientific, and Technical Services 1141 71st St, Miami Beach, FL 33141 24151 Telegraph Rd, Southfield, MI 48033 Administrative and Support Services 3475 Piedmont Rd. Ste. 1150, Atlanta, GA 30305 Ambulatory Health Care Services Professional, Scientific, and Technical Services Truck Transportation 8058 E Aster Dr., Scottsdale, AZ 85260 414 Parkertown Rd, Troutman, NC 28166 4036 Shoal Line Blvd, Hernando Beach, FL 34607 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/31/2032 8/31/2032 Term Loan Prime plus 2.75% 8/31/2032 Term Loan Prime plus 2.75% 8/31/2032 Term Loan Prime plus 2.75% 8/31/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/31/2032 8/31/2032 Term Loan Prime plus 2.75% 8/31/2047 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/30/2032 8/30/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 8/30/2032 8/30/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2047 Food Services and Drinking Places 535 N Michigan Ave, Chicago, IL 60611 312159 Padgett Switch Rd, Irvington, AL 36544 341 & 349 Beaver St.,, Beaver, PA 15009 Ambulatory Health Care Services 2821 W White Star Ave, Anaheim, CA 92806 Truck Transportation Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/30/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/29/2032 8/29/2047 Term Loan Prime plus 2.75% 8/29/2047 331.9 318.4 127.9 14.8 190.6 184.4 22.1 49.8 317.8 230.0 504.3 331.9 318.4 127.9 14.8 190.6 184.4 22.1 49.8 317.8 230.0 504.3 301.3 283.0 113.1 13.1 168.6 167.5 20.2 53.2 351.0 214.5 446.1 246.0 24.7 176.9 541.0 61.5 52.3 355.1 246.0 24.7 176.9 541.0 61.5 52.3 355.1 218.8 25.0 198.4 479.8 55.4 55.2 384.1 0.08 % 0.08 % 0.03 % — % 0.04 % 0.04 % 0.01 % 0.01 % 0.09 % 0.06 % 0.12 % 0.29 % 0.06 % 0.01 % 0.05 % 0.13 % 0.01 % 0.01 % 0.10 % 0.30 % 0.02 % 2520 Farrell Rd, Houston, TX 77073 741 Aspen Cir., Oxnard, CA 93030 Specialty Trade Contractors Truck Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/29/2032 8/26/2032 1,243.2 86.1 1,243.2 86.1 1,107.5 78.7 F-32 See accompanying notes to consolidated financial statements. Term Loan Prime plus 2.75% 8/30/2032 1,229.9 1,229.9 1,088.0 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Angel's Heating & Cooling, LLC Barakel Corporation Sherman Business Services, LLC dba Global Business Centers (#) (#) (#,^) Creamalicious Inc and The Anytime Chef LLC (#,^) Auto Access LLC RAINFOREST REAL ESTATE, PROFESSIONAL LLC Abdo Kabab House LLC Spoon Boyz Automotive, LLC 3ERA LLC, dba Betsy's II Residential Care Facility for the Elderly (#) (#) (#) (#,^) (#) Jam Service Inc Ironman Delivery, Inc. JMI Investments, LLC dba Chick'nCone Goshen House & Trading LLC ZenDog, LLC Kaufman Accounting PC Artisan Stucco, Inc Professional Image, LLC T&K Bailey Enterprise LLC Higgins Plumbing, LLC Hurst Pools and Day Spas Ltd Vitality Family Chiropractic LLC Sherae A Thompson dba Island Eye (#) (#,^) (#) (#) (#) (#) (#,^) (#,^) (#) (#) (#) (#) (#) 4505 W Thurman Dr., Laveen Village, AZ 85339 1205 Pine Valley Ln, Titusville, FL 32780 468 N Camden Dr, Beverly Hills, CA 90210 6953 Tarragon Ct, Liberty Township, OH 45011 451 Church Rd, Sicklerville, NJ 08081 Specialty Trade Contractors Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 8/26/2032 8/26/2032 Real Estate Term Loan Prime plus 2.75% 8/26/2032 Food Manufacturing Motor Vehicle and Parts Dealers Food Services and Drinking Places Nursing and Residential Care Facilities Real Estate Food Services and Drinking Places Repair and Maintenance 640 S Forks Ave #1021, Forks, WA 98331 12376 FL-535, Orlando, FL 32836 6500 1st Ave. S,, Birmingham, AL 35212 3101 Brush Creek Rd, Santa Rosa, CA 95404 53624 Bootjack Rd., Lake Linden, MI 49945 Repair and Maintenance 516 N Wolfenberger St., Sullivan, IN 47882 Couriers and Messengers 860 Forsyth St,Ste. 102, Macon, GA 31201 4310 Pennwood Rd., Brentwood, MD 20722 Merchant Wholesalers, Nondurable Goods 1002 Albertson Pkwy., Broussard, LA 70518 7918 Jones Branch Dr., Ste. 400, McLean, VA 22102 7012 2nd St NW, Albuquerque, NM 87107 203 Sisson Ave, Hartford, CT 06105 14685 North County Rd. 175 E, Eaton, IN 47338 4585 SE Manatee Ter., Stuart, FL 34997 317 Oakland Ave, Miller Place, NY 11764 1255 Johnson Ferry Rd,Ste. 26, Marietta, GA 30068 915 Bowden Ave,, Chesapeake, VA 23323 Personal and Laundry Services Professional, Scientific, and Technical Services Specialty Trade Contractors Personal and Laundry Services Truck Transportation Specialty Trade Contractors Specialty Trade Contractors Ambulatory Health Care Services Repair and Maintenance Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 6.5% 8/26/2047 8/26/2032 8/26/2032 8/26/2032 8/25/2032 Term Loan Prime plus 2.75% 8/25/2047 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/25/2032 8/25/2047 11/24/2032 8/24/2032 Term Loan Prime plus 2.75% 8/24/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 6.5% 6.5% 8/24/2032 8/24/2032 8/24/2047 8/24/2032 8/24/2032 8/23/2032 8/23/2032 8/23/2032 F-33 See accompanying notes to consolidated financial statements. 77.5 9.1 83.1 199.4 22.1 24.7 61.5 19.5 498.3 74.1 361.4 47.3 196.8 22.1 22.1 147.6 76.9 24.7 21.4 22.8 24.7 2.5 77.5 9.1 83.1 199.4 22.1 24.7 61.5 19.5 498.3 74.1 361.4 47.3 196.8 22.1 22.1 147.6 76.9 24.7 21.4 22.8 24.7 2.5 68.5 9.3 73.5 210.9 19.6 25.0 62.7 19.8 533.7 67.9 368.9 42.3 189.5 19.6 19.6 132.5 83.4 25.0 19.1 20.2 25.0 2.5 0.02 % — % 0.02 % 0.06 % 0.01 % 0.01 % 0.02 % 0.01 % 0.14 % 0.02 % 0.10 % 0.01 % 0.05 % 0.01 % 0.01 % 0.04 % 0.02 % 0.01 % 0.01 % 0.01 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) All Transportation & Etc., LLC (#) (#) Eminat, LLC dba Eminat Research Group A & B Mechanical Diagnostics Sales and (#) Service LLC O'briencatalfamo LLC (#,^) Future Faces Child Care- Learning Center Inc (#,^) Aero Medical Supply, Inc (#) 9900 W Sample Rd., Ste. 407, Coral Springs, FL 33065 16503 Diamond Pl., Weston, FL 33331 1804 Shades Cliff Rd., Jasper, AL 35504 4321 Tambre Bend, Austin, TX 78738 389 Harry L Dr., Johnson City, NY 13790 415 Argyle Rd., 3M, Brooklyn, NY 11218 Health and Personal Care Stores Ambulatory Health Care Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Support Activities for Transportation Social Assistance Term Loan Prime plus 2.75% 8/23/2032 Term Loan Prime plus 2.75% 8/23/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 8/23/2032 8/23/2032 8/23/2032 8/22/2032 Imaginasium LLC (#) 4 Point Towing & Roadside Service LLC (#,^) RHCII, Inc dba Renewal Healing Chiropractic (#) A + Warren and Dubarry Services, Inc. (#,^) Thermal Applied Tech LLC (#) Colorado Springs Psychological Services, P.C (#,^) Enterprise Exchange LLC (#) Level Best Roofing, LLC MountChor Technologies, Inc. The Health & Wellness Centerr, LLC Erta Ale LLC dba Nurishable Nava Awehs Holdings, Inc. dba MAKKAN DESIGN Savior Marketing, LLC and Hyperlinks Media, LLC Diamond Estates, LLC C & H Jewelry and Pawn Shop LLC (#) (#,^) (#) (#) (#) (#,^) (#,^) (#) 1357 S Normandy, Republic, MO 65738 5425 Willow Grove Rd., Camden Wyoming, DE 19934 2451 E Baseline Rd Ste. 100, Gilbert, AZ 85234 350 E Crown Point Rd #1110, Winter Garden, FL 34787 3625 Kelcie Marie Ave, North Las Vegas, NV 89031 1115 Elkton Dr., Ste. 102, Colorado Springs, CO 80907 12222 US-301, Dale City, FL 33525 819 SW Federal Hwy Ste. 201, Stuart, FL 34994 11010 Poplar Ford Trail, Manassas, VA 20109 9717 Landmark Pkwy. Dr., Ste. 115, St. Louis, MO 63127 8205 Fort Foote Rd., Fort Washington, MD 20744 19841 Villager Cir., Yorba Linda, CA 92886 70 Bottling Works Rd, Pine Bush, NY 12566 110 Ct. St. Ste. 1, Cromwell, CT 06416 11849 Hesperia Rd, Hesperia, CA 92345 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 8/22/2032 Support Activities for Transportation Term Loan Prime plus 2.75% 8/19/2032 Ambulatory Health Care Services Term Loan Prime plus 6.5% 8/19/2032 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/19/2032 Administrative and Support Services Term Loan Prime plus 2.75% 8/19/2032 Ambulatory Health Care Services Motor Vehicle and Parts Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/19/2032 8/19/2032 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/18/2032 Administrative and Support Services Term Loan Prime plus 2.75% 8/18/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/18/2032 Nonstore Retailers Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Construction of Buildings Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 8/18/2032 Term Loan Prime plus 6.5% 8/18/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 8/17/2032 8/17/2032 8/17/2032 F-34 See accompanying notes to consolidated financial statements. 86.1 22.2 14.8 255.6 78.7 24.7 24.7 140.2 19.7 86.1 49.2 284.1 14.8 63.2 741.5 22.1 22.1 24.7 130.4 46.1 24.7 86.1 22.2 14.8 255.6 78.7 24.7 24.7 140.2 19.7 86.1 49.2 284.1 14.8 63.2 741.5 22.1 22.1 24.7 130.4 46.1 24.7 76.1 19.6 13.1 226.1 74.3 25.0 25.0 133.1 20.0 80.5 44.6 251.4 15.5 55.9 655.9 19.6 19.6 25.0 115.3 42.0 25.0 0.02 % 0.01 % — % 0.06 % 0.02 % 0.01 % 0.01 % 0.04 % 0.01 % 0.02 % 0.01 % 0.07 % — % 0.01 % 0.17 % 0.01 % 0.01 % 0.01 % 0.03 % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Emerald Oglesby Child's World Drop-In Care, LLC Danz Distributors LLC dba Stay Golden Cosmetics RonC dba Subway #24926 Tarek Waly Glow Tea Inc. Iron Throne Investments LLC WNN LLC dba Elite Line Trucking MCM GLOBAL ECOM LLC Millennium Contracting Services, Inc EJS Enterprises LLC Seeds of Hope Counseling, LLC Christian Diaz PA dba Diaz and Associates CALIFORNIA SPINE CENTER, A Professional Medical Corporation Belinda's Southern Cuisine Inc Amigo Transit LLC SGS Fit CL LLC dba Sweat440 SGS Fit Bis LLC dba Sweat440 Arva Method LLC dba Destination Spa FRYE INSURANCE AGENCY, INC. and Charles Nuzum Home Care Wellness LLC Door Supply of Florida, Inc (#) (#,^) (#) (#,^) (#) (#) (#) (#,^) (#) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#) (#) (#) (#) (#) (#) 2357 Warm Springs Rd., Columbus, GA 31904 4011 Village Park Dr., Knightdale, NC 27545 582 Schenck Ave., Brooklyn, NY 11207 3903 W Rosecrans Ave., Hawthorne, CA 90250 2556 Snowtip LN, Grove City, OH 43123 1101 Outlet Collection Way, Unit K5, Auburn, WA 98001 3 Beckley Pl, Boynton Beach, FL 33426 10614 Medicine Bow St., Las Vegas, NV 89183 13007 SW 68th Ter., Miami, FL 33183 3669 Mark Jason Dr., El Paso, TX 79938 101 State Pl, Escondido, CA 92029 168 Jail house Rd, Ackerman, MS 39735 9370 SW 72nd St., Miami, FL 33173 2123 Ygnacio Valley Rd., Walnut Creek, CA 94598 7322 Stonecrest Concourse, Stonecrest, GA 30038 608 Tonnelle Ave, Jersey City, NJ 07307 777 Biscayne Blvd, Miami, FL 33132 777 BBrickell Ave., Miami, FL 33131 516 N Ogden Ave,, Ste. 150, Chicago, IL 60642 1851 University Blvd S, Jacksonville, FL 32216 25050 W. Outer Dr #204, Lincoln Park, MI 48146 815 NW 57th Ct., Fort Lauderdale, FL 33309 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 8/17/2032 Social Assistance Term Loan Prime plus 2.75% 8/17/2032 Health and Personal Care Stores Term Loan Prime plus 2.75% 8/17/2032 Food Services and Drinking Places Nonstore Retailers Food Services and Drinking Places Administrative and Support Services Truck Transportation Nonstore Retailers Specialty Trade Contractors Personal and Laundry Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 2.75% 2.75% 2.75% 6.5% 2.75% 6.5% 6.5% 8/17/2032 8/16/2032 8/16/2032 8/16/2032 8/16/2032 8/16/2032 8/16/2032 8/16/2032 8/16/2032 Term Loan Prime plus 2.75% 8/15/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/15/2032 Food Services and Drinking Places Term Loan Transit and Ground Passenger Transportation Term Loan Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/15/2047 8/12/2032 Prime plus 2.75% 2/12/2033 Prime plus 2.75% 2/12/2033 Ambulatory Health Care Services Term Loan Prime plus 6.5% 8/12/2032 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/12/2032 Ambulatory Health Care Services Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/12/2032 Term Loan Prime plus 2.75% 8/11/2032 F-35 See accompanying notes to consolidated financial statements. 3.0 11.1 22.1 56.6 24.7 17.7 67.2 86.3 24.7 123.0 24.8 24.2 86.1 86.1 396.3 22.1 129.0 66.1 9.9 81.4 49.2 52.9 3.0 11.1 22.1 56.6 24.7 17.7 67.2 86.3 24.7 123.0 24.8 24.2 86.1 86.1 396.3 22.1 129.0 66.1 9.9 81.4 49.2 52.9 3.0 9.8 19.6 50.9 25.0 16.3 59.4 76.3 25.0 111.7 25.2 24.5 76.2 76.1 437.7 19.6 118.0 62.2 10.0 72.0 43.5 46.8 — % — % 0.01 % 0.01 % 0.01 % — % 0.02 % 0.02 % 0.01 % 0.03 % 0.01 % 0.01 % 0.02 % 0.02 % 0.12 % 0.01 % 0.03 % 0.02 % — % 0.02 % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#) (#,^) (#,^) Phillip Ramos Upholstery Inc. Alicia L Wallace Agency Inc. Unihog Inc. Layfar Technologies Exploration Vans LLC K&K Brannon Enterprises, LLC MBM Enterprises Inc dba HOMESMILES UTAH GAINES PEST CONTROL VKDN LLC dba Regen Med of Sherman Freemont Holdings, LLC DBA Esty Street Restaurant 360 BC Group, Incdba360 Business Consulting;Douglass Markham Dixon Hometown Suburban Vending, Inc. J & R Property Management Services, Inc. (#) (#) Von Hegner Inc. dba The Bee Guy Rescue (#) Renaissance Restoration, Ltd. Edward Mims dba Blazzin Burgers Fries & Shakes Strategic Public Relations Freshco KB, LLC dba D’Lite Bistro & Bakery Hamida Meziane, dba Addiction Sunlit Best Green Organics LLC James Hartsell dba Hartsell Electric Thornton Rave Construction, LLC (#) (#) (#) (#) (#) (#,^) (#) (#) 3835 Elm St, Denver, CO 80207 1549 Clairmont Rd., Ste. 205, Decatur, GA 30033 2 Center St., Hoosick Falls, NY 12090 192 Mayhew Way, Walnut Creek, CA 94597 1412 New Hampshire Rte 175, Holderness, NH 03245 209 Cindy Dr., Canyon Lake, TX 78133 Repair and Maintenance Term Loan Prime plus 2.75% 8/11/2032 Insurance Carriers and Related Activities Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/11/2032 8/11/2047 Term Loan Prime plus 2.75% 8/11/2032 Transportation Equipment Manufacturing Merchant Wholesalers, Durable Goods Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 8/11/2032 8/10/2032 8/9/2032 8/9/2032 8/9/2032 Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 8/9/2032 Term Loan Prime plus 2.75% 8/8/2032 Nonstore Retailers Real Estate Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/8/2032 8/8/2032 Administrative and Support Services Term Loan Prime plus 2.75% 8/5/2032 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/5/2032 Term Loan Prime plus 2.75% 8/5/2032 1087 W Webb Ln., Kaysville, UT 84037 1627 Doncarol Ave, El Cajon, CA 92019 300 N Highland Ave, Sherman, TX 75092 Ambulatory Health Care Services 86 Spring Valley Rd., Park Ridge, NJ 07656 1835 W Orangewood Ave., Orange, CA 92868 Food Services and Drinking Places Professional, Scientific, and Technical Services Repair and Maintenance Administrative and Support Services 12358 S Latrobe Ave, Alsip, IL 60803 2626 Tampa Rd, Palm Harbor, FL 34684 10277 Burton St, New Port Richey, FL 34654 2310 Superior Ave., Ste. 300, Cleveland, OH 44114 2502 Palmyra Rd., Albany, GA 31707 1880 Century Park E, Ste. 711, Los Angeles, CA 90067 180 Crandon Blvd., Key Biscayne, FL 33149 1272 78th St., Brooklyn, NY 11228 554 Deer Ridge Ln S, Maplewood, MN 55119 133 Punohu Ln Unit 6, Lahaina, HI 96761 1208 Philo Rd., Urbana, IL 61801 Food Services and Drinking Places Professional, Scientific, and Technical Services Food Services and Drinking Places Personal and Laundry Services General Merchandise Stores Specialty Trade Contractors Specialty Trade Contractors F-36 See accompanying notes to consolidated financial statements. 22.1 15.5 69.8 11.8 7.6 66.3 86.1 10.8 80.4 77.3 75.0 61.5 10.9 19.9 84.1 14.8 22.1 15.5 69.8 11.8 7.6 66.3 86.1 10.8 80.4 77.3 75.0 61.5 10.9 19.9 84.1 14.8 19.6 13.7 77.6 10.4 7.4 58.7 77.5 9.6 71.1 81.3 66.3 56.8 9.6 19.0 74.9 13.2 0.01 % — % 0.02 % — % — % 0.02 % 0.02 % — % 0.02 % 0.02 % 0.02 % 0.02 % — % 0.01 % 0.02 % — % 0.03 % 0.01 % — % 0.02 % 0.01 % 0.01 % Term Loan Prime plus 2.75% 10/5/2032 128.7 128.7 114.3 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 2.75% 2.75% 2.75% 8/5/2032 8/4/2032 8/4/2032 8/4/2032 8/4/2032 22.2 10.9 86.1 22.1 22.1 22.2 10.9 86.1 22.1 22.1 19.7 11.0 76.1 20.0 19.6 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) EBG Re-Sell LLC AMP Auto Collection LLC & TOO Holdings LLC 1 Auto Liquidators California Coast Truck Repair, Inc. Kmorel Inc dba Morel Contracting The T.L. Brown Law Firm, P.C Rogers Aviation, Inc Walker Trolleys LLC Weatherlight Media LLC LC 1164 Broadway INC and LC 715 Broadway Inc. Global Healthcare Agency LLC Educational Equity Services, LLC Goldwright Investments LLC and Cedar Cryo Transport Inc FactualVR, Inc Mangia Clam Bar Inc and JC DT Holdings LLC Aerosphere Power Inc;Cartridge Actuated Devices, Inc Rigging & Welding Specialists, Inc. dba RWS Crane & Rigging Saul Escala DDS, P.C dba Escala Family Dentistry Amado Trader LLC dba Amado Games MCZ Enterprises, Inc. dba Assisted Living Locators Overby Trucking Company LLC (#) (#,^) (#,^) (#) (#,^) (#) (#) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) 26943 Ruether Ave., Santa Clarita, CA 91351 1730 W. Sunrise Blvd, Ft. Lauderdale, FL 33311 463493 State Rd 200, Yulee, FL 32097 11366 Woodside Ave., Santee, CA 92071 9250 Stoney Ridge Ln., Alpharetta, GA 30022 3160 Camino Del Rio S, Ste. 101, San Diego, CA 92108 2210 Somerset Ln., Mundelein, IL 60060 6408 Llano Stage Trl, Austin, TX 78738 3024 Beacon Blvd,, West Sacramento, CA 95691 1164 Broadway, Brooklyn, NY 11221 556 Garrisonville Rd, Stafford, VA 22554 3809 Elkhorn Cir, Bowie, MD 20716 11500 Northwest Freeway Ste. 459, Houston, TX 77092 350 Warren St., Ste. #4, Jersey City, NJ 07302 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/3/2032 Motor Vehicle and Parts Dealers Motor Vehicle and Parts Dealers Repair and Maintenance Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 8/3/2047 8/2/2032 8/2/2032 Construction of Buildings Professional, Scientific, and Technical Services Rental and Leasing Services Miscellaneous Manufacturing Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 8/2/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 8/2/2032 8/1/2032 7/29/2032 Term Loan Prime plus 2.75% 7/29/2032 Food Services and Drinking Places Ambulatory Health Care Services Educational Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 7/29/2032 7/29/2047 7/29/2032 Truck Transportation Term Loan Prime plus 2.75% 7/29/2032 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 7/29/2032 4817 SE Dixie Hwy, Stuart, FL 34997 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/29/2047 11 High Ridge Ln., Augusta, NJ 07822 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/29/2047 5800 Wade Rd.,, Baytown, TX 77521 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/29/2032 590 South Federal Blvd, Denver, CO 80219 Ambulatory Health Care Services 5545 Bulls Bay Dr, Virginia Beach, VA 23462 Nonstore Retailers 29 Magnolia Way, Bridgewater, MA 02324 Nursing and Residential Care Facilities 11801 Northbrook Cir, Chesterfield, VA 23838 Truck Transportation Term Loan Prime plus 2.75% 7/29/2032 Term Loan Prime plus 2.75% 7/29/2032 Term Loan Prime plus 2.75% 7/29/2032 Term Loan Prime plus 2.75% 7/29/2032 F-37 See accompanying notes to consolidated financial statements. 14.8 442.3 106.7 14.7 73.8 15.5 11.7 22.0 11.7 122.7 58.9 85.6 290.5 85.6 908.6 1,187.0 1,222.4 150.3 85.6 12.4 12.3 14.8 442.3 106.7 14.7 73.8 15.5 11.7 22.0 11.7 122.7 58.9 85.6 290.5 85.6 908.6 1,187.0 1,222.4 150.3 85.6 12.4 12.3 13.1 475.3 109.3 13.0 65.6 13.7 12.3 19.6 10.4 108.5 65.0 75.7 288.5 75.7 973.0 1,252.2 1,218.9 139.1 75.7 11.0 10.9 — % 0.13 % 0.03 % — % 0.02 % — % — % 0.01 % — % 0.03 % 0.02 % 0.02 % 0.08 % 0.02 % 0.26 % 0.33 % 0.32 % 0.04 % 0.02 % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Battery Ninjas Inc dba Interstate Batteries of Greater Georgia Heroes Tap House LLC Pinnacle Coating & Converting, Inc Lonesome Rider Coffee LLC Practicing Perfection Institute, Inc Kingsbrook Healthcare Services PLLC dba Bloodworknow.com Nonno's Ice Cream Shoppe, Inc. Eva Corp dba Premier Martial Arts Tiarra Dunston Taylor, dba Cherish'D Crown Pinnacle Coating & Converting, Inc Clava LLC Vanguard Utility Service, Inc. BEACON SEARCH GROUP INC Rustic Red Door Company Inc Holliston Asphalt & Concrete Inc. Via Pilates, LLC Anne Mccarthy Law PC Tetiana Maikovych KIJ Place LLC OC Enterprise Development Inc dba Luxury Flooring & Remodeling Mendrop Engineering Resources LLC In the Round LLC dba Worley Sound (#,^) (#) (#,^) (#,^) (#) (#) (#) (#) (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#) (#) (#,^) (#,^) (#,^) (#,^) 4563 Knight Rd., Macon, GA 31220 4555 Liberty Rd. S, Salem, OR 97302 212 National Ave., Spartanburg, SC 29303 415 Fletcher Pkwy, El Cajon, CA 92020 2780 South Jones Blvd. Ste. 3722, Las Vegas, NV 89146 1230 River Bend Dr., Ste. 107, Dallas, TX 75247 270 Seabury St,, Fall River, MA 02720 200 S Quebec St., Denver, CO 50230 164 Roundabout Ct, Rocky Mount, NC 27804 212 National Ave., Spartanburg, SC 29303 23682 Birtcher Dr, Lake Forest, CA 92630 1421 West 9th St., Owensboro, KY 42301 4201 W Sevilla St, Tampa, FL 33629 2180 Colflesh Rd., Perkiomenville, PA 18074 157 - 165 Lowland St., Holliston, MA 01746 1410 E Lake Mead Pkwy. #130, Henderson, NV 89015 11 Broadway, Ste. 615, New York, NY 10004 1918 Bellmore Ave, Bellmore, NY 11710 134 East Main St., Tipp City, OH 45371 1701 E Edinger Ave #C13, Santa Ana, CA 92705 854 Wilson Dr., Ridgleland, MS 39157 702 Rundle Ave., Nashville, TN 37206 Electrical Equipment, Appliance, and Component Manufacturing Food Services and Drinking Places Paper Manufacturing Nonstore Retailers Professional, Scientific, and Technical Services Ambulatory Health Care Services Food Services and Drinking Places Educational Services Personal and Laundry Services Paper Manufacturing Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Administrative and Support Services Furniture and Home Furnishings Stores Waste Management and Remediation Services Personal and Laundry Services Professional, Scientific, and Technical Services Personal and Laundry Services Food Services and Drinking Places Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services Rental and Leasing Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 7/29/2032 7/28/2032 7/28/2047 7/28/2032 Term Loan Prime plus 2.75% 7/28/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 7/28/2032 7/28/2032 12/28/2032 7/28/2032 7/28/2032 7/28/2032 7/27/2032 7/27/2032 Term Loan Prime plus 2.75% 7/27/2032 Term Loan Prime plus 2.75% 7/27/2032 Term Loan Prime plus 2.75% 11/27/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 6.5% 2.75% 7/27/2032 7/27/2032 7/27/2047 Term Loan Prime plus 2.75% 7/27/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/27/2032 7/27/2032 F-38 See accompanying notes to consolidated financial statements. 215.1 78.4 136.9 16.1 22.0 14.7 19.4 47.7 10.8 259.2 128.4 122.3 22.0 97.7 391.0 62.1 24.6 12.3 146.8 22.0 305.7 164.9 215.1 78.4 136.9 16.1 22.0 14.7 19.4 47.7 10.8 259.2 128.4 122.3 22.0 97.7 391.0 62.1 24.6 12.3 146.8 22.0 305.7 164.9 190.7 70.2 153.5 14.8 19.5 13.0 18.4 43.1 11.0 272.6 116.0 108.2 19.5 86.5 351.4 56.0 24.9 12.5 155.8 19.5 277.9 161.1 0.05 % 0.02 % 0.04 % — % 0.01 % — % — % 0.01 % — % 0.07 % 0.03 % 0.03 % 0.01 % 0.02 % 0.09 % 0.01 % 0.01 % — % 0.04 % 0.01 % 0.07 % 0.04 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Shazad I Rasul dba Elite Construction Galaxy Specialties LLC dba MAAR's Pizza & More Naughton Energy Corporation RCS Oakleaf, LLC dba ORANGETHEORY FITNESS OAKLEAF Surgical Republic LLC ASAP Tobacco INC.dba Smokerz Land ASAP Tobacco 3 Inc dba Smokerz Land 2 Smoke Shop Friendly Fish, LLC dba Pokemoto Martin FITT Group LLC dba 30 Minute Hit Chandler Accel Compression, Inc Crescent Blue Insurance Agency, LLC SwingShots LLC The Dakota Hill Company &Big Sky Development Inc Mesh LLC dba Mesh Fabrication Dom N' Tom Inc Bassett's Cricket Ranch, Inc Kestrel 360 Inc dba Kestrel Verifiers Formation Holdings LLC and Echo Financial LLC Royal Anvil LLC Wesko Construction, LLC Napoleon Tree Service, LLC Pioneer Welding and Fabrication, Inc (#) (#) (#,^) (#) (#,^) (#,^) (#,^) (#) (#) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#) (#,^) Specialty Trade Contractors 64 Nassau St., Islip Terrace, NY 11752 14218 Nacogdoches Rd., San Antonio, TX 78247 1898 Rte. 940, Pocono Pines, PA 18350 9610 Applecross Rd., Jacksonville, FL 32222 428 Main St., Huntington Beach, CA 92648 Merchant Wholesalers, Durable Goods 19042 Brookhurst St., Huntington Beach, CA 92646 Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Personal and Laundry Services Miscellaneous Store Retailers Miscellaneous Store Retailers Food Services and Drinking Places Amusement, Gambling, and Recreation Industries 222 E 17th St, Costa Mesa, CA 92627 1025 Nashville Pike, Ste. 130, Gallatin, TN 37066 250 South Arizona Ave., Chandler, AZ 85225 4500 S County Rd 1310, Odessa, TX 79765 Merchant Wholesalers, Durable Goods 5398 East Mountain St. #A, Stone Mountain, GA 30083 3644 Springwell Ct, Douglasville, GA 30135 316 Lake Point Ln., Belews Creek, NC 27009 2900 44th Ave. N, Saint Petersburg, FL 33714 Insurance Carriers and Related Activities Amusement, Gambling, and Recreation Industries Truck Transportation Furniture and Related Product Manufacturing Professional, Scientific, and Technical Services Animal Production and Aquaculture Administrative and Support Services Primary Metal Manufacturing Repair and Maintenance Construction of Buildings Administrative and Support Services 11937 Shannon Ct., Orland Park, IL 60467 365 S. Mariposa Ave, Visalia, CA 93292 2700 Wells Dr., Hood River, OR 97031 316 County Rd. 904, Joshua, TX 76058 9918 Harwin Dr., Houston, TX 77036 143 Chatham St., Sanford, NC 27330 1321 Miller Ave, Winter Park, FL 32789 1051 Ocoee Apopka Rd, Apopka, FL 32703 Term Loan Prime plus 6.5% 7/27/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 7/26/2032 7/26/2032 7/26/2032 7/26/2032 Term Loan Prime plus 2.75% 7/26/2032 Term Loan Prime plus 2.75% 7/26/2032 Term Loan Prime plus 2.75% 7/26/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/26/2032 7/26/2032 Term Loan Prime plus 2.75% 7/26/2032 Term Loan Prime plus 2.75% 7/25/2032 Term Loan Prime plus 2.75% 7/25/2032 Term Loan Prime plus 2.75% 7/25/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 7/25/2032 7/22/2032 7/22/2032 7/22/2032 7/22/2032 7/22/2032 7/22/2032 Primary Metal Manufacturing Term Loan Prime plus 2.75% 7/22/2032 F-39 See accompanying notes to consolidated financial statements. 24.6 20.5 606.9 44.7 129.6 64.1 64.1 66.7 40.3 244.5 14.5 22.0 93.9 493.4 293.4 85.5 244.4 391.3 13.5 122.5 20.5 864.8 24.6 20.5 606.9 44.7 129.6 64.1 64.1 66.7 40.3 244.5 14.5 22.0 93.9 493.4 293.4 85.5 244.4 391.3 13.5 122.5 20.5 864.8 24.9 18.6 600.3 39.5 115.1 56.7 56.7 59.7 36.0 235.3 12.8 20.1 83.1 437.9 259.5 90.0 216.7 363.8 13.7 109.7 18.7 770.4 0.01 % — % 0.16 % 0.01 % 0.03 % 0.02 % 0.02 % 0.02 % 0.01 % 0.06 % — % 0.01 % 0.02 % 0.12 % 0.07 % 0.02 % 0.06 % 0.10 % — % 0.03 % — % 0.21 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) BE THE LIGHT DECOR LLC Swan Dancewear LLC Samuel I. Mosco dba Flying Dutchman Cinema SALU-SALO FILIPINO CUISINE LLC OC Construction Management dba OCGP LLC Traditions Company LLC;Traditions Photography Inc JAQUEZA ENTERPRISES LLC Western Motel, LLC Hometown Branding LLC Anitas Home LLC Sesolinc Group Inc Hamilton & Associates Real Estate Firm Altick Incorporated TNT Family Entertainment Inc A-Squared Plus Investments and Properties dba Utopian Gaming M&L Appliance Services, Inc. Bread & Culture LLC Quickscript, Inc. Lusby Law, PA The Toota Group LLC dba Toota Auto Group, Toota Mobile Homes White Caps Stewardship LLC dba Sylvan Learning (#) (#,^) (#) (#) (#,^) (#,^) (#) (#,^) (#) (#) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#) (#) (#) 389 Aspen Creek Ct., Covington, LA 70433 234 Haverford Ave., Narberth, PA 19072 1606 W Victory Blvd., Burbank, CA 91506 7401 Matlock Rd., Ste.113, Arlington, TX 76002 Furniture and Home Furnishings Stores Clothing and Clothing Accessories Stores Motion Picture and Sound Recording Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/22/2032 7/22/2032 Term Loan Prime plus 2.75% 7/22/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/22/2032 130 W 42nd St., New York, NY 10036 Construction of Buildings Term Loan Prime plus 2.75% 7/22/2032 Construction of Buildings Term Loan Prime plus 2.75% 7/22/2032 14284 Lewis Ln, Nampa, ID 83686 7901 4th St. North Ste. 300, ST. PETERSBURG, FL 33702 180 west Main St., Lovell, WY 82431 248 Turner Oaks Dr., Cary, NC 27518 3345 SW 67th Ave, Miami, FL 33155 50 SE Ocean Blvd, Stuart, FL 34994 11776 W Sample Rd, Coral Springs, FL 33065 506 Sequoia Ave, Redwood City, CA 94061 7010 S state HWY 78,, Sachse, TX 75048 605 Lapalco Blvd, Ste. J, Greta, LA 70056 11 Chrysanthemum Ct., Sewell, NJ 08080 1958 Washington Valley Rd, Martinsville, NJ 08836 18191 Von Karman Ave., Irvine, CA 92612 2860 -A Ward Blvd,, Wilson, NC 27893 Truck Transportation Accommodation Nonstore Retailers Merchant Wholesalers, Durable Goods Fabricated Metal Product Manufacturing Real Estate Real Estate Amusement, Gambling, and Recreation Industries Sporting Goods, Hobby, Musical Instrument, and Book Stores Repair and Maintenance Food Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 1367 Rt 88, Lakewood, NJ 08701 26040 Detroit Rd,Ste. #5, Westlake, OH 44145 Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 7/22/2032 7/21/2047 7/21/2032 7/21/2032 7/21/2047 7/21/2047 7/20/2032 Term Loan Prime plus 2.75% 4/20/2048 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/20/2032 7/20/2032 Term Loan Prime plus 2.75% 7/20/2032 Term Loan Prime plus 2.75% 7/20/2032 Term Loan Prime plus 6.5% 7/19/2032 Term Loan Prime plus 2.75% 7/19/2032 Term Loan Prime plus 6.5% 7/19/2032 F-40 See accompanying notes to consolidated financial statements. 22.0 53.2 14.7 13.3 733.1 207.9 24.6 114.9 14.7 24.6 152.8 152.1 61.1 781.5 49.5 22.0 14.7 85.6 24.6 14.7 12.3 22.0 53.2 14.7 13.3 733.1 207.9 24.6 114.9 14.7 24.6 152.8 152.1 61.1 781.5 49.5 22.0 14.7 85.6 24.6 14.7 12.3 20.0 47.1 13.7 11.8 648.5 183.9 24.9 128.8 13.0 24.9 170.0 165.5 54.1 822.8 44.7 19.5 13.6 75.7 24.9 13.0 12.5 0.01 % 0.01 % — % — % 0.17 % 0.05 % 0.01 % 0.03 % — % 0.01 % 0.05 % 0.04 % 0.01 % 0.22 % 0.01 % 0.01 % — % 0.02 % 0.01 % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) JJD Vending LLC Settimio Consulting Services Inc Khaled Alammari AG & B CONSTRUCTION, INC dba Bella Closets and Cabinets K 12 Culinary Connection LLC FOURTH GENERATION APPAREL INC Turo Fitness Holdings LLC dba Brutal Born Gym Inklings Book Shoppe LLC HCA84 LLC dba Lifestar Home Care Step by Step Speech Corporation Get Your Beauty On LLC Yasmin E Sorte Consulting LLC dba Y.E.S. Consulting Fresh-Start, LLC Smile Market Inc Signature Automotive Accessories Inc J J Theibault Jr Landscape Designer Inc SGS Fit Bis dba Sweat 440 Arcadia Family Fun Center LLC Law Office of Katia Teirstein PLLC dba TATTOO VISA CMK General Enterprises dba Aamco Transmissions and Total Car Care Know Pressure Washing, LLC (#) (#,^) (#,^) (#,^) (#) (#) (#) (#) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) Term Loan Prime plus 6.5% 7/19/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/19/2032 7/19/2032 24.6 85.5 73.3 24.6 85.5 73.3 24.9 75.7 65.0 Term Loan Prime plus 2.75% 7/19/2032 122.2 122.2 108.6 10950 SW 40th Ter., Miami, FL 33165 2401 Executive Plz. Rd, Pensacola, FL 32504 1474 Broadway Ave, San Pablo, CA 94806 1819 Belcroft Ave, South El Monte, CA 91733 6025 Hardin Dr, Bryant, AR 72022 12 Meridian Dr, Safety Harbor, FL 34695 2054 Beacon Manor Dr, Fort Myers, FL 33907 2120 S Combee Rd, Lakeland, FL 33801 312 Old Home Pl., Oklahoma City, OK 73099 1400 NW 107th Ave, Ste. 306, Miami, FL 33172 11150 Huron St, Northglenn, CO 80234 317 Hamlet Cir., Berwyn, PA 19312 270 Purcell Blvd, Pueblo West, CO 81007 2335 NW 107th Ave., Apt # B57, Miami, FL 33172 330 Providence St, West Warwick, RI 02893 1245 Ridge Ave, Lakewood, NJ 08701 777 Biscayne Blvd., Miami, FL 33132 925 S Oakwood Ave, Geneseo, IL 61254 40 Powder Horn Rd, Cortlandt Manor, NY 10567 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food and Beverage Stores Construction of Buildings Professional, Scientific, and Technical Services Clothing and Clothing Accessories Stores Amusement, Gambling, and Recreation Industries Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/19/2032 7/18/2032 Term Loan Prime plus 2.75% 7/18/2032 Term Loan Prime plus 2.75% 7/18/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/15/2032 Ambulatory Health Care Services Personal and Laundry Services Social Assistance Administrative and Support Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 7/15/2032 7/15/2032 7/15/2032 7/15/2047 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/14/2032 Motor Vehicle and Parts Dealers Administrative and Support Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/14/2047 7/14/2032 Term Loan Prime plus 2.75% 1/14/2033 Term Loan Prime plus 2.75% 7/14/2047 Term Loan Prime plus 2.75% 7/14/2032 51 Goering Ave, Cheektowaga, NY 14225 2645 Pebble Valley, San Antonio, TX 78232 Administrative and Support Services Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/13/2032 7/13/2032 F-41 See accompanying notes to consolidated financial statements. 0.01 % 0.02 % 0.02 % 0.03 % 0.01 % 0.01 % — % — % 0.03 % 0.01 % — % 0.01 % 0.04 % 0.02 % 0.04 % 0.01 % 0.03 % 0.03 % 0.01 % 0.01 % — % 47.7 58.8 8.8 8.5 110.0 24.6 10.3 61.4 121.5 85.6 131.1 22.0 122.3 87.1 22.0 57.4 7.8 47.7 58.8 8.8 8.5 110.0 24.6 10.3 61.4 121.5 85.6 131.1 22.0 122.3 87.1 22.0 57.4 7.8 42.2 52.0 8.2 7.5 113.0 24.9 9.2 54.3 133.9 75.7 139.7 23.1 129.0 97.7 19.5 52.5 7.2 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) AD Creations, LLC dba Essence Day Spa Juan Gutierrez dba EL COTIXAN MEXICAN FOOD #1 and EL COTIXAN TAQUERIA LED UNLIMITED LLC WHOLEVEL LLC MoreHair City Salon LLC Gregory P. Jellenek, O.D. & Associates, P.C . Gregory P. Jellenek, O.D Inkk Culture Tattoo LLC and N.D.L. Properties, LLC Dusty Rose Farm LLC Monark Insurance Agency Inc MODERN AESTHETICS LLC Llamaste, Inc dba Llamaste Family Yoga Center Seven Bicycles, Inc dba Supercuts Payton Violins LLC Artisan Inspired LLCdba BRUSH MASTERS PAINTING CONTRACTORS OF VINELAN Somerset Equestrian Trading LLC IN THIS MOMENT TRUCKING LLC I/O Trak Inc dba E-Z Photo Omega Express Home Loans Corporation Nerds Xpress, LLC and Barlow Executive Properties Industrial Control Concepts Inc;ICC Northwest Inc & 301 Memorial LLC (#) (#) (#) (#) (#) (#) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) 505 18th Ave N Unit B Apt. G, Myrtle Beach, SC 29577 538 N 2nd St, El Cajon, CA 92021 2604 San Eduardo, Mission, TX 78572 13007 SW 68th Ter., Miami, FL 33183 412 Evans St., Ste. A, Morehead City, NC 28557 1490 Quarterpath Rd. 5A, Williamsburg, VA 23185 840 E River Pl., Jackson, MS 39202 11150 NE 36th Ave, Anthony, FL 32617 100 S Public Rd., Unit A, Lafayette, CO 80026 1350 Market St, Tallahassee, FL 32312 Personal and Laundry Services Term Loan Prime plus 6.5% 7/12/2032 Food Services and Drinking Places Specialty Trade Contractors Nonstore Retailers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 6.5% 6.5% 7/8/2032 7/8/2032 7/8/2032 Personal and Laundry Services Term Loan Prime plus 6.5% 7/8/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/8/2032 24.6 15.4 24.6 24.6 24.5 42.8 24.6 15.4 24.6 24.6 24.5 42.8 24.9 13.6 24.9 24.9 24.9 38.3 Term Loan Prime plus 2.75% 7/8/2047 117.6 117.6 128.9 Term Loan Prime plus 2.75% 7/8/2032 Personal and Laundry Services Support Activities for Agriculture and Forestry Insurance Carriers and Related Activities Personal and Laundry Services Term Loan Term Loan 369 Ct. St., Brooklyn, NY 11231 1880 Sharon Way, Reno, NV 89509 84 Scio St., Rochester, NY 14604 Educational Services Personal and Laundry Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Term Loan Term Loan Prime plus 2.75% 7/6/2032 Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 2.75% 2.75% 7/7/2047 7/7/2032 7/7/2032 7/7/2032 Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 2.75% 7/5/2032 7/5/2032 7/5/2032 7/1/2032 6/30/2032 17.6 62.7 24.6 83.1 150.4 186.9 7.9 15.4 24.5 67.2 16.8 17.6 62.7 24.6 83.1 150.4 186.9 7.9 15.4 24.5 67.2 16.8 18.2 68.5 25.0 74.3 158.2 166.1 7.0 13.6 24.9 70.1 14.6 Prime plus 2.75% 6/30/2032 161.5 161.5 139.9 Prime plus 2.75% 6/30/2047 1,244.2 1,244.2 1,252.6 617 Fava Dr, Vineland, NJ 08360 1651 SE 195th Ter., Morriston, FL 32668 142 walnut St., Kunkletown, PA 18058 830 Sunshine Ln, Altamonte Springs, FL 32714 6016 Belfast Way, Roseville, CA 95747 25240 Lasher Rd., Ste. 2, Southfield, MI 48033 301 Memorial Dr, St. Louis, MO 63102 Term Loan Term Loan Term Loan Specialty Trade Contractors Nonstore Retailers Truck Transportation Data Processing, Hosting, and Related Services Term Loan Credit Intermediation and Related Activities Term Loan Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.03 % — % 0.02 % 0.01 % 0.02 % 0.04 % 0.04 % — % — % 0.01 % 0.02 % — % 0.04 % 0.33 % F-42 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Westside Quick Services LIMITED LIABILITY COMPANY Performance Paint INC and Snyder Holding LLC Priam Vineyards LLC; Winiarski Family Properties LLC; Winiarski Family Paris Woodhull dba Paris Woodhull Illustrations Nerds Xpress, LLC and Barlow Executive Properties Storm-Tek, INC Zeigler Concrete Reinforcing, Inc Art of Touch Therapeutic Massage and Healing Clinic Audra Erickson LLC J. F. Medeiros Construction Inc Orthologo Inc. (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) Scenic Vans LLC dba Scenic Vanlife Rentals (#,^) (#,^) Learn Smart Pre School Inc VELEZ ENTERPRISES, LLC Gyer Medical Billing LLC Nano Pharmaceutical Laboratories, LLC dba ZumXR SHY Beauty Inc Car Venient Auto LLC Viking Athletics LLC (#,^) (#) (#,^) (#) (#,^) (#) JAG Medical Services The Blonde Bistro LLC and Ciara June Semack (#,^) TRI-COUNTY SWEEPING SERVICES, INC (#,^) (#,^) 9018 Cambridge Ave N, Minneapolis, MN 55443 Administrative and Support Services Term Loan Prime plus 6.5% 6/30/2032 431 E Main St, Brownsburg, IN 46112 11 Shailor Hill Rd., Colchester, CT 06415 112 S Gay St, Knoxville, TN 37902 25240 Lasher Rd.,Ste. 2, Southfield, MI 48033 100 Glenborough Dr., Houston, TX 77060 2334 Babbitt Ave, Orlando, FL 32833 Repair and Maintenance Beverage and Tobacco Product Manufacturing Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Heavy and Civil Engineering Construction Specialty Trade Contractors 4415 NE Sandy Blvd, Portland, OR 97213 20471 3rd St., Hilmar, CA 95324 911 N MacArthur Blvd, Irving, TX 75061 3250 Granite Creek Pl, Newcastle, CA 95658 145 Mortimer Ave, Rutherford, NJ 07070 5602 Heritage Oak Dr, Portola Hills, CA 92679 26210 Christen Canyon Ln, Richmond, TX 77406 Personal and Laundry Services Construction of Buildings Miscellaneous Manufacturing Rental and Leasing Services Social Assistance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 700 W. Mississippi Ave, Denver, CO 80223 Chemical Manufacturing 5458 N Ashland Ave, Chicago, IL 60640 2035 Ashby Rd, St. Louis, MO 63114 635 New Park Ave, West Hartford, CT 06110 105 S Cedar St. Ste. A, Summerville, SC 29483 Personal and Laundry Services Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2047 Term Loan Prime plus 2.75% 6/30/2047 Term Loan Prime plus 6.5% 6/30/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 6/30/2047 6/30/2032 6/30/2032 6/30/2032 6/30/2032 6/30/2032 6/30/2032 6/30/2047 Term Loan Prime plus 2.75% 6/30/2032 Term Loan Prime plus 6.5% 6/29/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 6.5% 2.75% 6/29/2032 6/29/2032 6/29/2047 Term Loan Prime plus 6.5% 6/29/2032 Term Loan Prime plus 2.75% 6/29/2032 2042 Axemann Rd., Bellefonte, PA 16823 4900 SW 51st St, Davie, FL 33314 Food Services and Drinking Places Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/29/2047 6/28/2032 F-43 See accompanying notes to consolidated financial statements. 24.4 100.4 738.3 19.5 309.6 121.5 103.3 8.8 61.0 158.0 68.0 223.7 324.9 19.5 732.5 22.0 55.3 24.4 11.7 140.5 170.1 24.4 100.4 738.3 19.5 309.6 121.5 103.3 8.8 61.0 158.0 68.0 223.7 324.9 19.5 732.5 22.0 55.3 24.4 11.7 140.5 170.1 24.1 111.7 754.7 19.3 318.5 111.5 90.1 8.7 52.8 163.5 71.0 242.4 281.5 19.3 663.0 21.7 61.0 24.1 10.4 153.8 147.1 0.01 % 0.03 % 0.20 % 0.01 % 0.08 % 0.03 % 0.02 % — % 0.01 % 0.04 % 0.02 % 0.06 % 0.07 % 0.01 % 0.18 % 0.01 % 0.02 % 0.01 % — % 0.04 % 0.04 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) T Z Trading Inc Knowledge Analytics Inc Stephen Key Tres Marine Corp and Mark Compeaux BOBWHITE COUNTER LLC Skladco LLC Digimatics Inc T.S.W RESIDENTIAL & COMMERCIAL SERVICES, INC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Fara Bender DMD PA Golden Phoenix Construction Company, Inc (#) (#,^) Recovery Pathways LLC ESD Homes LLC (#,^) (#,^) ACME Saw and Supply and Lodgepole, INC (#,^) Jump Jump LLC Solshine Yoga LLC Torchmark Enterprises Inc dba Mwah Flowers SAM'S PLACE LOTTERY & TOBACCO, INC JT Way LLC;Genthree LLC;Case Restaurant Group & Sonshine Group Digital Dream Labs, Inc AVVA MINA INC dba Doctor's Choice Pharmacy Suha Restaurants LLC dba The Great Greek Grill (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 25511 Budde Rd Ste. 1503, The Woodlands, TX 77380 11716 Woodthrush Ln, Potomac, MD 20854 9140 Stonegarden Dr., Lorton, VA 22079 142 Evangeline Dr, Houma, LA 70360 150 Warren St, Jersey City, NJ 07302 25 Wareham St., Building 2, Unit 1, Middleboro, MA 02346 4011 Vermaas Ave, Toledo, OH 43612 787 Commerce Dr., Venice, FL 34292 6169 Jog Rd Unit B-5, Lake Worth, FL 33467 37 N Altadenda Dr., Pasadena, CA 91107 863 N Pine Rd. Ste. A, Essexville, MI 48732 196 14th St NW, Atlanta, GA 30318 1204 E Main St., Stockton, CA 95205 12600 Appaloosa Chase Dr, Austin, TX 78732 96 College Heights Blvd, Clemson, SC 29631 1086 Broadway, Brooklyn, NY 11221 189 Manheim Rd, Schuylkill Haven, PA 17972 Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Support Activities for Mining Food Services and Drinking Places Nonstore Retailers Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2032 Term Loan Prime plus 2.75% 6/28/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 6/28/2032 6/28/2032 6/28/2032 6/28/2032 6/28/2032 Construction of Buildings Term Loan Prime plus 2.75% 6/28/2032 Ambulatory Health Care Services Specialty Trade Contractors Ambulatory Health Care Services Construction of Buildings Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/27/2032 6/27/2032 6/27/2032 6/27/2032 Term Loan Prime plus 2.75% 6/27/2032 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2047 Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2032 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/27/2032 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/27/2032 330 Greater Butler Mart, Butler, PA 16001 6022 Broad St., Pittsburgh, PA 15206 Food Services and Drinking Places Miscellaneous Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/27/2032 6/24/2032 639 N 13th Ave, Upland, CA 91786 8211 Byron Center Ave SW, Ste. A, Byron Center, MI 49315 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/24/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/24/2032 F-44 See accompanying notes to consolidated financial statements. 206.6 170.4 13.7 874.9 145.8 16.0 51.0 170.1 137.1 449.6 134.9 72.9 522.9 193.4 61.1 103.0 243.0 194.4 860.0 121.5 18.2 206.6 170.4 13.7 874.9 145.8 16.0 51.0 170.1 137.1 449.6 134.9 72.9 522.9 193.4 61.1 103.0 243.0 194.4 860.0 121.5 18.2 205.6 147.4 11.9 804.6 127.2 13.9 52.5 147.2 122.6 416.5 116.7 63.1 460.9 207.4 63.8 89.1 210.2 169.2 761.1 105.1 19.0 0.05 % 0.04 % — % 0.21 % 0.03 % — % 0.01 % 0.04 % 0.03 % 0.11 % 0.03 % 0.02 % 0.12 % 0.06 % 0.02 % 0.02 % 0.06 % 0.05 % 0.20 % 0.03 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Don Green Electric LLC JDT Pickup and Delivery Service LLC (#,^) (#) Jadar Entertainment LLC Northern Builders LLC The Concrete Company, LLC and Cabriales Holding LLC (#,^) (#,^) (#,^) TRUYOU RENEW LLC JNH Consulting Services, LLC and AllTax Associates, LLC ABC Intercargo LLC Penny Almond, LPC, LLC CT Mets Baseball Academy LLC Ebony T Grimes dba Grimes Day Care Adelko Inc dba dba GRAND WELCOME BEVERLY HILLS Tocino Strategies LLC Chicago Knife Works Inc Creamalicious Inc Perfect Day NY LLC Conliff Solutions LLC MJ Enterprise Holdings Inc Talley Brothers, Inc Power Move Ventures LLC Nerac, Inc (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) 1209 SE Dixie Cut Off Rd., Stuart, FL 34994 Specialty Trade Contractors 2870 Gonzaga Ave, Richmond, CA 94806 Couriers and Messengers Performing Arts, Spectator Sports, and Related Industries Construction of Buildings Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 2.75% 2.75% 6/24/2032 6/24/2032 6/24/2032 6/24/2032 468 N Camden Dr, Beverly Hills, CA 90210 30 Porter St., Littleton, NH 03561 10940 S Parker Rd., Parker, CO 80134 38221 Plymouth Rd, Ste. #6, Livonia, MI 48150 2107 Sherry St., Arlington, TX 76010 2700 Glades Cir, Weston, FL 33327 1401 Malvern Ave Ste 260, Hot Springs, AR 71901 216 Foxon Rd, North Branford, CT 06471 5231 Oxford Ave, Philadelphia, PA 19124 9937 Shirley Ave, Northridge, CA 91324 7133 E Plata Ave, Mesa, AZ 85212 6427 W Dempster St., Morton Grove, IL 60053 6953 Tarragon Ct, Liberty Township, OH 45011 384 Knickerbocker Ave, Brooklyn, NY 11237 23664 Jayadev Ter, Brambleton, VA 20148 2600 Cabover Dr, Hanover, MD 21076 210 Executive Dr., Newark, DE 19702 3700 S Conway Rd.,Ste. 101, Orlando, FL 32812 1 Technology Dr. aka 303 Merrow Rd., Tolland, CT 06084 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/24/2047 Personal and Laundry Services Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Social Assistance Educational Services Social Assistance Term Loan Prime plus 2.75% 6/23/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 6.5% 6/23/2032 6/23/2032 6/23/2032 6/23/2032 6/23/2032 Real Estate Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2032 Term Loan Prime plus 6.5% 6/23/2032 Nonstore Retailers Term Loan Prime plus 2.75% 6/23/2032 Food Manufacturing Motion Picture and Sound Recording Industries Professional, Scientific, and Technical Services Repair and Maintenance Specialty Trade Contractors Nonstore Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2032 Term Loan Prime plus 6.5% 6/23/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/22/2032 6/22/2032 6/22/2032 Term Loan Prime plus 2.75% 6/22/2032 F-45 See accompanying notes to consolidated financial statements. 80.4 24.4 85.1 437.5 345.5 43.7 114.2 100.9 24.4 56.9 12.3 51.0 24.4 72.9 86.3 23.5 14.6 20.8 85.1 21.9 80.4 24.4 85.1 437.5 345.5 43.7 114.2 100.9 24.4 56.9 12.3 51.0 24.4 72.9 86.3 23.5 14.6 20.8 85.1 21.9 69.6 24.0 73.6 398.5 326.9 40.7 98.8 87.7 24.0 49.4 12.1 44.1 24.0 63.1 74.6 23.1 12.6 18.2 73.6 18.9 0.02 % 0.01 % 0.02 % 0.11 % 0.09 % 0.01 % 0.03 % 0.02 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.02 % 0.02 % 0.01 % — % — % 0.02 % 0.01 % 0.15 % Term Loan Prime plus 2.75% 6/22/2047 489.8 489.8 544.4 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) On Point Med Spa & Wellness Center LLC (#,^) 799 Christmas Ave, Bethlehem, GA 30620 2395 San Siro St., Henderson, NV 89044 Personal and Laundry Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 6/22/2032 Term Loan Prime plus 2.75% 6/22/2032 Diabs, LLC Orbilibrium Corporation and Mathew Wanyama Ageless Simplicity LLC Truth Excavation LLC MedAir Labs, LLC The Hills Tandem LLC Empire Countertops LLC Empire Countertops LLC Prancing Paws Grooming Salon LLC Maria Pena Jason Howard Shawn Soiland Teleflex Group Inc dba TL Cargo H & M Associates LLC HYGCO Mistry's Custom Solutions LLC dba American Body Works Foundation Business Enterprises, LLC CCuest LLC dba Synergy HomeCare of Palm Bay YDK Enterprise LLC Mendoza Trucking and Logistics INC Finch Clinic, P.L.L.C. dba Axcel Treatment and Recovery (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) Real Estate Personal and Laundry Services Specialty Trade Contractors 102 Pawnee Dr., Montgomery, TX 77316 21800 Towncenter Plz 239, Sterling, VA 20164 164 Wahikuli Rd., Lahaina, HI 96761 10500 Antenucci Blvd, Garfield Heights, OH 44125 132 Palmer Pointe Way, Holly Springs, NC 27540 1137 Enterprise Dr., Pilot Point, TX 76258 1137 enterprise Dr., Pilot Point, TX 76258 120 N Main St, Germantown, OH 45327 537 Swallow Ln, Lodi, CA 95240 39425 234th St, Woonsocket, SD 57385 10 Ascot Dr, Santa Rosa, CA 95403 8520 nw 66 St., Miami, FL 33166 108 Harlow St, Pittsburgh, PA 15218 2000 Anchor Ct, Thousand Oaks, CA 91320 Chemical Manufacturing Machinery Manufacturing Professional, Scientific, and Technical Services Nonmetallic Mineral Product Manufacturing Nonmetallic Mineral Product Manufacturing Personal and Laundry Services Food Services and Drinking Places Specialty Trade Contractors Repair and Maintenance Support Activities for Transportation Heavy and Civil Engineering Construction 420 S Mill St., Lewisville, TX 75057 744 Noah Dr., Ste. 113, Jasper, GA 30143 1501 Robert J. Conlan Rd., Palm Bay, FL 32905 115 Mowbray Dr, Kew Gardens, NY 11415 2320 Greenbriar Dr., Unit B, Chula Vista, CA 91915 Repair and Maintenance Construction of Buildings Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/22/2047 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/22/2032 6/22/2032 Term Loan Prime plus 2.75% 6/22/2032 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/22/2032 6/21/2032 6/21/2032 6/21/2047 6/21/2032 6/20/2032 6/20/2032 6/17/2032 6/17/2032 6/17/2032 6/17/2032 6/17/2032 Term Loan Prime plus 2.75% 6/17/2032 Term Loan Prime plus 6.5% 6/17/2032 Truck Transportation Term Loan Prime plus 2.75% 6/17/2032 1105 Memorial Dr.,, Denison, TX 75020 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/17/2032 F-46 See accompanying notes to consolidated financial statements. 83.8 8.9 22.4 21.9 85.1 364.6 58.3 268.8 830.9 17.5 16.8 18.4 85.1 41.3 17.6 182.3 85.1 127.6 19.2 24.4 21.9 71.1 83.8 8.9 22.4 21.9 85.1 364.6 58.3 268.8 830.9 17.5 16.8 18.4 85.1 41.3 17.6 182.3 85.1 127.6 19.2 24.4 21.9 71.1 74.3 7.7 24.9 20.2 88.7 380.0 50.7 280.2 771.5 18.6 17.1 15.9 78.0 36.7 15.2 175.2 73.6 110.4 16.6 24.0 18.9 66.4 0.02 % — % 0.01 % 0.01 % 0.02 % 0.10 % 0.01 % 0.07 % 0.21 % — % — % — % 0.02 % 0.01 % — % 0.05 % 0.02 % 0.03 % — % 0.01 % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Biocanic, Inc Muse Enterprises Inc STAFFINGPOINT LLC Premier Healthcare Service KT Supply LLC Gentle Partners in Hospice LLC Soapbox Studio, LLC and The Vault Recording Lounge, LLC Erin Cervantes dba Security Carpet Cleaners Edgar Almanzar Insurance Agency Inc. Daedalus Works LLC KLZS Electric LLC dba Mr Electric of Middleton Rupisan Companies, LLC Innovative Concepts Construction LLC Spend Less Store LLC Jand J Darling Ventures dba Clean Air Lawn Care Austin NW Signature Nail Salon Inc. Coast 2 Coast Consulting, LLC Code 3 Security LLC American Plumbing Solutions Inc J LaMendola Physical Therapy PC (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#) (#) (#,^) (#,^) (#,^) (#) ALLIANCE DIGITAL PROPERTIES INC (#,^) 4976 Foothill Blvd, San Diego, CA 92109 498 County Rd 4711, Kempner, TX 76539 3371 Baywood Ter., Fremont, CA 94536 1015 Eden Way North, Chesapeake, VA 23320 39 Graphic Pl., Moonachie, NJ 07024 1635 NE Interstate 410 Loop Ste 501, San Antonio, TX 78209 4031 Fambrough Dr, Powder Springs, GA 30127 15260 Cheshire Way, San Antonio, TX 78254 477 central Ave, White Plains, NY 10606 17 RD 3500, Flora Vista, NM 87415 Publishing Industries (except Internet) Construction of Buildings Administrative and Support Services Nursing and Residential Care Facilities Merchant Wholesalers, Durable Goods Nursing and Residential Care Facilities Motion Picture and Sound Recording Industries Administrative and Support Services Insurance Carriers and Related Activities Machinery Manufacturing 285 E Deer Trail Rd, Clayton, DE 19938 5460 Jaguar Way, Littleton, CO 80130 2196 Fenton Pkwy,Apt 310, San Diego,, CA 92108 516 E Juanita Ave, Ste. 3, Mesa, AZ 85204 Specialty Trade Contractors General Merchandise Stores Construction of Buildings Food and Beverage Stores Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 6/17/2032 6/17/2032 6/17/2032 11/16/2047 6/16/2032 Term Loan Prime plus 2.75% 6/16/2032 Term Loan Prime plus 2.75% 6/16/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6.5% 6.5% 6.5% 6/16/2032 6/16/2032 6/15/2032 6/15/2032 6/14/2032 6/14/2032 6/14/2032 6/14/2032 6/14/2032 5404 Pendleton LN, Austin, TX 78723 11505 NE Fourth Plain Blvd., Ste. F3, Vancouver, WA 98662 5630 S Garth Ave, Los Angeles, CA 90056 6401 Eldorado Pkwy, Ste. 224, McKinney, TX 75070 34 11th Ave., Farmingdale, NY 11735 1100 Clove Rd. Ste. G-C, Staten Island, NY 10301 1407 Foothill Blvd 305, La Verne, CA 91750 Administrative and Support Services Term Loan Prime plus Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus Term Loan Prime plus 2.75% 6/13/2032 Administrative and Support Services Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/10/2032 6/10/2032 Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/10/2048 Term Loan Prime plus 2.75% 6/10/2032 F-47 See accompanying notes to consolidated financial statements. 60.8 49.8 14.6 134.8 85.1 66.8 121.5 10.8 21.9 46.2 11.7 21.9 10.9 24.4 9.8 14.7 21.9 21.9 21.9 151.0 21.9 60.8 49.8 14.6 134.8 85.1 66.8 121.5 10.8 21.9 46.2 11.7 21.9 10.9 24.4 9.8 14.7 21.9 21.9 21.9 151.0 21.9 52.5 47.2 12.6 144.9 73.6 57.8 116.8 9.4 18.9 44.6 10.1 18.9 9.5 24.0 9.6 14.4 18.9 18.9 18.9 163.2 18.9 0.01 % 0.01 % — % 0.04 % 0.02 % 0.02 % 0.03 % — % 0.01 % 0.01 % — % 0.01 % — % 0.01 % — % — % 0.01 % 0.01 % 0.01 % 0.04 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Sebastian Castelli, PA Nepal Dog Treat LLC Spartan Bikes, LLC Ridge Renovation and Construction LLC Triple Bs Inc 3Dio, LLC Machfu Inc TKSPizza LLC Folcon LLC GEMsmash LLC EDIA World LLC Lighting Management Inc Ballard Construction LLC Iron Valley Insurance Services Inc Stella del Mare, LLC MFT Solutions LLC Hurricane Beauty LLC CarrThom Development, LLC ALL OFF GRID, LLC Black Martin Brands LLC PERU Q PRODUCTS LLC Reliant Medical Group LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 12187 Beach Blvd, Ste. 1, Jacksonville, FL 32246 11775 Stratford House Pl #303,, Reston, VA 20190 2974 N Alma School Rd, Chandler, AZ 85224 1736 E Greenway St, Mesa, AZ 85203 12189 Livingston Rd, Manassas, VA 20109 5900 NE 152nd Ave, Vancouver, WA 98682 9200 Corporate Blvd., Ste. 470, Rockville, MD 20850 505 Hansen Ave, Butler, PA 16001 516 West Walnut St., Kalamazoo, MI 49007 2025 Belford Dr, Walnut Creek, CA 94598 3345 SW 67th Ave, Miami, FL 33155 618 Corporate Way, Unit 1, Valley Cottage, NY 10989 440 Timothy St., Junction City, OR 97448 2366 Navigation Cir., Placentia, CA 92870 2804 NE 8th St., Ste. 103, Homestead, FL 33033 110 E 43rd St., Apt 115, Boise, ID 83714 1110 Vandon Loop, Berlin, NJ 08009 52 T St. NW, Washington, DC 20001 10927 Big Lake Rd., Ste.s M&N, Wasilla, AK 99694 9N915 Heatherington Pl., Elgin, IL 60124 21772 Ladyslipper Square, Ashburn, VA 20147 3935 W Reno Ave, Ste. H, Las Vegas, NV 89118 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/10/2032 Miscellaneous Store Retailers Sporting Goods, Hobby, Musical Instrument, and Book Stores Construction of Buildings Building Material and Garden Equipment and Supplies Dealers Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/10/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/10/2032 6/10/2032 Term Loan Prime plus 2.75% 6/10/2032 Term Loan Prime plus 2.75% 6/9/2032 Computer and Electronic Product Manufacturing Food Services and Drinking Places Real Estate Waste Management and Remediation Services Nonstore Retailers Merchant Wholesalers, Durable Goods Specialty Trade Contractors Insurance Carriers and Related Activities Ambulatory Health Care Services Repair and Maintenance Nonstore Retailers Construction of Buildings Specialty Trade Contractors Miscellaneous Store Retailers Term Loan Term Loan 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 6/9/2032 6/9/2032 6/9/2047 6/9/2032 6/9/2032 6/9/2032 6/9/2032 6/8/2032 6/8/2032 6/8/2032 6/8/2032 6/8/2032 6/8/2032 6/8/2032 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/8/2032 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/7/2032 F-48 See accompanying notes to consolidated financial statements. 72.9 243.0 21.9 55.9 85.1 97.2 85.1 21.8 42.0 85.1 24.4 239.5 85.1 10.9 12.4 14.7 14.6 104.5 21.9 17.5 18.2 85.1 72.9 243.0 21.9 55.9 85.1 97.2 85.1 21.8 42.0 85.1 24.4 239.5 85.1 10.9 12.4 14.7 14.6 104.5 21.9 17.5 18.2 85.1 63.6 210.2 18.9 49.7 74.1 84.1 73.6 22.8 44.9 78.3 24.0 207.1 88.7 9.5 10.7 14.4 12.6 90.4 20.8 15.1 15.8 80.7 0.02 % 0.06 % 0.01 % 0.01 % 0.02 % 0.02 % 0.02 % 0.01 % 0.01 % 0.02 % 0.01 % 0.06 % 0.02 % — % — % — % — % 0.02 % 0.01 % — % — % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) AB Liquor LLC ANK Waterfront Inc FOOTHILL FEED AND MERCANTILE LLC ANK Mexican Grill Inc J Michelle's LLC C.I.I. INC SMART LOGISTICS LLC BARSE & CO INC Bellasky LLC DBA Happy Day T&F Express Services, LLC 805 Transportation LLC Spine and Orthopedic Center of New Mexico PC C.A.L.M. Home, LLC Que Duong LLC CWM Professional Consulting Inc Gun Guardian, LLC (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) (#) KRAMER LLC dba Kramer Injury Law LLC (#,^) Longo Acquisitions LLC dba Hello Garage of Stony Brook (#,^) Jules Enterprise Group, Inc dba Anuco Rx Farmer Investments LLC dba Fetch! Pet Care (#,^) (#) ADW Communications Services, Inc. PoleSet Equipment, LLC (#,^) (#,^) 16900 Chenal Pkwy., Ste. 130, Little Rock, AR 72223 3322 Sheridan Rd, Kenosha, WI 53140 1330 GEIGER GRADE Rd., RENO, NV 89521 3322 Sheridan Rd., Kenosha, WI 53140 620 Windham St, Petersburg, VA 23803 6001 S Decatur Blvd.,, Las Vegas, NV 89118 600 Getty Ave, Clifton, NJ 07011 8701 John W. Carpenter Fwy, Ste. 140, Dallas, TX 75247 26279 CO-74, Kittredge, CO 80457 16420 SE McGillivary, Vancouver, WA 98663 132 Easy St, Buellton, CA 93427 400 N Pennsylvania Ave., Ste. 101, Roswell, NM 88201 757 West Magma Rd., San Tan Valley, AZ 85143 6 W. 126th St., Apt. 5F, New York, NY 10027 19490 SW 24th St, Miramar, FL 33029 1136 Brick Rd., Winter Garden, FL 34787 161 N Clark St., Chicago, IL 60601 Food and Beverage Stores Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Food Services and Drinking Places Furniture and Home Furnishings Stores Truck Transportation Merchant Wholesalers, Durable Goods Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 6.5% 2.75% 2.75% 6/7/2032 6/7/2047 6/7/2032 6/7/2032 6/7/2032 6/7/2032 6/7/2032 Term Loan Prime plus 2.75% 6/7/2032 Term Loan Prime plus 2.75% 6/6/2047 Administrative and Support Services Term Loan Transit and Ground Passenger Transportation Term Loan Prime plus Prime plus 2.75% 6.5% 6/6/2032 6/3/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/3/2032 Nursing and Residential Care Facilities Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Plastics and Rubber Products Manufacturing Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2032 Term Loan Prime plus 6.5% 6/3/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/3/2032 11/3/2032 Term Loan Prime plus 2.75% 6/3/2032 Term Loan Prime plus 2.75% 6/2/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6/2/2032 6/1/2032 6/1/2032 5/31/2032 176 10th Ave., Holtsville, NY 11743 549 Sawgrass Corporate Pkwy, Sunrise, FL 33323 3840 Charbon Ln., Bartlett, TN 38133 425 S McClintock Dr Ste. 1,, Tempe, AZ 85281 5355 Prosperity Pike, Prosperity, PA 15329 Machinery Manufacturing Construction of Buildings Professional, Scientific, and Technical Services Personal and Laundry Services Heavy and Civil Engineering Construction F-49 See accompanying notes to consolidated financial statements. 85.1 486.6 19.1 333.6 5.8 362.9 21.9 14.6 75.8 14.6 24.4 72.8 72.7 17.1 21.9 27.5 15.3 8.9 85.1 12.6 85.1 486.6 19.1 333.6 5.8 362.9 21.9 14.6 75.8 14.6 24.4 72.8 72.7 17.1 21.9 27.5 15.3 8.9 85.1 12.6 88.7 494.8 18.7 288.5 5.7 314.0 18.9 12.6 84.3 12.7 24.0 63.0 62.8 16.9 18.9 27.0 13.2 7.9 73.6 10.9 184.2 724.4 184.2 724.4 159.4 755.1 0.02 % 0.13 % — % 0.08 % — % 0.08 % 0.01 % — % 0.02 % — % 0.01 % 0.02 % 0.02 % — % 0.01 % 0.01 % — % — % 0.02 % — % 0.04 % 0.20 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) TMC General Construction Inc. MS Garage Plano, LLC Big Brand Management Inc. and Big Brand Management Ltd. Co. LUBECON USA, LLC Modir Transportation LLC Skyship Services Inc. Zhenya, Inc. dba Scale Your Genius Global One Media, Inc Water Damage Rescue Inc.;123 W Orange St LLC;Service Magic Restoration Duncan Electrical LLC Smashachusetts, LLC Domi Health, LLC and B's Homecare Inc. FRAMEWORXFL, INC REAL HOUSE INC and BFM Holdings 176 Harding LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) IDEAL FURNITURE RENTAL & SALES INC (#,^) Ninefold Design LLC Billfold LLC and Billfold Solutions Inc Caromark Building Group LLC Moody's Hardware LLC and MSH Holdings LLC Beach Life Flooring LLC Distinctive Corporation dbaBig Basin Burger Bar (#,^) (#,^) (#,^) (#) (#,^) (#) 3457 Fitzgerald Dr., Rancho Cordova, CA 95742 1504 SW 57th Ter., Cape Coral, FL 33914 Specialty Trade Contractors Food Services and Drinking Places Motion Picture and Sound Recording Industries 512 E 11th St, Houston, TX 77008 201 N Webster St., White Cloud, MI 49349 Merchant Wholesalers, Nondurable Goods 3225 Church St., Scottdale, GA 30079 161 T Com Dr., Elizabeth City, NC 27909 Truck Transportation Transportation Equipment Manufacturing Professional, Scientific, and Technical Services Broadcasting (except Internet) Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6.5% 2.75% 5/31/2032 5/31/2032 5/31/2032 5/31/2032 5/31/2032 5/31/2032 5/31/2032 5/31/2032 90 Pearl St., Denver, CO 80203 1750 Manzanita Dr., Elko, NV 89801 7232 Owensmouth Ave, Canoga Oark, CA 91303 8445 S Van Ness Ave, Inglewood, CA 90305 303 Third St., Apt 215, Cambridge, MA 02142 5500 Nicollet Ave, Minneapolis, MN 55419 139 S Pebble Beach Blvd., Sun City Center, FL 33573 95 Grove St., Montclair, NJ 07042 84 Madison Ave, Roslyn Heights, NY 11577 160 Saint Elmo Way, San Francisco, CA 94127 240 Kent Ave, Brooklyn, NY 11249 18137 Sunset Cove Ln, Cornelius, NC 28031 22754 W 220 St., Springhill, KS 66083 5802 Terncrest Dr, Lithia, FL 33547 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2032 Specialty Trade Contractors Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/31/2032 Term Loan Prime plus 2.75% 5/31/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/31/2032 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2032 Rental and Leasing Services Term Loan Prime plus 2.75% 5/27/2032 Nonstore Retailers Term Loan Credit Intermediation and Related Activities Term Loan Prime plus Prime plus 2.75% 2.75% 5/27/2032 5/27/2032 Construction of Buildings Building Material and Garden Equipment and Supplies Dealers Specialty Trade Contractors Term Loan Prime plus 2.75% 5/27/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/27/2048 5/27/2032 14754 Oak St., Saratoga, CA 95070 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/27/2032 F-50 See accompanying notes to consolidated financial statements. 1,207.4 74.9 322.4 391.2 1,004.5 301.8 20.1 295.6 603.7 41.0 84.5 346.7 60.4 1,207.4 74.9 322.4 391.2 1,004.5 301.8 20.1 295.6 603.7 41.0 84.5 346.7 60.4 1,045.8 77.1 300.1 402.4 974.7 311.6 19.8 260.8 535.8 35.5 77.9 299.8 52.2 84.5 10.9 603.7 174.1 65.4 15.4 203.7 84.5 10.9 603.7 174.1 65.4 15.4 203.7 73.1 9.4 627.3 150.6 72.7 13.3 179.0 0.28 % 0.02 % 0.08 % 0.11 % 0.26 % 0.08 % 0.01 % 0.07 % 0.14 % 0.01 % 0.02 % 0.08 % 0.01 % 0.32 % 0.02 % — % 0.17 % 0.04 % 0.02 % — % 0.05 % Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 5/31/2047 1,070.6 1,070.6 1,189.9 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Insight Recovery Services, LLC ACES of Brevard MJZ, Inc. Vanco LLC Superior Image Hair Studio LLC Best Value Multi Services Inc The BEDOS Group LLC Grade A Computer Services LLC Patriot Motors of KC LLC Copper Rose LLC Beecher Development Services, Inc Dream Builders Child Care, LLC and Dreams in Action LLC American Dream Restaurants LLC Tampa Bay Physical Therapy LLC Serenity Keepers Home Care LLC DRKSL LLC, dba Andrew Levine Hai Roam Overland Vehicles LLC C2PM Savage Sweets, Inc. dba Rita's of Doylestown Capital Trading LLC Harvinderpal S. Dhatt dba Cold Stone Creamery Jay Jalaram Lodge LLC dba Quality Inn (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#) (#,^) (#) (#,^) Social Assistance Ambulatory Health Care Services 2123 Hendersonville Rd., Arden, NC 28704 1430 Glendale Ave NW, Palm Bay, FL 32907 31917 Cypress Glen Ct, Lake Elsinore, CA 92532 3919 and 3925 E Miami Ave, Phoenix, AZ 85040 709 MacDade Blvd, Collingdale, PA 19023 452 S Cypress Rd, Pompano Beach, FL 33060 8190 Barker Cypress Rd, Cypress, TX 77433 Administrative and Support Services Merchant Wholesalers, Durable Goods Personal and Laundry Services Administrative and Support Services Personal and Laundry Services Term Loan Prime plus 2.75% 5/26/2032 Term Loan Prime plus 6.5% 5/26/2032 Term Loan Prime plus 2.75% 5/26/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 5/26/2032 5/26/2047 5/26/2032 5/26/2032 3347 Wickham Ave, Bronx, NY 10469 4103 N Oak Trafficway, Kansas City, MO 64116 550 Main St., Ste. 2, Edmonds, WA 98020 2329 W Main St., Littleton, CO 80120 210 Snyder Rd., Hermitage, PA 16148 2761 Lake Shore Rd., Gilford, NH 03249 13328 Telecom Dr., Temple Terrance, FL 33637 312 Broad St., Sumter, SC 29150 127 E 59th St., 2nd Floor , Ste. 6, New York, NY 10022 12308 NE 56th St., Ste. 1407, Vancouver, WA 98682 22601 Summerfield, Mission Viejo, CA 92692 132 Veterans Ln, Doylestown, PA 18901 4911 Lyons Technology Pkwy, Coconut Creek, FL 33073 714 W Onstott Frontage Rd., Yuba City, CA 95991 2055 E. Lincoln Hwy, Wooster, OH 44691 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/25/2032 Motor Vehicle and Parts Dealers Food Manufacturing Construction of Buildings Social Assistance Food Services and Drinking Places Ambulatory Health Care Services Ambulatory Health Care Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 5/25/2032 10/25/2032 5/25/2032 5/24/2047 5/24/2032 5/24/2032 5/24/2047 Personal and Laundry Services Term Loan Prime plus 6.5% 5/24/2032 Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/24/2032 Term Loan Prime plus 2.75% 5/24/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/23/2032 Nonstore Retailers Term Loan Prime plus 2.75% 5/23/2032 Food Services and Drinking Places Accommodation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/23/2033 5/23/2032 F-51 See accompanying notes to consolidated financial statements. 76.1 12.2 18.8 84.3 39.1 10.9 39.8 12.1 52.3 18.1 55.5 76.1 12.2 18.8 84.3 39.1 10.9 39.8 12.1 52.3 18.1 55.5 65.9 12.0 16.3 87.8 42.5 9.4 35.5 12.0 45.2 17.0 48.0 114.9 1,207.3 114.9 1,207.3 122.6 1,044.1 48.3 47.2 24.3 19.4 50.7 75.6 589.2 113.7 62.8 48.3 47.2 24.3 19.4 50.7 75.6 589.2 113.7 62.8 41.9 50.7 23.9 19.1 44.4 67.0 509.6 101.8 65.4 0.02 % — % — % 0.02 % 0.01 % — % 0.01 % — % 0.01 % — % 0.01 % 0.03 % 0.28 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.02 % 0.14 % 0.03 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Melissa J. Kopple Wrenching Whalls, LLC Brothers Trucking Company Inc VULCAIN NINE INC dba Charley's Philly Steaks H&W Creative Branch LLC Amir Saya, Individually dba KNA Racing ESG International, Inc Small Express LLC (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) EMC2 Mechanical Solutions LLC Stems, LLC and Meredith Hawksworth Hope Restored Counseling Services, PLLC (#) Natur Zone of Arizona, LLC dba Naturzone Pest Control (#) (#,^) (#,^) Blount Auto Market Arledge Enterprises, LLC and Arledge Holdings, LLC. Steckman Pilates and Wellness, LLC. Guilin Construction, LLC Cordurouy LLC Liberty Guns and Equipment LLC and Freedom Diner, LLC Solfire Contract Manufacturing Inc Tesla Nail Salon LLC GreenKoat Solutions LLC dba FlexRock Coatings Safari Lux Lounge LLC (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) Ambulatory Health Care Services Truck Transportation 18840 SW Boones Ferry Rd, Tualatin, OR 97062 2428 Broad River Rd., Columbia, SC 29210 Repair and Maintenance 202 Drakewood Pl, Cary, NC 27518 17650 NW 2nd Ave., Miami Gardens, FL 33169 7246 Wynnwood Ln., Houston, TX 77008 102 N 1st St, Williams, AZ 86046 8520 Allison Pointe Blvd, Indianapolis, IN 46250 20 St Andrews Ct, Westampton, NJ 08060 10375 Plum Tree Cir, Hales Corners, WI 53130 1702 Utica Square, Tulsa, OK 74114 610 N Montana St, Dillon, MT 59725 12633 N Cave Creek Rd., Ste. 101, Phoenix, AZ 85022 355 E Lanier Ave, Ste. N, Fayetteville, GA 30214 Specialty Trade Contractors Miscellaneous Store Retailers Ambulatory Health Care Services Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Food Services and Drinking Places Furniture and Home Furnishings Stores Nonstore Retailers Professional, Scientific, and Technical Services Truck Transportation 7355 Tribble Gap Rd., Alto, GA 30510 920 Woodstock Rd., Roswell, GA 30075 379 Grandview Ave., Waterbury, CT 06708 Construction of Buildings Social Assistance Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 2.75% 2.75% 6.5% 2.75% 6.5% 2.75% 6.5% 5/23/2032 5/20/2032 5/20/2032 5/20/2032 5/20/2032 5/20/2032 5/20/2032 5/20/2032 5/19/2032 5/19/2032 5/19/2032 Term Loan Prime plus 2.75% 5/19/2032 Term Loan Prime plus 6.5% 5/19/2032 Term Loan Prime plus 2.75% 5/19/2047 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/18/2032 5/18/2032 665 Valley Dr., Hermosa Beach, CA 90254 Professional, Scientific, and Technical Services Sporting Goods, Hobby, Musical Instrument, and Book Stores 214 E. McIntyre St, Mullins, SC 29574 4939 Decatur Rd., Fort Wayne, IN 46806 Miscellaneous Manufacturing 157 S Compass Wy, Dania Beach, FL 33004 Personal and Laundry Services Term Loan Prime plus 6.5% 5/18/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/17/2032 5/17/2047 5/17/2032 824 S. Franklin St., Denver, CO 80209 5020 E Independence Blvd, Charlotte, NC 28212 Chemical Manufacturing Term Loan Prime plus 2.75% 5/16/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2047 F-52 See accompanying notes to consolidated financial statements. 24.3 21.5 48.3 148.0 103.1 14.5 24.3 10.2 12.1 64.3 24.3 48.3 24.3 145.8 14.1 226.8 13.6 55.0 195.1 135.9 21.7 322.7 24.3 21.5 48.3 148.0 103.1 14.5 24.3 10.2 12.1 64.3 24.3 48.3 24.3 145.8 14.1 226.8 13.6 55.0 195.1 135.9 21.7 322.7 23.9 19.2 50.3 129.2 89.9 12.5 23.9 9.5 12.0 56.2 23.9 41.8 23.9 161.2 12.7 206.8 13.4 53.7 195.5 120.1 18.8 352.5 0.01 % 0.01 % 0.01 % 0.03 % 0.02 % — % 0.01 % — % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.04 % — % 0.06 % — % 0.01 % 0.05 % 0.03 % 0.01 % 0.09 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) The Feder Construction Company LLC Samiah & Co. LLC A Pro Duction Painting Company LLC Abundant Life Surrogacy LLC Empower Marketing, Inc Infrared Girl LLC Replays Games LLC Bronze Goddess Beauty LLC Semilla Baking Co LLC Originals and Organics LLC TPACUPS Inc. and GVCUPS, Inc Inner Light Healing LLC Wesley S. Brown dba Lynfield Hauling Concrete Buildings Tech Inc AOG Investments LLC dba Fratello Cigars MJD Truck Wash Inc T M Z Plants & Trees, Inc. True Care Lawn Service of Lee County Inc Comprehensive Health & Wellness Center LLC Cartesios Precision Collison, LLC Ryno Resumes, LLC Blue Oaks Financial LLC (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) 14 Manor Dr., Monsey, NY 10952 15128 S Harlan Rd., Lathrop, CA 95330 6810 Sagamore Ct., French Village, MO 63036 2716 Rose Hill St., Boise, ID 83705 610 Jefferson Dr., Palmyra, VA 22963 42 Nashua Rd, Londonderry, NH 03053 1203 Woodward Ave, Muscle Shoals, AL 35661 333 University Ave., Ste. 200, Sacramento, CA 95825 2310 McDuffie St., Apt 7, Houston, TX 77019 1902 Sussex Ln., Colorado Springs, CO 80909 3810 W Neptune St., Tampa, FL 33629 1025 Reynolds Rd., Johnson City, NY 13790 3607 Waitesfield Rd., Johns Island, SC 29455 6790 Williams Hwy., Grants Pass, OR 97527 44621 Guilford Dr., Ashburn, VA 20147 609 Old Omega Rd.,, Tifton, GA 31793 13667 Okeechobee Blvd, Loxahatchee Groves, FL 33470 1522 Senior Ct., Lehigh Acres, FL 33971 Construction of Buildings Nonstore Retailers Specialty Trade Contractors Ambulatory Health Care Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 6.5% 5/13/2032 5/13/2032 5/12/2032 5/12/2032 Term Loan Prime plus 2.75% 5/12/2032 Term Loan Prime plus 2.75% 10/11/2032 Term Loan Prime plus 2.75% 5/11/2032 Personal and Laundry Services Term Loan Prime plus 2.75% 5/11/2032 Food Manufacturing Term Loan Prime plus 6.5% 5/10/2032 Clothing and Clothing Accessories Stores Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 6.5% 2.75% 5/10/2032 5/10/2032 Educational Services Term Loan Prime plus 6.5% 5/10/2032 Truck Transportation Term Loan Prime plus 2.75% 5/10/2032 Nonmetallic Mineral Product Manufacturing Merchant Wholesalers, Nondurable Goods Repair and Maintenance Term Loan Term Loan Term Loan Merchant Wholesalers, Nondurable Goods Administrative and Support Services Term Loan Term Loan 1785 Airport Rd. Ste B, Gallatin, TN 37066 Ambulatory Health Care Services 1702 PA-940, Pocono Pines, PA 18350 1015 Grupp Rd., Des Peres, MO 63131 5716 Lonetree Blvd, Rocklin, CA 95765 Repair and Maintenance Administrative and Support Services Educational Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6.5% 6.5% 5/10/2047 5/6/2032 5/6/2032 5/5/2032 5/5/2032 5/4/2032 5/4/2047 5/3/2032 5/3/2032 F-53 See accompanying notes to consolidated financial statements. 24.3 18.8 21.7 24.4 38.2 82.4 9.9 45.9 19.0 24.4 76.2 24.4 9.4 333.9 60.4 50.7 64.7 15.5 8.0 218.6 14.6 24.4 24.3 18.8 21.7 24.4 38.2 82.4 9.9 45.9 19.0 24.4 76.2 24.4 9.4 333.9 60.4 50.7 64.7 15.5 8.0 218.6 14.6 24.4 24.0 16.3 18.8 24.0 35.4 74.4 8.6 42.0 18.7 24.0 66.1 24.0 8.3 356.8 52.2 52.9 56.9 13.5 6.9 231.4 14.4 24.0 0.01 % — % 0.01 % 0.01 % 0.01 % 0.02 % — % 0.01 % — % 0.01 % 0.02 % 0.01 % — % 0.10 % 0.01 % 0.01 % 0.02 % — % — % 0.06 % — % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Motion Physical Medicine & Wellness, PLLC (#,^) Ghostcat Holdings, LLC and VJ Supply Inc (#,^) Silbertechit LLC Vanguard Utility Service, Inc. The Elysian Fields Optimum Wellness & Mental HealthGroup, LLC North America Lighting LLC 1st Choice Property Services LLC World Fire Protection Inc Eagle Theater Corp,Beautiful City LLC,Eagle Theater Operating LLC Superior Equipment Repair Inc.and Timothy Ayles Bella Sloan Enterprises LLC Tomorrows LLC TJ Rising Group LLC dba Gastrome Market and J's Restaurant Group LLC Goodtimez Campground LLC CameoFX Inc Vanguard Utility Service, Inc. Get Your Beauty On LLC GARI'S TRUCK TIRES, LLC Central Florida Health and Rehab Clinic LLC Guy Driscoll dba Metal Parts Machine Brianna Sawyer dbaPacific Mechanical Contractor Ambrosial Living LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 8118 Fry Rd. #1102, Cypress, TX 77433 392 N Lake Rd., Hoover, AL 35242 23 Sussex Rd., Bergenfield, NJ 07621 1421 West 9th St., Owensboro, KY 42301 2222 North Howard St., Baltimore, MD 21218 8509 Phoenix Dr., Manassas, VA 20110 554 Deer Ridge Ln S, Maplewood, MN 55119 41905 Boardwalk, Palm Desert, CA 92211 1802 W. Main St.,, Robinson, IL 62454 1905 Aviation Blvd., Lincoln, CA 95648 6950 Castor Ave, Philadelphia, PA 19149 713 S Washington St., Junction City, KS 66441 1359 E Weldon Ave, Phoenix, AZ 85014 43779 Van Dyke Ave., Sterling Heights, MI 48314 1 Park Plz., Irvine, CA 92614 1421 West 9th St., Owensboro, KY 42301 11150 Huron St, Northglenn, CO 80234 3006 Mountain Pass Blvd, Anthony, TX 79821 3975 S Orange Blossom Trl, Orlando, FL 32839 5551 Belle Ave, Cypress, CA 90630 Ambulatory Health Care Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Specialty Trade Contractors Nursing and Residential Care Facilities Merchant Wholesalers, Durable Goods Administrative and Support Services Specialty Trade Contractors Motion Picture and Sound Recording Industries Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 5/2/2047 4/29/2032 4/29/2032 4/29/2032 4/29/2032 4/29/2032 4/29/2032 4/29/2032 Term Loan Prime plus 2.75% 4/29/2047 73.7 143.9 158.3 419.6 102.7 191.7 84.0 208.2 724.9 73.7 143.9 158.3 419.6 102.7 191.7 84.0 208.2 724.9 78.8 124.5 148.1 362.9 88.8 166.4 72.6 194.3 793.8 Term Loan Prime plus 2.75% 4/29/2047 1,225.9 1,225.9 1,252.5 Term Loan Prime plus 2.75% 4/29/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2047 Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2032 Personal and Laundry Services Motion Picture and Sound Recording Industries Specialty Trade Contractors Personal and Laundry Services Term Loan Prime plus 2.75% 4/29/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 4/29/2032 4/29/2047 4/29/2032 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/29/2032 404.2 55.8 224.9 83.1 155.9 681.6 8.9 85.6 841.3 100.8 52.8 173.5 404.2 55.8 224.9 83.1 155.9 681.6 8.9 85.6 841.3 100.8 52.8 173.5 373.3 59.4 199.8 73.2 140.3 686.8 7.8 89.3 894.1 92.8 45.6 180.3 1120 Sequoia St., Klamath Falls, OR 97601 Specialty Trade Contractors 508 Olympia St., DeSoto, TX 75115 Nursing and Residential Care Facilities Ambulatory Health Care Services Fabricated Metal Product Manufacturing Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 4/28/2047 4/28/2032 4/28/2032 4/28/2047 F-54 See accompanying notes to consolidated financial statements. 0.02 % 0.03 % 0.04 % 0.10 % 0.02 % 0.04 % 0.02 % 0.05 % 0.21 % 0.33 % 0.10 % 0.02 % 0.05 % 0.02 % 0.04 % 0.18 % — % 0.02 % 0.24 % 0.02 % 0.01 % 0.05 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 99 Sai Ram LLC dba South Main Wine & Spirits DA BUSINESS MANAGEMENT INC Valley Remodel and repair LLC Six Mile Station LLC Sterling Light Productions Inc Storm-Tek, Inc Pure Recovery California, Inc ,ZK Sports, LLC & 239 Investments, LLC Shepherd Fitness, LLC dba Workout Anytime Ooltewah and Shepherd Fitness Bullseye Products International, LLC Johnson Racing Suspension Phylicia Taniel Cook Royal Home Care and Staffing LLC NetDVS Limited Liability Company Lowery Pena Construction Company Inc Sherwood Sporthorses Inc Matai's Creamery Inc LegacyWorx LLC dba HOTWORX SilverLo Enterprises LLC Social Link LLC dba Must See Nashville HealThySelf HealThyWorld LLC Miksanek Enterprises Inc Squarehaus LLC (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 442 S Main St., West Hartford, CT 06110 6700 Tampa Ave, Reseda, CA 91335 1103 W Sam St, Kent, WA 98032 350 W Whalen St., Guernsey, WY 82214 Food and Beverage Stores Professional, Scientific, and Technical Services Construction of Buildings Accommodation Motion Picture and Sound Recording Industries 6250 White Mill Rd, Fairburn, GA 30213 100 Glenborough Dr., Houston, TX 77060 Heavy and Civil Engineering Construction 721 Mandalay Beach Rd., Oxnard, CA 93035 Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Nonmetallic Mineral Product Manufacturing 9408 Apison Pike, Ooltewah, TN 37363 3595 Polaris Ave, Las Vegas, NV 89103 153 Northway Park Rd, Machesney Park, IL 61115 9A Rue Dubois, Lady’s Island, SC 29907 2288 Blue Water Blvd, Odenton, MD 21113 164 Brighton Rd, Clifton, NJ 07012 249 Mylnar Ave., Manteca, CA 95336 20530 Forestview, Magnolia, TX 77355 152 S Aiken Ln, Aiken, SC 29803 1753 South Burlington Blvd., Burlington, WA 98233 2720 Old Rosebud Rd, Lexington, KY 40509 1200 Clinton St., Nashville, TN 37203 3741 Parke Dr, Edgewater, MD 21037 7633 East St Joe Hwy, Grande Ledge, MI 48837 119 Regal Row, Ste. D, Dallas, TX 75247 Repair and Maintenance Personal and Laundry Services Ambulatory Health Care Services Nonstore Retailers Construction of Buildings Personal and Laundry Services Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Personal and Laundry Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Merchant Wholesalers, Durable Goods Construction of Buildings Term Loan Prime plus 2.75% 4/28/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 2.75% 2.75% 2.75% 4/27/2032 4/27/2032 4/27/2047 4/27/2032 4/27/2032 Term Loan Prime plus 2.75% 4/27/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/27/2032 4/27/2032 4/27/2032 4/26/2032 4/26/2032 4/26/2032 4/26/2032 4/25/2032 4/25/2032 Term Loan Prime plus 2.75% 9/22/2032 Term Loan Prime plus 2.75% 4/22/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 4/22/2032 4/22/2032 4/22/2032 4/22/2032 109.1 24.2 24.2 131.4 60.0 506.5 600.8 223.2 37.8 9.3 7.4 120.0 48.0 211.1 8.6 18.7 122.6 48.0 18.0 82.8 74.8 268.1 109.1 24.2 24.2 131.4 60.0 506.5 600.8 223.2 37.8 9.3 7.4 120.0 48.0 211.1 8.6 18.7 122.6 48.0 18.0 82.8 74.8 268.1 94.3 23.8 23.8 144.0 51.9 464.5 520.0 202.7 32.7 9.1 6.7 107.2 41.5 182.6 7.5 16.5 108.7 50.0 15.6 82.6 64.7 239.2 0.03 % 0.01 % 0.01 % 0.04 % 0.01 % 0.12 % 0.14 % 0.05 % 0.01 % — % — % 0.03 % 0.01 % 0.05 % — % — % 0.03 % 0.01 % — % 0.02 % 0.02 % 0.06 % F-55 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Olde Colonial Realty, Inc dba Olde Colonial Restoration Pitmilly LLC Hartman Family Wellness, PLLC. Alien Technologies Inc dba Apex Call Centers Dahlberg Enterprises LLC dba Alpine Janitorial Melanj Hair LLC CARMEN STOCKING LLC Relax Mind & Body Massage PLLC Redmond Investments LLC dba FiiZ Drinks CBK Construction LLC Taylor Events Inc. Ambient Bamboo Products, Inc dba Floors Inc Ag to go, LLC OP Electric LLC B.G. Technical, Inc. & Linal OG Services LLC Salamanca Foods Inc. QVS Corporation dba Quilcene Village Store Evolution Eats LLC Terra Motor Sports LLC Law Office Yesenia Collazo PA IMO GLOW LLC Jeremy Handyman Service LLC (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#) Construction of Buildings Term Loan Prime plus 2.75% 4/22/2032 Specialty Trade Contractors Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/21/2032 4/20/2032 40.3 66.5 44.1 40.3 66.5 44.1 35.0 58.3 41.4 Administrative and Support Services Term Loan Prime plus 2.75% 4/20/2032 475.5 475.5 421.2 2033 Forest Dr, Fayetteville, GA 30214 28 Scarlet Oak Dr, Lafayette Hill, PA 19444 3951 Brown TRL, Colleyville, TX 76034 6640 Lusk Blvd., San Diego, CA 62121 4070 Bluewing Ln., Washoe Valley, NV 89704 1668 Flagstone Ln., Conyers, GA 30012 84122 Avendia Cedrus, Coachella, CA 92236 3710 168th St NE, Arlington, WA 98223 2340 Texas Heritage Pkwy., Ste. 900, Brookshire, TX 77423 315 E North St., Kalamazoo, MI 49007 2502 Chelsea St., Orlando, FL 32803 8230 Preston Ct., Jessup, MD 20794 395 Summit Point Dr., Henrietta, NY 14467 1201 Silva St., Snohomish, WA 98290 12808 West Airport Blvd., Sugar Land, TX 77478 35 Church St., Salamanca, NY 14779 Administrative and Support Services Nonstore Retailers Truck Transportation Ambulatory Health Care Services Food Services and Drinking Places Construction of Buildings Administrative and Support Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 4/20/2032 4/20/2032 4/20/2032 4/19/2032 10/19/2032 4/18/2032 4/18/2032 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/15/2032 Merchant Wholesalers, Nondurable Goods Specialty Trade Contractors Term Loan Term Loan Support Activities for Mining Food and Beverage Stores Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 4/15/2032 4/15/2032 4/15/2032 4/15/2032 294235 US-101, Quilcene, WA 98376 843 Highland View Ln, Metamora, MI 48455 11935 124th Ave NE, Kirkland, WA 98034 Motor Vehicle and Parts Dealers Food and Beverage Stores Food Services and Drinking Places 10200 NW 25th St., Doral, FL 33172 4251 Salzedo St., Coral Gables, FL 33146 319 Spring Ln, Destin, FL 32541 Professional, Scientific, and Technical Services Ambulatory Health Care Services Repair and Maintenance Term Loan Prime plus 2.75% 4/15/2047 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6.5% 9/14/2032 4/14/2032 4/13/2047 9/13/2032 4/12/2032 F-56 See accompanying notes to consolidated financial statements. 0.01 % 0.02 % 0.01 % 0.11 % 0.02 % — % 0.01 % 0.01 % 0.02 % 0.12 % 0.01 % 0.04 % 0.03 % — % 0.32 % 0.07 % 0.01 % 0.02 % — % 0.02 % 0.05 % — % 68.5 21.6 24.2 49.0 69.4 480.2 50.4 164.3 119.9 18.0 68.5 21.6 24.2 49.0 69.4 480.2 50.4 164.3 119.9 18.0 59.6 18.7 23.8 42.4 61.3 445.0 44.6 142.2 106.8 15.6 1,199.3 299.8 1,199.3 299.8 1,209.0 280.6 47.3 84.2 14.4 64.7 199.3 14.5 47.3 84.2 14.4 64.7 199.3 14.5 52.6 73.3 12.9 71.9 174.6 14.3 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Royaltyzilla Associates LLC Lewes Bottom Line LLC Maureen E Sweeney PsyD Star Auto Body, LLC and Star Auto Fix Russell Major Neitz Electrical Contracting LLC Active Learning Academy-Norton LLC PER-Gus, LLC Royal Brand Resturants Inc dba Huckleberry’s TSMA of Short Hills Inc Bakersfield Glass and Window Inc & M & M Rogers LLC Eminat, LLC dba Eminat Research Group Little Milestones For Small Discoveries LLC Designer Golf Scorecards LLC Jonathan D. Pratt dba Jon Pratt Carpentry ZenDog, LLC JLK Construction, LLC Robert H Lund DDS Inc. Samson Cinema Holdings, Inc New Life Center for Family Enrichment LLC Appian Logic LLC Remote Alaska Solutions Inc; Alaska Concrete Solutions Inc & RAS (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) Support Activities for Transportation 40315 Michigan Ave #99, Canton, MI 48188 32099 Conleys Chapel Rd, Lewes, DE 19958 4612 Overland Rd, Bensalem, PA 19020 1610 N Fairview St., Santa Ana, CA 92706 Repair and Maintenance Repair and Maintenance 5329 Main Rd, Sweet Valley, PA 18656 Specialty Trade Contractors 547 Crown St., Morrisville, PA 19067 Social Assistance 2535 North Studio Rd., Bend, OR 97701 Rental and Leasing Services 70 River Run Rd., Keystone, CO 80435 Food Services and Drinking Places Ambulatory Health Care Services Term Loan Prime plus 6.5% 4/12/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 4/12/2032 4/12/2032 4/12/2047 4/12/2032 4/11/2032 4/11/2047 4/8/2047 4360 W. Shaw Ave., Fresno, CA 93722 531 Millburn Ave., Short Hills, NJ 07078 1030 Alta Vista Dr., 954, Bakersfield, CA 93305 14601 SW 29th St., Miramar, FL 33027 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/8/2033 Term Loan Prime plus 2.75% 8/8/2032 Term Loan Prime plus 2.75% 4/8/2032 Term Loan Prime plus 2.75% 4/8/2032 28 Suburbia Dr, Jersey City, NJ 07305 1014 US-19, Holiday, FL 34691 1405 Canton Ave, Milton, MA 02186 858 C Ridge Rd, Duson, LA 70529 1214 Frederick Ave., St Joseph, MO 64501 Specialty Trade Contractors 3829 Hayvenhurst Dr., Encino, CA 91436 Social Assistance Printing and Related Support Activities Specialty Trade Contractors Personal and Laundry Services Ambulatory Health Care Services Motion Picture and Sound Recording Industries Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 6.5% 2.75% 2.75% 2.75% 6/6/2032 4/1/2032 4/1/2032 7/31/2032 3/31/2032 3/31/2032 Term Loan Prime plus 2.75% 1/31/2048 1400 Pile St., Clovis, NM 88101 Plz. 38, 1509 Rte. 38, Units 1 & 2, Hainesport, NJ 08036 911 Falls Manors Ct,, Great Falls, VA 22066 Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/31/2032 Term Loan Prime plus 2.75% 3/31/2032 450 S Old Trunk Rd., Palmer, AK 99645 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2032 F-57 See accompanying notes to consolidated financial statements. 24.2 103.4 19.5 275.4 12.1 14.4 162.1 644.6 260.9 11.3 76.8 21.6 37.6 24.2 14.5 52.7 1,205.7 169.0 988.2 45.1 476.8 609.1 24.2 103.4 19.5 275.4 12.1 14.4 162.1 644.6 260.9 11.3 76.8 21.6 37.6 24.2 14.5 52.7 1,205.7 169.0 988.2 45.1 476.8 609.1 23.8 92.1 18.2 290.2 11.9 12.9 177.0 716.5 229.1 9.8 80.0 18.7 33.2 23.9 14.3 45.7 1,110.9 154.1 1,100.7 39.0 413.6 566.3 0.01 % 0.02 % — % 0.08 % — % — % 0.05 % 0.19 % 0.06 % — % 0.02 % — % 0.01 % 0.01 % — % 0.01 % 0.30 % 0.04 % 0.29 % 0.01 % 0.11 % 0.15 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Brandon Liberty Enterprises LLC Lounge Around, LLC;Enlight, LLC;Hour Entertainment LLC;Bobby Morganste LINDBERG-TURNER MEDICAL EQUIPMENT LLC Lounge Around, LLC;Enlight, LLC; Hour Entertainment LLC;Huntingdon Jack's Legacy Services, LLC All Green Turf Management LLC Tiny's Gumbo Bar NYC LLC Compass Innovations LLC Chantay Richards LLC Ignite Health Solutions LLC SHIELD TRANSPORTATION INC Rella Rells Solutions, LLC Aspen Welding LLC RS Dean Enterprises and RCSC Properties The Atticus Group, LLC 4 POINTS TOWING & ROADSIDE SERVICE LLC;4 Points Automotive LLC and PNJ I'm HO-B LLC All American Spirit Moving Co. LLC JC Wild Birds LLC (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 216 N Main St., Plattsburg, MO 64477 77 Buck Rd., Huntingdon Valley, PA 19006 315 Mission St SE Ste. 100, Salem, OR 97302 77 Buck Rd., Huntingdon Valley, PA 19006 1901 Avacado Ave, Melbourne, FL 32935 126 Emerald Ct, Liberty, SC 29657 275 Church St., New York, NY 10013 8950 Villa La Jolla Dr. C-114, San Diego, CA 92037 19800 Hawthorne Blvd, Torrance, CA 90503 3251 Cedar St., Unit B, Philadelphia, PA 19134 9739 S Harlem Ave. Unit 3E, Chicago Ridge, IL 60415 15401 Delahunty Ln., Pflugerville, TX 78660 28803 Hwy. 6, Rifle, CO 81650 3609 RICHLAND AVE W, Aiken, SC 29801 2 W Market St., West Chester, PA 19382 5425 Willow Grove Rd., Camden Wyoming, DE 19934 3320 Silas Creek Pkwy, Winston-Salem, NC 27103 14512 SE 262nd St, Kent, WA 98042 5020 N Nevada Ave, Colorado Springs, CO 80918 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/31/2032 Rental and Leasing Services Term Loan Prime plus 2.75% 3/30/2047 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/30/2032 Rental and Leasing Services Support Activities for Transportation Crop Production Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 1/1/2048 3/29/2032 3/29/2032 3/29/2032 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/28/2032 Personal and Laundry Services Amusement, Gambling, and Recreation Industries Transit and Ground Passenger Transportation Term Loan Prime plus 6.5% 3/28/2032 Term Loan Prime plus 2.75% 3/28/2032 Term Loan Prime plus 6.5% 3/28/2032 Merchant Wholesalers, Durable Goods Specialty Trade Contractors Term Loan Term Loan Furniture and Home Furnishings Stores Insurance Carriers and Related Activities Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 3/28/2032 3/25/2032 3/25/2047 3/25/2032 Repair and Maintenance Sporting Goods, Hobby, Musical Instrument, and Book Stores Truck Transportation Term Loan Prime plus 2.75% 3/25/2047 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/25/2032 3/24/2032 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/24/2032 F-58 See accompanying notes to consolidated financial statements. 15.0 276.8 219.1 233.1 491.4 12.4 21.7 476.8 24.1 62.0 24.1 5.3 195.0 394.2 238.4 447.0 119.2 40.6 20.5 15.0 276.8 219.1 233.1 491.4 12.4 21.7 476.8 24.1 62.0 24.1 5.3 195.0 394.2 238.4 447.0 119.2 40.6 20.5 13.0 307.7 191.2 259.6 459.2 12.9 19.4 417.3 23.6 54.0 23.6 5.2 170.9 400.0 224.4 457.5 102.9 35.1 17.9 — % 0.08 % 0.05 % 0.07 % 0.12 % — % 0.01 % 0.11 % 0.01 % 0.01 % 0.01 % — % 0.05 % 0.11 % 0.06 % 0.12 % 0.03 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Alert Traffic Control, Inc and Remsund Group Inc Wonderly Trucking & Excavating, LLC and Wonderly Real Estate, LLC Little Angels Daycare and Learning Center LLC and Laboy & Diaz LLC Leedann Properties LLC Todd Eric Chumbley and Neptune Aquarium Design Inc Early Care Evolution LLC Happy Employment LLC Impresa Building Systems of Greenwood, SC, LLC Lehigh Auto Sales and Service LLC GAIA INC Zenoff Products. Inc. Firm Foundations, Inc. Evolving Nurse, LLC GreenLite Holdings LLC Venture 35 LLC East Side Muay Thai LLC Digital 1 Enterprises, Inc Resurgence Medical Spa LLC Venture 35 LLC Sip E Cup 225 LLC Silbertechit LLC (#,^) (#,^) (#) (#) (#,^) (#) (#,^) (#) (#) (#) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) 543 Sower Dr, Bayfield, CO 81122 Administrative and Support Services Term Loan Prime plus 2.75% 3/24/2047 Specialty Trade Contractors Social Assistance Rental and Leasing Services Personal and Laundry Services Educational Services Administrative and Support Services 3939 Fremont Pike, Perrysburg, OH 43551 4551 Summit Blvd, West Palm Beach, FL 33415 534 Mill St SE, Gainesville, GA 30501 11315 Sunrise Gold Cir., Rancho Cordova, CA 95742 823 Roget Way, Lawrenceville, GA 30045 268 Brookdale Dr, Little Elm, TX 75068 161 Rock Church Rd. SE, Greenwood, SC 29649 826 Hanover Ave, Allentown, PA 18109 513 1st St, Cheney, WA 99004 25 Tamalpais Ave, San Anselmo, CA 94960 Merchant Wholesalers, Nondurable Goods 1455 S Richland Creek Rd, Sugar Hill, GA 30518 2940 Noble Rd., Cleveland Heights, OH 44121 2415 E Camelback Rd., Phoenix, AR 85016 Wood Product Manufacturing Motor Vehicle and Parts Dealers Real Estate Specialty Trade Contractors Ambulatory Health Care Services Real Estate Amusement, Gambling, and Recreation Industries 871 Buck Swamp Rd., Goldsboro, NC 27530 2135 General Booth Blvd, Virginia Beach, VA 23454 5521 Fort Ave, Lynchburg, VA 24502 3025 Matlock Rd., Arlington, TX 76015 871 Buck Swamp Rd., Goldsboro, NC 27530 1833 Beaumont Dr, Baton Rouge, LA 70806 300 Tice Blvd., Woodcliff Lake, NJ 07677 Educational Services Professional, Scientific, and Technical Services Personal and Laundry Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/24/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 6.5% 6.5% 2.75% 3/24/2048 11/24/2032 3/24/2032 3/23/2032 3/23/2047 11/23/2032 3/23/2032 3/23/2032 3/21/2032 Term Loan Prime plus 2.75% 3/18/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/18/2048 3/17/2032 Term Loan Prime plus 2.75% 3/17/2032 Term Loan Prime plus 6.5% 3/17/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/17/2032 3/17/2032 Term Loan Prime plus 2.75% 3/17/2047 Term Loan Prime plus 2.75% 3/16/2032 482.9 472.1 15.9 41.6 72.4 17.9 66.9 1,070.1 24.1 24.1 476.8 1,049.0 152.8 21.5 221.9 12.0 125.2 148.3 371.8 15.8 482.9 472.1 15.9 41.6 72.4 17.9 66.9 1,070.1 24.1 24.1 476.8 1,049.0 152.8 21.5 221.9 12.0 125.2 148.3 371.8 15.8 492.4 439.0 17.7 36.1 62.5 17.5 74.3 971.2 23.6 23.6 411.7 965.7 166.7 18.5 230.9 11.8 116.3 135.9 413.0 16.1 893.3 0.13 % 0.12 % — % 0.01 % 0.02 % — % 0.02 % 0.26 % 0.01 % 0.01 % 0.11 % 0.26 % 0.04 % — % 0.06 % — % 0.03 % 0.04 % 0.11 % — % 0.24 % Term Loan Prime plus 2.75% 3/15/2032 1,034.7 1,034.7 F-59 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Tess Care Living Home LLC North Atlanta Pediatrics and Family Care and Zuberi Medical Clinic, PC HAVAM LLC & Anderson and Mason LLC dba Foxes Bar & Grill Berens and Miller PA Stuff by SJ LLC AISJ1, Inc. dba America Italiana Exclusive Automation, LLC dba Surety Automation Charlotte County Painting and Resurfacing Inc. AMG Auto Inc Stones Flippin Pizza, Inc Ororeal LLC Hawthorne Country Store Inc Asad N. Chaudhry DDS PLLC;Asad N Chaudhry, LLC and MNC PROPERTIES Magnum Paving, Inc. and Steven Haws Enterprises Inc MVT Contractors LLC Southdown Coffee, LLC;Southdown Coffee Port Jefferson, LLC & Southdown Eminere Hair LLC Happier Now LLC Two Chicks in the Mix LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) 19200 SW Kinnaman Rd, Beaverton, OR 97078 325 Lester Rd NW, Lawrenceville, GA 30044 30 Welland Ave, Irvington, NJ 07111 80 S 8th St., Ste. 3720, Minneapolis, MN 55402 342 Bloomfield Ave., Montclaire, NJ 07042 275 E Brokaw Rd., San Jose, CA 95112 488 Gilia Dr, Spring Creek, NV 89815 1439 Shields St., Port Charlotte, FL 33980 1020 Rte. 22, Somerville, NJ 08876 127614 Clinton Keith Rd., Ste. D-102, Murrieta, CA 92562 350 7th Ave., New York, NY 10001 665-675 W Grand Ave, Escondido, CA 92025 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/15/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/15/2032 Food Services and Drinking Places Professional, Scientific, and Technical Services Food Manufacturing Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Specialty Trade Contractors Motor Vehicle and Parts Dealers Food Services and Drinking Places Merchant Wholesalers, Durable Goods Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/15/2047 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/15/2032 3/15/2032 Term Loan Prime plus 2.75% 3/14/2032 Term Loan Prime plus 2.75% 3/14/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/14/2047 3/11/2032 3/11/2032 3/11/2032 Term Loan Prime plus 2.75% 3/11/2032 2571 Baglyos Cir., Bethlehem, PA 18020 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/11/2032 2425 S 10th Ave., Tucson, AZ 85713 46 Bayard St., Ste. 418, New Brunswick, NJ 08901 49 Maple Ave, Sea Cliff, NY 11579 303 W Division St, Chicago, IL 60610 724 Homestead Rd., La Grange Park, IL 60526 6018 Shenandoah Ave, Los Angeles, CA 90056 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/11/2032 Construction of Buildings Term Loan Prime plus 2.75% 3/11/2032 Food Services and Drinking Places Personal and Laundry Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/11/2032 3/11/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2033 Food Manufacturing Term Loan Prime plus 2.75% 3/11/2032 F-60 See accompanying notes to consolidated financial statements. 14.3 145.9 139.4 286.1 46.1 264.6 19.3 125.5 664.1 36.0 953.7 50.1 148.5 830.3 14.6 53.3 7.2 40.5 11.3 14.3 145.9 139.4 286.1 46.1 264.6 19.3 125.5 664.1 36.0 953.7 50.1 148.5 830.3 14.6 53.3 7.2 40.5 11.3 12.3 126.0 142.7 247.5 40.7 228.5 16.7 136.8 573.3 31.0 823.3 52.1 144.4 753.3 12.9 47.6 6.2 35.2 10.3 — % 0.03 % 0.04 % 0.07 % 0.01 % 0.06 % — % 0.04 % 0.15 % 0.01 % 0.22 % 0.01 % 0.04 % 0.20 % — % 0.01 % — % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) DTT Enterprises, LLc dba Highstroke Media (#,^) CELEBRATIONS! LLC Point Loma Tea, Inc.dba Sit & Sip Tea SOGO TRADING, INC Inno Knits, LLC and Sports Brand Group, Inc. NTIT Solutions, LLC dba GoLocker Willows Associates Psychological & Counselling Services Inc. and Bryan Far Out Tiny Homes, Inc. Szoj Jewelers Corp. LAST DROP FILMS, INC Edge Fitness Performance Under the Rose Inc dba Avocado Cafe Heart to Heart Senior Care Center Inc Lion Inc. and Group1 Acquisitions LLC Wayne Rebarber D.C., P.C and Wayne C Rebarber Malone Enterprises LLC dba Glass Doctor Auto of Midvale LoveBirds LLC dba Wine and Design Fayetteville Rogers Remodeling LLC Pulaski Lumber Company Inc Miramar MBA Financial Co Short Order LLC and Kimmy Sue, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) Food Services and Drinking Places Professional, Scientific, and Technical Services 6565 Austin Hope Ave, Las Vegas, NV 89118 100 St. Marks St. Dr., South Pekin, IL 61564 2770 Historic Decatur Rd, San Diego, CA 92106 23497 Eichler St, Hayward, CA 94545 2 Clerico Ln, Building 2 Ste. 221, Hillsborough Township, NJ 08844 141 Flushing Ave, Brooklyn, NY 11205 857 Turnpike St., North Andover., MA 01845 2870 E Serene Ave., Henderson, NV 89074 Construction of Buildings 6 Georgia St., Jackson Township, NJ 08527 Clothing and Clothing Accessories Stores Merchant Wholesalers, Nondurable Goods Administrative and Support Services Food and Beverage Stores Merchant Wholesalers, Nondurable Goods Ambulatory Health Care Services 4536 Avocado St., Los Angeles, CA 90027 100 General Oakley Dr., Ashland City, TN 37015 11 Primrose St, Palmer Lake, CO 80133 125 Charlton Dr, Madison, MS 39110 318 W Half Day Rd, Buffalo Grove, IL 60089 Motion Picture and Sound Recording Industries Nonstore Retailers Food Services and Drinking Places Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/10/2032 Term Loan Prime plus 2.75% 3/10/2047 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 3/10/2032 3/10/2032 3/10/2032 3/10/2032 3/10/2032 3/10/2032 3/9/2032 Term Loan Prime plus 2.75% 3/9/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 3/9/2032 3/9/2047 3/8/2032 Term Loan Prime plus 2.75% 3/8/2047 307 Raritan Ave, Highland Park, NJ 08904 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/8/2047 8395 700 W, Midvale, UT 84070 Repair and Maintenance Term Loan Prime plus 2.75% 3/7/2032 113 Donaldson St., Fayetteville, NC 28301 830 W 17th St., Bloomington, IN 47404 218 S 2ND ST Pulask,iIowa, Pulaski, IA 52584 8380 Miramar Mall, San Diego, CA 92121 2244 Wilmington Pike, Dayton, OH 45420 Food Services and Drinking Places Construction of Buildings Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/7/2032 3/7/2032 Term Loan Prime plus 2.75% 3/7/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/7/2032 3/4/2047 F-61 See accompanying notes to consolidated financial statements. 83.4 6.6 45.1 206.0 357.6 20.8 1.1 14.3 14.3 83.4 15.4 297.2 37.7 150.0 157.2 8.4 42.7 14.3 143.0 119.2 83.8 83.4 6.6 45.1 206.0 357.6 20.8 1.1 14.3 14.3 83.4 15.4 297.2 37.7 150.0 157.2 8.4 42.7 14.3 143.0 119.2 83.8 72.0 7.2 38.9 178.9 308.7 18.0 1.0 12.3 12.6 79.3 13.3 314.6 39.2 166.6 166.2 7.3 36.8 12.3 138.3 102.9 87.0 0.02 % — % 0.01 % 0.05 % 0.08 % — % — % — % — % 0.02 % — % 0.08 % 0.01 % 0.04 % 0.04 % — % 0.01 % — % 0.04 % 0.03 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Overgaard's Artcraft Printers Inc PBKW Ltd dba KIDZ WATCH Breakthrough Clinical Services LLC Lions of Fortitude LLC dba : Fortitude Coffee Company Hardscape Factory LLC EAZZY AUTOMOTIVE INC. dba Eazzy Auto Brokers & Leasing Aracena Agency Corp SidEats Inc and Mad Twist, LLC Gravy LLC dba Gravy and Salt & Schmaltz LLC Morris Law Firm P C (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) S. Heaney Marine Construction Inc Braswell Services, LLC Benjamin J. Gush dba Professional Auto Wash (#,^) Brittany L Smith dba Money Ball Enterprises (#,^) (#,^) Erupted Vapor LTD (#,^) Candor Homes, LLC Praeder Ranch Resort L.L.C (#,^) Finishing Touch Lawncare and Landscape LLC (#,^) Jason Watt Pictures, LLC. Grey Enterprises LLC Action Lock and Key LLC Sunny Deals LLC (#,^) (#,^) (#,^) (#,^) 110 Broadway, Brooklyn, NY 11249 1035 Pine Ave, Union, NJ 07083 18428 N 32nd Dr., Phoenix, AZ 85053 757 E Lewis and Clark Pkwy, Clarksville, IN 47129 2213 S Michigan St., South Bend, IN 46613 580 Craig Dr Ste 8, Perrysburg, OH 43551 378 Windsor Ave., Windsor, CT 06095 13086 Crestbrook Dr., Manassas, VA 20112 3069 Lodgepole Dr., Whiteland, IN 46184 Printing and Related Support Activities Social Assistance Ambulatory Health Care Services Food Manufacturing Specialty Trade Contractors 17087 E 8 Mile Rd., Eastpointe, MI 48021 Motor Vehicle and Parts Dealers 1767 NJ-10 Unit 4, Morris Plains, NJ 07950 3633 S Ridgewood Ave, Port Orange, FL 32129 17629 Vashon Hwy SW, Vashon, WA 98070 Food Services and Drinking Places Insurance Carriers and Related Activities Food Services and Drinking Places Professional, Scientific, and Technical Services 375 Linwood Ave., Buffalo, NY 14209 118 Washington Ave, Greenport, NY 11944 139 Miller Ave, New Boston, TX 75570 Heavy and Civil Engineering Construction Repair and Maintenance Term Loan Term Loan Repair and Maintenance Food Services and Drinking Places 1345 Athalia Ave, Monessen, PA 15062 17 Davis Ave, Salem, NJ 08079 6303 NE Hwy 99, Vancouver, WA 98665 Miscellaneous Store Retailers 217 NW Scott St, Ankeny, IA 50023 30400 S Sunray Trail, Worley, ID 83876 38575 Kost Trail, North Branch, MN 55056 Construction of Buildings Accommodation Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 3/4/2032 3/4/2032 3/4/2047 3/4/2032 3/2/2032 Term Loan Prime plus 2.75% 3/2/2047 Term Loan Prime plus 2.75% 3/2/2032 Term Loan Prime plus 2.75% 2/28/2032 Term Loan Prime plus 2.75% 2/28/2047 Term Loan Prime plus 2.75% 2/28/2032 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/28/2032 2/28/2032 2/28/2032 2/28/2047 2/28/2032 2/28/2032 2/28/2047 Administrative and Support Services Motion Picture and Sound Recording Industries Educational Services Repair and Maintenance Term Loan Prime plus 2.75% 2/28/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2/25/2032 2/25/2032 2/25/2032 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/25/2032 F-62 See accompanying notes to consolidated financial statements. 66.8 34.1 57.9 14.3 7.2 22.1 10.7 192.4 164.5 82.9 44.8 402.7 41.5 22.0 71.1 14.9 531.8 14.2 10.7 14.2 7.1 71.0 66.8 34.1 57.9 14.3 7.2 22.1 10.7 192.4 164.5 82.9 44.8 402.7 41.5 22.0 71.1 14.9 531.8 14.2 10.7 14.2 7.1 71.0 63.2 29.5 62.4 13.1 6.2 23.2 9.3 167.4 175.4 74.6 42.9 347.7 40.4 23.4 61.4 14.6 581.0 12.4 9.2 12.3 6.2 64.8 0.02 % 0.01 % 0.02 % — % — % 0.01 % — % 0.04 % 0.05 % 0.02 % 0.01 % 0.09 % 0.01 % 0.01 % 0.02 % — % 0.15 % — % — % — % — % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Fisher Custom Carpentry J.D Towing LLC CFB Labor Solutions LLC Puget Sound Plastering LLC KAAST Machine Tools Inc Titheotokos, LLC Howell Chiropractic Center, PLLC 21st Century Living LLC Northern Block Cortland LLC Prepster Brands LLC Destined BJJ LLC Red-Cap Industrial LLC PlantBased Innovations LLC IMO GLOW LLC dba IMO Cosmetic Dermatology The Refined RN LLC Blessing Hands Home Care LLC A&RS CPR LLC dba CPR Cell Phone Repair Beaverton Sherwood Hospitality Group LLC and Sherwood Walker Properties LLC Kinly Signs, Inc Icebox Café L.C Sound Track USA LLC Mike N Jac Enterprises, Inc. dba Batteries Plus (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 79 Longwood Dr., Portland, ME 04102 1122 E Michigan Ave, Ypsilanti, MI 48198 3330 Jack RD STE B, Clayton, NC 27520 19104 Des Moines Memorial Dr, SeaTac, WA 98148 3 Merion Ter., Aldan, PA 19018 1995 US-1, Vero Beach, FL 32960 975 Riverbend Rd., Frankfort, KY 40601 637 Violet Ave, Hyde Park, NY 12538 38 Scammell St, Cortland, NY 13045 401 McCalmont Rd, Renfrew, PA 16053 33390 Barmetta Ln, Temecula, CA 92592 3314 GA-24, Waynesboro, GA 30830 320 Hamilton St, Leominster, MA 01453 55 SE 6 St., Miami, FL 33131 7 Kimball Ln, Lynnfield, MA 01940 610 N Jackson St, Raymore, MO 64083 3905 SW 117th Ave, Oregon City, OR 97045 Specialty Trade Contractors Support Activities for Transportation Administrative and Support Services Specialty Trade Contractors Merchant Wholesalers, Durable Goods Health and Personal Care Stores Ambulatory Health Care Services Specialty Trade Contractors Nonmetallic Mineral Product Manufacturing Publishing Industries (except Internet) Amusement, Gambling, and Recreation Industries Construction of Buildings Merchant Wholesalers, Nondurable Goods Term Loan 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/25/2032 6/24/2032 2/24/2032 2/24/2032 2/24/2032 8/24/2047 2/24/2032 2/24/2047 2/24/2032 2/23/2032 2/23/2032 2/23/2032 2/23/2032 Ambulatory Health Care Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/23/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/23/2032 2/22/2032 Repair and Maintenance Term Loan Prime plus 2.75% 2/22/2032 Food Services and Drinking Places 5404 Hoover Blvd, Tampa, FL 33634 2485 County Rd. 1, South Point, OH 45680 Miscellaneous Manufacturing 219 NE 3rd St., Hallandale Beach, FL 33009 6309 NW 99th Ave, Doral, FL 33178 115 Fairview Rd, Unit 8, Ellenwood, GA 30294 Miscellaneous Store Retailers Food Services and Drinking Places Merchant Wholesalers, Durable Goods Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2/22/2047 2/22/2032 2/22/2032 2/22/2032 Term Loan Prime plus 2.75% 6/22/2032 F-63 See accompanying notes to consolidated financial statements. 13.9 201.4 82.9 15.6 189.4 271.1 21.3 107.6 9.0 9.0 13.6 87.0 906.5 47.4 7.1 14.2 51.1 1,236.2 65.2 41.5 49.7 91.5 13.9 201.4 82.9 15.6 189.4 271.1 21.3 107.6 9.0 9.0 13.6 87.0 906.5 47.4 7.1 14.2 51.1 1,236.2 65.2 41.5 49.7 91.5 12.0 174.2 86.3 13.5 182.1 286.4 19.0 108.7 7.7 7.7 11.7 78.0 815.1 41.1 6.2 12.4 53.2 1,373.0 56.3 35.8 43.9 80.5 — % 0.05 % 0.02 % — % 0.05 % 0.08 % 0.01 % 0.03 % — % — % — % 0.02 % 0.22 % 0.01 % — % — % 0.01 % 0.37 % 0.02 % 0.01 % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Mack Thornton Logistics LLC dba The UPS Store Easy Touch Personal Home Care NBR Group LLC 530 Strength & Conditioning Electronics Row LLC Black Phoenix Enterprises LLC Wbe line services, LLC MAIC Operations Corp Unlimited Communication, Inc Donald Patton dba Splash N' Go Mr and B Snacks Inc Temecula Electrical Supply Inc Flavor Junction LLC Hillside Kitchens Inc. Brooklyn Cannery LLC J R Bolton Services, Inc and My Guy Heating & Air Conditioning Inc Liberty Lane Stables LLC Enchanted Jewelry CT LLC & Keith and St George Enterprises, LLC 4MAS Grooming Inc FAVIS USA INC Tidal commerce Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 300 A Ave. Building 1605, Fort Lee, VA 23801 4284 Hwy 5, Douglasville, GA 30135 1068 Pontiac Rd, Drexel Hill, PA 19026 629 Entler Ave, Chico, CA 95928 10601 W Interstate 70 Frontage Rd N, Wheat Ridge, CO 80033 228 Park Ave S, New York, NY 10003 4 Terry Dr Ste. 11, Newtown, PA 18940 2145 Couty Rd. 39, Southampton, NY 11968 1238 E Beamer St., Ste. A, Woodland, CA 95776 3367 Hwy 48 N, Charlotte, TN 37036 1391 Clay St., Elmont, NY 11003 41992 Avenida Alvarado, Temecula, CA 92590 5 Karbe Pl, Dix Hills, NY 11746 345 Hillside Ave. Ste C, Williston Park, NY 11596 145 12th St, Brooklyn, NY 11215 160 Peachtree Industrial Blvd, Sugar Hill, GA 30518 N5090 Bowers Rd, Elkhorn, WI 53121 26 Tanglewood Dr, Preston, CT 06365 148 Burnetts Way, Suffolk, VA 23434 5321 Perimeter Pkwy, Montgomery, AL 36116 2100 Clearwater Dr, Oak Brook, IL 60523 Administrative and Support Services Ambulatory Health Care Services Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/22/2032 2/22/2047 2/22/2032 Term Loan Prime plus 2.75% 2/22/2032 Nonstore Retailers Performing Arts, Spectator Sports, and Related Industries Administrative and Support Services Term Loan Prime plus 2.75% 2/22/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/18/2032 2/18/2032 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 2/18/2032 Telecommunications Repair and Maintenance Merchant Wholesalers, Nondurable Goods Merchant Wholesalers, Durable Goods Food Services and Drinking Places Specialty Trade Contractors Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Specialty Trade Contractors Support Activities for Agriculture and Forestry Term Loan Term Loan Clothing and Clothing Accessories Stores Nonstore Retailers Machinery Manufacturing Credit Intermediation and Related Activities Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/18/2032 2/18/2047 2/18/2032 2/18/2032 2/18/2032 2/18/2032 2/17/2032 2/17/2032 2/17/2047 2/17/2047 2/17/2032 2/16/2032 2/16/2032 F-64 See accompanying notes to consolidated financial statements. 37.1 86.5 21.3 7.1 236.8 14.2 231.2 201.3 1,184.0 85.3 142.1 118.4 13.6 68.1 53.3 142.1 173.1 81.8 82.9 44.9 275.9 37.1 86.5 21.3 7.1 236.8 14.2 231.2 201.3 1,184.0 85.3 142.1 118.4 13.6 68.1 53.3 142.1 173.1 81.8 82.9 44.9 275.9 32.3 92.4 19.0 6.1 204.4 14.5 199.6 209.5 1,065.3 94.6 122.7 116.3 12.4 58.8 52.2 123.2 185.6 84.5 71.6 44.4 238.2 0.01 % 0.02 % 0.01 % — % 0.05 % — % 0.05 % 0.06 % 0.28 % 0.03 % 0.03 % 0.03 % — % 0.02 % 0.01 % 0.03 % 0.05 % 0.02 % 0.02 % 0.01 % 0.06 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Phat Patrick Tran Winfield Kenny Auto Service Commercial Properties R US LLC Behr Enterprise Solutions LLC GET CLEAN SERVICES LLC Faza Contractors Inc. Spickard Agency LLC Apple Spider LLC dba The Huntsman & Renninger Properties LLC Initium Health GREEN COPPERFIELD LLC JOSEPH COSTA dba COSTA AG COMPLIANCE William R Kretzer LLC Yachting Solutions LLC AJ Benavidez Inc dba The Camp Transformation Center DA VINCI FILMS LLC dba MEATPACKING PRODUCTIONS NaSH Lifestyle LLC 589 11th Tavern Inc.dba MCQUAIDS PUBLIC HOUSE Homescapes LLC Tatum Global Services LLC Safetypawz LLC Redwell Enterprises LLC Sacred Space Midwifery, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) 3637 Snell Ave, San Jose, CA 95136 3800 Inverrary Blvd, Lauderhill, FL 33319 Real Estate Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/16/2032 2/16/2032 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/15/2032 18.5 14.7 21.3 18.5 14.7 21.3 16.1 13.1 20.8 Administrative and Support Services Term Loan Prime plus 2.75% 2/14/2032 1,187.3 1,187.3 1,031.0 110 Garren Rd, Belton, SC 29627 4100 W Eldorado Pkwy STE 100-64, McKinney, TX 75070 798 Prairie Rd, West Palm Beach, FL 33406 6874 Reinhardt College Pkwy., Waleska, GA 30188 Construction of Buildings Term Loan Prime plus 2.75% 2/14/2032 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 2/14/2032 4923 Buck Lake Rd, Tallahassee, FL 32317 Food Services and Drinking Places 1401 Wewatta St, Wheat Ridge, CO 80202 Merchant Wholesalers, Durable Goods 7730 Pinemont Dr, Houston, TX 77040 27912 Cooperstown Rd., La Grange, CA 95329 10375 Park Meadows Dr, Lone Tree, CO 80124 229 Commercial St., Rockport, ME 04856 Motor Vehicle and Parts Dealers Transportation Equipment Manufacturing Computer and Electronic Product Manufacturing Real Estate 417 Unity Ct., Roseville, CA 95678 2813 Palisade Ave, Union City, NY 07087 123 Emery St., Hempstead, NY 11550 Amusement, Gambling, and Recreation Industries Motion Picture and Sound Recording Industries Ambulatory Health Care Services 589 11th Ave., New York, NY 10036 170 Kehle Rd, Madison, MS 39110 8097 Sudley Rd, Manassas, VA 20109 11110 Sunset Hills Rd, Reston, VA 20195 Merchant Wholesalers, Durable Goods 417 Red Well Rd, New Holland, PA 17557 16050 Wayne St., Union, MI 49130 Food Services and Drinking Places Administrative and Support Services Food Services and Drinking Places Specialty Trade Contractors Ambulatory Health Care Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 7/14/2047 2/14/2032 2/11/2032 Term Loan Prime plus 2.75% 2/11/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/11/2032 2/11/2032 Term Loan Prime plus 2.75% 2/11/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/11/2032 2/11/2047 2/10/2032 2/10/2032 9/9/2032 2/9/2032 2/9/2032 2/7/2047 F-65 See accompanying notes to consolidated financial statements. — % — % 0.01 % 0.27 % — % — % 0.07 % 0.07 % 0.03 % — % — % 0.04 % 0.01 % 0.02 % 0.03 % — % 0.01 % 0.05 % 0.03 % 0.02 % 0.01 % 14.2 21.3 224.9 315.0 142.1 9.9 11.2 138.5 56.8 82.9 86.5 14.2 62.3 215.2 109.9 77.8 45.7 14.2 21.3 224.9 315.0 142.1 9.9 11.2 138.5 56.8 82.9 86.5 14.2 62.3 215.2 109.9 77.8 45.7 12.3 18.4 245.9 271.9 122.7 8.6 9.7 132.8 50.1 71.6 96.1 12.3 54.0 189.6 94.9 67.9 49.2 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Element RCM, LLC Lee Phamily Group, LLC dba Nothing Bundt Cakes JayJs Zone LLC dba Wing Zone Satsuma Resources LLC dba Triumph International Neuline Health Management LLC (#,^) (#,^) (#,^) (#,^) (#,^) Coffee Sales LLC GUY HANCOCK INVESTMENTS, INC.dba GUY'S AIR CONDITIONING & HEATING (#,^) (#,^) Third Coast Parasail Company James Hercey dba East River Armament Tasker Healthcare Group P.C. Arcas Machine Inc Change Inc,Turning Leaf Agency Inc,Change Meadowbrook Manor Inc Tasker Healthcare Group, P.C. and Cleotomarie, LLC JG Beauty Group Inc dba SUGARINGNYC DALLAS The Natural Place Medspa Inc and The Natural Place Property Management BITM Legacy LLC dba 911 Restoration of San Antonio Choice Care Learning Centers Inc Apex Grading Inc Cutone & Company Consultants, LLC Sims Management Services LLC ALTAMAHA DME INC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Administrative and Support Services Food and Beverage Stores Food Services and Drinking Places Merchant Wholesalers, Durable Goods Ambulatory Health Care Services Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods 8354 Northfield Blvd., Ste. 300, Denver, CO 80238 701 N Milwaukee Ave, Vernon Hills, IL 60061 1860 Front St., East Meadow, NY 11554 22 N Bardsbrook Cir., Ste. 201, Spring, TX 77382 1402 S Custer Rd, McKinney, TX 75072 85 N Gould St. Ste. 400, Sheridan, WY 82801 19917 FM 1485 Rd., New Caney, TX 77357 1237 N Stingaree Dr, Crystal Beach, TX 77650 274 Chapelview Rd., Bluefield, WV 24701 Nonstore Retailers 910 E Willow Grove Ave., Wyndmoor, PA 19038 700 N Neely St, Gilbert, AZ 85233 1251 South Main St., Middletown, CT 06457 910 E Willow Grove Ave, Wyndmoor, PA 19038 Educational Services Ambulatory Health Care Services Ambulatory Health Care Services Ambulatory Health Care Services Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/7/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2/4/2032 2/4/2032 2/4/2032 2/4/2032 Term Loan Prime plus 2.75% 2/4/2032 Term Loan Prime plus 2.75% 2/3/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2/2/2047 2/2/2032 1/31/2032 1/31/2032 Term Loan Prime plus 2.75% 1/31/2032 Term Loan Prime plus 2.75% 1/31/2047 11617 Coral Hills Dr., Dallas, TX 75229 Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2032 Personal and Laundry Services Term Loan Prime plus 2.75% 1/31/2047 11975 Main St., Broomfield, CO 80020 15555 tradesman Ste 200, San Antonio, TX 78249 123 Park Ln Dr, Rutherfordton, NC 28139 3156 Gloria Ter, Layfayette, CA 95429 43 W 33rd St., New York, NY 10001 2905 Eastern Willow Ave., Orlando, FL 32808 477 S 1st St, Jesup, GA 31545 Construction of Buildings Social Assistance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/31/2032 4/28/2047 Term Loan Prime plus 2.75% 1/28/2032 235.2 235.2 203.0 Term Loan Prime plus 2.75% 1/28/2047 1,239.7 1,239.7 1,342.0 Nonstore Retailers Health and Personal Care Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/28/2032 1/28/2032 14.1 69.0 14.1 69.0 12.2 67.5 F-66 See accompanying notes to consolidated financial statements. 68.4 181.2 6.8 74.6 616.1 11.1 49.7 65.8 15.3 85.8 164.6 55.9 320.9 92.0 82.2 16.7 79.3 68.4 181.2 6.8 74.6 616.1 11.1 49.7 65.8 15.3 85.8 164.6 55.9 320.9 92.0 82.2 16.7 79.3 59.1 158.7 5.9 64.6 561.7 9.6 42.9 70.7 13.2 84.1 142.1 54.3 356.4 79.7 85.5 14.8 87.1 0.02 % 0.04 % — % 0.02 % 0.15 % — % 0.01 % 0.02 % — % 0.02 % 0.04 % 0.01 % 0.09 % 0.02 % 0.02 % — % 0.02 % 0.05 % 0.36 % — % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) LR Greenview LLC dba Teaspoon TAMARIND LEARNING INC K & A Automotive Inc S&W Sales and Service LLC TeugByeolHan Licensed Clinical Social Worker Inc 1st Star Alacer LLC Shauna Roberts Licensed Marriage Family Therapist (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Kynytyx, Inc. (#,^) Treehouse Charcuterie, Inc dba Graze Craze (#,^) CJAUTOPROS L.L.C. Normandie Eateries Inc Strive Design Inc dba Fully Promoted Better Care Homes LLC KILTED BUILDERS, LLC dba KILTED HOME REPAIR Maverick Well Service LLC TruYou Aesthetics LLC Wibaux Industries, L.L.C. dba Wibaux General Store Astrodynamic Wines, LLC dba Oceano Wines (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) MNJR0912 Inc dba HOTWORX Vines & Bines, LLC dba Vintage Views Bar (#,^) (#,^) Elizabeth Heil dba Harmony Hair Design Gs Chips inc (#,^) (#,^) 2977 Ygnacio Valley Rd., Walnut Creek, CA 94598 20283 FL-7, Boca Raton, FL 33498 2070 Nooseneck Hill Rd, Coventry, RI 02816 240 Industrial Park Rd, Fort Valley, GA 31030 1611 S Pacific Coast Hwy, Redondo Beach, CA 90277 2251 Dehne Rd,, Northbrook, IL 60062 2270 Douglas Blvd, Roseville, CA 95661 990 Station Rd, Bellport, NY 11713 47 Straits Rd., Hatfield, MA 01002 943 Asheville Ave., Apt 207, Fort Mill, SC 29708 10111 Normandie Ave, Los Angeles, CA 90044 22221 Palos Verdes Blvd, Torrance, CA 90505 26677 W. 12 Mile Rd, Southfield, MI 48034 42 Stonehenge Dr., Henniker, NH 03242 300 Farm to Market Rd. 1252 E, Kilgore, TX 75662 3493 Rankin Ferry Loop, Louisville, TN 37777 Food and Beverage Stores Educational Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/27/2032 1/27/2032 Gasoline Stations Term Loan Prime plus 2.75% 5/26/2047 Construction of Buildings Term Loan Prime plus 2.75% 1/26/2032 Social Assistance Professional, Scientific, and Technical Services Social Assistance Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 1/26/2032 Term Loan Prime plus 2.75% 1/25/2032 Term Loan Prime plus 2.75% 1/24/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/21/2032 6/21/2032 Nonstore Retailers Term Loan Prime plus 2.75% 1/21/2032 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/21/2032 Term Loan Prime plus 2.75% 1/21/2032 Personal and Laundry Services Term Loan Prime plus 2.75% 1/21/2032 Construction of Buildings Term Loan Prime plus 2.75% 1/21/2032 36.6 305.7 55.7 129.4 7.8 14.1 14.1 105.8 18.7 5.6 117.6 54.1 58.8 7.1 36.6 305.7 55.7 129.4 7.8 14.1 14.1 105.8 18.7 5.6 117.6 54.1 58.8 7.1 32.2 264.0 61.9 124.6 6.7 12.2 12.5 99.1 16.7 4.9 101.8 46.7 50.8 6.1 Support Activities for Mining Term Loan Prime plus 2.75% 1/20/2032 1,175.9 1,175.9 1,131.6 Personal and Laundry Services Building Material and Garden Equipment and Supplies Dealers Beverage and Tobacco Product Manufacturing Amusement, Gambling, and Recreation Industries 121 Wibaux St., Wibaux, MT 59353 485 Morro Bay Blvd., Morro Bay, CA 93442 2703 East Broadway, Columbia, MO 65201 515 Owens Way, Severna Park, MD 21146 Food Services and Drinking Places 244 West Main St., Ste. 2, Goshen, NY 10924 1010 4th St. SE, Canton, OH 44707 Personal and Laundry Services Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 1/20/2032 Term Loan Prime plus 2.75% 1/19/2032 Term Loan Prime plus 2.75% 1/19/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 7/19/2032 1/19/2032 1/18/2032 1/18/2032 19.1 14.6 21.2 29.8 10.8 5.6 69.9 19.1 14.6 21.2 29.8 10.8 5.6 69.9 16.4 15.2 18.7 28.8 9.4 4.8 61.2 0.01 % 0.07 % 0.02 % 0.03 % — % — % — % 0.03 % — % — % 0.03 % 0.01 % 0.01 % — % 0.30 % — % — % — % 0.01 % — % — % 0.02 % F-67 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Creek Outdoors LLC dba Creek Archery 11th Avenue, Inc.f/k/a Groopville Inc; Groopdealz, LLC and Grizzly Riv Fulton Beer Hall LLC dba Fulton Hall Elite Roofing LLC Equestrian Services International, LLC (#,^) (#,^) (#,^) (#,^) (#,^) Prime Way USA LLC dba Primeway Wood (#,^) Atlas Tr Inc dba Atlas General Construction (#,^) HPT SOLUTIONS, INC. Concord Technologies Inc Clinical Assessment Group, LLC (#,^) (#,^) (#,^) Matthew McDonough dba Changing Gearz (#,^) (#,^) OPC Group LLC Life at the Beach LLC dba Garra Spa 3815 Media, Inc. 3 Generations LLC Inspired Education 2 LLC dba Happy Days 2 Altitude Roofing LLC CPH Milpitas LLC dba Curry Pizza House Calderon Insurance Agency dba California Liberty Insurance Arclight Industries LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Champion Volleyball Club of Houston LLC (#,^) 114 McGrogan Rd., Ruffs Dale, PA 15679 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 1/14/2032 Nonstore Retailers Food Services and Drinking Places 2728 E 14th North, Idaho Falls, ID 83401 250 Ashland Pl, Brooklyn, NY 11217 3600 Chamberlain Ln., Louisville, KY 40241 Specialty Trade Contractors 1261 F Rd, Loxahatchee, FL 33470 Specialty Trade Contractors 3700 NW 124th Ave., Unit #137, Coral Springs, FL 33065 36391 Haley St., Newark, CA 94560 1215 Lake Rise Overlook, Gallatin, TN 37066 Merchant Wholesalers, Durable Goods Construction of Buildings Truck Transportation Professional, Scientific, and Technical Services 4635 SE 44th Ave, Portland, OR 97206 4801 Lang Ave NE, Albuquerque, NM 87109 Ambulatory Health Care Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Clothing and Clothing Accessories Stores Personal and Laundry Services Performing Arts, Spectator Sports, and Related Industries Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 1/14/2047 1/14/2032 1/13/2032 1/13/2032 1/13/2032 1/12/2032 Term Loan Prime plus 2.75% 1/12/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 1/12/2032 1/6/2032 1/6/2032 1/5/2032 Term Loan Prime plus 2.75% 1/4/2032 Term Loan Prime plus 2.75% 12/30/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2032 Social Assistance Specialty Trade Contractors Food Services and Drinking Places Insurance Carriers and Related Activities Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/29/2046 12/29/2031 12/29/2031 12/29/2046 12/29/2046 Term Loan Prime plus 2.75% 12/29/2046 F-68 See accompanying notes to consolidated financial statements. 161 Main St, West Newbury, MA 01985 45 Irving Ave., Brooklyn, NY 11237 5675 N Atlantic Ave, Cocoa Beach, FL 32931 3201 Peachtree Corners Cir., Peachtree Corners, GA 30092 2800 Baton Rouge Rd, Williamstown, KY 41097 221 Edinburg Rd., Mercerville, NJ 08619 2909 N Tindle Blvd, Flagstaff, AZ 86004 1806 Milmont Dr., Milpitas, CA 95035 5127 Franklin Blvd, #3, Sacramento, CA 95820 340 Quail Run Rd,, Venetia, PA 15367 19418 Pinehurst Trail Dr., Humble, TX 77346 39.2 193.5 10.9 12.7 67.3 82.3 58.8 35.3 55.0 4.2 7.6 19.1 35.5 348.0 134.4 246.3 74.7 81.7 178.9 36.9 159.1 39.2 193.5 10.9 12.7 67.3 82.3 58.8 35.3 55.0 4.2 7.6 19.1 35.5 348.0 134.4 246.3 74.7 81.7 178.9 36.9 159.1 33.9 195.7 9.4 11.0 58.3 71.1 52.5 30.5 47.5 3.7 7.0 16.8 31.3 359.5 117.7 251.3 64.4 70.8 185.9 39.8 168.4 0.01 % 0.05 % — % — % 0.02 % 0.02 % 0.01 % 0.01 % 0.01 % — % — % — % 0.01 % 0.10 % 0.03 % 0.07 % 0.02 % 0.02 % 0.05 % 0.01 % 0.04 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Monticello Corporation dba Reid Super Save Market #3 and Millclem Beyond the Numbers CPAs Inc (#,^) (#,^) NORTHCOMM LLC dba RFS Construction (#,^) Nova Engineering Inc The Dance Affair, Inc Hacienda Car Wash Inc. Pole Dance Carolinas LLC dba PoleFit Carolinas Kosovar Corporation dba La Vista Ristorante Italiano Eastern Aero Marine, Inc, dba EAM Worldwide RV'S-4-Less dba RV Liquidation Center Belcher's Electric LLC Clean Pro 1, LLC Lillie Mae's Place LLC Henry J Fishman MVPC Happy Wheels Charter LLC The Queen Ready Mix, Inc. Hacienda Car Wash Inc. Bright Horizons Preschool, LLC Freedom Construction LLC Unique Surveillance LLC and Fast Guard Service Worldwide, LLC CS Concept Holdings, LLC and CS Holdings 409 South Main, LLC Lotus Care LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 600 Preston Ave, Charlottesville, VA 22903 Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2031 1004 Lewis Ave., Billings, MT 59102 213 Cascade View Ct., East Wenatchee, WA 98802 4373 Viewridge Ave., Ste. A, San Diego, CA 92123 850 N Winchester Blvd, San Jose, CA 95128 2400 S Goliad St., Rockwall, TX 75032 9826 Gilead Rd., C -200, Hunterville, NC 28078 355 Smith Ridge Rd., South Salem, NY 10590 5502 NW 37th Ave., Miami, FL 33142 984 W Shaw Ave., Clovis, CA 93612 138 Dorchester St., Greenwood, SC 29646 385 Boston Post Rd, Orange, CT 06477 57 Main St., East Haven, CT 06512 2021 K St. Ste. 400 NW, Washington, DC 20006 4 Old Elm St., Salusbury, MA 01952 8702 Liberty Rd., Houston, TX 77028 2400 S Goliad St., Rockwall, TX 75087 275 Enterprise Dr., Valdosta, GA 31601 2897 E Massengale Rd., Shelbyville, IN 46176 Professional, Scientific, and Technical Services Specialty Trade Contractors Professional, Scientific, and Technical Services Educational Services Repair and Maintenance Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/29/2046 Term Loan Prime plus 2.75% 12/29/2031 Term Loan Prime plus 2.75% 12/29/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/29/2031 12/29/2046 Term Loan Prime plus 2.75% 12/29/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2046 Transportation Equipment Manufacturing Motor Vehicle and Parts Dealers Specialty Trade Contractors Construction of Buildings Ambulatory Health Care Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Ambulatory Health Care Services Transit and Ground Passenger Transportation Term Loan Nonmetallic Mineral Product Manufacturing Term Loan Term Loan Repair and Maintenance Term Loan Social Assistance Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/29/2046 12/29/2031 12/29/2031 5/29/2047 12/29/2046 Prime plus 2.75% 12/29/2031 Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/29/2046 12/29/2031 12/29/2031 12/29/2046 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/28/2031 65.4 137.9 81.4 46.7 7.6 51.2 38.5 335.4 1,231.7 323.4 18.9 205.5 97.7 315.2 177.4 469.7 9.3 217.0 10.1 65.4 137.9 81.4 46.7 7.6 51.2 38.5 335.4 1,231.7 323.4 18.9 205.5 97.7 315.2 177.4 469.7 9.3 217.0 10.1 68.0 147.3 70.2 40.2 6.5 55.6 33.2 365.3 1,368.0 291.0 16.5 228.5 101.4 277.1 191.1 440.5 9.2 231.9 9.5 925 South 21st Ave., Hollywood, FL 33020 Administrative and Support Services Term Loan Prime plus 2.75% 12/28/2031 1,147.9 1,147.9 1,011.1 4350 Canada Rd, :, Lakeland, TN 38002 14000 Sunfish Lake Blvd, NW, MN 55303 Food Services and Drinking Places Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/28/2031 12/28/2031 44.8 21.0 44.8 21.0 38.9 18.1 0.02 % 0.04 % 0.02 % 0.01 % — % 0.01 % 0.01 % 0.10 % 0.36 % 0.08 % — % 0.06 % 0.03 % 0.07 % 0.05 % 0.12 % — % 0.06 % — % 0.27 % 0.01 % — % F-69 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) (#,^) Alaska Demolition, LLC (#,^) M-23 Mechanical Systems Outdoor Equipment Manufacturer, LLC (#,^) Riaz and Son Inc and Uddin Family Realty (#,^) Nyssa Mercantile, LLC PKLoop Peer LLC Sk8 House Virginia Beach LLC Nyssa Mercantile LLC The Beginning Zone Kinly Signs Corporation (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Scott Hollingsworth Equipment Company (#,^) The Handyman Clarksville, LLC LDI Energy Services, LLC Mobile Bottling Source LLC Rana N. Hassan, M.D P.C Plantation Shutter Co Inc C&C Contracting LDI Energy Services, LLC dba LDI Excavation HHLM LLC BYC - La Quinta LLC dba Broken Yolk Cafe Yours II Cosmetology Academy Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) 2817 Rampart Dr., Anchorage, AK 99501 Administrative and Support Services 2974 Betsy Way, San Jose, CA 95133 3520 NW 51st St., Miami, FL 33142 100-15 94th Ave., Ozone Park, NY 11416 Specialty Trade Contractors Textile Product Mills Food and Beverage Stores Building Material and Garden Equipment and Supplies Dealers 119 Main St., Nyssa, OR 97913 1051 Kaylie St., Grand Prairie, TX 75052 Health and Personal Care Stores 600 Lynnhaven Pkwy, Virginia Beach, VA 23452 Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Social Assistance Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/27/2046 12/23/2031 12/23/2031 12/23/2046 12/23/2046 12/23/2031 Term Loan Prime plus 2.75% 12/23/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/23/2031 12/23/2046 119 Main St., Nyssa, OR 97913 13709 S. Wilkie Ave, Gardena, CA 90249 2485 County Rd. 1, South Point, OH 45680 17621 Perkins Rd., Baton Rouge, LA 70810 2727 Union Hall Rd, Clarksville, TN 37040 6519 103 West Ave., Tioga, ND 58852 611 Green Sage Way, las Vegas, NV 89138 71 Franklin Ave., Franklin Square, NY 11010 11704 Wilshire Blvd, Los Angeles, CA 90275 10620 Southern Highlands Pkwy., Las Vegas, NV 89141 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/22/2046 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/22/2031 Specialty Trade Contractors Support Activities for Mining Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/22/2031 12/22/2046 Administrative and Support Services Term Loan Prime plus 2.75% 12/22/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2031 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/22/2031 6519 103 West Ave., Tioga, ND 58852 535 Shawmut Ave, Boston, MA 02118 Support Activities for Mining Personal and Laundry Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/22/2031 12/22/2031 78430 CA-111, La Quinta, CA 92253 1416 W Columbia Ave, Battle Creek, MI 49015 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2046 Educational Services Term Loan Prime plus 2.75% 9/21/2047 F-70 See accompanying notes to consolidated financial statements. 1,231.7 54.9 87.4 140.1 1,231.7 54.9 87.4 140.1 1,368.0 47.3 90.8 155.5 41.4 21.0 14.7 53.7 187.2 295.3 61.4 176.3 269.5 175.1 106.5 81.7 58.4 306.9 13.1 562.0 873.9 41.4 21.0 14.7 53.7 187.2 295.3 61.4 176.3 269.5 175.1 106.5 81.7 58.4 306.9 13.1 562.0 873.9 43.5 19.3 12.7 49.3 199.1 301.0 63.8 183.2 289.5 154.8 92.8 70.4 50.3 281.5 11.4 597.1 972.0 0.36 % 0.01 % 0.02 % 0.04 % 0.01 % 0.01 % — % 0.01 % 0.05 % 0.08 % 0.02 % 0.05 % 0.08 % 0.04 % 0.02 % 0.02 % 0.01 % 0.08 % — % 0.16 % 0.26 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) QUICK DROP IMPOUNDING, TOWING & RECOVERY, INC Alaska Industrial Paint, LLC and Endeavor Properties LLC Inobe LLC dba BLD2GO Storm Trooper Transportation Corp Lauren Taylor Beauty LLC dba Evolution Body Works Storm Trooper Transportation Corp Mercury Pharmacy Corporation 360 GRIP AND ELECTRIC LLC and Julien Janigo Unlimited Investors Group, Inc. Theramove & Diagnostics LLC Regal Express Corporation Robo-Breaking New York Inc Nextstep Counseling Services, LLC First Lone Star Pharmacy Group II, LLC dba Trinity Pharmacy (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) First Lone Star Pharmacy Group LLC Vidya Technologies LLC SoCal Propane LLC Ponce & Ponce, Inc Logo Concepts LLC Brooker Construction LLC dba Sampson Tree Service VENDALL VENTURES LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Support Activities for Transportation Specialty Trade Contractors Food Services and Drinking Places Professional, Scientific, and Technical Services 2565 Lake Rockaway Rd SW, Conyers, GA 30012 1301 North Post Rd., Anchorage, AK 99501 1146 W Buckeye Rd, Phoenix, AZ 85007 2205 W Highland Ave, San Bernardino, CA 92407 195 E 4th St. Ste. 10, Long Beach, CA 90802 2205 W Highland Ave, San Bernardino, CA 92407 480 Chadbourne Rd., Fairfield, CA 94534 Health and Personal Care Stores 3500 Eagle Rock Blvd, Los Angeles, CA 90065 252 Aster Pl., Hampstead, NC 28443 110 West Rd., Towson, MD 21204 4122 County Rd. 516, Matawan, NJ 07747 Truck Transportation 302A W 12th St, New York, NY 10014 1707 Linwood Dr., Paragould, AR 72450 1925 East Rosemeade Pkwy., Carrollton, TX 75007 Rental and Leasing Services Ambulatory Health Care Services Personal and Laundry Services Professional, Scientific, and Technical Services Rental and Leasing Services Insurance Carriers and Related Activities Ambulatory Health Care Services Health and Personal Care Stores Health and Personal Care Stores Performing Arts, Spectator Sports, and Related Industries Nonstore Retailers Merchant Wholesalers, Nondurable Goods 6901 Preston Rd, Dallas, TX 75205 2509 George Mason Dr, Virginia Beach, VA 23456 220 N San Jacinto St., Hemet, CA 92543 3015 NW 74th Ave, Miami, FL 33122 1265 W 1275 North #2, Centerville, UT 84014 2170 SW Conant Ave., Port St. Lucie, FL 34953 25027 South Interstate, WaKeeney, KS 67672 Term Loan Prime plus 2.75% 12/21/2046 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/21/2047 12/21/2046 Term Loan Prime plus 2.75% 12/21/2031 Term Loan Prime plus 2.75% 12/21/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/21/2046 12/21/2031 12/21/2031 12/20/2031 12/20/2031 12/20/2031 12/20/2031 12/20/2031 Term Loan Prime plus 2.75% 12/20/2046 Term Loan Prime plus 2.75% 12/20/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/20/2031 12/17/2031 12/17/2031 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/17/2031 Administrative and Support Services Term Loan Prime plus 2.75% 12/17/2031 Accommodation Term Loan Prime plus 2.75% 12/17/2046 F-71 See accompanying notes to consolidated financial statements. 145.2 22.6 97.1 724.7 73.5 451.0 174.5 77.1 350.2 8.2 125.3 282.3 29.0 101.8 117.1 7.4 317.6 70.0 330.6 251.3 270.5 145.2 22.6 97.1 724.7 73.5 451.0 174.5 77.1 350.2 8.2 125.3 282.3 29.0 101.8 117.1 7.4 317.6 70.0 330.6 251.3 270.5 161.2 25.2 99.3 630.2 68.5 487.6 150.4 69.1 301.8 8.0 108.0 292.1 25.0 105.5 101.0 6.4 330.0 60.4 286.8 222.6 286.7 0.04 % 0.01 % 0.03 % 0.17 % 0.02 % 0.13 % 0.04 % 0.02 % 0.08 % — % 0.03 % 0.08 % 0.01 % 0.03 % 0.03 % — % 0.09 % 0.02 % 0.08 % 0.06 % 0.08 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Invisishield, L.L.C MR3 LLC dba dba Union Fence Leedann Properties LLC Venture Coffee Company, LLC dba Venture Roastery Maxwell, Hendry & Simmons LLC La Taqueria, Inc. SEC LLC JMJ Sales Group LLC Milson Restaurants LLC dba El Chico Granbury LGB Tax and Accounting LLC dba Loretta GriefBarbaro EA Sivalingam Medical Corporation, Inc dba First Valley Medical Group Throop Family Holdings Inc dba Rogue Metal & Supply (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Empowering Families Educational Services (#,^) Good Fortune Supermarket (Rhode Island) Corp Cooks BBQ Products dba Cooks International Quandry Enterprises LLC dba Twinkle Toes Nanny Aqua Salon and Spa LLC (#,^) (#,^) (#,^) (#,^) Avtek Integration Services, Inc TSM New Beginnings The Great Gatsby Motel Inn Corporation Erin Dewey dba Castle Rock Bakery (#,^) (#,^) (#,^) (#,^) 6120 Louetta Rd., Houston, TX 77379 1340 Hartford Ave., Johnston, RI 02919 534 Mill St SE, Gainesville, GA 30501 Repair and Maintenance Specialty Trade Contractors Rental and Leasing Services 13406 W Center Dr., Lakewood, CO 80228 Merchant Wholesalers, Nondurable Goods 1619 Jackson St., Fort Myers, FL 33901 10 Greenwich Ave, GREENWICH, CT 06830 4470 Sunset Blvd, Los Angeles, CA 90027 210 S. Linn Ave.,, Wentzville, MO 63385 1151 E US Hwy. 377, Ste. #110, Granbury, TX 76048 Food Services and Drinking Places Utilities Specialty Trade Contractors Real Estate Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/17/2031 12/17/2046 12/17/2046 12/17/2031 12/17/2031 7/17/2032 12/16/2031 12/16/2031 Term Loan Prime plus 2.75% 12/16/2031 Term Loan Prime plus 2.75% 12/16/2046 2944 Valentine Pl, Wantagh, NY 11793 44725 10th St W, Ste 210, Lancaster, CA 93534 7130 Crater Lake Hwy, White City, OR 97503 504 W Baseline Rd, STE A, Glendora, CA 91740 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2031 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/16/2031 Educational Services Term Loan Prime plus 2.75% 12/16/2031 101 Cadillac Dr, Providence, RI 02907 Food and Beverage Stores Term Loan Prime plus 2.75% 12/15/2031 7 World Trade Center, New York, NY 10006 Merchant Wholesalers, Durable Goods 1600 E Sunrise Blvd, Fort. Lauderdale, FL 33304 6730 Post Rd., North Kingston, RI 02852 4733 122nd Ave. N., Unit E, Pinellas Park, FL 33762 8850 W Sunset Rd, Las Vegas, NV 89148 214 County Hwy. 152, Northville, NY 12134 Accommodation 160 Huntington Ave., Ste. A & B, Castle Rock, WA 98611 Social Assistance Personal and Laundry Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Food Manufacturing Term Loan Prime plus 2.75% 12/15/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/15/2031 12/15/2046 12/15/2031 12/15/2031 12/15/2046 Term Loan Prime plus 2.75% 12/14/2031 F-72 See accompanying notes to consolidated financial statements. 35.0 330.1 245.4 19.1 142.4 352.9 67.2 46.9 70.5 109.9 750.5 198.5 7.0 607.1 962.0 6.3 80.1 64.2 25.2 98.5 44.1 35.0 330.1 245.4 19.1 142.4 352.9 67.2 46.9 70.5 109.9 750.5 198.5 7.0 607.1 962.0 6.3 80.1 64.2 25.2 98.5 44.1 30.4 359.3 251.3 16.5 122.7 307.9 57.9 42.4 60.8 120.1 646.8 183.0 6.0 617.8 873.2 5.4 86.0 60.0 21.8 108.2 38.9 0.01 % 0.10 % 0.07 % — % 0.03 % 0.08 % 0.02 % 0.01 % 0.02 % 0.03 % 0.17 % 0.05 % — % 0.16 % 0.23 % — % 0.02 % 0.02 % 0.01 % 0.03 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) First Choice Brokerage Corporation First Choice Strategies LLC & First Smart Wired Services LLC CTS MANAGEMENT USA INC Corporate Tax Services, Inc. Lloyd Hardware LLC IV Therapy Management Inc EBG Re-Sell LLC BGF Bobby Q's Inc Momentum Metal Finishing, Inc. Sky’s The Limit Yoga Company ANR Insulation , LLC dba King Insulation Phillips Rental RV, LLC Nonnos Ice Cream Shoppe Inc Blooms Pharmacy LLC Stehlik Service and Tire INC Suha Signs LLC dba Signaramaa World Diamond Source, Inc Railhead, Inc NEW FRONTIER INSURANCE AGENCY OF FORT CALHOUN, INC Suha Promotions LLC dba Fully Promoted Suha Restaurants LLC dba The Great Greek Grill (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 822 A1A N, Ponte Vedra Beach, FL 32082 123 McCreary Rd., New Brighton, PA 15066 17 Marion Ave., Franklin Park, NJ 08823 1250 Broadway 36th Floor, New York, NY 10001 2319 W. Ct. St., Janesville, WI 53548 2 Sears Dr., Paramus, NJ 07652 26943 Ruether Ave, Santa Clarita, CA 91351 365 W Sunrise Hwy, Freeport, NY 11520 1286 Anvilwood Ave, Sunnyvale, CA 94089 115 W 25th St, Norfolk, VA 23517 25 N 47th Ave, Phoenix, AZ 85043 5827 Stanida Cir., Holladay, UT 84121 270 Seabury St., Fall River, MA 02720 16347 Middlebelt Rd, Livonia, MI 48154 2410 N Powers Blvd, Colorado Springs, CO 80915 8211 Byron Center Ave SW, Byron Center, MI 49315 2987 Center Port Cir., Ste.s 4 & 5, Pompano Beach, FL 33064 13800 Coppermine Rd., Herndon, VA 20171 510 North 14th, Fort Calhoun, NE 68023 8211 Byron Center Ave SW, Byron Center, MI 49315 8211 Byron Center Ave SW, Byron Center, MI 49315 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/14/2031 Administrative and Support Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Building Material and Garden Equipment and Supplies Dealers Ambulatory Health Care Services Nonstore Retailers Food Services and Drinking Places Fabricated Metal Product Manufacturing Educational Services Specialty Trade Contractors Rental and Leasing Services Food Services and Drinking Places Health and Personal Care Stores 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 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/13/2031 5/13/2032 12/13/2031 10/13/2047 12/13/2031 12/13/2031 12/10/2031 12/10/2031 12/10/2046 12/10/2031 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2046 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2032 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2031 Term Loan Prime plus 2.75% 12/9/2031 Term Loan Prime plus 2.75% 12/9/2031 Term Loan Prime plus 2.75% 4/9/2032 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/9/2032 F-73 See accompanying notes to consolidated financial statements. 58.8 7.5 58.4 14.0 93.4 28.3 7.0 276.2 188.6 5.6 467.0 9.3 19.7 24.3 115.7 28.8 186.8 32.7 14.7 26.3 97.5 58.8 7.5 58.4 14.0 93.4 28.3 7.0 276.2 188.6 5.6 467.0 9.3 19.7 24.3 115.7 28.8 186.8 32.7 14.7 26.3 97.5 50.7 7.8 50.3 12.1 86.4 24.8 6.0 287.3 187.6 4.8 402.5 8.0 21.9 25.2 117.2 30.0 194.1 28.2 15.3 27.4 101.6 0.01 % — % 0.01 % — % 0.02 % 0.01 % — % 0.08 % 0.05 % — % 0.11 % — % 0.01 % 0.01 % 0.03 % 0.01 % 0.05 % 0.01 % — % 0.01 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Clean Energyz LLC Myoung & Lee Inc Broadway Ethos Holdings, LLC Foster the Community LLC Freedom Toast LLC dba Sunrise Diner Sweet Pink’s Creamery LLC dba Sweet Charlies (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Atomic Dog LLC dba Jack's Hard Cider (#,^) Wilcompute Patsy McCraken Alley Taco 402, LLC dba Alley Taco 402 Mudshark Studios, LLC Pinnacle Pools, Inc BB's Childcare, LLC dba Brilliant Brains Learning Center HMG Strategy, LLC Cliff's Motor Inn, LLC Reliance Healthcare Services LLP dba Always Best Care Senior Services Metalhouse LLC Carolina Decompression and Physical Therapy LLC Pro Source Services, Inc dba Pro Source Services RECS LLC dba Richmond Express Ryan M. White dba Precision Engraving and Signs (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Specialty Trade Contractors 881 Alma Real Dr, Pacific Palisades, CA 90272 10251 Little Brier Creek Ln., Ste. 106, Raleigh, NC 27617 218 Elizabeth St, East Jordan, MI 49727 13451 and 13453 Fishhawk Blvd, Riverview, FL 33569 401 N Atlantic Ave, Ocean City, MD 21842 Food Services and Drinking Places Food Services and Drinking Places Accommodation Personal and Laundry Services 391 Quill Dr, Dawsonville, GA 30534 1865 Gettysburg Village Dr., Unit 5, Gettysburg, PA 17325 200 W Pondera Ave., Lancaster, CA 93534 514 E Main St., Henryetta, OK 74437 2002 Missouri Ave., Omaha, NE 68107 1930 NE Oregon St, Portland, OR 97232 20442 Palomar St., Wildomar, CA 92595 7076 Blondo St., Omaha, NE 68104 55 Post Rd. West, Westport, CT 06880 4785 Saint Leonard Rd., Saint Leonard, MD 20685 Food Manufacturing Beverage and Tobacco Product Manufacturing Professional, Scientific, and Technical Services Insurance Carriers and Related Activities Food Services and Drinking Places Merchant Wholesalers, Durable Goods Administrative and Support Services Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2046 996.0 996.0 1,028.3 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/8/2031 12/8/2046 3/8/2032 12/8/2031 Term Loan Prime plus 2.75% 12/7/2031 15.9 51.0 17.9 17.7 6.0 15.9 51.0 17.9 17.7 6.0 13.7 54.2 18.6 15.4 5.2 Term Loan Prime plus 2.75% 12/7/2031 1,062.4 1,062.4 937.7 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/7/2046 12/6/2031 12/6/2046 12/6/2031 5/3/2032 Term Loan Prime plus 2.75% 12/3/2031 Term Loan Prime plus 2.75% 12/3/2031 0.27 % — % 0.01 % — % — % — % 0.25 % 0.01 % 0.01 % 0.01 % — % — % — % 0.02 % 0.02 % 0.01 % 0.07 % 0.02 % 0.02 % 0.03 % — % 41.4 35.3 22.2 13.4 9.8 13.5 81.7 56.7 36.2 294.2 70.0 100.9 138.4 16.8 41.4 35.3 22.2 13.4 9.8 13.5 81.7 56.7 36.2 294.2 70.0 100.9 138.4 16.8 45.9 33.2 23.3 11.6 8.5 11.6 70.4 60.1 31.2 253.5 60.4 87.0 119.4 15.7 Accommodation Term Loan Prime plus 2.75% 12/3/2046 1101 Kings Hwy. N, Cherry Hill, NJ 08034 Ambulatory Health Care Services 4705 S. Apopka Vineland Rd., Orlando, FL 32819 11618 US Hwy 70 W, Ste 106, Clayton, NC 27520 6970 Wallis Rd., West Palm Beach, FL 33413 1804 Dabney Rd., Richmond, VA 23230 Specialty Trade Contractors Couriers and Messengers Ambulatory Health Care Services Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/3/2031 Term Loan Prime plus 2.75% 12/2/2031 Term Loan Prime plus 2.75% 12/1/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/1/2031 12/1/2031 2419 Heather Ave., Long Beach, CA 90815 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/1/2031 F-74 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) CDM Field Services, Inc. dba Xcite Automotive Ascent Holdings LLC and First Ascent, LLC JMH GROUP, LLC dba Hotworx Studio L.O.T Early Learning Center LLC Poquoson Law Group, P.C.and Holcomb Solutions, LLC The Four Star Ranch, LLC Runyaro Richardson dba Self Made Musicnaire LR Greenview LLC dba Teaspoon Edenburg Hospitality Inc Southern Latitude Charters LLC Alpine Rings, LLC J Lan CPA Inc Flener IP Law, LLC Barahona Plumbing LLC Gerland Investments, Inc dba Premier Martial Arts Cause of a Kind, LLC OneCare Health-Advanced Practice Health & Wellness Corp BECCS BROWS LLC Ryshaan LLC dba Fyzical Therapy and Balance Center IVF Cryo LLC Kouklet LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 328 South Jefferson St., Chicago, IL 60661 3516 N Spaulding Ave, Chicago, IL 60618 13435 University Ave, Clive, IA 50325 650 NW 183rd St, Miami, FL 33169 720 Roger Brown Dr., Newport News, VA 23602 238 Oak St, Medford, NY 11763 14855 Memorial Dr, Houston, TX 77079 2977 Ygnacio Valley Rd., Unit 2977, Pleasant Hill, CA 94523 2750 SW 145th Ave, Ste. 304, Miramar, FL 33027 425 N. Osprey Ave., Sarasota, FL 34236 2040 Independence Commerce Dr, Matthews, NC 28105 12225 South St, Artesia, CA 90701 77 West Washington St. Ste. 800, Chicago, IL 60602 2789 Jefferson Davis Hwy., Unit 107, Stafford, VA 22554 12611 I-10 West, Ste. 102, San Antonio, TX 78230 3989 Long Beach Rd., Island Park, NY 11558 97 Port Richmond Ave., Staten Island, NY 10302 3950 Long Beach Blvd, Ste. 203, Long Beach, CA 90807 3780 Riverchase Village, Ste. 900, Hoover, AL 35244 12526 Promise Creek Ln. (Building 3), Unit 326, Fishers, IN 46038 744 South St., Philadelphia, PA 19147 Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Social Assistance Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/1/2031 Term Loan Prime plus 2.75% 1/30/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/30/2032 11/30/2031 Term Loan Prime plus 2.75% 11/30/2046 Term Loan Prime plus 2.75% 11/30/2046 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 11/24/2031 Food and Beverage Stores Professional, Scientific, and Technical Services Scenic and Sightseeing Transportation Clothing and Clothing Accessories Stores Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/24/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/23/2031 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 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/22/2046 Educational Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/22/2032 Term Loan Prime plus 2.75% 11/22/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/22/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2046 Ambulatory Health Care Services Professional, Scientific, and Technical Services Food Manufacturing Term Loan Prime plus 2.75% 3/19/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/19/2046 11/19/2031 F-75 See accompanying notes to consolidated financial statements. 364.1 164.4 39.8 23.2 165.8 98.4 7.5 24.4 58.0 18.7 13.9 20.9 13.9 24.4 16.1 80.5 9.3 83.4 39.9 29.5 6.0 364.1 164.4 39.8 23.2 165.8 98.4 7.5 24.4 58.0 18.7 13.9 20.9 13.9 24.4 16.1 80.5 9.3 83.4 39.9 29.5 6.0 317.9 144.8 35.3 22.4 172.5 107.0 6.6 21.2 60.2 17.0 12.0 18.0 12.0 26.3 14.0 69.3 8.0 89.4 34.9 30.1 5.2 0.08 % 0.04 % 0.01 % 0.01 % 0.05 % 0.03 % — % 0.01 % 0.02 % — % — % — % — % 0.01 % — % 0.02 % — % 0.02 % 0.01 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) M & M Liquidation Double Scoop Ice Cream Cascade LLC New Magnolia Garden Center, Inc (#,^) (#,^) (#,^) Pho 99 III Vietnamese Restaurant LLC (#,^) West Ballantyne Animal Hospital PLLC (#,^) Guardian Cyber Solutions, LLC Caroline Cecil Textiles, LLC Dayo J. Jones dba DayoSense Brevard Water Systems Sales & Services Inc EKGolf Inc Uniglobal Pension Planning Inc Reset Cryotherapy LLC Jay Kalimai LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Ghioni Tax & Accounting Solutions, LLC (#,^) Colin Forde DDS PC dba Family & Cosmetic Dental Design (#,^) Kebab Daddy Inc Georgia Two-Way Inc New Generation Products LLC US Ideal Diamond Cutting Works Inc Codame Enterprises LLC dba Firehouse Subs #142 The Loyal Subjects Wave 2, LLC Bofill's Barbeque LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/19/2031 11/19/2046 3.2 123.0 3.2 123.0 Building Material and Garden Equipment and Supplies Dealers Nonstore Retailers 16 Millstone, Irvine, CA 92606 2970 Stonecrest Pass, Stonecrest,, GA 30038 Food Services and Drinking Places 9620 Chicago Ridge Mall, Chicago Ridge, IL 60609 3151 Rte. 27, Unit K, Franklin Park, NJ 08846 11926 Providence Rd W, Charlotte, NC 28277 14011 Hollow Crest Pl., Riverview, FL 33579 Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food Services and Drinking Places 3834 N 35th Pl., Phoenix, AZ 85018 2306 South Eddy St., Seattle, WA 98108 3101 US-1, Mims, FL 32754 10890 Douglas Ave, Urbandale, IA 50322 4114 Legato Rd, Fairfax, VA 22033 1220 20th St, Miami Beach, FL 33139 310 S Robinson Dr, Waco, TX 76706 Administrative and Support Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Ambulatory Health Care Services Gasoline Stations Professional, Scientific, and Technical Services 958 NE Kelly Ave, Gresham, OR 97030 7520 Montgomery Blvd NE Bldg C, Albuquerque, NM 87109 3701 Ocean View Blvd. A-3, Montrose, CA 91020 1206 GA Hwy. 30 West, Americus, GA 31719 5013 Pacific Hwy. E, Fife, WA 98424 5757 Alpha Rd.,Ste. 502, Dallas, TX 75240 Merchant Wholesalers, Durable Goods Transportation Equipment Manufacturing Electronics and Appliance Stores Food Services and Drinking Places Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2031 Term Loan Prime plus 2.75% 11/19/2031 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Prime plus 2.75% 11/18/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/18/2031 11/18/2031 Term Loan Prime plus 2.75% 11/17/2031 Term Loan Prime plus 2.75% 11/17/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/16/2031 11/16/2031 11/12/2046 Term Loan Prime plus 2.75% 11/12/2031 Term Loan Prime plus 2.75% 11/12/2046 Term Loan Prime plus 2.75% 11/12/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/12/2031 11/10/2031 11/10/2031 1547 Main St., Dunedin, FL 34698 144 West Washington Blvd., Los Angeles, CA 90007 15159 South Cicero Ave., Oak Forest, IL 60452 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2031 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/10/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/10/2047 F-76 See accompanying notes to consolidated financial statements. 3.3 13.9 9.8 9.3 5.1 10.2 25.8 4.2 97.4 32.5 31.5 4.6 160.3 15.3 27.8 185.5 18.6 25.3 185.5 34.4 3.3 13.9 9.8 9.3 5.1 10.2 25.8 4.2 97.4 32.5 31.5 4.6 160.3 15.3 27.8 185.5 18.6 25.3 185.5 34.4 2.8 128.9 2.8 12.0 8.4 8.0 4.5 9.1 22.3 4.0 83.9 29.7 35.0 4.0 170.0 14.3 24.0 159.9 16.0 21.8 159.9 35.3 — % 0.03 % — % — % — % — % — % — % 0.01 % — % 0.02 % 0.01 % 0.01 % — % 0.05 % — % 0.01 % 0.04 % — % 0.01 % 0.04 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Cresson-Inn Bar & Grille, Inc. Branded Goods LLC Sargas Pharmaceutical Adherence & Compliance Intl, LLC Solo Creer LLC dba DoodyCalls ORCHID ENERGY SOLUTIONS Michelle Rianne Turney dba The Collective Salon Suites LA SCAPES LLC Bettencourt Flying Service, Inc. New Mexico Rey LLC Paul Genzink LLC dba VSBL Ricky W. Kent dba VT-Doors-N-More Ecuadane, Inc. The Soda Spot LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Top Knot Studio, LLC dba Goldenrod Parlor (#,^) Sivalingam Medical Corporation, Inc dba First Valley Medical Group (#,^) ECOCOSM, INC. Square One Step LLC Finally Pest Control, LLC INE Incorporated dba Juice It Up Colton JMC Auto,LLC Arcas Machine Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 114 Gay St., Manayunk, PA 19127 1975 Stirling Rd., Ste.s A, B, and C, Davie, FL 33004 109 H St., Bakersfield, CA 93304 13096 County Rd. 192, Tyler, TX 75703 3662 Clyde Park Ave. SW, Wyoming, MI 49509 809 Frolich Dr., Midwest City, OK 73110 1812 Portview Dr., Spring Hill, TN 37174 1066 South Bert Crane Rd., Atwater, CA 95301 3520 Pan American Fwy NE, Albuquerque, NM 87107 1332 Pinegrove NW, Grand Rapids, MI 49504 49 Mill Rd., Mount Tabor, VT 05739 9 Windsor Ct., Purchase, NY 10577 7240 W. Azure Rd., Ste. #105, Las Vegas, NV 89130 220 NW 8th Ave., Ste. 50, Gainesville, FL 32601 44725 10th St W, Ste 210, Lancaster, CA 93534 201 Spear St., San Francisco, CA 94105 10710 Barker Cypress Rd., Ste. B, Cypress, TX 77433 12118 Sellerton Dr., Fishers, IN 46037 1040-1100 S. Mt. Vernon Ave., Riverside, CA 92507 644 Southfield Rd, Lincoln Park, MI 48146 700 N Neely St., Gillbert, AZ 85233 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2046 Food Services and Drinking Places Professional, Scientific, and Technical Services Waste Management and Remediation Services Term Loan Prime plus 2.75% 11/9/2031 Term Loan Prime plus 2.75% 11/9/2046 Term Loan Prime plus 2.75% 11/9/2031 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/8/2031 Personal and Laundry Services Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/8/2032 11/8/2031 Air Transportation Term Loan Prime plus 2.75% 11/5/2031 Merchant Wholesalers, Nondurable Goods Motion Picture and Sound Recording Industries Building Material and Garden Equipment and Supplies Dealers Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/5/2031 Term Loan Prime plus 2.75% 11/5/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/5/2046 11/5/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/5/2032 Personal and Laundry Services Term Loan Prime plus 2.75% 11/5/2031 47.2 69.9 19.2 5.8 23.2 3.8 9.7 78.4 6.5 4.6 21.3 32.5 5.1 4.6 47.2 69.9 19.2 5.8 23.2 3.8 9.7 78.4 6.5 4.6 21.3 32.5 5.1 4.6 50.8 67.4 20.9 5.0 20.0 3.3 8.4 68.1 5.8 4.1 23.3 28.1 4.7 4.0 Ambulatory Health Care Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Administrative and Support Services Food Services and Drinking Places Repair and Maintenance Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/5/2031 135.4 135.4 125.8 Term Loan Prime plus 2.75% 11/5/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 4/4/2032 11/3/2031 4/3/2032 10/29/2031 10/29/2031 32.5 31.7 11.7 62.0 81.0 97.3 32.5 31.7 11.7 62.0 81.0 97.3 28.0 28.3 10.1 53.6 77.3 90.2 0.01 % 0.02 % 0.01 % — % 0.01 % — % — % 0.02 % — % — % 0.01 % 0.01 % — % — % 0.03 % 0.01 % 0.01 % — % 0.01 % 0.02 % 0.02 % F-77 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) CPH Fremont South LLC CPH Palato , CPH Palo Alto, CPH Cupertino MDx BioAnalytical Laboratory, Inc Idiot Racing LLC dba Idiot Racing Pride Gymnastics Academy, LLC 100% Permanent Inc. LoCo Apparel LLC Gin Ray International LLC Half-Pass Ltd dba Canterbury Tack & Apparel HI5 HOME INNOVATION, LLC Cortlandt Racquet Club, Inc. dba Potato Bros, LLC dba Crumbl Cookies Chicago Old Town La Cueva Inc Kedai Indonesian Cafe Love at First Bite LLC dba Standlee's UnVeil Media Group LLC Jason Watt Pictures, LLC Healthcare At Home LLC By Modern Design LLC Right Choice Accounting Solutions, LLC Owkalasho LLC dba The UPS Store 299 Tucker Management Group, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 46703 Mission Blvd., Fremont, CA 94539 5890 Imperial Loop Dr. Ste. 12, College Station, TX 77845 13701 Sweetwater Cove Pl., Tampa, FL 33613 7801 Old Hwy 51, Broken Arrow, OK 74014 1315 N Larrabee, Chicago, IL 60610 2201 Long Prairie Rd., Unit 107-314, Flower Mound, TX 75022 8776 & 8778 NE Sandy Blvd., Portland, OR 97220 1291 West 137th Ct., Broomfield, CO 80023 9187 Holliston Creek Pl., Winter Garden, FL 34787 2127 Albany Post Rd., Montrose, NY 10548 1435 N Wells St., Chicago, IL 60610 9742 E Colfax Ave, Aurora, CO 80010 110 S Mountain Ave., Upland, CA 91786 880 Blackwood Rd., Chula Vista, CA 91910 2251 Stone Pile Dr., Concord, NC 28025 110 Broadway, Brooklyn, NY 11249 5243 Snapfinger Woods Dr., Unit #104, Decatur, GA 30035 Food Services and Drinking Places Professional, Scientific, and Technical Services Transportation Equipment Manufacturing Amusement, Gambling, and Recreation Industries Personal and Laundry Services 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 Term Loan Prime plus Prime plus 2.75% 2.75% 10/29/2031 10/29/2031 Nonstore Retailers Term Loan Prime plus 2.75% 10/29/2031 88.4 23.0 2.8 9.7 12.8 92.1 88.4 23.0 2.8 9.7 12.8 92.1 77.0 23.4 2.4 8.4 11.9 84.9 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/29/2046 137.5 137.5 138.8 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 10/29/2031 Nonstore Retailers Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2046 1,227.9 1,227.9 1,362.7 0.02 % 0.01 % — % — % — % 0.02 % 0.04 % — % — % 0.36 % 0.01 % 0.02 % — % 0.01 % — % — % 0.01 % — % — % 0.01 % 0.01 % 6.8 5.5 6.8 5.5 5.8 4.8 56.8 67.4 15.2 23.9 4.6 13.8 23.8 4.6 3.2 33.0 20.7 56.8 67.4 15.2 23.9 4.6 13.8 23.8 4.6 3.2 33.0 20.7 50.1 74.8 13.1 20.6 4.0 11.9 25.9 4.0 2.8 28.4 21.5 Food and Beverage Stores Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 3/28/2032 10/28/2046 4/27/2032 General Merchandise Stores Professional, Scientific, and Technical Services Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 10/27/2031 Term Loan Prime plus 2.75% 10/27/2031 Term Loan Prime plus 2.75% 10/26/2031 1436 Luz De Sol Dr., El Paso, TX 79912 3210 Royal Creek Way, Lilburn, GA 30047 3755 Avocado Blvd., La Mesa, CA 91941 Couriers and Messengers Ambulatory Health Care Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/26/2046 Term Loan Prime plus 2.75% 10/26/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/25/2031 10/25/2031 115 Tyler Rd., Remlap, AL 35133 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/22/2031 F-78 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Kynytyx, Inc. Voyager Scientific, LLC Sabri Enterprises, Inc. M&P_CAL, LLC dba Hotworx Anaheim Hills Premiere, Inc Big Creek Travel LLC Balanced Health & Fitness LLC dba F45 NW Reno J&L Naturals LLC Barber's Home Innovations LLC Blue 360 Media, LLC LN Accounting Advisor LLC Skate-A-While Longer, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Symmonds, LLC dba North End Tavern (#,^) Mitchell Authentic Inc RockBox Fitness (#,^) Mary Rozzi LLC A&D Enterprise Inc dba FastFrame (#,^) (#,^) Bella Ottica LLC dba Eyes on Towne Lake (#,^) Because it's Better Inc (#,^) Jed Thomas Consulting, Inc dba Woggle Consulting Agape R. E. Solutions LLC Shattered Prism LLC (#,^) (#,^) (#,^) Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services 990A Station Rd., Bellport, NY 11713 309 Washington St., Conshohocken, PA 19428 11134 Hoffman Dr., Germantown, MD 20876 Clothing and Clothing Accessories Stores 8086 East Santa Canyon Rd., Anaheim, CA 92808 615 North Landry Dr., New Iberia, LA 70563 Support Activities for Mining 5020 Chase Ln., Cumming, GA 30240 5110 Mae Anne Dr., Ste. 702, Reno, NV 89521 110 Oak Park Dr. Ste. 102, Mooresville, NC 28115 3287 Enisgrove Dr E, Palm Harbor, FL 34683 Specialty Trade Contractors 2750 Rasmussen Rd., Park City, UT 84098 Administrative and Support Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Health and Personal Care Stores 611 Oakley St., Houston, TX 77006 220 Ridge St. and 229 South George St., Rome, NY 13440 914 IA-5 Business North, Pleasantville, IA 50225 Publishing Industries (except Internet) Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Ambulatory Health Care Services Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Real Estate Rental and Leasing Services Professional, Scientific, and Technical Services 4880 Lower Roswell Rd, Marietta, GA 30068 52153 Pipes Canyon Rd #552, Pioneertown, CA 92268 4150 Legacy Dr., Ste 412, Frisco, TX 75034 Miscellaneous Store Retailers 1075 Buckhead Crossing, Ste. 130, Woodstock, GA 30189 84 Stonecrest Rd, Ridgefield, CT 06877 3 Trackside Dr., Kennebunk, ME 04043 33 Market Point Dr, Greenville, SC 29607 63 Flushing Ave, Brooklyn, NY 11205 Term Loan Prime plus 2.75% 5/22/2032 125.1 125.1 123.0 0.03 % Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 10/22/2031 10/22/2031 3/22/2032 10/21/2031 10/19/2031 Term Loan Prime plus 2.75% 2/19/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 10/15/2031 10/15/2031 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 Term Loan Prime plus 2.75% 3/12/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 10/12/2031 10/12/2031 10/12/2031 10/8/2031 10/8/2031 10/8/2031 10/8/2031 Term Loan Prime plus 2.75% 10/7/2031 9.2 5.6 27.4 73.7 3.2 82.4 12.3 27.6 379.4 9.2 15.7 14.1 133.6 7.4 21.6 13.8 161.2 2.8 4.6 14.3 6.9 9.2 5.6 27.4 73.7 3.2 82.4 12.3 27.6 379.4 9.2 15.7 14.1 133.6 7.4 21.6 13.8 161.2 2.8 4.6 14.3 6.9 7.9 4.8 24.5 76.6 2.8 73.4 10.6 23.8 327.7 7.9 17.4 15.3 115.4 6.3 18.8 11.9 138.9 2.4 4.0 14.1 6.0 — % — % 0.01 % 0.02 % — % 0.02 % — % 0.01 % 0.09 % — % — % — % 0.03 % — % 0.01 % — % 0.04 % — % — % — % — % Be Known, LLC (#,^) 802 Evolve Way, Knoxville, TN 37915 F-79 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Greylab LLC dba Mighty Dog Roofing North DFW SIDCOR Gunsmithing LLC Angels Learning Center Inc,Hector A. Velasquez,Milene A. Velasquez Kotyark L.L.C.dba Gibsonton Motel Krown Records, LLC The Gold Standard Accounting & Tax Inc Orchard Collision, Inc New Greater Generation Family Funeral Group, LLC Skaggs RV Outlet, LLC Tony D's Hooked, LLC Generation Real Estate Accumulation Team- and Zillah Investments LLC WALKING URGENT CARE, INC Timothy A Chapamn dba Tim's Auto Tech Coast 2 Coast Restoration LLC,Coast 2 Coast Real Estate LLC Faxon Enterprises Inc Aitheras Aviation Group, LLC, a Florida Liimited Liability Company Garage Floor Coating of MN.com, LLC OSSA LLC Lively's Collision, Center LLC LOVEBUG NUTRITION Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 5311 S Big Horn Pl, Chandler, AZ 85249 4911 Warner Ave Ste. 211, Huntington Beach, CA 92649 14898 Telegraph Rd., Redford, MI 48239 1400 N Hampton Rd, DeSoto, TX 75115 301 Commerce Dr., Elizabethtown, KY 42701 378 Rope Ferry Rd. aka Mago Point Way, Waterford, CT 06385 10215 El Cinco Dr., Frisco, TX 75033 3213 Catalpa Dr., Springfield, IL 62712 Specialty Trade Contractors Fabricated Metal Product Manufacturing 2801 Central Ave., Union City, NJ 07087 Social Assistance 11545 US Hwy 41 S, Gibsonton, FL 33534 Accommodation Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Repair and Maintenance Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 10/7/2031 10/7/2031 10/7/2031 10/6/2031 Term Loan Prime plus 2.75% 10/5/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/4/2032 9/30/2046 Personal and Laundry Services Term Loan Prime plus 2.75% 9/30/2046 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2046 4390 Commerce Cir., Idaho Falls, ID 83401 Specialty Trade Contractors 10308 W Sample Rd, Coral Springs, FL 33065 62 North Canal St., Oxford, NY 13830 3505 Veterans Memorial Hwy, Ronkonkoma, NY 11779 3107 Nichols Ave., Bay City, TX 78259 Ambulatory Health Care Services Repair and Maintenance Construction of Buildings Fabricated Metal Product Manufacturing 2301 N Marginal Rd., Cleveland, OH 44114 Air Transportation 6701 W 23rd St, Minneapolis, MN 55426 300 Iberia St., Youngsville, LA 70503 5115 Jefferson Davis Hwy., North Augusta, SC 29841 115 E 34th St., New York, NY 10156 Repair and Maintenance Health and Personal Care Stores Specialty Trade Contractors Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/30/2031 9/30/2031 9/30/2046 9/30/2046 9/30/2031 9/30/2031 9/30/2031 9/30/2046 9/30/2031 F-80 See accompanying notes to consolidated financial statements. 24.9 5.0 30.3 14.3 7.7 9.7 59.9 23.9 45.7 132.5 948.9 59.8 14.2 371.6 1,015.7 68.6 61.7 73.2 144.4 110.4 24.9 5.0 30.3 14.3 7.7 9.7 59.9 23.9 45.7 132.5 948.9 59.8 14.2 371.6 1,015.7 68.6 61.7 73.2 144.4 110.4 21.4 4.5 26.1 14.2 6.7 8.4 62.6 25.2 47.5 137.6 817.8 53.4 14.7 402.2 1,028.3 59.8 53.3 74.1 148.6 101.4 0.01 % — % 0.01 % — % — % — % 0.02 % 0.01 % 0.01 % 0.04 % 0.22 % 0.01 % — % 0.11 % 0.27 % 0.02 % 0.01 % 0.02 % 0.04 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Motion Physical Medicine & Wellness, PLLC (#,^) Centre Storage and Matthew Wayne Vines Great II, LLC (#,^) (#,^) Group Vertical, LLC dba Group Vertical SoCal Propane LLC Prestige Products of Central Florida, Inc dba Milcarsky's Appliances Metro of Livernois Inc Norma Skin Care and SPA LLC Chris Landscaping Inc dba New England Tree Co. Jafar and Jamal, Inc dba Foodland; IMAD Corporation Pueblo Canyon, LLC, Matthew Benjamin Allen and Elizabeth Kelly Allen TRI-COUNTY SERVICES, INC. and Andrew M Chehata Agerton Timber LLC and Agerton Transportation, LLC Daring Business Strategies Inc. NMFM Consulting, LLC Creche N Crew, LLC Cj Real Estate Partners LLC Art Food Attitude Inc. dba Bamboo Leaf Thai Eatery Catching Fish LLC dba Man Overboard Bait and Tackle LuLu Kingdom LLC Teaghlach Firearms LLC dba TFirearms (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Ambulatory Health Care Services Real Estate 13100 Wortham Center Dr., Houston, TX 77065 1650 Clarence E Chesnut Jr Bypass, Centre, AL 35960 4390 Commerce Cir., Idaho Falls, ID 83401 Specialty Trade Contractors 678 Front Ave. Northwest, Grand Rapids, MI 49504 220 N San Jacinto St, Hemet, CA 92543 1180 Emma Oaks Trail, Lake Mary, FL 32746 17149 Livernois, Detroit, MI 48221 3364 Coral Way, Miami, FL 33145 1139 Washington St., Stoughton, MA 02072 Nonstore Retailers Nonstore Retailers Administrative and Support Services Electronics and Appliance Stores Telecommunications Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/30/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/30/2046 9/30/2046 9/29/2031 9/29/2046 9/29/2031 5/29/2047 9/29/2031 Term Loan Prime plus 2.75% 9/29/2031 11 Highland Ave., Malden, MA 02148 199 SAN ILDEFONSO Rd., LOS ALAMOS, NM 87544 Food and Beverage Stores Term Loan Prime plus 2.75% 9/29/2032 Accommodation Term Loan Prime plus 2.75% 9/29/2046 4900 SW 51st St., Davie, FL 33314 Administrative and Support Services Term Loan Prime plus 2.75% 9/29/2031 3166 Aurelle Rd., Strong, AR 71765 600 Front St., Lynden, WA 98264 3636 Lake Ave., Wilmette, IL 60091 3185 West Ward Rd., Dunkirk, MD 20754 1800 E Palm Ave, Tampa, FL 33605 Forestry and Logging Professional, Scientific, and Technical Services Specialty Trade Contractors Social Assistance Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 9/29/2031 9/29/2031 9/29/2046 9/29/2046 6/28/2047 724 Main St., Bradley Beach, NJ 07720 1825 S. Patrick Dr., Ste. B, Harbour Beach, FL 32937 18 S. 20th St., Philadelphia, PA 19103 117 S. Main St., Altus, OK 73526 Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Food Services and Drinking Places Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/28/2031 2/28/2032 9/28/2031 F-81 See accompanying notes to consolidated financial statements. 13.4 68.1 208.5 164.3 297.3 228.7 200.2 12.9 72.3 72.2 100.3 309.6 26.8 32.0 262.2 252.7 280.6 23.8 4.9 14.6 2.5 13.4 68.1 208.5 164.3 297.3 228.7 200.2 12.9 72.3 72.2 100.3 309.6 26.8 32.0 262.2 252.7 280.6 23.8 4.9 14.6 2.5 11.7 75.6 230.4 141.6 329.9 197.1 204.9 11.1 64.5 63.2 103.7 266.8 24.4 27.6 269.8 279.0 294.9 20.6 4.2 13.3 2.2 — % 0.02 % 0.06 % 0.04 % 0.09 % 0.05 % 0.05 % — % 0.02 % 0.02 % 0.03 % 0.07 % 0.01 % 0.01 % 0.07 % 0.07 % 0.08 % 0.01 % — % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Term Loan Prime plus 2.75% 9/27/2046 1,038.5 1,038.5 1,128.9 SBA Unguaranteed Accrual Investments (1) (22) JRBA Inc dba Bulger True Value Strong Tower 10933, Inc. C.D.A. Serviceability Trust Inc Momentum Metal Finishing Inc. Daisi Inc. Michael Risoldi's Auto Repair Inc. D&M Properties, LLC 3-2-1 Go LLC dba Burgerz and Ballz Taurus Legacy, LLC dba Papas Diner Forays, Ltd dba Northern Comfort Great Dog Products for Great People LLC dba Royal Frenchel RightTalents LLC Black Market Restaurant Group Inc. dba Black Market Meal Prep USA Security Services Corporation (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Teach 2 Teach Music Lessons, LLC (#,^) Gateway Auto Service and Collision #2 Inc (#,^) (#,^) Rightworks Staffing Inc. Ben Anderson 365 Quinn da Matta Productions LLC Vincent Remodeling, LLC MDJ Chiropractic PC (#,^) (#,^) (#,^) (#,^) 1185 W Santa Fe St, Olathe, KS 66061 15530 NW US Hwy 441, Alachua, FL 32615 4501 6th Ave, Tacoma, WA 98406 1286 Anvilwood Ave, Sunnyvale, CA 94089 10300 West Charleston Blvd., Las Vegas, NV 89135 1435 WoodLn. Rd., Eastampton, NJ 08060 2600 Coon Rapids Blvd. Nortwest, Coon Rapids, MN 55433 868 Fulda Ave NW, Palm Bay, FL 32907 626 FL-50, Clermont, FL 34711 2800 N. Lagoon Dr., Wasilla, AK 99654 13207 Squawwood Ln. SE, Rainier, WA 98576 639 Passaic Ave., Nutley, NJ 07110 29941 Aventura, Ste. K, Rancho Santa Margarita, CA 92688 844 Hebron Ave., Glastonbury, CT 06033 184 Marshall Hill Rd., West Milford, NJ 07480 1205 South 8th Ave., Maywood, IL 60153 1201 Kenwood Ave, Austin, TX 78704 9920 Research Dr., Irvine, CA 93108 2155 Outpost Dr, Los Angeles, CA 90068 4667 Riverbend RdTrussville, Trussville, AL 35173 18009 Jamaica Ave, Jamaica, NY 11432 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/28/2031 Food Services and Drinking Places Professional, Scientific, and Technical Services Fabricated Metal Product Manufacturing Data Processing, Hosting, and Related Services Repair and Maintenance Repair and Maintenance Food Services and Drinking Places Food Services and Drinking Places Nursing and Residential Care Facilities Animal Production and Aquaculture Administrative and Support Services Food Services and Drinking Places Administrative and Support Services Educational Services Repair and Maintenance Administrative and Support Services Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/27/2031 Term Loan Prime plus 2.75% 9/27/2046 Term Loan 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/27/2031 9/27/2031 9/24/2031 9/24/2031 9/24/2031 9/24/2046 9/24/2031 9/24/2031 4/24/2032 9/24/2031 9/24/2031 9/24/2046 9/24/2031 Term Loan Prime plus 2.75% 9/24/2031 Term Loan Prime plus 2.75% 9/23/2031 Construction of Buildings Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/23/2031 9/22/2031 F-82 See accompanying notes to consolidated financial statements. 23.6 7.6 67.6 23.6 7.6 67.6 20.3 6.5 74.3 100.6 115.7 23.4 4.9 8.6 169.5 11.5 9.1 32.4 91.5 9.6 29.2 137.2 45.7 3.8 13.7 4.6 100.6 115.7 23.4 4.9 8.6 169.5 11.5 9.1 32.4 91.5 9.6 29.2 137.2 45.7 3.8 13.7 4.6 86.6 118.9 20.1 4.5 7.4 179.1 10.2 7.9 28.6 78.7 8.3 32.4 118.0 39.4 3.3 11.8 3.9 0.01 % — % 0.02 % 0.30 % 0.02 % 0.03 % 0.01 % — % — % 0.05 % — % — % 0.01 % 0.02 % — % 0.01 % 0.03 % 0.01 % — % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Udder Free Only, LLC Hurricane Beauty LLC Phillips Diesel Service LLC Tiny Homer Oui Pastry LLC Goode Tax and Resolution, LLC Radiator Fans Unlimited LLC and Gros Holdings Unlimited, Inc Radiator Fans Unlimited LLC and Gros Holdings Unlimited Inc For The Love Athletics LLC JEMS Transportation & Logistics LLC SkyEstate LLC dba Vango's Drive Thru (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) R & S Chroniger Enterprises, LLC Aaron Mahoney dba Alaska Gulf Coast (#,^) Expeditions (#,^) MTR Designs LLC O&O Welding Zone Corp (#,^) MattCole Construction and Roofing, LLC (#,^) Touch of Therapy Massage, LLC Dennis Hair Studio Inc Octopus Records LLC Essex Trade, Inc.dba Artesano's Panditos LLC dba White Lotus Home (#,^) (#) (#,^) (#,^) (#,^) 3603 Vinton Ave Unit 205, Los Angeles, CA 90034 1110 vandon loop, Berlin, NJ 08009 4150 S 32nd St W, Muskogee, OK 74401 62361 Mary Miller Ave., Homer, AK 99603 1905 Scenic Hwy N #10000b, Snellville, GA 30078 2527 Standifer Pl., Lanham, MD 20706 Beverage and Tobacco Product Manufacturing Nonstore Retailers Repair and Maintenance Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/21/2031 9/17/2031 9/17/2046 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/17/2031 Food and Beverage Stores Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/17/2031 Term Loan Prime plus 2.75% 9/17/2031 6179 Alameda Ave, El Paso, TX 79905 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2031 6179 Alameda Ave., El Paso, TX 79905 225 N Downing St, Davidson, Davidson, NC 28036 30715 Basil Trace Dr., Spring, TX 77386 4000 Leap Rd, Hilliard, OH 43026 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2046 Educational Services Truck Transportation Food and Beverage Stores Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/14/2031 9/14/2031 9/14/2031 1681 Beech Ln, Hanover, PA 17331 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/14/2031 16347 Deerfield St,, Ninilchik, AK 99639 205 North 12th St., Opelika, AL 36801 2100 4th St., Orlando, FL 32824 2529 Boxford Ln., Cordova, TN 38016 8510 Warner Rd., Ste. 300, Plain City, OH 43064 1566 Union Turnpike, New Hyde Park, NY 11040 72-05 72nd Pl., 2B, Glendale, NY 11385 33 Bearskin Neck, Rockport, MA 01966 745 Joyce Kilmer Ave, New Brunswick, NJ 08901 Scenic and Sightseeing Transportation Nonstore Retailers Repair and Maintenance Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/14/2031 9/14/2031 9/13/2046 9/13/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2031 Personal and Laundry Services Nonstore Retailers Miscellaneous Store Retailers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 9/13/2031 9/13/2031 9/10/2031 General Merchandise Stores Term Loan Prime plus 2.75% 9/10/2031 F-83 See accompanying notes to consolidated financial statements. 16.5 9.1 29.9 5.0 4.6 2.9 49.1 44.0 4.6 13.7 28.0 16.4 26.5 6.9 47.5 50.3 13.7 5.8 4.1 4.6 18.3 16.5 9.1 29.9 5.0 4.6 2.9 49.1 44.0 4.6 13.7 28.0 16.4 26.5 6.9 47.5 50.3 13.7 5.8 4.1 4.6 18.3 14.6 7.9 31.1 5.2 3.9 2.5 42.8 47.6 3.9 11.8 24.1 14.1 22.8 5.9 50.9 46.0 14.2 5.6 3.6 3.9 15.7 — % — % 0.01 % — % — % — % 0.01 % 0.01 % — % — % 0.01 % — % 0.01 % — % 0.01 % 0.01 % — % — % — % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Kyle Keiper LLC Ironman Delivery, Inc Trash Can Rescue LLC (#,^) (#,^) (#,^) Tri T. Le dba AN Company (#,^) Queen Oxygen Co. dba Quest Cylinder Co. (#,^) B & W Towing, LLC (#,^) Y & C Company INC dba Miji-Mura Hibachi & Sushi Alaska Industrial Paint, LLC dba Alaska Fleet and Collision Specialist Le Bajec Le LLC (#,^) (#,^) (#,^) Almina Concept, Inc. Grand Portage LLC Sassy Sista's Boutique LLC JD Hunt Custom Homes Incorporated dba JD Hunt Construction 331 Foley Sound Inc (#,^) (#,^) (#,^) (#,^) (#,^) 4 Points Towing & Roadside Service LLC (#,^) Sheryl's Candy Apple Creations, LLC RGV Poke LLC dba Pokeworks Hair and Beauty Market Place, LLC dba LAOR JeanAnn Schwark, MS, FNP-C PLLC dba Serenity Women's Care Cadena Co. (#,^) (#,^) (#,^) (#,^) (#,^) 3408 Spring St #1, Pompano Beach, FL 33062 6581 Westland Dr., Brownsburg, IN 46112 1096 Nast Chapel Rd, Martinsville, IN 46151 1431 Amro Way, South El Monte, CA 91733 239 Lafayette St., London, OH 43140 701 Addison Rd., Painted Post, NY 14870 Heavy and Civil Engineering Construction Couriers and Messengers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/10/2031 9/10/2031 Administrative and Support Services Term Loan Prime plus 2.75% 9/10/2031 Printing and Related Support Activities Merchant Wholesalers, Durable Goods Support Activities for Transportation Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/10/2031 9/9/2031 2/9/2047 11.1 50.3 17.3 14.4 41.5 87.8 11.1 50.3 17.3 14.4 41.5 87.8 10.4 43.3 16.0 13.3 40.3 92.7 8045 NW 115th Way, Parkland, FL 33076 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/9/2046 242.1 242.1 268.5 1301 North Post Rd., Anchorage, AK 99501 Specialty Trade Contractors 810 N Alamo St,, San Antonio, TX 78215 5042 Willshire Blvd., Los Angeles, CA 90036 3306 Chelsea Cir, Ann Arbor, MI 48108 851 W. State Rd 436 Ste. 1005, Altamonte Springs, FL 32714 Nonstore Retailers Nonstore Retailers Health and Personal Care Stores Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6/8/2032 9/8/2046 9/7/2031 9/7/2031 Term Loan Prime plus 2.75% 9/7/2031 56.6 77.9 2.3 30.6 5.9 56.6 77.9 2.3 30.6 5.9 57.7 82.3 2.0 26.3 5.1 Term Loan Prime plus 2.75% 9/3/2031 837.8 837.8 720.8 5515 Parkcrest Dr., Austin, TX 78731 19355 Business Center Dr., Unit #9, Northridge, CA 91324 5425 Willow Grove Rd., Camden Wyoming, DE 19934 131 Piney Green Rd., Ste. 300, Jacksonville, NC 28546 5401 North 10 St. Unit 126, McAllen, TX 78504 7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809 10615 N Hayden Rd C100, Scottsdale, AZ 85260 2133 Southend Dr. #301, Charlotte, NC 28213 Construction of Buildings Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 1/2/2032 Support Activities for Transportation Term Loan Prime plus 2.75% 9/2/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 12/2/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/2/2032 Health and Personal Care Stores Term Loan Prime plus 2.75% 8/31/2046 Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/31/2031 Term Loan Prime plus 2.75% 8/31/2031 F-84 See accompanying notes to consolidated financial statements. 23.4 32.1 5.6 32.7 186.4 154.6 9.6 23.4 32.1 5.6 32.7 186.4 154.6 9.6 20.3 29.4 5.0 28.9 206.8 138.7 8.3 — % 0.01 % — % — % 0.01 % 0.02 % 0.07 % 0.02 % 0.02 % — % 0.01 % — % 0.19 % 0.01 % 0.01 % — % 0.01 % 0.06 % 0.04 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Rosy Rings, Inc RM Interiors Inc.dba House of Moseley Shrijee LLC dba Econo Lodge Kadence Consulting Inc Angela Barbara K's Salon 1 LLC dba Gerard Anthony Salon Downtown Dance Academy Limited Liability Company DebutSolutions, LLC dba Emerald Pacific Resources 7 BRANCHES CORPORATION dba Nikos 3D Printed Tabletop, LLC Debut Solutions LLC Willow Falls Venue LLC HHD Aviation, LLC dba Great Milwaukee Training and Testing Center Christopher John Looney Agency Inc. Tiny's Gumbo Bar NYC LLC Force3 Enterprises, LLLP Trinity Lumber and Building Supply, Inc Swick & Son Enterprises, Inc Premiere Inc Gralyn Fabrication & Machining LLC CJNR LLC dba Parkhurst Motel Dallas MTV, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2400 Industrial Ln., Ste. 700, Broomfield, CO 80020 8200 Stockdale HWY D-6, Bakersfield, CA 93311 908 Washington St., Manitowoc, WI 54220 Accommodation Miscellaneous Manufacturing Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/31/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/31/2031 6/30/2047 13315 Bishops Ct, Roswell, GA 30075 51 Bennington Square, Hackettstown, NJ 07840 580 Amsterdam Ave, New York, NY 10024 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2031 Ambulatory Health Care Services Personal and Laundry Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/30/2046 1/30/2032 1204 Hooper Ave., Toms River, NJ 08753 Educational Services Term Loan Prime plus 2.75% 8/27/2031 2000 Frankfurt St., Laredo, TX 78040 410 Pearl St., Lake Wales, FL 33853 2870 Sonata Ct., St. Cloud, FL 34772 2000 Frankfort St, Laredo, TX 78040 23122 S North Carolina Hwy. 109, Denton, NC 27239 2820 Bobmeyer Rd., Hanger C-7, Hamilton, OH 45015 426 South Atlanta St., Unit 110, Roswell, GA 30075 275 Church St., New York, NY 10013 240 Hathway Dr., Stratford, CT 06615 1231 East Cypress Ave., Redding, CA 96002 108 Mashell Ave. North, Eatonville, WA 98328 615 N Landry Dr., New Iberia, LA 70563 1119 Bluff Ridge Rd., Waynesburg, PA 15370 208 East Main St., Elma, WA 98541 2911 Turtle Creek Blvd., Ste. 300, Dallas, TX 75219 Merchant Wholesalers, Durable Goods Food Services and Drinking Places Computer and Electronic Product Manufacturing Merchant Wholesalers, Durable Goods Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/27/2046 8/27/2031 8/27/2031 8/27/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 8/27/2046 Real Estate Term Loan Prime plus 2.75% 8/26/2046 Insurance Carriers and Related Activities Food Services and Drinking Places Merchant Wholesalers, Durable Goods Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 8/25/2031 3/25/2032 8/25/2046 Term Loan Prime plus 2.75% 8/25/2046 Specialty Trade Contractors Support Activities for Mining Fabricated Metal Product Manufacturing Accommodation Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/25/2031 8/25/2031 8/25/2031 8/24/2046 Personal and Laundry Services Term Loan Prime plus 2.75% 8/20/2031 F-85 See accompanying notes to consolidated financial statements. 151.8 27.2 162.2 16.9 24.0 20.6 4.9 63.3 6.5 2.7 250.3 20.3 45.7 2.5 47.8 191.8 68.6 16.6 354.1 8.2 39.2 17.0 151.8 27.2 162.2 16.9 24.0 20.6 4.9 63.3 6.5 2.7 250.3 20.3 45.7 2.5 47.8 191.8 68.6 16.6 354.1 8.2 39.2 17.0 130.6 23.4 172.6 14.5 25.7 17.8 4.3 67.6 5.6 2.3 220.0 21.6 50.7 2.1 42.1 203.3 74.2 14.4 367.5 7.0 43.5 14.6 0.03 % 0.01 % 0.05 % — % 0.01 % — % — % 0.02 % — % — % 0.06 % 0.01 % 0.01 % — % 0.01 % 0.05 % 0.02 % — % 0.10 % — % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) The Jar Circle, Inc dba Frida's Mexican Grill Power Enterprise LLC (#,^) (#,^) Patoruzu, Inc. dba Sharkey's Cuts For Kids Royal Home Care and Staffing LLC PCH Ventures, LLC dba Chop Stop Elizabeth K. Little and dba Mrs. Little's Tea and Toys Derheim, Inc dba My Aquatic Services Vida Meat Company LLC Glorious Training Group Inc dba F45 Training Murabella Luxury Tree Services LLC Hartwood Hospitality Labs, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Cezary A. Lapa dba Globe Polska Ksiazka (#,^) Transatlantic Translations Company, LLC Revive Aesthetics & Wellness, LLC Baite Auto Sales LLC DTT ENTERPRISES, LLC Bird's Nest Florist & Gifts, LLC Montauk Donut Group, Inc dba Dunkin Donuts (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Lovely Moments Iowa Photography, LLC (#,^) Game Time Vending, LLC KBO Investment and Sterling HTS KBO Investments LLC C4 Technologies Inc. (#,^) (#,^) (#) 3545 Merrick Rd., Seaford, NY 11783 119 East 710 South Cir., Ivins, UT 84738 18121 Tuckerton Rd., Ste. 130, Cypress, TX 77433 453 Oakton Rd, Odenton, MD 21113 18515 Brookhurst St., Fountain valley, CA 92618 Food Services and Drinking Places Specialty Trade Contractors Personal and Laundry Services Ambulatory Health Care Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2/20/2032 8/20/2031 8/20/2031 8/20/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/20/2031 Specialty Trade Contractors 108 North Davis St., Hamilton, MO 64644 Food Services and Drinking Places 601 Main Ave.W, West Fargo, ND 58078 1370 West Cheyenne Ave., North Las Vegas, NV 89030 185 Murabella Pkwy, St. Augustine, FL 32092 5925 SW 69th St., Miami, FL 33413 1312 GILBERT ST, CHARLES CITY, IA 50616 5747 West Irving Park Rd., Chicago, IL 60634 Merchant Wholesalers, Nondurable Goods Amusement, Gambling, and Recreation Industries Forestry and Logging Accommodation Sporting Goods, Hobby, Musical Instrument, and Book Stores Professional, Scientific, and Technical Services Personal and Laundry Services 411 Theodore Fremd Ave, Rye, NY 10580 175 Main St., East Greenwich, RI 02818 2865 Suwanee Rd., Columbus, OH 43224 Motor Vehicle and Parts Dealers 6565 Austin Hope Ave, Las Vegas, NV 89118 549-E College Park Rd., Ladson, SC 29456 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/19/2031 8/19/2046 Term Loan Prime plus 2.75% 8/19/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/18/2031 8/18/2031 Term Loan Prime plus 2.75% 8/17/2046 Term Loan Prime plus 2.75% 8/17/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 8/16/2031 8/13/2031 8/13/2046 Term Loan Prime plus 2.75% 8/13/2031 Term Loan Prime plus 2.75% 8/12/2031 1669 Montauk Hwy., Bellport, NY 11713 527 Broad St, Story City, IA 50248 10105 Amberwood Rd. Ste.s #1 and #5, Fort Myers, FL 33913 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/12/2032 Term Loan Prime plus 2.75% 8/11/2031 28.2 2.9 9.1 26.3 37.5 2.5 159.7 43.1 13.6 90.7 39.3 6.4 22.7 25.0 11.3 31.8 5.4 91.7 2.7 28.2 2.9 9.1 26.3 37.5 2.5 159.7 43.1 13.6 90.7 39.3 6.4 22.7 25.0 11.3 31.8 5.4 91.7 2.7 24.6 2.5 7.8 27.3 38.9 2.5 163.9 40.4 12.4 78.6 43.6 5.5 19.5 22.3 12.5 27.3 4.6 95.6 2.3 0.01 % — % — % 0.01 % 0.01 % — % 0.04 % 0.01 % — % 0.02 % 0.01 % — % 0.01 % 0.01 % — % 0.01 % — % 0.03 % — % 0.28 % 0.01 % — % Nonstore Retailers Term Loan Prime plus 2.75% 8/11/2031 1,148.8 1,148.8 1,068.5 748 West Big Beaver Rd., Troy, MI 48084 Personal and Laundry Services Term Loan Prime plus 2.75% 8/10/2031 171 C Ave., Ste. C, Coronado, CA 92118 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/6/2031 41.8 5.8 41.8 5.8 36.6 5.6 F-86 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) (#,^) The Hiccup Inc Dara, Inc. (#,^) Ronald L. McFarlain dba Cajun Connection (#,^) C&J General Engineering CIRLABS, INC,Outcome Driven Innovation and Spracht Inc (#,^) (#,^) (#,^) (#,^) AA Power Equipment, Inc (#,^) Charles P Carpenter dba All-Ways Pumping (#,^) The Travel Society LLC;Religious Travel International LLC Patriot Services Group Inc Kings Autoshow Inc and Grand Auto Group LLC Melissa S. Scharf Blue Water Dynamics, LLC dba Dougherty Manufacturing & Solace Boats Crux Solutions LLC dba Waddell's Riverside Funeral Directors 100% Permanent Inc. On Spot Techs Ltd dba Wi-Fi Surveyors (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Cherich Enterprises dba Yogasix Pasadena Karson A Schepp Tiny Tots Kingdom Inc Dream Splash International LLC GN Enterprises LLC Global Packaging Solutions, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 158 Humphrey St., Swampscott, MA 01907 Miscellaneous Store Retailers 29 Old Planters Rd, Beverly, MA 01915 2958 IL-178, North Utica, IL 61373 Nonstore Retailers Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 8/6/2031 8/5/2031 8/5/2046 Term Loan Prime plus 2.75% 8/4/2046 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/30/2031 3060 Thorntree Dr #10, Chico, CA 95973 974 Commercial St. Ste. 101, Palo Alto, CA 94043 999 Mansell Rd., Ste. B, C, & D, Roswell, GA 30076 5701 Beckford Ave, Tarzana, CA 91356 Nonstore Retailers Specialty Trade Contractors 650 S Cherry St., Denver, CO 80246 108 Phillips Cir., Columbiana, AL 35051 Administrative and Support Services Personal and Laundry Services 5815 Church Ave, Brooklyn, NY 11203 14313 Califa St., Sherman Oaks, CA 91401 Social Assistance 308 South Old County Rd., Edgewater, FL 32132 Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 7/30/2031 7/30/2031 7/30/2031 7/30/2031 7/30/2031 7/30/2031 18.8 30.0 32.9 26.9 46.9 72.1 101.3 78.6 20.3 104.9 8.1 18.8 30.0 32.9 26.9 46.9 72.1 101.3 78.6 20.3 104.9 8.1 16.2 25.8 34.8 25.7 40.4 62.0 99.6 67.6 17.5 92.6 7.0 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2046 1,131.5 1,131.5 1,254.8 6938 Westover St., Houston, TX 77087 1315 N. Larrabee St., Chicago, IL 60610 4732 Dixie Dr. South, Dayton, OH 45439 277 W Green St. Ste. 110, Pasadena, CA 91105 8715 Hwy 14, Kramer, ND 58748 4961 N Dixie Hwy Ste.s 2-6, Oakland Park, FL 33334 650 S Cherry St., Denver, CO 80246 4507 SE Ramona St., Portland, OR 97206 6259 Progressive Ave, San Diego, CA 92154 Personal and Laundry Services Personal and Laundry Services Repair and Maintenance Educational Services Crop Production Social Assistance Specialty Trade Contractors Nursing and Residential Care Facilities Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/30/2032 7/30/2046 7/29/2046 10/29/2031 7/29/2031 7/29/2031 7/29/2031 7/29/2046 41.2 32.3 16.7 48.1 31.5 18.0 76.6 83.9 41.2 32.3 16.7 48.1 31.5 18.0 76.6 83.9 39.2 34.1 17.5 41.8 28.4 15.5 66.2 90.1 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 7/29/2031 202.8 202.8 180.8 F-87 See accompanying notes to consolidated financial statements. — % 0.01 % 0.01 % 0.01 % 0.01 % 0.02 % 0.03 % 0.02 % — % 0.02 % — % 0.33 % 0.01 % 0.01 % — % 0.01 % 0.01 % — % 0.02 % 0.02 % 0.05 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Kamboj Investments Inc dba Chicago's Pizza with Twist Travis Construction Company, LLC Five Rivers 1938 Enterprises, Inc dba The Hummus Republic WLG Inc Jaime Gervasi & Associates LLC Clinically Speaking, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) K Wallace, LLC dba Fit Learning Columbus (#,^) (#,^) Mattress and Rug outlet LLC Premier Tech Security, LLC 52 Tran, LLC L.A. Crescent LLC dba Aamco Car Care Center Big Brand Management Ltd. Co. Delbello Enterprises LLC dba Il Portico Tarun LLC, dba Signature Wine & Liquor GSK Industries Inc dba Quality One Pool Management Ever Prosperous Realty Inc All Regional Recyclers of Wood LLC and Superior Carting & Waste System Basha Home Improvement LLC Profit Stewards LLC dba AAMCO Transmissions of Phoenixville TDI Global Solutions Inc 110 Enterprises, LLC dba Boomerang Bar and Grill (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) 1156 South Main St., Manteca, CA 95337 11258 Bayou Bernard Rd., Gulfport, MS 39503 3032 W Jack London Blvd., Livermore, CA 94551 6257 West Ave. J9, Lancaster, CA 93536 3243 Eastern Ave., Baltimore, MD 21224 207 N Davies Rd., Lake Stevens, WA 98258 6631 Commerce Pkwy Ste. G, Dublin, OH 43085 1818 State St., Schenectady, NY 12304 1616 Westgate Cir., Ste. 111, Brentwood, TN 37027 773 South MacArthur Blvd., Ste. 205, Coppell, TX 75019 1010 East 6th Ave., Stillwater, OK 74074 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/29/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/28/2031 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Real Estate Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/28/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/27/2046 7/27/2031 Term Loan Prime plus 2.75% 7/27/2031 Educational Services Merchant Wholesalers, Durable Goods Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/26/2031 7/23/2031 Administrative and Support Services Term Loan Prime plus 2.75% 7/23/2031 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/23/2031 Repair and Maintenance Motion Picture and Sound Recording Industries 512 East 11th St., Houston, TX 77008 273 West Rte. 130 South, Burlington, NJ 08016 325 South Limestone, Lexington, KY 40508 Food and Beverage Stores 3217 W Tompkins Ave., Las Vegas, NV 89103 430 S Chandler Ave., Monterey Park, CA 91754 Food Services and Drinking Places Administrative and Support Services Real Estate Waste Management and Remediation Services 104 Wooster St., Bethel, CT 06801 41 Van Houten Ave., Jersey City, NJ 07305 Construction of Buildings 458 Schuylkill Rd., Phoenixville, PA 19460 Repair and Maintenance 1 Riverfront Plz., Ste. 12, Lawrence, KS 66044 110 Limekiln Rd., Unit 2, New Cumberland, PA 17070 Paper Manufacturing Food Services and Drinking Places Term Loan Prime plus 2.75% 7/23/2031 Term Loan Prime plus 2.75% 7/23/2046 Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 7/23/2031 7/23/2031 Term Loan Prime plus 2.75% 7/23/2031 Term Loan Prime plus 2.75% 7/22/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 7/22/2031 7/21/2031 Term Loan Prime plus 2.75% 7/21/2031 F-88 See accompanying notes to consolidated financial statements. 29.1 27.0 31.7 178.0 14.0 324.5 3.1 54.1 15.4 15.8 27.0 78.4 43.9 5.7 13.5 13.2 49.5 2.3 4.8 29.1 27.0 31.7 178.0 14.0 324.5 3.1 54.1 15.4 15.8 27.0 78.4 43.9 5.7 13.5 13.2 49.5 2.3 4.8 25.2 24.0 27.8 185.8 12.7 279.2 2.6 56.0 13.2 13.6 23.9 87.0 45.6 5.6 11.6 11.3 46.6 2.3 4.2 0.01 % 0.01 % 0.01 % 0.05 % — % 0.07 % — % 0.01 % — % — % 0.01 % 0.02 % 0.01 % — % — % — % 0.01 % — % — % 0.04 % 0.08 % Term Loan Prime plus 2.75% 7/21/2031 Term Loan Prime plus 2.75% 7/20/2046 180.3 271.1 180.3 271.1 161.8 294.2 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Jeragardens Wedding Rentals LLC, Sparta Athletic Campus, LLC Ecos Consulting, LLC K-M-P Auto Group LLC Monarch Construction and Roofing LLC Colorado Travel Solutions 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 State Farm Afrodisiac Enterprises LLC dba Afrodisiac Nola Martin C. Liu & Associates, PLLC Tidal Commerce Inc Gene Properties LLC,4 Winnapaug Rd LLC and,144 Atlantic Ave LLC Zollner Enterprises, Inc Royal Restaurants, LLC Neil Hoss, D.M.D., LLC. Kings Autoshow Inc dba Brooklyn Mitsubishi and Grand Auto Group LLC New York Equestrian Center Ltd Eagle's Eye Comfort Care Miramar LLC Sheldon T Banks LLC (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Rental and Leasing Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Specialty Trade Contractors 5842 South 1150 West, Ogden, UT 84405 115 Sparta Ave., Sparta, NJ 07871 Term Loan Prime plus 6.5% 7/20/2031 Term Loan Prime plus 2.75% 7/20/2046 Term Loan 1519 Roller Rd, Ocean Township, NJ 07712 Term Loan 1788 Austin Hwy, San Antonio, TX 78218 700 Corporate Cir., Golden, CO 80401 Term Loan 2895 Queen St, Colorado Springs, CO 80904 Transit and Ground Passenger Transportation Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 7/20/2031 7/19/2046 7/16/2031 7/16/2031 1805 5th Ave. Ste. F, Bay Shore, NY 11706 5151 Monroe St., Toledo, OH 43623 1818 Fawcett Pkwy, Nevada, IA 50201 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries 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 156 West Tioga St., Tunkhannock, PA 18657 Personal and Laundry Services 600 Allegheny St., Jersey Shore, PA 17740 Insurance Carriers and Related Activities Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/2/2046 7/2/2046 5363 Franklin Ave, New Orleans, LA 70122 135 Bowery St., New York, NY 10002 2100 Clearwater Dr, Oak Brook, IL 60523 149 Atlantic Ave, Westerly, RI 02891 221 Hulls Chapel Rd, Fredericksburg, VA 22406 138 Griffin Rd., Ruston, LA 71270 115 Hartford Turnpike, Tolland, CT 06084 Fabricated Metal Product Manufacturing Food Services and Drinking Places Ambulatory Health Care Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/30/2031 6/30/2031 6/30/2031 5815 Church Ave, Brooklyn, NY 11203 633 EAGLE AVE, WEST HEMPSTEAD, NY 11552 6308 SW 27th St, Miramar, FL 33023 2340 W Carpenter Rd., Flint, MI 48505 Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Nursing and Residential Care Facilities Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/30/2046 6/30/2046 6/30/2046 F-89 See accompanying notes to consolidated financial statements. 5.7 209.4 18.4 30.2 40.1 61.5 49.4 11.6 26.5 39.2 24.9 29.3 5.7 209.4 18.4 30.2 40.1 61.5 49.4 11.6 26.5 39.2 24.9 29.3 5.6 231.0 15.8 33.1 34.5 52.9 54.8 11.5 22.8 39.4 25.4 32.3 44.7 223.2 25.1 34.4 688.6 64.2 57.4 44.7 223.2 25.1 34.4 688.6 64.2 57.4 40.7 220.1 23.2 35.4 777.5 70.4 64.8 — % 0.06 % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.07 % 0.33 % 0.01 % 0.06 % 0.01 % 0.01 % 0.21 % 0.02 % 0.02 % Food Services and Drinking Places Professional, Scientific, and Technical Services Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 7/1/2046 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/30/2031 6/30/2031 44.7 293.0 44.7 293.0 47.0 266.3 Accommodation Term Loan Prime plus 2.75% 6/30/2046 1,098.8 1,098.8 1,240.5 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) (#,^) Holland Holdings LLC 360 Concepts Group, LLC dba Bowl 360 Astoria La Favorita Radio Network CALTEL, INC. Little Imaginations Learning Center Inc O.P.P. Presents LLC Seema Aijaz Enterprises Inc dba Edible (#,^) Arrangements Yogi's Logistics Inc and 9371 Truck Yard LLC (#,^) (#,^) Troung Enterprises Inc (#,^) (#,^) (#,^) (#,^) (#,^) J & J Rocket Fizz General Partnership CURVE MART C-STORE AND CAJUN DELI LLC dba Curve Mart (#,^) (#,^) Alpha Variance Solutions, LLC T.A.L.E.N.T. Leadership LLC dba T.A.L.E.N.T. Leadership Napoli's The Buckeye Health Group, LLC Nevada Adult Day healthcare Centers Inc Northwest Evergreen Innovations, LLC and James Hamilton Gregersen DAVIS WINES LLC and BRICK & MORTAR WINES, LLC The AAC Speech Clinic, LLC and Red Rock Neurorehabilitation Center Pampanguena Market Place Corp JC's Tall Glass Inc 2B St. Marks, Inc dba Duetto (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1102 Blackbriar Cir Ne, Hartselle, AL 35640 19-45 49th St., Astoria, NY 11105 4043 Geer Rd., Hughson, CA 95326 2309 Acie Ave., Conway, SC 29528 189 toll Gate Rd,, Warwick, RI 02886 15927 Pioneer Blvd, Norwalk, CA 90650 1040 South Broadway, Unit 6, Hicksville, NY 11801 9371 Jackson Rd, Sacramento, CA 95826 1305 SW 107th Ave, Miami, FL 33174 3155 Outlet Dr. Space E020, Edinburgh, IN 46124 44063 Hwy. 431, Saint Amant, LA 70774 48 Western Dr., Ardsley, NY 10502 4280 Lavon Dr., Garland, TX 75040 8120 Walcot Ln, Cincinnati, OH 45249 2008 S Jones Blvd., Las Vegas, NV 89146 6791 Bethel Rd. SE, Port Orchard, WA 98367 25 Healdsburg Ave Bld 20, Healdsburg, CA 95448 9260 West Sunset Rd., Ste. 204, Las Vegas, NV 89148 18623 SW 107th Ave, Miami, FL 33157 2810 Hypoluxo Rd., Lantana, FL 33462 540 Greene St., Unit 1, Key West, FL 33040 Merchant Wholesalers, Durable Goods Amusement, Gambling, and Recreation Industries Broadcasting (except Internet) Credit Intermediation and Related Activities Social Assistance Personal and Laundry Services Food and Beverage Stores Truck Transportation Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/29/2031 6/29/2046 6/29/2031 6/29/2046 6/29/2031 6/29/2031 6/29/2046 6/28/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 6/25/2031 Gasoline Stations Professional, Scientific, and Technical Services Food Services and Drinking Places Professional, Scientific, and Technical Services Social Assistance Motor Vehicle and Parts Dealers Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 6/25/2046 Term Loan Prime plus 2.75% 6/25/2031 Term Loan Prime plus 2.75% 6/25/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/25/2031 6/25/2031 Term Loan Prime plus 2.75% 6/24/2046 Term Loan Prime plus 2.75% 6/24/2031 Ambulatory Health Care Services Food and Beverage Stores Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/23/2031 6/23/2046 6/23/2046 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/22/2031 F-90 See accompanying notes to consolidated financial statements. 179.9 104.7 176.2 80.8 111.7 12.9 25.9 138.7 8.9 13.4 180.7 67.1 25.9 44.7 40.3 51.4 83.2 32.2 47.5 204.9 18.8 179.9 104.7 176.2 80.8 111.7 12.9 25.9 138.7 8.9 13.4 180.7 67.1 25.9 44.7 40.3 51.4 83.2 32.2 47.5 204.9 18.8 167.7 95.0 197.8 79.8 119.2 11.7 23.9 156.6 8.1 12.2 197.6 61.5 23.5 41.1 42.2 57.7 79.4 29.2 49.5 226.1 17.0 0.04 % 0.03 % 0.05 % 0.02 % 0.03 % — % 0.01 % 0.04 % — % — % 0.05 % 0.02 % 0.01 % 0.01 % 0.01 % 0.02 % 0.02 % 0.01 % 0.01 % 0.06 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Prestige Nationwide, LLC dba Eastern Standard Vance Ewing LLC dba The Bow & Barrel Sportsmen Center Ellerman Engineerting & Innovations, Inc and R & S Properties and Hold Butcher Block of Woodland Park, LLC Bluewater Laundry & Linen, LLC Francis L Bailey Jr dba Carolina GPS Services Two Mean Beans, LLC dba Coffee and Crepes Vancole Investments, Inc Bluewater Laundry & Linen, llc K&R Enterprises III Inc dba The Frozen Cow (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Subhash Joshi LLC dba Mata Hardware (#,^) 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 The Ogden Group of Rochester, Inc BearWaters Brewing Company Dulceria NYC Inc Halikamai Inc dba Neighborhood Beer and Wine (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1131 Burke St., Winston-Salem, NC 27101 22940 Harlan Ln., St Robert, MO 65584 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/22/2046 Term Loan Prime plus 2.75% 6/22/2046 4444 Forest St., Leonard, MI 48367 320 S Baldwin St, Woodland Park, CO 80863 2315 Main St., Loris, SC 29569 1545 Langston Dr, Johns Island, SC 29455 315 Crossroads Blvd., Floor G, Cary, NC 27518 876 Virginia Ave., Hapeville, GA 30354 2315 Main St., Loris, SC 29569 Machinery Manufacturing Term Loan Prime plus 2.75% 6/21/2031 Food and Beverage Stores Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/21/2031 6/21/2031 Term Loan Prime plus 2.75% 6/21/2031 Food Services and Drinking Places Food Services and Drinking Places Personal and Laundry Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/21/2031 6/21/2031 6/21/2046 6710 Post Rd., North Kingstown, RI 02852 6370 Mae Anne Ave., Ste.s 1 and 2, Reno, NV 89523 7000 W. Palmetto Park Rd,, Boca Raton, FL 33433 10340 SE Division St., Portland, OR 97266 19595 15 Mile Rd, Clinton Twp, MI 48035 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Wholesale Electronic Markets and Agents and Brokers Ambulatory Health Care Services Repair and Maintenance 9201 Dyer St., El Paso, TX 79924 299 S Main St., Salt Lake City, UT 84111 33 Fitchett St., Poughkeepsie, NY 12601 78 Brunswick St, Rochester, NY 14607 101 Park St., Canton, NC 28716 2220 Frederick Douglass Blvd, New York, NY 10026 510 Farm Market Rd. 718, Unit A, Newark, TX 76071 Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Construction of Buildings Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 6/18/2046 Term Loan Prime plus 2.75% 9/18/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/15/2031 6/15/2031 6/14/2046 Term Loan Prime plus 2.75% 6/14/2031 Term Loan Prime plus 2.75% 6/14/2031 Term Loan Prime plus 2.75% 6/11/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/11/2031 6/11/2046 Food Manufacturing Term Loan Prime plus 2.75% 6/10/2031 Gasoline Stations Term Loan Prime plus 2.75% 6/10/2031 F-91 See accompanying notes to consolidated financial statements. 49.2 48.8 36.8 13.4 108.0 18.2 10.4 63.9 70.0 35.3 31.0 44.7 136.9 40.3 11.6 249.0 22.4 9.8 63.5 8.9 17.9 49.2 48.8 36.8 13.4 108.0 18.2 10.4 63.9 70.0 35.3 31.0 44.7 136.9 40.3 11.6 249.0 22.4 9.8 63.5 8.9 17.9 52.8 54.3 36.2 12.2 104.3 16.5 9.7 58.0 79.1 39.0 28.4 40.6 133.0 45.1 10.5 225.9 23.2 9.0 71.1 8.3 18.8 0.01 % 0.01 % 0.01 % — % 0.03 % — % — % 0.02 % 0.02 % 0.01 % 0.01 % 0.01 % 0.04 % 0.01 % — % 0.06 % 0.01 % — % 0.02 % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) LVM Constructiion LLC 899 Toscanini, LLC Tri-Span Construction LLC dba Lawrence County Sand and Stone Swantown Inn & Spa LLC La Taqueria, Inc. Center for Jewish Addiction Rehabilitation, LLC dba Tikvah Lake Tec-Com Low Voltage Solutions Inc Aeffect, Inc Amazing G, LLC and Victoria Armstrong- Mensah Shericka Newsome dba Little Sunshine's Academy Keystone Contracting, LLC dba Keystone Roofing and Siding, LLC Compass Technical Services, Inc. Neuline Health Management LLC Dr. Karissa Walton, PLLC dba The Mobile Health Doc Rachel Reyes-Bergano, D.O. Inc dba Contempo Aesthetics 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 LEX-MAR SERVICE INC League One Logistics, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 194 N Grove St., East Orange, NJ 07017 899 Main St., Cambridge, MA 02139 Administrative and Support Services Food Services and Drinking Places 136 Southland Dr., Louisa, KY 41230 1431 11th Ave. SE, Olympia, WA 98501 10 Greenwich Ave., Greenwich, CT 06830 Heavy and Civil Engineering Construction Accommodation Food Services and Drinking Places 6549 Rajol Dr., Sebring, FL 33875 2045 Live Oak Blvd, Yuba City, CA 95991 5600 N River Rd., Ste. 800, Rosemont, IL 60018 Nursing and Residential Care Facilities Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/10/2031 11/9/2031 6/8/2031 6/8/2046 6/3/2031 6/3/2031 6/2/2031 Term Loan Prime plus 2.75% 5/28/2031 3030 N Saranac, Mesa, AZ 85207 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 5/28/2031 474 N Chew Rd., Hammonton, NJ 08037 Social Assistance Term Loan Prime plus 2.75% 5/27/2031 13.4 18.3 40.3 34.2 22.4 31.3 31.3 35.5 23.5 4.4 13.4 18.3 40.3 34.2 22.4 31.3 31.3 35.5 23.5 4.4 12.3 19.2 42.1 38.6 20.3 32.8 28.6 32.2 23.7 4.0 205 Rte. 9 N, freehold, NJ 07728 2600 Gravel Dr., Building 7, Fort Worth, TX 76118 1402 S Custer Rd., McKinney, TX 75070 Specialty Trade Contractors Professional, Scientific, and Technical Services Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/27/2031 5/27/2031 Term Loan Prime plus 2.75% 5/27/2046 182.7 182.7 194.3 140 N Granite St., Prescott, AZ 86301 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/26/2031 708 E Colorado Blvd., Pasadena, CA 91101 Ambulatory Health Care Services 1140 SE 7th, Ste. 190, Portland, OR 97214 Nonstore Retailers 872 Huntley Dr., West Hollywood, CA 90069 11496 Luna Rd. Ste 1200, Dallas, TX 75234 Personal and Laundry Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services 5608 Malvey Ave., Fort Worth, TX 76107 275 North Wyoming Ave., South Orange, NJ 07079 12278 NW 106th Ct., Medley, FL 33178 150 Hiram Industrial Dr., Hiram, GA 30141 Truck Transportation Merchant Wholesalers, Nondurable Goods Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/26/2031 5/26/2031 Term Loan Prime plus 2.75% 5/25/2031 Term Loan Prime plus 2.75% 5/25/2031 Term Loan Prime plus 2.75% 5/25/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/24/2031 5/21/2046 5/21/2046 F-92 See accompanying notes to consolidated financial statements. — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.05 % 0.01 % 0.02 % 0.01 % 0.01 % — % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.02 % 22.2 71.7 43.0 59.5 10.0 24.4 31.1 6.7 55.9 19.5 73.1 22.2 71.7 43.0 59.5 10.0 24.4 31.1 6.7 55.9 19.5 73.1 20.1 65.0 40.5 54.0 9.1 22.2 28.2 6.0 50.8 21.4 80.6 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) JJBM LLC dba Alumni Grill Hankemeier Holdings LLC dba Grow Salon Vernon Alexander dba Southern Ohio Hunting Preserve Woodzzy LLC dba Dba Woodzzy Bar & Resturant Motor Messenger NYC Inc Earth Analytical Sciences, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Rev Motorsports, LLC dba Speed Concept (#,^) Silverado Sales Inc dba Husker Sit N Sleep (#,^) Clavismen LLC dba Katy Wines and Spirits (#,^) Hank Thomas Performance Foy Commerce LLC Boyd's Cardinal Hollow Winery Corp dba Boyd's Cardinal Hollow Winery (#,^) (#) (#,^) NebulOS, Inc Grover Jackson Engineering, LLC 5 Star Renovations, Inc. and Five Star Group, Inc. G.A.P. Mechanical Inc. Cajun Made Charters, L.L.C 822 GROUP LLC Janie Lacy & Associates, LLC dba Life Counseling Solutions J-Tech Industries Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 3316 Pacific Ave., Wildwood, NJ 08260 205 W 6th St., Ste. 105 & 110, Georgetown, TX 78626 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/21/2046 Personal and Laundry Services Term Loan Prime plus 2.75% 5/20/2031 31625 Goosecreek Rd., McArthur, OH 45651 Animal Production and Aquaculture Term Loan Prime plus 2.75% 5/19/2031 1133 Clarkson Ave., Brooklyn, NY 11212 81-36 Baxter Ave., Queens, NY 11373 4825 Ward Dr, Beaumont, TX 77705 20745 SW Tualatin Valley Hwy., Ste 120, Aloha, OR 97003 1907 Central Ave., Kearney, NE 68847 5901 B Hwy. Blvd., Katy, TX 77494 917 Dixie Club Rd., Winston-Salem, NC 27107 1725 Park Ln. S, Ste. 2,, Jupiter, FL 33458 1830 West Point Pike, West Point, PA 19486 Food Services and Drinking Places Couriers and Messengers Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/19/2047 5/18/2031 Term Loan Prime plus 2.75% 5/17/2031 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Food and Beverage Stores Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/13/2031 5/11/2031 5/7/2031 Nonstore Retailers Professional, Scientific, and Technical Services Beverage and Tobacco Product Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/5/2031 Term Loan Prime plus 6.5% 5/5/2031 Term Loan Prime plus 2.75% 5/4/2046 Term Loan Prime plus 2.75% 4/30/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/30/2031 4/30/2046 5428 Twilight Way, Parker, CO 80237 1880 Campbellsville Rd., Pulaski, TN 38478 Miscellaneous Manufacturing 2997 US-29, Moreland, GA 30259 2500 North Forsyth Rd., C29, Orlando, FL 32807 27900 Hwy. 1, Golden Meadow, LA 70357 136 Treehaven St., Gaitherburg, MD 20878 670 N Orlando Ave, #103, Maitland, FL 32751 232 Alexandria Dr, Mooresville, NC 28115 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2031 Specialty Trade Contractors Fishing, Hunting and Trapping Professional, Scientific, and Technical Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/28/2031 4/28/2031 Term Loan Prime plus 2.75% 4/28/2031 Term Loan Prime plus 2.75% 4/26/2046 Term Loan Prime plus 2.75% 4/23/2031 F-93 See accompanying notes to consolidated financial statements. 20.0 16.9 20.9 191.8 156.2 84.1 22.8 16.9 7.5 31.1 5.7 87.8 12.7 55.8 52.6 19.3 19.8 41.7 44.1 33.3 5.7 20.0 16.9 20.9 191.8 156.2 84.1 22.8 16.9 7.5 31.1 5.7 87.8 12.7 55.8 52.6 19.3 19.8 41.7 44.1 33.3 5.7 22.6 15.3 21.9 212.3 146.0 79.9 20.7 15.3 6.9 31.7 5.8 98.4 11.7 51.8 57.1 19.4 18.2 41.2 40.0 37.1 5.2 0.01 % — % 0.01 % 0.06 % 0.04 % 0.02 % 0.01 % — % — % 0.01 % — % 0.03 % — % 0.01 % 0.02 % 0.01 % — % 0.01 % 0.01 % 0.01 % — % 3G Graphix LLC dba Elemento Graphics (#,^) 7160 Zionsville Rd, Indianapolis, IN 46268 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Max Rosin & Associates, Inc Wells Cutting Edge, LLC Acra Cast, Inc. Twenty Ten Agency, LLC AMERICAN CINEMA INSPIRES, INC and CEO Multimedia, Inc Oregon Glass Repair, LLC dba SuperGlass Windshield Repair; Gateway Veterinary Services P.C. dba Liberty Animal Clinic Lockett Trucking and Transport LLC RV Solar LLC Stephanie Ann Doty College Economy Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#) (#,^) Gerald Scott Lyda and Marvina Michae Lyda (#,^) (#,^) Motor City Bakery Inc dba Mexi bake (#,^) Tober Building Company, LLC Thomson Holdings Enterprises LLC dba Volusia County Towing Quality Sound Communications, Inc dba Technology Source TK Cleaning and Lawn Service LLC (#,^) (#,^) (#,^) Barrett Enterprises, LLC Walking Urgent Care Inc Suncoast Premier Medical, LLC and Mario R Perez MD PA (#,^) (#,^) (#,^) 37-43 West 14th St., Ste. 304, New York, NY 10011 4201 North Cochrane Ln., Erda, UT 84074 1837 First St., Bay City, MI 48708 340 S Lemon Avnue, Walnut, CA 91789 Professional, Scientific, and Technical Services Administrative and Support Services Primary Metal Manufacturing Educational Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 4/23/2031 4/22/2031 4/22/2031 4/21/2031 15363 Victory Blvd, Van Nuys, CA 91406 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 4/20/2031 2972 SE 38th Ct., Hillsboro, OR 97123 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2031 9212 Liberty Ave., Ozone Park, NY 11417 612 Colebridge Dr., Blacklick, OH 43004 3442 E Bulk Ln., Oak Creek, WI 53154 82 Diggins Dr., Folsom, CA 95630 679 Wedgewood Dr., Hanover Park, IL 60133 3555 Chimney Rock Rd., Hendersonville, NC 28792 8100 Radcliffe St., Detroit, MI 48210 3351 Brecksville Rd., Richfield, OH 44286 345 8th St., Daytona Beach, FL 32117 1551 North Tustin Ave., Ste. 125, Santa Ana, CA 92705 4449 Beechaven Dr., Rock Hill, SC 29732 920 N Columbia St, Milledgeville, GA 31061 10308 West Sample Rd., Coral Springs, FL 33065 Professional, Scientific, and Technical Services Truck Transportation Specialty Trade Contractors Insurance Carriers and Related Activities Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 6.5% 6.5% 4/15/2031 4/14/2031 4/14/2031 4/14/2031 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/13/2031 Wood Product Manufacturing Food Manufacturing Construction of Buildings Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 4/9/2046 4/7/2046 3/31/2031 Support Activities for Transportation Term Loan Prime plus 2.75% 3/31/2046 Telecommunications Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/31/2031 3/31/2046 Motor Vehicle and Parts Dealers 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 Prime plus 2.75% 3/31/2046 F-94 See accompanying notes to consolidated financial statements. 50.6 30.8 18.6 3.4 15.9 15.2 39.7 5.4 5.6 3.3 30.6 32.0 101.8 572.1 107.7 117.3 24.3 18.3 218.8 98.7 50.6 30.8 18.6 3.4 15.9 15.2 39.7 5.4 5.6 3.3 30.6 32.0 101.8 572.1 107.7 117.3 24.3 18.3 218.8 98.7 45.9 28.4 18.6 3.1 14.5 13.8 38.9 5.5 5.8 3.4 27.7 36.2 112.3 532.2 112.4 106.5 27.4 16.7 210.3 105.2 0.01 % 0.01 % — % — % — % — % 0.01 % — % — % — % 0.01 % 0.01 % 0.03 % 0.14 % 0.03 % 0.03 % 0.01 % — % 0.06 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) La Dolce Vita Water Sports LLC,LDV GOLF CART & BIKE RENTALS LLC TK Cleaning and Lawn Service LLC Trailer Marketing Services Inc Batteries in a Flash.com, Inc. Knight Settlement Sand & Gravel, LLC Barrett Enterprises, LLC dba Barrett and Sons Used Cars Statewide Health Care, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Drake Dance Academy LLC Underground Toys USA, LLC dba Seven 20 and Wozniak Distribution, Bojax Auto Collision, Inc dba Bojax Auto Body Repair The Sign Company of Wilmington, Inc. Empire State Adjuster's Corp.DBA Frankie M’s Auto Body East Bojax Auto Collision, Inc. dba Bojax Auto Body Repair RH All Around Repair, LLC Kidz Choice Service Inc and Kidz Choice Holdings Inc Jason Watt Pictures, LLC Markell Construction Inc QXC Communications, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) ALG-Health LLC and Axis LED Group, LLC (#,^) (#,^) Signet Media Inc (#,^) Zebra Enterprises, LLC dba Shanty 520 West Mulberry St., Bryon, OH 43506 630 S.1st St., San Jose, CA 95113 213 3rd St., Eureka, CA 95501 Amusement, Gambling, and Recreation Industries Administrative and Support Services Motor Vehicle and Parts Dealers 408 Kelly Plantation Dr, Destin, FL 32541 4449 Beechaven Dr., Rock Hill, SC 29732 4560 State Rte. 233, Clinton, NY 13323 211 W Commerce Park Ct., North Las Vegas, NV 89032 7291 Knight Settlement Rd, Bath, NY 14810 Mining (except Oil and Gas) 920 N Columbia St, Milledgeville, GA 31061 102 Oglethorpe Professional Ct., Savannah, GA 31406 Nonstore Retailers Motor Vehicle and Parts Dealers Ambulatory Health Care Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 3/31/2031 3/31/2031 3/31/2046 3/31/2046 3/31/2031 Term Loan Prime plus 2.75% 3/31/2046 Term Loan Prime plus 2.75% 3/31/2031 5790 Marble Creek Stree, Dublin, OH 43016 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/30/2046 7626 Miramar Rd, San Diego, CA 92126 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/30/2031 4712 Fernlee Ave., Royal Oak, MI 48073 428 Landmark Dr., Wilmington, NC 28412 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2046 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/30/2046 419 West Main St., Smithtown, NY 11787 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2046 4712 Fernlee Ave., Royal Oak, MI 48073 2008 Coahuila Rd, Odessa, TX 79763 Repair and Maintenance Repair and Maintenance Ambulatory Health Care Services 14-34 110th St., Flushing, NY 11356 110 Broadway #507, Brooklyn, NY 11249 Motion Picture and Sound Recording Industries 6248 N Woodstock St., Philadelphia, PA 19138 3785 North Federal Hwy., Ste. 205, Boca Raton, FL 33431 Specialty Trade Contractors Telecommunications Computer and Electronic Product Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/30/2031 6/30/2046 3/29/2031 3/29/2031 Term Loan Prime plus 2.75% 3/29/2031 Term Loan Prime plus 2.75% 3/29/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/29/2031 3/29/2031 3/26/2046 F-95 See accompanying notes to consolidated financial statements. 312.9 106.1 65.6 99.9 145.5 43.2 54.3 134.2 252.9 23.1 99.8 171.0 33.4 49.7 183.9 16.2 14.2 92.0 312.9 106.1 65.6 99.9 145.5 43.2 54.3 134.2 252.9 23.1 99.8 171.0 33.4 49.7 183.9 16.2 14.2 92.0 327.9 100.9 74.1 107.7 135.0 44.1 49.4 145.7 229.0 24.6 110.7 180.4 32.3 53.8 166.5 14.7 12.8 86.1 1,078.4 70.1 33.1 1,078.4 70.1 33.1 1,023.5 70.4 37.3 0.09 % 0.03 % 0.02 % 0.03 % 0.04 % 0.01 % 0.01 % 0.04 % 0.06 % 0.01 % 0.03 % 0.05 % 0.01 % 0.01 % 0.04 % — % — % 0.02 % 0.27 % 0.02 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Rob Smith dba Laundry Land AUBURN ANALYTICAL LABS, INC Ground Breakers Construction, Inc. Johnson Diversified, Inc dba Plumbing Solutions Leo Marketing LLC Diversified Electric, LLC Companion Plus Care, LLC Millennium Family Practice LLC Party Town Chico LLC Allan Gilbert dba Allan Gilbert Builders Linh Luong and Loc Luong Oscar Rene Guzman and American United Construction LLC Blasco Tire LLC Sundown Audio, LLC Malik Dough L.L.C. and Steven L. Malik II Capco Swimming Pools LLC and. Capco Industries, LLC dba Premier Pools (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) Icebox Cafe, L.C and Icebox Pantry, LLC (#,^) Clear Impact LLC and Clear Impact Inc Spartan Technology Solutions, Inc. Tripark LLC JEJ LLC dba Hawaii Jerky Shop; DE.HI Foods Natalie Dress Designers, LLC DBA Azaria Bridal (#,^) (#,^) (#,^) (#,^) (#,^) 8913 Sierra Ave., Fontana, CA 92335 2107 Bay City Rd., Midland, MI 48642 2292 a/k/a 2274 Hayride Rd., Lebec, CA 93243 29802 Avenida De Las Banderas, Rancho Santa Margarita, CA 92688 1127 E Rio Grande Ave, El Paso, TX 79902 1571 Mapledale St, Ferndale, MI 48220 19849 Middlebelt Rd., Livonia, MI 48152 6310 Steven Forest Rd., Columbia, MD 21045 1937 East 20th St. #B6, Chico, CA 95928 50 Jodi Dr., Belmont, NH 03220 1209 W Main St., Peroria, IL 61606 12520 Taylor Rd., Houston, TX 77041 960 Memorial Dr., Griffin, GA 30223 514 W 21st St., Newton, NC 28658 3347 Riverside Dr., North Tazewell, VA 24630 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2031 Term Loan Prime plus 2.75% 3/26/2031 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/26/2031 Specialty Trade Contractors Professional, Scientific, and Technical Services Specialty Trade Contractors Nursing and Residential Care Facilities Ambulatory Health Care Services Miscellaneous Store Retailers Construction of Buildings Food Services and Drinking Places Specialty Trade Contractors Motor Vehicle and Parts Dealers Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 3/26/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6.5% 3/26/2031 3/26/2031 3/25/2046 3/25/2031 3/25/2031 3/25/2031 3/24/2031 3/24/2031 3/24/2031 Term Loan Prime plus 2.75% 3/24/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/24/2031 5115 Savannah Green, Voy Omy, TX 78073 Construction of Buildings 219 NE 3rd St., Hallandale Beach, FL 33009 11300 Rockville Pike, #1001, Rockville, MD 20852 Food Services and Drinking Places 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% 3/22/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/22/2031 3/19/2046 125 Venture Blvd, Spartanburg, SC 29306 12630 Haynes Rd., Houston, TX 77066 111 Sand Island Access Rd., Honolulu, HI 96819 3710 US Hwy. 9, Space D218, Freehold, NJ 07728 Food Manufacturing Term Loan Prime plus 2.75% 3/19/2046 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/19/2031 F-96 See accompanying notes to consolidated financial statements. 17.1 21.9 21.4 76.7 13.1 18.5 128.5 84.1 13.0 21.9 76.7 157.8 5.6 88.3 9.2 28.8 129.0 136.2 43.8 146.1 147.3 285.2 17.1 21.9 21.4 76.7 13.1 18.5 128.5 84.1 13.0 21.9 76.7 157.8 5.6 88.3 9.2 28.8 129.0 136.2 43.8 146.1 147.3 285.2 15.7 19.8 22.4 78.3 12.8 16.8 134.2 88.0 11.8 20.1 78.2 144.6 5.7 80.1 8.4 29.0 119.1 124.7 39.7 155.1 159.7 260.6 — % 0.01 % 0.01 % 0.02 % — % — % 0.04 % 0.02 % — % 0.01 % 0.02 % 0.04 % — % 0.02 % — % 0.01 % 0.03 % 0.03 % 0.01 % 0.04 % 0.04 % 0.07 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Richard Keith Robison Jr. Enterprises, Inc. dba R & R Restoration Jemas, LLC Dba Medicine Shoppe St Charles David Edwin Harries Northern Services Inc WSCL, Inc Crystal H Thompson dba Advertise IT AZ Dropship LLC dba A-Z Trading Co Zmetra Clear Span Structures, LLC LT Johnson DDS PLLC dba Brueggen Dental Implant Center Battle Forged Fitness, LLC dba CrossFit 1976 Ryan Doyle Enterprises, LLC dba Earthworkers Landscaping Crispeno Realty, Inc 274 Construction Group, Inc EXAGEN SOLUTIONS INC DTJ Enterprises, Inc dba West Falmouth Market INB Enterprise LLC Benevolent Family Services LLC, Hany and Associates LLC dba Integrity Tax Group Swick & Son Enterprises, Inc. Craftworks NW, LLC Kris-Leigh Catered Living at Severna Park LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) 1539 Apache Dr., Montgomery, TX 77316 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/19/2031 488 S 5th St., St Charles, MO 63301 5506 Riverside Dr, Chino, CA 91710 2266 Central St., Ste.6, Richmond, CA 94801 176 Rosa Ct., Colton, CA 92324 718 N Main St., Norwood, CT 28128 735 Crofton St SE, Grand Rapids, MI 49507 Nonstore Retailers 2 Old Worcester Rd., Dudley, MA 01571 Health and Personal Care Stores Insurance Carriers and Related Activities Administrative and Support Services Construction of Buildings Printing and Related Support Activities Miscellaneous Manufacturing Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 3/19/2031 3/19/2031 3/18/2031 3/18/2031 3/18/2031 3/18/2031 3/18/2031 14626 Bellaire Blvd., Houston, TX 77083 3251 East Stone Ct., Eagle Mountain, UT 84005 Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/18/2031 Term Loan Prime plus 2.75% 6/17/2046 802 Klinger Ln, Lebanon, PA 17042 9812 235th Pl SW, Edmonds, WA 98020 420 Raleigh St., Ste. F, Wilmington, NC 28412 32 Waverly Cir, Waverly, NY 12189 Administrative and Support Services Real Estate Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/17/2031 3/16/2031 Heavy and Civil Engineering Construction Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/16/2031 Term Loan Prime plus 2.75% 3/16/2031 623 W Falmouth hwy, Falmouth, MA 02540 Food and Beverage Stores 7761 Diamondback Dr., College Park, MD 20742 522 S Independence Blvd., Ste. 201, Virginia Beach, VA 23452 Professional, Scientific, and Technical Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/15/2046 Term Loan Prime plus Term Loan Prime plus 6.5% 6.5% 3/15/2031 3/15/2031 Term Loan Prime plus 2.75% 3/12/2031 2020 S Oneida St., Denver, CO 80224 108 Mashell Ave. North, Eatonville, WA 98328 12421 NE 117th Ave, Vancouver, WA 98662 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/12/2031 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/12/2031 13.2 79.0 13.2 43.9 45.1 28.1 43.9 109.7 6.5 53.8 13.2 7.1 163.2 46.5 175.5 5.6 5.6 19.5 64.2 13.2 13.2 79.0 13.2 43.9 45.1 28.1 43.9 109.7 6.5 53.8 13.2 7.1 163.2 46.5 175.5 5.6 5.6 19.5 64.2 13.2 11.9 71.6 11.9 39.7 40.9 26.5 39.8 110.2 6.0 53.3 12.7 6.4 155.7 42.1 188.4 5.7 5.7 17.7 58.6 12.5 831 Ritchie Hwy., Severna Park, MD 21146 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/12/2031 669.6 669.6 700.5 F-97 See accompanying notes to consolidated financial statements. — % 0.02 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.03 % — % 0.01 % — % — % 0.04 % 0.01 % 0.05 % — % — % — % 0.02 % — % 0.19 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Motus Inc. dba Stage Your Home San Diego Clean Energyz LLC Clean Energyz LLC INTERNETZONE I, INC. Monark, LLC ACTIVE FACILITY MONITORING, LLC 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 Metroguard Security & Risk Mgmt Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Miss Academy, LLC dba Miss Houston Pageant (#,^) Anne M Prior LLC Goodsell/Wilkins, Inc Innovative Dental of Hannibal LLC Medissage Integrative Therapies, LLC (#,^) (#,^) (#,^) (#,^) KOLOA KAI LLC and Stay Beach Cities, Inc (#,^) TELAVERGE COMMUNICATIONS, LLC Eagle Creek Landscape & Design Eddy Auto Service Inc (#,^) (#,^) (#,^) 8229 Foutain Ridge Dr., Plano, TX 75025 7574 Eagle Creek Rd., Cincinnati, OH 45247 901 NY-109, West Babylon, NY 11704 7557 Convoy Ct, San Diego, CA 92111 881 Alma Real Dr., Ste.s T-16, Pacific Palisades, CA 90272 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 1867 & 1871 S Academy Blvd, Colorado Springs, CO 80916 1401 Caplin Dr., Arlington, TX 76018 5923 Robindale Rd., Catonsville, MD 21228 Real Estate Term Loan Prime plus 2.75% 3/11/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/11/2031 Specialty Trade Contractors Other Information Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/11/2031 3/10/2031 Food Manufacturing Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Social Assistance Term Loan Prime plus 2.75% 3/10/2031 Term Loan Prime plus 2.75% 3/9/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/5/2031 3/5/2046 Repair and Maintenance Term Loan Prime plus 2.75% 3/5/2031 203 North 1st St., Pulaski, TN 38478 Real Estate Term Loan Prime plus 2.75% 3/4/2031 Repair and Maintenance Administrative and Support Services 2753 N 29th St., Milwaukee, WI 53210 338 Commerce Dr., Fairfield, CT 06825 1111 Uptown Park Blvd #12, Houston, TX 77056 5933 NW Wins Sivers Dr., Portland, OR 97220 28175 Bluebell Dr., Laguna Niguel, CA 92677 515 Clinic Rd., Hannibal, MO 63401 103 Twinridge Ln., Richmond, VA 23235 Personal and Laundry Services 2-2514 Kaumualii Hwy., Kalaheo, HI 96741 Specialty Trade Contractors Ambulatory Health Care Services Personal and Laundry Services Professional, Scientific, and Technical Services Real Estate Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/3/2046 3/2/2031 Term Loan Prime plus 2.75% 2/26/2031 Term Loan Prime plus 2.75% 2/25/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2/25/2031 2/24/2031 2/23/2046 Term Loan Prime plus 2.75% 2/22/2031 Term Loan Prime plus 2.75% 2/19/2031 Administrative and Support Services Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/19/2031 2/18/2046 F-98 See accompanying notes to consolidated financial statements. 22.2 52.7 37.1 7.0 30.8 8.7 16.3 116.6 4.4 27.1 7.0 181.0 8.7 15.1 86.9 43.5 7.2 6.5 30.4 41.3 84.9 22.2 52.7 37.1 7.0 30.8 8.7 16.3 116.6 4.4 27.1 7.0 181.0 8.7 15.1 86.9 43.5 7.2 6.5 30.4 41.3 84.9 20.1 47.7 36.0 6.3 27.9 7.9 17.1 128.6 4.0 26.3 7.9 163.9 7.9 13.7 78.7 39.4 8.2 5.9 27.6 37.8 95.9 0.01 % 0.01 % 0.01 % — % 0.01 % — % — % 0.03 % — % 0.01 % — % 0.04 % — % — % 0.02 % 0.01 % — % — % 0.01 % 0.01 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Ben Anderson 365 Alima Mandiang, dba Mandiang Hair Braiding Commonwealth Warehouse, Inc. ReenBoog Natural Hair Care, LLC White Pine Logistics Inc Design Moves LLC Ryan Spataro dba The Minty Goat A-One Refrigeration and Heating, Inc. UniGuide Media,LLC A-One Refrigeration and Heating, Inc Little Swimmers Inc. Hybrid Drive Batteries LLC Michael Miller dba Affordable Paint and Auto Body Little Angels Daycare and Learning Center LLC Davis Laboratories, Inc. (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) CULTIVA Solutions, LLC TC3, LLC (#,^) Dexter Lillie dba Kreative Kutz Barber Shop (#,^) (#,^) Payne's Environmental Services LLC Jazma Deaungilae Wise Chrysalis MSP LLC (#) (#,^) Inland Empire Spine and Disc Laser, Inc. (#,^) Professional, Scientific, and Technical Services 1567 E Valley Rd, Montecito, CA 93108 242 E. Claremont Rd, Philadelphia, PA 19120 400-500 Murray Rd., Cincinnati, OH 45217 Warehousing and Storage 4051 Stone Mountain Hwy., Ste. E106, Lilburn, GA 30047 1281 Cobble Pond Way, Vienna, VA 22182 Truck Transportation Personal and Laundry Services Health and Personal Care Stores Term Loan Prime plus 2.75% 2/18/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 2/17/2031 2/17/2031 2/17/2031 2/16/2031 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/16/2046 3235 North Dixie Hwy., Oakland, FL 33334 6801 N Crystal Ave., Kansas City, MO 64119 910 N 20th Ave., Pasco, WA 99301 105 Pearl St., Sausalito, CA 94965 910 N 20th Ave., Pasco, WA 99301 2395 Monument Blvd., Concord, CA 94520 Educational Services 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 Repair and Maintenance Repair and Maintenance Administrative and Support Services Specialty Trade Contractors Professional, Scientific, and Technical Services Specialty Trade Contractors Social Assistance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Administrative and Support Services Personal and Laundry Services Administrative and Support Services 611 Lunar Ave., Brea, CA 92821 8000 Towers Crescent Dr.,, Vienna, VA 22182 1036 Country St. 2945, Tuttle, OK 73089 865 Cassat Ave., Jacksonville, FL 32205 5617 Causeway Blvd., Tampa, FL 33619 110 Golden Pine Rd SW, Austell, GA 30168 14550 Torrey Chase Blvd, Ste. 110, Houston, TX 77014 802 Magnolia Ave, Ste 103, Corona, CA 92879 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 2.75% 2/16/2031 2/11/2046 2/11/2031 2/11/2031 2/11/2031 Term Loan Prime plus 2.75% 2/10/2031 Term Loan Prime plus 2.75% 2/9/2046 Term Loan Prime plus 2.75% 2/3/2047 Term Loan Prime plus 2.75% 2/1/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 1/29/2031 1/29/2031 1/29/2046 1/28/2031 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 1/28/2031 Term Loan Prime plus 2.75% 1/26/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/22/2031 F-99 See accompanying notes to consolidated financial statements. 43.4 2.2 50.0 17.4 50.1 82.5 4.3 281.4 5.6 143.7 38.4 13.1 21.5 118.9 54.3 3.4 4.6 17.4 160.5 3.5 9.9 43.1 43.4 2.2 50.0 17.4 50.1 82.5 4.3 281.4 5.6 143.7 38.4 13.1 21.5 118.9 54.3 3.4 4.6 17.4 160.5 3.5 9.9 43.1 39.3 2.3 45.3 15.9 45.4 90.7 4.2 306.9 5.7 134.4 35.2 11.9 23.5 121.8 52.6 3.1 4.6 19.7 151.8 3.6 9.0 40.3 0.01 % — % 0.01 % — % 0.01 % 0.02 % — % 0.08 % — % 0.04 % 0.01 % — % 0.01 % 0.03 % 0.01 % — % — % 0.01 % 0.04 % — % — % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Wild Wellness LLC Andrew's Spotless Cleaning, LLC Greater Vision Healthcare Services, LLC (#) (#) (#,^) 151 Lake St., Lancaster, OH 43130 6003 Murnan Rd, Cold Spring, KY 41076 788 Montgomery Ave., Ocoee, FL 34761 WILD THING ACCOUNTING & TAX LLC (#) 805 NE 190th Ave., Portland, OR 97230 Skypie Studio & Crafts LLC R & L Timber, Inc Centre for Autism Treatment LLC 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 White Pine Logistics, Inc. (#) (#,^) (#) (#,^) (#) (#) (#,^) (#,^) (#,^) Athletic Performance Training Center, LLC (#,^) (#,^) Westby Grocery LLC TNJ Products, Inc. Moran Tax & Accounting LLC Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC The Spot Bar & Restaurant LLC Hawthorne Food Company dba Eastern Standard Seven C's Manufacturing, Inc Leila Zamiri, DDS, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Ambulatory Health Care Services Administrative and Support Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Forestry and Logging Professional, Scientific, and Technical Services Support Activities for Transportation Construction of Buildings 933 Mary Ave, Opelousas, LA 70570 524 Callen Crabb Rd., Sagle, ID 83860 13090 Sundown Rd., Victorville, CA 92392 16 NY-6N, Mahopac, NY 10541 8629 Mesquite Cir., Magna, UT 84044 Personal and Laundry Services 23642 Hwy. 25, Franklinton, LA 70438 750 International Pkwy. #105, Richardson, TX 75081 68700 Dinah Shore Dr., Cathedral, CA 92234 1281 Cobble Pond Way, Vienna, VA 22182 Truck Transportation 12855 York-Delta Dr., North Royalton, OH 44133 212 Main St., Westby, MT 59275 4912 N Lincoln Ave, Ste. 101, Chicago, IL 60625 Personal and Laundry Services Food and Beverage Stores Merchant Wholesalers, Durable Goods Motion Picture and Sound Recording Industries Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services 128 N Franklin St, Brazil, IN 47834 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 6.5% 2.75% 1/22/2031 1/22/2031 1/22/2046 Term Loan Prime plus 6.5% 1/22/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 6.5% 2.75% 6.5% 1/22/2031 1/20/2031 1/20/2031 1/19/2031 1/19/2031 Term Loan Prime plus 6.5% 1/18/2031 Term Loan Prime plus 2.75% 1/15/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 1/14/2046 1/11/2031 1/8/2031 1/8/2046 Term Loan Prime plus 2.75% 12/31/2030 Term Loan Prime plus 2.75% 12/31/2045 1491 Hammond St., Bangor, ME 04401 10540 State Rte. 195, Killeen, TX 76542 Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Term Loan Term Loan 117 Beaver St., Waltham, MA 02452 3895 Corsair St., Reno, NV 89502 3317 E 10th St., Long Beach, CA 90804 Food Manufacturing Miscellaneous Manufacturing Ambulatory Health Care Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/31/2045 12/31/2045 12/31/2030 12/31/2030 12/31/2045 F-100 See accompanying notes to consolidated financial statements. 2.4 5.5 897.4 5.5 5.3 212.9 5.5 10.1 5.5 11.1 170.8 238.0 341.8 12.9 42.4 183.7 16.9 34.6 37.0 747.5 469.8 151.0 2.4 5.5 897.4 5.5 5.3 212.9 5.5 10.1 5.5 11.1 170.8 238.0 341.8 12.9 42.4 183.7 16.9 34.6 37.0 747.5 469.8 151.0 2.5 5.6 979.9 5.6 5.4 200.5 5.6 9.1 5.6 11.3 154.7 253.3 312.8 11.7 44.2 166.3 18.5 39.0 41.8 677.7 455.8 170.5 — % — % 0.26 % — % — % 0.05 % — % — % — % — % 0.04 % 0.07 % 0.08 % — % 0.01 % 0.04 % — % 0.01 % 0.01 % 0.18 % 0.12 % 0.05 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) M2 Lumber LLC Perfect Game Incorporated Educare Early Intervention, Corporation Bourque Sales and Service Inc. United Security Specialists, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Center of New England Primary Care Inc (#,^) Petroleum Equipment & Services, Inc. Bourque Sales and Service Inc (#,^) George Family Cremation and Burial LLC (#,^) Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc Performance Online, Inc (#,^) (#,^) Lightstat Inc. (#,^) Eppy's Tool & Equipment Warehouse, Inc (#,^) Trident E&P, LLC 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 SDI Black 011, LLC Khangri Sourcing Inc. Bojax Auto Collision Inc Litchy Electric L.L.C. E R Kilpatrick, LLC dba Jefferson Street True Value (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Wood Product Manufacturing Amusement, Gambling, and Recreation Industries Ambulatory Health Care Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services 110 Brick House Rd., Laurens, SC 29360 850 Twixt Town Rd NE, Cedar Rapids, IA 52402 4557 S Calumet Ave, Chicago, IL 60653 9160 Linwood Ave., Shevport, LA 71106 275 Saratoga Ave. Ste. 200, Santa Clara, CA 95050 775 Center of New New England Blvd, Coventry, RI 02816 5631 Silverado Way, Anchorage, AK 99518 Rental and Leasing Services 9160 Linwood Ave., Shreveport, LA 71106 Merchant Wholesalers, Durable Goods 1260 W Mission Ave, Escondido, CA 92029 Personal and Laundry Services Ambulatory Health Care Services Motor Vehicle and Parts Dealers Miscellaneous Manufacturing Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Construction of Buildings 501 N Wymore Rd, Winter Park, FL 32789 Administrative and Support Services 1550 Melissa Ct, Corona, CA 92879 22 W West Hill Rd., Barkhamsted, CT 06063 809 East 42nd St., Brooklyn, NY 11210 320 Cir. of Progress Dr., Pottstown, PA 19464 18730 Cortez Blvd, Brooksville, FL 34601 5400 Ward St., Building V Ste 170, Arvada, CO 80002 775 Centre of New England Blvd, Coventry, RI 02816 1091 YONKERS AVE, YONKERS, NY 10704 Merchant Wholesalers, Nondurable Goods 6021 129th. Ave SE, Bellevue, WA 98006 Merchant Wholesalers, Nondurable Goods 4706 Fenlee Ave., Royal Oak, MI 48073 4035 E Post Rd, Las Vegas, NV 89120 Repair and Maintenance Specialty Trade Contractors Administrative and Support Services Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/31/2030 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/30/2030 12/30/2030 12/30/2045 Term Loan Prime plus 2.75% 12/30/2030 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/30/2045 12/30/2030 12/30/2045 3/30/2031 12/30/2030 12/30/2030 12/30/2030 12/30/2030 12/30/2030 12/30/2030 Term Loan Prime plus 2.75% 12/30/2030 Term Loan Prime plus 2.75% 12/30/2045 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/30/2030 12/29/2030 12/29/2045 12/29/2030 212 Greenwood St., La Grande, OR 97850 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/28/2030 F-101 See accompanying notes to consolidated financial statements. 9.6 1,067.8 37.8 138.2 99.4 407.6 359.9 140.8 89.0 341.7 119.7 320.4 223.0 9.6 1,067.8 37.8 138.2 99.4 407.6 359.9 140.8 89.0 341.7 119.7 320.4 223.0 9.3 1,040.8 34.2 156.0 90.0 460.2 330.0 159.0 84.3 357.5 108.9 327.4 202.0 1,056.2 59.9 1,056.2 59.9 1,009.4 54.4 853.3 439.4 192.2 130.9 332.2 85.4 122.8 853.3 439.4 192.2 130.9 332.2 85.4 122.8 772.8 496.1 184.4 118.3 350.9 78.4 114.4 — % 0.28 % 0.01 % 0.04 % 0.02 % 0.12 % 0.09 % 0.04 % 0.02 % 0.10 % 0.03 % 0.09 % 0.05 % 0.27 % 0.01 % 0.21 % 0.13 % 0.05 % 0.03 % 0.09 % 0.02 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Sondra Gayle Insurance Agency Inc. SLCP Transport, LLC (#,^) (#,^) Title2Land,LLC Terry A. Humphreys dba Tiki Torch Liquors (#) (#,^) NetLevel5 LLC dba Moutain Air Duct UBIF 86 CO dba UBREAKIFIX Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC Spectrum Dynamics, Inc dba Clean Water Works Chris' Angels Cleaning Service LLC KCL Business Service Inc. 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 Katie Cox & Co. LLC Code 3 Apps LLC. Pumpkin Patch Child Care and Early Education Center, LLC (#,^) (#,^) (#,^) (#) (#) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2107 Veterans Memorial Blvd, Metaire, LA 70002 111 Brentwood Dr., College Station, TX 77840 11851 Wentling Ave., Baton Rouge, LA 70816 101 Dallas St., Talihima, OK 74571 4724 Poleplant Dr., Colorado Springs, CO 80918 1539 Town Center Dr., Lakeland, FL 33803 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/24/2030 Repair and Maintenance Term Loan Prime plus 2.75% 12/23/2030 Real Estate Food and Beverage Stores Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 12/23/2045 12/23/2030 Administrative and Support Services Term Loan Prime plus 2.75% 12/23/2030 Repair and Maintenance Term Loan Prime plus 2.75% 12/23/2030 6.4 52.2 108.7 11.0 13.8 48.9 6.4 52.2 108.7 11.0 13.8 48.9 6.5 48.5 122.7 11.1 12.8 44.2 1644 Main St. Ste. 1, Columbia, SC 29201 Educational Services Term Loan Prime plus 2.75% 12/23/2030 496.5 496.5 466.7 27727 Dalton Bluff Ct., Katy, TX 77494 2090 Dunwoody Club Dr., Sandy Springs, GA 30350 1042 San Fernando Rd., San Fernando, CA 91340 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 6605 Longshore ST, Ste 240, Dublin, OH 43017 843 Tempted Ways Dr, Longmont, CO 80504 310 Grove Beach Rd. N, Westbrook, CT 06498 Professional, Scientific, and Technical Services Administrative and Support Services Performing Arts, Spectator Sports, and Related Industries 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 Term Loan Prime plus Term Loan Prime plus 6.5% 6.5% 6.5% 12/23/2030 12/23/2030 12/23/2030 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 Professional, Scientific, and Technical Services 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 Term Loan Prime plus 2.75% 12/18/2030 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/18/2030 11.0 11.0 11.0 56.8 186.9 3.7 650.3 352.6 7.2 42.3 77.4 6.3 6.3 11.0 11.0 11.0 56.8 186.9 3.7 650.3 352.6 7.2 42.3 77.4 6.3 6.3 11.1 11.1 11.1 64.1 168.9 3.8 609.6 381.4 6.7 47.1 86.2 5.7 5.7 — % 0.01 % 0.03 % — % — % 0.01 % 0.12 % — % — % — % 0.02 % 0.04 % — % 0.16 % 0.10 % — % 0.01 % 0.02 % — % — % Social Assistance Term Loan Prime plus 2.75% 12/18/2045 111.1 111.1 121.7 0.03 % F-102 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/18/2030 60.1 60.1 Specialty Trade Contractors Professional, Scientific, and Technical Services Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2030 1,067.8 1,067.8 Term Loan Prime plus 2.75% 12/18/2030 Term Loan Prime plus 2.75% 12/18/2045 665.9 50.0 665.9 50.0 Term Loan Prime plus 2.75% 12/18/2030 1,067.8 1,067.8 Term Loan Prime plus 2.75% 12/18/2030 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/18/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2030 SBA Unguaranteed Accrual Investments (1) (22) Yinlink International Inc Giant Development Inc and Crabtree Development Corp Tahzoo LLC Last Touch LLC Splashlight Photographic & Digital Studios LLC ,Splashlight REST Enterprises Inc dba Upstyled Properties Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC Horne Chiropractic Center, P.A Edgar E. Herrera Garcia, Rocio L. D. Herrera dba Integral Delivery Ser People United of Louisiana LLC RJL Texas International Corporation Neeld Rentals Inc dba Mills True Value Hardware Carolina Roofing Siding Painting LLC Anthony Connelly Holdings LLC Highstar Travel Group, LLC Vege Investments, LLC dba Sunoco Homestead Signature Graphic LLC David M. Benson LLC Last Minute Effects Inc. Vector Utilities LLC Aeromax Industries Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) 2 Corporate Dr., Suiite A, East Windsor, NJ 08512 509 Pylon Dr, Ste 110, Raleigh, NC 27606 1015 7th St. NW, Washington, DC 20001 927 E 10th St, Fairmont, MN 56031 75 Varick St, 3rd Floor, New York, NY 10013 1440 W Taylor St Unit 595, Chicago, IL 60607 1145 13th Ave. East, Palmetto, FL 34221 3820 Mountain Rd., Ste.s B & C, Pasadena, MD 21122 205 Clinton Blvd, Clinton, MS 39056 204 Depot St., Camponbello, SC 29322 7260 Dean Martin Dr., Ste. 800, Las Vegas, NV 89118 2869 Wilshire Dr., Ste. 204, Orlando, FL 32835 26400 SW 177th Ave, Homestead, FL 33031 14425 N 79th St, Ste. B, Scottsdale, AZ 85260 1422 Euclid Ave, Cleveland, OH 44115 1016 Hamline Pl., Burbank, CA 91504 8501 San Gabriel Dr., Laredo, TX 78045 1310 Ranchers Legacy Trail, Fort Worth, TX 76126 3100 Delaware Ave., Des Moines, IA 50313 Truck Transportation 1401 Hudson Ln., Monroe, LA 71201 17401 Triton,, Schertz, TX 78154 Ambulatory Health Care Services Merchant Wholesalers, Nondurable Goods Building Material and Garden Equipment and Supplies Dealers Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/18/2045 12/18/2030 12/18/2030 12/18/2030 12/17/2045 Nonstore Retailers Term Loan Prime plus 2.75% 12/17/2030 Administrative and Support Services Term Loan Prime plus 2.75% 12/16/2030 Gasoline Stations Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Motion Picture and Sound Recording Industries Specialty Trade Contractors 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 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/15/2030 12/14/2030 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/14/2030 F-103 See accompanying notes to consolidated financial statements. 60.1 998.5 602.8 56.5 965.0 13.4 171.4 77.2 238.6 120.3 220.8 4.3 15.7 193.0 17.4 11.1 65.6 11.1 11.9 318.8 135.1 0.02 % 0.27 % 0.16 % 0.02 % 0.26 % — % 0.05 % 0.02 % 0.06 % 0.03 % 0.06 % — % — % 0.05 % — % — % 0.02 % — % — % 0.08 % 0.04 % 12.8 189.7 85.4 217.4 128.1 232.1 4.7 14.5 213.6 19.2 11.0 72.6 11.0 12.8 320.4 149.5 12.8 189.7 85.4 217.4 128.1 232.1 4.7 14.5 213.6 19.2 11.0 72.6 11.0 12.8 320.4 149.5 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Accommodating Financial & Tax Services, LLC Droplette Marketing Co Corple Enterprisees Inc (#,^) (#,^) (#,^) Efficient, Fast & Good Cleaning Services Inc (#,^) Premium Marketing Co. Inc. dba Vera Moore Cosmetics Shattered Prism LLC (#,^) (#,^) Jamali LLC dba Saahten LTD Broadband, LLC Inner Beauty Salon and Suite LLC Just In Time Refrigeration LLC M-Den, Inc Zebra House Coffee, LLC HWH Unlimited, Inc. CashLine Solutions, LLC Indecon Builders Inc Travel with Love, LLC dba Style & The Storyteller Perez Law Office, PLLC Combs Creative LLC Moxie Marketing, LLC Tina D. Coker DBA Diane's Accounting Service Staffhink Limited dba Barn Owl Drone Services SME Business Services LLC (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#) (#,^) (#,^) 1642 Ralston Cir., Toledo, OH 43623 6481 Orangethorpe Ave., Buena Park, CA 90620 17887 US Hwy. 380 West, Ponder, TX 76259 2444 NW 177th Ter., Miami Gardens, FL 33056 4 Shadow Ln., Woodbury, NY 11797 3333 Broadway, New York, NY 10031 2741 Raceway Fairfield West, Pensacola, FL 32503 69 Teahouse St, Las Vegas, NV 89138 825 Beecher St SW, Atlanta, GA 30310 6400 EDNA TAYLOR PKWY, MONONA, WI 53716 315 Main St., Ann Arbor, MI 48104 1001 S El Camino Real, San Clemente, CA 92672 43386 Business Park Dr., Temecula, CA 92590 467741 E 1050 Rd, Sallisaw, OK 74955 1382 Valencia Ave., Tustin, CA 92780 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 80 N McClintock Dr, Chandler,, AZ 85226 157 Antler Ridge Cir.,, Nashville, TN 37214 51 Lee Dr, Palm Coast, FL 32137 119 E Haywood St, England, AR 72046 4283 Deerfield Hills Rd, Colorado Springs, CO 80916 930 Chesaco Ave., Rosedale, MD 21237 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2045 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2030 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/14/2030 Administrative and Support Services Term Loan Prime plus 2.75% 12/14/2030 Health and Personal Care Stores Motion Picture and Sound Recording Industries Term Loan Term Loan Food Services and Drinking Places Telecommunications Personal and Laundry Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 2.75% 12/11/2030 12/11/2030 12/11/2030 12/10/2030 12/10/2045 Specialty Trade Contractors 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/9/2030 Real Estate Administrative and Support Services Construction of Buildings Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 6.5% 2.75% 12/9/2030 12/7/2030 12/4/2030 12/4/2030 12/4/2045 12/4/2030 12/3/2030 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/3/2030 Data Processing, Hosting, and Related Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/3/2030 12/3/2030 F-104 See accompanying notes to consolidated financial statements. 40.9 5.8 53.4 6.4 19.2 6.4 11.0 954.1 62.8 220.1 981.3 38.4 64.1 10.3 42.7 4.4 65.2 4.1 106.8 11.0 4.5 19.2 40.9 5.8 53.4 6.4 19.2 6.4 11.0 954.1 62.8 220.1 981.3 38.4 64.1 10.3 42.7 4.4 65.2 4.1 106.8 11.0 4.5 19.2 45.7 5.5 48.2 6.0 17.7 6.7 11.1 921.2 70.9 235.2 981.4 34.7 66.9 9.3 38.6 4.4 73.6 4.2 96.5 11.1 4.4 17.4 0.01 % — % 0.01 % — % — % — % — % 0.25 % 0.02 % 0.06 % 0.26 % 0.01 % 0.02 % — % 0.01 % — % 0.02 % — % 0.03 % — % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) American Retail Properties, Inc. Jonathan J Klaczik LLC dba Veterans Fence Company Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea The Alder SmokeHouse LLC LIAISON STAINLESS INC 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 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 Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys Supersonic Cleaning Services Inc Marcus Horn dba Versatile Styles and Cuts Shades of U, Inc. dba Diva by Cindy VIP Lawn Care Services LLC dba VIP Services (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 125 Main St. 2nd Floor, Reading, MA 01867 Real Estate Term Loan Prime plus 2.75% 11/30/2030 7417 Dover Ln., Parma, OH 44130 Personal and Laundry Services Term Loan Prime plus 2.75% 11/27/2030 Merchant Wholesalers, Nondurable Goods Merchant Wholesalers, Durable Goods 14a Craig Rd., Acton, MA 01720 1055 Virginia Ave, North Bend, OR 97459 Food Services and Drinking Places 630 James Lee Dr NW, Suwanee, GA 30024 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 2006 National Guard Dr., Plant City, FL 33563 Food and Beverage Stores Repair and Maintenance Social Assistance Printing and Related Support Activities Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Specialty Trade Contractors Professional, Scientific, and Technical Services Printing and Related Support Activities 3325 Highland St., Grove City, OH 43123 4725 Morgan Territory Rd., Clayton, CA 94517 2525 Pointe Center Ct., Ste. 200, Dumfries, VA 22026 386 Squire Rd., Revere, MA 02151 2218 Marine View Dr., Tacoma, WA 98422 8712 60th Ter. South, Lake Worth, FL 33467 1071 Serpentine Ln., Pleasanton, CA 94566 36 Seitz Ter., Arlington, NY 12603 2018 24th Ave., Meridian, MS 39301 15212 Hanover Pike, Upperco, MD 21155 Health and Personal Care Stores Administrative and Support Services Administrative and Support Services Personal and Laundry Services Administrative and Support Services Transportation Equipment Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/27/2030 11/25/2030 Term Loan Prime plus 2.75% 11/25/2030 Term Loan Prime plus 2.75% 11/24/2030 Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 2.75% 11/24/2030 Term Loan Prime plus 2.75% 11/20/2030 Term Loan Prime plus 2.75% 11/18/2030 Term Loan Prime plus 2.75% 11/18/2030 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/17/2030 11/10/2045 Term Loan Prime plus 2.75% 11/9/2030 Term Loan Prime plus 2.75% 11/4/2030 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 11/4/2030 10/29/2030 10/15/2045 10/9/2045 3875 Fay Blvd., Cocoa, FL 32927 Administrative and Support Services Term Loan Prime plus 2.75% 10/8/2030 F-105 See accompanying notes to consolidated financial statements. 19.3 19.1 33.9 9.5 63.6 6.4 10.9 72.6 12.5 19.3 19.1 33.9 9.5 63.6 6.4 10.9 72.6 12.5 17.5 18.1 30.8 10.0 57.4 5.7 11.0 66.0 11.3 14.7 66.7 92.8 193.8 339.7 44.5 173.9 32.6 10.1 86.8 16.0 14.7 66.7 92.8 193.8 339.7 44.5 173.9 32.6 10.1 86.8 16.0 13.3 60.3 83.9 214.7 354.7 41.5 181.6 29.8 11.0 95.2 14.6 — % — % 0.01 % — % 0.02 % — % — % 0.02 % — % 0.09 % — % 0.02 % 0.02 % 0.06 % 0.09 % 0.01 % 0.05 % 0.01 % — % 0.03 % — % Term Loan Prime plus 2.75% 11/19/2045 289.4 289.4 326.7 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) KTF Consulting Corp The Hall at the Yard LLC dba The Hall on the Yard 7PSolutions, LLC Babys on Broadway LLC Hazleton Oil & Environmental, Inc South Park Hardware, LLC Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC BulkMore LLC Mister Dexters LTD dba Shuga's Mister Dexters LTD dba Shuga's Alliance Heating & Air Conditioning, Inc. Terry and Tammy Jacobsen, Inc dba Appliance Recycling Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet Profit Stewards, LLC Caplan Home Care, LLC Suburban Transmission of Northern Illinois, Inc. 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2471 N Geneva Ter., Chicago, IL 60614 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/6/2030 1412 Alden Rd., Orlando, FL 32803 136 North Van Buren St., Nashville, IN 47448 47 East Broadway, Little Falls, MN 56345 300 Tamaqua St., Hazleton, PA 18201 16074 South Park Ave, South Holland, IL 60473 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 10 Brookfield Ave., Bridgeport, CT 06610 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/2/2031 Merchant Wholesalers, Durable Goods Clothing and Clothing Accessories Stores Merchant Wholesalers, Durable Goods Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/25/2030 9/25/2030 9/25/2045 Term Loan Prime plus 2.75% 9/25/2045 Construction of Buildings Term Loan Prime plus 2.75% 9/24/2030 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/18/2030 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/28/2030 Food Services and Drinking Places Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/28/2045 4/6/2030 10105 Airport Way, Snohomish, WA 98296 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2030 10105 Airport Way, Snohomish, WA 98296 Electronics and Appliance Stores 458 Schuylkill Rd., Phoenixville, PA 19460 Repair and Maintenance 6029 Berkshire Ln., Dallas, TX 75225 Ambulatory Health Care Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 4/3/2045 4/2/2030 4/1/2045 1714 E Oakton St, Des Plaines, IL 60018 Repair and Maintenance Term Loan Prime plus 2.75% 3/27/2045 6470 State St., Saginaw, MI 48603 575 Harkrider St., Conway, AR 72032 18121 Tuckerton Rd., Ste. 130, Cypress, TX 77433 Rental and Leasing Services Real Estate Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/27/2030 3/26/2030 Personal and Laundry Services Term Loan Prime plus 2.75% 6/20/2030 831 Richie Hwy., Severna Park, MD 21146 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/20/2030 4818 Vicksburg St., Dallas, TX 75207 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/19/2045 F-106 See accompanying notes to consolidated financial statements. 63.0 1,107.6 41.7 62.6 1,045.1 72.1 312.6 126.2 151.9 55.2 598.4 268.4 800.6 34.5 840.6 142.6 17.8 39.5 10.7 447.4 285.6 63.0 1,107.6 41.7 62.6 1,045.1 72.1 312.6 126.2 151.9 55.2 598.4 268.4 800.6 34.5 840.6 142.6 17.8 39.5 10.7 447.4 285.6 65.8 1,010.6 37.8 57.6 1,176.0 81.4 314.1 117.3 137.0 60.2 586.8 262.6 903.4 34.2 949.0 161.0 17.4 38.6 10.5 473.3 320.3 0.02 % 0.27 % 0.01 % 0.02 % 0.31 % 0.02 % 0.08 % 0.03 % 0.04 % 0.02 % 0.16 % 0.07 % 0.24 % 0.01 % 0.25 % 0.04 % — % 0.01 % — % 0.13 % 0.09 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/13/2045 1,235.0 1,235.0 1,394.4 Coffeestamp LLC Forest Scientific Corporation (#,^) (#,^) Kanga Lean, Inc. dba F45 Training Trinity (#,^) Astoria-Pacific Inc Native Fields Landscaping LLC and My Two Girls LLC Mark Allen Taylor dba Taylor Auction Integrated Equipment Inc; Intergrated Elastomers Inc Rapid Trucking and Signet Media dba Signet Media inc. GQ Investments LLC Quarles Service Systems, Inc. The Ugly Mug's Coffee and Tea Inc. KR Enterprises, Inc. dba Carriage Inn Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan Big Brand Management LTD. CO. dba Ivox Media Advans IT Services, Inc. Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security Minifox Inc. dba Pho Hoa and Jazen Tea Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn 14th State Learning, LLC dba Sylvan Learning, LLC Toju Bay Inc. dba Fiesta Americana Restaurand and Club (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) 2511 S Jefferson Ave., St. Louis, MO 63104 668 Elm St., Tionesta, PA 16353 8900 Strengh Ave, New Port Richey, FL 34655 15130 SE 82nd Dr, Clackamas, OR 97015 Food Services and Drinking Places Merchant Wholesalers, Durable Goods Amusement, Gambling, and Recreation Industries Computer and Electronic Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/17/2030 3/17/2030 Term Loan Prime plus 2.75% 6/16/2030 Term Loan Prime plus 2.75% 3/13/2030 Administrative and Support Services Term Loan Prime plus 2.75% 12/13/2045 Personal and Laundry Services Term Loan Prime plus 2.75% 3/13/2030 73 Taylor Rd., Wharton, NJ 07885 20 & 68 Westfield Rd., Nicholls, GA 31554 5701 Brittmoore Rd, Houston, TX 77041 4225 W Capitol Ave, West Sacramento, CA 95691 Truck Transportation Professional, Scientific, and Technical Services Electrical Equipment, Appliance, and Component Manufacturing 630 S 1st St, San Jose, CA 95113 5772 Miami Lakes Dr., Miami Lakes, FL 33014 1740 September Ave, Memphis, TN 38116 Administrative and Support Services 1291 Broadway, Placerville, CA 95667 1065 Tower Hill Rd., North Kingstown, RI 02852 Food Services and Drinking Places Accommodation Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/13/2045 Term Loan Prime plus 2.75% 3/13/2030 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 3/12/2030 3/10/2045 3/9/2030 Term Loan Prime plus 2.75% 3/6/2045 Term Loan Prime plus 2.75% 3/6/2030 2342 NY- 37, Port Covington, NY 12937 512 E 11th St, Houston, TX 77008 One Mercantile St., STE 560, Worcester, MA 01608 Real Estate Term Loan Prime plus 2.75% 3/6/2030 Other Information Services Term Loan Prime plus 2.75% 3/6/2030 974 Commercial St, Palo Alto, CA 94303 Merchant Wholesalers, Durable Goods 10624 South Eastern Ave. Ste.s R & S, Hendersen, NV 89502 195 Oenoke Ridge, New Canaan, CT 06840 1 Market Pl #10, Essex Junction, VA 05452 1622-1624 N. Mannheim Rd., Stone Park, IL 60165 Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Educational Services 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 Term Loan Prime plus 2.75% 3/2/2030 3.6 59.3 45.6 98.8 503.8 92.9 3.6 59.3 45.6 98.8 503.8 92.9 3.6 62.7 45.6 104.5 568.8 93.6 724.8 292.5 118.6 91.4 29.0 304.2 110.7 52.4 98.8 306.3 59.3 18.4 40.7 724.8 292.5 118.6 91.4 29.0 304.2 110.7 52.4 98.8 306.3 59.3 18.4 40.7 818.3 309.4 115.8 103.2 28.3 343.5 115.8 53.9 96.5 299.0 58.3 19.5 39.9 — % 0.02 % 0.01 % 0.03 % 0.15 % 0.02 % 0.37 % 0.22 % 0.08 % 0.03 % 0.03 % 0.01 % 0.09 % 0.03 % 0.01 % 0.03 % 0.08 % 0.02 % 0.01 % 0.01 % 0.13 % Term Loan Prime plus 2.75% 2/28/2045 432.7 432.7 488.5 F-107 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Crux Solutions LLC dba Waddell's Riverside Funeral Directors Breakers Electric, LLC dba Merrill Sports Feras Alshadaida dba Allura Dairy Abe Chahrour Investment, LLC Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC Sherwood Sporthorses Inc. Bora Enterprises, LLC Skimino Enterprises LLC Alex Roit Chiropractic, P. C (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Little Feet Academy of Jacksonville, LLC All Modes Transportation & Logistics LLC (#) (#,^) Romo Medical Equiptment LLC (#,^) Damiano Global Corp. Fortson Janitorial Inc A1 Radon Services, LLC Spinnaker PSL Inc., Spinnaker Subs- N- Shine& Spinnaker Vero Inc 3 Fat Labs Inc. and Energy Conservation Solution Inc. Adorable Home Heath Care LLC Daftarnow Inc dba Venture X Parsippany Codame Enterprises LLC dba Firehouse Subs (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Shaw, Ltd dba Fitness 1440 North Coventry (#,^) 54-58 Glocker Way, Pottstown, PA 19465 6938 Westover St., Houston, TX 77087 13600 Mustang Dr., Mead, CO 80542 8809 N Grove Ave., Rancho Cucamonga, CA 91730 4001 S Wayne Rd., Wayne, MI 48154 Personal and Laundry Services Specialty Trade Contractors Food and Beverage Stores Administrative and Support Services Social Assistance Personal and Laundry Services 7215 Waelti Dr., Melbourne, FL 32940 20502 Forestview, Magnolia, TX 77355 44255-B Fremont Blvd,, Fremont, CA 94538 Truck Transportation 197 Ewell Rd., Williamsburg, VA 23188 55 Northern Blvd., Ste. 103, Great Neck, NY 11021 10265 Normandy Blvd, Jacksonville, FL 32221 4313 Collingtree Dr., Rockledge, FL 32955 3453 North Panam Expressway, San Antonio, TX 78219 Ambulatory Health Care Services Social Assistance Support Activities for Transportation Support Activities for Transportation Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/27/2045 2/27/2030 2/26/2030 2/25/2045 2/21/2045 5/21/2046 2/21/2030 2/21/2030 Term Loan Prime plus 2.75% 2/19/2030 Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 2/17/2045 2/14/2030 76.8 8.2 47.3 21.1 373.1 386.3 10.0 58.6 15.6 44.8 10.1 76.8 8.2 47.3 21.1 373.1 386.3 10.0 58.6 15.6 44.8 10.1 86.7 8.0 47.0 23.8 416.9 436.2 9.7 57.2 15.2 50.5 11.0 Term Loan Prime plus 2.75% 2/14/2030 390.8 390.8 381.5 333 Birch Hills Dr, Rochester, NY 14622 462-482 Chattahoochee St., Cornelia, GA 30531 9980 Dell Rd., Eden Prairie, MN 55347 6967 Hancock Dr., Port St Lucie, FL 34952 2001 S County Rd. 400 W, Greencastle, IN 46135 6114 W Capitol Dr. Ste. 205, Milwaukee, WI 53206 8 Campus Dr. Ste. 105, Parsippany, NJ 07054 Merchant Wholesalers, Durable Goods Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/13/2030 Term Loan Prime plus 2.75% 2/10/2030 Nonstore Retailers Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/5/2045 Term Loan Prime plus 2.75% 1/31/2030 Printing and Related Support Activities Term Loan Prime plus 2.75% 1/30/2045 Rental and Leasing Services Term Loan Prime plus 2.75% 1/30/2045 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/30/2030 Real Estate Term Loan Prime plus 2.75% 7/30/2030 1547 Main St., Dunedin, FL 34698 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2030 F-108 See accompanying notes to consolidated financial statements. 47.6 39.1 101.9 69.5 300.2 264.5 32.5 151.2 81.9 47.6 39.1 101.9 69.5 300.2 264.5 32.5 151.2 81.9 47.5 38.1 115.1 67.9 337.0 298.6 31.8 148.3 80.0 0.02 % — % 0.01 % 0.01 % 0.11 % 0.12 % — % 0.02 % — % 0.01 % — % 0.10 % 0.01 % 0.01 % 0.03 % 0.02 % 0.09 % 0.08 % 0.01 % 0.04 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Amina Financial Solutions LLC dba Expat Tax Solutions Affinity Integrated Solutions Inc. Affinity Integrated Solutions Inc Align Sports Management, LLC Emmalina LLC Lyon Cubs LLC dba Dayton Valley Learning Center Luster Custom Homes LLC Jordi X Kellogg, M.D.,P.C VetMed LLC Bearwaters Brewing Company Nick's Country Kitchen, LLC Global Information Technology, Inc Dilpreet Hundal dba Kwik Stop Vance Ewing LLC Larry J. Frick dba L & S Trucking Spinnaker Vero Inc. Kiddie Garden Child Development Center, LLC Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Irony LLC dba Mulberry’s Garment Care (#,^) 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 357 Dayton Valley Rd., Dayton, NV 89403 18801 North Thompson Peak Pkwy., Ste. 240, Scottsdale, AZ 85255 9200 SE 91st Ave. STE 340, Happy Valley, OR 97086 908 4th Ave., Decatur, AL 35601 101 Park St, Canton, NC 28716 3 Flanders Rd., Bethlehem, CT 06751 1 Cragwood Rd, Ste. 101, South Plainfield, NJ 07080 1001 Sacramento Ave., West Sacramento, CA 95605 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 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 1/24/2030 1/23/2045 1/23/2030 1/22/2030 5/21/2030 Social Assistance Term Loan Prime plus 2.75% 1/16/2045 Construction of Buildings Term Loan Prime plus 2.75% 1/10/2030 Ambulatory Health Care Services Ambulatory Health Care Services Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 1/10/2030 1/10/2030 12/31/2044 12/31/2044 Administrative and Support Services Term Loan Prime plus 2.75% 12/31/2029 22940 Harlan Ln, St. Robert, MO 65584 157571 E Wausau Ave., Wausau, WI 54403 Truck Transportation 983 12th St., Vero Beach, FL 32960 2809 W. Atkinson Ave., Milwaukee, WI 53209 Gasoline Stations Amusement, Gambling, and Recreation Industries Printing and Related Support Activities Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/30/2044 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/30/2029 12/30/2029 12/30/2044 Term Loan Prime plus 2.75% 12/30/2044 Term Loan Prime plus 2.75% 12/30/2029 524 Sackett St., Brooklyn, NY 11217 7302 Kirby Ave., Lubbock, TX 79424 8712 60th Ter. South, Lake Worth, FL 33467 2579 Fairview Ave. North, Roseville, MN 55113 Gasoline Stations Term Loan Prime plus 2.75% 12/27/2029 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2029 F-109 See accompanying notes to consolidated financial statements. 16.3 289.1 191.0 17.4 7.3 158.9 28.3 48.4 68.2 247.8 271.8 435.7 228.8 86.4 38.0 745.8 40.7 161.8 105.6 143.0 864.8 16.3 289.1 191.0 17.4 7.3 158.9 28.3 48.4 68.2 247.8 271.8 435.7 228.8 86.4 38.0 745.8 40.7 161.8 105.6 143.0 864.8 15.9 326.3 186.5 17.1 7.4 179.4 27.7 47.3 66.6 279.7 306.8 425.4 258.0 91.4 38.3 833.9 45.9 168.6 108.1 142.4 845.3 — % 0.09 % 0.05 % — % — % 0.05 % 0.01 % 0.01 % 0.02 % 0.07 % 0.08 % 0.11 % 0.07 % 0.02 % 0.01 % 0.22 % 0.01 % 0.04 % 0.03 % 0.04 % 0.23 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) K&S Hardware LLC dba Gopher Ace Tatoo Tony's Under My Skin LLC QXC Communications, Inc Watearth Inc Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation A Family Member Homecare Group Inc, A Family Member Homecare Holdings 313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration 313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration American Landscaping Company and Ground Effects Landscaping, LLC Bhatti LLC 2, Bhatti LLC Icebox Cafe L.C. and Icebox Pantry, LLC Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport Ink! Coffee Company Synergistic-Designs, LLC 512 E 11th Street LLC and Big Brand Management Ltd. Co. Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. La Tradicion Cubana Inc Freedom Enterprises, Inc - New RE company to be formed Freedom Enterprises, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) Building Material and Garden Equipment and Supplies Dealers Personal and Laundry Services 1865 Wayzata Blvd, Long Lake, MN 55356 73 Memorial Pkwy., Atlantic Highlands, NJ 07716 4541 N Dixie Hwy, Boca Raton, FL 33431 Telecommunications 3371 Glendale Blvd Ste. 208, Los Angeles, CA 90039 8712 60TH TER South, Lake Worth, FL 33467 11788 Sample Rd., Coral Springs, FL 33065 25150 W Warren Ave., Dearborn Heights, MI 48127 25150 W Warren Ave., Dearborn Heights, MI 48127 Administrative and Support Services Ambulatory Health Care Services Administrative and Support Services Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/27/2044 12/27/2029 Term Loan Prime plus 2.75% 12/27/2029 Term Loan Prime plus 2.75% 12/27/2044 Term Loan Prime plus 2.75% 12/27/2044 Term Loan Prime plus 2.75% 12/27/2029 Term Loan Prime plus 2.75% 12/27/2044 6151 A St., Anchorage, AK 99518 1451 Coral Ridge Ave., Coralville, IA 52241 219 NE 3rd St., Hallendale Beach, FL 33009 2564 Branch St., Middleton, WI 53562 2851 Larimer St., Denver, CO 80205 493 Wilson Mill Rd., New Wilmington, PA 16142 512 E 11th St, Houston, TX 77008 2301 N Marginal Rd, Cleveland, OH 44114 9357 S.W. 40th St., Miami, FL 33165 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/26/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/26/2030 Transit and Ground Passenger Transportation Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/24/2029 12/24/2029 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/24/2029 Real Estate Term Loan Prime plus 2.75% 12/23/2044 Air Transportation Miscellaneous Store Retailers 2431 14th Ave. SE, Watertown, SD 57201 Truck Transportation 2431 14th Ave. SE, Watertown, SD 57201 Truck Transportation Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 2.75% 2.75% 12/23/2029 12/20/2029 12/20/2044 12/20/2029 F-110 See accompanying notes to consolidated financial statements. 48.0 94.5 402.2 35.9 134.7 116.8 124.4 212.6 611.3 86.3 367.6 178.4 424.9 5.8 316.5 376.6 10.0 190.9 253.9 48.0 94.5 402.2 35.9 134.7 116.8 124.4 212.6 611.3 86.3 367.6 178.4 424.9 5.8 316.5 376.6 10.0 190.9 253.9 49.7 106.7 391.9 35.0 152.1 131.7 125.1 240.0 690.2 85.1 366.7 183.0 413.9 5.6 357.3 374.9 10.9 215.5 251.7 0.01 % 0.03 % 0.10 % 0.01 % 0.04 % 0.04 % 0.03 % 0.06 % 0.18 % 0.02 % 0.10 % 0.05 % 0.11 % — % 0.10 % 0.10 % — % 0.06 % 0.07 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Macon Arts Center LLC ACC International LLC Chris Farley DVM PA. dba Farley Veterinary Clinic Nebulos, LLC Kuros, LLC Kuros, LLC United Capital Group LLC Premier Gaming Solutions Inc HADD Corp J and K Project Management Consultants LLC J and K Project Management Consultants dba A. C. T. Construction The Floor Covering Warehouse, Inc The Crane Guys, LLC Jen Macias LLC dba Duende Nulane Entertainment LLC Dr Steven J Seidel Essex Indoor Golf Center LLC Joyner5, Inc.dba British Swim School Stockton TRI Industries, LLC Abylex, Inc and Worpex LLC Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 4570 Pio Nono Ave, Macon, GA 31206 200 N Furnace St, Birdsboro, PA 19508 6487 Taft St., Hollywood, FL 33024 5428 Twilight Way, Parker, CO 80134 21221 Baron Lake Dr., Cedaredge, CO 81413 21221 Baron Lake Dr., Cedaredge, CO 81413 23022 La Cadena Dr, Laguna Hills, CA 92653 17 South Grand Ave, Pasadena, CA 91105 364 Rugby Rd., Cedarhurst, NY 11516 Performing Arts, Spectator Sports, and Related Industries Administrative and Support Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Accommodation Accommodation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/20/2044 12/20/2044 Term Loan Prime plus 2.75% 12/20/2029 Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/19/2044 Term Loan Prime plus 2.75% 11/19/2045 Merchant Wholesalers, Durable Goods Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2029 Term Loan Prime plus 2.75% 12/18/2029 Term Loan Prime plus 6.5% 12/17/2029 350 Mc Donnell St, Lewisville, TX 75057 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2044 350 Mc Donnell St, Lewisville, TX 75057 Construction of Buildings 112 Orchard St., Stamford, CT 06902 14480 Alondra Blvd, La Mirada, CA 90638 2301 NW Thurman St., Portland, OR 97210 4100 W. Alameda Ave # 300, Burbank, CA 91505 42 Campeau Pl., Bergenfield, NJ 07621 Furniture and Home Furnishings Stores Rental and Leasing Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services 23 Saybrook Rd., Essex, CT 06426 3986 Hope Valley, Wake Forest, NC 27587 2141 E Anderson St, Stockton, CA 95205 7473 Reese Rd #2, Sacramento, CA 95828 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/16/2029 12/13/2044 Term Loan Prime plus 2.75% 12/13/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/13/2029 12/13/2029 Term Loan Prime plus 2.75% 12/13/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/12/2029 12/12/2044 Term Loan Prime plus 2.75% 12/12/2044 10904 Baltimore St NE, Blaine, MN 55449 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2029 F-111 See accompanying notes to consolidated financial statements. 617.8 304.9 10.4 51.4 376.4 82.3 247.2 8.6 10.0 296.2 159.5 226.9 617.8 304.9 10.4 51.4 376.4 82.3 247.2 8.6 10.0 296.2 159.5 226.9 697.5 341.6 10.9 52.3 425.0 92.9 246.5 9.1 10.8 334.4 168.4 256.1 6.2 5.8 62.4 60.5 17.3 1,047.1 89.9 31.9 6.2 5.8 62.4 60.5 17.3 1,047.1 89.9 31.9 6.1 5.6 60.8 60.9 16.8 1,182.2 97.1 31.1 0.19 % 0.09 % — % 0.01 % 0.11 % 0.02 % 0.07 % — % — % 0.09 % 0.04 % 0.07 % 0.28 % — % — % 0.02 % 0.02 % — % 0.31 % 0.03 % 0.01 % Term Loan Prime plus 2.75% 12/13/2029 1,045.6 1,045.6 1,052.6 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) CCD Construction Services LLC dba Clearwater Outdoor Design, CCD 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 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 The Stout Group LLC Bay Area Metal Fabricarion LLC Scott's Hardware, Inc., dba Medford Inc Clearwater Engineering Inc Standard Capital Corp Used Tire Express 1, Corp Hook Line and Schooner Vinings LLC Mega Sales Detergent Distributor, LLC Loading Arms Plus Inc Behind the Scenes Chicago, LLC dba Paramount Events Roots'n Shoots, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 175 W Borgfeld Dr., San Antonio, TX 78260 134 Petaluma Blvd North, Petalumaca, CA 94952 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2044 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/10/2029 10 Tremont Rd., Tremont, PA 17981 1407 Lomaland Dr., El Paso, TX 79935 16 Marble St., Worchester, MA 01603 2018 SE 6th Ave., Portland, OR 97214 Social Assistance Repair and Maintenance Nursing and Residential Care Facilities Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/10/2044 12/10/2029 12/9/2029 12/6/2044 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 10850 NW 138th St, Hialeah Gardens, FL 33018 510 -512 Stone Rd., Benicia, CA 94510 200 Tuckerton Rd., Medford, NJ 08055 301 N River St., Derby, KS 67037 2349 Wessington Dr., Virginia Beach, VA 23456 437 N. Battlefield, Chesapeake, VA 23320 400 West Village Way #3009, Smyrna, GA 30008 1 Ackerman Ave., Clifton, NJ 07011 5401 Mitchelldale St., Ste. B4, Houston, TX 77092 Truck Transportation Term Loan Prime plus 2.75% 12/6/2029 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 Management of Companies and Enterprises Term Loan Prime plus 2.75% 3/6/2030 Nonstore Retailers Term Loan Prime plus 2.75% 12/6/2029 Heavy and Civil Engineering Construction Fabricated Metal Product Manufacturing Building Material and Garden Equipment and Supplies Dealers Transportation Equipment Manufacturing Insurance Carriers and Related Activities Motor Vehicle and Parts Dealers Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 6.5% 2.75% 2.75% 2.75% 12/6/2029 12/6/2029 12/6/2029 12/5/2029 12/5/2029 12/5/2029 12/4/2029 11/29/2029 Term Loan Prime plus 2.75% 11/27/2029 2744 W. Roscoe St., Chicago, IL 60618 86 Boston Rd, Chelmsford, MA 01824 Food Services and Drinking Places Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/27/2029 11/27/2029 F-112 See accompanying notes to consolidated financial statements. 106.3 12.7 36.9 48.0 251.7 151.4 852.0 14.4 176.0 51.8 179.3 105.0 10.0 472.5 10.1 66.2 14.0 38.0 60.3 263.1 8.2 106.3 12.7 36.9 48.0 251.7 151.4 852.0 14.4 176.0 51.8 179.3 105.0 10.0 472.5 10.1 66.2 14.0 38.0 60.3 263.1 8.2 120.1 12.6 41.6 49.0 258.2 171.0 836.5 14.5 175.7 50.7 179.8 105.5 10.8 474.0 10.9 65.8 14.3 37.1 59.2 264.7 8.0 0.03 % — % 0.01 % 0.01 % 0.07 % 0.05 % 0.22 % — % 0.05 % 0.01 % 0.05 % 0.03 % — % 0.13 % — % 0.02 % — % 0.01 % 0.02 % 0.07 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Alice's Tea Cup, ATC !! LLC and ATC 111, LLC American Bio Source, LLC dba Dieselgreen Fuels Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports Fullmer's Landscaping, Inc. Ultra Flow Dispense, LLC Ford Custom Renovation LLC B.S Carrier LLC and United Truck & Trailer Repair LLC S&C Cookies, Inc A&N Design Studios Inc dba Door3 Business Application Place Vendome Holding Co Inc.dba R&F Marketing Peanut Butter & Co Inc Place Vendome Holding Co. Inc.dba R&F Marketing Cum Laude Enterprises, LLC Best Choice Meats, Inc, ZUMI LLC dba Allstate Insurance The Rollin' Trapp LLC Coral Springs Family Wellness LLC Cobb Roofing LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Weeping Willow Kennel Inc Cable Management LLC AD Learning Group, LLC dba The Learning Experience & AD Learning NH (#,^) (#,^) (#,^) 102 W 73rd St., New York, NY 10023 Food Manufacturing Waste Management and Remediation Services 2522 N Hwy. 287, Decatur, TX 76234 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 9547 W Third St., Dayton, OH 45417 820 Prospect Hill Rd., Windsor, CT 06095 Merchant Wholesalers, Durable Goods 405 Broadway St., Muncy, PA 17756 Food Services and Drinking Places Administrative and Support Services Construction of Buildings Term Loan Prime plus 2.75% 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 11/27/2029 11/26/2029 11/26/2029 11/26/2029 3716 Garman Rd., Salem, VA 24153 1969 Jericho Turnpike, East Northport, NY 11731 370 Lexington Ave. Ste. 1806, Manhattan, NY 10007 Truck Transportation Term Loan Prime plus 2.75% 11/25/2029 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 610 East Main St., Swainsboro, GA 30401 Merchant Wholesalers, Durable Goods 119 West 57th St., Ste. 300, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2029 Term Loan Prime plus 2.75% 11/22/2029 308 Glenwood Rd., Swainsboro, GA 30401 Merchant Wholesalers, Durable Goods 19100 GlenWest Dr. Apt # 417, Friendswood, TX 77546 12646 S Springfield Ave, Alsip, IL 60803 1537 W 79th St, Chicago, IL 60620 1731 Prevatt Rd, Dothan, AL 36301 2902 North University Dr., Coral Springs, FL 33065 8101 NW 10th St, Oklahoma City, OK 73127 6041 Hammond School Rd., Salisbury, MD 21804 290 Pratt St., Meriden, CT 06450 Nonstore Retailers Merchant Wholesalers, Nondurable Goods Insurance Carriers and Related Activities Food Services and Drinking Places Personal and Laundry Services Merchant Wholesalers, Durable Goods Food Services and Drinking Places Specialty Trade Contractors Term Loan Prime plus 2.75% 11/22/2044 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 11/22/2029 11/22/2044 11/22/2029 11/21/2029 Term Loan Prime plus 2.75% 3/21/2030 Term Loan Prime plus 2.75% 11/21/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/21/2029 11/20/2029 181 Shunpike Rd., Cromwell, CT 06416 Social Assistance Term Loan Prime plus 2.75% 11/18/2029 F-113 See accompanying notes to consolidated financial statements. 224.2 37.5 132.3 145.2 85.0 6.3 183.7 42.8 68.5 185.7 142.9 415.2 14.6 1,269.3 9.1 6.5 97.7 44.6 3.4 104.6 104.4 224.2 37.5 132.3 145.2 85.0 6.3 183.7 42.8 68.5 185.7 142.9 415.2 14.6 1,269.3 9.1 6.5 97.7 44.6 3.4 104.6 104.4 219.9 39.6 129.7 144.4 83.1 6.1 190.5 41.7 69.2 189.2 139.2 455.9 14.9 1,433.0 9.6 6.6 95.7 43.4 3.6 104.8 101.7 0.06 % 0.01 % 0.03 % 0.04 % 0.02 % — % 0.05 % 0.01 % 0.02 % 0.05 % 0.04 % 0.12 % — % 0.38 % — % — % 0.03 % 0.01 % — % 0.03 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Champions Of Diversity Media Inc dba Champions of Diversity: Politics Lindsley Excavating LLC SSH Princeton LLC dba Stumpy's Hatchet House of Princeton MToxins Venom Lab LLC The Pinnacle Development Group Inc dba The Goddard School Sean McNamara Winning Sales Plan Inc (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) Ameen Enterprises, LLC dba Bargain Town (#,^) James Richard Farkas Jr. dba Lil Black Bear Inn (#,^) NJ Floats, Inc Adrienne's Gourmet Foods, Imagine Baking, Inc Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI Steven French dba French Woodworking Adrienne's Gourmet Foods, Imagine Baking Inc HH Wireless Connect LLC East River Plumbing, LLC Integrated Vascular Services LLC Link Recreational, Inc Link Recreational, Inc The Committed Pig LLC MJ Group, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 5100 Transamerica Dr., Columbus, OH 43228 92 Town Line Rd., Fulton, NY 13069 745 Alexander Rd., Ste. 1-3, Princeton, NJ 08540 717 Oregon St., Oshkosh, WI 54902 105 Springside Dr., Akron, OH 44333 5639 Wood Ln., Allentown, PA 18106 17811 Fairhaven Gateway, Cypress, TX 77433 1111 E Washington St, Stephenville, TX 76401 8072 State Rd. 46 East, Nashville, TN 47448 327 Rte. 202/206, Bedminster Township, NJ 07921 Administrative and Support Services Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Social Assistance Nonstore Retailers Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/15/2044 11/15/2029 Term Loan Prime plus 2.75% 3/15/2030 Term Loan Prime plus 2.75% 11/15/2044 Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% 11/14/2029 11/14/2029 Term Loan Prime plus 2.75% 11/14/2029 Gasoline Stations Term Loan Prime plus 2.75% 11/12/2029 Accommodation Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 11/12/2044 Term Loan Prime plus 2.75% 6/12/2046 1034 Hancock St., Sandusky, OH 44870 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2029 908 S Jefferson St., Amarillo, TX 79101 1101 Horizon Dr. Ste. 101, Fairfield, CA 94533 Educational Services Term Loan Prime plus 2.75% 11/12/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2044 Food Manufacturing 1034 Hancock St., Sandusky, OH 44870 Electronics and Appliance Stores 48267 Deer Trail Dr., Canton, MI 48187 Specialty Trade Contractors 997 E River Loop, Priest River, ID 83856 1452 Franklin Ave, Salem, OR 44460 Ambulatory Health Care Services 304 Business Hwy. 53, Minong, WI 54859 Motor Vehicle and Parts Dealers 304 Business Hwy. 53, Minong, WI 54859 Motor Vehicle and Parts Dealers 28 West Park Pl., Morristown, NJ 07090 26691 Loma Verde, Mission Viejo, CA 92691 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 11/12/2044 11/12/2029 11/8/2044 11/8/2029 11/7/2044 11/7/2029 10/31/2029 Term Loan Prime plus 2.75% 10/31/2029 F-114 See accompanying notes to consolidated financial statements. 68.5 146.5 34.1 96.0 9.9 9.9 38.0 95.1 103.1 274.0 402.8 290.6 59.0 383.4 6.3 47.2 60.0 371.7 590.9 224.7 16.0 68.5 146.5 34.1 96.0 9.9 9.9 38.0 95.1 103.1 274.0 402.8 290.6 59.0 383.4 6.3 47.2 60.0 371.7 590.9 224.7 16.0 77.3 150.7 33.3 108.0 10.7 10.7 40.2 100.4 116.4 309.3 419.5 294.1 66.6 432.9 6.1 53.3 58.7 419.6 580.4 237.2 15.6 0.02 % 0.04 % 0.01 % 0.03 % — % — % 0.01 % 0.03 % 0.03 % 0.08 % 0.11 % 0.08 % 0.02 % 0.12 % — % 0.01 % 0.02 % 0.11 % 0.15 % 0.06 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Maine Service Corp Mariscos El Oceano, Inc. Guru Kirpa, Inc D & H Construction Services, Inc. Sunburst Trout Farm, LLC Automotive Standard, LLC Automotive Solutions, LLC C&P Trading and Sales Inc Sunburst Trout Farm, LLC Fave Realty, Inc. Plastic Depot, Inc BGB Leasing Inc and BGB Leasing Co. Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gourmet BGB Leasing Co. Paul Wintner dba P & R Props Marnon Vending LLC dba Naturals 2 Go San Antonio OWL Inc, Corple Enterprises, Inc Diamond Solutions LLC Landmark Ventures USA, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Merchant Wholesalers, Durable Goods Food Services and Drinking Places Gasoline Stations Construction of Buildings 59-24 55th St., Maspeth, NY 11378 5960 S Archer Ave, Chicago, IL 60638 3006 New Castle Ave., New Castle, DE 19720 711 Hospital St., Richmond, VA 23219 314 Industrial Park Dr, Waynesville, NC 28786 4028 Coldwater Rd., Fort Wayne, IN 46805 Repair and Maintenance 1910 W. Dupont Rd., Fort Wayne, IN 46818 Repair and Maintenance 950 Peninsula Corporate Cir. Ste. 3016, Boca Raton, FL 33487 314 Industrial Park Dr., Waynesville, NC 28786 217-84 Hempstead Ave., Jamaica, NY 11429 363 East Alondra Blvd, Gardena, CA 90248 50 Industrial Park Rd, Princeton, KY 42445 Merchant Wholesalers, Nondurable Goods Fishing, Hunting and Trapping Real Estate Plastics and Rubber Products Manufacturing Truck Transportation Fishing, Hunting and Trapping Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 10/31/2029 10/31/2044 10/31/2044 10/31/2029 10/31/2029 10/31/2044 10/31/2044 Term Loan Prime plus 2.75% 10/31/2029 Term Loan Prime plus 2.75% 10/31/2044 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 10/31/2044 10/30/2029 10/30/2029 905 Savoy Rd., Youngsville, LA 70592 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/30/2029 9912 Arizona Dr, Mohave Valley, AZ 86440 Miscellaneous Store Retailers 50 Industrial Park Rd., Princeton, KY 42445 Truck Transportation 23901 Calabasas Rd., Calabasas, CA 91302 Miscellaneous Store Retailers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 10/30/2029 10/30/2044 10/30/2029 6713 Biscay Hbr, San Antonio, TX 78249 5300 S Orange Blossom Trail, Orlando, FL 32839 17887 US-380, Ponder, TX 76259 7845 East Evans Rd . Ste. A, Scottsdale, AZ 85260 475 Park Ave. S, 25th Floor, New York, NY 10016 Nonstore Retailers Term Loan Prime plus 2.75% 10/28/2029 Transit and Ground Passenger Transportation Term Loan Term Loan Motor Vehicle and Parts Dealers Prime plus Prime plus 2.75% 2.75% 10/28/2029 10/28/2029 Machinery Manufacturing Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 10/25/2029 Term Loan Prime plus 2.75% 10/25/2029 F-115 See accompanying notes to consolidated financial statements. 94.2 119.3 184.3 105.6 50.9 130.0 281.3 188.4 219.2 110.3 119.3 913.6 54.8 49.0 84.8 42.4 6.0 160.2 126.4 9.6 79.2 94.2 119.3 184.3 105.6 50.9 130.0 281.3 188.4 219.2 110.3 119.3 913.6 54.8 49.0 84.8 42.4 6.0 160.2 126.4 9.6 79.2 99.5 134.7 207.9 105.1 53.7 146.8 317.6 183.6 247.5 124.5 116.3 921.4 53.9 48.2 95.8 41.3 6.1 156.1 132.3 9.4 77.1 0.03 % 0.04 % 0.06 % 0.03 % 0.01 % 0.04 % 0.08 % 0.05 % 0.07 % 0.03 % 0.03 % 0.25 % 0.01 % 0.01 % 0.03 % 0.01 % — % 0.04 % 0.04 % — % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Jbang LLC, WM Bang LLC, Bang Investments LLC Four Ace Electrical Services Corporation (#,^) (#,^) Fimac Inc dba American Educational Services (#,^) James Clark and Company, Inc. Todd's Car Wash, LLC UNIQUE PAVER INSTALLATIONS, INC. Roughcut LLC Pine Mountain Residential LLC Glenda D Brewer dba Bargain Store Q2 Ventures, LLC Paketo LLC dba West Loop UPS Store In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC AV Strategy, Inc (#) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) Joseph P Fusco DDS PC A Child's Dream Educational Center LLC (#,^) Heart and Vascular Associates of Tampa, LLC (#,^) Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro Meldi Maa, Inc dba The River Complex A Child's Dream Educational Center LLC Titan Laser Screed Concrete Services, LLC (#,^) (#,^) (#,^) (#,^) Stiegelbauer Associates Inc. Zmetra Clearspan Structures LLC (#,^) (#,^) Food Services and Drinking Places 125 Westchester Ave., White Plains, NY 10601 3723 Far Niente Way, Sacramento, CA 95834 Specialty Trade Contractors 26300 La Alameda, Ste. 200, Mission Professional, Scientific, and Technical Viejo, CA 92691 Services 8885 Haven Ave., Ste. 120, Rancho Professional, Scientific, and Technical Cucamonga, CA 91730 Services 5505 Johnston St., Lafayette, LA 70506 Repair and Maintenance 4930 Mars Hill Rd., Bogart, GA 30622 Specialty Trade Contractors Specialty Trade Contractors 41540 National Rd, Belmont, OH 43718 10240 Cosmopolitan Cir., Parker, CO 80134 Specialty Trade Contractors 107 Tabernacle Church Rd., Candor, NC 27229 2805 W Arimo Rd., Arimo, ID 83214 623 W Lake St., Chicago, IL 60661 General Merchandise Stores Fabricated Metal Product Manufacturing Couriers and Messengers Rental and Leasing Services 2301 W. Buckeye Rd., Phoenix, AZ 85009 Motor Vehicle and Parts Dealers 9468 American Eagle Way Ste. 100, Orlando, FL 32837 77 N Centre Ave., Rockville Centre, NY 11570 4127 NW 34th St., Gainsville, FL 32605 17 David Blvd., Tampa, FL 33606 725 Atlantic Blvd, Atlantic Beach, FL 32233 74 S Main St., Woonsocket, RI 02895 4127 NW 34th St., Gainesville, FL 32605 8908 Wildlife Ln., Sanford, FL 32771 63 Flushing Ave Unit 342, Brooklyn, NY 11205 2 Old Worcester Rd., Webster, MA 01571 Miscellaneous Manufacturing Food Services and Drinking Places Food Services and Drinking Places Social Assistance Specialty Trade Contractors Ambulatory Health Care Services Social Assistance Ambulatory Health Care Services Specialty Trade Contractors Term Loan Prime plus 2.75% 11/25/2029 Term Loan Prime plus 2.75% 10/25/2029 Term Loan Prime plus 2.75% 10/23/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 6.5% 6.5% 2.75% 2.75% 10/22/2029 10/18/2044 10/17/2029 10/17/2029 10/16/2029 10/11/2029 10/8/2029 10/4/2029 Term Loan Prime plus 2.75% 9/30/2044 Term Loan Prime plus 2.75% 9/30/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/30/2029 9/30/2029 9/30/2044 9/30/2029 9/30/2044 9/30/2044 9/27/2029 9/27/2029 9/27/2044 52.7 9.0 16.9 9.8 324.6 17.1 367.4 9.8 9.8 133.8 12.2 588.1 210.4 49.5 158.0 728.9 6.3 406.9 177.3 37.3 149.5 413.6 52.7 9.0 16.9 9.8 324.6 17.1 367.4 9.8 9.8 133.8 12.2 588.1 210.4 49.5 158.0 728.9 6.3 406.9 177.3 37.3 149.5 413.6 55.6 8.9 16.6 10.6 366.4 17.1 387.8 10.6 10.6 140.9 12.0 663.1 212.3 48.2 154.2 815.7 6.2 459.3 200.1 36.9 145.6 467.0 0.01 % — % — % — % 0.10 % — % 0.10 % — % — % 0.04 % — % 0.18 % 0.06 % 0.01 % 0.04 % 0.22 % — % 0.12 % 0.05 % 0.01 % 0.04 % 0.12 % F-116 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Cherry and Candlewood Inc dba Aamco (#,^) Wagner & Sons Inc Aztec Machine & Repair Inc, Cranrd & Material Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma Santa Fe Flooring LLC Adam's Construction & General Contracting LLC Byler, Wolfe, Lutsch and Kampfer CPAs, Inc Anderson's Outdoor Adventures, LLC Flamingo Bowl, Inc Unified Utility Services LLC Standard Real Estate Services LLC Payne's Enviromental Service, LLC dba Bamaco Host Marketing, LLC Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, Win Health Institute, LLC Vancole Investments, Inc. dba Smoothie King #913 &;Dream Development Bay Bowl Inc dba Shasta Lanes The Steel Method LLC dba Sneeze It Oak Park Social LLC ACSS CPA, LLC Covert Recordings LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 3029 South St., Long beach, CA 90805 22365 Alydar Dr., Lexington Park, MO 20653 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 Nonstore Retailers Term Loan Prime plus 2.75% 9/27/2029 1715 N 1st St, Bloomfield, NM 87413 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 3721 North 162nd St., Garber, OK 73701 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 3301 N 23rd St., McAllen, TX 78501 206 Frankie Ln., Ladson, SC 29456 500 West Silver Spring Dr., Ste. K 200,, Glendale, WI 53217 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2029 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/26/2029 Construction of Buildings Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Heavy and Civil Engineering Construction 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 Term Loan Prime plus Prime plus 2.75% 2.75% 9/24/2029 9/20/2044 Real Estate Term Loan Prime plus 6.5% 9/19/2029 5617 Causeway Blvd., Tampa, FL 33619 206 Bell Ln., Ste. B, West Monroe, LA 71291 Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/18/2044 Term Loan Prime plus 6.5% 9/18/2029 1702 Fawn Gate St, San Antonio, TX 78248 711 E Valley Rd, Basalt, CO 81621 Personal and Laundry Services Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/17/2029 9/17/2029 876 Virginia Ave., Hapeville, GA 30354 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 31-65 138th St. Apt. 3K, Flushing, NY 11354 Food Services and Drinking Places 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% 9/17/2029 Term Loan Prime plus 2.75% 9/13/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/12/2029 7/12/2045 Term Loan Prime plus 2.75% 9/12/2044 Rental and Leasing Services Term Loan Prime plus 2.75% 9/11/2029 F-117 See accompanying notes to consolidated financial statements. 1.5 14.0 670.4 857.0 379.3 54.1 46.1 17.2 164.8 148.7 9.7 493.1 9.7 47.6 5.6 8.9 505.8 126.0 127.1 37.6 8.8 1.5 14.0 670.4 857.0 379.3 54.1 46.1 17.2 164.8 148.7 9.7 493.1 9.7 47.6 5.6 8.9 505.8 126.0 127.1 37.6 8.8 1.7 13.7 753.8 862.4 376.4 53.7 51.2 18.1 166.6 167.8 10.5 553.9 10.5 48.5 5.6 8.7 571.0 122.8 143.4 42.5 9.3 — % — % 0.20 % 0.23 % 0.10 % 0.01 % 0.01 % — % 0.04 % 0.04 % — % 0.15 % — % 0.01 % — % — % 0.15 % 0.03 % 0.04 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Body on Cue Health and Fitness LLC Philly Games Inc.dba Queen & Rock Game Cafe Eco Electric LLC No Push Backs, LLC Dog House Sportfishing Charters Inc Double Scoop Ice Cream, LLC 3C Consumer Network & Designs 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. HRS2, LLC DB Talak LLC Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC Maryland Urgent Care, Inc. Crystal S. Prado dba Crystal Clear Accounting ADA Internacional Inc Elite Motors LLC SRJ construction Corp MS Integrated Psychotherapy & Counseling, LLC (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) 129 A Orpha Dr., Middlebury, IN 46840 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/6/2029 607-609 S 2nd St., Philadelphia, PA 19147 5380 Cameron St, Las Vegas, NV 89118 5405 Neshaminy Blvd, Bensalem, PA 19020 83413 Overseas Hwy., Islamorada, FL 33036 2970 Stonecrest Pass, Lithonia, GA 30038 7676 Hillmont St., Ste. 109, Houston, TX 77040 Food Services and Drinking Places Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/5/2029 9/5/2029 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 Scenic and Sightseeing Transportation Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 6.5% 2.75% 8/30/2029 8/29/2044 Real Estate Term Loan Prime plus 2.75% 8/29/2029 361 Troy Ave., Brooklyn, NY 11213 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 12595 S Somerton Ave, Yuma, AZ 85365 27 Kings Hwy, Groton, CT 06340 740 Dennery Rd, San Diego, CA 92154 5410 Pipers Creek Ct., Sugar Land, TX 77479 2018 SE 6th Ave, Portland, OR 97214 190 Minerva St., Tonawanda, NY 14150 9831 Greenbelt Rd Ste. 208 (Unit H-2), Lanham, MD 20706 34099 Tuscan Creek Way, Temecula, CA 92592 10891 La Reina Rd., Ste. 100, Delray Beach, FL 33446 1046-1050 Orange Ave., West Haven, CT 06516 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 Food and Beverage Stores Amusement, Gambling, and Recreation Industries Repair and Maintenance Nonstore Retailers Specialty Trade Contractors Professional, Scientific, and Technical Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2029 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/29/2044 8/28/2029 8/28/2029 8/28/2029 Term Loan Prime plus 2.75% 8/28/2044 Term Loan Prime plus 2.75% 8/27/2044 Term Loan Prime plus 6.5% 8/26/2029 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 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 1157 Main St., Clifton, NJ 07011 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/22/2029 The Roux Southern Kitchen, LLC (#,^) 252 FM 3162, Sandia, TX 78383 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2029 F-118 See accompanying notes to consolidated financial statements. 33.6 46.7 48.8 9.3 9.7 90.9 11.1 29.6 37.9 924.9 52.4 171.3 70.2 56.5 43.3 2.5 16.6 71.2 8.3 54.9 13.5 33.6 46.7 48.8 9.3 9.7 90.9 11.1 29.6 37.9 924.9 52.4 171.3 70.2 56.5 43.3 2.5 16.6 71.2 8.3 54.9 13.5 33.0 45.5 47.5 10.0 10.4 102.6 11.0 31.2 39.1 1,044.2 51.5 178.1 74.0 63.8 48.9 2.7 16.2 75.0 8.2 55.6 14.2 0.01 % 0.01 % 0.01 % — % — % 0.03 % — % 0.01 % 0.01 % 0.28 % 0.01 % 0.05 % 0.02 % 0.02 % 0.01 % — % — % 0.02 % — % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Metro R Services Inc. and Metal & Roof Supplies, Inc. Auto Unique LLC William Martinez dba Bad Ass Coffee of Hawaii Signature Rooms, Inc. American Healthy Vending, Inc Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City Accelerate Educational Solutions, LLC dba Tutor My Success Ranson Excavating, Inc Love Playing LLC Elixir Enterprises, LLC dba Guilford Renee's Accord Law, APC Billy Auto Inc East Coast Flight Services, Inc and Aviation Consulting Enterprise Genecco Produce, Inc. & Leo Genecco & Sons, Inc. St. Francis Home Health Inc La Mount Group LLC Gray Rock Quarry, LLC and William E Dailey III Canyon Lake Kids Academy, LLC Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari Grad Street LLC Aeromax Industries, Inc, HITM, Inc and TMCB LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) 20 Universal Pl., Carlstadt, NJ 07072 305 W Main St., Mayo, FL 32066 14101 Main St., Ste. 4101, Hesperia, CA 92345 2066 Rte. 112, Medford, NY 11763 5420 NW 161 St., Palmetto Lakes, FL 33014 7748 Troost Ave., Kansas City, MO 64131 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 82555 Grass Flat Ln., Indio, CA 92203 632 N Broadway, Amityville, NY 11701 Repair and Maintenance Motor Vehicle and Parts Dealers Food Services and Drinking Places Furniture and Home Furnishings Stores Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/21/2029 8/20/2044 12/20/2029 8/19/2029 Nonstore Retailers Term Loan Prime plus 2.75% 8/15/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/15/2029 Educational Services Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Food and Beverage Stores Professional, Scientific, and Technical Services Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/14/2029 8/13/2029 Term Loan Prime plus 2.75% 3/9/2030 Term Loan Prime plus 2.75% 8/8/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/2/2029 7/31/2044 27603 Pkwy. Rd., Easton, MD 21601 Air Transportation Term Loan Prime plus 2.75% 7/31/2029 1850 Rochester Rd., Canadaigua, NY 14424 Merchant Wholesalers, Nondurable Goods 5246 SW 8th St 103B, Coral Gables, FL 33134 3111 Princeton Rd., Hamilton, OH 45011 Ambulatory Health Care Services Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/31/2029 7/31/2029 54 West Milton Rd, Milton, VT 05468 130 Charter Oak Dr., Canyon Lake, TX 78133 28940 Golden Lantern, Laguna Niguel, CA 92677 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 Mining (except Oil and Gas) 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 Term Loan Prime plus 2.75% 7/31/2029 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 143.4 11.6 17.2 124.9 78.6 75.9 12.8 10.7 135.7 14.8 5.5 304.9 401.3 586.2 55.0 187.0 422.9 92.2 8.4 5.6 143.4 11.6 17.2 124.9 78.6 75.9 12.8 10.7 135.7 14.8 5.5 304.9 401.3 586.2 55.0 187.0 422.9 92.2 8.4 5.6 147.7 13.0 16.9 131.5 78.7 77.9 12.4 10.4 135.9 14.4 5.4 340.8 400.3 601.8 53.4 181.7 459.7 104.1 8.4 6.0 0.04 % — % — % 0.04 % 0.02 % 0.02 % — % — % 0.04 % — % — % 0.09 % 0.11 % 0.16 % 0.01 % 0.05 % 0.12 % 0.03 % — % — % 9027 Canoga Ave, Canoga Park, CA 91301 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2044 740.0 740.0 826.5 0.22 % F-119 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Dant A Sandras, D.D.S. 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 700 Services Inc.dba 700 Credit Repair Hardrock Alpha Enterprises, LLC Lawrence Adeyemo & Co LLC Bonfire Hot Yoga LLC JDM2 Water Station LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) Garage Floor Coating of MN.com, LLC (#,^) Adam Family Bowl Inc Bouquet Canyon Kennels Beacon Metal Fabricators, Inc. Last Touch, LLC Menskha Inc D DeGregoria LLC dba The UPS Store 4235 Massapequa Upul's Travel Service & Tours Inc NJ Floats Inc Upul's Travel Service & Tours Inc (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) 13373 Hwy. 3235, Larose, LA 70373 E 2947 H-44, Traunik, MI 49891 936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062 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 1201 N Goliad St., Rockwall, TX 75087 5101 Stine Rd., Bakersfield, CA 93313 209-34 112 Ave, Queens Village, NY 11429 3665 SW Hall Blvd, Beaverton, OR 97005 125 Chestnut Hill Dr., York, PA 17408 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., Montclair, NJ 07042 4940 Merrick Rd., Massapequa Park, NY 11762 654 Shopping Ln., Covina, CA 91723 1 Robertson Rd, Ste. 13, Bedminster, NJ 07921 654 Shoppers Ln., Covina, CA 91723 Ambulatory Health Care Services Gasoline Stations Ambulatory Health Care Services Food Services and Drinking Places Real Estate Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 7/30/2029 7/29/2044 7/26/2029 7/26/2029 7/26/2029 185.7 50.7 6.7 4.4 11.0 185.7 50.7 6.7 4.4 11.0 Term Loan Prime plus 2.75% 7/26/2044 383.6 383.6 Health and Personal Care Stores Credit Intermediation and Related Activities Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Educational Services Nonstore Retailers Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/25/2029 7/19/2029 Term Loan Prime plus 2.75% 7/19/2029 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 7/19/2029 7/18/2029 7/18/2029 Term Loan Prime plus 2.75% 7/16/2044 Term Loan Prime plus 2.75% 7/16/2044 Personal and Laundry Services Term Loan Prime plus 2.75% 7/16/2044 Fabricated Metal Product Manufacturing Building Material and Garden Equipment and Supplies Dealers Ambulatory Health Care Services Couriers and Messengers Administrative and Support Services Ambulatory Health Care Services Administrative and Support Services Term Loan Prime plus 2.75% 7/12/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 7/11/2044 7/10/2029 7/10/2029 6/28/2044 6/28/2044 6/28/2029 F-120 See accompanying notes to consolidated financial statements. 39.8 5.5 11.5 7.7 6.0 153.6 938.6 124.8 282.7 51.3 95.4 9.6 58.1 197.6 171.7 232.1 39.8 5.5 11.5 7.7 6.0 153.6 938.6 124.8 282.7 51.3 95.4 9.6 58.1 197.6 171.7 232.1 182.8 57.2 7.1 4.4 10.7 433.1 41.9 5.3 11.4 8.3 5.9 156.3 1,052.5 140.9 315.1 52.5 107.2 10.3 57.1 223.0 193.8 237.3 0.05 % 0.02 % — % — % — % 0.12 % 0.01 % — % — % — % — % 0.04 % 0.28 % 0.04 % 0.08 % 0.01 % 0.03 % — % 0.02 % 0.06 % 0.05 % 0.06 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Big Picture Group LLC 5161 LLC Sundown Audio, LLC Richmond Street Partners, LLC K & K Restaurant LLC Crestview Ridge Farms LLC Good News Cafe, LLC Nevada Recycling and Salvage LTD, AMCB LLC Port Huron Ophthalmology, PLLC dba Black River Optical Jian Yang and Kanger House LLC Advance Transit LLC Crescent Event Productions, Inc Ailky Corporation & Wyspen S & T Hardware Inc Tekoa Enterpises, Inc Selective Automotive & Accessories Group, Inc Lynx Inspection Technologies LLC All-City Towing LLC, Jeffrey James Piller Child Care Ventures LLC dba Childcare Adventures ELC Paradise Towing & Recovery Inc Paradise Towing & Recovery Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 935 N La Jolla, Los Angeles, CA 90046 1478 E Mountain Dr., Santa Barbara, CA 93108 514 West 21St St., Newton, NC 28658 200 E Chestnut St, Chicago, IL 60611 6607 S Central Ave., Phoenix, AZ 85042 1172 Co Rd. 956, Ashland, OH 44805 694 Main St. South, Woodbury, CT 06798 Professional, Scientific, and Technical Services Nonstore Retailers Computer and Electronic Product Manufacturing Clothing and Clothing Accessories Stores Food Services and Drinking Places Crop Production 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 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 6/28/2044 6/28/2029 6/28/2044 6/28/2044 6/28/2044 120.5 460.1 852.6 75.2 116.5 504.8 234.2 120.5 460.1 852.6 75.2 116.5 504.8 234.2 123.2 489.6 962.5 77.1 131.5 570.0 264.5 1085 Telegraph St, Reno, NV 89502 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2044 1,167.1 1,167.1 1,317.7 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/28/2029 6/27/2029 Ambulatory Health Care Services 1660 Stone St, Port Huron, MI 48060 48 Horse Hill Rd., Cedar Knolls, NJ 07927 Nursing and Residential Care Facilities 574-614 Tonnelle Ave, Jersey City, NJ 07307 1327 Wood Branch Dr., Charlotte, NC 28273 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2044 352 Bedford St., Lakeville, MA 02347 2300 Nooseneck Hill, Coventry, RI 02816 1033 Cannon Bridge Rd., Cordova, SC 29039 2221 Pelham Pkwy., Pelham, AL 35124 8101 Miller Rd 2, Houston, TX 77049 1213 W Mallory Ave., Milwaukee, WI 53221 Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2029 Term Loan Prime plus 2.75% 6/27/2029 Term Loan Prime plus 2.75% 6/27/2044 Truck Transportation Term Loan Prime plus 2.75% 6/26/2029 Motor Vehicle and Parts Dealers Support Activities for Mining Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/26/2029 6/26/2044 Support Activities for Transportation Term Loan Prime plus 2.75% 6/26/2029 Social Assistance 3542 Glendale Ave, Toledo, OH 43614 1115 S Homer Blvd., Sanford, NC 27330 Repair and Maintenance 1115 S. Horner Blvd., Sanford, NC 27330 Repair and Maintenance Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/26/2044 6/25/2029 6/25/2044 F-121 See accompanying notes to consolidated financial statements. 10.9 87.1 742.6 254.4 35.4 188.8 41.7 181.0 549.3 293.5 138.2 47.4 68.7 10.9 87.1 742.6 254.4 35.4 188.8 41.7 181.0 549.3 293.5 138.2 47.4 68.7 11.1 89.1 838.4 262.5 36.2 213.2 43.3 188.5 620.1 308.3 156.0 50.4 77.6 0.03 % 0.13 % 0.26 % 0.02 % 0.04 % 0.15 % 0.07 % 0.35 % — % 0.02 % 0.22 % 0.07 % 0.01 % 0.06 % 0.01 % 0.05 % 0.17 % 0.08 % 0.04 % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Spartan Technology Solutions, Inc Professional Tire Limited Liability Company Vanchoc Transport Inc Scissor Kids Inc Sweets By Karla LLC Krsto, LLC dba Italian Butter Breadsticks Port Diesel L.L.C. Small Batch Creations Inc. dba The Office Bar & Grill Campuscuts LLC William Rose Inc Peninsula Self Defense LLC Central Texas Hygiene, LLC. Zion Motors Inc Bader Furniture Company Inc. Beck's Pub & Grill LLC Ivesters Transportation, Inc Archer Cleaners Inc Throop Family Holding Inc dba Klamath Basin Metals and Supply J&A Elliott Company Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) Allison K. Chipak dba Still Photography (#) 195 Ter. Pl., Apt. 2, Brooklyn, NY 11218 125 Venture Blvd, Spartanburg, SC 29306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2044 Personal and Laundry Services Food Manufacturing Food Manufacturing Repair and Maintenance Rental and Leasing Services 6655 Country Rd. 32, Norwich, NY 13815 275 52nd St., Brooklyn, NY 11220 63 Hebron Ave., Ste. F, Glastonbury, CT 06033 3273 South John Young Pkwy., Kissimmee, FL 34746 34683 Nova Dr, Clinton Twp, MI 48035 3212 Alex Trask Dr., Castle Hayne, NC 28429 Repair and Maintenance 295 E WASHINGTON AVE, SUNNYVALE, CA 94086 930 Robtrice Ct, Edmond, OK 73430 1 Grace Cove Rd, New Shoreham, RI 02807 2766 Bay Rd., Redwood City, CA 94063 10201 McKalla Pl., Austin, TX 78758 6949 Wall Triana Hwy, Madison, AL 35757 Motor Vehicle and Parts Dealers 704 N Liberty St., Shamokin, PA 17872 N6630 WI-49, Weyauwega, WI 54983 4299 South 2675 West, Roy, UT 84067 1514 W. 33rd St., Chicago, IL 60608 7130 Crater Lake Hwy., White City, OR 97503 1118 Thornberry Dr, Clarksville, TN 37043 15825-15827 Hawthorne Blve, Lawndale, CA 90260 Food Services and Drinking Places Personal and Laundry Services Specialty Trade Contractors Educational Services Administrative and Support Services Furniture and Home Furnishings Stores Food Services and Drinking Places Truck Transportation Personal and Laundry Services Merchant Wholesalers, Durable Goods Nonstore Retailers Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/25/2044 6/25/2029 Term Loan Prime plus 2.75% 6/24/2029 Term Loan Term Loan Term Loan 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6.5% 2.75% 2.75% 6/24/2029 6/24/2044 6/21/2029 6/21/2029 6/21/2029 6/21/2044 6/21/2029 6/20/2029 6/19/2044 6/19/2029 6/19/2044 6/11/2029 6/10/2029 6/7/2029 6/7/2029 Term Loan Prime plus 2.75% 6/7/2044 Term Loan Prime plus 6.5% 6/6/2029 F-122 See accompanying notes to consolidated financial statements. 457.7 130.7 31.6 7.3 9.3 178.7 9.5 45.2 5.7 82.0 3.8 62.7 56.9 5.4 65.6 176.8 9.5 29.0 7.7 227.0 9.5 457.7 130.7 31.6 7.3 9.3 178.7 9.5 45.2 5.7 82.0 3.8 62.7 56.9 5.4 65.6 176.8 9.5 29.0 7.7 227.0 9.5 516.7 147.6 32.9 7.5 9.5 201.8 10.7 46.2 6.4 92.6 3.9 64.1 64.3 5.8 74.0 182.5 10.7 30.1 8.2 256.3 10.7 0.14 % 0.04 % 0.01 % — % — % 0.05 % — % 0.01 % — % 0.02 % — % 0.02 % 0.02 % — % 0.02 % 0.05 % — % 0.01 % — % 0.07 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Preferred Manufacturing Services Inc Evoke Growth Advisory LLC Morey Publishing LLC G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling Martin Inventory Management, LLC V & M Transportation LLC Inside & Out Maintenance LLC Aspen Welding LLC AGR, Inc Brooklyn Breakfast Shop LLC PD Financial LLC McGuckin & Pyle Inc 2820 US HWY 98 N LLC dba Total Package Car Wash MCM Design LLC ES&A, INC., A LAW CORPORATION Kappa Investments LLC dba Buddy's Home Furnishings 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 The Lobster Pot Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Term Loan Prime plus 2.75% 6/5/2029 344.9 344.9 367.1 4261 Business Dr., Cameron Park, CA 95682 2600 Brookwood Way Dr., Unit 311, Rolling Meadows, IL 60008 575 Underhill Blvd, Ste. 216, Syosset, NY 11791 1450 Oakbrook Dr, Norcross, GA 30093 304 1/2 Main St., Edgefield, SC 29824 1307 27th St. Apt B, North Bergen, NJ 07047 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 364 Parsippany Rd., Unit 7-B, Parsippany, NJ 07054 120 Corporate Ln, New Bern, NC 28562 2820 US Hwy 98 N, Lakeland, FL 33805 5926 Vinings Vintage Way, Mableton, GA 30126 1003 Bishop St., Honolulu, HI 96813 365 Lowe's Dr., Ste. H, Danville, VA 24540 18 West Chestnut St.,Unit 2F, Chicago, IL 60610 430 a/k/a 450 South Hwy. 165, Branson, MO 65616 Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2029 Term Loan Prime plus 2.75% 5/31/2029 Specialty Trade Contractors Merchant Wholesalers, Durable Goods Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/31/2029 5/31/2029 Truck Transportation Term Loan Prime plus 2.75% 5/31/2029 Administrative and Support Services Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/30/2029 5/30/2044 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2044 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2029 Credit Intermediation and Related Activities Machinery Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/28/2044 5/23/2044 Repair and Maintenance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/23/2029 Term Loan Prime plus 6.5% 5/23/2029 Term Loan Prime plus 2.75% 5/22/2029 Rental and Leasing Services Term Loan Prime plus 2.75% 5/17/2029 Nonstore Retailers Accommodation Term Loan Prime plus 2.75% 5/17/2029 Term Loan Prime plus 2.75% 5/17/2029 208 East Main St., Elma, WA 98541 6903 Lakegreen Ct, Louisville, KY 40291 119 Hope St., Bristol, RI 02809 Accommodation Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/16/2029 5/16/2029 5/10/2044 F-123 See accompanying notes to consolidated financial statements. 5.4 44.9 83.6 35.9 3.4 71.9 383.1 761.7 3.6 33.4 288.7 95.7 7.3 80.9 311.9 189.8 183.6 13.5 2.4 347.1 5.4 44.9 83.6 35.9 3.4 71.9 383.1 761.7 3.6 33.4 288.7 95.7 7.3 80.9 311.9 189.8 183.6 13.5 2.4 347.1 5.6 46.0 86.1 38.3 3.5 73.6 432.5 860.0 3.7 37.7 326.0 101.9 8.2 82.9 319.2 198.5 195.4 14.3 2.5 391.9 0.10 % — % 0.01 % 0.02 % 0.01 % — % 0.02 % 0.12 % 0.23 % — % 0.01 % 0.09 % 0.03 % — % 0.02 % 0.09 % 0.05 % 0.05 % — % — % 0.10 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Two Pie Lovers LLC dba Pizza Outpost Folklore Music Exchange LLC (#,^) (#,^) NYM Solutions Inc.dba NYM Solutions, Inc (#) Life View Prenatal Imagery, LLC (#,^) Global Enterprises LLC dba Verdi Pizza (#,^) EPIFAB,LLC Art Amore Studios, LLC Modern Trousseau, LLC 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. ER & DC McPherson Holdings, LLC All My Best Inc. Rello, Inc. dba ID Salon Expert Building Services LLC 2Choice2Friends dba 2 N 1 Salad Bar and Grill Pranamji Inc dba Ohara's Beverage Spot Samco Food Corp dba C-Town Supermarket (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/6/2029 Term Loan Prime plus 2.75% 5/10/2044 41.1 41.1 302 E. Millitary Hwy U1122, Brackettville, TX 78832 617 Tennessee Ave, Charleston, WV 25302 12150 SW 128th St. CT Ste. 209, Miami, FL 33186 312 79th Ave North, Myrtle Beach, SC 29572 3111 S Valley View Blvd., Las Vegas, NV 89102 1341 Brooks St. Unit D, Ontario, CA 91762 6507 Jester Blvd, Ste. #107, Austin, TX 78750 125 Bradley Rd., Woodbridge, CT 06525 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 6957 W Broward Blvd., Plantation, FL 33317 4320 Anthony Ct. Ste.s 1,2,3, Rocklin, CA 95677 8063 Jericho Turnpike, Woodbury, NY 11797 74 Roosevelt St., Pequannock Township, NJ 07440 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/3/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/3/2029 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/3/2029 Educational Services Clothing and Clothing Accessories Stores Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/3/2029 5/1/2029 Term Loan Prime plus 2.75% 4/29/2029 Telecommunications Term Loan Prime plus 2.75% 4/26/2029 Support Activities for Transportation 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% 4/25/2044 Term Loan Prime plus 2.75% 4/25/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/25/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/19/2029 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/19/2029 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 Administrative and Support Services Term Loan Prime plus 2.75% 4/17/2029 901 W Braker Ln., Austin, TX 78758 2300 Levit Rd., Lorain, OH 44052 1761 Nostrand Ave., Brooklyn, NY 11226 Food Services and Drinking Places Food and Beverage Stores Food and Beverage Stores Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 4/17/2029 4/16/2044 4/12/2029 F-124 See accompanying notes to consolidated financial statements. 3.6 9.4 4.3 15.0 15.3 4.0 116.7 28.5 117.6 108.6 440.3 356.0 108.8 35.1 44.5 4.5 14.5 9.3 44.1 71.1 3.6 9.4 4.3 15.0 15.3 4.0 116.7 28.5 117.6 108.6 440.3 356.0 108.8 35.1 44.5 4.5 14.5 9.3 44.1 71.1 46.4 3.7 10.6 4.5 15.3 15.9 4.1 124.2 30.3 122.2 112.5 497.1 369.5 115.8 36.1 46.0 5.1 14.8 10.5 49.8 72.6 0.01 % — % — % — % — % — % — % 0.03 % 0.01 % 0.03 % 0.03 % 0.13 % 0.10 % 0.03 % 0.01 % 0.01 % — % — % — % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic Southern Gulf Construction, Inc. J.T. ONeill Company, LLC Bill Berger 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 Turtle Shirts, LLC Reliable Power Group Inc. dba Batteries + bulbs Pensacola Bright Freight Solution, LLC Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 Hamsons Inc. Pizzaplex L3C NuBe Business Group LLC Raven's Place LLC Bayco Enterprises, Inc Stillwater Ventures, LLC Outtasight Careers, LLC dba Gecko Hospitality (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Term Loan Prime plus 2.75% 1/8/2030 442.4 442.4 474.0 3563 South River Ter., Edgewater, MD 21037 367 Pine Island Rd., North Fort Myers, FL 33903 19972 Willowin Farm Ln., Purceville, VA 20132 8728 Tireman Ave, Detroit, MI 48204 512 Verret St., New Orleans, LA 70114 1155 15th St NW, Washington, DC 20005 9001 Wentworth Springs Rd., Georgetown, CA 95634 1256 Indian Head Rd., Toms River, NJ 08755 28201 Date Palm Dr., Cathedral City, CA 92234 6713 Biscay Hbr, San Antonio, TX 78249 10241 Metro Pkwy# 108, Ft Myers, FL 33966 6895 N. 9th Ave. Ste. B, Pensacola, FL 32504 1112 N Main St, Manteca, CA 95336 7219 Silver Mist Ave., North Chesterfield, VA 23237 4900 Hopyard Rd., Pleasanton, CA 94588 4458 West Vernor Hwy, Detroit, MI 48209 2140 44th St SE, Ste. 201, Grand Rapids, MI 49508 13031 S Western Ave, Blue Island, IL 60406 128 Cowesett Ave., West Warwick, RI 02893 8272 W. Sunset Blvd, Los Angeles, CA 90048 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 Real Estate Performing Arts, Spectator Sports, and Related Industries Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Wood Product Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/12/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/12/2029 4/11/2029 Term Loan Prime plus 2.75% 4/10/2029 Term Loan Prime plus 2.75% 4/9/2029 Gasoline Stations Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/5/2029 4/5/2029 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/29/2029 Repair and Maintenance Truck Transportation Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 3/29/2029 3/29/2029 3/29/2029 3/29/2029 3/29/2029 Term Loan Prime plus 2.75% 3/29/2044 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2044 Gasoline Stations Nonstore Retailers Term Loan Prime plus 2.75% 3/29/2044 Term Loan Prime plus 2.75% 3/29/2029 109 W Fern St., Tampa, FL 33604 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2029 F-125 See accompanying notes to consolidated financial statements. 31.9 79.2 6.9 6.4 44.5 28.9 9.1 31.9 79.2 6.9 6.4 44.5 28.9 9.1 33.0 83.5 7.1 6.5 47.4 29.6 9.4 43.9 3.4 40.1 70.5 669.3 116.4 132.2 31.5 38.2 667.9 185.4 270.4 6.5 43.9 3.4 40.1 70.5 669.3 116.4 132.2 31.5 38.2 667.9 185.4 270.4 6.5 46.7 3.5 41.2 71.9 695.5 118.6 134.8 32.4 43.2 754.0 209.3 283.3 6.6 0.01 % 0.02 % — % — % 0.01 % 0.01 % — % 0.13 % 0.01 % — % 0.01 % 0.02 % 0.19 % 0.03 % 0.04 % 0.01 % 0.01 % 0.20 % 0.06 % 0.08 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) J Brothers Enterprises, LLC Ren Investment Group Inc dba True Positon Manufacturing EJ & James Transport LLC Skaggs RV Outlet ,LLC GS Bath Inc Custom Vinyl Products LLC Cocomo Joe's LLC PA Sobol Partners LLC dba Sobal Cinco Fit LLC dba Cinco Fit 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 Virginia Industrial Plastics, Inc. Virginia Industrial Plastics, Inc. Gary Krause dba Gary Krause Landscaping & Design Dependable Lawn Care, Inc. Dependable Lawn Care, Inc. American Trails Transport, LLC Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great Sound Manufacturing Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1101 NW 12TH Ave, Ava, MO 65608 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/29/2044 40 Sandra Dr., South Windsor, CT 06074 3100 Drewsky Ln. Unit 108, Fort Mills, SC 29715 301 Commerce Dr., Elizabethtown, KY 42701 5335 E. Kaviland Ave, Fresno, CA 93725 260 Enterprise Dr., 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 1127 Auraria Pkwy., Ste. 201, Denver, CO 80204 674 LA- 8, Sicily Island, LA 71368 2880 Carol Rd, East York, PA 17402 317 N Farview Ave, Paramus, NJ 07652 2454 North East Side Hwy., Elkton, VA 22827 2454 N East Side Hwy.,, Elkton, VA 22827 Machinery Manufacturing Term Loan Prime plus 2.75% 3/29/2029 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 Motor Vehicle and Parts Dealers Truck Transportation Fabricated Metal Product Manufacturing Food Services and Drinking Places Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 3/28/2029 3/28/2029 3/28/2044 3/28/2029 8/28/2029 Term Loan Prime plus 2.75% 3/27/2029 Ambulatory Health Care Services Motor Vehicle and Parts Dealers Personal and Laundry Services Nonstore Retailers Term Loan Term Loan Term Loan Term Loan Plastics and Rubber Products Manufacturing Plastics and Rubber Products Manufacturing Term Loan Term Loan 489 Hamilton Rd., Jacksonville, OR 97530 2320 138TH ST, Blue Island, IL 60406 2320 138th St., Blue Island, IL 60406 8704 Grand Ave., Billings, MT 59106 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 1 Williams Ln., Old Saybrook, CT 06475 Administrative and Support Services Administrative and Support Services Administrative and Support Services Truck Transportation Ambulatory Health Care Services Fabricated Metal Product Manufacturing Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 3/27/2029 3/27/2044 3/26/2044 3/26/2029 3/22/2029 3/22/2044 3/22/2029 3/21/2029 3/21/2044 3/21/2029 3/20/2044 3/20/2029 F-126 See accompanying notes to consolidated financial statements. 601.4 563.5 6.6 175.6 220.4 944.5 2.4 36.8 116.3 4.0 548.3 984.4 88.1 209.8 289.0 4.2 389.9 185.0 39.9 270.6 35.2 601.4 563.5 6.6 175.6 220.4 944.5 2.4 36.8 116.3 4.0 548.3 984.4 88.1 209.8 289.0 4.2 389.9 185.0 39.9 270.6 35.2 679.0 577.8 6.9 186.5 228.9 1,066.3 2.5 38.0 118.6 4.1 619.1 1,111.4 89.8 222.8 326.3 4.4 403.6 208.9 41.3 305.5 35.9 0.18 % 0.15 % — % 0.05 % 0.06 % 0.28 % — % 0.01 % 0.03 % — % 0.16 % 0.30 % 0.02 % 0.06 % 0.09 % — % 0.11 % 0.06 % 0.01 % 0.08 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Michigan Neurosurgical Institute P.C. Mega Trucking LLC and Olyimpian Industries LLC Marvellous Print & Ship LLC Panetcarne Inc.dba Jersey Mike's Subs Greenfield B & W Towing LLC Vanchoc Transport Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Screening Services Group, LLC Mill Creek Early Childhood Program LLC (#,^) Wildflour Bakery & Cafe LLC D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha Alpine Remediation, Inc, T & M Holdings, LLC Precise Air Systems, Inc Seeds of Knowledge Creative Learning Center LLC Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC Wooter Apparel, Inc NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC Woodard Electric Services, Inc. Shah Medical Center SC & Heeena Shyamani Monkey Bones LLC Harbor Management Company Inc dba Jamba Juice (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2029 5979 NW 151st St, Miami Lakes, FL 33014 Truck Transportation 605 W Main St, Oxford, KS 67119 Printing and Related Support Activities Support Activities for Transportation Rental and Leasing Services Motion Picture and Sound Recording Industries Social Assistance 23077 Greenfield Rd., Southfield, MI 48075 Food Services and Drinking Places 701 Addison Rd., Painted Post, NY 14870 137 3rd St, Brooklyn, NY 11231 8670 Wilshire Blvd, Beverly Hills, CA 90211 510 South Batavia Ave., Batavia, IL 60510 5137 Clareton Dr Ste. 100,110 & 120, Agoura Hills, CA 91301 76 Ranch Rd. a/k/a 3695 Movie Ranch Rd., Duck Creek, UT 84762 14252 W 44th Ave Unit F, Golden, CO 80403 5467 W San Fernando Rd., Los Angeles, CA 90039 15101 West McNichols Rd., Detroit, MI 48235 487 Elizabeth Lake Rd, Waterford, MI 48328 727 Page Ave., Staten Island, NY 10307 Rental and Leasing Services Nonstore Retailers Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Specialty Trade Contractors Social Assistance Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 3/20/2029 3/19/2029 7/15/2029 3/15/2029 3/15/2029 3/14/2029 8/11/2029 Term Loan Prime plus 2.75% 3/8/2029 Term Loan Prime plus 2.75% 3/8/2044 Term Loan Prime plus 2.75% 3/8/2029 Term Loan Prime plus 2.75% 3/8/2029 Term Loan Prime plus 2.75% 3/7/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/4/2029 2/28/2029 20 Silver Fox Ln., Sussex, NJ 07461 1600 Carter Cove Rd., Hayesville, NC 28904 484 Summit St, Elgin, IL 60120 3361 Dayton Xenia Rd., Beavercreek, OH 45432 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 Food Manufacturing Term Loan Prime plus 2.75% 2/28/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2029 Hospitals Term Loan Prime plus 2.75% 2/28/2044 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2044 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/22/2029 F-127 See accompanying notes to consolidated financial statements. 128.0 281.8 2.4 66.3 40.5 61.4 209.8 45.1 61.6 188.0 61.7 196.5 21.0 110.8 34.9 3.5 15.1 211.0 17.5 104.7 128.0 281.8 2.4 66.3 40.5 61.4 209.8 45.1 61.6 188.0 61.7 196.5 21.0 110.8 34.9 3.5 15.1 211.0 17.5 104.7 130.7 294.2 2.4 68.3 42.8 62.6 215.6 46.2 62.8 212.3 64.3 201.0 23.7 113.0 35.8 3.7 15.4 238.2 19.8 107.1 0.03 % 0.08 % — % 0.02 % 0.01 % 0.02 % 0.06 % 0.01 % 0.02 % 0.06 % 0.02 % 0.05 % 0.01 % 0.03 % 0.01 % — % — % 0.06 % 0.01 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Rob Barletta's Hockey School, Inc Bowl 360 Inc. Bowl 360 Inc. Outler Transportation Services,LLC M & M Burgers Inc dba Checkers Tony Herring & Associates, Inc Gateway Veterinary Services, P.C. dba Liberty Animal Clinic Par-Man, Inc. dba Rockstar Tattoo KHSE Parks, Inc. Shepherd Fitness, LLC dba Workout Anytime Ooltewah Pamletics LLC dba F45 Precedence Enterprises LLC dba Spartan Junk Removal (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) EJGR Corp dba Brite Energy Solutions 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 Hilco Athletics & Graphics Inc (#,^) (#,^) (#,^) Performing Arts, Spectator Sports, and Related Industries Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 Term Loan Prime plus 2.75% 2/19/2029 75.9 97.3 75.9 97.3 80.6 99.4 Term Loan Prime plus 2.75% 2/19/2029 113.5 113.5 118.2 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 530 Willis Ave, Bronx, NY 10455 211 West Camellia Dr., Slidell, LA 70458 22015 IH 10 West, San Antonio, TX 78249 8101 Sandy Spring Rd. Ste. 250N, Laurel, MD 20707 87 Main St. Upper Level, Hastings-on- Hudson, NY 10706 4119 Gallatin Pike, Nashville, TN 37216 4291 Shoal Line Blvd., Hernando Beach, FL 34607 4371 Durham Ct., 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 55 Green Hill St., West Warwick, RI 02816 Transit and Ground Passenger Transportation Food Services and Drinking Places Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services 9212 Liberty Ave, Ozone Park, NY 11417 450 Fremont St #109 and 113, Las Vegas, NV 89101 600 West Charles St., Matthews, NC 28105 Personal and Laundry Services 9408 Apison Pike, Ste. 11, Ooltewah, TN 37363 Health and Personal Care Stores Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2/19/2029 7/15/2029 2/14/2029 Term Loan Prime plus 2.75% 2/14/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/14/2029 2/14/2029 Term Loan Prime plus 2.75% 5/8/2029 Term Loan Prime plus 2.75% 2/8/2029 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/8/2029 Utilities Ambulatory Health Care Services Accommodation Administrative and Support Services Administrative and Support Services Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/8/2029 2/7/2029 2/1/2029 2/1/2029 1/31/2029 1/30/2044 33.3 82.0 10.5 128.8 43.6 55.8 119.1 2.6 9.4 33.2 0.5 10.5 40.1 24.9 69.8 33.3 82.0 10.5 128.8 43.6 55.8 119.1 2.6 9.4 33.2 0.5 10.5 40.1 24.9 69.8 34.1 84.5 11.1 145.5 44.6 56.9 123.7 2.7 9.8 33.9 0.5 11.1 41.2 25.4 78.8 0.02 % 0.03 % 0.03 % 0.01 % 0.02 % — % 0.04 % 0.01 % 0.02 % 0.03 % — % — % 0.01 % — % — % 0.01 % 0.01 % 0.02 % 0.05 % 0.02 % 0.02 % Food and Beverage Stores Term Loan Prime plus 2.75% 1/22/2029 171.0 171.0 174.4 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2029 Apparel Manufacturing Term Loan Prime plus 2.75% 1/16/2044 57.2 64.1 57.2 64.1 58.3 72.4 F-128 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Fluid Connections LLC dba BurgerIM HSR Tacos LLC dba California Tortilla Rashed and Shabila LLC The Chop House Inc. American Rewinding of NC Inc dba MTS Omega Funeral and Cremation Services,LLC Superior Concepts Acquisition Corp Superior Concepts Acquisition Corp Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Fave Realty Inc. Medworxs Inc. East Breeze LLC dba Historic Springdale Pub and Eatery Green Valley Landscape Management Inc. dba Apopka Mower and Equipment Reservations Unlimited LLC BD Branson Victorian LLC dba Branson Victorian Inn (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Timios Enterprises Corp dba Palm Court (#,^) Sesolinc GRP, Inc. D.A.F.S Transport, LLC Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & C&D Trucking & Equipment Service, Inc. (#,^) (#,^) (#,^) (#,^) 174 El Cerrito Plz., El Cerrito, CA 94530 11694 Sudley Manor Dr., Manassas, VA 20109 14865 Hwy. 92, Woodstock, GA 30188 191 Old Tower Hill Rd., South Kingstown, RI 02879 1825 N Rocky River Rd, Monroe, NC 28110 9503 Kenwood Rd., Cincinnati, OH 45242 1710 Tiles Ct, Grand Haven, MI 49417 1710 Tiles Ct., Grand Haven, MI 49417 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 74 Larkfield Rd., East Northport, NY 11731 6857 Timbers Dr., Evergreen, CO 80439 32302 East Historic Columbia River Hwy, Corbett, OR 97019 2975 W Orange Blossom Trail, Apopka, FL 32712 312 W Main St., Red River, NM 87558 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 Food Services and Drinking Places Gasoline Stations Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/11/2029 1/4/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2043 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/28/2028 Personal and Laundry Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2043 Term Loan Prime plus 2.75% 12/28/2028 Term Loan Prime plus 2.75% 12/28/2043 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/28/2043 Real Estate Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2043 Term Loan Prime plus 2.75% 12/27/2028 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2043 Administrative and Support Services Real Estate Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/27/2043 12/26/2043 450 South Hwy. 165, Branson, MO 65616 Accommodation 1912 N Arlington Heights Rd., Arlington Heights, IL 60004 806 Randy Lowery Rd., Statesboro, GA 30461 207 S. Teresa St., Monahans, TX 79756 Food Services and Drinking Places Fabricated Metal Product Manufacturing Truck Transportation 4500 S Country Rd, Odessa, TX 79768 4015 Jennings Rd, Cleveland, OH 44109 Rental and Leasing Services Repair and Maintenance Term Loan Prime plus 2.75% 12/24/2043 Term Loan Prime plus 2.75% 12/24/2043 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/21/2028 12/21/2028 6/21/2044 12/21/2043 F-129 See accompanying notes to consolidated financial statements. 43.2 37.5 15.5 518.8 331.1 317.4 88.1 494.5 17.4 114.9 7.2 119.3 431.8 83.9 463.1 677.9 220.7 476.0 162.6 108.8 43.2 37.5 15.5 518.8 331.1 317.4 88.1 494.5 17.4 114.9 7.2 119.3 431.8 83.9 463.1 677.9 220.7 476.0 162.6 108.8 44.9 38.3 16.2 585.7 341.5 358.4 90.9 558.3 19.7 129.7 7.3 134.7 487.5 94.7 522.8 765.4 230.5 502.6 183.5 122.9 0.01 % 0.01 % — % 0.16 % 0.09 % 0.10 % 0.02 % 0.15 % 0.01 % 0.03 % — % 0.04 % 0.13 % 0.03 % 0.14 % 0.20 % 0.06 % 0.13 % 0.05 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Precision Bytes LLC dba Tower Connect Baseline Health, LLC & Baseline Health Management, LLC Fifth Wheel Truck Stop 001, Inc. Burgess and Dudley, Incorporated Diamond Estates LLC Healthy and Fresco LLC Alaska Motor Home 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. 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 The Cromer Company Ventures TBD LLC dba The Bottle Tree (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Peanut Butter & Co., Inc. Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 (#,^) (#,^) 607 West Magnolia Ave., Fort Worth, TX 76104 1101 Stewart Ave Ste 104, Garden City, NY 11530 3767 South Golden State Blvd, Fresno, CA 93725 24462 NW 9th Pl., Newberry, FL 32669 110 Ct. St Ste. 1, Cromwell, CT 06416 1671 Belle Isle Ave. Ste. 110- Office C, Mount Pleasant, SC 29464 6633 Brayton Dr., Anchorage, AK 99507 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 Gasoline Stations Specialty Trade Contractors Construction of Buildings Food Services and Drinking Places Rental and Leasing Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/21/2028 12/21/2028 12/21/2028 2/20/2029 12/20/2028 23 Main St., Wardsboro, VT 05355 Food and Beverage Stores Term Loan Prime plus 2.75% 12/20/2043 2043 Coteau Rd., Houma, LA 70364 3031 Tisch Way, 1st Floor, San Jose, CA 95128 86 Boston Rd., Chelmsford, MA 01824 5898 Chandler Ct. STE B, Westerville, OH 43082 223 W Jackson Blvd, Chicago, IL 60606 5035 W. W.T. Harris Blvd. Ste. C, Mecklenburg, NC 28269 Rental and Leasing Services Professional, Scientific, and Technical Services 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 Term Loan Prime plus Prime plus 2.75% 2.75% 12/20/2028 12/20/2028 Term Loan Prime plus 2.75% 3/20/2029 Term Loan Prime plus 2.75% 12/20/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 G-2340 West Carpenter Rd., Flint, MI 48505 Personal and Laundry Services 9800 NW 78th Ave., Hialeah Gardens, FL 33016 102 Davis St., Belmont, NC 28012 119 West 57th St., Ste. 300, New York, NY 10019 Miscellaneous Store Retailers Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/19/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/19/2028 12/14/2043 Term Loan Prime plus 2.75% 12/14/2028 196-15 Northern Blvd, Flushing, NY 11318 Food and Beverage Stores Term Loan Prime plus 2.75% 12/14/2028 88.7 81.2 70.8 162.3 51.1 31.7 218.5 144.4 263.0 42.8 37.7 139.7 42.7 47.0 397.8 373.0 92.1 171.3 10.8 Alpha Landscape Contractors, Inc (#,^) 2823 Fllintstone Rd., Millers, MD 21102 Administrative and Support Services Term Loan Prime plus 2.75% 1/14/2029 222.1 F-130 See accompanying notes to consolidated financial statements. 88.7 81.2 70.8 162.3 51.1 31.7 218.5 144.4 263.0 42.8 37.7 139.7 42.7 47.0 397.8 373.0 92.1 171.3 10.8 222.1 90.2 83.1 72.0 167.3 52.0 32.7 227.1 163.0 278.6 45.3 38.6 145.8 43.5 47.9 449.1 379.8 104.0 174.3 11.0 230.2 0.02 % 0.02 % 0.02 % 0.04 % 0.01 % 0.01 % 0.06 % 0.04 % 0.07 % 0.01 % 0.01 % 0.04 % 0.01 % 0.01 % 0.12 % 0.10 % 0.03 % 0.05 % — % 0.06 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena Alpha Omega Trucking LLC Healthy Human, LLC Sound Contracting LLC Sound Contracting LLC L&M Services, LLC Fitness Orlando LLC & Fitness Orlando Oviedo, LLC OC Helicopters LLC The Miller Center for Esthetic Excellence, Plan B Burger LLC Ashwood Food Services, Incorporated dba Jake Rooney's Mateo Enterprise Inc dba El Milagro Market Mateo Enterprise Inc dba El Milagro Market Ashwood Food Services Inc. dba Jake Rooney's Behind The Scenes Chicago, LLC dba Paramount Events Duck's Nuts Inc dba Pet Place Market TFE Resources ,LTD Hilltop Wine Shop, Inc dba Hiltop Wine Shop EMES Supply, LLC White Wilson & Associates LLC Team Henry, LLC dba Kelly Automotive of Deltona (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 4477 E 11th Ave., Hialeah, FL 33013 14432-14452 Stateline Rd., Brookings, OR 97415 1007 Johnnie Dodds Blvd., Ste. 123, Mount Pleasant, SC 29464 148 Holmgren Pl., Girdwood, AK 99587 148 Holmgren Pl., Girdwood, AK 99587 560 Main St., Milford, UT 84751 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 19711 Campus Dr. Ste. 260, Santa Ana, CA 92707 22 Old Short Hills Rd.,, Livingston, NJ 07039 484 Farmington Ave, Hartford, CT 06105 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2028 Truck Transportation Term Loan Prime plus 2.75% 12/14/2028 Nonstore Retailers Construction of Buildings Fabricated Metal Product Manufacturing Building Material and Garden Equipment and Supplies Dealers Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/14/2028 12/14/2028 12/14/2043 Term Loan Prime plus 2.75% 12/14/2043 Term Loan Prime plus 2.75% 12/14/2028 Air Transportation Term Loan Prime plus 2.75% 12/13/2028 Ambulatory Health Care Services Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/13/2043 1/13/2029 119 Brooks Rd, Harwich Port, MA 02646 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 575 Panama Ln., Bakersfield, CA 93307 Food and Beverage Stores Term Loan Prime plus 2.75% 12/12/2043 575 Panama Ln., Bakerfield, CA 93307 Food and Beverage Stores Term Loan Prime plus 2.75% 1/12/2029 119 Brooks Rd., Harwich Port, MA 02646 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/12/2043 2744 W. Roscoe St., Chicago, IL 60618 212 Bendigo Blvd. N, North Bend, WA 98045 11 Easter Ct. Ste. G, Owings Mills, MD 21117 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/11/2029 Utilities Term Loan Prime plus 2.75% 1/11/2029 7505 Highland Rd., White Lake, MI 48383 35622 Vine St., EastLake, OH 44095 16238 Louis Ave., South Holland, IL 60473 Food Services and Drinking Places General Merchandise Stores Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/11/2043 1/11/2029 Term Loan Prime plus 2.75% 12/11/2043 1290 Doyle Rd, Deltona, FL 32725 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2043 F-131 See accompanying notes to consolidated financial statements. 217.2 47.8 85.5 29.4 183.5 186.0 202.1 60.2 339.2 722.9 46.4 111.6 41.2 200.0 109.5 29.8 399.4 119.1 86.0 39.5 363.9 217.2 47.8 85.5 29.4 183.5 186.0 202.1 60.2 339.2 722.9 46.4 111.6 41.2 200.0 109.5 29.8 399.4 119.1 86.0 39.5 363.9 224.2 50.7 86.9 30.6 207.2 210.0 208.1 63.8 382.9 747.8 48.0 126.0 42.0 225.8 116.2 31.0 411.3 134.4 88.3 44.6 410.8 0.06 % 0.01 % 0.02 % 0.01 % 0.06 % 0.06 % 0.06 % 0.02 % 0.10 % 0.20 % 0.01 % 0.03 % 0.01 % 0.06 % 0.03 % 0.01 % 0.11 % 0.04 % 0.02 % 0.01 % 0.11 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) ZLM Services LLC Food Service Industry Consultants Inc. Metro R Services Inc. and Metal & Roof Supplies Inc. CET Inc Access Staffing, LLC The Altitude Group LLC York Concrete Corp Swantown Inn and Spa, LLC Water Station Holdings LLC Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors Microplex Co, Third Market LLC Littleton Food and Spirits LLC. Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. Cabrera's Auto Services LLC JJB Production LLC Albert M. Quashie, DDS, PC Extreme Granite Corp Level Up Gaming, Inc True Love Christian Academy LLC Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Thames Aquatic Club, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 9422 Marine City Hwy, Casco, MI 48064 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/10/2029 Term Loan Prime plus 2.75% 1/7/2029 20 Universal Pl., Carlstadt, NJ 07072 4709 N El Capitan Ave. Ste. 205, Fresno, CA 93722 360 Lexington Ave. 8th Floor, New York, NY 10017 949 A Clint Moore Rd., Boca Raton, FL 33487 1 Plumb CT., Huntington Station, NY 11746 1431 11th Ave. SE, Olympia, WA 98501 1104 N Keystone Ave., Indianapolis, IN 46201 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/6/2029 Truck Transportation Term Loan Prime plus 2.75% 1/6/2029 Administrative and Support Services Term Loan Prime plus 2.75% 1/4/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/4/2029 Specialty Trade Contractors Accommodation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/3/2043 1/3/2029 Nonstore Retailers Term Loan Prime plus 2.75% 12/30/2028 Furniture and Home Furnishings Stores Food and Beverage Stores 13762 W State Rd 84, Davie, FL 33325 244 Spokane Ave, Whitefish, MT 59937 235 North Mosby Ave., Littleton, NC 27850 Food Services and Drinking Places 4291 Shoal Line Blvd., Hernando Beach, FL 34607 2206 N Central Ave, Chicago, IL 60639 458 N 7th St., Newark, NJ 07107 3331 Toledo Ter. Ste. 308, Hyattsville, MD 20782 251 NW 1st St., Deerfield Beach, FL 33441 Specialty Trade Contractors Accommodation Repair and Maintenance Administrative and Support Services Ambulatory Health Care Services 1132 Creighton Rd., Pensacola, FL 32504 466 E Raines Rd, Memphis, TN 38109 3626 CR 203, Liverpool, TX 77577 14 Iron St., Ledyard, CT 06339 Sporting Goods, Hobby, Musical Instrument, and Book Stores Social Assistance Amusement, Gambling, and Recreation Industries Educational Services 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/30/2028 12/30/2028 1/30/2044 11/30/2043 11/30/2043 12/29/2028 11/29/2043 12/28/2043 11/28/2043 12/28/2043 11/28/2043 10/21/2029 F-132 See accompanying notes to consolidated financial statements. 27.5 49.1 142.6 780.3 133.5 90.4 173.5 9.3 448.8 85.1 112.2 416.5 209.0 67.8 5.0 39.7 174.2 83.6 39.0 419.9 32.5 27.5 49.1 142.6 780.3 133.5 90.4 173.5 9.3 448.8 85.1 112.2 416.5 209.0 67.8 5.0 39.7 174.2 83.6 39.0 419.9 32.5 28.0 50.2 151.4 806.2 136.1 92.4 195.9 9.9 470.2 90.1 114.4 470.2 235.9 76.6 5.1 44.8 196.7 94.4 44.0 474.0 34.7 0.01 % 0.01 % 0.04 % 0.21 % 0.04 % 0.02 % 0.05 % — % 0.13 % 0.02 % 0.03 % 0.13 % 0.06 % 0.02 % — % 0.01 % 0.05 % 0.03 % 0.01 % 0.13 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) M.A.W. Enterprises LLC dbaY-Not Pizza BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC 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 Schafer Fisheries Inc. 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 Steele Security, LLC dba Signal 88 Security of San Antonio Abington Caregivers, LLC UK, LLC dba Pita Pit C.A.T.I. Armor, LLC Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 45 E Main St., New Palestine, IN 46163 Food Services and Drinking Places Professional, Scientific, and Technical Services Specialty Trade Contractors 12930 Worldgate Dr., Herndon, VA 20170 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 11013 Kenwood Rd., Cincinnati, OH 45242 Warehousing and Storage 2070 Nooseneck Hill Rd, Coventry, RI 02816 2973 Via Meridiana, Henderson, NV 89012 Truck Transportation 3450 East Orangethrope Ave., Anaheim, CA 92806 3949 New Rd., Youngstown, OH 44515 Gasoline Stations Food Services and Drinking Places Food Services and Drinking Places 536 Spruce St, Scranton, PA 18503 21985 Waller Rd, Fulton, IL 61252 13410 SE 26th Cir., Vancouver, WA 98683 1107 Broad St., Bloomfield, NJ 07003 5372 Whitehall Pl SE, Mableton, GA 30126 Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Food Services and Drinking Places Merchant Wholesalers, Durable Goods 876 Virginia Ave., Hapeville, GA 30354 400 Park Ave., Floor 14, New York, NY 10022 2218 Marine View Dr., Tacoma, WA 98422 Transportation Equipment Manufacturing 11230 West Ave., Ste. 2210, San Antonio, TX 78213 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 20038 West Valley HWY, Kent, WA 98032 Food Services and Drinking Places 435 Packard Hwy, Charlotte, MI 48813 Administrative and Support Services Apparel Manufacturing Social Assistance Term Loan Prime plus 2.75% 12/21/2028 Term Loan Prime plus 2.75% 12/21/2028 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/20/2043 12/20/2028 11/19/2043 12/19/2028 12/16/2028 12/16/2028 11/16/2028 11/14/2028 12/9/2028 12/9/2028 Term Loan Prime plus 2.75% 12/8/2028 Term Loan Prime plus 2.75% 5/7/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/1/2028 12/1/2028 Term Loan Prime plus 2.75% 10/31/2028 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/30/2043 3/30/2029 10/30/2043 1500 Village Run Rd., Wexford, PA 15090 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2029 F-133 See accompanying notes to consolidated financial statements. 15.3 870.1 610.4 287.8 113.5 50.7 42.5 0.4 27.4 40.3 319.7 5.1 4.6 389.2 221.0 255.6 73.2 116.9 29.0 195.2 55.9 15.3 870.1 610.4 287.8 113.5 50.7 42.5 0.4 27.4 40.3 319.7 5.1 4.6 389.2 221.0 255.6 73.2 116.9 29.0 195.2 55.9 15.9 921.6 689.1 299.6 128.1 52.2 43.3 0.5 29.0 42.7 326.9 5.3 4.7 439.4 224.8 270.8 74.8 132.0 30.0 220.4 57.4 — % 0.25 % 0.18 % 0.08 % 0.03 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.09 % — % — % 0.12 % 0.06 % 0.07 % 0.02 % 0.04 % 0.01 % 0.06 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 Cater To You Agency, LLC, dba Cater To You MB Click It Photography, LLC Apps Inc and Market Share Inc. Moore Care LLC Throop Family Holdings, Inc La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge A-1 Van Sevices, Inc. SwabCo Inc. Burd Brothers Inc. Rami Technology USA, LLC Quality Electric & Data LG Law Center, Inc Quality Electric & Data Inc. TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc. Dentistry By Design, P.C LTS School, Inc. Above and Beyond Preschool LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/26/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 10/25/2028 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2043 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 10/16/2043 1319 Sherrick Rd. SE, Canton, OH 44707 Ambulatory Health Care Services 100 Manchester Ranch Pl., Aynor, SC 29511 80 Main St., Old Saybrook, CT 06475 8550 United Plz. Blvd., Baton Rouge, LA 79809 7130 Crater Lake, White City, OR 97603 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Telecommunications Ambulatory Health Care Services 4646 SE 11th Pl., Cape Coral, FL 33904 Food and Beverage Stores 154 Sandy Creek Rd., Verona, PA 15147 Transit and Ground Passenger Transportation 2341 East Ellis St., Leveland, TX 79336 Support Activities for Mining 4005 Borman Dr., Batavia, OH 45103 Truck Transportation Specialty Trade Contractors Professional, Scientific, and Technical Services 85 Franklin Rd Unit 9B, Dover, NJ 07801 15452 Amar Rd., La Puente, CA 91744 85 Franklin RD Unit 9B, Dover, NJ 07801 Specialty Trade Contractors 777 South Flagler Dr. Ste. 800W, West Palm Beach, FL 33401 315 Walt Whitman Rd. Ste. 204-205, South Huntington, NY 11746 3731 NW 9th Ave., Deerfield Beach, FL 33064 672-678 Camellia Dr., Royal Palm Beach, FL 33411 Educational Services Social Assistance Ambulatory Health Care Services Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 10/11/2043 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 10/10/2043 10/5/2028 10/4/2028 9/28/2043 9/28/2043 9/28/2028 9/28/2043 9/28/2028 9/28/2028 9/27/2028 9/27/2028 9/27/2043 Term Loan Prime plus 2.75% 9/27/2028 Term Loan Prime plus 2.75% 9/26/2028 Term Loan Prime plus 2.75% 9/26/2043 10400 NW 33rd St., Miami, FL 33172 Computer and Electronic Product Manufacturing Term Loan 98.2 6.7 64.3 71.0 20.5 35.5 69.9 34.8 595.0 306.4 70.2 896.7 324.7 119.2 65.7 9.9 119.9 82.6 9.9 93.5 98.2 6.7 64.3 71.0 20.5 35.5 69.9 34.8 595.0 306.4 70.2 896.7 324.7 119.2 65.7 9.9 119.9 82.6 9.9 93.5 104.0 6.9 72.6 80.2 23.2 40.1 71.1 35.4 671.7 345.9 73.8 1,012.4 340.1 121.3 68.7 10.2 135.3 85.8 10.1 105.6 576.9 0.03 % — % 0.02 % 0.02 % 0.01 % 0.01 % 0.02 % 0.01 % 0.18 % 0.09 % 0.02 % 0.27 % 0.09 % 0.03 % 0.02 % — % 0.04 % 0.02 % — % 0.03 % 0.15 % Term Loan Prime plus 2.75% 9/26/2043 511.0 511.0 F-134 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes Phillip Ramos Upholstery Inc. Southern Services and Equipment, Inc Southern Services and Equipment, Inc. MillClem Corporation & Monticello Corporation DC Lofty, LLC, Watearth Inc Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal Super Station Inc M&P RV LLC dba M&P RV E & G Enterprises LLC dba Comfort Keepers DB Talak LLC 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 Innovim LLC QBS, LLC dba Sterling Optical Exton Baby's on Broadway LLC Underground Productions LLC dba 31 Escape (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 23237 3835 Elm St., Denver, CO 80207 321 Bayou Rd, Saint Bernard, LA 70085 321 Bayou Rd, Saint Bernard, LA 70085 Food Services and Drinking Places Repair and Maintenance Fabricated Metal Product Manufacturing Fabricated Metal Product Manufacturing 16660 Oak St., Dillwyn, VA 22936 301 I St. NW, Washington, DC 20001 445 South Figuerora Ste. 3128, Los Angeles, CA 90071 35000 Pacific Hwy., Federal Way, WA 98003 8855 N Country Rd. 25A, Pique, OH 45356 Gasoline Stations 10 Century Ln., Dillsburg, PA 17019 Truck Transportation Merchant Wholesalers, Nondurable Goods Accommodation Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers 220 Middle St., Franklin, VA 23851 2018 SE 6th Ave., Portland, OR 97214 Ambulatory Health Care Services Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/25/2028 9/24/2028 9/21/2028 9/21/2043 9/21/2043 9/21/2028 Term Loan Prime plus 2.75% 9/19/2028 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 9/19/2028 9/19/2043 9/19/2043 9/18/2028 9/18/2043 4244 Pine Ridge CT, Weston, FL 33331 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2028 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2043 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2043 82.6 10.2 288.4 197.4 306.1 14.9 14.9 378.3 194.0 97.8 4.0 146.6 4.0 161.6 517.4 82.6 10.2 288.4 197.4 306.1 14.9 14.9 378.3 194.0 97.8 4.0 146.6 4.0 161.6 517.4 84.8 10.4 300.7 222.8 345.6 15.1 15.1 384.0 219.0 110.5 4.0 165.5 4.2 182.4 584.1 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Ambulatory Health Care Services Furniture and Home Furnishings Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/14/2043 1,154.3 1,154.3 1,303.2 Term Loan Prime plus 2.75% 9/14/2028 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/14/2028 9/14/2028 9/14/2028 Term Loan Prime plus 2.75% 9/13/2043 48.9 72.6 53.7 33.0 91.2 48.9 72.6 53.7 33.0 91.2 50.0 73.7 54.6 34.3 103.0 F-135 See accompanying notes to consolidated financial statements. 65 Glendale St., Easthampton, MA 01027 160 W 91st Ave., Unit B, Anchorage, AK 99515 Mile 2.5 Alaska Peninsula Hwy., Naknek, AK 99633 26 Broad St., Alexander City, AL 35010 6401 Golden Triangle Dr. Ste. 200, Greenbelt, MD 20770 211 W Lincoln Hwy, Exton, PA 19341 47 East Broadway, Little Falls, MN 56345 1731 Decatur Hwy, Fultandale, AL 35068 0.02 % — % 0.08 % 0.06 % 0.09 % — % — % 0.10 % 0.06 % 0.03 % — % 0.04 % — % 0.05 % 0.16 % 0.35 % 0.01 % 0.02 % 0.01 % 0.01 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Innovative Network Solutions Inc Rancho Paving, Inc Pool Guard of LA Pelican Executives Suites, LLC MurlinComputerCompany LLC dba Murlin Computer Asheville Spine and Nerve Institute PC Living Centers Inc. dba Veranda House Senior Living XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World Extreme Engineering, Inc. ARVAmethod LLC Greenfield Hill Wines & Spirits, LLC Kotyark LLC dba Gibsonton Motel Graphish Studio, Inc. Atlas Geo-Constructors LLC Wearware Inc dba FlyWire Cameras Montana Life Group, LLC Finn & Emma LLC Zash LLC dba Papa Murphy's take 'N' Bake Pizza Buffalo Biodiesel Inc. GeoTek Alaska, Inc ATI Jet, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 31567 West 10 Mile Rd., Farmington Hills, MI 48336 339 Cypress Ln., El Cajon, CA 92020 10866 Washington Blvd, Apt. #24, Culver City, CA 90232 2200 Colorado Ave. Sutie 131, Santa Monica, CA 90404 1014 Thompson Blvd Ste. 38B, Sedalia, MO 65301 190 Broadway St Ste 205, Asheville, NC 28801 5129 E 5th St, Katy, TX 77493 825 Ct.land St., Orlando, FL 32804 598 Oliver Dr, Troy, MI 48084 516 N Ogden Ave. # 150, Chicago, IL 60642 65 Hillside Rd., Fairfield, CT 06824 11545 US Hwy. 41S, Gibsonton, FL 33534 Professional, Scientific, and Technical Services Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/13/2028 9/10/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/7/2028 Administrative and Support Services Term Loan Prime plus 2.75% 9/7/2028 Repair and Maintenance Term Loan Prime plus 2.75% 9/7/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2043 Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/31/2043 Term Loan Prime plus 2.75% 8/30/2043 Term Loan Prime plus 2.75% 8/29/2028 Personal and Laundry Services Food and Beverage Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/29/2028 8/29/2028 Accommodation Professional, Scientific, and Technical Services Specialty Trade Contractors Computer and Electronic Product Manufacturing 231 Main St., Stamford, CT 06901 3466 Thomasville Rd. Winston, Winston- Salem, NC 27107 2204 Blackmoor Park Ln., Lexington, KY 40509 423 W. Spring Creek Dr., Bozeman, MT 59715 1275 Bloomfield Ave. Building 5 Unit 28B, Fairfield, NJ 07004 2303 White Bear Ave, Maplewood, MN 55025 225 Sawyer Ave., Tonawanda, NY 14150 Merchant Wholesalers, Nondurable Goods 2756 Commercial Dr., Anchorage, AK 99501 7007 Boeing Dr., El Paso, TX 79925 Professional, Scientific, and Technical Services Air Transportation Clothing and Clothing Accessories Stores Insurance Carriers and Related Activities Food Services and Drinking Places Term Loan Prime plus 2.75% 8/29/2043 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 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/23/2028 8/21/2028 2/17/2044 8/16/2028 F-136 See accompanying notes to consolidated financial statements. 82.8 137.9 14.8 253.9 10.3 82.2 389.5 414.8 81.6 1.6 60.1 76.1 4.9 52.8 14.7 4.9 83.4 27.6 874.3 117.6 130.7 82.8 137.9 14.8 253.9 10.3 82.2 389.5 414.8 81.6 1.6 60.1 76.1 4.9 52.8 14.7 4.9 83.4 27.6 874.3 117.6 130.7 84.8 145.1 15.1 257.6 10.5 92.8 439.8 468.3 83.0 1.6 61.2 85.9 5.0 55.7 15.0 5.0 84.6 28.5 922.2 132.8 136.9 0.02 % 0.04 % — % 0.07 % — % 0.02 % 0.12 % 0.12 % 0.02 % — % 0.02 % 0.02 % — % 0.01 % — % — % 0.02 % 0.01 % 0.25 % 0.04 % 0.04 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Lewins Law, P.C. GS Bath Inc Pamletics LLC dba F45 David D. Sullivan dba DMS Construction Crystal Shores Inc. dba Shorewood Laundromat Palanuk & Associates, Inc.dba Wolfpk CJNR, LLC Mercedes Cab Company, Inc Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC 20th Century Lanes, Inc dba West Seattle Bowl Ron's Pool and Spa Services LLC Millwork Unlimited, Incorporated Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool Accel Compression Inc., Accel Workover Services, Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 (#,^) (#,^) (#,^) (#,^) 7920 Belt Line Rd Ste. 650, Dallas, TX 75254 5335 E Kaviland Ave., Fresno, CA 93725 22015 IH 10 West, San Antonio, TX 78257 6400 Charwood Pl., Bakersfield, CA 93306 700 West Jefferson St., Shorewood, IL 60404 28110 SE Fern Dr., Boring, OR 97009 208 East Main St., Elma, WA 98541 35 Alden St., Province Town, MA 02657 1700 Nottingham Way Ste 12A, Hamilton, NJ 08619 4505 39 Ave. SW, Seattle, WA 98116 1419 NE 30th St., Pompano, FL 33064 8264 Pine Cay Rd., Wellington, FL 33414 Professional, Scientific, and Technical Services Truck Transportation Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Fixed 2.75% 2.75% 2.75% 6% 8/16/2028 8/15/2028 11/14/2028 8/9/2028 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Term Loan Accommodation Transit and Ground Passenger Transportation Term Loan Term Loan Prime plus 2.75% 8/9/2028 Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 8/8/2028 8/7/2043 8/7/2028 Health and Personal Care Stores Amusement, Gambling, and Recreation Industries Personal and Laundry Services Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 8/3/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/3/2028 8/3/2028 Term Loan Prime plus 2.75% 8/2/2028 4500 S. Country Rd. 1310, Odessa, TX 79765 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2028 4500 S Country Rd., 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 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2043 Ambulatory Health Care Services Professional, Scientific, and Technical Services Miscellaneous Store Retailers Professional, Scientific, and Technical Services Personal and Laundry Services Food Services and Drinking Places Truck Transportation Term Loan Prime plus 2.75% 8/1/2028 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 7/27/2028 7/26/2028 7/25/2028 7/20/2028 7/17/2043 7/17/2028 F-137 See accompanying notes to consolidated financial statements. 11.7 322.4 28.9 8.6 14.6 66.8 112.2 78.7 39.2 76.5 2.4 4.9 314.5 281.7 12.8 353.3 3.9 3.5 40.8 251.0 3.4 11.7 322.4 28.9 8.6 14.6 66.8 112.2 78.7 39.2 76.5 2.4 4.9 314.5 281.7 12.8 353.3 3.9 3.5 40.8 251.0 3.4 11.9 340.7 29.9 8.2 15.0 68.0 126.7 80.8 40.0 80.5 2.5 5.0 329.8 318.0 13.0 365.9 3.9 3.6 41.4 283.4 3.6 — % 0.09 % 0.01 % — % — % 0.02 % 0.03 % 0.02 % 0.01 % 0.02 % — % — % 0.09 % 0.08 % — % 0.10 % — % — % 0.01 % 0.08 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Mother's Cantina LLC dba Mother's Cantina (#,^) HQTRONICS LLC Smart-tel Communications LLC Vital Inspection Professionals, Inc. dba VIP US Cargo Express, LLC Bio-Haz Solutions, Inc. Bio-Haz Solutions, Inc Critter Cabana, LLC dba Critter Cabana Corptek Solutions LLC Nick's Country Kitchen, LLC National Dredging Services of North Florida, Inc. National Dredging Services of North Florida, Inc. Bengals, Inc. dba Royal Liquor Mart Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, DPF Filters Inc. Martha Beauty Supply And Braiding, Inc. The Desert House Assisted Living ,LLC dba The Desert House Assisted York Woods Tree Service, LLC dba York Woods Tree and Products, 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Food Services and Drinking Places Term Loan Prime plus 2.75% 7/13/2028 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/13/2028 2810 Philadephia Ave. Unit #10, Ocean City, MD 21842 10135 South Roberts Rd Ste. 209, Palos Hills, IL 60465 9720 W. Colfax Ave. Ste. 100, Lakewood, CO 80215 180 Airpark Industrial Rd, Alabaster, AL 35007 4735 22 Mile Rd., Utica, MI 48317 23 Tonoli Rd., Nesquehoning, PA 18240 Administrative and Support Services 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 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 1537 Northwest Main Blvd., Lake City, FL 32055 1537 Northwest Main Blvd., Lake City, FL 32055 3714 E State St., Rockford, IL 61108 400 Park Ave., Floor 14, New York, NY 10022 2832 Golden State Blvd., Madera, CA 93637 Merchant Wholesalers, Durable Goods 538 E Boughton Rd., Bolingbrook, IL 60440 Personal and Laundry Services Repair and Maintenance Food and Beverage Stores Food Services and Drinking Places Health and Personal Care Stores Repair and Maintenance 11055 E Grove St, Mesa, AZ 85208 300 Harold Dow Hwy., Eliot, ME 03903 300 Harold Dow Hwy., Elliot, ME 03903 22 Rte. 57, Hackettstown, NJ 07840 Nursing and Residential Care Facilities Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Term Loan Prime plus 2.75% 7/13/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/3/2028 7/2/2043 Term Loan Prime plus 2.75% 5/29/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/29/2029 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% 6/27/2043 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 6/27/2028 6/26/2043 6/26/2028 6/25/2028 6/22/2043 Term Loan Prime plus 2.75% 6/22/2043 Term Loan Prime plus 2.75% 6/21/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/21/2043 6/19/2043 2900 North 3rd St., Effingham, IL 62401 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/19/2043 F-138 See accompanying notes to consolidated financial statements. 44.4 40.3 13.6 200.8 77.7 343.6 174.7 42.9 30.3 14.3 25.1 34.0 97.6 589.8 43.2 127.9 72.3 90.9 223.7 253.3 262.1 44.4 40.3 13.6 200.8 77.7 343.6 174.7 42.9 30.3 14.3 25.1 34.0 97.6 589.8 43.2 127.9 72.3 90.9 223.7 253.3 262.1 45.3 40.9 14.3 210.5 87.7 387.9 186.8 44.8 31.6 15.0 28.4 36.1 110.2 618.0 45.3 144.4 81.6 96.3 252.5 285.9 295.9 0.01 % 0.01 % — % 0.06 % 0.02 % 0.10 % 0.05 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.03 % 0.16 % 0.01 % 0.04 % 0.02 % 0.03 % 0.07 % 0.08 % 0.08 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Allen Theatre and Back Stage Cafe LLC (#,^) 36 East. Main St., Annville, PA 17003 SBA Unguaranteed Accrual Investments (1) (22) Jones Roger Sherman Inn, Inc. Schumacker Recreation, LLC (#,^) (#,^) Oil Palace Inc. Dianne Williams and Louis Williams dba Sweetlips Store Venzix Ventures Inc. dba Venzix (#,^) (#,^) (#,^) Softrol Systems Inc dba Softrol Systems (#,^) Tele Tax Express Inc E & J Sims Co. LLC Team Sandy Blanton Realty, Inc Mastiff Studios LLC Beyond Grooming LLC and Michelle McWatters Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC Camp K-9 Pet Resort & Spa, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Anurag, LLC dba Oakwood Package Store Hardway Inc and A F C Leasing, Inc (#,^) (#,^) Sowells Consulting Engineers, LLC Funtime ,LLC dba Indoor Playgrounds International Mastrocinque Restaurant Management Company LLC dba Santionii's Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Crowley Ventures, LLC (#,^) (#,^) (#,^) (#,^) (#,^) 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2028 5325 S University Dr., Davie, FL 33328 10408 Hwy. 64 East, Tyler, TX 75707 3870 Sweet Lips Rd, Henderson, TN 38340 Food and Beverage Stores 750 Legend Oak Dr., Fountain, CO 80817 1100 Northpoint Pkwy SE, Acworth, GA 30102 166 Getty Ave, Paterson, NJ 07503 Amusement, Gambling, and Recreation Industries Motion Picture and Sound Recording Industries Performing Arts, Spectator Sports, and Related Industries Nonstore Retailers Computer and Electronic Product Manufacturing Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries 28 Broad St., Bloomfield, NJ 07003 1225 West Gregory St, Pensacola, FL 32502 Real Estate 2919 West Colorado Ave., Colorado Springs, CO 80904 1200 Old Martindale Rd, San Marcos, TX 78666 Educational Services Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/18/2028 Term Loan Prime plus 2.75% 6/18/2043 Term Loan Prime plus 2.75% 9/15/2043 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/15/2043 6/15/2028 Term Loan Prime plus 2.75% 6/15/2028 Term Loan Prime plus 2.75% 6/14/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/14/2028 6/14/2043 Term Loan Prime plus 2.75% 6/13/2043 Term Loan Prime plus 2.75% 6/8/2043 1855 Purdy Ave., Miami Beach, FL 33139 18501 Le Claire Ave., Tinley Park, IL 60478 191-195 Oakwood Ave., West Hartford, CT 06107 12533 S. 73rd East Pl., Bixby, OK 74008 13430 Northwest Freeway #260, Houston, TX 77040 13200 West Foxfire Dr. Ste. 144, Surprise, AZ 85378 3535 Hwy. 17 Unit 14 &15, Fleming Island, FL 32003 14429 South Wallin Dr., Plainfield, IL 60544 665 Worthington Rd, Westerville, OH 43082 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 6/8/2028 Food and Beverage Stores Rental and Leasing Services Professional, Scientific, and Technical Services Term Loan Term Loan Fixed Prime plus 6% 2.75% 6/6/2043 6/6/2028 Term Loan Prime plus 2.75% 6/6/2028 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/5/2028 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/1/2028 Term Loan Prime plus 2.75% 5/31/2043 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2028 F-139 See accompanying notes to consolidated financial statements. 302.2 95.4 115.7 133.7 42.5 5.7 562.1 14.3 31.9 89.5 39.3 39.5 553.1 5.2 125.9 204.9 14.3 206.2 39.9 253.1 47.0 302.2 95.4 115.7 133.7 42.5 5.7 562.1 14.3 31.9 89.5 39.3 39.5 553.1 5.2 125.9 204.9 14.3 206.2 39.9 253.1 47.0 321.0 101.3 130.7 151.0 48.0 6.0 587.7 15.2 33.4 101.1 44.3 44.6 578.6 5.4 123.7 213.8 14.9 215.1 42.4 285.8 49.2 0.09 % 0.03 % 0.03 % 0.04 % 0.01 % — % 0.16 % — % 0.01 % 0.03 % 0.01 % 0.01 % 0.15 % — % 0.03 % 0.06 % — % 0.06 % 0.01 % 0.08 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze Starship, LLC dba Tint World Smyrna Dream Spa LLC and Dream Spa Greenwich LLC DMA Equipment LLC Chem-Flotronics, Inc. Clore Construction LLC Joshua One Limited Liability Company dba Genesis Personal Fitness Fireplace Outlet Inc Circle and Square, Inc dba Stamford Kumon Daniel Woodward, DC PLLC dba Doc's Body Shop Baby Gentry's Childcare & Learning Academy Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer Container Shipping, LLC Wilbur Standford Jr Trucking and Excavating, LLC Olmsted LLC and 626 Van LLC dba Maison Yaki Corona Dance, LLC dba Huracan Dance Studio Saltamontes Tire Company, LLC Metropolitan Solutions Inc. Brenden Kehren Development LLC Kastoria Inc. dba Bantam Pizza (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 59 West Main St, Broadalbin, NY 12025 Accommodation Term Loan Prime plus 2.75% 10/25/2043 3 Williams Ave., Mystic, CT 06355 2274 S Atlanta Rd. SE, Smyrna, GA 30080 Accommodation Repair and Maintenance 1220 Post Rd. East, Westport, CT 06880 700 Lee St., Elk Grove Village, IL 60007 195 Paterson Ave., Little Falls, NJ 07424 21220 FM 1420, Harlingen, TX 78550 28 North State St. Unit 100, Newtown, PA 18940 8216 Main St., Williamsville, NY 14221 Personal and Laundry Services Merchant Wholesalers, Durable Goods Nonmetallic Mineral Product Manufacturing Heavy and Civil Engineering Construction Amusement, Gambling, and Recreation Industries Furniture and Home Furnishings Stores Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 5/25/2043 5/25/2043 5/25/2028 5/24/2043 5/22/2028 5/16/2028 5/16/2043 5/15/2028 50 Forest St. Ste. 902, Stamford, CT 06901 3084 N Goliad St., Ste. 114, Rockwall, TX 75087 4203 Shenandoah Dr., Dayton, OH 45417 310 Arlington Ave. Unit 329, Charlotte, NC 28203 533 Nova Rd Ste. 213B, Ormond Beach, FL 32174 7505 North Chases Lake Rd., Watson, NY 13343 Educational Services Term Loan Prime plus 2.75% 5/11/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/11/2028 Social Assistance Term Loan Prime plus 2.75% 5/10/2028 Educational Services Term Loan Prime plus 2.75% 5/9/2043 Support Activities for Transportation Term Loan Prime plus 2.75% 5/4/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/3/2028 659 Vanderbilt Ave., Brooklyn, NY 11238 480 West Main St., Stamford, CT 06902 1955 Boston Ave., Brodgeport, CT 06604 1420 Chestnut St., Portsmouth, VA 23704 14689 Gemara Rd., Sparta, WI 54656 768 Bantam Rd., Bantam, CT 06750 Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Repair and Maintenance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Prime plus 2.75% 2/1/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/30/2028 4/30/2043 Term Loan Prime plus 2.75% 4/30/2043 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/30/2028 4/27/2028 F-140 See accompanying notes to consolidated financial statements. 187.2 1,245.1 90.4 187.2 1,242.6 90.4 211.4 1,405.7 102.0 70.4 249.6 63.0 94.1 294.4 11.4 28.9 21.3 7.1 670.9 31.5 151.2 161.6 7.3 93.8 162.3 1.9 9.3 70.4 249.6 63.0 94.1 294.4 11.4 28.9 21.3 7.1 670.9 31.5 151.2 161.6 7.3 93.8 162.3 1.9 9.3 73.6 281.8 65.9 99.0 332.3 12.2 30.1 22.3 7.4 757.5 32.8 160.4 170.5 7.6 105.9 183.2 1.9 9.7 0.06 % 0.37 % 0.03 % 0.02 % 0.08 % 0.02 % 0.03 % 0.09 % — % 0.01 % 0.01 % — % 0.20 % 0.01 % 0.04 % 0.05 % — % 0.03 % 0.05 % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Rory James Contracting LLC Little Angels Daycare and Learning Center LLC K&S Hardware LLC Pledge 4 Hope LLC LMH Optics LLC dba Sterling Optical Joe & Sons Service, Inc Spitnale's Garage LLC A New Dawn Psychotherapy Associates, LLC Rosemarie Products Company LLC Southern HVAC LLC Southern HVAC LLC Southern Oaks Athletic Club, LLC Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza Precision Components Group Inc Sexy Nails Center LLC Mark Baker (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Newsome Mobile Notary LLC (#,^) Shree Lakshminarayyn Grocery Stores LLC (#,^) (#,^) Payne's Environmental Services LLC Michael S Brown Physical Therapy, P.C (#,^) Fifth Wheel Truck Stop 001 Romancing the Stone (#,^) (#,^) 33 Bennett Pl., Amityville, NY 11701 4551 Summit Blvd., West Palm Beach, FL 33415 1865 W Wayzata Blvd, Long Lake, MN 55356 53 Bayberry Loop South, Purvis, MS 39475 1272 Smallwood Dr West, Waldorf, MD 20603 855 Atwood Ave, Cranston, RI 02920 3761 Mahoning Ave, Youngstown, OH 44515 Construction of Buildings Term Loan Prime plus 2.75% 4/27/2028 Social Assistance Building Material and Garden Equipment and Supplies Dealers 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 Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/26/2028 4/24/2028 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 Ambulatory Health Care Services 308 E Broad St, Bethlehem, PA 18018 5400 Crooked Tree Dr., Mason, OH 45040 Health and Personal Care Stores 119 Ouachita 212, Camden, AR 71701 119 Ouachita 212, Camden, AZ 71701 15253 Shenandoah Ave., BATON ROUGE, LA 70817 Specialty Trade Contractors Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Food Services and Drinking Places 35 E Main St., Pekin, IN 47165 190 Doty Cir., West Springfield, MA 01089 Miscellaneous Manufacturing Personal and Laundry Services 57 Passaic St., Garfield, NJ 07026 Truck Transportation 1653 Evalie Dr, Fairfield, OH 45014 Professional, Scientific, and Technical Services Gasoline Stations Administrative and Support Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 4/18/2043 4/18/2028 4/17/2028 4/17/2043 Term Loan Prime plus 2.75% 4/17/2043 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 4/13/2043 4/11/2028 4/10/2043 4/9/2028 4/5/2028 4/5/2043 3/30/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2028 8153 12th Ave SW, Seattle, WA 98106 3307 Charles St., Rockford, IL 61108 5617 Causeway Blvd, Tampa, FL 33619 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 3767 S Golden State Blvd., Fresno, CA 93725 140 Centre of New England Blvd, Coventry, RI 02816 10.3 147.1 14.0 8.7 31.1 64.3 55.2 80.1 9.3 24.6 20.6 335.7 38.3 14.0 185.4 6.1 3.3 109.8 139.9 61.4 10.3 147.1 14.0 8.7 31.1 64.3 55.2 80.1 9.3 24.6 20.6 335.7 38.3 14.0 185.4 6.1 3.3 109.8 139.9 61.4 10.8 166.1 14.6 9.1 32.4 68.3 62.4 90.4 9.7 26.0 23.3 379.0 43.2 14.8 209.3 6.4 3.4 124.0 147.4 63.8 — % 0.04 % — % — % 0.01 % 0.02 % 0.02 % 0.02 % — % 0.01 % 0.01 % 0.10 % 0.01 % — % 0.06 % — % — % 0.03 % 0.04 % 0.02 % 0.32 % 0.10 % Gasoline Stations Term Loan Prime plus 2.75% 3/30/2043 1,051.7 1,051.7 1,187.4 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2043 320.8 320.8 362.1 F-141 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Alaska Industrial Paint LLC Alaska Industrial Paint LLC GQ Investments,LLC Kaz Wellness, LLC dba Grounded Wellness Center Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Co Lou & Choo Enterprises Inc. Clancy 15 LLC and Allied Molded Products LLC Montage Mountain Resorts, LP Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley Clancy 15 LLC and Allied Molded Products LLC K.C. Communications, Inc. Sofasco, Inc Cable Management, LLC Aque Investment Group LLC Kajun Martial Arts LLC New York Label & Box Corp All Regional Recyclers of Wood LLC dba ARROW Denton BioFuels LLC and Amercian BioSource, LLC Shweiki Media Inc dba Study Breaks Magazine GeoTek Alaska, Inc Rexco Foods LLC dba Papa John's (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1301 N Post Rd, Anchorage, AK 99501 1301 N Post Rd, Anchorage, AK 99501 5772 Miami Lakes Dr. East, Miami, FL 33014 Repair and Maintenance Repair and Maintenance Electrical Equipment, Appliance, and Component Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/30/2028 3/30/2043 Term Loan Prime plus 2.75% 3/30/2028 104 Clover Ct., Bartlett, IL 60103 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2028 1376 Broadway, El Cajon, CA 92021 2101 West Hunting Park Ave., Philadelphia, PA 19140 1145 13th Ave. East, Palmetto, FL 34221 1000 Montage Mountain Rd, Scranton, PA 18505 111 E. Laurel St., Willows, CA 95988 1145 13th Ave. East, Palmetto, FL 34221 2715 Saturn St., Brea, CA 92821 182 Garber Ln., Winchester, VA 22602 200 Pratt St., Meriden, CT 06450 3838 N. Sam Houston Pkwy. E, Houston, TX 77032 36546 Mission St., Prairieville, LA 70769 50 Oval Dr., Islandia, NY 11749 104 Wooster St., Bethal, CT 06801 624 W. University Dr. #359, Denton, TX 76201 4954 Space Center Dr., San Antonio, TX 78218 2756 Commercial Dr., Anchorage, AK 99501 18640 Fm 1488 Ste. C, Magnolia, TX 77354 76.6 202.9 129.3 9.8 137.1 100.1 106.1 76.6 202.9 129.3 9.8 137.1 100.1 106.1 81.1 229.0 135.0 10.2 144.4 113.0 111.6 53.7 205.2 38.4 86.4 49.4 165.0 53.7 205.2 38.4 86.4 49.4 165.0 56.9 231.7 40.6 97.6 52.3 174.8 Term Loan Prime plus 2.75% 3/28/2043 1,142.1 1,142.1 1,289.5 Administrative and Support Services Term Loan Prime plus 2.75% 3/28/2028 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2044 Term Loan Prime plus 2.75% 3/28/2028 Plastics and Rubber Products Manufacturing Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/28/2028 Plastics and Rubber Products Manufacturing Telecommunications Merchant Wholesalers, Durable Goods Waste Management and Remediation Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/28/2043 3/27/2028 3/23/2043 3/23/2028 Term Loan Prime plus 2.75% 3/23/2028 Real Estate Amusement, Gambling, and Recreation Industries Printing and Related Support Activities Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/23/2028 3/23/2043 13.8 1,190.1 13.8 1,190.1 14.4 1,343.6 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/23/2028 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2043 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2028 80.6 59.2 45.3 593.8 26.1 80.6 59.2 45.3 593.8 26.1 85.0 62.3 48.0 670.3 27.2 F-142 See accompanying notes to consolidated financial statements. 0.02 % 0.06 % 0.04 % — % 0.04 % 0.03 % 0.03 % 0.34 % 0.02 % 0.06 % 0.01 % 0.03 % 0.01 % 0.05 % — % 0.36 % 0.02 % 0.02 % 0.01 % 0.18 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) RTSP Union LLC Cest Chic Concepts, LLC dba Salon Cest Chic Camerabots Media, LLC Petroleum Equipment & Services, Inc Rojenco II,Inc. Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe Rojenco II, Inc. Dante Ultimate Cleaning Service LLC SRG Waterfront LLC Unpainted Arizona, LLC dba Westside Bowl BC Bishop Enterprises LLC dba 9Round Pooler (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) The Law Offices of Samuel R Miller LLC (#,^) Connie Engelbrecht (#,^) Urban Fitness Group LLC dba Crunch Fitness Group LLC Merciful Heavenly Homes, LLC Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. (#,^) (#,^) (#,^) Jackpine Technologies Corporation Crossfit iQ LLC (#,^) (#,^) Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/20/2028 795.1 795.1 839.6 0.22 % 2438 Rte. 22 East, Union, NJ 07083 15231 Hall Station Rd. Unit 104, Bowie, MD 20721 Personal and Laundry Services Motion Picture and Sound Recording Industries Repair and Maintenance Repair and Maintenance Repair and Maintenance Support Activities for Mining Repair and Maintenance 3081 Bridgeton Ct., Woodbridge, VA 22192 5631 Silverado Way Unit G, Anchorage, AK 99518 4357 Shore Dr., Virginia Beach, VA 23455 2217 Richmond Rd., Williamsburg, VA 23188 2217 Richmond Rd., Williamsburg, VA 23188 4357 Shore Dr., Virginia Beach, VA 23455 16969 River Park Dr, Covington, LA 70345 Administrative and Support Services 88 District Square SW, Washington, DC 20005 2617 Mahoning Ave, Youngstown, OH 44509 105-107 Grand Central Blvd, Pooler, GA 31322 7405 Lake Worth Rd., Lake Worth, FL 33467 20640 Raven Dr., Eagle River, AK 99577 2800 S IH-35, Ste. 220, Round Rock, TX 78681 401 Dillar's Mill Rd., Tyner, NC 27980 Educational Services Professional, Scientific, and Technical Services Nonmetallic Mineral Product Manufacturing Amusement, Gambling, and Recreation Industries Nursing and Residential Care Facilities Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/19/2028 Term Loan Prime plus 2.75% 3/16/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/16/2028 9/15/2043 Term Loan Prime plus 2.75% 3/15/2043 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/15/2043 3/15/2043 3/9/2028 Term Loan Prime plus 2.75% 3/9/2028 Term Loan Prime plus 2.75% 8/7/2043 Term Loan Prime plus 2.75% 3/2/2028 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Fixed 2.75% 2.75% 2.75% 8% 2/28/2043 2/28/2028 2/28/2028 2/28/2043 94-33 Corona Ave, Elmhust, NY 11373 1 Mill & Main Pl., Ste. 330, Maynard, MA 01754 342 Pike Rd. Ste. 27, West Palm Beach, FL 33411 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/26/2043 Publishing Industries (except Internet) Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/22/2028 Term Loan Prime plus 2.75% 2/21/2028 F-143 See accompanying notes to consolidated financial statements. 6.9 9.2 153.3 70.6 474.2 70.6 367.7 6.2 178.5 95.9 5.1 108.5 1.8 135.8 60.3 325.0 22.4 25.8 6.9 9.2 153.3 70.6 474.2 70.6 367.7 6.2 178.5 95.9 5.1 108.5 1.8 135.8 60.3 325.0 22.4 25.8 7.2 9.6 162.4 79.7 535.3 79.7 415.1 6.6 186.2 108.3 5.3 122.5 1.9 143.8 59.8 366.9 23.8 26.9 — % — % 0.04 % 0.02 % 0.14 % 0.02 % 0.11 % — % 0.05 % 0.03 % — % 0.03 % — % 0.04 % 0.02 % 0.10 % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Town & Country Transportation Co. JumboMarkets, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) Margab Inc dba Smoothie King Tony Herring & Associates, Inc. Apps Inc., Market Share, and Singular Leaseholdings LLC Macrotech Integrated Management Solutions dba Extreme Lawn Care Midlothian Hardware Inc dba Grills True Value Rocco's Landscaping 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 Weeping Willow Kennels, Inc. Lavish Specs Inc MedWorxs Inc. Lou & Choo Enterprises Inc dba Lou & Choo Lounge (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 191-193 Arch St., New Britain, CT 06051 15500 SW Trail Dr., Indiantown, FL 34956 14200 SW 8th St Unit #102, Miami, FL 33184 211 West Camellia Dr., Slidell, LA 70458 80 Main St., Old Saybrook, CT 06475 2425 Durrance LN, Ormond Beach, FL 32174 4751 West 147th St., Midlothian, IL 60445 151 Kitts Ln., Newington, CT 06111 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/16/2028 Food and Beverage Stores Term Loan Prime plus 2.75% 2/13/2028 Food Services and Drinking Places Furniture and Home Furnishings Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/13/2028 2/9/2028 40.0 125.8 2.1 5.0 40.0 125.8 2.1 5.0 42.3 131.6 2.2 5.3 Telecommunications Term Loan Prime plus 2.75% 2/8/2028 378.3 378.3 393.6 Repair and Maintenance Building Material and Garden Equipment and Supplies Dealers Administrative and Support Services Repair and Maintenance 2290 NW 21st Ter., Miami, FL 33142 706 North 37th St., Philadelphia, PA 19104 Support Activities for Transportation 9533 Irondale Ave., Los Angeles, CA 91311 24 County Rd. 901, Jemison, AL 35085 7725 Old Seward Hwy., Anchorage, AK 99518 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 Paper Manufacturing Specialty Trade Contractors Food Services and Drinking Places Personal and Laundry Services Machinery Manufacturing Professional, Scientific, and Technical Services Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/5/2028 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/2/2028 1/31/2043 1/31/2028 1/30/2043 1/26/2043 1/25/2028 Term Loan Prime plus 2.75% 1/24/2028 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 1/19/2028 1/19/2028 1/18/2028 7.3 9.1 68.3 9.0 43.2 873.2 50.6 82.2 6.3 4.5 47.1 7.3 9.1 68.3 9.0 43.2 873.2 50.6 82.2 6.3 4.5 47.1 7.7 9.6 77.1 9.4 48.8 985.8 53.2 87.1 6.6 4.7 49.0 Term Loan Prime plus 2.75% 1/18/2043 105.2 105.2 118.8 0.01 % 0.04 % — % — % 0.10 % — % — % 0.02 % — % 0.01 % 0.26 % 0.01 % 0.02 % — % — % 0.01 % 0.03 % F-144 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Work of Heart Inc dba Little Nest Portraits Crad Holding LLC dba Neighborhood Laundry of Bloomfield Sandfree Systems LLC Social Link LLC Farec, Inc Muckamuck Trucks, Inc. 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 DHD Enterprise LLC dba Edible Arrangements #1699 CT Auto Spa LLC DBMS Consulting, Inc. Auto Excellance of Fort Myers Inc. Legion Bowl, Inc & Legion Pub Inc Peanut Butter & Co., Inc AADJ Empire Inc and AADJ Galaxy Inc. Heung Kyun Im KR Calvert & Co, LLC Atlas Geo-Constructors, LLC Nichols Fire and Security LLC (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1000 Merdian Blvd., Ste. 112, Franklin, TN 37067 Professional, Scientific, and Technical Services Term Loan Fixed 7.5% 1/10/2028 60 Dodd St., Bloomfield, NJ 07003 116 Cricket Ave. Ste. B, Ardmore, PA 19003 41Peabody St., Nashville, TN 37210 30250 W Nine Mile Rd., Farmington, MI 48336 510 S Spring St., Ukiah, CA 95482 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 828 Washington Ave., Miami Beach, FL 33139 39 Albany Turnpike, West Simsbury, CT 06092 164 West 83rd St.- Units 1F/1P, New York, NY 10024 3105 Fowler St., Fort Myers, FL 33901 Personal and Laundry Services Term Loan Prime plus 2.75% 1/5/2028 Specialty Trade Contractors Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Truck Transportation Food Services and Drinking Places Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/5/2028 Term Loan Prime plus 2.75% 12/29/2027 Term Loan Term Loan Term Loan Fixed Prime plus Prime plus 7.5% 2.75% 2.75% 12/29/2042 12/22/2027 12/22/2027 Term Loan 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 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/21/2027 Repair and Maintenance Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries 661 Park St., Cranston, RI 02910 119 West 57th St., Ste. 300, New York, NY 10019 1599 Post Rd., Warwick, RI 02888 6235 Conlan Bay Dr., Houston, TX 77041 Nonstore Retailers 1620 Westgate Cir. Ste. 100, Brentwood, TN 37027 3466 Thomasville Rd., Winston Salem, NC 27107 1906 Vanderhorn Dr., Memphis, TN 38134 Administrative and Support Services Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Specialty Trade Contractors Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/21/2027 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/20/2027 12/19/2042 Term Loan Prime plus 2.75% 12/15/2042 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/15/2027 12/14/2042 12/14/2027 Term Loan Fixed 7.5% 12/14/2027 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/14/2027 12/13/2042 F-145 See accompanying notes to consolidated financial statements. 3.0 36.8 4.5 6.6 242.4 8.2 2.2 36.9 7.1 171.4 13.8 131.0 52.0 96.5 300.6 133.0 164.7 9.1 269.2 196.7 79.8 3.0 36.8 4.5 6.6 242.4 8.2 2.2 36.9 7.1 171.4 13.8 131.0 52.0 96.5 300.6 133.0 164.7 9.1 269.2 196.7 79.8 2.9 38.3 4.8 6.9 239.2 8.6 2.3 38.3 7.3 193.5 14.4 138.4 54.7 109.0 339.4 138.0 185.9 9.5 262.4 207.3 90.1 — % 0.01 % — % — % 0.06 % — % — % 0.01 % — % 0.05 % — % 0.04 % 0.01 % 0.03 % 0.09 % 0.04 % 0.05 % — % 0.07 % 0.06 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Hardway Inc & AFC Leasing Inc LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay A-1 Van Services Inc Big Picture Group LLC Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC Clore Construction LLC AV Strategy Inc Clear Sound Communications, Inc ODS Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Oil Palace, Inc. Healthcare Interventions, Inc dba Brightstar (#,^) Healthcare (#,^) Salud Bar & Grill LLC Linda Jean Howard Riley dba The Rusty Bolt (#,^) (#,^) Square1 Partners, LLC (#,^) WTI Distribution Inc 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 (#,^) (#,^) (#,^) (#,^) (#,^) 12533 S. 73rd E. Pl., Bixby, OK 74008 498 Wilderness View, Chatsworth, GA 30705 154 Sandy Creek Rd., Verona, PA 15147 935 N La Jolla, Los Angeles, CA 90046 1120 Wren School Rd., Piedmont, SC 29673 21220 FM 1420, Harlingen, TX 78550 9468 American Eagle Way Ste. 100, Orlando, FL 32837 680 Old Medford Ave, Medford, NY 11763 626 N Delsea Dr., Glassboro, NJ 08028 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2027 Real Estate Term Loan Transit and Ground Passenger Transportation Term Loan Professional, Scientific, and Technical Services Term Loan Prime plus Prime plus 2.75% 2.75% 12/12/2042 12/12/2027 Prime plus 2.75% 12/12/2027 Gasoline Stations Heavy and Civil Engineering Construction Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/12/2027 12/12/2027 Rental and Leasing Services Term Loan Prime plus 2.75% 12/8/2027 Administrative and Support Services Amusement, Gambling, and Recreation Industries Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/8/2027 Term Loan Prime plus 2.75% 12/6/2027 229.4 30.6 460.4 253.0 26.9 271.1 287.8 2.2 28.9 229.4 30.6 460.4 253.0 26.9 271.1 287.8 2.2 28.9 238.1 34.5 485.3 264.2 27.9 285.6 301.8 2.3 30.3 10408 Hwy. 64 East, Tyler, TX 75707 5300 W. Atlantic Ave. Ste. 501, Delray Beach, FL 33484 1413 Bushwick Ave, Brooklyn, NY 11207 22345 W. Rt 66, Seligman, AZ 86337 1088 Greenbriar Ln., Northbrook, IL 60062 Publishing Industries (except Internet) 5491 E Francis St, Ontario, CA 91761 Support Activities for Transportation 3501 NC Hwy. 54 W, Chapel hill, NC 27516 235 Walton Ave., Lexington, KY 40502 700 Lincoln St., Lagrange, GA 30204 Ambulatory Health Care Services Food Services and Drinking Places Miscellaneous Store Retailers Social Assistance Social Assistance Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Motor Vehicle and Parts Dealers 121 South Main St., Payette, ID 83661 920 Graves Ave, Oxnard, CA 93003 Term Loan Prime plus 2.75% 12/4/2042 928.8 928.8 1,048.6 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/4/2027 12/1/2027 12/1/2042 12/1/2027 11/30/2027 11/29/2042 11/29/2042 11/27/2042 11/22/2027 11/22/2027 8.8 33.2 19.1 36.7 23.3 213.6 173.2 115.1 10.8 40.7 8.8 33.2 19.1 36.7 23.3 213.6 173.2 115.1 10.8 40.7 9.2 34.5 21.5 38.0 24.5 241.2 195.6 129.9 11.4 42.3 0.06 % 0.01 % 0.13 % 0.07 % 0.01 % 0.08 % 0.08 % — % 0.01 % 0.28 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.06 % 0.05 % 0.03 % — % 0.01 % F-146 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Step Up Academy of the Arts, LLC 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. (#,^) Rachael Reel dba Rachel Reel Insurance Age The Five Lakes LLC Die Hard Used Car Sales Sage Oil LLC (#,^) (#,^) (#,^) (#,^) 2258A Wigwam Pkwy., Henderson, NV 89074 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 Educational Services Food Services and Drinking Places Food Services and Drinking Places Educational Services Personal and Laundry Services Accommodation Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 11/22/2027 11/21/2027 11/21/2027 11/21/2027 11/20/2042 11/17/2042 1990 Flippen Rd., Stockbridge, GA 30281 5455 N. 51st Ave. Ste. 30, Glendale, AZ 85301 91 & 95 Woodbury Rd., Hicksville, NY 11801 822 Cameron Ln., 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 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 Motor Vehicle and Parts Dealers Nonmetallic Mineral Product Manufacturing Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/15/2042 11/15/2042 11/15/2042 Educational Services Term Loan Prime plus 2.75% 10/14/2043 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2027 Couriers and Messengers Term Loan Fixed 6% 11/7/2027 Social Assistance Term Loan Prime plus 2.75% 11/6/2042 Insurance Carriers and Related Activities Repair and Maintenance 208 Bank St., Lenoir, TN 37771 13705 Holmes Rd., Kansas City, MO 64154 Educational Services 1668 West Grand Ave., Phoenix, AZ 85007 Motor Vehicle and Parts Dealers 8913 Egyptian Ave., Las Vegas, NV 89143 Merchant Wholesalers, Nondurable Goods Insurance Carriers and Related Activities Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 11/3/2027 11/3/2042 10/31/2027 10/30/2042 10/30/2042 10/27/2027 9.2 41.4 13.1 63.1 164.4 51.7 30.8 40.7 177.9 11.5 493.2 430.3 5.6 5.7 83.2 4.4 52.6 4.3 429.9 51.2 5.7 9.2 41.4 13.1 63.1 164.4 51.7 30.8 40.7 177.9 11.5 493.2 430.3 5.6 5.7 83.2 4.4 52.6 4.3 429.9 51.2 5.7 9.5 43.0 13.8 65.5 185.6 58.4 32.1 42.6 200.9 13.0 556.8 485.8 5.8 5.6 93.9 4.5 59.3 4.5 485.4 57.8 6.0 — % 0.01 % — % 0.02 % 0.05 % 0.02 % 0.01 % 0.01 % 0.05 % 0.00 % 0.15 % 0.13 % — % — % 0.03 % — % 0.02 % — % 0.13 % 0.02 % — % F-147 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Fixed 2.75% 2.75% 2.75% 2.75% 8.25% 10/27/2027 10/25/2027 10/25/2042 10/25/2027 10/24/2042 8.3 24.5 79.2 8.6 23.3 8.3 24.5 79.2 8.6 23.3 8.7 25.8 89.4 9.1 23.1 Term Loan Prime plus 2.75% 10/18/2042 119.9 119.9 135.4 SBA Unguaranteed Accrual Investments (1) (22) Ashore Ventures Inc dba PuroClean Professional Restoration Schafer Fisheries Inc Suzie LLC dba Tony D's Restaurant Grand Blanc Lanes, Inc. The Jig, LLC Island Refrigeration & AC Inc H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry Blueridge Armor LLC Cortez Landscaping, LLC On Call Services LLC Threads of Time LLC Harco Metal Products Inc Dan Cline Transport Inc. Nicholson Lumber Co Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 21985 Waller Rd., Fulton, IL 61252 92 Huntington St., New London, CT 06320 Repair and Maintenance Food Manufacturing Food Services and Drinking Places Amusement, Gambling, and Recreation Industries 5301 S. Saginaw Rd., Flint, MI 48507 3115 Camp Phillips Rd., Wausau, WI 54403 Food Services and Drinking Places 3201 Flagler Ave., Unit 510 & 511, Key West, FL 33040 1227 Burnside Ave., East Hartford, CT 06108 1495 Hwy. 74-A Bypass, Ste. 150192, Spindale, NC 28160 4 Powder Rd., Norwalk, CT 06854 15060 281St Ave. NW, Zimmerman, MN 55398 Miscellaneous Manufacturing Administrative and Support Services Electronics and Appliance Stores Specialty Trade Contractors 207 S Buchanan St., Danville, IL 61832 7895 East Acoma Dr. Ste. 102, Scottsdale, AZ 85260 501 State Dr., Mount Vernon, MO 65712 377 Main St., Nicholson, PA 18446 Rhode Island Tennis Management LLC (#,^) 636 Centerville Rd., Warwick, RI 02886 Rhode Island Tennis Management LLC (#,^) Pets A Go Go LLC Inspirations Food Design, Inc JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn KB Waterjet Cutting LLC (#,^) (#,^) (#,^) (#,^) Sallee Pro-Custom Fabrication Shop LLC (#,^) 636 Centerville Rd., Warwick, RI 02886 589 North State Rd., Briarcliff Manor, NY 10510 1338 Memorial Ave., West Springfield, MA 01089 4864 Arthur Kill Rd. Units 102,103,104 & 105, Staten Island, NY 10309 4330 Parker Ln., Addis, LA 70710 8865 North County Rd. 600 W, Scipio, IN 47273 Construction of Buildings Sporting Goods, Hobby, Musical Instrument, and Book Stores Primary Metal Manufacturing Truck Transportation Building Material and Garden Equipment and Supplies Dealers Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Fixed 8.25% 10/17/2042 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/17/2027 10/13/2027 Term Loan Prime plus 2.75% 10/13/2027 Term Loan Prime plus 2.75% 9/29/2042 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/29/2042 9/29/2030 Term Loan Prime plus 2.75% 9/28/2030 Term Loan Prime plus 2.75% 9/28/2042 Term Loan Prime plus 2.75% 9/28/2042 Personal and Laundry Services Term Loan Prime plus 2.75% 9/28/2042 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/26/2042 Food Services and Drinking Places Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/22/2027 9/22/2027 Repair and Maintenance Term Loan Prime plus 2.75% 9/21/2027 F-148 See accompanying notes to consolidated financial statements. — % 0.01 % 0.02 % — % 0.01 % 0.04 % 0.02 % — % — % — % 0.04 % 0.13 % 0.20 % 0.04 % 0.11 % 0.15 % 0.05 % 0.13 % — % — % — % 58.8 4.7 11.0 10.6 124.2 445.5 705.7 150.7 357.3 513.1 180.1 421.0 12.6 5.8 5.1 58.8 4.7 11.0 10.6 124.2 445.5 705.7 150.7 357.3 513.1 180.1 421.0 12.6 5.8 5.1 58.3 5.0 11.5 11.3 140.2 503.0 757.0 163.6 403.4 579.3 203.3 475.3 13.1 6.0 5.4 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Sound Manufacturing, Inc. & Monster Power Equipment, Inc. (#,^) Insight Diagnostic Technologist Services (#,^) 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. (#,^) (#,^) (#,^) 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. Big Coop's Trucking LLC Lake County Tow LLC Delicias de Minas Restaurant, LLC L&V Auto Sales, Inc. Tony Herring & Associates, Inc Chester's World Enterprise LLC D'Amato & Sons Construction, Inc. L & J Corporate Services Inc (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 51 Donnelley Rd., Old Saybrook, CT 06475 2030 Forest Ave., Ste. 110, San Jose, CA 95128 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 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 Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services Specialty Trade Contractors Food Services and Drinking Places Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/20/2027 9/19/2027 9/15/2042 9/13/2027 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2027 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2042 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/12/2042 Ambulatory Health Care Services Performing Arts, Spectator Sports, and Related Industries Social Assistance Motion Picture and Sound Recording Industries Building Material and Garden Equipment and Supplies Dealers Truck Transportation Support Activities for Transportation 3415 Enon Rd., College Park, GA 30349 3066 Misty Creek Dr., Swartz, MI 48473 15409 Country Rd. 565A, Clermont, FL 34711 168-170 McWhorter St., Newark, NJ 07105 Food Services and Drinking Places 1504 West Franklin Blvd., Gastonia, NC 28052 211 West Camellia Dr., Slidell, LA 70458 140 W Alameda Dr., Ste. 104, Tempe, AZ 85282 117 Oak St., Amityville, NY 11701 866 NW 110th Ave., Coral Springs, FL 33071 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/11/2027 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/11/2027 9/8/2042 Term Loan Prime plus 3.75% 9/7/2027 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/7/2042 9/1/2027 8/25/2042 8/22/2027 8/21/2027 8/17/2027 8/16/2027 8/11/2027 Term Loan Prime plus 2.75% 8/4/2027 F-149 See accompanying notes to consolidated financial statements. 112.6 187.4 3.0 347.3 204.3 8.0 354.8 152.3 11.5 4.2 263.1 3.1 90.4 56.6 78.9 107.3 10.0 4.2 12.5 4.6 2.8 112.6 187.4 3.0 347.3 204.3 8.0 354.8 152.3 11.5 4.2 263.1 3.1 90.4 56.6 78.9 107.3 10.0 4.2 12.5 4.6 2.8 118.5 195.2 3.1 392.1 211.4 8.4 400.6 171.9 11.9 4.5 297.0 3.3 102.0 59.6 89.0 113.0 10.6 4.3 13.1 4.8 2.9 0.03 % 0.05 % — % 0.10 % 0.06 % — % 0.11 % 0.05 % — % — % 0.08 % — % 0.03 % 0.02 % 0.02 % 0.03 % — % — % — % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Work of Heart Inc dba Little Nest Portraits Sharon G McMillen, MA Psychologist, Inc. (#,^) (#,^) HQTRONIC LLC Oberon IT, Inc. Gilles Peress Studio LLC Obok LLC Lil Tots' Learning Center LLC Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL) Wildflour Bakery & Cafe, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Koep Companies dba Pipestone True value (#,^) New Chicago Wholesale Bakery Inc. J. T. O'Neill Company, L.L.C Best Bees Company Intellixion LLC Oakhill Farms, LLC Stiegelbauer Associates Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Old Dominion Transportation Group, Inc. (#,^) Foxhop Fitness, LLC Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC Northern Industries, LLC Scarlet Spartan Inc.dba FastSigns of Brighton (#,^) (#,^) (#,^) (#,^) Term Loan Term Loan Fixed Prime plus 7.5% 2.75% 7/28/2027 7/28/2027 Term Loan Prime plus 2.75% 7/27/2027 23.2 10.2 12.3 23.2 10.2 12.3 22.6 10.6 12.8 Term Loan Prime plus 2.75% 7/26/2027 120.1 120.1 125.6 1000 Merdian Blvd., Ste. 112, Franklin, TN 37067 216 West Main St, Kingwood, WV 26537 10135 S. Roberts Rd., Ste. 209, Palos Hills, IL 60465 1404 W. Walnut Hill Ln., 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 Professional, Scientific, and Technical Services Ambulatory Health Care Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food Manufacturing Social Assistance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/21/2027 7/21/2042 Term Loan Prime plus 2.75% 7/25/2027 2301 N Marginal Rd., Cleveland, OH 44114 Air Transportation 5137 Clareton Dr., Ste. 100,110 & 120, Agoura Hills, CA 91301 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers 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 207 East Main St., Pipestone, MN 56164 795 Touhy Ave., Elk Grove Village, IL 60007 19972 Willowin Farm Ln., Purcellville, VA 20132 839 Albany St., Boston, MA 02119 7447 Egan Dr, Ste. 110 A, Savage, MN 55378 15 Carl St., Johnston, RI 02919 63 Flushing Ave., Unit 101, Building 280, Brooklyn, NY 11205 2510 Hunters Pl., Ste. 202, Woodbridge, VA 22192 4211 NW Federal Hwy., Jensen Beach, FL 34957 Food Manufacturing Term Loan Prime plus 2.75% 6/30/2027 Real Estate Animal Production and Aquaculture Professional, Scientific, and Technical Services Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6/30/2027 6/29/2027 6/29/2027 6/29/2030 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2027 Transit and Ground Passenger Transportation Term Loan Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/28/2027 Prime plus 2.75% 6/28/2027 211 East 25th St., Norfolk, VA 23504 W 5585 Dehart Dr., Tomahawk, WI 54484 Miscellaneous Manufacturing 533 W. Grand River Ave., Brighton, MI 48116 Administrative and Support Services Transportation Equipment Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/27/2030 6/23/2042 Term Loan Prime plus 2.75% 6/19/2027 F-150 See accompanying notes to consolidated financial statements. 0.01 % — % — % 0.03 % 0.01 % — % 0.01 % 0.12 % — % 0.09 % — % — % — % — % 0.02 % 0.05 % 0.19 % 0.01 % 0.05 % 0.02 % — % 33.8 6.6 22.6 452.6 12.3 293.7 9.0 8.1 12.1 2.0 68.5 166.5 669.0 49.1 168.0 52.1 5.6 33.8 6.6 22.6 452.6 12.3 293.7 9.0 8.1 12.1 2.0 68.5 166.5 669.0 49.1 168.0 52.1 5.6 35.0 6.9 25.5 469.0 12.9 331.6 9.5 8.5 12.7 2.1 74.6 175.7 701.8 51.4 183.0 58.9 5.9 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero ESA 365 Corp and Lucathor Realty LLC SCW, LLC dba Arthur Murray Dance Studio Skydive California, LLC Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder Haroon Baig,Inc.dba US1 Petrol Ricnet III, Inc. dba Edible Arrangements Funtime, LLC and Universal Entertainment Group LLC Sage Oil LLC Swantown Inn & Spa LLC Eagle Wood Works LLC Chet Lemon Enterprises LLC dba All American Sports Beyond Waves A Unique Salon LLC and Lori Ann Carlson Abdul Naushad MD PC dba Advanced Pain Centers Locavore LLC dba Paloma Restaurant Innovim, LLC Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 11535 Carmel Commons Blvd. Ste. 200, Charlotte, NC 28226 104 Wooster St., Bethel, CT 06801 577 Main Ave. 166 Getty Ave., Paterson, NJ 07055 2420 Grand Ave., Baldwin, NY 11520 2383 Old Dixwell Ave., Hamden, CT 06518 25001 S Kasson Rd, Tracy, CA 95301 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/16/2042 Waste Management and Remediation Services Term Loan Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus 2.75% 6/15/2042 Prime plus 2.75% 6/14/2042 Prime plus 2.75% 6/14/2042 Educational Services Educational Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/2/2042 6/2/2027 Gasoline Stations 246 East Belt Blvd., Richmond, VA 23224 Motor Vehicle and Parts Dealers 1280-1290 Dixwell Ave., Hamden, CT 06514 716 Foxcroft Ave, Martinsburg, WV 25401 13200 W. Foxfire Dr #144, Surprise, AZ 85387 8913 Egyptian Ave., Las Vegas, NV 89143 Merchant Wholesalers, Nondurable Goods 1431 11th Ave. SE, Olympia, WI 98501 1448 Horsehead Rd., Lugoff, SC 29078 Food and Beverage Stores Merchant Wholesalers, Durable Goods Term Loan Term Loan Term Loan Accommodation Furniture and Related Product Manufacturing Term Loan Amusement, Gambling, and Recreation Industries Term Loan 1544 Ln. Park Cutoff, Tavares, FL 32778 2290 Foxon Rd Rte. 80, North Branford, CT 06471 Term Loan Prime plus 2.75% 6/1/2042 Term Loan Prime plus 2.75% 5/31/2042 Term Loan Prime plus 2.75% 5/31/2027 Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 5/31/2027 5/31/2027 5/26/2042 5/26/2027 Prime plus 2.75% 5/26/2042 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2027 2865 James Blvd., Poplar Bluff, MO 63901 Ambulatory Health Care Services 401 S. Guadalupe St., Santa Fe, NM 87501 Food Services and Drinking Places 6401 Golden Triangle Dr. Ste. 200, Greenbelt, MD 20770 132 North Wellwood Ave, Lindenhurst, NY 11757 Professional, Scientific, and Technical Services Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/25/2042 5/25/2027 Term Loan Prime plus 2.75% 5/24/2027 Term Loan Prime plus 2.75% 5/19/2042 F-151 See accompanying notes to consolidated financial statements. 359.6 278.7 83.0 20.2 131.1 29.5 41.0 236.5 8.1 47.9 12.0 113.9 6.3 711.7 0.1 368.4 26.6 154.2 521.8 359.6 278.7 83.0 20.2 131.1 29.5 41.0 236.5 8.1 47.9 12.0 113.9 6.3 711.7 0.1 368.4 26.6 154.2 521.8 406.0 314.7 93.7 22.8 148.0 31.1 46.2 267.0 8.5 50.2 12.5 128.6 6.7 803.5 0.1 415.9 27.9 161.5 589.1 0.11 % 0.08 % 0.02 % 0.01 % 0.04 % 0.01 % 0.01 % 0.07 % — % 0.01 % — % 0.03 % — % 0.21 % — % 0.11 % 0.01 % 0.04 % 0.16 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Hayden Trucking LLC Mr. B's Bicycles & Mopeds, Inc. Bay Car Wash LLC Waterford Plumbing Co, Inc. Computech Computers Inc. Arco Electrical Contractors Inc. dba Arco Construction Group 5 Stars Learning Center Inc BGF Bobby Q's Inc NHS, LLC NHS, LLC Cable Management LLC Fine Arts Center of Easley, Inc. dba Midtown Music Sneads Ferry Foods, Inc. dba DQ Grill & Chill JMA Inc. dba Primecut and Mezzo; Primecut at Marquee Ralph's Hair Salon, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Condron Brothers LLC DBA Luv 2 Play (#,^) Golden Hen Inc. dba Cafe Landmark Ventures USA, Inc. Bear Trail Lodge LLC (#,^) (#,^) (#,^) 11540 Eagle Vista Dr., Fort Worth, TX 76179 1870 S. 4th Ave., Yuma, AZ 85364 952 South Commercial St. and West Magnolia, Aransas Pass, TX 78336 2425 W. Cuyler Ave, Chicago, IL 60618 40-24 76th St., Office #2B, Elmhurst, NY 11373 22-24 South Seventh St., Elizabeth, NJ 07202 14 Paine Ave., Irvington, NJ 07111 447 N. Main St., Freeport, NY 11520 212 N Douglas Ave, Ellsworth, KS 67439 212 N Douglas Ave, Ellsworth, KS 67439 290 Pratt St., Meriden, CT 06450 117 S. Pendleton St., Easley, SC 29640 Truck Transportation Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/19/2027 Term Loan Prime plus 2.75% 5/18/2042 Repair and Maintenance Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/18/2042 5/18/2027 Educational Services Term Loan Prime plus 2.75% 5/17/2027 Specialty Trade Contractors Social Assistance Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Waste Management and Remediation Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/16/2027 5/16/2042 5/11/2027 Term Loan Prime plus 2.75% 5/9/2027 Term Loan Prime plus 2.75% 5/9/2042 Term Loan Prime plus 2.75% 5/3/2027 Term Loan Prime plus 2.75% 5/2/2042 920 Hwy. 210, Sneads Ferry, NC 28460 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 393 Charles St., Providence, RI 02904 175 NW 14th St., Homestead, FL 33030 4790 La Sierra Ave., Riverside, CA 92505 468 W. Cheltenham Ave., Philadelphia, PA 19126 475 Park Ave. South 25th Floor, New York, NY 10016 Mile 1 Bear Trail Rd., King Salmon, AK 99613 Food Services and Drinking Places Personal and Laundry Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Securities, Commodity Contracts, and Other Financial Investments and Related Activities Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/27/2042 4/21/2042 Term Loan Prime plus 2.75% 4/19/2027 Term Loan Prime plus 2.75% 3/31/2027 Term Loan Prime plus 2.75% 3/31/2027 76.9 131.5 108.4 26.6 26.6 185.8 55.3 4.0 47.1 19.6 30.6 106.9 583.6 198.3 44.7 62.6 33.4 96.7 76.9 131.5 108.4 26.6 26.6 185.8 55.3 4.0 47.1 19.6 30.6 106.9 583.6 198.3 44.7 62.6 33.4 96.7 81.1 148.4 122.4 27.9 27.8 195.6 62.4 4.2 49.5 22.1 32.2 120.7 658.9 223.8 50.5 65.8 34.9 101.0 540.2 0.02 % 0.04 % 0.03 % 0.01 % 0.01 % 0.05 % 0.02 % — % 0.01 % 0.01 % 0.01 % 0.03 % 0.18 % 0.06 % 0.01 % 0.02 % 0.01 % 0.03 % 0.14 % Term Loan Prime plus 2.75% 3/31/2042 478.5 478.5 F-152 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) The Altitude Group, LLC and Core Home Security, LLC Citizens Lanes, LLC Schafer Fisheries Inc. Sea Smoke Barbeque, Corp and Danwen LLC Discount Price, LLC dba Robert's Market H and H Hotshot Services, Inc. dba AA Hotshot & Logistics Douglas K. Soderblom .dba Loma Linda Optometry New England Country Day School, Inc. and Thomas D. Walker Executive Fitness & Nutrition Inc. Denton Bio Fuels LLC and American Bio Source LLC The Purple Cow House of Pancake Inc Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C 1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Elegant Occasions, LLC dba E Productions (#,^) Dwayne Bernard Tate (#,^) Anthony LLC dba Star of Woodward Market (#,^) Podium Auto Sales Inc and RRS Property, LLC Weeping Willow Kennels, Inc and Aileen N Black McNally Enterprises Inc. (#,^) (#,^) (#,^) Teracore Inc. (#,^) 949 Clint Moore Rd., Unit 949A, Boca Raton, FL 33487 5100 Goodson Connector Rd., Union City, GA 30291 21985 Waller Rd., Fulton, IL 61252 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Food Manufacturing 20 Island Farm Rd., Oak Bluffs, MA 02557 Food Services and Drinking Places 2 Hill Rd., Franklin, NH 03235 Gasoline Stations Term Loan Prime plus 2.75% 3/31/2027 Term Loan Term Loan Term Loan Term Loan Fixed Prime plus Prime plus Prime plus 8.25% 2.75% 2.75% 2.75% 3/31/2042 3/30/2042 3/30/2042 3/29/2042 5455 N 51st St., # 30, Glendale, AZ 85301 Couriers and Messengers 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2030 Term Loan Prime plus 2.75% 3/29/2027 20.5 602.2 233.9 211.5 184.5 52.5 51.6 20.5 602.2 233.9 211.5 184.5 52.5 51.6 21.4 598.2 264.1 238.8 208.3 56.6 54.1 Term Loan Prime plus 2.75% 3/28/2042 339.5 339.5 383.3 27 Kenosia Ave., Danbury, CT 06810 8610 Roosevelt Ave. Ste. 2, Jackson Heights, NY 11372 624 W. University Dr. Ste. 359, TX, TX 76201 6 & 10 Skowhegan Rd., Fairfield, ME 04937 5880 US Hwy6, Portage, IN 46368 6510 North Broadway, Saint Louis, MO 63147 3650 Coral Ridge Dr. Units 103-104, Coral Springs, FL 33065 1238 Woodcliff Ct. SW, Lilburn, GA 30047 5730 Woodward Ave, Detroit, MI 48202 246 S. Dixie Hwy., Pompano Beach, FL 33060 6041 Hammond School Rd., Salisbury, MD 21804 1010 N. Grove St., Anaheim, CA 92806 3300 Holcomb Bridge Rd., Ste. 226, Norcross, GA 30092 Social Assistance Amusement, Gambling, and Recreation Industries Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2027 Term Loan Prime plus 2.75% 3/23/2027 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2042 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027 Truck Transportation Term Loan Prime plus 2.75% 3/13/2027 Personal and Laundry Services Term Loan Prime plus 2.75% 3/10/2042 Truck Transportation Food and Beverage Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/10/2027 3/9/2042 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/3/2042 Personal and Laundry Services Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/28/2042 2/27/2027 Term Loan Prime plus 2.75% 2/27/2027 F-153 See accompanying notes to consolidated financial statements. 10.4 33.6 59.0 170.8 292.8 301.3 5.4 103.2 81.2 125.0 32.6 83.0 10.4 33.6 59.0 170.8 292.8 301.3 5.4 103.2 81.2 125.0 32.6 83.0 10.9 35.2 66.6 179.7 305.8 340.2 5.7 116.5 91.6 141.1 34.2 86.7 0.01 % 0.16 % 0.07 % 0.06 % 0.06 % 0.02 % 0.01 % 0.10 % — % 0.01 % 0.02 % 0.05 % 0.08 % 0.09 % — % 0.03 % 0.02 % 0.04 % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) B & J Bicycle Shop Inc. TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant 8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. DBMS Consulting, Inc. Fave Realty Inc. SRC Publishing LLC Jolibe LLC and Jolibe Atelier LLC Eickmann Management Group LLC dba Jimmy Johns of Dundee Fullbro Trust dba Menemsha Blues Metropolitan Solutions Group Inc. Sempco, Inc. Allied Welding Inc. Elita 7, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) New Chicago Wholesale Bakery, Inc. Techni-Pro Institute LLC (#,^) Trison Enterprises Inc.dba Lee's Automotive (#,^) Wayfarer Bicycle LLC Recycling Revolution,LLC Mack Team Enterprises Inc.dba The UPS Store #6815 New Life Hospital LLC (#,^) (#,^) (#,^) (#,^) 1620 E. Sample Rd, Pompano Beach, FL 33064 2235 S. Power Rd Ste. 118, Mesa, AZ 85209 174-176 Mountain Ave., Springfield, NJ 07081 164 West 83rd St. Units 1F/1P, New York, NY 10024 1875 Grand Ave., Baldwin, NY 11510 8690 Waterford Bend St., Las Vegas, NV 89123 357 w 36th #401, New York, NY 10018 568 Techumseh St., Dundee, MI 48131 2 Basin Rd., Chilmark, MA 02535 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/24/2027 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/24/2027 Term Loan Repair and Maintenance Professional, Scientific, and Technical Services Real Estate Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Prime plus 2.75% 2/7/2042 Prime plus Prime plus 2.75% 2.75% 2/1/2042 1/30/2042 Prime plus 2.75% 1/27/2027 Prime plus 2.75% 1/18/2027 Food Services and Drinking Places Miscellaneous Store Retailers Professional, Scientific, and Technical Services Miscellaneous Manufacturing Fabricated Metal Product Manufacturing Nursing and Residential Care Facilities 1420 Chestnut St., Portsmouth, VA 23704 51 -55 Lake St. Unit #2-6, Nashua, NH 03060 1820 N. Santa Fe Ave., Chillicothe, IL 61523 16 Marble St., Worcester, MA 01603 795 Touhy Ave., Elk Grove Village, IL 60007 414 NW 35th St., Boca Raton, FL 33431 13281 Aurora Ave. N, Seattle, WA 98311 Repair and Maintenance 118-120 Ocean Ave., New London, CT 06320 4190 Collins Rd., Unadilla, GA 31091 38200 Ave. of the States, Fort Gordon, GA 30905 17400 Red Oak Dr., Houston, TX 77090 Food Manufacturing Educational Services Couriers and Messengers Hospitals Sporting Goods, Hobby, Musical Instrument, and Book Stores Merchant Wholesalers, Durable Goods Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/17/2027 1/13/2027 Term Loan Prime plus 2.75% 12/19/2041 Term Loan Prime plus 2.75% 12/15/2041 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 5.25% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/15/2041 12/15/2041 12/15/2041 12/15/2026 12/14/2041 12/13/2041 12/9/2041 12/9/2026 12/8/2041 F-154 See accompanying notes to consolidated financial statements. 3.2 38.1 292.6 172.3 48.5 11.2 5.2 49.7 11.2 244.2 37.3 711.0 663.5 426.1 92.4 361.9 82.2 78.9 3.2 38.1 292.6 172.3 48.5 11.2 5.2 49.7 11.2 244.2 37.3 711.0 663.5 426.1 92.4 361.9 82.2 78.9 3.3 40.1 330.3 194.6 54.8 11.7 5.5 52.3 11.8 275.8 42.1 704.0 749.1 481.0 96.5 408.6 92.8 89.1 10.0 1,083.6 10.0 1,083.6 10.4 1,223.4 — % 0.01 % 0.09 % 0.05 % 0.01 % — % — % 0.01 % — % 0.07 % 0.01 % 0.19 % 0.20 % 0.13 % 0.03 % 0.11 % 0.02 % 0.02 % — % 0.33 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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, Usman Jalil, LLC dba Food Mart Access Staffing, LLC CRK Mens, LLC dba Spiff for Men Bouquet Restaurant LLC Broms Asset Management 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. Veracruz Shabo, LLC; Waterfalls Quick Lube LLC (#,^) (#) Glocecol LLC Woodstock Enterprises Corp dba True Scent Candle Co Moolchan Enterprises LLC dba Staying Green Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC (#,^) (#,^) (#,^) (#,^) 8132 N. 87th Pl., Ste A, Scottsdale, AZ 85258 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2026 29291 Amerihost Dr., Dowagiac, MI 49047 Accommodation Term Loan Fixed 8.25% 12/5/2041 Administrative and Support Services Nursing and Residential Care Facilities Couriers and Messengers Food Services and Drinking Places 1 Pebble Wood Ln., Palm Coast, FL 32164 448 W. 19th St, Houston, TX 77008 751 N. Cable Rd., Lima, OH 45805 147 N Washington St., Plainville, CT 06062 Gasoline Stations 360 Lexington Ave. 8th Floor, New York, NY 10017 1335 Ave. of the Americas, New York, NY 10019 519 Main St., Covington, KY 41011 215 East 79th St. Apt 9E, New York, NY 10075 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 Food Services and Drinking Places Personal and Laundry Services Ambulatory Health Care Services Personal and Laundry Services Food Services and Drinking Places Securities, Commodity Contracts, and Other Financial Investments and Related Activities Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 11/30/2041 11/30/2026 2/28/2042 11/29/2041 Term Loan Prime plus 2.75% 11/29/2026 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/23/2026 11/22/2041 Term Loan Prime plus 2.75% 11/22/2026 Term Loan Prime plus 2.75% 11/21/2026 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/17/2026 11/15/2026 11/9/2026 3844 Post Rd., Warwick, RI 02886 2530 SW 30th Ave., Hallandale Beach, FL 33009 1512 Atwood Ave., Johnston, RI 02919 10302 NW South River Dr., Bay #18, Miami, FL 33178 191 2nd Ave., Warwick, RI 02888 2650 S.W. 154 Ave., Davie, FL 33331 200 North Branford Rd., Branford, CT 06405 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/9/2041 Repair and Maintenance Term Loan Prime plus 2.75% 11/4/2041 Repair and Maintenance Term Loan Prime plus 2.75% 11/1/2041 Administrative and Support Services Term Loan Prime plus 2.75% 11/1/2026 Miscellaneous Manufacturing Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2041 Term Loan Prime plus 2.75% 10/31/2026 5.4 323.8 62.4 5.0 331.9 165.3 590.3 50.0 86.0 58.1 48.1 9.0 41.8 107.1 214.2 52.5 105.6 36.0 78.5 5.2 5.4 323.8 62.4 5.0 331.9 165.3 590.3 50.0 86.0 58.1 48.1 9.0 41.8 107.1 214.2 52.5 105.6 36.0 78.5 5.2 5.7 321.6 70.4 5.3 374.7 186.7 614.8 52.1 97.1 60.5 50.4 9.4 43.8 111.7 241.8 59.3 119.2 37.8 88.6 5.4 — % 0.09 % 0.02 % — % 0.10 % 0.05 % 0.16 % 0.01 % 0.03 % 0.02 % 0.01 % — % 0.01 % 0.03 % 0.06 % 0.02 % 0.03 % 0.01 % 0.02 % — % 0.06 % Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 10/24/2026 200.5 200.5 210.4 F-155 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Worldwide Estate, Inc. dba Washington Heights Manor Speaker City, Inc. dba Rollin Thunder Justin Partlow Maine Service Corp Reliable Recovery Services LLC (#,^) (#,^) (#,^) (#,^) (#,^) 10620 W. Greenwood Ter., Milwaukee, WI 53224 246 East Belt Blvd., Richmond, VA 23224 100 Independence Pl., Ste. 414, Tyler, TX 75703 59-22 55th St., Maspeth, NY 11378 2401 West Mcdowell Rd., Phoenix, AZ 85009 Wyspen Corporation dba Charlestown Ace (#,^) 5 Austin St., Charlestown, MA 02129 Ailky Corporation JJA Transportation Management Inc. Seaway LLC and Reklaw LLC dba Allure Lounge CNC Precision Machine, Inc. Beadon Inc CD Game Exchange Inc. Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Cuppiecakes LLC (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) 352 Beford St., Lakeville, MA 02347 15 Church St., Upland, PA 19015 415 -417 Halsey Dr., Newark, NJ 07102 18360 Industrial Cir., Burton, OH 44021 2601 Old Ocean City Rd, Salisbury, MD 21804 3719 N Mississippi, Portland, OR 97227 24201 North Hwy. 1, Fort Bragg, CA 95437 313 S Main St., McGregor, TX 76557 Nursing and Residential Care Facilities Electronics and Appliance Stores Term Loan Term Loan Insurance Carriers and Related Activities Merchant Wholesalers, Durable Goods Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 10/21/2041 10/14/2041 10/13/2026 10/13/2026 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 Fabricated Metal Product Manufacturing Food and Beverage Stores Merchant Wholesalers, Durable Goods Support Activities for Agriculture and Forestry Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries 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 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Fixed Prime plus Prime plus 2.75% 2.75% 2.75% 8.25% 2.75% 2.75% 9/30/2041 9/28/2041 9/28/2026 9/28/2026 9/26/2026 9/21/2041 Term Loan Prime plus 2.75% 9/21/2026 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/30/2026 8/29/2041 8/26/2041 8/25/2026 (#,^) Wrecking Crew Media LLC 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 Paul Belanger dba Paul Belanger Landscaping (#,^) (#,^) 229 Commercial Ave, Pittsburgh, PA 15212 1362-1366 W. Carrier Pkwy., Grand Prairie, TX 75050 557 West Whitney Rd., Fairport, NY 14450 Personal and Laundry Services Administrative and Support Services 705 S Market Ave., Fort Pierce, FL 34982 410 N Church Rd., Liberty, MO 64068 9300 NW 25th St. Ste. 103, Miami, FL 33172 Repair and Maintenance Rental and Leasing Services Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 2595 Military Ave, Los Angeles, CA 90064 Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026 F-156 See accompanying notes to consolidated financial statements. 198.5 110.7 9.2 77.1 53.1 17.0 111.8 22.0 121.0 1,135.3 10.4 2.4 4.2 19.8 13.1 61.6 63.6 88.9 22.4 8.6 6.8 198.5 110.7 9.2 77.1 53.1 17.0 111.8 22.0 121.0 1,135.3 10.4 2.4 4.2 19.8 13.1 61.6 63.6 88.9 22.4 8.6 6.8 224.1 124.9 9.6 80.9 55.6 17.7 116.7 22.9 136.6 1,281.7 10.9 2.4 4.3 22.4 13.6 64.1 71.9 100.4 23.3 9.0 7.1 0.06 % 0.03 % — % 0.02 % 0.01 % — % 0.03 % 0.01 % 0.04 % 0.34 % — % — % — % 0.01 % — % 0.02 % 0.02 % 0.03 % 0.01 % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) USA General Investment LLC dba Braniff Paint and Body Shop The Hungry Rhino LLC 303 Tower Drive LLC 676 Club LP dba The Green Door Tavern/The Drifter Apple Tree NC Inc dba Williams Farm & Garden Center Intrepid Trinity LLC JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar EPEC Juice LLC dba Jamba Juice My Sainath Inc dba Motel 6 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Franklin Firm LLC dba Luv 2 Play Martin Inventory Management LLC (#,^) P L H Pharmaco Inc dba Farmacia San Jose (#,^) Desert Tacos LLC Corning Lumber Company Inc and Frank R Close and Son Inc dba Close (#,^) (#,^) VMA Technologies LLC O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc WGI, LLC dba Williams Grant Inn 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2290 NW 21st Ter., Miami, FL 33142 47 South Main St., Windsor Locks, CT 06096 303 Tower Dr., Ste. A, Middletown, NY 10941 676 and 678 North Orleans ST, Chicago, IL 60654 109 Barkside Ln., New Bern, NC 28562 680 Douglas Ave, Providence, RI 02908 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026 Real Estate Term Loan Prime plus 2.75% 7/29/2041 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Nonstore Retailers 1 West Main St., Patchogue, NY 11772 Food Services and Drinking Places 810 Ninth St., Ste. 128, Durham, NC 27705 Food Services and Drinking Places 1008 E Crest Dr., Waco, TX 76705 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 Accommodation Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Durable Goods Health and Personal Care Stores 1314 Sixth St., Orland, CA 95963 120 South Serenata Dr. Unit 332, Ponte Vedra Beach, FL 32082 626 Delsea Dr. N, Glassboro, NJ 08028 154 High St., Bristol, RI 02809 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Accommodation 1431 11th Ave SE, Olympia, WA 98501 27 Main St., Monroe, CT 06468 23248 Dunbridge Rd., Perrysburg, OH 43443 Accommodation Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/28/2041 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 7/28/2041 7/28/2041 7/27/2026 7/27/2026 7/22/2041 7/15/2041 6/30/2026 6/30/2026 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Prime plus 2.75% 6/30/2029 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/29/2026 6/29/2041 Term Loan Prime plus 2.75% 6/24/2041 Term Loan Prime plus 2.75% 6/23/2041 Term Loan Prime plus 2.75% 6/23/2041 F-157 See accompanying notes to consolidated financial statements. 10.0 66.8 350.6 613.0 309.2 54.7 59.0 37.1 279.2 30.3 10.7 64.8 44.1 119.6 9.7 60.6 105.9 88.5 436.8 79.7 10.0 66.8 350.6 613.0 309.2 54.7 59.0 37.1 279.2 30.3 10.7 64.8 44.1 119.6 9.7 60.6 105.9 88.5 436.8 79.7 10.4 75.4 395.8 692.0 349.1 61.8 61.3 38.5 315.2 34.2 11.2 67.7 46.1 129.6 10.1 63.2 119.6 99.9 493.1 90.0 — % 0.02 % 0.11 % 0.18 % 0.09 % 0.02 % 0.02 % 0.01 % 0.08 % 0.01 % — % 0.02 % 0.01 % 0.03 % — % 0.02 % 0.03 % 0.03 % 0.13 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Long Island Comedy LLC dba Governors and New York Comedy, LLC Bagelicious, LLC Jai-Alexia Consulting, Inc. Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares Luv 2 Play AZ LLC Larry H. Patterson and Rainbow Movers, Inc AP5 LLC dba Krauser's Food Store ATI Jet Inc Angelo Faia dba AVF Construction Southwest Division Inc Jack Frost Firewood Inc. and David Dubinsky Horseshoe Barbecue, LLC Elderfriend Inc dba Granny Nannies dba GN Live Scan Dedicated Incorporated FJN Catering Inc Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano Sabir Inc. dba Bear Diner Alpha Omega Trucking LLC Loriet LLC Warner Home Comfort, LLC dba Smith Piping (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) 90 A Division Ave., Levittown, NY 11756 945 S Main St, Cheshire, CT 06410 14660 Paddock Dr., Wellington, FL 33414 Food Services and Drinking Places Food Services and Drinking Places Couriers and Messengers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/23/2041 6/17/2026 6/15/2026 1137 West St., Southington, CT 06489 15495 Bell Rd., Surprise, AZ 85374 Social Assistance Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2% 6/15/2041 Term Loan Prime plus 2.75% 6/10/2026 2325 Hollers Ave, Bronx, NY 10475 5 Pond Point Rd., Milford, CT 06460 7007 Boeing Dr., El Paso, TX 79925 55 Arbour Ln., Sewell, NJ 08080 2103 NE 3rd Ter., Cape Coral, FL 33909 3168 Holland Rd., Virginia Beach, VA 23453 6555, 6565, 6575 N. Sandario Rd., Tucson, AZ 85743 1499 W. Palmetto Park Rd., Ste. #115, Boca Raton, FL 33486 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 14432-52 State Line Rd., Brookings, OR 97415 5001 Vivienda Way, Sarasota, FL 34235 1571 Canton Rd., NW, Carrollton, OH 44615 Truck Transportation Food and Beverage Stores Air Transportation Construction of Buildings Heavy and Civil Engineering Construction Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 6/6/2026 6/2/2041 5/31/2026 5/27/2041 5/26/2026 Term Loan Prime plus 2.75% 5/26/2041 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029 Social Assistance Administrative and Support Services Food Services and Drinking Places Social Assistance Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Term Loan Truck Transportation Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 5/20/2026 5/18/2041 5/13/2041 5/12/2041 5/11/2041 4/29/2041 4/29/2026 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041 F-158 See accompanying notes to consolidated financial statements. 171.1 23.7 5.1 444.6 36.0 9.8 169.3 246.9 87.9 3.5 179.8 3.5 5.4 40.5 229.5 115.5 107.9 153.0 3.1 71.7 171.1 23.7 5.1 444.6 36.0 9.8 169.3 246.9 87.9 3.5 179.8 3.5 5.4 40.5 229.5 115.5 107.9 153.0 3.1 71.7 193.1 24.7 5.3 502.0 37.6 10.2 191.1 257.5 99.2 3.7 203.0 3.8 5.7 45.8 259.1 130.4 121.8 172.7 3.3 81.0 0.05 % 0.01 % — % 0.13 % 0.01 % — % 0.05 % 0.07 % 0.03 % — % 0.05 % — % — % 0.01 % 0.07 % 0.03 % 0.03 % 0.05 % — % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Empowerschool LLC and Empower Autism Academy, LLC Hard Exercise Works Winter Park 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 Vehicle Safety Supply LLC Dana A. Farley dba Independent Cabinets Cameo Carter, MD A Professional Corporation dba The Garden Pediatric MTS Car Service LLC Gordon Rogers and Heidi Rogers dba Stone House Motor Inn Wyldewood Cellars, Inc. Barrocas Gym LLC dba Snap Fitness 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 (#,^) (#,^) Brian T Rice dba BD Logging R & D Enterprises Inc dba My Pool Man (#,^) 1250 South A. W. Grimes Rd., Round Rock, TX 78665 11551 University Blvd., Ste. 4C Building 1, Orlando, FL 32817 950 South Federal Hwy., Deerfield Beach, FL 33441 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 Social Assistance Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2041 Term Loan Prime plus 2.75% 4/29/2026 132.2 17.3 132.2 17.3 149.2 18.0 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/28/2041 1,135.7 1,135.7 1,282.2 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026 Merchant Wholesalers, Durable Goods 27-29 Cooper St., Meriden, CT 06053 1 North Armistead Ave., Hampton, VA 23669 57 Merritt St. SE, Marietta, GA 30060 15 East 72nd St., Ste. 14-H, New York, NY 10021 Term Loan 5805 NE Minder Rd, Poulsbo, WA 98370 Furniture and Related Product Manufacturing Term Loan 101 East Redlands Blvd., Ste. 106, Redlands, CA 92373 9 Gibson Ct. Apt# 1, Norwalk, CT 06854 Ambulatory Health Care Services Transit and Ground Passenger Transportation Furniture and Home Furnishings Stores Social Assistance Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus 2.75% 4/22/2041 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 4/21/2026 4/6/2041 3/31/2026 3/31/2041 3/31/2026 3/30/2026 162 Danielson Pike, Foster, RI 02825 951 East 119th St, Mulvane, KS 67120 260 West Main St., Avon, CT 06001 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 800 3rd St Apt B, St Marys, WV 26170 291 North Texas Ave., Orlando, FL 32805 Accommodation Beverage and Tobacco Product Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2026 Ambulatory Health Care Services Personal and Laundry Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/25/2026 3/24/2026 Ambulatory Health Care Services Professional, Scientific, and Technical Services Forestry and Logging Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/18/2026 3/17/2026 Administrative and Support Services Term Loan Prime plus 2.75% 3/15/2026 F-159 See accompanying notes to consolidated financial statements. Term Loan Prime plus 2.75% 3/30/2026 Term Loan Prime plus 2.75% 3/30/2041 917.2 917.2 1,035.5 Term Loan Prime plus 2.75% 3/21/2026 215.2 215.2 223.5 37.5 217.4 3.3 44.4 6.2 56.0 30.5 4.3 9.3 37.5 217.4 3.3 44.4 6.2 56.0 30.5 4.3 9.3 39.0 245.5 3.4 50.1 6.4 63.2 31.7 4.4 9.7 7.6 9.3 50.9 7.6 9.3 50.9 7.9 9.6 53.0 20.2 0.7 20.4 20.2 0.7 20.4 20.9 0.8 21.1 0.04 % — % 0.34 % 0.01 % 0.07 % — % 0.01 % — % 0.02 % 0.01 % — % — % 0.28 % — % — % 0.01 % 0.06 % 0.01 % — % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 Drug Detection Laboratories, Inc. and Minh Tran Living Essentials HVAC Corp The River Beas, LLC dba Subway and Punam Singh (#,^) Aaradhya LLC dba Market Square Laundry (#,^) Gilmore Heights Dental Holdings, LTD and Chas Rob LLC (#,^) (#,^) (#,^) Jersey Shore Marina & Boat Sales, Inc. 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 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 (#,^) (#,^) 3538 Pin Oak Dr, San Antonio, TX 78229 215 Quartermaster Ct., 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 9700 Business Park Dr., Sacramento, CA 95827 42 West St., Apt 24, Randolph, MA 02368 5516 Baltimore Ave, Hyattsville, MD 20781 7727 Crittenden St., Philadelphia, PA 19118 2250 Warrensville Center Rd., University Heights, OH 44118 841 Rte. 70 East, Brick, NJ 08724 34 Old Colony Ave., East Taunton, MA 02718 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 Building Material and Garden Equipment and Supplies Dealers Personal and Laundry Services Ambulatory Health Care Services Specialty Trade Contractors Food Services and Drinking Places Personal and Laundry Services Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2026 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 3/9/2026 3/8/2026 2/28/2026 2/28/2026 2/28/2041 2/23/2026 Term Loan Prime plus 2.75% 2/12/2029 Term Loan Prime plus 2.75% 2/12/2041 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041 1196 Inverness Ln., Stow, OH 44224 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 431 Raritan Ave., Highland Park, NJ 08904 Miscellaneous Manufacturing Food and Beverage Stores Food Services and Drinking Places 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 Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Ambulatory Health Care Services Professional, Scientific, and Technical Services Printing and Related Support Activities Term Loan Prime plus 2.75% 12/29/2025 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/29/2025 12/28/2025 Term Loan Prime plus 2.75% 12/23/2040 Term Loan Prime plus 2.75% 12/22/2040 Term Loan Prime plus 2.75% 12/22/2028 Term Loan Prime plus 2.75% 12/21/2025 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/18/2025 12/18/2040 F-160 See accompanying notes to consolidated financial statements. 65.0 23.8 3.3 9.2 32.2 7.9 6.0 117.6 30.8 182.2 372.7 58.5 42.7 7.1 6.0 88.2 259.6 436.6 6.8 63.1 570.8 65.0 23.8 3.3 9.2 32.2 7.9 6.0 117.6 30.8 182.2 372.7 58.5 42.7 7.1 6.0 88.2 259.6 436.6 6.8 63.1 570.8 73.4 24.7 3.4 9.5 33.4 8.2 6.2 132.8 32.0 196.0 420.8 66.1 44.3 7.4 6.2 99.6 293.0 469.1 7.1 65.3 644.4 0.02 % 0.01 % — % — % 0.01 % — % — % 0.04 % 0.01 % 0.05 % 0.11 % 0.02 % 0.01 % — % — % 0.03 % 0.08 % 0.12 % — % 0.02 % 0.17 % Trip Consultants U.S.A. Inc. Accent Tag and Label Inc (#,^) (#,^) 311 85th St., Brooklyn, NY 11209 2201 Rittenhouse St, Des Moines, IA 50321 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) 17 Palmer Ave., West Long Branch, NJ 07764 1 West Main St., Patchogue, NY 11772 1250 Sanders Ave. SW, Massillon, OH 44646 318 North F St., Lakeview, OR 97630 Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Professional, Scientific, and Technical Services Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Fixed Prime plus 6.5% 2.75% 12/17/2025 12/16/2025 Term Loan Prime plus 2.75% 12/16/2025 Term Loan Prime plus 2.75% 12/14/2025 10.4 101.7 34.9 8.5 10.4 101.7 34.9 8.5 10.3 105.3 36.2 8.9 Term Loan Prime plus 2.75% 12/14/2040 294.8 294.8 332.9 3401 Brecksville Rd, Richfield, OH 44286 Merchant Wholesalers, Durable Goods 10800 E. Bethany Dr., Ste. 275, Aurora, CO 80014 3105 NW 107 Ave. Ste 102, Doral, FL 33172 Educational Services Health and Personal Care Stores Building Material and Garden Equipment and Supplies Dealers 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 139 S Putnam St., Williamston, MI 48895 250 E Easy St. Ste. 1, Simi Valley, CA 93065 16180 Westwoods Business Park, Ellisville, MO 63021 1838 Adee Ave., Baychester, NY 10469 10539 Greenbelt Rd. Ste. 102, Lanham, MD 20706 5701 North Pine Island Rd., Tamarac, FL 33321 Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 223 Hwy 80, Rodeo, NM 88056 Accommodation Term Loan Prime plus 2.75% 9/25/2040 Accommodation 10 West Orvis St., Massena, NY 13662 98 North Hillview Dr., St Peters, MO 63376 Miscellaneous Manufacturing 51 Donnelley Rd., Old Saybrook, CT 06475 215 South Kirkwood Rd., Kirkwood, MO 63122 260 West 36h St., New York, NY 10018 521 Ala Moana Blvd. Ste. 261, Honolulu, HI 96813 Food Services and Drinking Places Apparel Manufacturing Merchant Wholesalers, Durable Goods Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/24/2040 9/23/2025 Term Loan Prime plus 2.75% 9/21/2025 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/18/2025 9/17/2025 Term Loan Prime plus 2.75% 9/15/2025 F-161 See accompanying notes to consolidated financial statements. — % 0.03 % 0.01 % — % 0.09 % — % 0.01 % 0.03 % — % — % 0.02 % — % — % — % 0.16 % — % — % — % 0.01 % 0.02 % 4.2 32.6 93.1 14.4 8.1 77.7 7.9 3.4 11.5 534.0 17.5 17.4 2.9 43.9 62.5 4.2 32.6 93.1 14.4 8.1 77.7 7.9 3.4 11.5 534.0 17.5 17.4 2.9 43.9 62.5 4.3 33.7 105.1 14.9 8.4 87.7 8.2 3.6 13.0 602.8 18.1 18.0 3.0 45.3 64.6 SBA Unguaranteed Accrual Investments (1) (22) Sourceco Limited Liability Company JAG Unit 1, LLC Moments to Remember USA LLC dba Retain Loyalty DC Enterprises Ltd. dba Lakeview True Value Basista Family Limited Partnership and UPE, Inc. 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 Barub Realty LLC and Barub LLC dba Woodlawn Cabinets Binky's Vapes LLC (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Prestigious LifeCare for Seniors LLC 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 MiJoy Inc dba Imo's Pizza Naeem Khan LTD FirstVitals Health and Wellness Inc (#,^) (#,^) (#,^) (#,^) Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc Empower Autism Academy God Be Glorified Inc dba GBG Inc GDP Gourmet LLC dba Joe and John's Pizza Restaurant Murrayville Donuts, Inc dba Dunkin' Donuts Jonathan E Nichols and Nichols Fire and Security LLC Summit Beverage Group LLC Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling CEM Autobody LLC dba Dawn's Autobody TJU-DGT Inc dba The Lorenz Cafe Wolf Enviro Interests, LLC and Enviromax Services Inc RJI Services, Inc. Real Help LLC dba Real Help Decorative Concrete KRN Logistics, LLC and Newsome Trucking, Inc 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) 170 Main St., North Kingstown, RI 02852 Merchant Wholesalers, Nondurable Goods 1250 South A. W. Grimes Rd., Round Rock, TX 78664 40 West. 162nd St, South Holland, IL 60473 Insurance Carriers and Related Activities Social Assistance Term Loan Prime plus 2.75% 9/8/2040 Term Loan Prime plus 2.75% 9/4/2040 Term Loan Prime plus 2.75% 8/20/2025 136 New Jersey Ave, Absecon, NJ 08201 2304 N College Rd, Wilmington, NC 28405 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2040 1906 Vanderhorn Dr., Memphis, TN 38134 Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025 211 Washington Ave., Marion, VA 24354 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030 13886 Campo Rd., Jamul, CA 91935 7 Division St, Keyport, NJ 07735 714-718 Lorenz Ave, Pittsburgh, PA 15220 Food Services and Drinking Places Gasoline Stations Repair and Maintenance Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/26/2040 6/26/2040 6/26/2029 18002 Mueschke Rd., Cypress, TX 77433 353 E Angeleno Ste. G, Burbank, CA 91502 Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2040 Term Loan Prime plus 2.75% 6/23/2025 2221 Broadway St., Buffalo, NY 14212 Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025 2262 Hwy 53 W, Jasper, GA 30143 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 Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040 Specialty Trade Contractors Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/12/2040 6/8/2040 10901 W. Toller Dr., Littleton, CO 80127 31 Sageman St, Mount Vernon, NY 10550 Merchant Wholesalers, Durable Goods Miscellaneous Manufacturing Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/5/2025 Term Loan Term Loan Prime plus Fixed 2.75% 7% 6/3/2025 6/2/2025 5980 Lamar St., Arvada, CO 80003 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025 F-162 See accompanying notes to consolidated financial statements. 120.0 585.5 18.1 123.5 310.7 24.1 184.7 322.1 115.0 12.0 208.9 7.2 17.1 29.8 73.6 117.6 47.7 20.0 40.3 25.2 2.5 120.0 585.5 18.1 123.5 310.7 24.1 184.7 322.1 115.0 12.0 208.9 7.2 17.1 29.8 73.6 117.6 47.7 20.0 40.3 25.2 2.5 135.5 661.0 18.7 139.5 350.7 24.9 202.4 363.6 129.8 13.0 235.9 7.5 17.7 30.8 83.1 132.8 53.8 20.6 41.6 25.1 2.6 0.04 % 0.18 % — % 0.04 % 0.09 % 0.01 % 0.05 % 0.10 % 0.03 % — % 0.06 % — % — % 0.01 % 0.02 % 0.04 % 0.01 % 0.01 % 0.01 % 0.01 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) Shorr Enterprises Inc dba New Design Furniture Manufacturers Shellhorn and Hill Inc dba Total Fleet Service Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC (#,^) (#,^) (#,^) Zero-In Media Inc Loriet LLC Shelton Incorporated dba Mrs. Winners 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 (#,^) Term Loan Prime plus 2.75% 3/27/2040 411.3 411.3 464.3 2188 Brunswyck Rd., Wallkill, NY 12589 Accommodation Term Loan Prime plus 2.75% 5/20/2040 15 McArdle St., Rochester, NY 14611 4751 147th St., Midlothian, IL 60445 6103 N Church St, Greensboro, NC 27455 Printing and Related Support Activities Building Material and Garden Equipment and Supplies Dealers Personal and Laundry Services 4508 Blakiston St., Philadelphia, PA 19136 Social Assistance 7845 East Evans Rd. Ste. A, Scottsdale, AZ 85260 10707 Shady Trail, Dallas, TX 75220 3033 NW 28 St., Lauderdale Lakes, FL 33311 501 South Market St, Wilmington, DE 19801 Merchant Wholesalers, Durable Goods Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/6/2040 5/4/2040 Term Loan Prime plus 2.75% 5/1/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/21/2025 4/3/2040 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025 Nonstore Retailers Professional, Scientific, and Technical Services Data Processing, Hosting, and Related Services Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/26/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/25/2025 3/24/2025 Term Loan Prime plus 2.75% 3/20/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/18/2040 3/16/2040 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025 Truck Transportation Term Loan Prime plus 2.75% 2/26/2025 475 Nursing Home Dr., Arcadia, FL 34266 Nursing and Residential Care Facilities 1700 West 63rd St., Chicago, IL 60636 Social Assistance Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/26/2040 2/19/2040 Term Loan Prime plus 2.75% 12/31/2039 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 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 5301 S Saginaw Rd, Flint, MI 48507 17940 NW 27th Ave., Miami Gardens, FL 33056 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024 F-163 See accompanying notes to consolidated financial statements. 147.2 155.7 40.4 85.0 68.5 5.8 49.7 31.2 147.2 155.7 40.4 85.0 68.5 5.8 49.7 31.2 166.2 175.7 45.6 95.9 77.3 6.0 56.1 32.1 45.4 6.6 3.5 94.6 126.7 76.7 3.3 18.2 1,071.4 52.4 98.5 71.4 45.4 6.6 3.5 94.6 126.7 76.7 3.3 18.2 1,071.4 52.4 98.5 71.4 51.3 6.8 3.6 106.8 143.0 86.6 3.4 18.8 1,209.6 59.1 111.2 73.3 0.04 % 0.05 % 0.01 % 0.03 % 0.02 % — % 0.01 % 0.01 % 0.12 % 0.01 % — % — % 0.03 % 0.04 % 0.02 % — % 0.01 % 0.32 % 0.02 % 0.03 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Bowlerama Inc The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast The Jewelers Inc. dba The Jewelers of Las Vegas Will Zac Management LLC dba Papa John's B.S. Ventures LLC dba Dink's Market 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 Sound Manufacturing Inc DNT Storage and Properties LLC Doctors Express Management of Central Texas LLC Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory Rocco's LLC and Pantalone Inc dba Rocco's Gordon E Rogers dba Stonehouse Motor Inn Tavern Properties LLC and Wildwood Tavern LLC Animal Intrusion Prevention Systems Holding Company, LLC Alpha Preparatory Academy LLC (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039 1,051.0 1,051.0 1,186.6 3031 New Castle Ave, New Castle, DE 19720 114-115 Medical Center Ave., Sebring, FL 33870 2400 Western Ave., Las Vegas, NV 89102 2410 West Jefferson St., Ste. B, Joliet, IL 60435 48649 Hwy. 58, Oakridge, OR 97463 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024 Food Services and Drinking Places Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Fixed Prime plus 6.25% 2.75% 12/19/2024 12/19/2039 701 Addison Rd., Painted Post, NY 14870 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 1300 S Jackson St., Salem, IN 47167 Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 988 Hemlock St., Cannon Beach, OR 97110 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 2176 Rte. 119 North, Greensburg, PA 15601 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024 318 North F St., Lakeview, OR 97630 301 Commerce Dr., Elizabethtown, KY 42701 51 Donnelley Rd., Old Saybrook, CT 06475 38 Old National Pike, West Alexander, PA 15376 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 900 Alpine Rd., Bridgeville, PA 15017 79 Beach Rd. Vineyard Haven, Vineyard Haven, MA 02568 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039 Motor Vehicle and Parts Dealers Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/31/2039 10/10/2024 Real Estate Term Loan Prime plus 2.75% 10/10/2039 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039 162 Danielson Pike, Foster, RI 02825 Accommodation Term Loan Prime plus 2.75% 9/26/2039 6480 West Touhy Ave., Niles, IL 60714 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039 3330 N Beach St., Fort Worth, TX 76111 4462 Mink Livsey Rd., Snellville, GA 30039 Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024 Social Assistance Term Loan Prime plus 2.75% 8/15/2039 F-164 See accompanying notes to consolidated financial statements. 462.9 265.4 8.0 45.1 132.9 115.3 98.5 10.5 99.8 396.8 43.7 84.4 1.6 101.8 211.5 47.5 354.3 69.7 120.2 462.9 265.4 8.0 45.1 132.9 115.3 98.5 10.5 99.8 396.8 43.7 84.4 1.6 101.8 211.5 47.5 354.3 69.7 120.2 522.6 272.6 8.0 50.9 150.1 130.1 111.2 10.8 112.6 448.0 44.9 95.3 1.6 114.9 238.8 53.7 400.0 71.4 135.8 0.32 % 0.14 % 0.07 % — % 0.01 % 0.04 % 0.03 % 0.03 % — % 0.03 % 0.12 % 0.01 % 0.03 % — % 0.03 % 0.06 % 0.01 % 0.11 % 0.02 % 0.04 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook 575 Columbus Avenue Holding Company, LLC and LA-ZE LLC Honeyspot Investors LLP and Pace Motor Lines 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 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 The River Beas LLC and Punam Singh AS Boyals LLC dba Towne Liquors Gerami Realty, LC; Sherrill Universal City Corral, LP Island Wide Realty LLC and Long Island Partners, Inc. Wilshire Media Systems Inc 1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC Cormac Enterprises and Wyoming Valley Beverage Incorporated (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 10463 Hamer Rd, Georgetown, OH 45121 Motor Vehicle and Parts Dealers Term Loan Fixed 6% 8/8/2039 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039 Truck Transportation Term Loan Prime plus 2.75% 7/24/2039 575 Columbus Ave., New Haven, CT 06519 1425 Honeyspot Rd. Extension, Stratford, CT 06615 1425 Honeyspot Rd. Extension, Stratford, CT 06615 4920 Lincoln Ave. Rte. 53, Lisle, IL 60532 Truck Transportation Amusement, Gambling, and Recreation Industries 1372 South US Rte. 12, Fox Lake, IL 60020 Repair and Maintenance 1313 West Park St. #1, Livingston, MT 59047 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2039 Term Loan Prime plus 2.75% 6/30/2024 Term Loan Prime plus 2.75% 6/25/2039 Term Loan Prime plus 2.75% 6/20/2039 106 Concord Ave., Belmont, MA 02478 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039 15637 St Clair Ave, Cleveland, OH 44110 266 Greenwich St., Hempstead, NY 11550 100 Sweetree St., Cherryville, NC 28021 11704 Centurion Way, Potomac, MD 20854 117 South Broad St., Woodbury City, NJ 08096 2301 Pat Booker Rd, Universal City, TX 78148 201-203-205 West Merrick Rd., Valley Stream, NY 11580 2649 Townsgate Rd. Ste. 500, Westlake Village, CA 91361 Food and Beverage Stores Educational Services Printing and Related Support Activities Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6/3/2024 6/2/2039 5/30/2024 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 Real Estate Term Loan Prime plus 2.75% 4/22/2039 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024 1899 State Rte. 35, South Amboy, NJ 08879 Food Services and Drinking Places 63 S Wyoming Ave, Edwardsville, PA 18704 Food and Beverage Stores Term Loan Prime plus 2.75% 4/9/2039 Term Loan Prime plus 2.75% 3/20/2039 F-165 See accompanying notes to consolidated financial statements. 113.1 16.7 123.0 717.0 19.5 423.6 191.4 76.7 3.3 45.5 4.3 73.8 88.7 37.6 84.5 32.1 91.4 90.0 113.1 16.7 123.0 717.0 19.5 423.6 191.4 76.7 3.3 45.5 4.3 73.8 88.7 37.6 84.5 32.1 91.4 90.0 112.6 18.9 138.9 809.4 19.9 478.3 216.1 86.6 3.4 51.4 4.4 83.3 100.2 39.8 95.4 32.8 103.2 101.6 0.03 % 0.01 % 0.04 % 0.22 % 0.01 % 0.13 % 0.06 % 0.02 % — % 0.01 % — % 0.02 % 0.03 % 0.01 % 0.03 % 0.01 % 0.03 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern 952 Boston Post Road Realty, LLC and HNA LLC dba Styles International Summit Beverage Group LLC Faith Memorial Chapel LLC 96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki 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 KK International Trading Corporation 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 (#,^) (#,^) Master CNC Inc & Master Properties LLC (#,^) 1 North Restaurant Corp dba 1 North Steakhouse (#,^) 11825 29 Mile Rd., Washington, MI 48095 322 W. Montauk Hwy, Hampton Bays, NY 11946 3111 and 3135 Delsea Dr., Franklinville, NJ 08322 Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039 952 Boston Post Rd., Milford, CT 06460 211 Washington Ave, Marion, VA 24354 600 9th Ave. North, Bessemer, AL 35020 Personal and Laundry Services Beverage and Tobacco Product Manufacturing Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/28/2024 2/28/2039 96 Mill St., Berlin, CT 06037 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 986 Dixwell Ave., Hamden, CT 06510 102-05 101st Ave., Ozone Park, NY 11416 Food Services and Drinking Places Insurance Carriers and Related Activities Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/7/2039 1/27/2039 151 W 24th St, Hialeah, FL 33010 636 Nutmeg Rd. North, South Windsor, CT 06074 219 Lafayette Dr., Syosset, NY 11791 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 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 Construction of Buildings Merchant Wholesalers, Nondurable Goods Repair and Maintenance Waste Management and Remediation Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/31/2038 12/23/2028 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 Term Loan Transit and Ground Passenger Transportation Term Loan Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/3/2038 11/27/2038 Prime plus 2.75% 11/21/2023 Prime plus Prime plus 2.75% 2.75% 11/18/2023 11/6/2038 Prime plus 2.75% 10/31/2038 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038 F-166 See accompanying notes to consolidated financial statements. 338.4 167.7 56.4 173.4 114.2 80.7 104.5 3.3 737.5 99.4 71.6 338.0 111.8 66.3 61.4 2.0 6.1 51.3 478.4 168.3 338.4 167.7 56.4 173.4 114.2 80.7 104.5 3.3 737.5 99.4 71.6 338.0 111.8 66.3 61.4 2.0 6.1 51.3 478.4 168.3 382.1 189.3 57.4 195.8 128.9 91.1 118.0 3.3 832.7 107.0 80.8 381.6 126.2 74.9 69.3 2.0 6.1 57.9 540.1 190.0 0.10 % 0.05 % 0.02 % 0.05 % 0.03 % 0.02 % 0.03 % — % 0.22 % 0.03 % 0.02 % 0.10 % 0.03 % 0.02 % 0.02 % — % — % 0.02 % 0.14 % 0.05 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Janice B. McShan and The Metropolitan Day School, LLC Mid-Land Sheet Metal Inc Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd Cencon Properties LLC and Central Connecticut Warehousing Company, In Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Kiddie Steps 4 You Inc. Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta Faith Memorial Chapel LLC Grafio Inc dba Omega Learning Center- Acworth Sound Manufacturing Inc Prospect Kids Academy Inc Schmaltz Holdings, LLC and Schmaltz Operations, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Caribbean Concepts, Inc. dba Quick Bleach (#,^) Angkor Restaurant Inc (#,^) Harbor Ventilation Inc and Estes Investment, LLC Tri County Heating and Cooling Inc. GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat Maxiflex LLC Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services (#,^) (#,^) (#,^) (#,^) (#,^) 2817 Lomb Ave., Birmingham, AL 35208 125 E Fesler St., Santa Maria, CA 93454 Social Assistance Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/31/2023 10/31/2038 77 Mill Rd., Freeport, NY 11520 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038 37 Commons Ct., Waterbury, CT 06704 Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038 Educational Services Personal and Laundry Services Personal and Laundry Services Social Assistance 17 Pearl St., Mystic, CT 06355 1700 West 63rd St., Chicago, IL 60636 11585 Jones Bridge Rd., Ste. 4G, Johns Creek, GA 30022 600 9th Ave. North, Bessemer, AL 35020 5330 Brookstone Dr., Ste. 320, Acworth, GA 30101 51 Donnelley Rd., Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing 532 St Johns Pl., Brooklyn, NY 11238 3408 Castle Rock Farm Rd., Pittsboro, NC 27312 120 East 56th St., St.#730, New York, NY 10022 10 Traverse St., Providence, RI 02903 Ambulatory Health Care Services Food Services and Drinking Places Personal and Laundry Services Educational Services Educational Services 509 East Park St., Livingston, MT 59047 509 East Park St., Livingston, MT 59047 Specialty Trade Contractors Specialty Trade Contractors 411 Sharp St., Millville, NJ 08332 512 Verret St., New Orleans, LA 70114 200 North Branford Rd., Branford, CT 06405 Personal and Laundry Services Miscellaneous Manufacturing Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/26/2038 9/25/2038 9/20/2023 9/20/2038 9/13/2023 9/12/2028 9/11/2038 Term Loan Prime plus 2.75% 9/4/2038 171.4 171.4 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 8/12/2023 7/19/2038 7/19/2038 7/19/2023 6/28/2038 6/28/2023 2.0 73.7 1.9 6.8 76.8 3.0 2.0 73.7 1.9 6.8 76.8 3.0 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028 425.7 425.7 456.0 F-167 See accompanying notes to consolidated financial statements. 4.8 109.9 117.5 275.2 79.7 73.0 5.0 213.5 17.9 27.5 99.1 4.8 109.9 117.5 275.2 79.7 73.0 5.0 213.5 17.9 27.5 99.1 4.9 124.1 132.7 310.7 90.0 82.4 5.1 241.0 18.1 29.5 111.9 193.5 2.0 83.2 2.1 6.9 86.7 3.0 — % 0.03 % 0.04 % 0.08 % 0.02 % 0.02 % — % 0.06 % — % 0.01 % 0.03 % 0.05 % — % 0.02 % — % — % 0.02 % — % 0.12 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc Absolute Desire LLC and Mark H. Szierer and Sophisticated Smile Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD Ryan D. Thornton and Thornton & Associates LLC Peanut Butter & Co., Inc. 1258 Hartford TPKE, LLC and Phelps and Sons, Inc A & M Commerce, Inc. dba Cranberry Sunoco Xela Pack, Inc. and Aliseo and Catherine Gentile American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center 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 dbaThe Madelai Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant (#,^) (#,^) Richmond Hill Mini Market, LLC U & A Food and Fuel, Inc. dba Express Gas & Food Mart R & J Petroleum LLC; Manar USA, Inc. Reidville Hydraulics Mfg Inc dba Summit (#,^) (#,^) (#,^) (#,^) 24 Elm St., Montpelier, VT 05602 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023 85 Reaville Ave., Flemington, NJ 08822 4640 Monticello Ave., Ste. 8A, Williamsburg, VA 23188 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023 800 Bethel St., Ste. 200, Honolulu, HI 96813 Insurance Carriers and Related Activities 250 West 54th St. Ste. 807, New York, NY 10019 Food Manufacturing Term Loan Prime plus 2.75% 5/24/2023 Term Loan Prime plus 2.75% 4/30/2023 1258 Hartford Turnpike, Vernon, CT 06066 Miscellaneous Store Retailers 398 Baltimore Blvd, Westminster, MD 21157 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2038 Term Loan Prime plus 2.75% 3/27/2038 8300 Boettner Rd., Saline, MI 48176 3937 Sherman Ave., Saint Joseph, MO 64506 Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038 51 Donnelley Rd., Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023 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 101 Richmond Hill Ave., Stamford, CT 06902 1345 Wampanoag Trail, East Providence, RI 02915 305 Quincy Shore Dr., Quincy, MA 02107 175 Industrial Ln., Torrington, CT 06790 Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038 Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037 Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037 Gasoline Stations Gasoline Stations Machinery Manufacturing Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/21/2037 11/20/2037 11/2/2037 F-168 See accompanying notes to consolidated financial statements. 26.0 148.4 3.5 2.4 5.1 97.5 254.3 130.5 441.4 15.9 67.3 93.1 360.9 389.4 413.2 142.8 74.3 139.0 202.3 26.0 148.4 3.5 2.4 5.1 97.5 254.3 130.5 441.4 15.9 67.3 93.1 360.9 389.4 413.2 142.8 74.3 139.0 202.3 26.2 167.6 3.5 2.4 5.1 110.1 287.1 139.4 498.4 16.0 76.0 105.1 407.5 439.6 466.5 161.3 83.9 156.9 228.4 0.01 % 0.04 % — % — % — % 0.03 % 0.08 % 0.04 % 0.13 % — % 0.02 % 0.03 % 0.11 % 0.12 % 0.12 % 0.04 % 0.02 % 0.04 % 0.06 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) O'Rourkes Diner LLC dba O'Rourke's Diner Central Tire, Inc. dba Cooper Tire & Auto Services Manuel P. Barrera and Accura Electrical Contractor, Inc. ATI Jet, Inc. Valiev Ballet Academy, Inc 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 Dave Kris, and MDK Ram Corp. Head To Toe Personalized Pampering, Inc. David M. Goens dba Superior Auto Paint & Body, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#) 728 Main St., Middletown, CT 06457 Food Services and Drinking Places Term Loan Prime plus 1111 S Tillotson Ave., Muncie, IN 47304 6187 NW 167th St. Unit H3, Miami, FL 33015 7007 Boeing Dr., El Paso, TX 79925 635 - 637 Londonderry Ln., Denton, TX 76205 4920 Lincoln Ave. Rte. 53, Lisle, IL 60532 Repair and Maintenance Term Loan Prime plus Specialty Trade Contractors Air Transportation Performing Arts, Spectator Sports, and Related Industries Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus 44600 Michigan Ave., Canton, MI 48188 Repair and Maintenance Term Loan Prime plus 2267 Fernberg Trail, Ely, MN 55731 7516 B 2nd St., NW, Albuquerque, NM 87107 64-68 North Central Ave., Valley Stream, NY 11580 Nonstore Retailers Term Loan Prime plus Repair and Maintenance Term Loan Prime plus Support Activities for Transportation Term Loan Prime plus 2879 Limekiln Pike, Glenside, PA 19038 Repair and Maintenance Term Loan Prime plus 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 15 Elm Park, Groveland, MA 01930 2331 North State Rd. 7 Suite 123, Lauderhill, FL 33313 Repair and Maintenance Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus Administrative and Support Services Term Loan Prime plus Educational Services Food Services and Drinking Places Repair and Maintenance Food and Beverage Stores Term Loan Term Loan Term Loan Term Loan Fixed Fixed Prime plus Prime plus Personal and Laundry Services Term Loan Prime plus 1912 Manhattan Ave, Harvey, LA 70058 Repair and Maintenance Term Loan Fixed 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6% 6% 2.75% 2.75% 2.75% 6% 9/19/2037 6/29/2037 3/23/2028 12/28/2026 8/12/2036 6/29/2036 4/20/2036 4/18/2036 3/24/2036 1/28/2036 11/30/2035 9/2/2035 6/22/2035 3/29/2024 8/1/2031 3/31/2023 5/18/2032 2/5/2026 1/27/2031 8/26/2024 F-169 See accompanying notes to consolidated financial statements. 50.3 218.7 46.2 208.0 31.0 253.9 91.4 103.2 11.0 80.5 23.9 34.7 60.9 6.9 35.2 54.8 8.2 11.8 6.1 4.4 50.3 218.7 46.2 208.0 31.0 253.9 91.4 103.2 11.0 80.5 23.9 34.7 60.9 6.9 35.2 54.8 8.2 11.8 6.1 4.4 56.8 246.9 49.3 219.1 34.9 286.6 103.2 116.5 12.5 90.8 27.0 39.2 68.7 7.0 35.1 54.8 9.2 12.4 6.7 4.4 0.02 % 0.07 % 0.01 % 0.06 % 0.01 % 0.08 % 0.03 % 0.03 % — % 0.02 % 0.01 % 0.01 % 0.02 % — % 0.01 % 0.01 % — % — % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEKONE, INC. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) Whirlwind Car Wash, Inc. 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 Stillwell Ave Prep School (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) Total SBA Unguaranteed Accrual Investments 1370 Le Anne Marie Cir., Columbus, OH 43026 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 Repair and Maintenance Food Services and Drinking Places Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Plastics and Rubber Products Manufacturing Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Fixed Fixed Prime plus 2% 2.75% 6% 6% 2.75% 4/9/2029 1/30/2028 8/17/2023 9/14/2023 6/16/2025 9225 Pkwy. East, Birmingham, AL 35206 Accommodation Term Loan Prime plus 2.25% 2/14/2025 386 Winsted Rd., Torrington, CT 06790 1990 Stillwell Ave., Brooklyn, NY 11214 Furniture and Home Furnishings Stores Social Assistance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/13/2023 1/14/2023 9.3 9.7 0.9 10.1 1.8 8.7 9.3 9.7 0.9 10.1 1.8 8.7 9.9 10.3 0.9 10.1 1.8 8.9 0.4 0.8 463,129.3 0.4 0.8 463,126.8 0.4 — 470,835.0 — % — % — % — % — % — % — % — % 125.44 % F-170 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) 636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co 3SIXO Motorsports LLC dba 3SIXO Motorsports Shop AA LLC A&W ALF, LLC dba A & W Assisted Living Facility Adow Pools LLC Ains Holding Company, LLC Ains Holding Company LLC Airstrike Firefighters LLC AJN Innovations LLC dba Burgerim Albas Bar & Grill LLC Alive Design, LLC Alyssa Corp dba Knights Inn Ambrose Cubed LLC Anderson Companies LLC Anderson Farms Inc Anglin Cultured Stone Products LLC Anglin Cultured Stone Products LLC dba Anglin Construction Arclay ,LLC B for Blonde, LLC dba Blo Blow Dry Bar B for Brunette dba Blo D for Dream LLC dba Blo Blow Dry Bar Inc D & D Optics Inc dba Sterling Optical (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) 636 South Center St., New Washington, OH 44854 Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039 $ 61.6 $ 61.6 $ 217 W Main St., Centralia, WA 98531 5761 W 73rd St., Indianapolis, IN 46260 Motor Vehicle and Parts Dealers Administrative and Support Services 6600 Liberty Rd., Gwynn Oak, MD 21207 393 Glenbrook Rd., Stamford, CT 06906 122 West 26th St., New York, NY 10001 122 W. 26th St., New York, NY 10001 18115 62nd Ave. NE, Kenmore, WA 98028 6704 Main St., Miami Lakes, FL 33014 221 Self Main St., Homer City, PA 15748 Nursing and Residential Care Facilities Personal and Laundry Services Food Services and Drinking Places Management of Companies and Enterprises Support Activities for Agriculture and Forestry Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services 1906 NE 23 rd Ave., Cape Coral, FL 33909 1105 Columbus Pkwy., Opelika, AL 36801 Accommodation 6780 & 6790 Hudspeth Rd., Harrisburg, NC 28075 3015 S White Horse Pike, Hammonton, NJ 08037 271 West Hwy. 30, Burley, ID 83318 877 Salem Church Rd., Newark, DE 19702 Construction of Buildings Administrative and Support Services Truck Transportation Wholesale Electronic Markets and Agents and Brokers 877 Salem Church Rd., Newark, DE 19702 49 Geyser Rd. Ste. 100, Saratoga Springs, NY 12866 142 East 49th St., New York, NY 10017 50 Glen Cove Rd, Greenvale, NY 11548 Specialty Trade Contractors Nonmetallic Mineral Product Manufacturing Personal and Laundry Services Personal and Laundry Services 460 East 3rd Ave., New York, NY 10016 1487 East LaSalle Dr., Bismark, ND 58503 Ambulatory Health Care Services Personal and Laundry Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Prime plus Prime plus Fixed Prime plus Prime plus Prime plus Fixed Fixed Prime plus Prime plus 7.75% 2.75% 2.75% 6% 2.75% 2.75% 2.75% 6% 6% 2.75% 2.25% 1/6/2029 6/29/2032 7/24/2044 5/25/2028 6/26/2027 10/2/2027 12/12/2028 2/15/2031 10/13/2042 3/13/2027 9/30/2023 Term Loan Prime plus 2.75% 3/3/2046 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Fixed Fixed 2.75% 7.5% 8.25% 6/28/2044 12/22/2027 12/27/2042 Fixed Fixed Fixed Fixed Fixed Fixed 8.25% 6/30/2025 8% 6% 6% 6% 6% 5/5/2030 2/12/2026 9/10/2023 5/13/2029 12/21/2028 363.6 422.6 92.1 105.8 801.9 66.5 946.3 101.7 21.9 5.5 18.2 196.6 174.1 3,739.5 469.8 95.1 137.1 39.7 20.5 66.7 38.6 363.6 422.6 92.1 105.8 801.9 66.5 946.3 101.7 21.9 5.5 18.2 196.6 174.1 3,739.5 469.8 95.1 137.1 39.7 20.5 66.7 38.6 56.4 219.8 94.6 80.7 92.8 295.1 — 866.8 71.0 13.1 5.1 16.6 172.4 132.9 2,753.6 — 87.1 36.6 36.4 18.8 58.2 32.6 0.02 % 0.06 % 0.03 % 0.02 % 0.02 % 0.08 % 0.00 % 0.23 % 0.02 % 0.00 % 0.00 % 0.00 % 0.05 % 0.04 % 0.73 % 0.00 % 0.02 % 0.01 % 0.01 % 0.00 % 0.02 % 0.01 % F-171 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) 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. BB Services, LLC Bear Creek Entertainment LLC dba The Woods at Bear Creek Bear Creek Entertainment, LLC dba The Woods at Bear Creek Beau & HB Inc dba Beau's Billard, Bowling & Arcade Beau & HB Inc dba Beau's Billiard, Bowling & Arcade Big Heart LLC dba Chick'n Cone Blackwater Diving, LLC Blackwater Diving LLC Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Blue Seven, LLC Bone Bar & Grill LLC Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. BQRS, Inc. DBA Gresham Meineke Car Care Center (*,#,^) (*,#,^) (*,#) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) 8124 Sprague Rd., Odessa, TX 73764 Support Activities for Mining 8124 Sprague Rd., Odessa, TX 79764 Support Activities for Mining Amusement, Gambling, and Recreation Industries 4 Beehive Dr, Epping, NH 03042 60207 Camp Villere Rd., Slidell, LA 70460 Nonstore Retailers 580 39 Rd., Palisade, CO 81526 3510 Bear Creek Rd., Franklinville, NY 14737 3510 Bear Creek Rd., Franklinville, NY 14737 Accommodation Truck Transportation Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Fixed Prime plus 6% 6% 8.25% 6% 2.75% 3/30/2028 3/30/2043 9/23/2026 3/29/2036 6/27/2029 645.3 256.1 9.7 177.4 86.1 645.3 256.1 9.7 177.4 86.1 Term Loan Prime plus 2.75% 8/12/2041 1,608.1 1,608.1 100 Village RD, Port Lavaca, TX 77979 100 Village Rd., Port Lavaca, TX 77979 1158 W San Marcos Blvd, San Marcos, CA 92078 112 Forrest Rd., Morgan City, LA 70380 112 Forrest Rd, Morgan City, LA 70380 Accommodation Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Term Loan Fixed Fixed 7.25% 12/30/2024 6% 12/16/2043 Term Loan Prime plus 2.75% 3/16/2029 Food Services and Drinking Places Support Activities for Mining Support Activities for Mining Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/31/2031 9/27/2028 3/30/2030 377 Boston Post Rd., Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026 377 Boston Post Rd., Milford, CT 06460 377 Boston Post Rd. Unit B, Milford, CT 06460 377 Boston Post Rd., Milford, CT 06460 11111 San Jose Blvd, Ste. 70, Jacksonville, FL 32223 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 201 Highland Ave, East Syracuse, NY 13057 Couriers and Messengers Term Loan Prime plus 2.75% 8/31/2027 Couriers and Messengers Term Loan Prime plus 2.75% 10/27/2027 Couriers and Messengers Term Loan Prime plus 2.75% 8/28/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2029 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Fixed Fixed Fixed 7% 6/30/2042 8.25% 3/13/2039 0% 6/30/2027 (*,#,^) 18081 SE Division St., Portland, OR 97236 Repair and Maintenance F-172 See accompanying notes to consolidated financial statements. 134.3 132.7 8.7 14.6 78.9 — — 56.7 6.9 19.9 104.9 — 4.0 46.0 — — 38.0 6.6 97.6 42.6 0.04 % 0.04 % 0.00 % 0.00 % 0.02 % 0.00 % 0.00 % 0.02 % 0.00 % 0.01 % 0.03 % 0.00 % 0.00 % 0.01 % 0.00 % 0.00 % 0.01 % 0.00 % 0.03 % 0.01 % 85.4 62.1 29.0 21.7 572.8 315.1 248.7 260.5 26.1 386.5 41.5 34.7 201.2 46.5 85.4 62.1 29.0 21.7 572.8 315.1 248.7 260.5 26.1 386.5 41.5 34.7 201.2 46.5 Portfolio Company 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, 2022 (In Thousands) SBA Unguaranteed Non-Accrual Investments (3) (22) Calhoun Satellite Communications, Inc. Capital Containers LLC Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber (*,#) (*,#,^) (*,#) Chickamauga Properties, Inc., MSW Enterprises, LLP (*,#) Children First Home Health Care Inc (*,#,^) Chu Management Group, LLC dba Juicy Lou's Burgeria (*,#,^) CIS BIG DOG, LLC Clark Realty LLC Royal Blue Investments, Inc. and Cleland Pharmacy LLC CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster Colorado Avocado LLC dba Toastique Commonwealth Diagnostics International, Inc Craftwork Carpentry and Millwork Inc. Craftwork Carpentry and Millwork Inc D&G Capital LLC dba Miami Grill 277 Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc Devine Fitness LLC DG Business Solutions, Inc Driven Warehouse/Distribution LLC (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) 1914 Tigertail Blvd., Dania Beach, FL 33004 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 320 Fair St., Kutztown, PA 19530 214 Sutherland Way, Rocky Face, GA 30740 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 1245 Libra Dr., Lincoln, NE 68512 8920 US HWY, 62 WEST, Cynthiana, KY 41031 4 Walker Way, Albany, NY 12205 202 S. 1st St., Wakeeny, KS 67672 309 Coronado Dr., Clearwater Beach, FL 33767 11590 Ridgeline Dr., Colorado Springs, CO 80921 39 Norman St. a/k/a 1 Holyoke Square, Salem, MA 01970 2777 S Financial Ct., Sanford, FL 32773 2777 S Financial Ct., Sandford, FL 32773 2521 North Federal Hwy., Unit C, Boca Raton, FL 33431 299 Utica Ave., Brooklyn, NY 11203 6555 NW 9th Ave, Fort Lauderdale, FL 33309 40 N 2nd St., Rio Vista, CA 94571 11008 Rene St., Lenexa, KS 66215 271 East North Ave., Glendale, IL 60139 Telecommunications Term Loan Fixed 7% 12/2/2026 Truck Transportation Term Loan Prime plus 2.75% 12/15/2027 Transit and Ground Passenger Transportation Amusement, Gambling, and Recreation Industries Term Loan Term Loan Fixed Fixed 7.5% 9/30/2027 6.25% 12/22/2035 Ambulatory Health Care Services Food Services and Drinking Places Administrative and Support Services Real Estate Term Loan Term Loan Term Loan Term Loan Fixed Prime plus Prime plus Fixed 7.5% 0% 2.75% 8% 12/27/2028 4/19/2032 9/19/2027 8/29/2041 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/31/2042 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/11/2029 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/27/2032 Term Loan Prime plus 2.75% 9/20/2027 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/24/2046 Food Services and Drinking Places Term Loan Food Manufacturing Term Loan Fixed Fixed 6.5% 12/16/2025 6% 6/27/2043 Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/30/2029 Term Loan Prime plus 2.75% 4/6/2032 333.8 10.4 366.2 59.0 254.9 18.2 46.7 113.8 47.7 67.5 157.2 931.5 106.4 177.1 41.4 337.0 22.4 18.9 333.8 10.4 366.2 59.0 254.9 18.2 46.7 113.8 47.7 67.5 157.2 931.5 106.4 177.1 41.4 337.0 22.4 18.9 236.8 9.5 119.5 13.3 33.7 16.7 44.7 83.6 40.5 61.8 47.2 853.3 7.3 132.4 6.9 273.4 20.5 18.1 188.0 245.8 0.06 % 0.00 % 0.03 % 0.00 % 0.01 % 0.00 % 0.01 % 0.02 % 0.01 % 0.02 % 0.01 % 0.23 % 0.00 % 0.04 % 0.00 % 0.07 % 0.01 % 0.00 % 0.05 % 0.07 % Term Loan Prime plus 2.75% 9/30/2029 200.8 200.8 Truck Transportation Term Loan Fixed 8% 12/22/2027 1,043.8 1,043.8 F-173 See accompanying notes to consolidated financial statements. Portfolio Company 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, 2022 (In Thousands) SBA Unguaranteed Non-Accrual Investments (3) (22) 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 (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) Estelle Finkel Educational Associates,LLC (*,#,^) ETS Tree Service Inc and Eastern Tree Service, 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./Kevin and Joann Foley (*,#) (*,#) (*,#,^) (*,#) (*,#) (*,#,^) Florida Apnea Diagnostics LLC Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC Four Seasons Laser Center Inc. Four Seasons Laser Center Inc. Frontier Sand LLC GDIM Enterprises Inc dba AAMCO (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) 3760 NW 126th Ave., Coral Springs, FL 33065 Merchant Wholesalers, Durable Goods Term Loan 1095 Mt Airy Rd., Stevens, PA 17578 Food Manufacturing 4401 N I-35 #113, Denton, TX 76207 Truck Transportation Term Loan Term Loan 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 125 West Mount Pleasant Ave., Livingston, NJ 07039 4813 Pinson Valley Pkwy., Birmingham, AL 35215 Merchant Wholesalers, Durable Goods Term Loan Specialty Trade Contractors Gasoline Stations Support Activities for Mining Educational Services Term Loan Term Loan Term Loan Term Loan Administrative and Support Services Term Loan Wood Product Manufacturing Animal Production and Aquaculture Machinery Manufacturing Machinery Manufacturing Ambulatory Health Care Services 302 W 53rd St N., Wichita, KS 67204 211 West 53rd St. N., Park City, KS 67204 Truck Transportation 7448 Emmerson Rd., Everson, WA 98247 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 5600 N. River Rd. #925, Rosemont, IL 60018 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 305 Country Hwy. AA, New Auburn, WI 54757 1657 Whiskey Rd., Aiken, SC 29803 Real Estate Personal and Laundry Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed 6% 6% 8% 8.25% 8.25% 6% 7.5% 6% 7.25% 7.25% 7.5% 8.25% 8.25% 4/30/2030 3/31/2024 6/5/2027 12/31/2022 12/1/2041 3/18/2041 5/11/2027 12/21/2028 3/16/2026 2/23/2026 8/31/2042 3/25/2026 7/8/2028 8.25% 10/20/2027 6% 6% 3/27/2025 6/26/2042 F-174 See accompanying notes to consolidated financial statements. 7.5% 5/31/2029 57.1 57.1 55.8 4,705.2 4,705.2 2,865.3 142.2 338.0 43.9 258.2 689.0 61.0 183.4 757.1 168.4 637.5 95.2 19.2 11.0 512.3 185.8 9.2 142.2 338.0 43.9 258.2 689.0 61.0 183.4 757.1 168.4 637.5 95.2 19.2 11.0 512.3 185.8 9.2 0.01 % 0.76 % 0.01 % 0.08 % 0.00 % 0.01 % 0.07 % 0.01 % 0.03 % 0.06 % 0.01 % 0.14 % 0.01 % 0.00 % 0.00 % 0.00 % 0.05 % 0.00 % 0.14 % 0.00 % 20.8 309.6 — 52.8 250.0 55.9 94.4 220.6 24.8 539.5 36.0 15.6 4.2 — 170.2 8.5 530.3 7.0 Personal and Laundry Services Term Loan Prime plus 2.75% 3/28/2029 Mining (except Oil and Gas) Repair and Maintenance Term Loan Term Loan Fixed Prime plus 8.25% 2.75% 11/30/2027 12/19/2029 1,068.9 16.2 1,068.9 16.2 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) (*,#,^) Gilpin Enterprises, LLC dba Jon Smith Subs GLH delivering services Inc and Paisley (*,#,^) Logistics Inc Gold Wind Logistics LLC (*,#) Grand Manor Realty, Inc. & Kevin LaRoe (*,#) Grayson O Company (*,#,^) Greensboro Plastic Surgical Associates, PA (*,#,^) GT Performance Plus Inc (*,#,^) Gulf Coast Asphalt LLC dba Missouri Asphalt Sealing and Striping (*,#,^) H.M.C, Incorporated Hackensack Steel Corporation and Luzerne Ironworks Inc Hackstaff Restaurants LLC Hallmark Enterprises LLC Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. Harrison Logging Company LLC (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) HDD Solutions, LLC HG Ventures, Inc. dba Diamond Head Trucking High Q Automotive Consulting andRide 4 U LLC Hoagie Barmichaels Inc HTE Acquisition, LLC dba Hi Tech Engineering (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) Humd, LLC dba La Rosa Chicken and Grill (*,#) Hurricane Group, Inc. (*,#,^) 17790 State Rd. 54, Lutz, FL 33458 Food Services and Drinking Places Term Loan Fixed 6% 9/12/2029 121 Pine Rd., Easley, SC 29642 2830 Beech Daly Rd, Inkster, MI 48141 318 S. Halsted St., Chicago, IL 60661 6509 Newell Ave., Kannapolis, NC 28082 2716 Henry St., Greensboro, NC 27405 4210 College St., Beaumont, TX 77707 Couriers and Messengers Truck Transportation Real Estate Merchant Wholesalers, Durable Goods Ambulatory Health Care Services Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Fixed Prime plus Fixed Fixed 2.75% 2.75% 6% 2.75% 6% 6% 7/30/2031 10/20/2041 2/20/2023 8/10/2041 6/29/2042 6/11/2029 10629 Liberty Ave, St .Louis, MO 63132 7190 Oakland Mills Rd Ste. 10, Columbia, MD 21046 Petroleum and Coal Products Manufacturing Term Loan Prime plus 2.75% 8/23/2032 Furniture and Related Product Manufacturing Term Loan Fixed 8.25% 7/3/2028 300 Sly St., Swoyersville, PA 18709 248 W 1st. St. Ste 201, Reno, NV 89501 54 Furman Ave., Brooklyn, NY 11207 Specialty Trade Contractors Food Services and Drinking Places Specialty Trade Contractors 34 35th St., Brooklyn, NY 11232 127 Legate Rd., Indian Mound, TN 37079 6550 Progress Pkwy., Cedar Hill, MO 63016 Food Manufacturing Forestry and Logging 100 Phoenix Dr., Finleyville, PA 15332 Truck Transportation Heavy and Civil Engineering Construction Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Prime plus Prime plus Fixed Prime plus Fixed Fixed 6% 2.75% 2.75% 6% 2.75% 11/10/2026 7/15/2029 12/22/2031 12/14/2027 2/9/2027 8.25% 12/31/2028 7.5% 6/29/2030 Prime plus Prime plus 2.75% 2.75% 12/29/2046 9/27/2044 Motor Vehicle and Parts Dealers Food Services and Drinking Places 747 N State Rd 7, Plantation, FL 33317 1101 River Rd., New Windsor, NY 12553 4600, 4610, & 4620 Calle Quetza, Camarillo, CA 93012 3111 N. University Dr., Coral Springs, FL 33065 1357 Ashford Ave. Ste. 429, San Juan, PR 09070 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/28/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/31/2030 Other Information Services Term Loan Prime plus 2.75% 5/26/2027 F-175 See accompanying notes to consolidated financial statements. 62.1 242.1 145.8 19.0 545.8 478.6 66.8 87.5 183.8 170.1 130.0 1,245.4 77.2 47.3 552.8 794.6 1,239.4 107.6 48.0 101.2 47.1 62.1 242.1 145.8 19.0 545.8 478.6 66.8 87.5 183.8 170.1 130.0 1,245.4 77.2 47.3 552.8 794.6 1,239.4 107.6 48.0 101.2 47.1 44.2 10.9 130.7 17.8 478.5 406.9 — 62.8 40.7 166.4 52.2 102.9 22.9 45.3 343.8 67.6 947.6 64.8 45.9 88.7 41.3 0.01 % 0.00 % 0.03 % 0.00 % 0.13 % 0.11 % 0.00 % 0.02 % 0.01 % 0.04 % 0.01 % 0.03 % 0.01 % 0.01 % 0.09 % 0.02 % 0.25 % 0.02 % 0.01 % 0.02 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Hurricane Group, Inc.dba Crate Club Group (*,#,^) SofRep, Inc dba Force 12 Media iFood, Inc. dba Steak N Shake iFood, Inc. dba Steak N Shake IHC Hardware Inc. Innovation Transport, LLC Innovation Transport LLC Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc International Kitchen Supply LLC Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) Island Kaii & Company dba Island Kaii (*,#,^) Island Kaii & Company dba Island Kaii IT Quality Solutions, Inc J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value JAM Media Solutions, LLC JAM Media Solutions LLC Jamestown Quick Stop LLC Japp Business Inc dba Pick and Eat and Japp Drink Corp. Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill (*,#,^) (*,#,^) (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) 1357 Ashford Ave. Ste. 429, San Juan, PR 09070 1357 Ashford Ave. STE 429, San Juan, PR 09070 2840 E Millbrook Rd, Raleigh, NC 27604 5900 Duraleigh Rd., Raleigh, NC 27612 614 Broad St., Story City, IA 50248 1 International Blvd, Mahwah, NJ 07495 1 International Blvd., Ste. 400, Mahwah, NJ 07495 Other Information Services Term Loan Fixed 7.5% 11/25/2029 Other Information Services Food Services and Drinking Places Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Truck Transportation Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Fixed Fixed Fixed Prime plus 2.75% 6% 6% 6% 2.75% 6/26/2025 6/30/2039 7/31/2024 12/6/2042 5/9/2027 Truck Transportation Term Loan Prime plus 2.75% 4/6/2028 Ambulatory Health Care Services 4899 Griggs Rd., Houston, TX 77021 3466 North Hwy 11, West Union, SC 29696 Merchant Wholesalers, Durable Goods 229 Medical Park Rd., Ste. 310, Mooresville, NC 28117 4301 Orchard Lake Rd #165, West Bloomfield, MI 48323 4301 Orchard Lake Rd #165, West Bloomfield, MI 48323 6522 Creekview Cir., Duluth, GA 30097 Ambulatory Health Care Services Insurance Carriers and Related Activities 640 Dubois St., Du Bois, PA 15801 640 Dubois St., Dubois, PA 15801 4744 Tackawanna St., Philadelphia, PA 19124 11 Netherwood Ter., East Orange, NJ 07017 3097 24th Ave., Hudsonville, MI 49426 Insurance Carriers and Related Activities Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Food and Beverage Stores Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 4179 Broadway, New York, NY 10033 Food Services and Drinking Places Term Loan 24480 W 10 Mile RD, Southfield, MI 48033 Food Services and Drinking Places Term Loan Term Loan Term Loan Fixed Prime plus 7.75% 2.75% 12/27/2043 5/25/2026 Term Loan Fixed Term Loan Prime plus 6% 0% 3/29/2044 8/26/2031 3/4/2032 8/31/2031 11/10/2026 11/10/2041 Prime plus Prime plus 2.75% 2.75% Fixed Fixed Fixed 6% 6% 6.25% 6/15/2027 Prime plus Prime plus 2.75% 2.75% Fixed Fixed 6% 6% 9/28/2028 6/5/2044 11/30/2025 1/4/2029 42.7 26.8 541.9 148.5 93.8 45.5 34.3 952.9 115.6 820.8 6.9 19.1 6.9 33.1 285.4 22.3 768.2 65.9 72.3 34.0 42.7 26.8 541.9 148.5 93.8 45.5 34.3 952.9 115.6 820.8 6.9 19.1 6.9 33.1 285.4 22.3 768.2 65.9 72.3 34.0 — 23.5 530.1 145.2 54.5 41.7 31.4 57.2 103.6 548.9 4.4 — 6.6 32.4 279.2 — 65.4 51.3 26.3 23.5 0.00 % 0.01 % 0.14 % 0.04 % 0.01 % 0.01 % 0.01 % 0.02 % 0.03 % 0.15 % 0.00 % 0.00 % 0.00 % 0.01 % 0.07 % 0.00 % 0.02 % 0.01 % 0.01 % 0.01 % F-176 See accompanying notes to consolidated financial statements. SBA Unguaranteed Non-Accrual Investments (3) (22) JJBen, Corporation dba Benson Crane Service J & C May Properties, LLC J & C May Properties, LLC. Jbelis Stop N' Go, LLC dba Planet Smoothie Jessie's Radiator and Automotive JMD Aviation Holdings, LLC Johnny's Boy LLC Kenbenco, Inc.dba Benson Steel Fabricators Key HR Associates, Inc dba Parents Choice for Kids (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) Kids at Heart,LLC dba Monster Mini Golf (*,#) Kidtastic LLC dba The Little Gym of Audubon Kim Howard Corp dba NPN Machine Tools Kim Howard Corp dba NPN Machine Tools Kostekos Inc dba New York Style Pizza LA Diner Inc dba Loukas L A Diner (*,#,^) (*,#) (*,#) (*,#,^) (*,#) LAN Doctors Inc LAN Doctors Inc LBR Partners LLC dba Techy Legacy Roof Contractors LLC Linqserv Inc. Mag Auto Group Inc dba MAG Motor Company Malhame & Company Publishers & Importers Inc. (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) Portfolio Company 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, 2022 (In Thousands) 437 Rte. 212, Saugerties, NY 12477 315 Sylamore Ave., Mountain View, AR 72560 315 Sylamore Ave., Mountain View, AR 72560 Rental and Leasing Services Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/18/2031 139.3 143.9 Term Loan Fixed 6% 3/22/2044 1,081.8 1,081.8 Term Loan Prime plus 2.75% 7/30/2031 2565 E 17th St, Ammons, ID 83406 1777 N Ventura Ave., Ventura, CA 93001 8050 North West 90th St., Medley, FL 33166 127 East King St., Martinsburg, WV 25401 Food Services and Drinking Places Repair and Maintenance Rental and Leasing Services Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Fixed Prime plus Prime plus 2.75% 6% 2.75% 2.75% 7/30/2029 10/31/2029 12/15/2027 6/7/2044 437 Rte. 212, Saugerties, NY 12477 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/31/2031 3150 West Park Dr., Burnsville, MN 55306 10 Newbury St., Danvers, MA 01923 2850 Audubon Dr., Audubon, PA 19403 Social Assistance Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2044 Term Loan Term Loan Fixed Fixed 6.75% 9/22/2026 8.25% 7/27/2026 9130 Wayfarer Ln., Houston, TX 77075 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/7/2042 9130 Wayfarer Ln, Houston, TX 77075 10 South King St., Gloucester, NJ 08030 3205 Rte. 22 East, Branchburg, NJ 08876 14 Pierson Ct., Mahwah, NJ 07430 14 Pierson Ct., Mahwah, NJ 07430 1450 Johns Lake Rd, Clermont, FL 34711 32091 Broken Branch Cir., Spanish Fort, AL 36527 1555 Lyell Ave., Rochester, NY 14606 1890 North Main St., Walnut Creek, CA 94596 Fabricated Metal Product Manufacturing Food Services and Drinking Places Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Repair and Maintenance Term Loan Term Loan Term Loan Prime plus Fixed Fixed 2.75% 8% 7.25% 6/28/2029 2/6/2040 9/28/2037 Term Loan Fixed 8.25% 8/28/2025 Term Loan Term Loan Fixed Prime plus Specialty Trade Contractors Term Loan Transit and Ground Passenger Transportation Term Loan Motor Vehicle and Parts Dealers Term Loan Fixed Fixed Fixed 8.25% 2.75% 6% 7.5% 6% 3/16/2026 12/9/2030 6/30/2023 11/9/2027 9/24/2031 180 Orville Rd., Bohemia, NY 11780 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/29/2027 F-177 See accompanying notes to consolidated financial statements. 18.3 15.3 14.7 397.5 31.1 150.4 443.8 8.4 44.9 519.2 168.3 34.8 92.8 52.6 43.4 41.6 378.7 261.2 218.8 58.2 18.3 15.3 14.7 397.5 31.1 150.4 443.8 8.4 44.9 519.2 168.3 34.8 92.8 52.6 43.4 41.6 378.7 261.2 218.8 58.2 113.4 510.6 — 14.1 9.5 380.5 19.4 128.5 360.7 — 42.0 497.0 161.1 7.1 22.7 48.1 28.5 39.8 108.1 15.1 70.0 53.3 0.03 % 0.14 % 0.00 % 0.00 % 0.00 % 0.10 % 0.01 % 0.03 % 0.10 % 0.00 % 0.01 % 0.13 % 0.04 % 0.00 % 0.01 % 0.01 % 0.01 % 0.01 % 0.03 % 0.00 % 0.02 % 0.01 % Portfolio Company 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, 2022 (In Thousands) SBA Unguaranteed Non-Accrual Investments (3) (22) Matchless Transportation LLC dba First Class Limo MB Nursery LLC dba The Garden Center McFarlin, LLP MMC Juice Investors Co Mojo Brands Media, LLC Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc Morris Glass and Construction Inc Motorsport Imagery, Inc MPI Automotive Corp Mr. Lube, Inc Mr. Lube, Inc. Murf & Sons LLC N Transport LLC Swalm Street LLC and New York Home Health Care Equipment LLC New York Home Health Care Equipment, LLC New York Home Health Care Equipment, LLC (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) Nix and Nix Funeral Home North Inc, Northern Steel and Concrete, LLC, a Pennsylvania LLC Northern Steel and Concrete, LLC and Northern Steel and Concrete Ocean Trans LLC and Dehal Trucking LLC (*,#,^) (*,#) (*,#) Ocean Trans LLC (*,#,^) 31525 Aurora Rd. # 5, Solon, OH 44139 15562 Hwy. South, Whitehouse, TX 75791 Administrative and Support Services Transit and Ground Passenger Transportation Term Loan Term Loan Fixed Prime plus 6.25% 2.75% 5/31/2020 5/31/2020 4 Park Plz Ste 1025, Irvine, CA 92614 2879 W 95th St. Ste. 195, Naperville, IL 60564 3260 University Blvd., Ste. 100, Winter Park, FL 32792 Professional, Scientific, and Technical Services Term Loan Fixed 7.5% 5/31/2020 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/31/2020 Broadcasting (except Internet) Term Loan Fixed 6% 8/28/2023 Specialty Trade Contractors 145 Moon Rd, Chesapeake City, MD 21915 Merchant Wholesalers, Nondurable Goods 40058 Hwy. 30, Astoria, OR 97103 16362 Cherokee Rd, Brooksville, FL 34601 Apparel Manufacturing 19925 Stevens Creek Blvd., Ste. 100, Cupertino, CA 95014 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 Transportation Equipment Manufacturing Repair and Maintenance Repair and Maintenance Food Services and Drinking Places Truck Transportation Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 30 Hopper St., Westbury, NY 11590 Ambulatory Health Care Services Term Loan Prime plus Fixed Prime plus Prime plus Fixed Fixed Fixed Fixed Fixed 30 Hopper St., Westbury, NY 11590 Ambulatory Health Care Services Term Loan Prime plus 2.75% 15% 0% 2.75% 6% 6% 5% 8% 6/27/2029 10/1/2023 1/17/2030 5/26/2031 6/22/2043 6/22/2028 11/16/2027 11/20/2027 7.5% 12/16/2040 0% 0% 12/16/2025 4/29/2032 30 Hopper St., Westbury, NY 11590 1621 W. Dauphin St., Philadelphia, PA 08065 Ambulatory Health Care Services Term Loan Prime plus Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 18 Hillcrest Ln., Willingboro, NJ 08046 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/17/2031 1,061.8 1,061.8 18 Hillcrest Ln, Willingboro, NJ 08046 760 W. Charter Way, Stockton, CA 95206 1415 W Andersonr Way, Stockton, CA 95206 Specialty Trade Contractors Truck Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/18/2032 6/29/2027 Truck Transportation Term Loan Prime plus 2.75% 7/21/2027 156.6 356.6 23.9 156.6 356.6 23.9 F-178 See accompanying notes to consolidated financial statements. 117.2 65.8 158.4 38.8 673.2 1,083.3 276.7 17.6 48.8 595.6 516.8 21.0 364.2 351.5 429.2 370.0 525.4 117.2 65.8 158.4 38.8 673.2 1,083.3 276.7 17.6 48.8 595.6 516.8 21.0 364.2 351.5 429.2 370.0 525.4 26.4 63.0 65.9 35.6 60.2 992.3 112.2 16.1 4.8 353.3 26.9 13.5 54.5 336.5 410.8 354.1 418.4 508.9 61.4 348.8 23.4 0.01 % 0.02 % 0.02 % 0.01 % 0.02 % 0.26 % 0.03 % 0.00 % 0.00 % 0.09 % 0.01 % 0.00 % 0.01 % 0.09 % 0.11 % 0.09 % 0.11 % 0.14 % 0.02 % 0.09 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) (*,#) (*,#) (*,#,^) Ocean Trans LLC & Dehal Trucking LLC (*,#,^) Ocean Trans LLC and Dehal Trucking LLC (*,#,^) Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC Panther Ironworks and Rigging Solutions LLC Paragon Fabricators Inc, Paragon Field Services, Inc Paragon Global, LLC and Paragon Fabricators Inc Pavesh, LLC Pecos Entertainment LLC dba State Theater and Pecos Inn LLC 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 PJT Logistics, Inc. (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) Play4Fun dba Luv 2 Play Pool Logic Design and Construction Inc Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand (*,#,^) (*,#,^) (*,#) Prestige Construction of Florida, LLC (*,#,^) Prime Precision Machining, LLC Prime Precision Machining, LLC R & K Contracting Inc Ramjay Inc. (*,#,^) (*,#,^) (*,#) (*,#,^) 1415 W. Anderson St., Stockton, CA 95206 Truck Transportation Truck Transportation 1415 W Anderson St., Stockton, CA 95206 Truck Transportation 2520 Pennsylvania Ave., Ogden, UT 84401 1028 Washburn Switch Rd., Shelby, NC 28150 412 and 500 Main St., La Marque, TX 77568 412 and 500 Main St., La Marque, TX 77568 9576 Potranco Rd., San Antonio, TX 78251 Repair and Maintenance Specialty Trade Contractors Heavy and Civil Engineering Construction Heavy and Civil Engineering Construction 421 S. Oak St., Pecos, TX 79772 2207 W Third St., Pecos, TX 79772 211 Roberson Mill Rd., Milledgeville, GA 31061 Motion Picture and Sound Recording Industries Accommodation 5 Ashford Way, Hawkinsville, GA 31061 Ambulatory Health Care Services Term Loan Ambulatory Health Care Services Term Loan 199-211 Central Ave., Orange, NJ 07080 2-4 Commerce Way, Auburn, NY 13021 13722 Jamboree Rd., Irvine, CA 92602 277 W Allen Ave., San Dimas, CA 91773 Motor Vehicle and Parts Dealers Truck Transportation Amusement, Gambling, and Recreation Industries Construction of Buildings Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Specialty Trade Contractors Construction of Buildings Prime plus Prime plus 2.75% 2.75% 12/15/2042 3/27/2029 Fixed Fixed Fixed Fixed Prime plus Prime plus Prime plus Fixed Fixed Fixed Prime plus Fixed Prime plus Fixed Fixed 8.25% 6/20/2028 6% 7% 7% 2.75% 2.75% 2.75% 11/10/2026 9/28/2026 9/28/2041 3/15/2046 3/27/2042 4/28/2041 8.25% 9/13/2043 8.25% 9/13/2028 6% 2.75% 7.5% 2.75% 6/12/2029 8/23/2029 3/7/2028 12/16/2031 6% 5/23/2042 13851 S State HWY 34, Scurry, TX 75158 1404 Yorktown St. Ste. E, Deland, FL 32724 845 Mandoline Ave, Madison Heights, MI 48071 845 Mandoline Ave, Madison Heights, MI 48071 3605 NW 31st Ave, Fort Lauderdale, FL 33309 85 S. Bragg St. Ste. 303, Alexandria, VA 22312 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/11/2029 Real Estate Term Loan Prime plus 2.75% 9/11/2044 Specialty Trade Contractors Term Loan Transit and Ground Passenger Transportation Term Loan Fixed Fixed 6% 4.5% 2/18/2026 1/13/2027 F-179 See accompanying notes to consolidated financial statements. 581.2 57.3 336.4 40.4 558.1 110.1 163.9 388.0 621.9 535.9 381.0 213.8 39.9 148.1 484.3 581.2 57.3 336.4 40.4 558.1 110.1 163.9 388.0 621.9 535.9 381.0 213.8 39.9 148.1 484.3 105.1 200.8 267.9 8.2 290.5 105.1 200.8 267.9 8.2 290.5 544.2 56.1 — 23.5 29.1 13.1 114.7 56.4 292.6 293.7 181.7 117.9 38.2 141.8 327.8 626.2 100.6 99.4 245.4 7.6 65.5 0.14 % 0.01 % 0.00 % 0.01 % 0.01 % 0.00 % 0.03 % 0.02 % 0.08 % 0.08 % 0.05 % 0.03 % 0.01 % 0.04 % 0.09 % 0.17 % 0.03 % 0.03 % 0.07 % 0.00 % 0.02 % 8.25% 10/28/2025 1,118.1 1,118.1 NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC Rich's Food Stores LLC dba Hwy 55 of Wallace Rihahn Inc. dba RDBL, Inc RIHAHN INC dba RDBL, INC. Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. Roundhay Partners LLC and Roundhay Farming LLC Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC Romain Tower Inc. Route 130 SCPI Holdings LLC; Route 130 SCPI Operations LLC Royalty Freight Inc Royalty Freight Inc Royalty Freight Inc. S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails & dba Onyx Nail 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 Shooter's Gun Club, LLC Sky Way Enterprises, Inc, A-Liner-8- Aviation, Inc, Kissimmee Aviation Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#,^) (*,#,^) 85 SW 5th Ave, Delray Beach, FL 33444 611 East Southerland St., Wallace, NC 28466 1397 McGuire Rd., Lamar, AR 72846 1397 McGuire Rd., Lamar, AR 72846 5245 Bucks Bar Rd., Placerville, CA 95667 6160 Granite Spring Rd., Somerset, CA 95684 Ambulatory Health Care Services Term Loan Food Services and Drinking Places Forestry and Logging Forestry and Logging Beverage and Tobacco Product Manufacturing Crop Production Term Loan Term Loan Term Loan Term Loan Term Loan 215 S Persimmon St,, Tomball, TX 77375 215 S Persimmon St, Tomball, TX 77375 Heavy and Civil Engineering Construction Heavy and Civil Engineering Construction Term Loan Term Loan Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed 423-429 Rte. 156, Trenton, NJ 08620 3728 W Mckinley Ave., Fresno, CA 93722 Truck Transportation 3728 W McKinley Ave., Fresno, CA 93722 Truck Transportation 3728 W McKinley Ave., Fresno, CA 93772 Truck Transportation Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Fixed Prime plus Prime plus Prime plus 7.75% 12/28/2028 8.25% 6% 6% 9/14/2026 9/14/2028 2/5/2029 8.25% 1/19/2030 8.25% 8/8/2042 6.25% 6% 6.25% 2.75% 2.75% 2.75% 12/31/2028 12/20/2044 9/30/2039 12/14/2027 12/21/2028 3/29/2029 5604 Slide Rd., Lubbock, TX 79414 726-740 South Fleming St., Sebastian, FL 32958 11421 N W 107th St., #13, Miami, FL 33178 1857A Elmdale Ave, Glenview, IL 60025 Personal and Laundry Services Amusement, Gambling, and Recreation Industries Truck Transportation Amusement, Gambling, and Recreation Industries 3822 State Rte. 3, Red Bud, IL 62278 2429 Iowa St. Ste.s B, C and D, Lawrence, KS 66046 Merchant Wholesalers, Nondurable Goods Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2029 Term Loan Prime plus 2.75% 12/24/2041 Term Loan Term Loan Term Loan Fixed Fixed Fixed 0% 6% 3/5/2027 9/25/2040 7.5% 2/10/2030 Term Loan Prime plus 2.75% 4/27/2030 3031 Patrick St, Kissimmee, FL 34741 Air Transportation Term Loan Fixed 8.25% 12/12/2027 426 15th St. NW, Huron, SD 57350 Support Activities for Transportation Term Loan Prime plus 2.75% 6/8/2043 95.1 99.3 114.7 5.4 190.3 803.1 192.9 201.8 279.5 401.7 68.0 313.5 132.0 491.2 76.4 88.1 518.6 157.5 398.7 180.6 95.1 99.3 114.7 5.4 190.3 803.1 192.9 201.8 279.5 401.7 68.0 313.5 132.0 491.2 76.4 88.1 518.6 157.5 398.7 180.6 9.5 24.4 55.1 5.1 178.2 678.4 8.3 177.3 47.3 343.1 — — 28.4 284.4 56.9 61.2 33.8 137.8 260.0 6.5 0.00 % 0.01 % 0.01 % 0.00 % 0.05 % 0.18 % 0.00 % 0.05 % 0.01 % 0.09 % 0.00 % — % 0.01 % 0.08 % 0.02 % 0.02 % 0.01 % 0.04 % 0.07 % — % F-180 See accompanying notes to consolidated financial statements. Portfolio Company 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, 2022 (In Thousands) SBA Unguaranteed Non-Accrual Investments (3) (22) Skyways, LTD SM Car Sales Inc Specialized Dairy Processors LLC and Nathaly Zapata Soto Injury Law Firm, PA and My Attorney Inc Sovereign Communications LLC SSI Refrigerated Express Inc. and Robert M Stallone SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express StillBasi Holdings, Inc. dba Buxton Auto Transport Suncrest Stone Products LLC Suncrest Stone Products LLC Sushi Prime, LLC and Vasilia Investments SVT Masonry Limited Liability Company Tactical Integrated Systems Inc dba Techy Tarver-Henley Inc. and Tar-Hen LLC Technical Ordnance Solutions,LLC The Country House Restaurant, LLC and Pelton Real Estate, LLC The Garden Club, LLC Tier1 Solutions LLC Tier1 Solutions LLC Tier1 Solutions LLC Torchlight Academy Schools, LLC (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) KDKB Properties, LLC and US Press, LLC (*,#,^) 350 15th St. NW, Huron, SD 57350 2340 Royal Ln.,, Dallas, TX 75229 2200 N Commerce Pkwy., Weston, FL 33326 2050 Capital Cir. NE Ste. B, Tallahassee, FL 32308 26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783 1001 E. Cooley Dr. Ste. 102, Colton, CA 92324 1001 E. Cooley Dr. Ste. 102, Colton, CA 92324 Support Activities for Transportation Motor Vehicle and Parts Dealers Term Loan Term Loan Fixed Prime plus 6% 6.5% 6% 3/22/2029 6/16/2032 1/16/2028 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Fixed Term Loan Prime plus 2.75% 12/3/2029 Broadcasting (except Internet) Term Loan Fixed 6.75% 2/7/2024 Truck Transportation Term Loan Prime plus 2.75% 11/17/2027 Truck Transportation Term Loan Fixed 6% 2/28/2027 Truck Transportation 9371 Jackson Rd, Sacramento, CA 95826 341 County Farm Rd., Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing 341 County Farm Rd., Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing 32 SE 2nd Ave, Delray Beach, FL 33444 1208 Houghton Ln., Bennington, VT 05201 Specialty Trade Contractors 2501 Citrus Blvd, Leesburg, FL 34748 Food Services and Drinking Places Repair and Maintenance Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fabricated Metal Product Manufacturing Term Loan Fixed Fixed Fixed Prime plus Prime plus Prime plus Fixed Fixed 6% 7.25% 7.5% 2.75% 2.75% 2.75% 3/29/2029 8/29/2041 8/29/2026 6/22/2028 9/5/2029 8/31/2031 7.75% 6/21/2042 7.75% 3/30/2028 2125 College Ave., Jackson, AL 36545 9950 Business Cir., Ste. 13, Naples, FL 34112 677 US Rte. 7, Pittsford, VT 05763 125 South DuBuque St., Iowa City, IA 52240 1000 Essington Rd. Ste. 109 & 111, Joliet, IL 60435 1000 Essington Rd., Juliet, IL 60435 1000 Essington Rd., Ste. 111, Joliet, IL 60435 116 County Farm Rd., Windsor, NC 27983 1628-A James P. Rodgers Dr., Valdosta, GA 31601 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2042 Miscellaneous Store Retailers 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% 9/21/2028 Term Loan Prime plus 2.75% 8/18/2027 Term Loan Prime plus 2.75% 1/23/2028 Term Loan Prime plus 2.75% 1/12/2029 Term Loan Prime plus 2.75% 3/12/2046 Printing and Related Support Activities Term Loan Prime plus 2.75% 6/25/2031 F-181 See accompanying notes to consolidated financial statements. 740.7 24.9 44.5 50.3 509.4 43.4 146.0 263.6 429.2 499.2 171.2 58.5 17.6 97.8 901.9 47.3 4.4 10.5 4.5 7.0 220.0 670.6 740.7 24.9 44.5 50.3 509.4 43.4 146.0 263.6 429.2 499.2 171.2 58.5 17.6 97.8 901.9 47.3 4.4 10.5 4.5 7.0 220.0 670.6 — — 39.2 47.1 46.1 38.8 107.2 154.9 — 43.1 153.4 54.8 16.8 30.9 826.1 40.8 4.0 — — 6.7 192.9 312.8 — % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.03 % 0.04 % — % 0.01 % 0.04 % 0.01 % — % 0.01 % 0.22 % 0.01 % — % — % — % — % 0.05 % 0.08 % Portfolio Company 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, 2022 (In Thousands) SBA Unguaranteed Non-Accrual Investments (3) (22) US Press, LLC US Shipping Trans Inc, Esteem Trucking Inc Victorian Restaurant and Tavern, LLC White Hawk Inc. Wilban LLC Wilban LLC Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware Zeroholding, LLC (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#,^) (*,#,^) Total Unguaranteed Non-Accrual SBA Investments Total Unguaranteed SBA Investments 1628-A James P. Rodgers Dr., Valdosta, GA 31601 Printing and Related Support Activities Term Loan Prime plus 2.75% 6/25/2046 16102 Sweetwater Ct., Lathrop, CA 95330 Truck Transportation 226 Maple Ave., Cheshire, CT 06410 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 454 US Hwy. 22, Whitehouse Station, NJ 08889 454 US Hwy. 22, Whitehouse Station, NJ 08889 Truck Transportation Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Prime plus Fixed 2.75% 8.25% 9/26/2028 2/22/2042 7.5% 3/11/2026 7.25% 3/28/2039 33-51 11th St., Astoria, NY 11106 11175 Cicero Dr., Alpharetta, GA 30022 Merchant Wholesalers, Nondurable Goods Administrative and Support Services Term Loan Term Loan Fixed Prime plus 8.25% 2.75% 4/28/2027 3/18/2032 534.8 519.5 80.0 534.8 519.5 80.0 1.8 238.6 75.8 854.8 1.8 238.6 75.8 854.8 344.5 31.9 76.6 117.5 1.7 39.9 72.5 90.2 0.09 % 0.01 % 0.02 % 0.03 % — % 0.01 % 0.02 % 0.02 % 8.25% 12/15/2026 1,524.5 1,524.5 69,661.6 69,666.2 $ 532,790.9 $ 532,793.0 $ $ 34,432.5 9.17 % 505,267.5 134.61 % F-182 See accompanying notes to consolidated financial statements. Portfolio Company 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, 2022 (In Thousands) SBA Guaranteed Accrual Investments (4a) Alaska Industrial Paint LLC Clean Pro 1, LLC Happier Now LLC Evolving Nurse, LLC Little Angels Daycare and Learning Center LLC 2900 N. 18th Street LLC / Bobby Morganstein Events Samson Cinema Holdings, Inc. Cold Stone Creamery Copper Rose LLC Moody's Hardware, LLC Gun Guardian, LLC J LaMendola Physical Therapy PC Fara Bender DMD PA Eva Corp. dba Premier Martial Arts SGS Fit Bis LLC - Biscayne Mariposa Group - Yoga6 J&A Fitness LLC Daze Salon Suites LLC Goshen House & Trading LLC Shea Grace Wellness LLC, dba Liquivida Stevens Aviation & Parts, LLC Grudziena, Inc.dba Hotworx Surf City 1301 North Post Rd., Anchorage, AK 99501 Specialty Trade Contractors 385 Boston Post Rd, Orange, CT 06477 724 Homestead Rd., La Grange Park, IL 60526 2940 Noble Rd., Cleveland Heights, OH 44121 4551 Summit Blvd, West Palm Beach, FL 33415 Construction of Buildings Social Assistance Ambulatory Health Care Services Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2033 Term Loan Prime plus 2.75% 2/18/2048 Term Loan Prime plus 2.75% 3/24/2048 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/21/2047 5/29/2047 $ $ 67.9 616.6 $ 67.9 616.6 77 Buck Rd., Huntingdon Valley, PA 19006 Rental and Leasing Services Term Loan Prime plus 2.75% 1/1/2048 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 1/31/2048 2,964.7 2,964.7 3,172.2 1400 Pile St., Clovis, NM 88101 714 W Onstott Frontage Rd., Yuba City, CA 95991 550 Main St., Ste. 2, Edmonds, WA 98020 22754 W 220 St., Springhill, KS 66083 1136 Brick Rd., Winter Garden, FL 34787 1100 Clove Rd. Ste. G-C, Staten Island, NY 10301 6169 Jog Rd Unit B-5, Lake Worth, FL 33467 200 S Quebec St., Denver, CO 50230 777 BBrickell Ave., Miami, FL 33131 8131 Sawyer Brown Rd, Nashville, TN 37221 Food Services and Drinking Places Food Manufacturing Building Material and Garden Equipment and Supplies Dealers Plastics and Rubber Products Manufacturing Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 1/23/2033 10/25/2032 3/27/2048 11/3/2032 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/10/2048 Ambulatory Health Care Services Educational Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries 914- 948 Lee St, Jefferson, GA 30549 1310 E Broadway Rd Ste. 102, Tempe, AZ 85282 4310 Pennwood Rd, Brentwood, MD 20722 Merchant Wholesalers, Nondurable Goods 18 Blyman Ct, Trenton, NJ 08690 Personal and Laundry Services 1617 Freeman Mill Rd, Suffolk, VA 23438 112 Charlie Medlin Dr, Surf City, NC 28445 Personal and Laundry Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/27/2032 12/28/2032 Term Loan Prime plus 2.75% 2/12/2033 Term Loan Prime plus 2.75% 4/27/2033 Term Loan Prime plus 2.75% 4/27/2033 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus 2.75% 2.75% 3% 3% 3% 4/28/2033 3/31/2048 5/16/2033 5/17/2048 4/18/2033 F-183 See accompanying notes to consolidated financial statements. 121.5 458.3 47.8 699.2 121.5 458.3 47.8 699.2 73.9 669.1 132.5 498.4 52.5 758.7 341.2 54.4 588.3 82.4 453.0 411.4 143.2 198.4 81.3 343.5 30.9 57.7 407.2 180.0 125.3 341.2 54.4 588.3 82.4 453.0 411.4 143.2 198.4 81.3 343.5 30.9 57.7 407.2 180.0 125.3 361.7 58.7 636.8 89.0 491.5 437.1 155.7 213.3 87.5 369.6 33.2 63.9 440.3 201.6 135.5 0.02 % 0.18 % 0.04 % 0.13 % 0.01 % 0.20 % 0.85 % 0.10 % 0.02 % 0.17 % 0.02 % 0.13 % 0.12 % 0.04 % 0.06 % 0.02 % 0.10 % 0.01 % 0.02 % 0.12 % 0.05 % 0.04 % Portfolio Company 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, 2022 (In Thousands) SBA Guaranteed Accrual Investments (4a) Alkemy Ice Cream, LLC Anopitse Ventures LLC Adil Ghumman -Cold Stone Creamery Elexa Consumer Products BC Bishop Enterprises LLC dba 9Round Pooler NJ Floats Inc Jones Roger Shermann Inn Inc. Rello Inc. 2Choice2Friends LLC NYM Solutions Inc. MCM Design LLC Still Photography Archer Cleaners Inc. Campuscuts LLC Port Diesel LLC Menshka Inc. Lawrence Adeyemo & Co LLC Gradstreet LLC Crystal Clear Accounting Doghouse Sport Fishing Charters Inc. No Push Back LLC Host Marketing LLC Professional, Scientific, and Technical Services Food Services and Drinking Places 260 Main St., Huntington, NY 11743 Food Services and Drinking Places 8950 US-64, Lakeland, TN 38002 4700 Freeport Blvd, Sacramento, CA 95822 Food Services and Drinking Places 126 E Wing St Ste. 379, Arlington Heights, IL 60004 105-107 Grand Central Blvd, Pooler, GA 31322 327 Rte. 202/206, Bedminster Township, NJ 07921 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places 8063 Jericho Turnpike, Woodbury, NY 11797 901 W Braker Ln., Austin, TX 78758 12150 SW 128th St. CT Ste. 209, Miami, FL 33186 5926 Vinings Vintage Way, Mableton, GA 30126 Educational Services Computer and Electronic Product Manufacturing Personal and Laundry Services Food Services and Drinking Places Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Personal and Laundry Services Personal and Laundry Services Repair and Maintenance Ambulatory Health Care Services Professional, Scientific, and Technical Services 195 Ter. Pl., Apt. 2, Brooklyn, NY 11218 1514 W. 33rd St., Chicago, IL 60608 930 Robtrice Ct, Edmond, OK 73430 3212 Alex Trask Dr., Castle Hayne, NC 28429 88 High St., Montclair, NJ 07042 209-34 112 Ave, Queens Village, NY 11429 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 34099 Tuscan Creek Way, Temecula, CA 92592 83413 Overseas Hwy., Islamorada, FL 33036 5405 Neshaminy Blvd, Bensalem, PA 19020 206 Bell Ln., Ste. B, West Monroe, LA 71291 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 3% 3% 3% 3/30/2033 5/12/2033 5/12/2033 Term Loan Prime plus 2.75% 10/24/2032 Term Loan Prime plus 2.75% 3/2/2028 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus 2.75% 2.75% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6/12/2046 6/4/2030 4/17/2029 4/17/2029 5/6/2029 5/23/2029 6/6/2029 6/10/2029 6/21/2029 6/21/2029 7/10/2029 7/19/2029 7/30/2029 8/26/2029 8/30/2029 8/30/2029 9/18/2029 Nonstore Retailers Professional, Scientific, and Technical Services Term Loan Prime plus Term Loan Prime plus Scenic and Sightseeing Transportation Term Loan Prime plus Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus Term Loan Prime plus F-184 See accompanying notes to consolidated financial statements. 157.1 11.1 145.6 262.2 28.9 822.0 55.1 4.5 9.3 9.4 7.3 9.5 9.5 5.7 9.5 9.6 7.7 5.6 2.5 9.7 9.3 9.7 157.1 11.1 145.6 262.2 28.9 822.0 55.1 4.5 9.3 9.4 7.3 9.5 9.5 5.7 9.5 9.6 7.7 5.6 2.5 9.7 9.3 9.7 171.7 12.1 159.1 285.7 28.9 822.0 55.1 4.5 9.3 9.4 7.3 9.5 9.5 5.7 9.5 9.6 7.7 5.6 2.5 9.7 9.3 9.7 0.05 % — % 0.04 % 0.08 % 0.01 % 0.22 % 0.01 % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % Portfolio Company 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, 2022 (In Thousands) SBA Guaranteed Accrual Investments (4a) Standard Real Estate Services LLC Bargain Store 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. All Modes Transportation and Logistics Dearly Loved Counseling LLC 500 West Silver Spring Dr., Ste. K 200,, Glendale, WI 53217 107 Tabernacle Church Rd., Candor, NC 27229 10240 Cosmopolitan Cir., Parker, CO 80134 8885 Haven Ave., Ste. 120, Rancho Cucamonga, CA 91730 5639 Wood Ln., 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 4313 Collingtree Dr., Rockledge, FL 32955 14052 N Dale Mabry Hwy., Ste. 215, Tampa, FL 33618 Diane's Accounting Service 119 E Haywood St, England, AR 72046 Combs Creative LLC Travel with Love, LLC Jamali LLC David Benson LLC Vege Investments, LLC ASIL Ventures, LLC 157 Antler Ridge Cir.,, Nashville, TN 37214 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 2741 Raceway Fairfield West, Pensacola, FL 32503 1422 Euclid Ave, Cleveland, OH 44115 26400 SW 177th Ave, Homestead, FL 33031 Gasoline Stations 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 SPECTRUM DYNAMICS, INC KCL Business Service Inc 27727 Dalton Bluff Ct., Katy, TX 77494 1042 San Fernando Rd., San Fernando, CA 91340 Real Estate Term Loan Prime plus General Merchandise Stores Specialty Trade Contractors Professional, Scientific, and Technical Services Nonstore Retailers Social Assistance Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Insurance Carriers and Related Activities Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Miscellaneous Store Retailers 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 Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Term Loan Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus Term Loan Prime plus F-185 See accompanying notes to consolidated financial statements. 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 9/19/2029 10/11/2029 10/16/2029 10/22/2029 11/14/2029 11/14/2029 12/5/2029 12/6/2029 12/17/2029 12/20/2029 2/14/2030 11/24/2030 12/3/2030 12/4/2030 12/4/2030 12/11/2030 12/16/2030 12/16/2030 12/22/2030 12/23/2030 12/23/2030 9.7 9.8 9.8 9.8 9.9 9.9 10.1 10.0 10.0 10.0 10.1 10.9 11.0 4.1 4.4 11.0 11.0 11.0 3.7 11.0 11.0 9.7 9.8 9.8 9.8 9.9 9.9 10.1 10.0 10.0 10.0 10.1 10.9 11.0 4.1 4.4 11.0 11.0 11.0 3.7 11.0 11.0 9.7 9.8 9.8 9.8 9.9 9.9 10.1 10.0 10.0 10.0 10.1 10.9 11.0 4.1 4.4 11.0 11.0 11.0 3.7 11.0 11.0 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % Portfolio Company 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, 2022 (In Thousands) SBA Guaranteed Accrual Investments (4a) Chris' Angels Cleanning Service LLC Tiki Torch Liquors Austen Felder Holdings Diamond Ridge Professionals Centre for Autism Treatment Andrew’s Spotless Cleaning LLC Wild Thing Accounting & Tax LLC Wild Wellness LLC Skypie Studio and Crafts LLC Jazma Wise uniguide Media LLC Alima Mandiang Benevolent Family Services LLC INB Enterprise LLC Blasco Tire Stephanie Doty 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 2090 Dunwoody Club Dr., Sandy Springs, GA 30350 101 Dallas St., Talihima, OK 74571 23642 Hwy. 25, Franklinton, LA 70438 8629 Mesquite Cir., Magna, UT 84044 13090 Sundown Rd., Victorville, CA 92392 6003 Murnan Rd, Cold Spring, KY 41076 805 NE 190th Ave., Portland, OR 97230 151 Lake St., Lancaster, OH 43130 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 612 Colebridge Dr., Blacklick, OH 43004 3442 E Bulk Ln., Oak Creek, WI 53154 1725 Park Ln. S, Ste. 2,, Jupiter, FL 33458 Administrative and Support Services Food and Beverage Stores Personal and Laundry Services Construction of Buildings Professional, Scientific, and Technical Services Administrative and Support Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus Personal and Laundry Services Term Loan Prime plus Ambulatory Health Care Services Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Insurance Carriers and Related Activities Truck Transportation Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 12/23/2030 12/23/2030 1/18/2031 1/19/2031 1/20/2031 1/22/2031 1/22/2031 1/22/2031 1/22/2031 1/28/2031 2/11/2031 2/17/2031 3/15/2031 3/15/2031 3/24/2031 4/14/2031 4/14/2031 4/14/2031 5/5/2031 7/20/2031 7/21/2031 7/23/2031 11.0 11.0 11.1 16.6 16.6 16.6 16.6 7.3 15.9 10.6 16.7 6.7 16.9 16.9 16.8 10.0 16.1 16.9 17.0 17.2 7.0 17.2 11.0 11.0 11.1 16.6 16.6 16.6 16.6 7.3 15.9 10.6 16.7 6.7 16.9 16.9 16.8 10.0 16.1 16.9 17.0 17.2 7.0 17.2 11.0 11.0 11.1 16.6 16.6 16.6 16.6 7.3 15.9 10.6 16.7 6.7 16.9 16.9 16.8 10.0 16.1 16.9 17.0 17.2 7.0 17.2 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % 5842 South 1150 West, Ogden, UT 84405 41 Van Houten Ave., Jersey City, NJ 07305 325 South Limestone, Lexington, KY 40508 Rental and Leasing Services Construction of Buildings Food and Beverage Stores F-186 See accompanying notes to consolidated financial statements. Portfolio Company 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, 2022 (In Thousands) SBA Guaranteed Accrual Investments (4a) C4 Technologies Inc Dennis Hair Studio Inc. East Side Muay Thai LLC GAIA Inc. DBA Touchstone Real Estate Group Early Care Evolution Lehigh Auto Sales and Service LLC Rella Rells Solutions LLC Chantay Richards LLC SHIELD TRANSPORTATION INC. Designer Golf Scorecards Jon Pratt Carpentry Major's Service & Repair Jeremy's Handyman Service, LLC Royaltyzilla Associates LLC CARMEN STOCKING LLC Johnson Racing Suspension Valley Remodel and repair LLC DA BUSINESS MANAGEMENT INC Ryno Resumes Blue Oaks Financial Semilla Baking Co LLC Inner Light Healing Originals and Organics LLC 8/6/2031 9/13/2031 3/17/2032 3/23/2032 3/23/2032 3/23/2032 3/28/2032 3/28/2032 3/28/2032 4/1/2032 4/1/2032 4/12/2032 4/12/2032 171 C Ave., Ste. C, Coronado, CA 92118 1566 Union Turnpike, New Hyde Park, NY 11040 2135 General Booth Blvd, Virginia Beach, VA 23454 Professional, Scientific, and Technical Services Term Loan Prime plus Personal and Laundry Services Term Loan Prime plus Educational Services Term Loan Prime plus 513 1st St, Cheney, WA 99004 823 Roget Way, Lawrenceville, GA 30045 826 Hanover Ave, Allentown, PA 18109 15401 Delahunty Ln., Pflugerville, TX 78660 Merchant Wholesalers, Durable Goods 19800 Hawthorne Blvd, Torrance, CA 90503 Real Estate Educational Services Motor Vehicle and Parts Dealers Personal and Laundry Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 9739 S Harlem Ave. Unit 3E, Chicago Ridge, IL 60415 1014 US-19, Holiday, FL 34691 1405 Canton Ave, Milton, MA 02186 5329 Main Rd, Sweet Valley, PA 18656 319 Spring Ln, Destin, FL 32541 40315 Michigan Ave #99, Canton, MI 48188 84122 Avendia Cedrus, Coachella, CA 92236 153 Northway Park Rd, Machesney Park, IL 61115 1103 W Sam St, Kent, WA 98032 6700 Tampa Ave, Reseda, CA 91335 1015 Grupp Rd., Des Peres, MO 63131 5716 Lonetree Blvd, Rocklin, CA 95765 2310 McDuffie St., Apt 7, Houston, TX 77019 1025 Reynolds Rd., Johnson City, NY 13790 1902 Sussex Ln., Colorado Springs, CO 80909 Transit and Ground Passenger Transportation Term Loan Term Loan Printing and Related Support Activities Term Loan Specialty Trade Contractors Term Loan Repair and Maintenance Term Loan Repair and Maintenance Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% Support Activities for Transportation Term Loan Prime plus 6.5% 4/12/2032 Truck Transportation Term Loan Prime plus 6.5% 4/20/2032 Repair and Maintenance Construction of Buildings Professional, Scientific, and Technical Services Administrative and Support Services Educational Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 4/27/2032 4/27/2032 4/27/2032 5/3/2032 5/3/2032 Food Manufacturing Term Loan Prime plus 6.5% 5/10/2032 Educational Services Term Loan Prime plus 6.5% 5/10/2032 Clothing and Clothing Accessories Stores Term Loan Prime plus 6.5% 5/10/2032 F-187 See accompanying notes to consolidated financial statements. 17.3 17.4 12.0 24.1 17.9 24.1 5.3 24.1 24.1 24.2 14.5 12.1 14.5 24.2 24.2 9.3 24.2 24.2 14.6 24.4 19.0 24.4 24.4 17.3 17.4 12.0 24.1 17.9 24.1 5.3 24.1 24.1 24.2 14.5 12.1 14.5 24.2 24.2 9.3 24.2 24.2 14.6 24.4 19.0 24.4 24.4 17.3 17.4 12.0 24.1 17.9 24.1 5.3 24.1 24.1 24.2 14.5 12.1 14.5 24.2 24.2 9.3 24.2 24.2 14.6 24.4 19.0 24.4 24.4 — % — % — % 0.01 % — % 0.01 % — % 0.01 % 0.01 % 0.01 % — % — % — % 0.01 % 0.01 % — % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % Portfolio Company 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, 2022 (In Thousands) SBA Guaranteed Accrual Investments (4a) Abundant Life Surrogacy The Feder Construction Company Cordurouy LLC EMC2 Mechanical Solutions LLC Blount Auto Market LLC Hope Restored Counseling Services, PLLC ESG International, Inc. Optimal Health Acupuncture DRKSL LLC Roam Overland Vehicles LLC Grade A Computer Services LLC ACES of Brevard Scale Your Genius Que Duong LLC 805 Transportation LLC FOOTHILL FEED AND MERCANTILE, LLC JMichelles MFT Solutions EDIA World LLC Spend Less Store LLC Clean Air Lawn Care Austin NW Signature Nails 2716 Rose Hill St., Boise, ID 83705 14 Manor Dr., Monsey, NY 10952 665 Valley Dr., Hermosa Beach, CA 90254 10375 Plum Tree Cir, Hales Corners, WI 53130 355 E Lanier Ave, Ste. N, Fayetteville, GA 30214 610 N Montana St, Dillon, MT 59725 8520 Allison Pointe Blvd, Indianapolis, IN 46250 18840 SW Boones Ferry Rd, Tualatin, OR 97062 127 E 59th St., 2nd Floor , Ste. 6, New York, NY 10022 12308 NE 56th St., Ste. 1407, Vancouver, WA 98682 3347 Wickham Ave, Bronx, NY 10469 1430 Glendale Ave NW, Palm Bay, FL 32907 90 Pearl St., Denver, CO 80203 6 W. 126th St., Apt. 5F, New York, NY 10027 132 Easy St, Buellton, CA 93427 1330 GEIGER GRADE Rd., RENO, NV 89521 620 Windham St, Petersburg, VA 23803 110 E 43rd St., Apt 115, Boise, ID 83714 3345 SW 67th Ave, Miami, FL 33155 516 E Juanita Ave, Ste. 3, Mesa, AZ 85204 5404 Pendleton LN, Austin, TX 78723 11505 NE Fourth Plain Blvd., Ste. F3, Vancouver, WA 98662 Ambulatory Health Care Services Construction of Buildings Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% 5/12/2032 5/13/2032 Term Loan Prime plus 6.5% 5/18/2032 Specialty Trade Contractors Term Loan Prime plus 6.5% 5/19/2032 Motor Vehicle and Parts Dealers Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% 5/19/2032 5/19/2032 Term Loan Prime plus 6.5% 5/20/2032 Ambulatory Health Care Services Term Loan Prime plus 6.5% 5/23/2032 Personal and Laundry Services Term Loan Prime plus 6.5% 5/24/2032 Repair and Maintenance Professional, Scientific, and Technical Services Social Assistance Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Transit and Ground Passenger Transportation Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Repair and Maintenance Nonstore Retailers Food and Beverage Stores Administrative and Support Services Term Loan Prime plus 6.5% 5/24/2032 Term Loan Prime plus 6.5% 5/25/2032 Term Loan Prime plus 6.5% 5/26/2032 Term Loan Prime plus 6.5% 5/31/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6/3/2032 6/3/2032 6/7/2032 6/7/2032 6/8/2032 6/9/2032 6/14/2032 6/14/2032 Personal and Laundry Services Term Loan Prime plus 6.5% 6/14/2032 F-188 See accompanying notes to consolidated financial statements. 24.4 24.3 13.6 12.1 24.3 24.3 24.3 24.3 24.3 19.4 12.1 12.2 20.1 17.1 24.4 19.1 5.8 14.7 24.4 24.4 9.8 14.7 24.4 24.3 13.6 12.1 24.3 24.3 24.3 24.3 24.3 19.4 12.1 12.2 20.1 17.1 24.4 19.1 5.8 14.7 24.4 24.4 9.8 14.7 24.4 24.3 13.6 12.1 24.3 24.3 24.3 24.3 24.3 19.4 12.1 12.2 20.1 17.1 24.4 19.1 5.8 14.7 24.4 24.4 9.8 14.7 0.01 % 0.01 % — % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % — % 0.01 % — % 0.01 % 0.01 % — % — % 0.01 % 0.01 % — % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Guaranteed Accrual Investments (4a) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) YDK Enterprise LLC Tocino Strategies LLC Penny Almond, LPC, LLC GRIMES DAY CARE Perfect Day NY LLC JDT Pickup and Delivery Service LLC SHY Beauty Inc. Viking Athletics Gyer Medical Billing Paris Woodhull Illustrations Art of Touch Westside Quick Services In This Moment Trucking LLC LED Unlimited, LLC MoreHair City Salon LLC Modern Aesthetics WHOLEVEL LLC Essence Day Spa Step by Step Speech Corporation White Caps Stewardship LLC Lusby Law, PA JJD Vending LLC 115 Mowbray Dr, Kew Gardens, NY 11415 7133 E Plata Ave, Mesa, AZ 85212 1401 Malvern Ave Ste 260, Hot Springs, AR 71901 5231 Oxford Ave, Philadelphia, PA 19124 384 Knickerbocker Ave, Brooklyn, NY 11237 2870 Gonzaga Ave, Richmond, CA 94806 5458 N Ashland Ave, Chicago, IL 60640 635 New Park Ave, West Hartford, CT 06110 26210 Christen Canyon Ln, Richmond, TX 77406 112 S Gay St, Knoxville, TN 37902 4415 NE Sandy Blvd, Portland, OR 97213 9018 Cambridge Ave N, Minneapolis, MN 55443 142 walnut St., Kunkletown, PA 18058 2604 San Eduardo, Mission, TX 78572 412 Evans St., Ste. A, Morehead City, NC 28557 1350 Market St, Tallahassee, FL 32312 13007 SW 68th Ter., Miami, FL 33183 505 18th Ave N Unit B Apt. G, Myrtle Beach, SC 29577 1400 NW 107th Ave, Ste. 306, Miami, FL 33172 26040 Detroit Rd,Ste. #5, Westlake, OH 44145 2860 -A Ward Blvd,, Wilson, NC 27893 10950 SW 40th Ter., Miami, FL 33165 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Social Assistance Social Assistance Motion Picture and Sound Recording Industries Couriers and Messengers Personal and Laundry Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Personal and Laundry Services Administrative and Support Services Truck Transportation Specialty Trade Contractors Personal and Laundry Services Personal and Laundry Services Nonstore Retailers Term Loan Prime plus 6.5% 6/17/2032 Term Loan Prime plus 6.5% 6/23/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6/23/2032 6/23/2032 6/23/2032 6/24/2032 6/29/2032 Term Loan Prime plus 6.5% 6/29/2032 Term Loan Prime plus 6.5% 6/29/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6/30/2032 6/30/2032 6/30/2032 7/5/2032 7/8/2032 7/8/2032 7/7/2032 7/8/2032 Personal and Laundry Services Term Loan Prime plus 6.5% 7/12/2032 Ambulatory Health Care Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/15/2032 Term Loan Prime plus 6.5% 7/19/2032 Term Loan Prime plus 6.5% 7/19/2032 Term Loan Prime plus 6.5% 7/19/2032 F-189 See accompanying notes to consolidated financial statements. 24.4 24.4 24.4 12.3 23.5 24.4 22.0 24.4 19.5 19.5 8.8 24.4 24.5 24.6 24.5 24.6 24.6 24.6 24.6 12.3 24.6 24.6 24.4 24.4 24.4 12.3 23.5 24.4 22.0 24.4 19.5 19.5 8.8 24.4 24.5 24.6 24.5 24.6 24.6 24.6 24.6 12.3 24.6 24.6 24.4 24.4 24.4 12.3 23.5 24.4 22.0 24.4 19.5 19.5 8.8 24.4 24.5 24.6 24.5 24.6 24.6 24.6 24.6 12.3 24.6 24.6 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value SBA Guaranteed Accrual Investments (4a) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Anita's Home LLC Jaqueza Enterprises LLC Royal Anvil South Shore Center For Electrolysis Anne Mccarthy Law PC Elite Construction Cherish’D Crown Addiction Arva Method LLC MCM Global Ecom LLC EJS Enterprises LLC Tarek Waly Seeds of Hope Counseling LLC C&H Jewelry & Pawn Shop LLC Emerald Oglesby Nava Awehs Holdings RHC II Inc Imaginasium LLC Aero Medical Supply Inc Sherae A Thompson Vitality Family Chiropractic LLC T&K Bailey Enterprise LLC Merchant Wholesalers, Durable Goods Term Loan Prime plus 6.5% 7/21/2032 3345 SW 67th Ave, Miami, FL 33155 7901 4th St. North Ste. 300, ST. PETERSBURG, FL 33702 9918 Harwin Dr., Houston, TX 77036 1918 Bellmore Ave, Bellmore, NY 11710 Truck Transportation Repair and Maintenance Personal and Laundry Services Professional, Scientific, and Technical Services Specialty Trade Contractors Personal and Laundry Services Personal and Laundry Services 11 Broadway, Ste. 615, New York, NY 10004 64 Nassau St., Islip Terrace, NY 11752 164 Roundabout Ct, Rocky Mount, NC 27804 1272 78th St., Brooklyn, NY 11228 516 N Ogden Ave,, Ste. 150, Chicago, IL 60642 13007 SW 68th Ter., Miami, FL 33183 101 State Pl, Escondido, CA 92029 2556 Snowtip LN, Grove City, OH 43123 168 Jail house Rd, Ackerman, MS 39735 11849 Hesperia Rd, Hesperia, CA 92345 2357 Warm Springs Rd., Columbus, GA 31904 Miscellaneous Store Retailers Ambulatory Health Care Services Nonstore Retailers Personal and Laundry Services Nonstore Retailers Ambulatory Health Care Services Credit Intermediation and Related Activities Term Loan Term Loan 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 7/22/2032 7/22/2032 7/27/2032 7/27/2032 7/27/2032 7/28/2032 8/4/2032 8/12/2032 8/16/2032 8/16/2032 8/16/2032 8/16/2032 8/17/2032 8/17/2032 19841 Villager Cir., Yorba Linda, CA 92886 2451 E Baseline Rd Ste. 100, Gilbert, AZ 85234 1357 S Normandy, Republic, MO 65738 415 Argyle Rd., 3M, Brooklyn, NY 11218 915 Bowden Ave,, Chesapeake, VA 23323 1255 Johnson Ferry Rd,Ste. 26, Marietta, GA 30068 14685 North County Rd. 175 E, Eaton, IN 47338 Professional, Scientific, and Technical Services Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Health and Personal Care Stores Repair and Maintenance Term Loan Prime plus 6.5% 8/18/2032 Term Loan Prime plus 6.5% 8/19/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 8/22/2032 8/22/2032 8/23/2032 Ambulatory Health Care Services Term Loan Prime plus 6.5% 8/23/2032 Truck Transportation Term Loan Prime plus 6.5% 8/24/2032 F-190 See accompanying notes to consolidated financial statements. 24.6 24.6 13.5 12.3 24.6 24.6 10.8 10.9 9.9 24.7 24.8 24.7 24.2 24.7 3.0 24.7 19.7 24.7 24.7 2.5 24.7 24.7 24.6 24.6 13.5 12.3 24.6 24.6 10.8 10.9 9.9 24.7 24.8 24.7 24.2 24.7 3.0 24.7 19.7 24.7 24.7 2.5 24.7 24.7 24.6 24.6 13.5 12.3 24.6 24.6 10.8 10.9 9.9 24.7 24.8 24.7 24.2 24.7 3.0 24.7 19.7 24.7 24.7 2.5 24.7 24.7 % of Net Assets 0.01 % 0.01 % — % — % 0.01 % 0.01 % — % — % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % Portfolio Company 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, 2022 (In Thousands) SBA Guaranteed Accrual Investments (4a) Spoon Boyz Automotive RAINFOREST REAL ESTATE Barakel Corporation Mashore Trucking LLC VNB Business Brokers LLC Across the Bar Bartending Services and Rentals LLC Strumba Media LLC dba Miracle Noodle 25 DIALS LLC F5 Athletics LLC One love Jiu Jitsu Lily Bean Coffee T&D ELECTRIC INC Pickett Excavating, LLC 123 Go Daycare Poteat's Transmission Parts Inc. Trinity Property Management 6500 1st Ave. S,, Birmingham, AL 35212 640 S Forks Ave #1021, Forks, WA 98331 1205 Pine Valley Ln, Titusville, FL 32780 414 Parkertown Rd, Troutman, NC 28166 845 Third Ave., 6th Floor, New York, NY 10022 Repair and Maintenance Real Estate Administrative and Support Services Truck Transportation Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 8/25/2032 8/26/2032 8/26/2032 8/30/2032 Term Loan Prime plus 6.5% 9/2/2032 Food Services and Drinking Places Term Loan Prime plus 6.5% 9/7/2032 342 McGrady Rd. NE, Rome, GA 30165 10275 Collins Ave.,Ste. 1034,, Bal Harbour, FL 33154 4455 Earman Dr., Hilliard, OH 43026 Health and Personal Care Stores Merchant Wholesalers, Durable Goods Wholesale Electronic Markets and Agents and Brokers Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries 1078 W 350 S, Syracuse, UT 84075 5255 S Decatur Blvd, Las Vegas, NV 89118 Educational Services 108 E Warren St, Shelby, NC 28150 4211 Smithsonia Ct,, Tucker, GA 30084 3958 Ky Hwy 1032 E, Berry, KY 41003 2558 Creston Ave., Apt GRI, Bronx, NY 10468 1906 N Main St., Kannapolis, NC 28081 606 E Chippewa St., Paola, KS 66071 Food Services and Drinking Places Specialty Trade Contractors Specialty Trade Contractors Social Assistance Motor Vehicle and Parts Dealers Real Estate Professional, Scientific, and Technical Services Motion Picture and Sound Recording Industries Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% 9/23/2032 9/27/2032 Term Loan Prime plus 6.5% 9/29/2032 Term Loan Prime plus 6.5% 9/29/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% 10/5/2032 10/5/2032 10/7/2032 10/7/2032 10/7/2032 10/7/2032 10/7/2032 10/11/2032 Term Loan Prime plus 6.5% 10/10/2032 Term Loan Prime plus 6.5% 10/11/2032 Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% 10/12/2032 10/17/2032 F-191 See accompanying notes to consolidated financial statements. 19.5 24.7 9.1 24.7 24.8 19.8 24.8 24.8 15.9 24.8 22.4 19.9 24.9 12.3 24.9 14.9 24.9 14.9 10.2 24.9 25.0 10.2 19.5 24.7 9.1 24.7 24.8 19.8 24.8 24.8 15.9 24.8 22.4 19.9 24.9 12.3 24.9 14.9 24.9 14.9 10.2 24.9 25.0 10.2 19.5 24.7 9.1 24.7 24.8 19.8 24.8 24.8 15.9 24.8 22.4 19.9 24.9 12.3 24.9 14.9 24.9 14.9 10.2 24.9 25.0 10.2 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % — % 0.01 % — % — % 0.01 % 0.01 % — % Food Sales Midwest, LLC 908 Wolfrum Glen Ct., St Peters, MO 63304 A2Z Automation Group LLC 13007 SW 68th Ter., Miami, FL 33183 Francisco Jose Cordovez 11113 Biscayne Blvd., Miami, FL 33181 Valentine Productions LLC 4-4382 Kuhio Hwy, Anahola, HI 96703 Yeren LLC Anna Marie's Fajita Shack LLC 347 5th Ave, New York, NY 10016 411 Marywood Dr, Henderson, KY 42420 Portfolio Company 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, 2022 (In Thousands) SBA Guaranteed Accrual Investments (4a) Muller Miles Trucking LLC 14107 Newberry Grove Ln, Rosharon, TX 77583 MULDER'S LANDSCAPE SUPPLIES, INC. 3333 Ravine Rd, Kalamazoo, MI 49006 Images by Andrea Rae GETTYSBURG CLEANER LLC Wine 702 LLC The Studio Pilates LLC DBA Sultivate US Trusted Towing Peggs Designs LLC GJS APPRAISAL SERVICES LLC CAN'T RANCH, LLC Ray’s Big Top Tents, Inc. Garrelts Glass Mosley and Associates Consutling Post American Fine Art LP Pricetone Entertainment LLC Blue Strategies Group LLC Brea Construction LLC Kelly Nicole Salon RDS Investments Matthew Paul DBA Cabinets Plus Refacing Gold Lion Music Inc. 3140 Black Oak Dr, Rocklin, CA 95765 12 Springs Ave, Gettysburg, PA 17325 702 Bridgeport Ave, Shelton, CT 06484 468 S Main St, Cottonwood, AZ 86326 1000 W. Horsetooth Rd., Fort Collins, CO 80526 812 NE 16th St, Fort Lauderdale, FL 33304 200 Hoover Ave, Las Vegas, NV 89101 2302 Henderson Way, Plant City, FL 33563 1320 Belmar Dr, Louisville, KY 40213 18018 SW Hopkins Switch Rd., Douglass, KS 67039 491 Glendalough Pl SW, Atlanta, GA 30310 1810 E Sahara Ave, Ste. 455, Las Vegas, NV 89104 3200 N San Fernando Blvd, Burbank, CA 91504 4465 E Paradise Village Pkwy. S, Unit #1131, Phoenix, AZ 85032 1420 N Cumberland St., Metairie, LA 70003 931 W Liberty Dr., Wheaton, IL 60187 19677 Grover St., Omaha, NE 68130 16651 Shadyridge Dr, Tyler, TX 75703 928 S. BROADWAY, Ste. 1002, Los Angeles, CA 90015 Truck Transportation Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Personal and Laundry Services Food and Beverage Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 10/21/2032 Term Loan Prime plus 6.5% 10/21/2032 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 10/25/2032 10/26/2032 10/26/2032 Term Loan Prime plus 6.5% 10/26/2032 Support Activities for Transportation Construction of Buildings Real Estate Animal Production and Aquaculture Rental and Leasing Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 11/2/2032 11/3/2032 11/4/2032 11/4/2032 11/4/2032 Nonmetallic Mineral Product Manufacturing Professional, Scientific, and Technical Services Miscellaneous Store Retailers Motion Picture and Sound Recording Industries Professional, Scientific, and Technical Services Construction of Buildings Personal and Laundry Services Insurance Carriers and Related Activities Specialty Trade Contractors Motion Picture and Sound Recording Industries Term Loan Prime plus 6.5% 11/4/2032 Term Loan Prime plus 6.5% 11/10/2032 Term Loan Prime plus 6.5% 11/14/2032 Term Loan Prime plus 6.5% 11/16/2032 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 11/17/2032 11/17/2032 11/17/2032 11/17/2032 11/18/2032 Term Loan Prime plus 6.5% 11/18/2032 F-192 See accompanying notes to consolidated financial statements. 24.9 14.9 14.9 24.9 24.9 24.9 12.5 25.0 25.0 25.0 25.0 25.0 25.0 21.5 15.0 15.5 12.5 25.0 25.0 25.0 25.0 24.9 14.9 14.9 24.9 24.9 24.9 12.5 25.0 25.0 25.0 25.0 25.0 25.0 21.5 15.0 15.5 12.5 25.0 25.0 25.0 25.0 24.9 14.9 14.9 24.9 24.9 24.9 12.5 25.0 25.0 25.0 25.0 25.0 25.0 21.5 15.0 15.5 12.5 25.0 25.0 25.0 25.0 0.01 % — % — % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % — % — % 0.01 % 0.01 % 0.01 % 0.01 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value SBA Guaranteed Accrual Investments (4a) Mike Judy Presents LLC Thompson Family Firm, P.A. RP DEFENSE LAW, APC Kaitlyn Jeanne Salon JLS Electric Company LLC Comungas Creations LLC MLM worldwide lTD The Aerial Loft LLC Special Events Staffing DANIELLE|TATE Total SBA Guaranteed Accrual Investments 84 S Ridgewynd Ct, Lake Saint Louis, MO 63367 1217 E Robinson St, Orlando, FL 32801 16861 Ventura Blvd., Ste. 305, Encino, CA 91436 439 N West Rd., Lombard, IL 60148 956 English Hollow Dr, Bandera, TX 78003 1628 Vermont Rte 125, Hancock, VT 05748 15067 Encanto Dr., Sherman Oaks, CA 91403 267 Horton Hwy., Mineola, NY 11501 1015 N Lake Ave, Ste. 205, Pasadena, CA 91104 347 Bianco Ridge Ave, Las Vegas, NV 89183 Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Personal and Laundry Services Term Loan Prime plus 6.5% 11/30/2032 Term Loan Prime plus 6.5% 11/30/2032 Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% 12/1/2032 12/1/2032 Specialty Trade Contractors Term Loan Prime plus 6.5% 12/8/2032 Ambulatory Health Care Services Term Loan Prime plus 6.5% 12/14/2032 Real Estate Educational Services PPP PPP Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Fixed Fixed 6.5% 6.5% 1.0% 1.0% 12/14/2032 12/15/2032 6/1/2022 3/31/2026 25.0 25.0 25.0 25.0 15.0 25.0 25.0 12.5 40.1 25.0 25.0 25.0 25.0 15.0 25.0 25.0 12.5 40.1 25.0 25.0 25.0 25.0 15.0 25.0 25.0 12.5 40.1 20.8 13,490.7 $ 20.8 13,490.7 $ 20.8 14,201.8 $ % of Net Assets 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % — % 0.01 % 0.01 % 3.78 % F-193 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) 11 North Peach ST., Medford, OR 97504 2983 Grand Ave., Pittsburgh, PA 15225 Publishing Industries (except Internet) Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 6.00% 3/31/2042 12/15/2042 $ $ 13.2 707.1 $ 13.2 707.1 SBA Guaranteed Non-Accrual Investments (4b) MIT LLC Neville Galvanizing, Inc The Country House Restaurant, LLC and Pelton Real Estate, LLC CIS BIG DOG, LLC Johnny's Boy LLC Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac Clowers Trucking by Faith LLC Flex Beauty Labs LLC Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade Savannah Area Language & Culture Exchange, LLC Moon Group, Inc. Hackstaff Restaurants SM CAR SALES (*) (*) (*) (*) (*) (*) (*) (*) (*) (*) (*) (*) (*) 2XP VENTURES LLC Total SBA Guaranteed Non-Accrual Investments (*) Total SBA Guaranteed Investments Total SBA Unguaranteed and Guaranteed Investments Food Services and Drinking Places 677 US Rte. 7, Pittsford, VT 05763 8920 US HWY, 62 WEST, Cynthiana, KY 41031 127 East King St., Martinsburg, WV 25401 Food Services and Drinking Places 6555 NW 9th Ave, Fort Lauderdale, FL 33309 705 E Brookwood PL, Valdosta, GA 31601 6215 Donegal Dr, Orlando, FL 32819 Ambulatory Health Care Services Administrative and Support Services Truck Transportation Merchant Wholesalers, Nondurable Goods Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2042 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/19/2027 6/7/2044 Term Loan Prime plus 2.75% 12/30/2029 Term Loan Term Loan Prime plus Prime plus 6.50% 6.50% 5/23/2029 11/24/2030 Term Loan Prime plus 2.75% 3/16/2029 100 Village Rd., Port Lavaca, TX 77979 6 Dovetail Crossing, Savannah, GA 31419 145 Moon Rd, Chesapeake City, MD 21915 248 W 1st. St. Ste 201, Reno, NV 89501 2340 Royal Ln.,, Dallas, TX 75229 4670 Azalea Dr, Naples, FL 34119 Educational Services Term Loan Prime plus 6.50% 12/16/2030 Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 6/27/2029 7/15/2029 6/16/2032 Term Loan Prime plus 6.50% 6/30/2032 F-194 See accompanying notes to consolidated financial statements. % of Net Assets — % 0.19 % 0.04 % 0.04 % 0.02 % 0.02 % — % — % 0.02 % — % 0.87 % 0.10 % 0.01 % 0.01 % 1.32 % 13.2 707.1 141.9 140.0 93.2 67.1 10.2 10.9 87.1 11.3 3,249.9 389.9 24.9 22.5 4,969.2 19,171.0 5.11 % 524,438.5 139.72 % 141.9 140.0 93.2 67.1 10.2 10.9 87.1 11.3 3,249.8 389.9 24.9 22.5 4,969.1 18,459.8 551,250.7 $ $ $ 141.9 140.0 93.2 67.1 10.2 10.9 87.1 11.3 3,249.8 389.9 24.9 22.5 4,969.1 18,459.8 551,252.8 $ $ $ $ $ $ Portfolio Company Tickmarks Company Address Industry Type of Investment Ownership or Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Controlled Investments (5) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) Automated Merchant Services, Inc. (*,#) (7) (21) CDS Business Services, Inc. (*,#) (8) 12230 Forest Hill Blvd., Wellington, FL 33414 1985 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Common Stock Common Stock Newtek Technology Solutions, Inc. (#) (6) 1904 W. Parkside Lane Phoenix, AZ 85027 Data processing, Hosting, and Related Services Line of Credit Common Stock Line of Credit Newtek Insurance Agency, LLC (*,#) (13) PMTWorks Payroll, LLC (*,#) (9) Small Business Lending, LLC ADR Partners, LLC dba banc-serv Partners, LLC (*,#) (12) (*,#) (19) Newtek Merchant Solutions, LLC Mobil Money, LLC Newtek Business Lending, LLC (#) (11) (#) (17) (#) (10) Newtek Conventional Lending, LLC Newtek TSO II Conventional Credit Partners, LP (#) (18) (23) (#) Titanium Asset Management, LLC (*,#) (14) Excel WebSolutions, LLC POS on Cloud, LLC (*,#) (15) (#) (20) Total Controlled Investments 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 8777 Purdue Rd, Indianapolis, IN 46268 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 14 East Washington St., Orlando, FL 32801 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 888 East Brighton Ave. Syracuse, NY 13205 1981 Marcus Ave., Lake Success, NY 11042 Membership Interest Membership Interest Insurance Carriers and Related Activities Data processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Data processing, Hosting, and Related Services Data processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Membership Interest Membership Interest Administrative and Support Services Data processing, Hosting, and Related Services Data processing, Hosting, and Related Services Membership Interest Membership Interest Term Loan Membership Interest F-195 See accompanying notes to consolidated financial statements. Own 100% Own 100% Fixed 10% Own 100% Fixed 10% Own 100% Own 100% Own 100% Own 100% Own 100% Own 100% Own 100% Own 50% Own 50% Own 100% Own 100% — $ — $ — $ 53.0 — Dec 2023 — Nov 2028 — 20,000.0 — 11,000.0 — — — — — — — — — — — — — — — — — — — — — — 4,428.0 20,000.0 19,903.7 11,000.0 2,035.0 8,403.1 — 5,804.0 27,500.0 11,000.0 5,500.0 3,600.0 4,563.0 10,500.0 6,199.9 — 16,538.0 109,000.0 29.04 % 2,980.0 8,250.0 2.20 % 32,578.4 76,000.0 20.25 % 17,552.0 16,587.0 5,762.0 6,435.0 822.0 230.0 196.0 — 0.01 % — % 1.55 % 7.33 % 2.93 % 1.47 % 0.96 % 2.80 % — % 4.42 % 1.71 % 0.05 % — % 0.35 % 0.14 % 75.19 % Fixed 10% Own 59.76% Sept 2023 — $ 1,300.0 — 32,300.0 $ 1,300.0 514.0 154,809.2 $ 1,300.0 514.0 282,239.0 Portfolio Company Non-Control Investments (22) Tickmarks Company Address Industry Type of Investment Ownership or Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2022 (In Thousands) EMCAP Loan Holdings, LLC (+,#) (16) Biller Genie Software, LLC (24) Total Non-Control Investments Total Investments 1140 Reservoir Ave., Cranston, RI 02920 3550 Biscyane Bivd Suite 704, Miami, FL 33137 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Data processing, Hosting, and Related Services Membership Interest Own 4.67% Own 1.82% — $ — $ 1,000.0 $ 1,000.0 — — $ 360.0 1,360.0 $ 360.0 1,360.0 0.27 % 0.10 % 0.36 % 583,550.7 $ 707,422.0 $ 808,037.5 215.27 % 0 $ $ ^ 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, 2022 are based off a Prime Rate equal to 6.25%, 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 NewtekOne, Inc. if NewtekOne, Inc. 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, 2022 with affiliates the Company is deemed to control. F-196 See accompanying notes to consolidated financial statements. (6) 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 NewtekOne, Inc.). 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. (7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of NewtekOne, Inc.), 3.89% owned by NewtekOne, Inc. (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 NewtekOne, Inc.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of NewtekOne, Inc.). (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 NewtekOne, Inc.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of NewtekOne, Inc.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of NewtekOne, Inc.). (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 NewtekOne, Inc.). (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 NewtekOne, Inc.). (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 NewtekOne, Inc.). 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 NewtekOne, Inc.). (14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of NewtekOne, Inc.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of NewtekOne, Inc.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of NewtekOne, Inc.). (15) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of NewtekOne, Inc.) (16) 4.67% owned by Wilshire Holdings I, Inc. (a subsidiary of NewtekOne, Inc.). 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 NewtekOne, Inc.). (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 NewtekOne, Inc.) 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. F-197 See accompanying notes to consolidated financial statements. (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 NewtekOne, Inc.). (20) 59.76% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of NewtekOne, Inc.) and 40.24% 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, 2022, 7.5% of total assets are non-qualifying assets. (24) 1.82% owned by NewtekOne, Inc. as of December 31, 2022. In September 2022, NewtekOne, Inc. acquired from NMS (a wholly-owned portfolio company) its investment in Biller Genie Software, LLC and made a subsequent additional investment. As of December 31, 2022, the federal tax cost of investments was $707.4 million resulting in estimated gross unrealized gains and losses of $192.6 million and $83.6 million, respectively. F-198 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) (#) 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 (#) 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 Performing Arts, Spectator Sports, and Related Industries Social Assistance Term Loan Term Loan Term Loan Food Services and Drinking Places Term Loan Social Assistance Repair and Maintenance Term Loan Nonmetallic Mineral Product Manufacturing Term Loan Transit and Ground Passenger Transportation Term Loan Ambulatory Health Care Services Specialty Trade Contractors Food Services and Drinking Places Ambulatory Health Care Services Term Loan Term Loan Term Loan Term Loan Insurance Carriers and Related Activities Fabricated Metal Product Manufacturing Term Loan Term Loan Food Services and Drinking Places Specialty Trade Contractors Construction of Buildings Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/30/2031 12/29/2046 5/29/2032 12/29/2046 12/29/2031 12/29/2031 Prime plus 2.75% 12/29/2046 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/29/2031 12/29/2031 12/29/2031 12/29/2046 12/29/2046 12/29/2046 12/29/2046 12/29/2031 5/29/2047 12/29/2031 5502 NW 37th Ave, Miami, FL 33142 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/29/2046 747 N State Rd 7, Plantation, FL 33317 19418 Pinehurst Trail Dr, Humble, TX 77346 213 Cascade View Court, East Wenatchee, WA 98802 Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2046 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 F-199 See accompanying notes to consolidated financial statements. $ 375.0 $ 250.0 375.0 $ 250.0 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 98.0 346.3 1,250.0 1,218.8 161.5 75.0 140.0 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 98.0 346.3 1,250.0 1,218.8 161.5 75.0 140.0 388.9 260.4 9.5 241.4 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 1,411.3 1,332.6 176.0 64.3 150.3 0.13 % 0.08 % — % 0.08 % — % 0.16 % 0.06 % 0.10 % 0.02 % 0.02 % 0.03 % 0.06 % 0.01 % 0.12 % 0.01 % 0.04 % 0.10 % 0.46 % 0.43 % 0.06 % 0.02 % 0.05 % Beyond the Numbers CPAs Inc (#) 1004 Lewis Ave, Billings, MT 59102 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#) Amusement, Gambling, and Recreation Industries 600 Preston Ave, Charlottesville, VA 22903 Food and Beverage Stores 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 Personal and Laundry Services Professional, Scientific, and Technical Services Couriers and Messengers Repair and Maintenance Educational Services 925 South 21st Ave, Hollywood, FL 33020 14000 Sunfish Lake Blvd, NW, MN 55303 308 Ellen Trout Dr, Lufkin, TX 75904 Administrative and Support Services Ambulatory Health Care Services Computer and Electronic Product Manufacturing 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 Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/29/2031 12/29/2031 12/29/2046 Term Loan Prime plus 2.75% 12/29/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/28/2031 12/28/2031 Term Loan Prime plus 2.75% 12/28/2046 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2031 Specialty Trade Contractors Administrative and Support Services Food Services and Drinking Places Social Assistance 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 Food and Beverage Stores Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/28/2031 12/27/2046 6/27/2032 12/23/2046 12/23/2031 Term Loan Prime plus 2.75% 12/23/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/23/2046 12/23/2031 12/23/2031 12/23/2046 F-200 See accompanying notes to consolidated financial statements. 70.0 41.3 86.5 50.0 7.5 52.0 8.1 1,226.0 22.5 737.5 48.0 10.8 1,250.0 8.8 190.0 58.8 57.5 42.0 22.5 15.8 147.8 70.0 41.3 86.5 50.0 7.5 52.0 8.1 1,226.0 22.5 737.5 48.0 10.8 1,250.0 8.8 190.0 58.8 57.5 42.0 22.5 15.8 147.8 74.1 35.4 74.2 42.9 6.4 57.6 6.9 1,075.8 19.3 831.5 41.5 10.1 1,387.5 9.3 207.1 50.4 52.7 45.2 20.7 13.5 166.8 0.02 % 0.01 % 0.02 % 0.01 % — % 0.02 % — % 0.35 % 0.01 % 0.27 % 0.01 % — % 0.45 % — % 0.07 % 0.02 % 0.02 % 0.01 % 0.01 % — % 0.05 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Outdoor Equipment Manufacturer, LLC 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 (#) (#) (#) (#) (#) (#) Administrative and Support Services Textile Product Mills Professional, Scientific, and Technical Services Support Activities for Mining Specialty Trade Contractors 3520 NW 51st St., Miami, FL 33142 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 Miscellaneous Manufacturing 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 Specialty Trade Contractors Specialty Trade Contractors Transportation Equipment Manufacturing Food Services and Drinking Places Personal and Laundry Services Furniture and Home Furnishings Stores Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/23/2031 12/22/2046 Term Loan Prime plus 2.75% 12/22/2031 Term Loan Prime plus 2.75% 12/22/2031 Term Loan Prime plus 2.75% 12/22/2031 Term Loan Prime plus 2.75% 12/22/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/22/2031 12/22/2046 12/22/2031 12/22/2031 12/22/2046 12/22/2031 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 Support Activities for Mining Term Loan Prime plus 2.75% 12/22/2031 Support Activities for Transportation 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 Health and Personal Care Stores Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/21/2031 12/21/2031 12/21/2046 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2031 Term Loan Prime plus 2.75% 12/21/2031 F-201 See accompanying notes to consolidated financial statements. 93.8 12.8 273.3 187.5 125.0 114.0 87.5 187.5 298.8 1,250.0 65.8 570.4 14.0 328.3 147.3 25.0 823.8 82.5 187.5 98.5 78.8 786.3 93.8 12.8 273.3 187.5 125.0 114.0 87.5 187.5 298.8 1,250.0 65.8 570.4 14.0 328.3 147.3 25.0 823.8 82.5 187.5 98.5 78.8 786.3 99.2 11.2 301.1 165.2 107.2 98.9 75.0 198.4 311.0 1,082.0 69.6 615.3 12.2 300.7 166.2 28.2 930.0 73.8 160.8 102.9 73.4 680.6 0.03 % — % 0.10 % 0.05 % 0.03 % 0.03 % 0.02 % 0.06 % 0.10 % 0.35 % 0.02 % 0.20 % — % 0.10 % 0.05 % 0.01 % 0.30 % 0.02 % 0.05 % 0.03 % 0.02 % 0.22 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Storm Trooper Transportation Corp Robo-Breaking New York 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 (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 2205 W Highland Ave, San Bernardino, CA 92407 302A W 12th St, New York, NY 10014 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 Beach, VA 23456 110 West Rd, Towson, MD 21204 6901 Preston Rd, Dallas, TX 75205 252 Aster Place, Hampstead, NC 28443 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 Professional, Scientific, and Technical Services Rental and Leasing Services Truck Transportation Ambulatory Health Care Services Health and Personal Care Stores Performing Arts, Spectator Sports, and Related Industries Ambulatory Health Care Services Health and Personal Care Stores Insurance Carriers and Related Activities Specialty Trade Contractors Merchant Wholesalers, Nondurable Goods Nonstore Retailers Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/21/2046 12/20/2031 12/20/2031 12/20/2031 Term Loan Prime plus 2.75% 12/20/2046 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/20/2031 12/20/2031 12/20/2031 12/20/2031 12/17/2031 12/17/2031 12/17/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/17/2032 Real Estate Specialty Trade Contractors 13406 W Center Dr, Lakewood, CO 80228 Merchant Wholesalers, Nondurable Goods 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 Clothing and Clothing Accessories Stores Rental and Leasing Services Administrative and Support Services Accommodation Repair and Maintenance Professional, Scientific, and Technical Services 4900 Hopyard Rd, Pleasanton, CA 94588 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/17/2031 12/17/2031 12/17/2046 12/17/2031 12/17/2046 Term Loan Prime plus 2.75% 12/17/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/17/2046 12/17/2031 Term Loan Prime plus 2.75% 12/17/2031 F-202 See accompanying notes to consolidated financial statements. 463.8 300.0 134.2 31.1 138.9 8.0 8.7 125.4 375.0 1,091.5 75.0 340.0 36.5 20.4 152.5 335.0 354.0 248.8 268.4 274.5 37.5 50.0 463.8 300.0 134.2 31.1 138.9 8.0 8.7 125.4 375.0 1,091.5 75.0 340.0 36.5 20.4 152.5 335.0 354.0 248.8 268.4 274.5 37.5 50.0 513.6 312.3 115.0 26.6 143.0 6.8 8.6 107.6 321.5 1,028.2 64.3 359.7 33.9 17.6 130.8 374.4 305.7 260.2 236.8 298.0 32.3 42.9 0.17 % 0.10 % 0.04 % 0.01 % 0.05 % — % — % 0.03 % 0.10 % 0.33 % 0.02 % 0.12 % 0.01 % 0.01 % 0.04 % 0.12 % 0.10 % 0.08 % 0.08 % 0.10 % 0.01 % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Milson Restaurants LLC dba El Chico Granbury LGB Tax and Accounting LLC dba Loretta GriefBarbaro EA 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. (#) (#) (#) (#) (#) 1151 E US Hwy 377, Ste #110, Granbury, TX 76048 Food Services and Drinking Places Professional, Scientific, and Technical Services Utilities Ambulatory Health Care Services 2944 Valentine Pl, Wantagh, NY 11793 4470 Sunset Blvd, Los Angeles, CA 90027 210 S. Linn Ave.,, Wentzville, MO 63385 Specialty Trade Contractors 44725 10th St W, Ste 210, Lancaster, CA 93534 277 W Allen Ave, San Dimas, CA 91773 Construction of Buildings 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 Ambulatory Health Care Services 6730 Post Rd, North Kingston, RI 02852 1600 E Sunrise Blvd, Fort. Lauderdale, FL 33304 Educational Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Personal and Laundry Services Merchant Wholesalers, Durable Goods Social Assistance Accommodation Term Loan Prime plus 2.75% 12/16/2031 Term Loan Prime plus 2.75% 12/16/2046 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/16/2031 12/16/2031 12/16/2031 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 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/15/2046 12/15/2031 12/15/2046 Term Loan Prime plus 2.75% 12/15/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 12/15/2031 75.5 111.6 72.0 50.0 803.5 500.0 212.5 7.5 62.5 68.8 100.0 27.0 81.3 6.8 650.0 75.5 111.6 72.0 50.0 803.5 500.0 212.5 7.5 62.5 68.8 100.0 27.0 81.3 6.8 650.0 101 Cadillac Dr, Providence, RI 02907 7 World Trade Center, New York, NY 10006 160 Huntington Ave, Ste A & B, Castle Rock, WA 98611 822 A1A N, Ponte Vedra Beach, FL 32082 17 Marion Ave, Franklin Park, NJ 08823 3310 Gallatin Pike, Nashville, TN 37216 1250 Broadway 36th Floor, New York, NY 10001 Merchant Wholesalers, Durable Goods 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 Insurance Carriers and Related Activities Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical 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 47.3 63.0 62.5 11.7 15.0 47.3 63.0 62.5 11.7 15.0 F-203 See accompanying notes to consolidated financial statements. 64.7 125.2 62.4 45.1 688.9 428.7 195.7 6.4 55.2 64.2 112.8 23.2 89.5 5.8 664.3 907.3 41.5 54.0 53.6 10.1 12.9 0.02 % 0.04 % 0.02 % 0.01 % 0.22 % 0.14 % 0.06 % — % 0.02 % 0.02 % 0.04 % 0.01 % 0.03 % — % 0.21 % 0.29 % 0.01 % 0.02 % 0.02 % — % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Nicholas Peter Berry dba Nick Berry Production Lighting Smart Wired Services LLC Sky’s The Limit Yoga Company 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 (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 1081 Hayes Ave, San Diego, CA 92103 123 McCreary Rd, New Brighton, PA 15066 115 W 25TH St, Norfolk, VA 23517 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 Performing Arts, Spectator Sports, and Related Industries Administrative and Support Services Educational Services Nonstore Retailers Food Services and Drinking Places Ambulatory Health Care Services Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/14/2031 12/13/2031 12/13/2031 10/13/2047 5/13/2032 Term Loan Prime plus 2.75% 12/13/2031 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/13/2047 Food and Beverage Stores Rental and Leasing Services Food Services and Drinking Places Specialty Trade Contractors Health and Personal Care Stores Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/10/2031 12/10/2031 12/10/2046 12/10/2031 12/10/2031 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2046 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2032 Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 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 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/9/2031 3.0 8.0 6.0 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 3.0 8.0 6.0 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 2.7 8.5 5.1 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 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/9/2031 200.0 200.0 211.2 F-204 See accompanying notes to consolidated financial statements. — % — % — % — % 0.05 % — % 0.03 % 0.03 % 0.01 % — % 0.01 % 0.14 % 0.01 % 0.04 % 0.01 % 0.02 % 0.01 % 0.01 % 0.01 % 0.07 % Portfolio Company 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) Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2031 Food Services and Drinking Places Accommodation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/8/2031 12/8/2046 17.0 18.9 51.8 17.0 18.9 51.8 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 SBA Unguaranteed Accrual Investments (1) (22) Myoung & Lee Inc Freedom Toast LLC dba Sunrise Diner Broadway Ethos Holdings, LLC Clean Energyz LLC Foster the Community LLC 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 (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 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 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 Personal and Laundry Services Professional, Scientific, and Technical Services Nonstore Retailers Term Loan Prime plus 2.75% 3/8/2032 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/7/2046 12/7/2031 Food Manufacturing Term Loan Prime plus 2.75% 12/7/2031 Beverage and Tobacco Product Manufacturing Term Loan Term Loan Food Services and Drinking Places Term Loan Merchant Wholesalers, Durable Goods Term Loan Insurance Carriers and Related Activities Social Assistance Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/7/2031 12/6/2046 12/6/2031 12/6/2031 12/3/2031 5/3/2032 Food Manufacturing 1101 Kings Hwy N, Cherry Hill, NJ 08034 Ambulatory Health Care Services 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 Ambulatory Health Care Services Merchant Wholesalers, Durable Goods Couriers and Messengers Accommodation Term Loan Prime plus 2.75% 12/3/2031 Term Loan Prime plus 2.75% 12/3/2031 Term Loan Prime plus 2.75% 12/3/2031 Term Loan Prime plus 2.75% 12/3/2046 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/2/2031 12/1/2031 Term Loan Prime plus 2.75% 12/1/2031 F-205 See accompanying notes to consolidated financial statements. — % 0.01 % 0.02 % 0.34 % — % 0.02 % 0.01 % — % 0.32 % 0.01 % — % 0.01 % — % — % 0.02 % 0.01 % 0.02 % 0.02 % 0.09 % 0.04 % 0.02 % 13.1 42.0 42.5 6.5 1,137.5 22.5 14.4 37.8 14.4 10.2 87.5 38.6 46.0 57.5 315.0 148.3 75.0 13.1 42.0 42.5 6.5 1,137.5 22.5 14.4 37.8 14.4 10.2 87.5 38.6 46.0 57.5 315.0 148.3 75.0 13.9 47.4 36.4 5.5 1,000.3 24.2 12.3 35.5 12.3 8.8 75.0 33.1 48.1 62.5 270.1 127.3 64.3 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) 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 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 Printing and Related Support Activities Term Loan 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 Social Assistance 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% 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 Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/30/2046 11/30/2031 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 Term Loan Prime plus Prime plus 2.75% 2.75% 11/23/2031 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 F-206 See accompanying notes to consolidated financial statements. 18.0 108.1 390.8 168.5 177.0 100.0 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 18.0 108.1 390.8 168.5 177.0 100.0 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 16.8 92.7 339.6 179.3 155.3 111.6 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 0.01 % 0.03 % 0.11 % 0.06 % 0.05 % 0.04 % 0.01 % 0.01 % — % — % — % — % 0.01 % — % 0.02 % 0.01 % — % — % 0.02 % — % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Educational Services Term Loan Prime plus 2.75% 4/22/2032 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/22/2046 Food Services and Drinking Places Food and Beverage Stores Food Services and Drinking Places Nonstore Retailers Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 11/19/2031 11/19/2031 11/19/2046 11/19/2031 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 Food Manufacturing Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/19/2032 11/19/2031 Term Loan Prime plus 2.75% 11/19/2046 8.0 24.8 15.0 53.4 125.0 3.5 3.5 84.8 8.7 6.5 30.0 8.0 24.8 15.0 53.4 125.0 3.5 3.5 84.8 8.7 6.5 30.0 437 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 Rental and Leasing Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 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 Specialty Trade Contractors Professional, Scientific, and Technical Services Food Services and Drinking Places Administrative and Support Services Amusement, Gambling, and Recreation Industries Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/18/2031 154.7 154.7 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 Term Loan Prime plus Prime plus 2.75% 2.75% 11/18/2031 11/18/2031 Term Loan Prime plus 2.75% 11/17/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/17/2031 11/16/2031 12.5 10.0 10.6 11.9 5.5 11.0 27.8 4.6 35.0 12.5 10.0 10.6 11.9 5.5 11.0 27.8 4.6 35.0 Term Loan Prime plus 2.75% 11/16/2031 105.0 105.0 6.9 27.4 12.9 45.8 134.0 3.0 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 — % 0.01 % — % 0.01 % 0.04 % — % — % 0.03 % — % — % 0.01 % 0.05 % — % — % — % — % — % — % 0.01 % — % 0.01 % 0.03 % F-207 See accompanying notes to consolidated financial statements. Portfolio Company 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) 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 2.3 4.3 Term Loan Prime plus 2.75% 11/12/2046 162.5 162.5 176.5 SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 106 Ram Cat Alley, Seneca, SC 29678 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Transportation Equipment Manufacturing Ambulatory Health Care Services 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 3701 Ocean View Blvd. A-3, Montrose, CA 91020 114 Gay St., Manayunk, PA 19127 5757 Alpha Rd,Ste 502, Dallas, TX 75240 Merchant Wholesalers, Durable Goods 5013 Pacific Hwy E, Fife, WA 98424 144 West Washington Blvd, Los Angeles, CA 90007 15159 South Cicero Ave, Oak Forest, IL 60452 Food Services and Drinking Places Food Services and Drinking Places Personal and Laundry Services Gasoline Stations Merchant Wholesalers, Durable Goods Food Services and Drinking Places Electronics and Appliance Stores Food Services and Drinking Places Professional, Scientific, and Technical Services Waste Management and Remediation Services 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 Term Loan Prime plus 2.75% 11/12/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 11/12/2031 11/12/2046 11/12/2031 11/10/2046 11/10/2031 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2031 Miscellaneous Store Retailers Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/8/2031 11/8/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 4/8/2032 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 2/5/2032 Term Loan Prime plus 2.75% 11/5/2046 F-208 See accompanying notes to consolidated financial statements. 30.0 27.5 32.0 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 30.0 27.5 32.0 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 25.7 23.8 36.1 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 — % — % 0.06 % 0.01 % 0.01 % 0.01 % — % 0.02 % 0.01 % 0.06 % 0.06 % 0.01 % 0.01 % 0.01 % — % 0.02 % 0.01 % — % — % — % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/5/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 11/5/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/5/2031 Air Transportation Professional, Scientific, and Technical Services Merchant Wholesalers, Nondurable Goods Motion Picture and Sound Recording Industries Amusement, Gambling, and Recreation Industries Publishing Industries (except Internet) Food Services and Drinking Places Administrative and Support Services 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 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 4/4/2032 11/4/2031 4/3/2032 11/3/2031 Nonstore Retailers Term Loan Prime plus 2.75% 10/29/2031 35.0 5.0 146.0 84.5 35.0 7.0 5.0 16.8 5.0 34.0 12.6 99.6 35.0 5.0 146.0 84.5 35.0 7.0 5.0 16.8 5.0 34.0 12.6 99.6 30.1 4.3 135.5 73.0 30.0 6.2 4.4 15.5 4.3 29.3 10.8 91.6 Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/29/2031 Term Loan Prime plus 2.75% 10/29/2046 140.0 140.0 144.1 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/29/2031 Nonstore Retailers Term Loan Prime plus 2.75% 10/29/2031 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 10/29/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/29/2031 10/29/2031 Repair and Maintenance Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries F-209 See accompanying notes to consolidated financial statements. 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 10.5 10.5 9.0 24.9 95.7 6.0 7.3 87.0 105.2 24.9 95.7 6.0 7.3 87.0 105.2 25.3 82.9 5.1 6.3 83.0 97.4 0.01 % — % 0.04 % 0.02 % 0.01 % — % — % 0.01 % — % 0.01 % — % 0.03 % 0.05 % 0.01 % 0.03 % — % — % 0.03 % 0.03 % 0.46 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#,^) (#,^) Personal and Laundry Services Term Loan Prime plus 2.75% 10/29/2031 1315 N Larrabee, Chicago, IL 60610 13701 Sweetwater Cove Place, Tampa, FL 33613 9742 E Colfax Ave, Aurora, CO 80010 Transportation Equipment Manufacturing Food Services and Drinking Places 1435 N Wells St., Chicago, IL 60610 110 S Mountain Ave, Upland, CA 91786 Food and Beverage Stores Food Services and Drinking Places 6331 Paris Ave, New Orleans, LA 70122 880 Blackwood Rd, Chula Vista, CA 91910 General Merchandise Stores Administrative and Support Services 2251 Stone Pile Dr, Concord, NC 28025 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 Professional, Scientific, and Technical Services Ambulatory Health Care Services Motion Picture and Sound Recording Industries Professional, Scientific, and Technical Services 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 Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 10/29/2031 10/28/2046 3/28/2032 4/27/2032 10/27/2031 10/27/2031 Term Loan Prime plus 2.75% 10/27/2031 Term Loan Prime plus 2.75% 10/26/2046 Term Loan Prime plus 2.75% 10/26/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/26/2031 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 Term Loan Prime plus Prime plus 2.75% 2.75% 5/22/2032 10/22/2031 Term Loan Prime plus 2.75% 10/22/2031 Electronics and Appliance Stores Term Loan Prime plus 2.75% 10/21/2031 F-210 See accompanying notes to consolidated financial statements. 13.8 3.0 68.6 14.4 9.5 7.3 25.9 5.0 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 13.8 3.0 68.6 14.4 9.5 7.3 25.9 5.0 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 12.8 2.6 77.4 13.5 8.2 6.2 22.2 4.3 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 — % — % 0.03 % — % — % — % 0.01 % — % 0.01 % — % — % 0.01 % — % — % — % 0.01 % — % 0.02 % — % — % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 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 Miscellaneous Store Retailers 52153 Pipes Canyon Rd #552, Pioneertown, CA 92268 1075 Buckhead Crossing, Ste 130, Woodstock, GA 30189 4880 Lower Roswell Rd, Marietta, GA 30068 Professional, Scientific, and Technical Services Food Services and Drinking Places 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 Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Real Estate Merchant Wholesalers, Nondurable Goods Rental and Leasing Services Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 10/21/2031 10/19/2031 2/19/2032 10/15/2031 Term Loan Prime plus 2.75% 10/15/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/15/2031 10/15/2031 Term Loan Prime plus 2.75% 10/13/2046 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/13/2046 10/12/2031 Term Loan Prime plus 2.75% 10/12/2031 Term Loan Prime plus 2.75% 10/12/2031 Term Loan Prime plus 2.75% 3/12/2032 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 10/8/2031 10/8/2031 10/8/2031 10/8/2031 Term Loan Prime plus 2.75% 10/7/2031 2801 Central Ave, Union City, NJ 07087 Social Assistance Term Loan Prime plus 2.75% 10/7/2031 10215 El Cinco Dr, Frisco, TX 75033 3213 Catalpa Dr, Springfield, IL 62712 Specialty Trade Contractors Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/7/2031 10/7/2031 F-211 See accompanying notes to consolidated financial statements. 79.7 3.5 51.7 13.4 10.0 29.9 410.4 16.0 14.4 23.3 8.0 14.9 118.8 3.0 5.0 173.9 15.4 7.5 32.8 26.8 5.4 79.7 3.5 51.7 13.4 10.0 29.9 410.4 16.0 14.4 23.3 8.0 14.9 118.8 3.0 5.0 173.9 15.4 7.5 32.8 26.8 5.4 84.3 3.0 47.0 11.4 8.5 25.6 352.7 18.1 16.0 20.2 6.8 12.8 102.1 2.6 4.3 149.1 15.3 6.4 28.1 23.0 4.9 0.03 % — % 0.02 % — % — % 0.01 % 0.11 % 0.01 % 0.01 % 0.01 % — % — % 0.03 % — % — % 0.05 % — % — % 0.01 % 0.01 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 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 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 Accommodation Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Health and Personal Care Stores 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 Term Loan Prime plus Prime plus 2.75% 2.75% 1/4/2032 9/30/2031 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2031 Personal and Laundry Services Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/30/2046 9/30/2046 Real Estate Term Loan Prime plus 2.75% 9/30/2046 15.4 8.4 6.0 10.4 119.6 49.5 24.3 61.0 69.4 15.4 8.4 6.0 10.4 119.6 49.5 24.3 61.0 69.4 15.4 7.2 5.1 8.9 109.6 52.4 26.3 65.2 78.3 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/30/2046 212.4 212.4 239.8 Term Loan Prime plus 2.75% 9/30/2046 1,220.0 1,220.0 1,377.3 Repair and Maintenance Term Loan Prime plus 2.75% 9/30/2046 Food Services and Drinking Places Specialty Trade Contractors Ambulatory Health Care Services Fabricated Metal Product Manufacturing Construction of Buildings Repair and Maintenance Food Services and Drinking Places Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/30/2046 9/30/2031 9/30/2031 9/30/2046 9/30/2046 9/30/2031 9/30/2031 9/30/2031 147.1 134.9 1,026.9 64.8 1,034.2 377.3 15.3 79.2 66.8 147.1 134.9 1,026.9 64.8 1,034.2 377.3 15.3 79.2 66.8 154.5 143.2 891.4 57.6 1,067.8 419.1 16.0 80.3 57.4 — % — % — % — % 0.04 % 0.02 % 0.01 % 0.02 % 0.03 % 0.08 % 0.45 % 0.05 % 0.05 % 0.29 % 0.02 % 0.35 % 0.14 % 0.01 % 0.03 % 0.02 % F-212 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) 2301 N Marginal Rd, Cleveland, OH 44114 Air Transportation 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 Accommodation Ambulatory Health Care Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2031 Term Loan Prime plus 2.75% 12/30/2031 Term Loan Prime plus 2.75% 9/29/2046 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/29/2031 9/29/2031 4900 SW 51st St., Davie, FL 33314 Administrative and Support Services Term Loan Prime plus 2.75% 9/29/2031 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 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 Forestry and Logging Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/29/2031 9/29/2031 Administrative and Support Services Term Loan Prime plus 2.75% 9/29/2031 Food and Beverage Stores Term Loan Prime plus 2.75% 3/29/2032 Electronics and Appliance Stores Telecommunications Nonstore Retailers Social Assistance Nonstore Retailers Specialty Trade Contractors Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/29/2031 1/29/2047 9/29/2031 9/29/2046 9/29/2046 9/29/2046 9/28/2031 2/28/2047 724 Main St., Bradley Beach, NJ 07720 1825 S. Patrick Dr, Ste B, Harbour Beach, FL 32937 117 S. Main St., Altus, OK 73526 Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/28/2031 9/28/2031 F-213 See accompanying notes to consolidated financial statements. 74.3 14.4 102.2 81.9 34.7 335.2 29.0 13.9 78.2 19.7 247.5 202.5 177.8 257.1 302.1 267.1 25.5 230.9 25.7 5.3 2.8 74.3 14.4 102.2 81.9 34.7 335.2 29.0 13.9 78.2 19.7 247.5 202.5 177.8 257.1 302.1 267.1 25.5 230.9 25.7 5.3 2.8 64.5 12.5 108.0 73.2 29.7 287.4 26.4 11.9 69.5 17.5 212.2 215.0 152.5 290.3 341.0 280.7 21.8 254.8 22.2 4.6 2.4 0.02 % — % 0.03 % 0.02 % 0.01 % 0.09 % 0.01 % — % 0.02 % 0.01 % 0.07 % 0.07 % 0.05 % 0.09 % 0.11 % 0.09 % 0.01 % 0.08 % 0.01 % — % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#,^) 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 (#) (#) (#) 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2032 Food Services and Drinking Places Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/27/2031 9/27/2031 Term Loan Prime plus 2.75% 9/27/2046 9450 N Aronson Rd, Indianapolis, IN 46240 Motor Vehicle and Parts Dealers 1286 Anvilwood Ave, Sunnyvale, CA 94089 10300 West Charleston Blvd, Las Vegas, NV 89135 1435 Woodlane Rd, Eastampton, NJ 08060 Repair and Maintenance 2600 Coon Rapids Blvd Nortwest, Coon Rapids, MN 55433 1201 Kenwood Ave, Austin, TX 78704 Fabricated Metal Product Manufacturing Data Processing, Hosting, and Related Services Repair and Maintenance Administrative and Support Services Professional, Scientific, and Technical Services Repair and Maintenance Food Services and Drinking Places Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/27/2031 9/27/2031 9/24/2031 9/24/2031 9/24/2031 9/24/2046 9/24/2031 9/24/2031 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/24/2031 Animal Production and Aquaculture Nursing and Residential Care Facilities Administrative and Support Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/24/2031 9/24/2046 9/24/2031 Educational Services Term Loan Prime plus 2.75% 9/24/2031 Food Services and Drinking Places Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/24/2032 9/24/2031 F-214 See accompanying notes to consolidated financial statements. 9920 Research Dr, Irvine, CA 93108 1205 South 8th Ave, Maywood, IL 60153 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 15.5 8.2 148.5 69.2 302.0 15.5 8.2 148.5 69.2 302.0 14.1 7.0 127.1 78.0 259.7 108.9 125.3 25.3 148.5 49.5 29.7 5.3 9.4 218.8 12.4 172.4 9.9 10.4 29.5 99.0 108.9 125.3 25.3 148.5 49.5 29.7 5.3 9.4 218.8 12.4 172.4 9.9 10.4 29.5 99.0 93.2 129.0 21.7 127.1 42.4 33.6 4.8 8.0 187.3 11.0 186.6 8.5 8.9 26.1 84.7 — % — % 0.04 % 0.03 % 0.08 % 0.38 % 0.03 % 0.04 % 0.01 % 0.04 % 0.01 % 0.01 % — % — % 0.06 % — % 0.06 % — % — % 0.01 % 0.03 % Term Loan Prime plus 2.75% 9/27/2046 1,057.4 1,057.4 1,179.5 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 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 Construction of Buildings Performing Arts, Spectator Sports, and Related Industries Ambulatory Health Care Services Beverage and Tobacco Product Manufacturing Food and Beverage Stores Repair and Maintenance Professional, Scientific, and Technical Services Specialty Trade Contractors Nonstore Retailers Term Loan Prime plus 2.75% 9/23/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/23/2031 9/22/2031 Term Loan Prime plus 2.75% 9/21/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 9/17/2031 9/17/2046 9/17/2031 9/17/2031 9/17/2031 6179 Alameda Ave, El Paso, TX 79905 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2031 6179 Alameda Ave, El Paso, TX 79905 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 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2046 Educational Services Term Loan Prime plus 2.75% 9/14/2031 Scenic and Sightseeing Transportation Nonstore Retailers Food and Beverage Stores Truck Transportation Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 9/14/2031 9/14/2031 9/14/2031 9/14/2031 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 Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/13/2031 9/13/2031 F-215 See accompanying notes to consolidated financial statements. 14.9 4.2 5.0 17.8 5.0 30.5 3.2 5.4 9.9 53.2 44.8 4.9 28.7 7.4 30.3 14.9 17.7 14.9 6.2 4.5 54.5 14.9 4.2 5.0 17.8 5.0 30.5 3.2 5.4 9.9 53.2 44.8 4.9 28.7 7.4 30.3 14.9 17.7 14.9 6.2 4.5 54.5 12.7 3.6 4.2 15.8 4.2 32.4 2.7 5.8 8.5 46.3 49.7 4.2 24.6 6.4 25.9 12.7 15.2 15.7 6.2 3.8 49.6 — % — % — % 0.01 % — % 0.01 % — % — % — % 0.01 % 0.02 % — % 0.01 % — % 0.01 % — % — % 0.01 % — % — % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#) Repair and Maintenance General Merchandise Stores Miscellaneous Store Retailers 2100 4th St., Orlando, FL 32824 72-05 72nd Place, 2B, Glendale, NY 11385 Nonstore Retailers 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 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 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/13/2046 9/13/2031 9/10/2031 9/10/2031 Term Loan Prime plus 2.75% 9/10/2031 Term Loan Prime plus 2.75% 9/10/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/10/2031 9/10/2031 2/9/2047 9/9/2031 48.0 4.5 19.8 6.1 15.6 18.7 12.0 54.5 71.9 44.9 48.0 4.5 19.8 6.1 15.6 18.7 12.0 54.5 71.9 44.9 52.8 3.9 16.9 5.3 14.4 17.3 11.3 46.6 80.1 43.6 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 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 Specialty Trade Contractors Food Services and Drinking Places Nonstore Retailers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 1/8/2032 9/8/2046 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 94 Union St., Vernon, CT 06066 28900 Mission Blvd, Hayward, CA 94544 Ambulatory Health Care Services Motor Vehicle and Parts Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/7/2031 9/3/2031 21.5 79.4 33.1 6.4 2.5 51.5 18.3 21.5 79.4 33.1 6.4 2.5 51.5 18.3 22.8 85.8 28.3 5.5 2.1 54.4 15.7 5515 Parkcrest Dr, Austin, TX 78731 5425 Willow Grove Rd, Camden Wyoming, DE 19934 5401 North 10 St. Unit 126, McAllen, TX 78504 Construction of Buildings Term Loan Prime plus 2.75% 9/3/2031 906.9 906.9 776.2 Support Activities for Transportation Term Loan Prime plus 2.75% 9/2/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/2/2032 34.7 13.7 34.7 13.7 31.7 12.4 F-216 See accompanying notes to consolidated financial statements. 0.02 % — % 0.01 % — % — % 0.01 % — % 0.02 % 0.03 % 0.01 % 0.09 % 0.01 % 0.03 % 0.01 % — % — % 0.02 % 0.01 % 0.25 % 0.01 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 131 Piney Green Rd, Ste 300, Jacksonville, NC 28546 19355 Business Center Dr, Unit #9, Northridge, CA 91324 437 Route 212, Saugerties, NY 12477 Food and Beverage Stores Performing Arts, Spectator Sports, and Related Industries Fabricated Metal Product Manufacturing Personal and Laundry Services Repair and Maintenance Food Services and Drinking Places Miscellaneous Manufacturing Administrative and Support Services Ambulatory Health Care Services 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 Accommodation 2133 Southend Dr. #301, Charlotte, NC 28213 580 Amsterdam Ave, New York, NY 10024 Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services 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 Term Loan Prime plus 2.75% 12/2/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 1/2/2032 8/31/2031 8/31/2031 8/31/2031 Term Loan Prime plus 2.75% 12/31/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/31/2031 8/31/2031 Term Loan Prime plus 2.75% 8/31/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/31/2031 12/31/2046 8/31/2031 1/30/2031 Term Loan Prime plus 2.75% 8/30/2031 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/30/2046 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/27/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 8/27/2046 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 Educational Services Merchant Wholesalers, Durable Goods Computer and Electronic Product Manufacturing Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/27/2031 8/27/2031 8/27/2031 8/27/2031 2000 Frankfurt St., Laredo, TX 78040 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/27/2046 F-217 See accompanying notes to consolidated financial statements. 6.0 25.0 161.1 2.7 17.7 23.3 164.1 7.9 163.3 29.5 119.2 10.4 22.0 18.3 24.5 9.3 20.7 5.4 271.3 3.0 7.1 64.5 6.0 25.0 161.1 2.7 17.7 23.3 164.1 7.9 163.3 29.5 119.2 10.4 22.0 18.3 24.5 9.3 20.7 5.4 271.3 3.0 7.1 64.5 5.4 21.6 158.2 2.3 15.2 20.4 140.5 6.7 146.2 25.3 134.5 8.9 18.8 15.7 26.8 9.8 22.6 4.6 237.3 2.5 6.1 70.5 — % 0.01 % 0.05 % — % — % 0.01 % 0.05 % — % 0.05 % 0.01 % 0.04 % — % 0.01 % 0.01 % 0.01 % — % 0.01 % — % 0.08 % — % — % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#) (#,^) (#) (#,^) 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 (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Health and Personal Care Stores Insurance Carriers and Related Activities Nonstore Retailers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/26/2047 8/26/2031 8/26/2031 Real Estate Term Loan Prime plus 2.75% 8/26/2046 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/25/2031 Insurance Carriers and Related Activities Support Activities for Mining Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/25/2031 8/25/2031 Term Loan Prime plus 2.75% 8/25/2046 Specialty Trade Contractors Food Services and Drinking Places Merchant Wholesalers, Durable Goods Educational Services Accommodation Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 8/25/2031 2/25/2032 8/25/2046 3/25/2031 8/24/2046 Personal and Laundry Services Term Loan Prime plus 2.75% 8/20/2031 Food Services and Drinking Places Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/20/2031 8/20/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2031 Personal and Laundry Services Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/20/2031 8/20/2031 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/19/2031 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2031 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/19/2031 F-218 See accompanying notes to consolidated financial statements. 171.8 7.4 65.9 46.6 8.9 2.7 383.7 69.9 17.7 36.3 195.3 9.3 39.9 9.8 40.0 3.1 13.9 18.4 31.8 9.8 2.7 46.7 171.8 7.4 65.9 46.6 8.9 2.7 383.7 69.9 17.7 36.3 195.3 9.3 39.9 9.8 40.0 3.1 13.9 18.4 31.8 9.8 2.7 46.7 194.0 7.5 56.4 52.6 7.6 2.3 405.2 77.4 15.3 32.1 212.0 7.9 45.1 8.4 42.1 2.7 12.1 15.7 33.6 8.4 2.8 43.7 0.06 % — % 0.02 % 0.02 % — % — % 0.13 % 0.03 % — % 0.01 % 0.07 % — % 0.01 % — % 0.01 % — % — % 0.01 % 0.01 % — % — % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Specialty Trade Contractors 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 1669 Montauk Hwy, Bellport, NY 11713 549-E College Park Rd, Ladson, SC 29456 Miscellaneous Store Retailers 10105 Amberwood Rd Stes #1 and #5, Fort Myers, FL 33913 Food Services and Drinking Places 313 South Logan St., Roland, IA 50236 748 West Big Beaver Rd, Troy, MI 48084 171 C Ave, Ste C, Coronado, CA 92118 158 Humphrey St., Swampscott, MA 01907 Miscellaneous Store Retailers 29 Old Planters Rd, Beverly, MA 01915 2958 IL-178, North Utica, IL 61373 Nonstore Retailers Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Nonstore Retailers Food Services and Drinking Places Professional, Scientific, and Technical Services Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers 3060 Thorntree Dr #10, Chico, CA 95973 860 Constellation Dr, Decatur, GA 30033 315 Sylamore Ave, Mountain View, AR 72560 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/19/2046 8/18/2031 162.7 98.3 162.7 98.3 170.4 84.8 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 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 8/16/2031 8/13/2031 8/13/2031 8/13/2046 4/12/2031 8/12/2031 14.8 6.9 39.9 24.6 27.1 34.4 11.5 81.8 5.8 14.8 6.9 39.9 24.6 27.1 34.4 11.5 81.8 5.8 13.4 5.9 45.1 21.1 24.1 29.5 13.0 86.2 5.0 Term Loan Prime plus 2.75% 8/11/2031 1,229.0 1,229.0 1,142.3 Term Loan Prime plus 2.75% 8/11/2031 Term Loan Prime plus 2.75% 8/10/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 2.75% 2.75% 8/6/2031 8/6/2031 8/5/2031 8/5/2046 8/4/2046 8/3/2031 Term Loan Prime plus 2.75% 7/30/2031 3.0 45.3 6.2 20.4 32.5 33.4 27.4 4.4 19.3 3.0 45.3 6.2 20.4 32.5 33.4 27.4 4.4 19.3 2.5 39.5 6.1 17.4 27.8 36.2 26.6 3.8 16.5 0.06 % 0.03 % — % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.03 % — % 0.37 % — % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % F-219 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) 1315 N. Larrabee St., Chicago, IL 60610 308 South Old County Rd, Edgewater, FL 32132 Personal and Laundry Services Term Loan Prime plus 2.75% 7/30/2046 32.8 32.8 35.5 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 Personal and Laundry Services Couriers and Messengers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/30/2031 7/30/2031 6938 Westover St., Houston, TX 77087 Personal and Laundry Services Term Loan Prime plus 2.75% 12/30/2031 5815 Church Ave, Brooklyn, NY 11203 14313 Califa St., Sherman Oaks, CA 91401 Social Assistance Motor Vehicle and Parts Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/30/2031 7/30/2031 650 S Cherry St., Denver, CO 80246 999 Mansell Rd, Ste B, C, & D, Roswell, GA 30076 5701 Beckford Ave, Tarzana, CA 91356 Administrative and Support Services Term Loan Prime plus 2.75% 7/30/2031 Nonstore Retailers Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/30/2031 7/30/2031 974 Commercial St., Palo Alto, CA 94043 Merchant Wholesalers, Durable Goods 6259 Progressive Ave, San Diego, CA 92154 4507 SE Ramona St., Portland, OR 97206 Miscellaneous Manufacturing Nursing and Residential Care Facilities Food Services and Drinking Places Repair and Maintenance Crop Production Term Loan Prime plus 2.75% 7/30/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 7/29/2031 7/29/2046 7/29/2031 7/29/2046 7/29/2031 268.9 22.0 19.5 113.5 8.8 85.0 78.0 109.6 50.7 219.4 85.0 15.0 17.0 34.1 268.9 22.0 19.5 113.5 8.8 85.0 78.0 109.6 50.7 219.4 85.0 15.0 17.0 34.1 230.2 18.8 20.6 99.7 7.5 72.8 66.8 107.8 43.4 195.0 93.6 13.0 18.2 30.7 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/29/2031 244.2 244.2 226.2 Social Assistance Term Loan Prime plus 2.75% 7/29/2031 Educational Services Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/29/2031 7/29/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/28/2031 19.5 52.0 82.9 29.3 19.5 52.0 82.9 29.3 16.7 45.0 71.2 25.9 F-220 See accompanying notes to consolidated financial statements. 1156 South Main St., Manteca, CA 95337 4732 Dixie Dr South, Dayton, OH 45439 8715 Hwy 14, Kramer, ND 58748 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 0.01 % 0.42 % 0.07 % 0.01 % 0.01 % 0.03 % — % 0.02 % 0.02 % 0.03 % 0.01 % 0.06 % 0.03 % — % 0.01 % 0.01 % 0.07 % 0.01 % 0.01 % 0.02 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) 3032 W Jack London Blvd, Livermore, CA 94551 207 N Davies Rd, Lake Stevens, WA 98258 Food Services and Drinking Places Professional, Scientific, and Technical Services Building Material and Garden Equipment and Supplies Dealers Real Estate 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 Food and Beverage Stores 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 Educational Services Administrative and Support Services Administrative and Support Services Merchant Wholesalers, Durable Goods Insurance Carriers and Related Activities Repair and Maintenance Motion Picture and Sound Recording Industries Food Services and Drinking Places Waste Management and Remediation Services Term Loan Prime plus 2.75% 1/28/2032 Term Loan Prime plus 2.75% 7/27/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 7/27/2046 7/27/2031 7/26/2031 7/23/2031 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 Term Loan Prime plus 2.75% 7/22/2031 1010 East 6th Ave, Stillwater, OK 74074 512 East 11th St., Houston, TX 77008 273 West Route 130 South, Burlington, NJ 08016 104 Wooster St., Bethel, CT 06801 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 Real Estate Construction of Buildings Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 7/22/2031 7/21/2031 Paper Manufacturing Term Loan Prime plus 2.75% 7/21/2031 195.0 195.0 174.5 0.06 % Repair and Maintenance Rental and Leasing Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 7/21/2031 7/20/2031 Term Loan Prime plus 2.75% 7/20/2046 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/20/2046 5.2 6.1 212.9 275.6 5.2 6.1 212.9 275.6 4.5 6.1 240.4 306.8 — % — % 0.08 % 0.10 % F-221 See accompanying notes to consolidated financial statements. % of Net Assets 0.01 % 0.10 % 0.06 % — % — % — % 0.02 % — % — % — % 0.01 % 0.03 % 0.02 % 0.02 % — % — % 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 14.3 2.5 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 14.3 2.5 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 50.4 12.2 2.5 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) Term Loan 1519 Roller Rd, Ocean Township, NJ 07712 1788 Austin Hwy, San Antonio, TX 78218 Motor Vehicle and Parts Dealers Term Loan 2895 Queen St, Colorado Springs, CO 80904 Transit and Ground Passenger Transportation Term Loan Term Loan 700 Corporate Circle, Golden, CO 80401 Professional, Scientific, and Technical Services Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 7/20/2031 7/19/2046 7/16/2031 7/16/2031 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 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 5363 Franklin Ave, New Orleans, LA 70122 Food Services and Drinking Places 138 Griffin Rd, Ruston, LA 71270 Food Services and Drinking Places 8304 Old Courthouse Rd Unit D, Vienna, VA 22182 Ambulatory Health Care Services 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 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 7/2/2046 7/2/2046 7/1/2046 6/30/2031 Term Loan Prime plus 2.75% 6/30/2031 19.9 32.1 66.7 43.4 50.2 12.6 28.8 39.9 25.6 29.8 241.8 54.9 19.9 32.1 66.7 43.4 50.2 12.6 28.8 39.9 25.6 29.8 241.8 54.9 2777 S Financial Ct., Sanford, FL 32773 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2031 112.4 112.4 17.1 36.0 57.1 37.1 56.7 12.4 24.7 40.8 26.5 32.4 229.6 54.5 95.5 149 Atlantic Ave, Westerly, RI 02891 221 Hulls Chapel Rd, Fredericksburg, VA 22406 Accommodation Term Loan Prime plus 2.75% 6/30/2046 1,116.8 1,116.8 1,260.8 Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services Credit Intermediation and Related Activities Personal and Laundry Services 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 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries 135 Bowery St., New York, NY 10002 6308 SW 27th St, Miramar, FL 33023 633 EAGLE AVE, WEST HEMPSTEAD, NY 11552 Term Loan Prime plus 2.75% 6/30/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/30/2031 6/30/2031 6/30/2046 6/30/2031 6/30/2031 6/30/2046 48.4 14.5 317.3 57.4 193.8 48.4 65.2 48.4 14.5 317.3 57.4 193.8 48.4 65.2 41.0 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 0.01 % 0.01 % 0.02 % 0.01 % 0.02 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.07 % 0.02 % 0.03 % 0.41 % 0.01 % — % 0.09 % 0.02 % 0.05 % 0.02 % 0.02 % 0.45 % F-222 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 115 Hartford Turnpike, Tolland, CT 06084 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/30/2031 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 Motor Vehicle and Parts Dealers Transportation Equipment Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/30/2031 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 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 Truck Transportation Personal and Laundry Services Credit Intermediation and Related Activities Social Assistance Broadcasting (except Internet) Fabricated Metal Product Manufacturing Personal and Laundry Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/29/2046 6/29/2031 6/29/2031 6/29/2046 6/29/2046 6/28/2031 6/28/2031 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 44063 Hwy 431, Saint Amant, LA 70774 1628-A James P. Rodgers Dr, Valdosta, GA 31601 Printing and Related Support Activities Term Loan Prime plus 2.75% 6/25/2031 Food and Beverage Stores Social Assistance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/25/2031 6/25/2031 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/25/2046 Gasoline Stations Term Loan Prime plus 2.75% 6/25/2046 Printing and Related Support Activities 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 F-223 See accompanying notes to consolidated financial statements. 27.2 37.3 370.9 113.4 28.0 141.0 14.0 87.6 113.6 178.7 51.2 9.7 691.8 14.5 43.6 75.8 183.7 539.4 28.1 48.4 72.7 27.2 37.3 370.9 113.4 28.0 141.0 14.0 87.6 113.6 178.7 51.2 9.7 691.8 14.5 43.6 75.8 183.7 539.4 28.1 48.4 72.7 23.5 37.6 389.7 95.7 24.3 159.1 11.8 83.3 118.1 200.3 46.0 8.2 607.3 12.3 45.7 85.6 198.2 568.4 23.7 41.7 62.3 0.01 % 0.01 % 0.13 % 0.03 % 0.01 % 0.05 % — % 0.03 % 0.04 % 0.06 % 0.01 % — % 0.20 % — % 0.01 % 0.03 % 0.06 % 0.18 % 0.01 % 0.01 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) 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 (#,^) (#,^) (#,^) 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 Motor Vehicle and Parts Dealers Beverage and Tobacco Product Manufacturing Specialty Trade Contractors Food Services and Drinking Places Ambulatory Health Care Services Food and Beverage Stores Amusement, Gambling, and Recreation Industries 22940 Harlan Lane, St Robert, MO 65584 540 Greene St., Unit 1, Key West, FL 33040 Food Services and Drinking Places 1131 Burke St., Winston-Salem, NC 27101 Food Services and Drinking Places 2315 Main St., Loris, SC 29569 876 Virginia Ave, Hapeville, GA 30354 320 S Baldwin St, Woodland Park, CO 80863 Personal and Laundry Services Food Services and Drinking Places Food and Beverage Stores 4444 Forest St., Leonard, MI 48367 Machinery Manufacturing Professional, Scientific, and Technical Services 1545 Langston Dr, Johns Island, SC 29455 315 Crossroads Blvd, Floor G, Cary, NC 27518 2315 Main St., Loris, SC 29569 6710 Post Rd, North Kingstown, RI 02852 Food Services and Drinking Places 6370 Mae Anne Ave, Stes 1 and 2, Reno, NV 89523 Food Services and Drinking Places Personal and Laundry Services Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/24/2046 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 6/24/2031 6/24/2046 6/23/2046 6/23/2031 6/23/2046 Term Loan Prime plus 2.75% 6/22/2046 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6/22/2031 6/22/2046 6/21/2046 6/21/2031 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 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/21/2031 6/21/2031 6/18/2046 Term Loan Prime plus 2.75% 9/18/2031 73544 CO-64, Meeker, CO 81641 7000 W. Palmetto Park Rd,, Boca Raton, FL 33433 Heavy and Civil Engineering Construction Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 6/16/2031 Term Loan Prime plus 2.75% 6/15/2031 F-224 See accompanying notes to consolidated financial statements. 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 11.2 117.0 35.8 33.3 144.9 48.4 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 11.2 117.0 35.8 33.3 144.9 48.4 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 9.9 108.0 39.3 28.5 126.5 40.9 % of Net Assets 0.02 % 0.03 % 0.06 % 0.07 % 0.01 % 0.02 % 0.02 % 0.01 % 0.02 % 0.03 % 0.02 % — % 0.01 % 0.01 % — % 0.03 % 0.01 % 0.01 % 0.04 % 0.01 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 Amazing G, LLC and Victoria Armstrong- Mensah Neuline Health Management LLC Shericka Newsome dba Little Sunshine's Academy Compass Technical Services, Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 10340 SE Division St., Portland, OR 97266 19595 15 Mile Rd, Clinton Twp, MI 48035 Ambulatory Health Care Services Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/15/2031 6/14/2046 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 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 136 Southland Dr, Louisa, KY 41230 1431 11th Ave SE, Olympia, WA 98501 Heavy and Civil Engineering Construction Accommodation Term Loan Term Loan 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% 6/14/2031 Term Loan Prime plus 2.75% 6/14/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/11/2031 6/11/2046 Term Loan Prime plus 2.75% 6/11/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/10/2031 6/10/2031 6/10/2031 11/9/2031 6/8/2031 6/8/2046 6/3/2031 6/3/2031 6/2/2031 Term Loan Prime plus 2.75% 5/28/2031 3030 N Saranac, Mesa, AZ 85207 1402 S Custer Rd, McKinney, TX 75070 Nursing and Residential Care Facilities Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/28/2031 5/27/2031 474 N Chew Rd, Hammonton, NJ 08037 2600 Gravel Dr, Building 7, Fort Worth, TX 76118 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 F-225 See accompanying notes to consolidated financial statements. 145.3 40.9 15.5 342.4 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 25.5 77.5 4.8 24.1 145.3 40.9 15.5 342.4 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 25.5 77.5 4.8 24.1 135.5 45.7 13.1 289.1 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 24.9 65.4 4.1 20.3 % of Net Assets 0.04 % 0.01 % — % 0.09 % 0.01 % 0.02 % — % — % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.02 % — % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Woodzzy LLC dba Dba Woodzzy Bar & Resturant Motor Messenger NYC Inc THE LAW OFFICES OF LAWRENCE A. BECKENSTEIN P.C (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) 205 Route 9 N, freehold, NJ 07728 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/27/2046 185.4 185.4 192.1 140 N Granite St., Prescott, AZ 86301 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/26/2031 708 E Colorado Blvd, Pasadena, CA 91101 Ambulatory Health Care Services 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 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Transportation Equipment Manufacturing Specialty Trade Contractors Nonstore Retailers Personal and Laundry Services 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 Repair and Maintenance 150 Hiram Industrial Dr, Hiram, GA 30141 Truck Transportation 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 Food Services and Drinking Places Personal and Laundry Services Animal Production and Aquaculture Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Real Estate Professional, Scientific, and Technical Services 4400 Rt 9 Ste 1000, Freehold, NJ 07728 Term Loan Prime plus 2.75% 5/26/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 5/26/2031 5/26/2031 5/26/2031 5/25/2031 5/25/2031 Term Loan Prime plus 2.75% 5/25/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 5/24/2031 5/24/2031 5/21/2046 5/21/2046 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 1133 Clarkson Ave, Brooklyn, NY 11212 81-36 Baxter Ave, Queens, NY 11373 320 E 65th St., Ste #619, New York, NY 10065 Food Services and Drinking Places Couriers and Messengers Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/19/2046 5/18/2031 Term Loan Prime plus 2.75% 5/17/2031 F-226 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 15.2 179.7 169.3 14.4 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 15.2 179.7 169.3 14.4 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 12.9 199.2 149.2 12.2 0.06 % 0.01 % 0.02 % 0.01 % — % — % 0.01 % 0.01 % — % 0.02 % — % 0.01 % 0.03 % 0.01 % — % 0.01 % 0.01 % — % 0.06 % 0.05 % — % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Earth Analytical Sciences, Inc. (#,^) Rev Motorsports, LLC dba Speed Concept (#,^) 4825 Ward Dr, Beaumont, TX 77705 20745 SW Tualatin Valley Hwy, Ste 120, Aloha, OR 97003 Abatement Pro n Demo, Inc (#,^) Silverado Sales Inc dba Husker Sit N Sleep (#,^) Clavismen LLC dba Katy Wines and Spirits (#,^) 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 1830 West Point Pike, West Point, PA 19486 1880 Campbellsville Rd, Pulaski, TN 38478 Miscellaneous Manufacturing 3G Graphix LLC dba Elemento Graphics (#,^) 7160 Zionsville Rd, Zionsville Rd, IN 46268 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 Nonstore Retailers Beverage and Tobacco Product Manufacturing Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/17/2031 Term Loan Prime plus 2.75% 5/13/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/12/2031 5/11/2031 5/7/2031 Term Loan Prime plus 6.5% 5/5/2031 Term Loan Prime plus 2.75% 5/5/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/4/2046 4/30/2046 Term Loan Prime plus 2.75% 4/30/2031 Term Loan Prime plus 2.75% 4/30/2031 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 Fishing, Hunting and Trapping Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/28/2031 4/28/2031 230 Broadway St., Jackson, OH 45640 Personal and Laundry Services Term Loan Prime plus 2.75% 4/29/2046 5428 Twilight Way, Parker, CO 80237 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 Foy Commerce LLC (#) Hank Thomas Performance Boyd's Cardinal Hollow Winery dba Boyd's Cardinal Hollow Winery Grover Jackson Engineering, LLC (#,^) (#,^) (#,^) 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 Acra Cast, Inc. Wells Cutting Edge, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 232 Alexandria Dr, Mooresville, NC 28115 1837 First St., Bay City, MI 48708 4201 North Cochrane Lane, Erda, UT 84074 Administrative and Support Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Primary Metal Manufacturing Term Loan Prime plus 2.75% 4/26/2046 Term Loan Prime plus 2.75% 4/23/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 4/23/2031 4/22/2031 4/22/2031 F-227 See accompanying notes to consolidated financial statements. 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 20.2 33.5 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 20.2 33.5 82.2 20.9 30.4 15.4 7.0 5.9 33.5 99.8 57.2 11.9 50.2 13.0 20.4 40.4 18.5 41.0 37.3 46.4 5.3 19.6 28.9 0.03 % 0.01 % 0.01 % — % — % — % 0.01 % 0.03 % 0.02 % — % 0.02 % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Quality Sound Communications, Inc dba Technology Source (#,^) (#,^) 340 S Lemon Avnue, Walnut, CA 91789 Educational Services Term Loan Prime plus 2.75% 4/21/2031 2972 SE 38th Court, Hillsboro, OR 97123 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2031 15363 Victory Blvd, Van Nuys, CA 91406 Motion Picture and Sound Recording Industries 1608 Schofield Lane, Farmington, NM 87401 Specialty Trade Contractors Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Specialty Trade Contractors Insurance Carriers and Related Activities Truck Transportation 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 Mining (except Oil and Gas) 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 Wood Product Manufacturing Food Manufacturing Nonstore Retailers Motor Vehicle and Parts Dealers Motor Vehicle and Parts Dealers Ambulatory Health Care Services 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 1551 North Tustin Ave, Ste 125, Santa Ana, CA 92705 Support Activities for Transportation Construction of Buildings Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/20/2031 Term Loan Prime plus 2.75% 4/16/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 6.5% 6.5% 4/15/2031 4/14/2031 4/14/2031 4/14/2031 Term Loan Prime plus 2.75% 4/13/2031 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 4/9/2046 4/7/2046 3/31/2031 Term Loan Prime plus 2.75% 3/31/2046 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/31/2046 3/31/2046 Term Loan Prime plus 2.75% 3/31/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/31/2046 3/31/2031 Term Loan Prime plus 2.75% 3/31/2046 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 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 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 % 0.04 % 0.04 % 0.01 % 0.03 % 0.02 % 0.02 % 0.04 % 0.17 % 0.03 % 0.01 % 0.03 % Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2031 Telecommunications Term Loan Prime plus 2.75% 3/31/2031 127.4 127.4 107.6 F-228 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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. Johnson Diversified, Inc dba Plumbing Solutions (#,^) (#,^) (#,^) 4449 Beechaven Dr, Rock Hill, SC 29732 Administrative and Support Services Term Loan Prime plus 2.75% 3/31/2046 408 Kelly Plantation Dr, Destin, FL 32541 10308 West Sample Rd, Coral Springs, FL 33065 Amusement, Gambling, and Recreation Industries 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 4449 Beechaven Dr, Rock Hill, SC 29732 Administrative and Support Services Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/31/2046 3/31/2031 419 West Main St., Smithtown, NY 11787 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2046 4712 Fernlee Ave, Royal Oak, MI 48073 428 Landmark Dr, Wilmington, NC 28412 Miscellaneous Manufacturing Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/30/2031 3/30/2046 4712 Fernlee Ave, Royal Oak, MI 48073 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2046 7626 Miramar Rd, San Diego, CA 92126 Merchant Wholesalers, Durable Goods 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 Repair and Maintenance Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Telecommunications Term Loan Computer and Electronic Product Manufacturing Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 3/30/2031 6/30/2046 7/30/2046 3/29/2031 3/29/2031 6/29/2031 3/29/2031 3/29/2031 Ambulatory Health Care Services 14-34 110th St., Flushing, NY 11356 110 Broadway #507, Brooklyn, NY 11249 Motion Picture and Sound Recording Industries 6248 N Woodstock St., Philadelphia, PA 19138 2292 a/k/a 2274 Hayride Rd, Lebec, CA 93243 29802 Avenida De Las Banderas, Rancho Santa Margarita, CA 92688 Heavy and Civil Engineering Construction Specialty Trade Contractors Specialty Trade Contractors Term Loan Term Loan Term Loan Prime plus 2.75% 3/29/2031 Term Loan Prime plus 2.75% 3/26/2031 Term Loan Prime plus 2.75% 3/26/2031 F-229 See accompanying notes to consolidated financial statements. 24.7 339.8 237.6 100.3 114.0 173.7 36.3 101.4 23.5 275.9 51.2 136.4 76.1 99.8 1,098.3 199.7 17.6 22.6 27.0 83.2 24.7 339.8 237.6 100.3 114.0 173.7 36.3 101.4 23.5 275.9 51.2 136.4 76.1 99.8 1,098.3 199.7 17.6 22.6 27.0 83.2 27.9 355.7 217.7 104.3 103.0 177.9 33.6 111.7 24.3 232.6 54.2 145.5 74.2 88.2 993.0 168.3 14.8 19.1 28.3 83.1 % of Net Assets 0.01 % 0.12 % 0.07 % 0.03 % 0.03 % 0.06 % 0.01 % 0.04 % 0.01 % 0.08 % 0.02 % 0.05 % 0.02 % 0.03 % 0.32 % 0.05 % — % 0.01 % 0.01 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 JEJ LLC dba Hawaii Jerky Shop; DE.HI Foods (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Ambulatory Health Care Services Construction of Buildings Miscellaneous Store Retailers Motor Vehicle and Parts Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/26/2031 3/26/2031 Term Loan Prime plus 2.75% 3/26/2031 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6.5% 3/26/2031 3/26/2046 3/26/2031 3/25/2046 3/25/2031 3/25/2031 3/25/2031 3/24/2031 25.1 22.9 14.3 23.8 33.6 18.6 130.6 91.3 23.8 14.1 6.0 25.1 22.9 14.3 23.8 33.6 18.6 130.6 91.3 23.8 14.1 6.0 26.3 19.3 13.3 20.0 38.0 15.9 131.8 95.7 20.4 11.9 5.8 12520 Taylor Rd, Houston, TX 77041 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/24/2031 171.3 171.3 146.9 5115 Savannah Green, Voy Omy, TX 78073 Construction of Buildings 3347 Riverside Dr, North Tazewell, VA 24630 1209 W Main St., Peroria, IL 61606 219 NE 3rd St., Hallandale Beach, FL 33009 Food Services and Drinking Places Food Services and Drinking Places 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 111 Sand Island Access Rd, Honolulu, HI 96819 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 Term Loan Prime plus Prime plus 2.75% 2.75% 3/24/2031 3/24/2031 Term Loan Prime plus 2.75% 3/24/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/24/2031 3/23/2031 Term Loan Prime plus 2.75% 3/22/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/22/2031 3/19/2046 Food Manufacturing Term Loan Prime plus 2.75% 3/19/2046 F-230 See accompanying notes to consolidated financial statements. 33.3 10.0 83.3 140.1 95.2 268.0 47.6 147.8 148.6 148.6 33.3 10.0 83.3 140.1 95.2 268.0 47.6 147.8 148.6 148.6 32.3 8.6 82.9 121.4 80.5 235.3 40.1 126.6 153.5 158.5 % of Net Assets 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.04 % 0.03 % 0.01 % — % — % 0.05 % 0.01 % — % 0.03 % 0.04 % 0.03 % 0.08 % 0.01 % 0.04 % 0.05 % 0.05 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#,^) 488 S 5th St., St Charles, MO 63301 3710 US Hwy 9, Space D218, Freehold, NJ 07728 Health and Personal Care Stores Term Loan Prime plus 2.75% 3/19/2031 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/19/2031 Specialty Trade Contractors Insurance Carriers and Related Activities 1539 Apache Dr, Montgomery, TX 77316 5506 Riverside Dr, Chino, CA 91710 735 Crofton St SE, Grand Rapids, MI 49507 Nonstore Retailers 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 Administrative and Support Services Printing and Related Support Activities Miscellaneous Manufacturing Construction of Buildings Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 3/19/2031 3/19/2031 3/18/2031 3/18/2031 3/18/2031 3/18/2031 3/18/2031 14626 Bellaire Blvd., Houston, TX 77083 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/18/2031 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 Administrative and Support Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/17/2031 Term Loan Prime plus 2.75% 6/17/2046 Term Loan Prime plus 2.75% 3/16/2031 Heavy and Civil Engineering Construction Real Estate Term Loan Term Loan Ambulatory Health Care Services Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 3/16/2031 3/16/2031 3/15/2031 3/15/2046 Term Loan Prime plus 6.5% 3/15/2031 623 W Falmouth hwy, Falmouth, MA 02540 Food and Beverage Stores Term Loan Prime plus 2.75% 3/15/2046 2020 S Oneida St., Denver, CO 80224 108 Mashell Ave North, Eatonville, WA 98328 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/12/2031 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/12/2031 F-231 See accompanying notes to consolidated financial statements. 85.7 309.5 14.3 14.3 47.6 30.5 119.1 48.3 47.6 318.9 14.3 54.7 50.5 176.3 8.8 6.0 166.0 6.0 178.4 53.4 68.9 85.7 309.5 14.3 14.3 47.6 30.5 119.1 48.3 47.6 318.9 14.3 54.7 50.5 176.3 8.8 6.0 166.0 6.0 178.4 53.4 68.9 72.4 264.3 12.0 12.0 40.2 27.3 116.2 40.7 40.1 268.8 13.1 51.0 42.6 160.1 7.4 5.8 175.9 5.8 187.4 45.0 58.7 0.02 % 0.09 % — % — % 0.01 % 0.01 % 0.04 % 0.01 % 0.01 % 0.09 % — % 0.02 % 0.01 % 0.05 % — % — % 0.06 % — % 0.06 % 0.01 % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/12/2046 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/12/2031 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/12/2031 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 Specialty Trade Contractors Real Estate Specialty Trade Contractors Other Information Services Food Manufacturing Professional, Scientific, and Technical Services 3773 Dinosaur St., Castle Rock, CO 80109 Specialty Trade Contractors 1867 Academy Blvd, Colorado Springs, CO 80916 Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/11/2031 3/11/2031 12/11/2031 3/10/2031 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 1401 Caplin Dr, Arlington, TX 76018 5923 Robindale Rd, Catonsville, MD 21228 Social Assistance Term Loan Prime plus 2.75% 3/5/2046 Repair and Maintenance Term Loan Prime plus 2.75% 3/5/2031 203 North 1st St., Pulaski, TN 38478 Real Estate Term Loan Prime plus 2.75% 3/4/2031 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 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 Term Loan Prime plus Prime plus 2.75% 2.75% 3/3/2046 3/2/2031 Personal and Laundry Services Term Loan Prime plus 2.75% 2/26/2031 Specialty Trade Contractors Professional, Scientific, and Technical Services Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/25/2031 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/25/2031 2/24/2031 F-232 See accompanying notes to consolidated financial statements. 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 29.5 7.1 197.7 196.5 9.4 94.4 16.8 47.3 223.1 687.8 14.3 57.2 50.1 17.3 9.5 33.4 9.4 5.7 22.8 118.6 4.8 29.5 7.1 197.7 196.5 9.4 94.4 16.8 47.3 251.9 720.3 12.8 48.2 42.2 17.9 8.0 28.1 7.9 4.8 23.0 129.4 4.0 27.3 8.0 223.2 165.6 8.0 79.6 14.1 39.8 0.08 % 0.23 % — % 0.02 % 0.01 % 0.01 % — % 0.01 % — % — % 0.01 % 0.04 % — % 0.01 % — % 0.07 % 0.05 % — % 0.03 % — % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Medissage Integrative Therapies, LLC (#,^) 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 (#) 103 Twinridge Lane, Richmond, VA 23235 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 Administrative and Support Services Repair and Maintenance Professional, Scientific, and Technical Services Health and Personal Care Stores Administrative and Support Services 1567 E Valley Rd, Montecito, CA 93108 400-500 Murray Rd, Cincinnati, OH 45217 Warehousing and Storage 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 Educational Services Personal and Laundry Services Professional, Scientific, and Technical Services Truck Transportation Professional, Scientific, and Technical Services Administrative and Support Services Professional, Scientific, and Technical Services Specialty Trade Contractors Specialty Trade Contractors 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 Davis Laboratories, Inc. (#,^) 611 Lunar Ave., Brea, CA 92821 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2046 Real Estate 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 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/19/2031 2/18/2046 2/18/2031 2/17/2031 2/17/2031 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 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 2.75% 2/16/2031 2/11/2031 2/11/2031 2/11/2046 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 Term Loan Prime plus 2.75% 10/3/2046 Term Loan Prime plus 2.75% 2/1/2031 F-233 See accompanying notes to consolidated financial statements. 7.3 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 7.3 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 8.3 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 — % — % 0.01 % 0.01 % 0.03 % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.02 % 0.03 % — % 0.01 % — % 0.10 % 0.04 % — % 0.01 % 0.03 % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) TC3, LLC (#,^) Dexter Lillie dba Kreative Kutz Barber Shop (#,^) CULTIVA Solutions, LLC Jazma Deaungilae Wise Payne's Environmental Services LLC Chrysalis MSP LLC (#,^) (#) (#,^) (#,^) Inland Empire Spine and Disc Laser, Inc. (#,^) 1036 Country St. 2945, Tuttle, OK 73089 865 Cassat Ave, Jacksonville, FL 32205 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 VIIXVII Sewing Studio, LLC Skypie Studio & Crafts LLC (#) (#) 277 E Girard Ave, Philadelphia, PA 19125 933 Mary Ave, Opelousas, LA 70570 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 (#,^) 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 Administrative and Support Services Personal and Laundry Services Professional, Scientific, and Technical Services Personal and Laundry 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 Professional, Scientific, and Technical Services Administrative and Support Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Ambulatory Health Care Services Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Forestry and Logging Support Activities for Transportation Construction of Buildings Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/29/2031 1/29/2046 Term Loan Prime plus 2.75% 1/29/2031 Term Loan Term Loan Prime plus Prime plus 6.5% 2.75% 1/28/2031 1/28/2031 Term Loan Prime plus 2.75% 1/26/2031 Term Loan Prime plus 2.75% 1/22/2031 Term Loan Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 2.75% 2.75% 6.5% 1/22/2031 1/22/2031 1/22/2031 1/22/2031 1/22/2031 1/22/2046 1/22/2031 Term Loan Prime plus 6.5% 1/21/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 6.5% 1/20/2031 1/20/2031 1/19/2031 1/19/2031 Personal and Laundry Services Term Loan Prime plus 6.5% 1/18/2031 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 1/15/2031 F-234 See accompanying notes to consolidated financial statements. 5.0 17.7 3.8 3.8 173.4 10.8 46.9 4.4 5.7 5.9 5.9 32.8 911.2 2.6 5.9 5.9 223.0 11.0 5.9 11.9 185.8 5.0 17.7 3.8 3.8 173.4 10.8 46.9 4.4 5.7 5.9 5.9 32.8 911.2 2.6 5.9 5.9 223.0 11.0 5.9 11.9 185.8 4.8 20.0 3.2 3.7 155.5 9.1 41.4 4.3 5.5 5.7 5.7 27.7 981.2 2.5 5.7 5.7 199.1 9.3 5.7 11.4 156.6 — % 0.01 % — % — % 0.05 % — % 0.01 % — % — % — % — % 0.01 % 0.32 % — % — % — % 0.06 % — % — % — % 0.05 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Big Brand Management Ltd. Co and Food Civilization LLC Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash SAS Integrated, LLC 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 (#,^) 68700 Dinah Shore Dr, Cathedral, CA 92234 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 1/14/2046 Repair and Maintenance 2 Center Rd, Old Saybrook, CT 06475 4012 S Rainbow Blvd, Las Vegas, NV 89103 4120 3rd Ave, Timnath, CO 80525 1281 Cobble Pond Way, Vienna, VA 22182 Truck Transportation 212 Main St., Westby, MT 59275 12855 York-Delta Dr, North Royalton, OH 44133 4912 N Lincoln Ave, Ste 101, Chicago, IL 60625 Food and Beverage Stores Specialty Trade Contractors Personal and Laundry Services Personal and Laundry Services 128 N Franklin St, Brazil, IN 47834 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/12/2031 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 1/12/2031 1/12/2031 1/11/2031 1/8/2046 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 1491 Hammond St., Bangor, ME 04401 3317 East 10th St., Long Beach, CA 90804 Ambulatory Health Care Services Merchant Wholesalers, Nondurable Goods Term Loan Term Loan 380 N Broadway, Jericho, NY 11753 10540 State Route 195, Killeen, TX 76542 Insurance Carriers and Related Activities Food Services and Drinking Places 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 Construction of Buildings Food Manufacturing Miscellaneous Manufacturing Wood Product Manufacturing Ambulatory Health Care Services Motor Vehicle and Parts Dealers Merchant Wholesalers, Nondurable Goods Social Assistance Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/31/2045 12/31/2030 12/31/2030 12/31/2045 12/31/2030 12/31/2030 12/31/2030 12/31/2045 12/30/2030 12/30/2030 12/30/2045 12/30/2030 1758 Emerson St., Denver, CO 80218 Administrative and Support Services Term Loan Prime plus 2.75% 12/30/2030 F-235 See accompanying notes to consolidated financial statements. 242.0 121.9 21.1 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 81.5 931.1 242.0 121.9 21.1 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 81.5 931.1 250.9 112.6 17.8 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 0.08 % 0.04 % 0.01 % — % 0.10 % 0.01 % — % 0.05 % 0.01 % 0.13 % 0.02 % 0.18 % 0.03 % 0.22 % 0.15 % — % 0.06 % 0.07 % 0.26 % 0.09 % 0.02 % 0.25 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) 775 Centre of New England Blvd, Coventry, RI 02816 850 Twixt Town Rd NE, Cedar Rapids, IA 52402 Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2045 447.2 447.2 504.9 Term Loan Prime plus 2.75% 12/30/2030 1,163.9 1,163.9 1,088.3 Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Ambulatory Health Care Services 501 N Wymore Rd, Winter Park, FL 32789 Administrative and Support Services 1260 W Mission Ave, Escondido, CA 92029 Personal and Laundry Services 22 W West Hill Rd, Barkhamsted, CT 06063 Miscellaneous Manufacturing 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 Merchant Wholesalers, Durable Goods 5631 Silverado Way, Anchorage, AK 99518 Rental and Leasing Services 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 Merchant Wholesalers, Nondurable Goods 4706 Fenlee Ave., Royal Oak, MI 48073 4035 E Post Rd, Las Vegas, NV 89120 Ambulatory Health Care Services Professional, Scientific, and Technical Services Repair and Maintenance Specialty Trade Contractors 212 Greenwood St., La Grande, OR 97850 Merchant Wholesalers, Durable Goods 2107 Veterans Memorial Blvd, Metaire, LA 70002 Insurance Carriers and Related Activities Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/30/2030 3/30/2031 12/30/2030 12/30/2030 12/30/2030 12/30/2045 12/30/2030 12/30/2045 12/30/2030 Term Loan Prime plus 2.75% 12/30/2045 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/30/2030 12/29/2030 12/29/2045 12/29/2030 Term Loan Prime plus 2.75% 12/28/2030 Term Loan Prime plus 2.75% 12/24/2030 101 Dallas St., Talihima, OK 74571 4724 Poleplant Dr, Colorado Springs, CO 80918 27727 Dalton Bluff Court, Katy, TX 77494 Food and Beverage Stores Term Loan Prime plus 6.5% 12/23/2030 Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/23/2030 Term Loan Prime plus 6.5% 12/23/2030 F-236 See accompanying notes to consolidated financial statements. 372.4 96.7 349.2 243.0 1,151.8 140.7 41.2 143.4 392.2 414.9 108.5 173.3 338.1 93.1 133.8 7.0 11.8 15.1 11.8 372.4 96.7 349.2 243.0 1,151.8 140.7 41.2 143.4 392.2 414.9 108.5 173.3 338.1 93.1 133.8 7.0 11.8 15.1 11.8 390.1 86.9 348.6 204.9 1,047.8 158.8 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 0.16 % 0.35 % 0.13 % 0.03 % 0.11 % 0.07 % 0.34 % 0.05 % 0.01 % 0.05 % 0.11 % 0.15 % 0.03 % 0.05 % 0.11 % 0.03 % 0.04 % — % — % — % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC UBIF 86 CO dba UBREAKIFIX Chris' Angels Cleaning Service LLC KCL Business Service Inc. 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 (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Educational Services 1644 Main St. Ste 1, Columbia, SC 29201 1539 Town Center Dr, Lakeland, FL 33803 Repair and Maintenance 2090 Dunwoody Club Dr, Sandy Springs, GA 30350 1042 San Fernando Rd., San Fernando, CA 91340 111 Brentwood Dr, College Station, TX 77840 11851 Wentling Ave, Baton Rouge, LA 70816 Repair and Maintenance Administrative and Support Services Performing Arts, Spectator Sports, and Related Industries 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 Term Loan Prime plus Prime plus Term Loan Prime plus Term Loan Prime plus 2.75% 2.75% 6.5% 6.5% 12/23/2030 12/23/2030 12/23/2030 12/23/2030 Term Loan Prime plus 2.75% 12/23/2030 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 Term Loan Prime plus Prime plus 2.75% 2.75% 12/18/2045 12/18/2030 Term Loan Prime plus 2.75% 12/18/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2030 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 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 3100 Delaware Ave, Des Moines, IA 50313 1440 W Taylor St Unit 595, Chicago, IL 60607 1145 13th Ave East, Palmetto, FL 34221 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/18/2030 F-237 See accompanying notes to consolidated financial statements. 541.7 53.3 11.8 11.8 56.9 110.7 57.8 203.7 4.0 721.6 358.5 7.8 43.0 78.7 253.1 11.2 93.1 221.3 14.0 199.2 541.7 53.3 11.8 11.8 56.9 110.7 57.8 203.7 4.0 721.6 358.5 7.8 43.0 78.7 253.1 11.2 93.1 221.3 14.0 199.2 481.9 44.8 11.3 11.3 49.7 124.9 65.2 171.3 3.8 638.9 380.7 6.9 47.6 87.1 229.0 9.4 78.3 240.0 14.6 167.6 0.16 % 0.01 % — % — % 0.02 % 0.04 % 0.02 % 0.06 % — % 0.21 % 0.12 % — % 0.02 % 0.03 % 0.07 % — % 0.03 % 0.08 % — % 0.05 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Tahzoo LLC Splashlight Photographic & Digital Studios LLC ,Splashlight Technologi Last Touch LLC People United of Louisiana LLC 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 (#,^) 1015 7th St. NW, Washington, DC 20001 75 Varick St, 3rd Floor, New York, NY 10013 927 E 10th St, Fairmont, MN 56031 1401 Hudson Lane, Monroe, LA 71201 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 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Building Material and Garden Equipment and Supplies Dealers Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/18/2030 722.5 722.5 Term Loan Prime plus 2.75% 12/18/2030 1,163.9 1,163.9 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/18/2045 12/18/2030 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/18/2030 Social Assistance Term Loan Prime plus 2.75% 12/18/2045 50.9 139.7 66.4 113.1 50.9 139.7 66.4 113.1 609.3 979.0 57.5 124.0 64.2 122.3 Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2030 Term Loan Prime plus 2.75% 12/18/2030 1,163.9 1,163.9 1,027.8 Publishing Industries (except Internet) Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/18/2030 12/17/2045 7.0 7.0 14.8 7.0 7.0 14.8 5.9 5.9 15.7 Nonstore Retailers Term Loan Prime plus 2.75% 12/17/2030 232.8 232.8 195.8 Educational Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 6.5% 12/16/2030 Administrative and Support Services Term Loan Prime plus 2.75% 12/16/2030 Gasoline Stations Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Motion Picture and Sound Recording Industries Specialty Trade Contractors Term Loan Prime plus 6.5% 12/16/2030 Term Loan Prime plus 2.75% 12/16/2030 Term Loan Prime plus 2.75% 12/16/2030 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/15/2030 12/14/2030 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/14/2030 Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2030 Term Loan Prime plus 2.75% 12/14/2045 F-238 See accompanying notes to consolidated financial statements. 11.8 11.8 20.9 11.8 162.9 79.1 14.0 349.2 58.2 7.0 41.6 11.8 11.8 20.9 11.8 162.9 79.1 14.0 349.2 58.2 7.0 41.6 11.3 11.3 17.6 11.3 137.1 66.6 12.2 336.4 49.0 6.2 46.3 0.20 % 0.32 % 0.02 % 0.04 % 0.02 % 0.04 % 0.33 % — % — % 0.01 % 0.06 % — % — % 0.01 % — % 0.04 % 0.02 % — % 0.11 % 0.02 % — % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Aeromax Industries Inc Droplette Marketing Co Donald W. Harris dba Bowman Creek Mini Storage Shattered Prism LLC TJ Pant LLC and Tailored Cartage LLC 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 (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) 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 25993 US 12, Sturgis, MI 49091 2741 Raceway Fairfield West, Pensacola, FL 32503 4 Shadow Lane, Woodbury, NY 11797 69 Teahouse St, Las Vegas, NV 89138 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/14/2030 162.9 162.9 137.1 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2030 Warehousing and Storage Motion Picture and Sound Recording Industries Truck Transportation Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 12/11/2030 12/11/2030 12/11/2030 Food Services and Drinking Places Term Loan Prime plus 6.5% 12/11/2030 6.3 11.8 7.0 80.3 11.8 6.3 11.8 7.0 80.3 11.8 5.7 11.3 7.3 79.0 11.3 Health and Personal Care Stores Telecommunications Sporting Goods, Hobby, Musical Instrument, and Book Stores Specialty Trade Contractors Personal and Laundry Services Real Estate 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 Nonstore Retailers 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 Repair and Maintenance Food Services and Drinking Places 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 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/11/2030 12/10/2030 20.9 1,126.2 20.9 1,126.2 18.1 1,033.1 Term Loan Prime plus 2.75% 12/10/2030 1,071.2 1,071.2 1,038.5 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/10/2045 12/10/2045 Term Loan Prime plus 2.75% 12/9/2030 Term Loan Prime plus 2.75% 12/9/2030 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/9/2030 12/8/2030 12/7/2030 229.2 63.9 69.8 41.9 41.9 46.6 11.2 229.2 63.9 69.8 41.9 41.9 46.6 11.2 238.4 72.2 73.0 35.3 35.2 39.2 9.4 Term Loan Prime plus 2.75% 12/7/2030 158.3 158.3 165.5 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 12/4/2030 12/4/2030 12/4/2045 Term Loan Prime plus 6.5% 12/4/2030 4.7 46.6 66.4 5.2 4.7 46.6 66.4 5.2 4.5 39.2 75.0 5.0 0.04 % — % — % — % 0.03 % — % 0.01 % 0.33 % 0.34 % 0.08 % 0.02 % 0.02 % 0.01 % 0.01 % 0.01 % — % 0.05 % — % 0.01 % 0.02 % — % F-239 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) 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 125 Main St. 2nd Floor, Reading, MA 01867 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 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/4/2030 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 Real Estate Term Loan Prime plus 2.75% 11/30/2030 7417 Dover Lane, Parma, OH 44130 350 10th Ave,Ste 1000, San Diego, CA 92101 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2030 Term Loan Prime plus 2.75% 11/27/2030 Merchant Wholesalers, Durable Goods Merchant Wholesalers, Nondurable Goods 14a Craig Rd, Acton, MA 01720 630 James Lee Dr NW, Suwanee, GA 30024 1055 Virginia Ave, North Bend, OR 97459 Food Services and Drinking Places 7512 Dr. Phillip Blvd, Orlando, FL 32819 Merchant Wholesalers, Nondurable Goods 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 Printing and Related Support Activities Food and Beverage Stores Food and Beverage Stores Repair and Maintenance Social Assistance Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services 3325 Highland St., Grove City, OH 43123 4725 Morgan Territory Rd, Clayton, CA 94517 Term Loan Prime plus 2.75% 11/27/2030 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 11/25/2030 11/25/2030 11/24/2030 Term Loan Prime plus 2.75% 11/24/2030 Term Loan Prime plus 6.5% 11/24/2030 Term Loan Prime plus 2.75% 11/24/2030 Term Loan Prime plus 2.75% 11/20/2030 Term Loan Prime plus 6.5% 11/19/2030 Term Loan Prime plus 2.75% 11/18/2030 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/18/2030 F-240 See accompanying notes to consolidated financial statements. 6.4 665.1 20.9 116.9 4.9 11.8 20.8 20.8 17.3 37.0 69.3 10.4 11.7 6.9 11.7 85.7 13.6 11.7 6.4 665.1 20.9 116.9 4.9 11.8 20.8 20.8 17.3 37.0 69.3 10.4 11.7 6.9 11.7 85.7 13.6 11.7 5.4 695.4 17.6 98.3 4.6 11.3 17.6 18.7 14.7 31.4 58.3 10.9 11.2 5.8 11.2 72.6 11.4 11.2 16.1 72.8 16.1 72.8 13.5 61.3 — % 0.22 % 0.01 % 0.03 % — % — % 0.01 % 0.01 % — % 0.01 % 0.02 % — % — % — % — % 0.02 % — % — % 0.11 % — % 0.02 % Term Loan Prime plus 2.75% 11/19/2045 294.6 294.6 332.6 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2525 Pointe Center Court, Ste 200, Dumfries, VA 22026 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/17/2030 Transportation Equipment Manufacturing Printing and Related Support Activities 386 Squire Rd, Revere, MA 02151 2218 Marine View Dr, Tacoma, WA 98422 1071 Serpentine Lane, Pleasanton, CA 94566 8712 60th Terrace South, Lake Worth, FL 33467 36 Seitz Terrace, Arlington, NY 12603 2018 24th Ave, Meridian, MS 39301 15212 Hanover Pike, Upperco, MD 21155 Health and Personal Care Stores Administrative and Support Services Administrative and Support Services Personal and Laundry Services Administrative and Support Services 3875 Fay Blvd, Cocoa, FL 32927 2471 N Geneva Terrace, Chicago, IL 60614 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 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 Clothing and Clothing Accessories Stores 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 Specialty Trade Contractors Food Services and Drinking Places Textile Product Mills Merchant Wholesalers, Durable Goods Food Services and Drinking Places Construction of Buildings Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/10/2045 Term Loan Prime plus 2.75% 11/9/2030 Term Loan Prime plus 2.75% 11/4/2030 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 11/4/2030 10/29/2030 10/15/2045 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 Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/25/2045 9/25/2045 9/25/2030 Term Loan Prime plus 2.75% 9/25/2030 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 Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 8/28/2030 4/6/2045 4/6/2030 F-241 See accompanying notes to consolidated financial statements. 101.2 197.3 369.9 192.2 48.6 35.6 10.3 88.3 17.5 68.9 671.1 73.4 1,063.8 68.4 45.6 341.9 137.8 56.2 166.3 95.7 658.5 101.2 197.3 369.9 192.2 48.6 35.6 10.3 88.3 17.5 68.9 671.1 73.4 1,063.8 68.4 45.6 341.9 137.8 56.2 166.3 95.7 658.5 85.2 216.9 386.7 200.9 42.7 30.5 11.1 95.7 14.9 72.0 572.6 82.9 1,195.8 59.0 38.6 333.8 120.5 60.5 139.6 108.1 605.5 0.03 % 0.07 % 0.13 % 0.06 % 0.01 % 0.01 % — % 0.03 % — % 0.02 % 0.19 % 0.03 % 0.39 % 0.02 % 0.01 % 0.11 % 0.04 % 0.02 % 0.05 % 0.03 % 0.20 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 10105 Airport Way, Snohomish, WA 98296 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2045 10105 Airport Way, Snohomish, WA 98296 Electronics and Appliance Stores 458 Schuylkill Rd, Phoenixville, PA 19460 Repair and Maintenance 6029 Berkshire Lane, Dallas, TX 75225 2036 US Hwy 93 North, Victor, MT 59875 Wood Product Manufacturing Support Activities for Mining 112 Forrest Rd, Morgan City, LA 70380 Ambulatory Health Care Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 4/3/2030 4/2/2030 4/1/2045 3/31/2045 3/30/2030 1714 E Oakton St, Des Plaines, IL 60018 Repair and Maintenance Term Loan Prime plus 2.75% 3/27/2045 6470 State St., Saginaw, MI 48603 575 Harkrider St., Conway, AR 72032 18121 Tuckerton Rd, Ste 130, Cypress, TX 77433 Rental and Leasing Services Real Estate Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/27/2030 3/26/2030 Personal and Laundry Services Term Loan Prime plus 2.75% 6/20/2030 831 Richie Hwy, Severna Park, MD 21146 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/20/2030 4810 Vicksburg St., Dallas, TX 75207 2511 S Jefferson Ave, St. Louis, MO 63104 Food Services and Drinking Places Specialty Trade Contractors 192 E Main St, Mansfield, OH 44904 668 Elm St., Tionesta, PA 16353 8900 Strengh Ave, New Port Richie, FL 34655 Food Services and Drinking Places Merchant Wholesalers, Durable Goods Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/19/2045 3/17/2030 3/17/2045 3/17/2030 Term Loan Prime plus 2.75% 6/16/2030 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 Merchant Wholesalers, Durable Goods Personal and Laundry Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/13/2045 3/13/2030 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/13/2030 Truck Transportation Term Loan Prime plus 2.75% 3/13/2045 73 Taylor Rd, Wharton, NJ 07885 630 S 1st St, San Jose, CA 95113 Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2045 Term Loan Prime plus 2.75% 3/13/2030 F-242 See accompanying notes to consolidated financial statements. 815.0 295.5 38.0 856.3 354.8 326.6 145.3 19.6 43.6 11.8 464.6 291.0 3.9 222.3 65.3 50.1 1,235.0 121.1 12.8 738.6 512.9 313.2 815.0 295.5 38.0 856.3 354.8 326.6 145.3 19.6 43.6 11.8 464.6 291.0 3.9 222.3 65.3 50.1 1,235.0 121.1 12.8 738.6 512.9 313.2 899.9 270.7 35.5 954.0 400.5 311.2 164.0 17.9 39.8 10.8 490.0 318.1 3.8 250.9 68.9 47.5 1,394.4 115.6 11.7 833.9 568.2 330.4 0.29 % 0.09 % 0.01 % 0.31 % 0.13 % 0.10 % 0.05 % 0.01 % 0.01 % — % 0.16 % 0.10 % — % 0.08 % 0.02 % 0.02 % 0.45 % 0.04 % — % 0.27 % 0.18 % 0.11 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#,^) 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Computer and Electronic Product Manufacturing Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/13/2030 Term Loan Prime plus 2.75% 3/12/2030 Nonstore Retailers Administrative and Support Services Merchant Wholesalers, Durable Goods Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 3/11/2030 3/10/2045 3/10/2030 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers 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 Term Loan Prime plus 2.75% 3/6/2030 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/5/2030 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/4/2030 1544 Lane Park Cut off, Tavares, FL 32778 Personal and Laundry Services Term Loan Prime plus 2.75% 3/3/2031 Educational Services Term Loan Prime plus 2.75% 3/2/2030 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 Food Services and Drinking Places Couriers and Messengers Specialty Trade Contractors 6938 Westover St., Houston, TX 77087 1643 NW Dove Ct, Stuart, FL 34994 Personal and Laundry Services Construction of Buildings Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2/28/2045 2/28/2030 2/27/2030 2/27/2045 2/27/2030 F-243 See accompanying notes to consolidated financial statements. 108.9 130.7 493.3 93.1 49.0 31.9 122.0 310.0 337.5 108.9 57.8 65.3 20.2 257.9 44.9 441.0 73.2 9.1 78.3 17.9 108.9 130.7 493.3 93.1 49.0 31.9 122.0 310.0 337.5 108.9 57.8 65.3 20.2 257.9 44.9 441.0 73.2 9.1 78.3 17.9 114.8 119.5 508.0 104.1 44.8 29.2 124.9 344.1 308.5 99.5 57.6 60.4 21.4 274.1 41.3 497.9 67.0 8.3 88.3 17.3 0.04 % 0.04 % 0.16 % 0.03 % 0.01 % 0.01 % 0.04 % 0.11 % 0.10 % 0.03 % 0.02 % 0.02 % 0.01 % 0.09 % 0.01 % 0.16 % 0.02 % — % 0.03 % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#) 7215 Waelti Dr, 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 Dr, Rockledge, FL 32955 Shaw, Ltd dba Fitness 1440 North Coventry (#,^) 54-58 Glocker Way, Pottstown, PA 19465 Red Rock Government Serviice, LLC Damiano Global Corp. Fortson Janitorial Inc 2'N1 Home and lawn LLC dba N1 Home an Lawn LLC (#,^) (#,^) (#,^) (#) 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 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 Truck Transportation 197 Ewell Rd, Williamsburg, VA 23188 Food and Beverage Stores Food and Beverage Stores Administrative and Support Services Support Activities for Transportation Social Assistance Personal and Laundry Services Term Loan Prime plus 2.75% 2/26/2030 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/26/2030 2/25/2045 2/21/2030 2/21/2030 2/21/2045 5/21/2046 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/19/2030 Social Assistance Term Loan Prime plus 2.75% 2/17/2045 Merchant Wholesalers, Durable Goods Support Activities for Transportation Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 2/14/2030 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 Nonstore Retailers Term Loan Prime plus 2.75% 2/5/2045 (#,^) (#,^) 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 (#,^) (#,^) (#,^) 9980 Dell Rd, Eden Prairie, MN 55347 8 Campus Dr. Ste 105, Parsippany, NJ 07054 Real Estate Administrative and Support Services Waste Management and Remediation Services 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 Printing and Related Support Activities Ambulatory Health Care Services Rental and Leasing Services Food Services and Drinking Places Term Loan Prime plus 6.5% 2/3/2030 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 1/31/2030 7/30/2030 1/30/2045 1/30/2030 1/30/2045 1/29/2030 F-244 See accompanying notes to consolidated financial statements. 52.2 43.1 21.5 11.0 64.7 374.1 393.6 17.2 45.7 431.2 11.0 52.4 22.5 43.1 103.9 11.1 76.8 166.0 305.9 36.0 269.6 90.5 52.2 43.1 21.5 11.0 64.7 374.1 393.6 17.2 45.7 431.2 11.0 52.4 22.5 43.1 103.9 11.1 76.8 166.0 305.9 36.0 269.6 90.5 49.1 45.5 24.2 10.1 59.2 406.7 439.0 15.7 50.3 394.2 11.4 49.8 23.7 39.4 117.3 11.5 70.2 152.4 334.9 32.9 298.9 82.8 0.02 % 0.01 % 0.01 % — % 0.02 % 0.13 % 0.14 % 0.01 % 0.02 % 0.13 % — % 0.02 % 0.01 % 0.01 % 0.04 % — % 0.02 % 0.05 % 0.11 % 0.01 % 0.10 % 0.03 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Apparel Manufacturing 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% 1/27/2030 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 1/24/2030 1/23/2045 1/23/2030 1/22/2030 5/21/2030 1/17/2030 33.8 18.0 289.5 192.6 19.3 8.0 19.3 33.8 18.0 289.5 192.6 19.3 8.0 19.3 32.7 16.4 320.7 176.1 17.7 7.8 18.4 Social Assistance Term Loan Prime plus 2.75% 1/16/2045 162.0 162.0 179.8 357 Dayton Valley Rd, Dayton, NV 89403 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 Truck Transportation 2809 W. Atkinson Ave, Milwaukee, WI 53209 983 12th St., Vero Beach, FL 32960 524 Sackett St., Brooklyn, NY 11217 1001 Sacramento Ave, West Sacramento, CA 95605 Construction of Buildings Ambulatory Health Care Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/10/2030 1/10/2030 Ambulatory Health Care Services Professional, Scientific, and Technical Services Administrative and Support Services Food Services and Drinking Places Food Services and Drinking Places Furniture and Home Furnishings Stores Social Assistance Printing and Related Support Activities Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/10/2030 Term Loan Prime plus 2.75% 1/9/2030 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/31/2029 12/31/2044 12/31/2044 12/30/2029 12/30/2029 12/30/2044 12/30/2044 Term Loan Prime plus 2.75% 12/30/2029 Gasoline Stations Term Loan Prime plus 2.75% 12/30/2044 F-245 See accompanying notes to consolidated financial statements. 0.01 % 0.01 % 0.10 % 0.06 % 0.01 % — % 0.01 % 0.06 % 0.01 % 0.02 % 0.02 % — % 0.14 % 0.09 % 0.10 % 0.04 % 0.01 % 0.02 % 0.27 % 0.07 % 0.08 % 31.3 74.9 53.5 4.1 482.1 247.8 277.1 109.4 42.0 41.4 760.1 221.1 233.2 31.3 74.9 53.5 4.1 482.1 247.8 277.1 109.4 42.0 41.4 760.1 221.1 233.2 28.6 68.5 48.9 3.9 440.7 279.7 310.5 115.4 40.5 46.8 826.4 220.4 257.4 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 American Landscaping Company (#,^) (#,^) (#,^) (#,^) (#,^) 313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge 313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge 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 (#,^) (#,^) (#,^) (#,^) 22940 Harlan Ln, St. Robert, MO 65584 Amusement, Gambling, and Recreation Industries 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 6151 S St., Anchorage, AK 99518 25150 W Warren Ave., Dearborn Heights, MI 48127 25150 W Warren Ave., Dearborn Heights, MI 48127 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 Term Loan Prime plus Prime plus 2.75% 2.75% 12/27/2029 12/27/2029 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers Ambulatory Health Care Services Professional, Scientific, and Technical Services Administrative and Support Services Personal and Laundry Services 6151 A St., Anchorage, AK 99518 1865 Wayzata Blvd, Long Lake, MN 55356 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 Telecommunications 219 NE 3rd St., Hallendale Beach, FL 33009 1451 Coral Ridge Ave, Coralville, IA 52241 Food Services and Drinking Places Food Services and Drinking Places 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 Term Loan Prime plus 2.75% 12/27/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/27/2044 12/27/2029 Term Loan Prime plus 2.75% 4/26/2030 Term Loan Prime plus 2.75% 12/26/2029 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 Term Loan Prime plus 2.75% 12/24/2029 Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/24/2029 12/24/2029 F-246 See accompanying notes to consolidated financial statements. 95.6 116.8 956.9 158.2 261.4 216.7 137.6 623.2 53.1 117.0 39.7 137.3 96.4 445.2 404.7 95.7 225.7 6.4 470.5 95.6 116.8 956.9 158.2 261.4 216.7 137.6 623.2 53.1 117.0 39.7 137.3 96.4 445.2 404.7 95.7 225.7 6.4 470.5 100.8 115.6 877.9 149.7 266.4 244.7 132.3 703.6 53.6 129.2 36.2 155.0 108.8 406.1 383.0 89.0 221.8 5.8 429.2 0.03 % 0.04 % 0.28 % 0.05 % 0.09 % 0.08 % 0.04 % 0.23 % 0.02 % 0.04 % 0.01 % 0.05 % 0.04 % 0.13 % 0.12 % 0.03 % 0.07 % — % 0.14 % Portfolio Company 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) 2301 N Marginal Rd, Cleveland, OH 44114 512 E 11th St, Houston, TX 77008 901 Lily Creek Rd, Ste 102, Louisville, KY 40243 Air Transportation Term Loan Prime plus 2.75% 12/23/2029 Real Estate Term Loan Prime plus 2.75% 12/23/2044 Rental and Leasing Services Professional, Scientific, and Technical Services Personal and Laundry Services 6487 Taft St., Hollywood, FL 33024 706 W. 34th St., Austin, TX 78705 215 S Persimmon St, Tomball, TX 77375 Heavy and Civil Engineering Construction 200 N Furnace St, Birdsboro, PA 19508 9357 S.W. 40th St., Miami, FL 33165 Administrative and Support Services Miscellaneous Store Retailers Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/23/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6.5% 12/20/2029 12/20/2029 12/20/2044 12/20/2044 12/20/2029 Term Loan Prime plus 2.75% 12/20/2044 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 364 Rugby Rd, Cedarhurst, NY 11516 Accommodation Term Loan Prime plus 2.75% 11/19/2045 Accommodation Professional, Scientific, and Technical Services Repair and Maintenance Term Loan Prime plus 2.75% 12/19/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/19/2029 12/19/2029 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/19/2029 Real Estate Amusement, Gambling, and Recreation Industries Social Assistance Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/18/2029 12/18/2029 Term Loan Prime plus 6.5% 12/17/2029 Premier Gaming Solutions Inc (#,^) The Burlington Academy of Learning LLC (#,^) 17 South Grand Ave, Pasadena, CA 91105 10 Covey Rd, Burlington, CT 06013 SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) 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 (#) (#,^) (#,^) (#,^) 416.7 322.3 567.7 11.5 16.1 888.1 310.8 11.0 617.8 83.8 383.6 53.1 17.9 273.8 140.9 9.6 45.4 10.9 416.7 322.3 567.7 11.5 16.1 888.1 310.8 11.0 617.8 83.8 383.6 53.1 17.9 273.8 140.9 9.6 45.4 10.9 393.9 363.9 518.5 12.1 14.6 959.9 339.2 11.3 697.5 94.6 433.1 52.3 17.3 259.6 159.1 10.1 47.8 11.2 0.13 % 0.12 % 0.17 % — % — % 0.31 % 0.11 % — % 0.23 % 0.03 % 0.14 % 0.02 % 0.01 % 0.08 % 0.05 % — % 0.02 % — % 0.11 % 0.42 % 0.06 % 350 Mc Donnell St, Lewisville, TX 75057 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2044 302.0 302.0 340.9 7938 Wright Rd, Houston, TX 77041 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/16/2044 1,146.8 1,146.8 1,294.8 350 Mc Donnell St, Lewisville, TX 75057 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2029 176.5 176.5 185.8 F-247 See accompanying notes to consolidated financial statements. Portfolio Company 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) Term Loan Prime plus 2.75% 12/16/2044 457.7 457.7 514.4 0.17 % SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#,^) (#,^) (#,^) (#,^) 461 G St., Los Banos, CA 93635 4100 W. Alameda Ave # 300, Burbank, CA 91505 Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 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 Rental and Leasing Services 42 Campeau Place, Bergenfield, NJ 07621 Educational Services Food Services and Drinking Places 23 Saybrook Rd, Essex, CT 06426 112 Orchard St., Stamford, CT 06902 1000 Settlers Landing Court, Wake Forest, NC 27587 2141 E Anderson St, Stockton, CA 95205 223 Ave B, Snohomish, WA 98290 7473 Reese Rd #2, Sacramento, CA 95828 Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Furniture and Home Furnishings Stores Amusement, Gambling, and Recreation Industries Fabricated Metal Product Manufacturing Personal and Laundry Services Professional, Scientific, and Technical Services 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 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/13/2029 12/13/2029 12/13/2029 12/13/2029 12/13/2044 12/12/2029 12/12/2044 12/12/2044 Term Loan Prime plus 2.75% 12/12/2044 10904 Baltimore St NE, Blaine, MN 55449 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2029 5801 Cleveland Ave, Riverdale, MD 20737 Personal and Laundry Services 175 W Borgfeld Dr, San Antonio, TX 78260 134 Petaluma Blvd North, Petalumaca, CA 94952 1407 Lomaland Dr, El Paso, TX 79935 Food Services and Drinking Places Repair and Maintenance Specialty Trade Contractors 10 Tremont Rd, Tremont, PA 17981 16 Marble St., Worchester, MA 01603 Social Assistance Nursing and Residential Care Facilities Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/11/2044 Term Loan Prime plus 2.75% 12/11/2044 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/10/2029 12/10/2029 12/10/2044 12/9/2029 Term Loan Prime plus 6.5% 12/6/2029 F-248 See accompanying notes to consolidated financial statements. Scott's Hardware, Inc., dba Medford Inc (#) 200 Tuckerton Rd, Medford, NJ 08055 6.5 6.9 182.4 81.3 1,153.5 69.0 66.9 231.3 19.1 1,067.5 126.5 92.8 35.2 289.1 108.4 14.0 53.1 37.6 275.8 10.9 6.5 6.9 182.4 81.3 1,153.5 69.0 66.9 231.3 19.1 1,067.5 126.5 92.8 35.2 289.1 108.4 14.0 53.1 37.6 275.8 10.9 5.9 6.3 166.4 75.9 1,111.0 63.1 64.5 261.1 17.4 1,203.3 142.8 95.0 32.2 326.4 121.7 13.2 52.3 42.4 273.9 11.2 — % — % 0.05 % 0.02 % 0.36 % 0.02 % 0.02 % 0.08 % 0.01 % 0.39 % 0.05 % 0.03 % 0.01 % 0.11 % 0.04 % — % 0.02 % 0.01 % 0.09 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Fabricated Metal Product Manufacturing Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/6/2029 12/6/2044 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/6/2029 Truck Transportation Term Loan Prime plus 2.75% 12/6/2029 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 Management of Companies and Enterprises Term Loan Prime plus 2.75% 3/6/2030 Nonstore Retailers Administrative and Support Services Insurance Carriers and Related Activities 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 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 2.75% 12/6/2029 12/6/2029 12/5/2029 12/5/2029 12/5/2029 Term Loan Prime plus 2.75% 12/4/2029 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/3/2029 11/29/2029 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 102 W 73rd St., New York, NY 10023 5401 Mitchelldale St., Ste B4, Houston, TX 77092 Food Manufacturing Professional, Scientific, and Technical Services 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 Food Services and Drinking Places Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/27/2029 11/27/2029 Term Loan Prime plus 2.75% 11/27/2029 F-249 See accompanying notes to consolidated financial statements. 116.2 151.5 198.9 935.5 15.9 193.9 57.3 17.2 11.0 501.2 73.3 19.1 53.4 42.1 8.9 42.1 248.7 66.8 292.3 142.4 9.0 105.4 116.2 151.5 198.9 935.5 15.9 193.9 57.3 17.2 11.0 501.2 73.3 19.1 53.4 42.1 8.9 42.1 248.7 66.8 292.3 142.4 9.0 105.4 111.5 171.0 190.4 864.6 15.3 184.0 52.7 18.1 11.3 480.8 69.1 18.5 48.8 38.5 8.1 44.3 229.5 61.8 281.2 131.2 8.2 96.1 0.04 % 0.06 % 0.06 % 0.28 % — % 0.06 % 0.02 % 0.01 % — % 0.16 % 0.02 % 0.01 % 0.02 % 0.01 % — % 0.01 % 0.07 % 0.02 % 0.09 % 0.04 % — % 0.03 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) 9547 W Third St., Dayton, OH 45417 820 Prospect Hill Rd, Windsor, CT 06095 Merchant Wholesalers, Durable Goods 405 Broadway St., Muncy, PA 17756 101 San Patricio Ave, Ste 860, Guaynabo, PR 00968 Administrative and Support Services Other Information Services Construction of Buildings Truck Transportation 3716 Garman Rd, Salem, VA 24153 1969 Jericho Turnpike, East Northport, NY 11731 12646 S Springfield Ave, Alsip, IL 60803 Merchant Wholesalers, Nondurable Goods 1537 W 79th St, Chicago, IL 60620 15218 Penn Hills Lane, Houston, TX 77062 Nonstore Retailers 370 Lexington Ave Ste 1806, Manhattan, NY 10007 Professional, Scientific, and Technical Services Insurance Carriers and Related Activities Miscellaneous Store Retailers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/26/2029 11/26/2029 11/26/2029 Term Loan Prime plus 2.75% 11/25/2029 Term Loan Prime plus 2.75% 11/25/2029 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 11/22/2029 11/22/2044 11/22/2029 11/22/2029 Term Loan Prime plus 2.75% 11/22/2029 308 Glenwood Rd, Swainsboro, GA 30401 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2044 Merchant Wholesalers, Nondurable Goods 610 East Main St., Swainsboro, GA 30401 Merchant Wholesalers, Durable Goods 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 Specialty Trade Contractors Construction of Buildings Construction of Buildings Merchant Wholesalers, Durable Goods Personal and Laundry Services Food Services and Drinking Places Food Services and Drinking Places 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 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 11/21/2029 11/21/2029 11/21/2029 11/20/2044 11/20/2029 11/20/2029 181 Shunpike Rd, Cromwell, CT 06416 Social Assistance Term Loan Prime plus 2.75% 11/18/2029 1836 Kathleen Rd, Lakeland, FL 33805 Social Assistance Term Loan Prime plus 2.75% 11/18/2044 F-250 See accompanying notes to consolidated financial statements. 160.9 89.8 7.0 46.6 199.2 47.4 1,294.1 10.1 16.2 75.9 425.8 205.4 158.1 107.6 3.8 6.8 49.0 264.6 63.2 115.9 115.9 429.6 160.9 89.8 7.0 46.6 199.2 47.4 1,294.1 10.1 16.2 75.9 425.8 205.4 158.1 107.6 3.8 6.8 49.0 264.6 63.2 115.9 115.9 429.6 151.8 82.4 6.4 42.5 201.5 43.4 1,461.0 10.6 16.0 73.5 448.5 201.7 144.2 98.9 4.0 6.6 44.7 298.8 64.1 110.7 105.7 480.6 0.05 % 0.03 % — % 0.01 % 0.07 % 0.01 % 0.47 % — % 0.01 % 0.02 % 0.15 % 0.07 % 0.05 % 0.03 % — % — % 0.01 % 0.10 % 0.02 % 0.04 % 0.03 % 0.16 % Portfolio Company 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) Specialty Trade Contractors Term Loan Prime plus 2.75% 11/15/2029 162.3 162.3 SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) 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 (#,^) (#,^) (#,^) (#,^) (#,^) 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 1111 E Washington St, Stephenville, TX 76401 14901 Potomac Town Place,, Woodbridge, VA 22191 Administrative and Support Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries 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 Food Services and Drinking Places Nonstore Retailers Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 2/14/2030 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 Gasoline Stations Term Loan Prime plus 6.5% 11/14/2029 Term Loan Prime plus 2.75% 11/12/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 11/12/2029 908 S Jefferson St., Amarillo, TX 79101 Educational Services Term Loan Prime plus 2.75% 11/12/2029 1034 Hancock St., Sandusky, OH 44870 1101 Horizon Dr Ste 101, Fairfield, CA 94533 48267 Deer Trail Dr, Canton, MI 48187 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2044 Specialty Trade Contractors Electronics and Appliance Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/12/2044 11/12/2029 8072 State Rd 46 East, Nashville, TN 47448 Accommodation 327 Route 202/206, Bedminster Township, NJ 07921 486 Vance St, Forest City, NC 28043 Computer and Electronic Product Manufacturing Plastics and Rubber Products Manufacturing 1034 Hancock St., Sandusky, OH 44870 997 E Loop, Priest River, ID 83856 1452 Franklin Ave, Salem, OR 44460 Food Manufacturing Specialty Trade Contractors Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/12/2044 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 6/12/2046 1/12/2030 11/12/2029 11/8/2044 11/8/2029 F-251 See accompanying notes to consolidated financial statements. 69.8 97.5 37.6 57.8 10.8 6.7 42.2 10.8 105.4 46.9 326.0 390.9 60.1 7.0 105.1 274.0 319.1 446.3 48.1 66.5 69.8 97.5 37.6 57.8 10.8 6.7 42.2 10.8 105.4 46.9 326.0 390.9 60.1 7.0 105.1 274.0 319.1 446.3 48.1 66.5 161.9 78.8 107.3 34.4 54.1 11.1 6.1 44.4 11.1 110.5 43.0 316.4 441.3 67.9 6.3 116.4 309.3 309.8 453.9 54.3 61.1 0.05 % 0.03 % 0.03 % 0.01 % 0.02 % — % — % 0.01 % — % 0.04 % 0.01 % 0.10 % 0.14 % 0.02 % — % 0.04 % 0.10 % 0.10 % 0.15 % 0.02 % 0.02 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Real Estate Fishing, Hunting and Trapping Merchant Wholesalers, Nondurable Goods 304 Business Hwy 53, Minong, WI 54859 Motor Vehicle and Parts Dealers 304 Business Hwy 53, Minong, WI 54859 Motor Vehicle and Parts Dealers 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 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 Repair and Maintenance 4028 Coldwater Rd, Fort Wayne, IN 46805 Repair and Maintenance 314 Industrial Park Dr, Waynesville, NC 28786 50 Industrial Park Rd, Princeton, KY 42445 Truck Transportation Gasoline Stations Merchant Wholesalers, Durable Goods Food Services and Drinking Places Professional, Scientific, and Technical Services Construction of Buildings Gasoline Stations Specialty Trade Contractors Merchant Wholesalers, Nondurable Goods Food Services and Drinking Places Fishing, Hunting and Trapping 905 Savoy Rd, Youngsville, LA 70592 9912 Arizona Dr, Mohave Valley, AZ 86440 363 East Alondra Blvd, Gardena, CA 90248 50 Industrial Park Rd, Princeton, KY 42445 Truck Transportation Miscellaneous Store Retailers Food Services and Drinking Places Plastics and Rubber Products Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 11/7/2029 11/7/2044 Term Loan Prime plus 2.75% 10/31/2044 Term Loan Prime plus 2.75% 10/31/2044 Term Loan Prime plus 2.75% 10/31/2029 Term Loan 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 10/31/2044 10/31/2029 10/31/2029 10/31/2029 10/31/2044 10/31/2029 10/31/2044 10/31/2029 10/31/2029 10/31/2044 10/31/2044 10/31/2029 10/30/2029 Term Loan Prime plus 2.75% 10/30/2029 Term Loan Prime plus 2.75% 10/30/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/30/2029 10/30/2044 721.9 378.9 112.5 223.6 209.4 1,229.9 94.1 146.4 249.4 187.9 104.6 122.4 17.8 117.1 290.9 134.4 56.5 970.5 60.9 54.4 132.4 86.5 721.9 378.9 112.5 223.6 209.4 1,229.9 94.1 146.4 249.4 187.9 104.6 122.4 17.8 117.1 290.9 134.4 56.5 970.5 60.9 54.4 132.4 86.5 666.7 427.8 127.0 252.4 191.1 1,388.5 85.9 133.6 262.5 207.6 110.1 138.2 16.3 110.7 328.1 151.8 59.4 939.6 56.4 50.4 120.9 97.7 F-252 See accompanying notes to consolidated financial statements. % of Net Assets 0.22 % 0.14 % 0.04 % 0.08 % 0.06 % 0.45 % 0.03 % 0.04 % 0.08 % 0.07 % 0.04 % 0.04 % 0.01 % 0.04 % 0.11 % 0.05 % 0.02 % 0.30 % 0.02 % 0.02 % 0.04 % 0.03 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#) (#) (#,^) 23901 Calabasas Rd, Calabasas, CA 91302 Miscellaneous Store Retailers 17887 US-380, Ponder, TX 76259 2500 Plaza 5, Jersey City, NJ 07311 5300 S Orange Blossom Trail, Orlando, FL 32839 1644 Lebanon Rd, Lawrenceville, GA 30043 Ambulatory Health Care Services Motor Vehicle and Parts Dealers Professional, Scientific, and Technical Services Transit and Ground Passenger Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/30/2029 10/28/2029 Term Loan Prime plus 2.75% 10/28/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/28/2029 10/28/2044 6713 Biscay Hbr, San Antonio, TX 78249 7845 East Evans Rd . Ste A, Scottsdale, AZ 85260 475 Park Ave S, 25th Floor, New York, NY 10016 125 Westchester Ave, White Plains, NY 10601 3723 Far Niente Way, Sacramento, CA 95834 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 Nonstore Retailers Term Loan Prime plus 2.75% 10/28/2029 Machinery Manufacturing Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Term Loan Prime plus 2.75% 10/25/2029 Prime plus 2.75% 10/25/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/25/2029 Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Repair and Maintenance Repair and Maintenance Specialty Trade Contractors Ambulatory Health Care Services Specialty Trade Contractors 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 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 10/22/2029 10/18/2044 10/17/2029 10/17/2029 10/17/2029 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 Term Loan Prime plus 6.5% 10/16/2029 Machinery Manufacturing Beverage and Tobacco Product Manufacturing F-253 See accompanying notes to consolidated financial statements. 47.1 140.2 62.7 177.8 384.5 6.6 10.7 87.8 58.7 10.0 17.7 18.8 10.7 12.3 330.4 398.0 225.5 19.5 10.7 10.4 47.1 140.2 62.7 177.8 384.5 6.6 10.7 87.8 58.7 10.0 17.7 18.8 10.7 12.3 330.4 398.0 225.5 19.5 10.7 10.4 42.9 143.7 57.2 162.2 423.0 6.5 9.7 80.1 61.0 9.3 16.7 17.3 11.1 11.2 373.0 418.9 212.3 18.6 11.1 10.7 % of Net Assets 0.01 % 0.05 % 0.02 % 0.05 % 0.14 % — % — % 0.03 % 0.02 % — % 0.01 % 0.01 % — % — % 0.12 % 0.14 % 0.07 % 0.01 % — % — % Term Loan Prime plus 2.75% 2/11/2031 283.8 283.8 270.1 0.09 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) (#) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 107 Tabernacle Church Rd, Candor, NC 27229 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 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 Personal and Laundry Services Fabricated Metal Product Manufacturing Couriers and Messengers Social Assistance Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 10/11/2029 10/8/2029 10/4/2029 9/30/2029 17 David Blvd, Tampa, FL 33606 77 N Centre Ave, Rockville Centre, NY 11570 4127 NW 34th St., Gainesville, FL 32605 9468 American Eagle Way Ste 100, Orlando, FL 32837 2301 W. Buckeye Rd, Phoenix, AZ 85009 481 8th Ave Ste 1130, New York, NY 10001 19539 Hess Rd Ste Ste #101, Parker, CO 80134 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2044 Ambulatory Health Care Services Social Assistance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/30/2029 9/30/2044 Rental and Leasing Services Term Loan Prime plus 2.75% 9/30/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2044 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2029 Food Services and Drinking Places Waste Management and Remediation Services 1 Plainview Rd, Bethpage, NY 11714 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 Food Services and Drinking Places Food Services and Drinking Places 1101 River Rd, New Windsor, NY 12553 Repair and Maintenance 3790 Merrick Rd, Seaford, NY 11783 Food Services and Drinking Places Food Services and Drinking Places Nonstore Retailers Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 9/30/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/30/2029 9/30/2044 9/27/2029 9/27/2029 9/27/2044 9/27/2044 1715 N 1st St, Bloomfield, NM 87413 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 3721 North 162nd St., Garber, OK 73701 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2029 F-254 See accompanying notes to consolidated financial statements. 10.7 141.5 148.5 13.8 169.7 743.4 55.1 177.3 233.8 599.7 68.5 64.3 41.5 7.3 407.2 15.6 52.3 108.4 563.8 683.7 952.5 10.7 141.5 148.5 13.8 169.7 743.4 55.1 177.3 233.8 599.7 68.5 64.3 41.5 7.3 407.2 15.6 52.3 108.4 563.8 683.7 952.5 11.1 130.8 153.6 12.8 155.3 809.6 50.3 199.8 225.9 661.9 69.6 59.4 40.0 6.7 459.8 14.3 54.9 117.2 611.1 751.0 917.7 — % 0.04 % 0.05 % — % 0.05 % 0.26 % 0.02 % 0.06 % 0.07 % 0.21 % 0.02 % 0.02 % 0.01 % — % 0.15 % — % 0.02 % 0.04 % 0.20 % 0.24 % 0.30 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 500 West Silver Spring Dr, Ste K 200,, Glendale, WI 53217 206 Bell Lane, Ste B, West Monroe, LA 71291 Specialty Trade Contractors Repair and Maintenance Specialty Trade Contractors Miscellaneous Manufacturing Repair and Maintenance Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 9/27/2029 9/27/2029 9/27/2029 9/27/2044 9/27/2044 Furniture and Related Product Manufacturing 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 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 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Real Estate Professional, Scientific, and Technical Services Term Loan Prime plus Term Loan Prime plus 2.75% 2.75% 2.75% 2.75% 6.5% 6.5% 9/25/2029 9/25/2029 9/24/2029 9/20/2044 9/19/2029 9/18/2029 41.5 549.9 166.2 419.9 415.3 424.9 61.0 51.0 18.7 56.5 183.2 151.6 10.7 10.7 41.5 549.9 166.2 419.9 415.3 424.9 61.0 51.0 18.7 56.5 183.2 151.6 10.7 10.7 38.8 525.8 151.8 474.1 468.8 400.0 57.5 54.6 19.5 59.4 177.7 171.2 10.9 10.9 5617 Causeway Blvd, Tampa, FL 33619 Administrative and Support Services Term Loan Prime plus 2.75% 9/18/2044 500.9 500.9 549.6 876 Virginia Ave, Hapeville, GA 30354 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2029 1702 Fawn Gate St, San Antonio, TX 78248 Personal and Laundry Services 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 Ambulatory Health Care Services Rental and Leasing Services Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/17/2029 9/17/2029 9/16/2029 Term Loan Prime plus 2.75% 9/13/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/12/2029 7/12/2045 9.9 51.0 6.2 16.8 515.8 140.1 129.4 9.9 51.0 6.2 16.8 515.8 140.1 129.4 9.0 50.0 5.9 16.4 582.3 127.9 143.1 F-255 See accompanying notes to consolidated financial statements. 0.01 % 0.17 % 0.05 % 0.15 % 0.15 % 0.13 % 0.02 % 0.02 % 0.01 % 0.02 % 0.06 % 0.06 % — % — % 0.18 % — % 0.02 % — % 0.01 % 0.19 % 0.04 % 0.05 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 2970 Stonecrest Pass, Lithonia, GA 30038 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2044 Real Estate Term Loan Prime plus 2.75% 9/11/2044 Rental and Leasing Services Term Loan Prime plus 2.75% 9/11/2029 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/11/2029 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/11/2029 Term Loan Prime plus 2.75% 9/6/2029 Food Services and Drinking Places Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/5/2029 9/5/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 Personal and Laundry Services Food Services and Drinking Places Real Estate Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 8/30/2029 1/29/2030 8/29/2029 8/29/2044 361 Troy Ave, Brooklyn, NY 11213 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 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 Food and Beverage Stores Amusement, Gambling, and Recreation Industries Repair and Maintenance Couriers and Messengers Professional, Scientific, and Technical Services Specialty Trade Contractors Term Loan Prime plus 2.75% 8/29/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/29/2044 8/28/2029 Term Loan Prime plus 2.75% 8/28/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/28/2044 8/28/2029 Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2029 F-256 See accompanying notes to consolidated financial statements. 38.4 267.9 9.8 200.8 95.9 37.4 51.7 54.5 61.6 10.6 10.3 74.4 12.4 92.7 32.9 42.2 930.1 58.4 402.8 57.6 78.2 190.7 38.4 267.9 9.8 200.8 95.9 37.4 51.7 54.5 61.6 10.6 10.3 74.4 12.4 92.7 32.9 42.2 930.1 58.4 402.8 57.6 78.2 190.7 42.8 296.9 10.2 189.7 92.0 34.5 47.4 49.7 62.8 10.9 10.5 78.5 11.7 103.2 34.6 42.3 1,038.5 54.0 380.4 65.0 82.1 193.6 0.01 % 0.10 % — % 0.06 % 0.03 % 0.01 % 0.02 % 0.02 % 0.02 % — % — % 0.03 % — % 0.03 % 0.01 % 0.01 % 0.34 % 0.02 % 0.12 % 0.02 % 0.03 % 0.06 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/27/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/27/2044 Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/26/2029 Term Loan Prime plus 6.5% 8/26/2029 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/23/2029 Specialty Trade Contractors Truck Transportation Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 8/23/2029 8/23/2029 8/22/2029 1157 Main St., Clifton, NJ 07011 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/22/2029 Repair and Maintenance 20 Universal Place, Carlstadt, NJ 07072 15562 HWY-South, Whitehouse, TX 75791 Administrative and Support Services 14101 Main St., Ste 4101, Hesperia, CA 92345 305 W Main St., Mayo, FL 32066 2066 Route 112, Medford, NY 11763 Food Services and Drinking Places Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Specialty Trade Contractors Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 8/21/2029 8/21/2029 12/20/2029 8/20/2044 8/19/2029 8/15/2029 2/15/2031 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 Nonstore Retailers Term Loan Prime plus 2.75% 8/15/2029 Educational Services Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/14/2029 8/13/2029 Term Loan Prime plus 2.75% 3/9/2030 637 Boston Post Rd, Guilford, CT 06437 Food and Beverage Stores Term Loan Prime plus 2.75% 8/8/2029 F-257 See accompanying notes to consolidated financial statements. 80.2 44.2 18.5 2.8 73.2 9.3 42.3 14.9 61.2 159.6 77.5 19.0 11.8 139.0 84.5 111.4 87.5 14.2 12.1 149.5 16.2 80.2 44.2 18.5 2.8 73.2 9.3 42.3 14.9 61.2 159.6 77.5 19.0 11.8 139.0 84.5 111.4 87.5 14.2 12.1 149.5 16.2 77.8 49.9 16.9 2.8 76.9 8.6 44.4 15.7 59.4 159.7 81.4 17.7 13.3 146.0 84.0 103.5 83.5 13.0 11.0 142.5 14.8 0.03 % 0.02 % 0.01 % — % 0.02 % — % 0.01 % 0.01 % 0.02 % 0.05 % 0.03 % 0.01 % — % 0.05 % 0.03 % 0.03 % 0.03 % — % — % 0.05 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) A & S Services LLC dba Kona Ice of Troy (#) 3888 Lightner Rd, Vandalia, OH 45377 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 82555 Grass Flat Lane, Indio, CA 92203 695 Independence DrIive, Napoleon, OH 43545 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 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/7/2029 Term Loan Prime plus 2.75% 8/2/2029 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/2/2029 Air Transportation Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/31/2029 7/31/2044 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 Mining (except Oil and Gas) Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/31/2044 7/31/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 1850 Rochester Rd, Canadaigua, NY 14424 Merchant Wholesalers, Nondurable Goods 18350 Kedzie Ave Ste 204, Homewood, IL 60430 13373 Hwy 3235, Larose, LA 70373 Ambulatory Health Care Services Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/31/2029 7/30/2029 2565 E 17th St, Ammons, ID 83406 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 9027 Canoga Ave, Canoga Park, CA 91301 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 E 2947 H-44, Traunik, MI 49891 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 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2044 Nonstore Retailers Gasoline Stations Food Services and Drinking Places Real Estate Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 2.75% 7/30/2029 7/29/2044 7/26/2029 7/26/2029 Term Loan Prime plus 2.75% 7/26/2044 391.4 391.4 441.9 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/26/2029 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/25/2029 7.5 44.3 7.5 44.3 7.8 46.6 F-258 See accompanying notes to consolidated financial statements. 10.6 6.2 103.2 447.4 311.1 94.0 9.3 431.4 208.4 61.3 659.8 110.4 195.7 15.9 754.7 6.1 52.0 4.9 12.3 10.6 6.2 103.2 447.4 311.1 94.0 9.3 431.4 208.4 61.3 659.8 110.4 195.7 15.9 754.7 6.1 52.0 4.9 12.3 10.9 5.6 108.4 424.9 338.2 105.6 8.9 446.8 189.7 55.8 655.8 107.1 182.2 14.7 819.7 6.3 58.8 4.8 11.2 — % — % 0.04 % 0.14 % 0.11 % 0.03 % — % 0.14 % 0.06 % 0.02 % 0.21 % 0.03 % 0.06 % — % 0.27 % — % 0.02 % — % — % 0.14 % — % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 108.1 0.03 % 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 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 Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Credit Intermediation and Related Activities Professional, Scientific, and Technical Services Nonstore Retailers Educational Services Primary Metal Manufacturing Support Activities for Transportation Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2044 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 6.5% 2.75% 2.75% 2.75% 2.75% 7/19/2029 7/19/2029 7/19/2029 7/18/2029 7/18/2029 7/18/2029 7/17/2044 Term Loan Prime plus 2.75% 7/16/2044 Term Loan Prime plus 2.75% 7/16/2044 Personal and Laundry Services Term Loan Prime plus 2.75% 7/16/2044 Fabricated Metal Product Manufacturing Building Material and Garden Equipment and Supplies Dealers Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/12/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 6.5% 7/11/2044 7/10/2029 Couriers and Messengers Term Loan Prime plus 2.75% 7/10/2029 Clothing and Clothing Accessories Stores Food Services and Drinking Places Term Loan Term Loan Nonstore Retailers Administrative and Support Services Computer and Electronic Product Manufacturing Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 7/2/2029 6/28/2044 6/28/2029 6/28/2029 Term Loan Prime plus 2.75% 6/28/2044 Apparel Manufacturing Term Loan Prime plus 2.75% 6/28/2029 95.7 12.9 6.1 8.5 171.0 6.7 102.2 280.4 955.1 127.3 288.3 57.2 97.3 10.5 64.8 12.1 239.0 513.7 251.7 868.7 6.1 95.7 12.9 6.1 8.5 171.0 6.7 102.2 280.4 955.1 127.3 288.3 57.2 97.3 10.5 64.8 12.1 239.0 513.7 251.7 868.7 6.1 12.0 5.6 8.7 167.6 6.3 107.3 310.5 1,044.7 143.1 312.2 56.5 106.8 10.8 60.1 12.1 269.8 546.3 250.1 980.7 6.0 1085 Telegraph St, Reno, NV 89502 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2044 1,190.5 1,190.5 1,344.0 F-259 See accompanying notes to consolidated financial statements. — % — % — % 0.05 % — % 0.03 % 0.10 % 0.34 % 0.05 % 0.10 % 0.02 % 0.03 % — % 0.02 % — % 0.09 % 0.18 % 0.08 % 0.32 % — % 0.43 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Nursing and Residential Care Facilities 9130 Wayfarer Ln, Houston, TX 77075 Crop Production Clothing and Clothing Accessories Stores Food Services and Drinking Places Truck Transportation Fabricated Metal Product Manufacturing Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/28/2044 6/28/2029 6/28/2044 6/28/2029 6/27/2029 6/28/2029 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 1213 W Mallory Ave, Milwaukee, WI 53221 8101 Miller Rd 2, Houston, TX 77049 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2044 Ambulatory Health Care Services Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/28/2044 6/28/2044 Administrative and Support Services Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2029 Term Loan Prime plus 2.75% 6/27/2044 Term Loan Prime plus 2.75% 6/27/2029 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2029 3542 Glendale Ave, Toledo, OH 43614 1491 Hammond St., Bangor, ME 04401 Social Assistance Paper Manufacturing Support Activities for Transportation Support Activities for Mining Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6/26/2029 6/26/2044 6/26/2044 6/26/2044 2221 Pelham Pkwy, Pelham, AL 35124 1033 Cannon Bridge Rd, Cordova, SC 29039 1491 Hammond, Bangor, MA 04401 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/26/2029 Truck Transportation Paper Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/26/2029 12/26/2029 F-260 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 8.4 327.8 553.6 141.0 226.2 202.6 46.6 96.9 514.9 84.0 121.4 23.0 97.4 197.2 12.2 746.0 172.3 343.5 283.8 192.6 39.5 8.4 327.8 553.6 141.0 226.2 202.6 46.6 96.9 581.4 83.7 137.0 24.5 96.9 210.1 12.1 842.2 194.6 387.8 286.1 217.4 39.3 8.4 339.7 625.0 159.2 255.4 207.2 47.4 103.7 0.19 % 0.03 % 0.04 % 0.01 % 0.03 % 0.07 % — % 0.27 % 0.06 % 0.13 % 0.09 % 0.07 % 0.01 % — % 0.11 % 0.20 % 0.05 % 0.08 % 0.07 % 0.02 % 0.03 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. 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 (#,^) 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 Rental and Leasing Services Repair and Maintenance Repair and Maintenance Professional, Scientific, and Technical Services Repair and Maintenance Food Manufacturing Food Manufacturing 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 Personal and Laundry Services 3212 Alex Trask Dr, Castle Hayne, NC 28429 Repair and Maintenance 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 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 Educational Services Personal and Laundry Services Specialty Trade Contractors Educational Services Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Food Services and Drinking Places Specialty Trade Contractors Food Services and Drinking Places Administrative and Support Services Food Manufacturing Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/25/2029 6/25/2044 6/25/2029 Term Loan Prime plus 2.75% 6/25/2044 Term Loan Prime plus 2.75% 6/25/2044 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6.5% 2.75% 6.5% 2.75% 6/24/2029 6/24/2044 6/24/2029 6/21/2029 6/21/2029 6/21/2029 6/21/2044 Term Loan Prime plus 2.75% 12/21/2045 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/21/2029 6/20/2029 6/19/2029 6/19/2044 6/19/2029 6/19/2044 6/17/2029 501 Jackson St, Camden, NJ 08104 2001 W. Southlake Blvd Ste 143, Southlake, TX 76092 Food Manufacturing Term Loan Prime plus 2.75% 6/14/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/14/2029 F-261 See accompanying notes to consolidated financial statements. 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 58.1 6.1 66.9 174.0 251.5 87.5 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 58.1 6.1 66.9 174.0 251.5 87.5 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 65.6 6.5 75.5 185.4 257.8 88.4 0.01 % 0.03 % 0.03 % 0.17 % 0.05 % — % 0.07 % — % — % — % — % 0.03 % 0.09 % 0.02 % 0.02 % — % 0.02 % — % 0.02 % 0.06 % 0.08 % 0.03 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Morey Publishing LLC Martin Inventory Management, LLC SSD Designs, LLC Inside & Out Maintenance LLC Aspen Welding LLC AGR, Inc (#) (#,^) (#) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Food Services and Drinking Places Professional, Scientific, and Technical Services Truck Transportation Personal and Laundry Services 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 Nonstore Retailers 15825-15827 Hawthorne Blve, Lawndale, CA 90260 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 Merchant Wholesalers, Durable Goods Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Personal and Laundry Services 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% 6/14/2044 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 2.75% 6.5% 2.75% 6/13/2029 6/11/2029 6/10/2029 6/7/2029 Term Loan Prime plus 2.75% 6/7/2044 Term Loan Prime plus 2.75% 6/7/2029 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 2.75% 2.75% 6/6/2029 6/6/2029 6/5/2044 Term Loan Prime plus 2.75% 6/5/2029 Term Loan Prime plus 2.75% 6/4/2029 Term Loan Prime plus 2.75% 6/3/2029 1450 Oakbrook Dr, Norcross, GA 30093 1307 27th St. Apt B, North Bergen, NJ 07047 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 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2029 Truck Transportation Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Chemical Manufacturing Administrative and Support Services Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/31/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 5/31/2029 5/31/2029 5/30/2044 5/30/2029 5/30/2044 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2044 F-262 See accompanying notes to consolidated financial statements. 43.0 4.2 200.6 10.5 8.5 231.6 32.4 10.5 4.3 66.2 385.1 245.9 6.1 93.9 10.5 50.3 40.2 412.8 80.5 390.9 770.8 43.0 4.2 200.6 10.5 8.5 231.6 32.4 10.5 4.3 66.2 385.1 245.9 6.1 93.9 10.5 50.3 40.2 412.8 80.5 390.9 770.8 48.6 4.7 202.2 11.7 9.1 261.5 33.1 11.7 4.2 74.7 410.3 261.9 6.0 94.4 10.5 50.1 42.8 466.1 80.2 441.4 870.2 0.02 % — % 0.07 % — % — % 0.08 % 0.01 % — % — % 0.02 % 0.13 % 0.08 % — % 0.03 % — % 0.02 % 0.01 % 0.15 % 0.03 % 0.14 % 0.28 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Two Pie Lovers LLC dba Pizza Outpost The Lobster Pot Inc Aloha To Go LLC (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) NYM Solutions Inc.dba NYM Solutions, Inc (#) 7707 S IH 35 Frontage Rd #730, Austin, TX 78744 Food Services and Drinking Places Professional, Scientific, and Technical Services 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 Truck Transportation Food Services and Drinking Places Credit Intermediation and Related Activities 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 Repair and Maintenance Specialty Trade Contractors Professional, Scientific, and Technical Services Machinery Manufacturing Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries 365 Lowe's Dr, Ste H, Danville, VA 24540 Rental and Leasing Services 18 West Chestnut St.,Unit 2F, Chicago, IL 60610 1030 Gettysburg Ave, Clovis, CA 93161 Nonstore Retailers Truck Transportation 208 East Main St., Elma, WA 98541 6903 Lakegreen Ct, Louisville, KY 40291 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 Accommodation Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places 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 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 6.5% 2.75% 2.75% 6.5% 2.75% 8/24/2029 5/23/2029 5/23/2029 5/23/2029 5/23/2029 5/23/2044 Term Loan Prime plus 2.75% 5/22/2029 Term Loan Prime plus 2.75% 5/21/2029 Term Loan Prime plus 2.75% 5/17/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 5/17/2029 5/16/2029 5/16/2029 5/16/2029 5/10/2044 5/10/2044 11/9/2029 Accommodation Term Loan Prime plus 2.75% 5/17/2029 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 F-263 See accompanying notes to consolidated financial statements. 4.0 95.5 34.2 74.9 10.6 107.1 97.0 8.1 294.6 90.5 16.3 205.4 348.9 212.3 209.8 15.1 2.7 41.7 353.3 12.4 10.4 4.0 95.5 34.2 74.9 10.6 107.1 97.0 8.1 294.6 90.5 16.3 205.4 348.9 212.3 209.8 15.1 2.7 41.7 353.3 12.4 10.4 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 47.1 398.9 12.4 11.6 — % 0.03 % 0.01 % 0.02 % — % 0.04 % 0.03 % — % 0.11 % 0.03 % 0.01 % 0.07 % 0.11 % 0.07 % 0.07 % 0.01 % — % 0.02 % 0.13 % — % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Expert Building Services LLC Modern Demo & Services LLC Rello, Inc. dba ID Salon Pranamji Inc dba Ohara's Beverage Spot (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#) (#,^) 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 74 Roosevelt St., Pequannock Township, NJ 07440 10161 W Park Run Dr, Las Vegas, NV 89145 8063 Jericho Turnpike, Woodbury, NY 11797 2300 Levit Rd, Lorain, OH 44052 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/6/2029 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/3/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/3/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/3/2029 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 5/3/2044 Educational Services Clothing and Clothing Accessories Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/3/2029 5/1/2029 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/30/2029 Term Loan Prime plus 2.75% 4/29/2029 Telecommunications Term Loan Prime plus 2.75% 4/26/2029 Support Activities for Transportation 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% 4/25/2044 Term Loan Prime plus 2.75% 4/25/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/25/2029 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/19/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/19/2029 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 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 Food and Beverage Stores Term Loan Term Loan Prime plus Prime plus 6.5% 2.75% 4/17/2029 4/16/2044 F-264 See accompanying notes to consolidated financial statements. 4.1 17.1 16.8 4.9 101.4 4.5 251.3 51.8 31.9 131.7 116.8 449.3 398.9 121.9 49.9 39.0 10.3 16.3 99.7 5.0 45.0 4.1 17.1 16.8 4.9 101.4 4.5 251.3 51.8 31.9 131.7 116.8 449.3 398.9 121.9 49.9 39.0 10.3 16.3 99.7 5.0 45.0 4.0 17.4 16.7 4.9 114.5 4.4 263.9 54.8 34.0 134.4 118.5 507.3 405.8 129.8 50.4 39.0 11.5 16.2 99.7 5.5 50.9 — % 0.01 % 0.01 % — % 0.04 % — % 0.09 % 0.02 % 0.01 % 0.04 % 0.04 % 0.16 % 0.13 % 0.04 % 0.02 % 0.01 % — % 0.01 % 0.03 % — % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Complete Care IT LLC Royalty Freight Inc. Pizzaplex L3C Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 8728 Tireman Ave, Detroit, MI 48204 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 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 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 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/12/2029 Specialty Trade Contractors Food and Beverage Stores Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 4/12/2029 4/12/2029 9/12/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 Real Estate Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Wood Product Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/12/2029 4/11/2029 Term Loan Prime plus 2.75% 4/10/2029 Term Loan Prime plus 2.75% 4/9/2029 Term Loan Prime plus 2.75% 1/8/2030 Gasoline Stations Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/5/2029 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 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2029 Printing and Related Support Activities Professional, Scientific, and Technical Services Truck Transportation Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 3/29/2029 3/29/2029 3/29/2029 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 F-265 See accompanying notes to consolidated financial statements. 7.2 35.1 79.8 63.9 88.7 7.8 49.9 50.6 10.2 488.7 49.2 3.8 633.6 613.8 7.5 41.1 44.1 41.5 338.9 35.4 130.6 7.2 35.1 79.8 63.9 88.7 7.8 49.9 50.6 10.2 488.7 49.2 3.8 633.6 613.8 7.5 41.1 44.1 41.5 338.9 35.4 130.6 7.1 35.4 79.3 64.3 92.6 7.7 53.1 50.3 10.3 522.7 52.4 3.8 633.3 693.0 7.6 40.8 44.1 41.2 346.8 35.4 129.4 — % 0.01 % 0.03 % 0.02 % 0.03 % — % 0.02 % 0.02 % — % 0.17 % 0.02 % — % 0.20 % 0.22 % — % 0.01 % 0.01 % 0.01 % 0.11 % 0.01 % 0.04 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC District 5 Boutique LLC J & C May Properties, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 6895 N. 9th Ave Ste B, Pensacola, FL 32504 Repair and Maintenance 1112 N Main St, Manteca, CA 95336 Truck Transportation Social Assistance Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Nonstore Retailers 3150 West Park Dr, Burnsville, MN 55306 4900 Hopyard Rd, Pleasanton, CA 94588 128 Cowesett Ave, West Warwick, RI 02893 Gasoline Stations 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 Food Services and Drinking Places 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 Motor Vehicle and Parts Dealers Food Services and Drinking Places Food Services and Drinking Places Motor Vehicle and Parts Dealers Wood Product Manufacturing Truck Transportation Fabricated Metal Product Manufacturing 1415 W Anderson St., Stockton, CA 95206 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 1127 Auraria Pkwy, Ste 201, Denver, CO 80204 Truck Transportation Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 3/29/2029 3/29/2029 3/29/2044 3/29/2029 3/29/2044 Term Loan Prime plus 2.75% 3/29/2044 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/29/2029 3/29/2044 3/28/2029 3/28/2029 Term Loan Prime plus 2.75% 3/28/2044 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/28/2029 3/28/2029 8/28/2029 3/27/2044 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 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 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 2880 Carol Rd, East York, PA 17402 317 N Farview Ave, Paramus, NJ 07652 315 Sylamore Ave, Mountain View, AR 72560 Personal and Laundry Services Nonstore Retailers Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/26/2044 3/26/2029 Term Loan Prime plus 2.75% 3/22/2044 1,220.5 98.9 1,081.8 1,220.5 98.9 1,081.8 F-266 See accompanying notes to consolidated financial statements. 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 1,377.9 98.0 1,221.3 0.03 % 0.25 % 0.16 % 0.05 % 0.07 % 0.01 % 0.10 % 0.25 % 0.12 % 0.08 % 0.35 % 0.07 % — % 0.01 % 0.20 % 0.02 % 0.04 % — % 0.45 % 0.03 % 0.39 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 D & S Village Hardware LLC dba Cedar Mountain Country Store Seeds of Knowledge Creative Learning Center LLC (#,^) (#,^) (#,^) (#,^) 2454 N East Side Hwy,, Elkton, VA 22827 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2044 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 Administrative and Support Services Term Loan Prime plus 2.75% 3/22/2029 Plastics and Rubber Products Manufacturing Truck Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/22/2029 3/21/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2029 5979 NW 151st St, Miami Lakes, FL 33014 Truck Transportation 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 Ambulatory Health Care Services Fabricated Metal Product Manufacturing 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 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 76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762 15101 West McNichols Rd, Detroit, MI 48235 Term Loan Prime plus 2.75% 3/20/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 3/20/2044 3/20/2029 3/19/2029 3/19/2029 3/15/2029 3/15/2029 Term Loan Prime plus 2.75% 7/15/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/14/2029 8/11/2029 Term Loan Prime plus 2.75% 3/8/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/8/2029 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/8/2029 Term Loan Prime plus 2.75% 3/8/2044 Social Assistance Term Loan Prime plus 2.75% 3/7/2044 F-267 See accompanying notes to consolidated financial statements. 290.0 4.7 233.4 44.0 143.4 316.2 338.0 39.5 207.7 2.7 69.0 45.5 74.0 235.5 50.9 69.3 224.6 69.3 191.9 21.4 290.0 4.7 233.4 44.0 143.4 316.2 338.0 39.5 207.7 2.7 69.0 45.5 74.0 235.5 50.9 69.3 224.6 69.3 191.9 21.4 327.4 4.9 248.1 44.8 142.4 325.1 381.6 39.2 211.1 2.6 68.4 48.4 74.3 236.1 50.7 70.9 223.8 68.6 216.7 24.2 0.11 % — % 0.08 % 0.01 % 0.05 % 0.11 % 0.12 % 0.01 % 0.07 % — % 0.02 % 0.02 % 0.02 % 0.08 % 0.02 % 0.02 % 0.07 % 0.02 % 0.07 % 0.01 % Portfolio Company 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) Rental and Leasing Services Term Loan Prime plus 2.75% 3/4/2029 124.5 124.5 123.4 SBA Unguaranteed Accrual Investments (1) (22) 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 Gateway Veterinary Services, P.C. dba Liberty Animal Clinic Precedence Enterprises LLC dba Spartan Junk Removal Shepherd Fitness, LLC dba Workout Anytime Ooltewah (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Food Manufacturing Term Loan Prime plus 2.75% 2/28/2029 Personal and Laundry Services Nonstore Retailers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/28/2044 2/28/2029 484 Summit St, Elgin, IL 60120 1600 Carter Cove Rd, Hayesville, NC 28904 Specialty Trade Contractors 800 SW 21st Terrace, Ft Lauderdale, FL 33312 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 Hospitals 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 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/28/2044 2/28/2029 Term Loan Prime plus 6.5% 2/27/2029 Term Loan Prime plus 2.75% 2/22/2029 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 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/19/2029 Specialty Trade Contractors Food Services and Drinking Places Health and Personal Care Stores Personal and Laundry Services Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services Waste Management and Remediation Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2/15/2029 7/15/2029 2/14/2029 2/14/2029 2/14/2029 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 F-268 See accompanying notes to consolidated financial statements. 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 9212 Liberty Ave, Ozone Park, NY 11417 8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707 9408 Apison Pike, Ste 11, Ooltewah, TN 37363 17.9 39.2 3.9 216.0 17.0 10.2 117.7 32.4 85.4 109.4 127.6 37.4 17.6 91.4 49.1 62.8 11.8 131.5 10.8 133.3 17.9 39.2 3.9 216.0 17.0 10.2 117.7 32.4 85.4 109.4 127.6 37.4 17.6 91.4 49.1 62.8 11.8 131.5 10.8 133.3 20.2 39.2 4.1 243.9 16.9 11.3 117.3 32.5 90.7 108.7 130.7 37.3 17.5 91.8 48.9 62.2 12.5 148.5 11.1 135.6 0.04 % 0.01 % 0.01 % — % 0.08 % 0.01 % — % 0.04 % 0.01 % 0.03 % 0.04 % 0.04 % 0.01 % 0.01 % 0.03 % 0.02 % 0.02 % — % 0.05 % — % 0.04 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Accommodation Motor Vehicle and Parts Dealers Utilities Amusement, Gambling, and Recreation Industries 87 Main St. Upper Level, Hastings-on- Hudson, NY 10706 22015 IH 10 West, San Antonio, TX 78249 4119 Gallatin Pike, Nashville, TN 37216 Ambulatory Health Care Services 4291 Shoal Line Blvd, Hernando Beach, FL 34607 4371 Durham Court, Denver, CO 80239 Administrative and Support Services 500 Research Rd, Richmond, VA 23236 Administrative and Support Services 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 215 S Persimmon St,, Tomball, TX 77375 191 Old Tower Hill Rd., South Kingstown, RI 02879 Food and Beverage Stores Food Services and Drinking Places Food Services and Drinking Places Gasoline Stations Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Apparel Manufacturing Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 2/8/2029 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2/8/2029 2/7/2029 2/1/2029 2/1/2029 1/31/2029 1/30/2044 1/22/2029 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 Term Loan Prime plus Prime plus 2.75% 2.75% 1/11/2029 1/4/2029 Term Loan Prime plus 2.75% 12/31/2028 Term Loan Prime plus 2.75% 12/31/2043 Superior Concepts Acquisition Corp (#,^) Nix and Nix Funeral Home North Inc, (#,^) 1710 Tiles Ct, Grand Haven, MI 49417 1621 W. Dauphin St., Philadelphia, PA 08065 Superior Concepts Acquisition Corp Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut (#,^) (#,^) 1710 Tiles Court, Grand Haven, MI 49417 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services 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 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/28/2043 F-269 See accompanying notes to consolidated financial statements. 37.0 2.9 0.8 11.8 45.1 28.0 71.3 192.6 64.2 69.5 65.4 48.7 70.8 43.7 17.5 204.8 529.8 99.6 552.6 497.4 17.8 37.0 2.9 0.8 11.8 45.1 28.0 71.3 192.6 64.2 69.5 65.4 48.7 70.8 43.7 17.5 204.8 529.8 99.6 552.6 497.4 17.8 36.7 3.0 0.8 12.5 45.3 27.8 80.5 191.0 63.6 69.6 73.9 49.6 70.8 43.4 17.9 203.0 598.1 100.6 623.8 561.6 20.1 0.01 % — % — % — % 0.01 % 0.01 % 0.03 % 0.06 % 0.02 % 0.02 % 0.02 % 0.02 % 0.02 % 0.01 % 0.01 % 0.07 % 0.19 % 0.03 % 0.20 % 0.18 % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 C&D Trucking & Equipment Service, Inc. Precision Bytes LLC dba Tower Connect Baseline Health, LLC & Baseline Health Management, LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/28/2028 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2043 Term Loan Prime plus 2.75% 12/27/2028 Real Estate Term Loan Prime plus 2.75% 12/27/2043 Administrative and Support Services Real Estate Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/27/2043 12/26/2043 Accommodation Nonstore Retailers 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 Specialty Trade Contractors 7777 Glades Rd, Ste 100, Boca Raton, FL 33434 3728 W McKinley Ave, Fresno, CA 93722 Truck Transportation Gasoline Stations Construction of Buildings Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/24/2043 Term Loan Prime plus 2.75% 12/24/2028 Term Loan Prime plus 2.75% 12/24/2043 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/21/2028 12/21/2028 12/21/2028 12/21/2028 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 4015 Jennings Rd, Cleveland, OH 44109 607 West Magnolia Ave, Fort Worth, TX 76104 1101 Stewart Ave Ste 104, Garden City, NY 11530 Rental and Leasing Services Credit Intermediation and Related Activities Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/21/2044 12/21/2028 12/21/2043 Term Loan Prime plus 2.75% 12/21/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 F-270 See accompanying notes to consolidated financial statements. 324.1 370.9 121.8 8.1 117.3 440.8 85.5 472.8 231.5 683.7 79.5 57.9 183.5 8.7 75.5 81.2 165.9 57.9 111.1 100.3 91.8 324.1 370.9 121.8 8.1 117.3 440.8 85.5 472.8 231.5 683.7 79.5 57.9 183.5 8.7 75.5 81.2 165.9 57.9 111.1 100.3 91.8 365.9 374.8 137.5 8.0 132.4 497.7 96.5 533.8 235.6 771.9 78.6 57.2 185.3 8.6 74.6 80.4 187.3 57.2 125.5 99.2 91.7 0.12 % 0.12 % 0.04 % — % 0.04 % 0.16 % 0.03 % 0.17 % 0.08 % 0.25 % 0.03 % 0.02 % 0.06 % — % 0.02 % 0.03 % 0.06 % 0.02 % 0.04 % 0.03 % 0.03 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Alpha Landscape Contractors, Inc Alpha Omega Trucking LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/21/2028 Administrative and Support Services Rental and Leasing Services Heavy and Civil Engineering Construction Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/21/2028 12/20/2028 12/20/2028 23 Main St., Wardsboro, VT 05355 Food and Beverage Stores Term Loan Prime plus 2.75% 12/20/2043 Rental and Leasing Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 Term Loan Prime plus 2.75% 12/20/2028 Food Services and Drinking Places Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/20/2029 12/20/2028 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 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 G-2340 West Carpenter Rd, Flint, MI 48505 Personal and Laundry Services Term Loan Prime plus 2.75% 9/19/2044 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 2823 Fllintstone Rd, Millers, MD 21102 14432-14452 Stateline Rd, Brookings, OR 97415 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2029 Miscellaneous Store Retailers Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/19/2028 12/14/2043 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/14/2028 Food and Beverage Stores Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/14/2028 1/14/2029 Truck Transportation Term Loan Prime plus 2.75% 12/14/2028 F-271 See accompanying notes to consolidated financial statements. 289.5 183.4 232.1 150.9 147.4 304.6 48.2 35.6 41.7 289.5 183.4 232.1 150.9 147.4 304.6 48.2 35.6 41.7 296.4 186.8 237.7 150.3 166.5 323.0 51.2 35.9 41.6 48.2 53.1 403.6 58.2 420.9 93.8 193.0 12.2 250.6 54.1 48.2 53.1 403.6 58.2 420.9 93.8 193.0 12.2 250.6 54.1 47.7 52.7 455.6 59.5 416.8 105.9 190.8 12.1 254.6 57.3 0.10 % 0.06 % 0.08 % 0.05 % 0.05 % 0.10 % 0.02 % 0.01 % 0.01 % 0.05 % 0.02 % 0.02 % 0.15 % 0.02 % 0.13 % 0.03 % 0.06 % — % 0.08 % 0.02 % 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% 3/20/2029 148.5 148.5 152.8 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Hilltop Wine Shop, Inc dba Hiltop Wine Shop Oregon Medical Training Private Career School Inc. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Food Manufacturing Term Loan Prime plus 2.75% 12/14/2028 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 Nonstore Retailers Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers 560 Main St., Milford, UT 84751 148 Holmgren Place, Girdwood, AK 99587 Construction of Buildings 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 Air Transportation Real Estate Ambulatory Health Care Services Food Services and Drinking Places Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/14/2028 Term Loan Prime plus 2.75% 12/14/2028 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/14/2043 12/14/2028 12/14/2043 Term Loan Prime plus 2.75% 12/13/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/13/2043 1/13/2029 Term Loan Prime plus 2.75% 12/13/2028 2 Center Rd,, Old Saybrook, CT 06475 Repair and Maintenance Term Loan Prime plus 2.75% 12/13/2043 575 Panama Lane, Bakersfield, CA 93307 1000 Essington Rd, Ste 111, Joliet, IL 60435 18115 62nd Ave NE, Kenmore, WA 98028 Food and Beverage Stores Professional, Scientific, and Technical Services Support Activities for Agriculture and Forestry 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 119 Brooks Rd, Harwich Port, MA 02646 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/12/2043 2744 W. Roscoe St., Chicago, IL 60618 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 119 Brooks Rd, Harwich Port, MA 02646 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 575 Panama Lane, Bakerfield, CA 93307 10867 W Jefferson Ave, River Rouge, MI 46218 7505 Highland Rd, White Lake, MI 48383 1126 Gateway Loop, Ste 108, Springfield, OR 97702 Food and Beverage Stores Term Loan Prime plus 2.75% 1/12/2029 Food and Beverage Stores Term Loan Prime plus 2.75% 12/11/2043 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 F-272 See accompanying notes to consolidated financial statements. 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 46.4 192.8 121.6 31.0 245.1 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 46.4 192.8 121.6 31.0 247.8 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 46.0 217.7 137.3 30.7 0.08 % 0.03 % 0.07 % 0.07 % 0.01 % 0.07 % 0.02 % 0.14 % 0.27 % 0.06 % 0.34 % 0.04 % — % 0.33 % 0.07 % 0.04 % 0.02 % 0.01 % 0.07 % 0.04 % 0.01 % Portfolio Company 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) Utilities Term Loan Prime plus 2.75% 1/11/2029 449.8 449.8 452.8 SBA Unguaranteed Accrual Investments (1) (22) 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 Tammy's Place LLC Albert M. Quashie, DDS, PC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Miscellaneous Store Retailers General Merchandise Stores Professional, Scientific, and Technical Services 1290 Doyle Rd, Deltona, FL 32725 51343 Oro Rd, Shelby Township, MI 33444 Administrative and Support Services 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 4709 N El Capitan Ave. Ste 205, Fresno, CA 93722 Professional, Scientific, and Technical Services Repair and Maintenance Truck Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/11/2029 1/11/2029 Term Loan Prime plus 2.75% 12/11/2043 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/10/2043 1/10/2029 Term Loan Prime plus 2.75% 1/7/2029 Term Loan Prime plus 2.75% 1/6/2029 20 Universal Place, Carlstadt, NJ 07072 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/6/2029 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 Construction of Buildings Social Assistance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/5/2029 1/5/2029 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/4/2029 Administrative and Support Services Term Loan Prime plus 2.75% 1/4/2029 Specialty Trade Contractors Accommodation Repair and Maintenance Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/3/2043 1/3/2029 11/30/2043 Accommodation Term Loan Prime plus 2.75% 11/30/2043 13762 W State Rd 84, Davie, FL 33325 244 Spokane Ave, Whitefish, MT 59937 1104 N Keystone Ave, Indianapolis, IN 46201 235 North Mosby Ave, Littleton, NC 27850 Food Services and Drinking Places 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 Furniture and Home Furnishings Stores Food and Beverage Stores Ambulatory Health Care Services Nonstore Retailers Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 12/30/2028 12/30/2028 12/30/2028 1/30/2044 Term Loan Prime plus 2.75% 11/29/2043 F-273 See accompanying notes to consolidated financial statements. 33.6 97.0 40.4 371.6 31.0 55.4 900.4 160.6 197.5 209.0 108.8 150.4 187.5 10.5 76.9 213.4 96.0 126.6 506.5 421.3 61.7 33.6 97.0 40.4 371.6 31.0 55.4 900.4 160.6 197.5 209.0 108.8 150.4 187.5 10.5 76.9 213.4 96.0 126.6 506.5 421.3 61.7 34.3 97.2 45.6 419.5 30.7 55.0 910.3 170.7 210.0 212.7 108.1 149.0 211.6 11.1 86.8 240.9 100.9 125.5 523.4 475.7 69.7 0.15 % 0.01 % 0.03 % 0.01 % 0.14 % 0.01 % 0.02 % 0.29 % 0.06 % 0.07 % 0.07 % 0.03 % 0.05 % 0.07 % — % 0.03 % 0.08 % 0.03 % 0.04 % 0.17 % 0.15 % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. US Dedicated LLC (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Specialty Trade Contractors Ambulatory Health Care Services Administrative and Support Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Social Assistance Amusement, Gambling, and Recreation Industries Educational Services Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services Food Services and Drinking Places 3626 CR 203, Liverpool, TX 77577 14 Iron St., Ledyard, CT 06339 69 Lewis Ave, Atlantic Beach, NY 11509 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 Warehousing and Storage 2070 Nooseneck Hill Rd, Coventry, RI 02816 2973 Via Meridiana, Henderson, NV 89012 Truck Transportation 3450 East Orangethrope Ave, Anaheim, CA 92806 3949 New Rd, Youngstown, OH 44515 Gasoline Stations Specialty Trade Contractors Food Services and Drinking Places Food Services and Drinking Places 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 13410 SE 26th Circle, Vancouver, WA 98683 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Nondurable Goods Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/29/2028 12/29/2028 11/28/2043 12/28/2043 12/28/2043 11/28/2043 10/21/2029 12/21/2028 12/21/2028 12/21/2028 12/20/2043 12/20/2028 11/19/2043 12/19/2028 12/16/2028 12/16/2028 Term Loan Prime plus 2.75% 11/16/2028 Term Loan Prime plus 2.75% 3/16/2029 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/16/2043 11/14/2028 67.2 5.6 85.4 39.8 177.9 419.9 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 67.2 5.6 85.4 39.8 177.9 419.9 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 69.2 5.6 96.4 45.0 200.8 474.0 38.6 29.3 1,036.6 17.6 703.7 332.8 130.8 57.7 47.5 0.5 32.9 34.8 75.0 43.7 Term Loan Prime plus 2.75% 12/9/2028 360.8 360.8 359.5 0.02 % — % 0.03 % 0.01 % 0.06 % 0.15 % 0.01 % 0.01 % 0.34 % 0.01 % 0.23 % 0.11 % 0.04 % 0.02 % 0.02 % — % 0.01 % 0.01 % 0.02 % 0.01 % 0.12 % F-274 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 1107 Broad St., Bloomfield, NJ 07003 5372 Whitehall Pl SE, Mableton, GA 30126 Personal and Laundry Services Term Loan Prime plus 2.75% 12/9/2028 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2028 Food Services and Drinking Places Merchant Wholesalers, Durable Goods 876 Virginia Ave, Hapeville, GA 30354 460 Park Ave, Floor 16, New York, NY 10022 2218 Marine View Dr, Tacoma, WA 98422 Transportation Equipment Manufacturing 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 Administrative and Support Services Apparel Manufacturing Food Services and Drinking Places Social Assistance Term Loan Prime plus 2.75% 5/7/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/1/2028 12/1/2028 Term Loan Prime plus 2.75% 11/30/2043 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/31/2028 10/30/2043 Term Loan Prime plus 2.75% 3/30/2029 1500 Village Run Rd, Wexford, PA 15090 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2029 5.8 5.3 397.1 249.4 287.9 119.5 83.6 199.4 48.0 63.0 5.8 5.3 397.1 249.4 287.9 119.5 83.6 199.4 48.0 63.0 6.0 5.2 448.3 246.5 305.4 134.9 83.2 225.1 48.2 63.0 3970 Everhard Rd, NW, Canton, OH 44709 Miscellaneous Store Retailers 4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243 Personal and Laundry Services Term Loan Prime plus 2.75% 10/25/2028 Term Loan Prime plus 2.75% 10/26/2028 111.6 111.6 118.3 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2043 Motion Picture and Sound Recording Industries Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/16/2043 7/15/2029 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/11/2043 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/10/2028 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/10/2043 Professional, Scientific, and Technical Services Telecommunications Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/9/2028 10/5/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/4/2028 F-275 See accompanying notes to consolidated financial statements. 7.6 65.7 72.5 134.1 21.3 57.0 36.3 11.4 69.9 39.4 7.6 65.7 72.5 134.1 21.3 57.0 36.3 11.4 69.9 39.4 7.6 74.2 81.9 134.6 24.1 60.5 41.0 11.2 69.1 39.0 — % — % 0.14 % 0.08 % 0.10 % 0.04 % 0.03 % 0.07 % 0.02 % 0.02 % 0.04 % — % 0.02 % 0.03 % 0.04 % 0.01 % 0.02 % 0.01 % — % 0.02 % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2341 East Ellis St., Leveland, TX 79336 Support Activities for Mining Term Loan Prime plus 2.75% 9/28/2043 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 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 Term Loan Food and Beverage Stores Term Loan Merchant Wholesalers, Durable Goods Truck Transportation Term Loan Transit and Ground Passenger Transportation Term Loan Professional, Scientific, and Technical Services Computer and Electronic Product Manufacturing Support Activities for Mining Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/28/2043 9/28/2043 9/28/2028 9/28/2028 Prime plus 2.75% 9/28/2028 Prime plus Prime plus 2.75% 2.75% 9/28/2028 9/27/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2029 Transit and Ground Passenger Transportation Term Loan Specialty Trade Contractors Term Loan Professional, Scientific, and Technical Services Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/27/2028 9/27/2028 9/27/2028 9/27/2043 Rental and Leasing Services Term Loan Prime plus 2.75% 9/27/2028 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2028 Truck Transportation Term Loan Prime plus 2.75% 9/26/2028 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2043 Social Assistance Term Loan Prime plus 2.75% 9/26/2043 Educational Services Term Loan Prime plus 2.75% 9/26/2043 Food Services and Drinking Places Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/25/2028 9/24/2028 F-276 See accompanying notes to consolidated financial statements. 908.2 313.0 607.7 385.1 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 11.6 908.2 313.0 607.7 385.1 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 1,025.3 353.3 686.1 397.8 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 0.33 % 0.11 % 0.22 % 0.13 % 0.03 % 0.25 % 0.04 % 0.19 % 0.01 % 0.03 % 0.02 % — % 0.04 % 0.08 % — % 0.21 % 0.06 % 0.19 % 0.03 % 0.03 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) DC Lofty, LLC, 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 301 I St. NW, Washington, DC 20001 125 South DuBuque St., Iowa City, IA 52240 Accommodation Term Loan Prime plus 2.75% 9/21/2028 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/21/2028 Merchant Wholesalers, Nondurable Goods Fabricated Metal Product Manufacturing Fabricated Metal Product Manufacturing Professional, Scientific, and Technical Services 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 Gasoline Stations 10 Century Lane, Dillsburg, PA 17019 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 2018 SE 6th Ave, Portland, OR 97214 Truck Transportation Nonstore Retailers Specialty Trade Contractors Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/21/2043 9/21/2043 9/21/2028 Term Loan Prime plus 2.75% 9/19/2028 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 9/19/2028 9/19/2043 9/19/2043 9/19/2028 9/18/2043 220 Middle St., Franklin, VA 23851 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/18/2028 4244 Pine Ridge CT, Weston, FL 33331 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2028 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2043 Repair and Maintenance Furniture and Home Furnishings Stores Specialty Trade Contractors Ambulatory Health Care Services 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 Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/17/2043 9/14/2028 9/14/2043 9/14/2028 Term Loan Prime plus 2.75% 9/14/2028 Term Loan Prime plus 2.75% 9/14/2028 Term Loan Prime plus 2.75% 9/13/2043 Term Loan Prime plus 2.75% 9/13/2028 F-277 See accompanying notes to consolidated financial statements. 16.9 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 16.9 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 1,179.2 60.9 1,179.2 60.9 55.5 82.5 93.2 94.2 55.5 82.5 93.2 94.2 16.7 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 1,331.3 60.4 55.4 81.3 105.2 94.3 0.01 % — % 0.11 % 0.07 % 0.11 % 0.01 % 0.13 % 0.07 % 0.04 % 0.16 % 0.05 % — % — % 0.06 % 0.19 % 0.01 % 0.43 % 0.02 % 0.02 % 0.03 % 0.03 % 0.03 % Portfolio Company 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) Repair and Maintenance Term Loan Prime plus 2.75% 9/10/2028 146.2 146.2 153.0 SBA Unguaranteed Accrual Investments (1) (22) Rancho Paving, Inc 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 339 Cypress Lane, El Cajon, CA 92020 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 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2043 Repair and Maintenance Term Loan Prime plus 2.75% 9/7/2028 Administrative and Support Services Term Loan Prime plus 2.75% 9/7/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/7/2028 Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/31/2043 Term Loan Prime plus 2.75% 8/30/2043 Term Loan Prime plus 2.75% 8/29/2028 Accommodation Food and Beverage Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/29/2043 8/29/2028 Personal and Laundry Services Professional, Scientific, and Technical Services Specialty Trade Contractors 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 Merchant Wholesalers, Nondurable Goods 2756 Commercial Dr, Anchorage, AK 99501 7007 Boeing Dr, El Paso, TX 79925 7920 Belt Line Rd Ste 650, Dallas, TX 75254 Professional, Scientific, and Technical Services Air Transportation Professional, Scientific, and Technical Services Clothing and Clothing Accessories Stores Insurance Carriers and Related Activities Computer and Electronic Product Manufacturing Food Services and Drinking Places 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 Term Loan Prime plus Prime plus 2.75% 2.75% 8/24/2028 8/24/2028 Term Loan Prime plus 2.75% 8/24/2028 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/23/2028 8/21/2028 2/17/2044 8/16/2028 Term Loan Prime plus 2.75% 8/16/2028 F-278 See accompanying notes to consolidated financial statements. 84.7 11.7 262.6 16.8 397.6 423.8 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 84.7 11.7 262.6 16.8 397.6 423.8 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 95.6 11.7 259.1 16.7 448.9 478.5 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 0.05 % 0.03 % — % 0.08 % 0.01 % 0.15 % 0.15 % 0.03 % 0.03 % 0.02 % — % — % 0.02 % 0.03 % — % 0.01 % 0.01 % 0.34 % 0.04 % 0.05 % — % Portfolio Company 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) 5335 E Kaviland Ave, Fresno, CA 93725 Term Loan Prime plus 2.75% 8/15/2028 423.2 423.2 444.8 22015 IH 10 West, San Antonio, TX 78257 6400 Charwood Place, Bakersfield, CA 93306 Specialty Trade Contractors Term Loan Term Loan Prime plus Fixed 2.75% 6% 11/14/2028 8/9/2028 Truck Transportation Amusement, Gambling, and Recreation Industries SBA Unguaranteed Accrual Investments (1) (22) GS Bath Inc 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 (#,^) (#,^) (#,^) (#,^) (#,^) 700 West Jefferson St., Shorewood, IL 60404 Personal and Laundry Services Term Loan Prime plus 2.75% 8/9/2028 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 Professional, Scientific, and Technical Services Term Loan Transit and Ground Passenger Transportation Term Loan Term Loan Accommodation Term Loan Personal and Laundry Services Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/8/2028 8/7/2028 8/7/2043 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 4500 S Country Rd, Odessa, TX 79765 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2043 4500 S. Country Rd 1310, Odessa, TX 79765 Rental and Leasing Services 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 Ambulatory Health Care Services Professional, Scientific, and Technical Services Miscellaneous Store Retailers Professional, Scientific, and Technical Services Personal and Laundry Services Food Services and Drinking Places Truck Transportation 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 Term Loan Prime plus 2.75% 8/1/2028 Term Loan Prime plus 2.75% 8/1/2028 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 7/27/2028 7/26/2028 7/25/2028 7/20/2028 7/17/2043 7/17/2028 Administrative and Support Services Term Loan Prime plus 2.75% 7/13/2028 F-279 See accompanying notes to consolidated financial statements. 33.8 10.3 16.6 76.1 95.2 114.7 2.8 44.7 87.1 5.6 287.8 359.7 72.2 402.7 5.0 4.0 45.9 253.2 3.8 15.5 33.8 10.3 16.6 76.1 95.2 114.7 2.8 44.7 87.1 5.6 287.8 359.7 72.2 402.7 5.0 4.0 45.9 253.2 3.8 15.5 34.2 9.4 16.7 75.4 95.5 129.5 2.7 44.5 90.7 5.5 324.9 372.9 71.2 409.8 4.9 4.0 45.3 285.9 4.1 16.4 0.14 % 0.01 % — % 0.01 % 0.02 % 0.03 % 0.04 % — % 0.01 % 0.03 % — % 0.11 % 0.12 % 0.02 % 0.13 % — % — % 0.01 % 0.09 % — % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Mother's Cantina LLC dba Mother's Cantina (#,^) HQTRONICS LLC 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Food Services and Drinking Places Term Loan Prime plus 2.75% 7/13/2028 2810 Philadephia Ave Unit #10, Ocean City, MD 21842 10135 South Roberts Rd Ste 209, Palos Hills, IL 60465 3932 North 16th St., Omaha, NE 68110 180 Airpark Industrial Rd, Alabaster, AL 35007 4735 22 Mile Rd, Utica, MI 48317 98 Wooster St., Bethel, CT 06801 23 Tonoli Rd, Nesquehoning, PA 18240 Merchant Wholesalers, Durable Goods Motion Picture and Sound Recording Industries Professional, Scientific, and Technical Services Support Activities for Transportation Specialty Trade Contractors Waste Management and Remediation Services Waste Management and Remediation Services Miscellaneous Store Retailers Professional, Scientific, and Technical Services 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 Merchant Wholesalers, Durable Goods 538 E Boughton Rd, Bolingbrook, IL 60440 32 SE 2nd Ave, Delray Beach, FL 33444 11055 E Grove St, Mesa, AZ 85208 Food Services and Drinking Places Food and Beverage Stores Health and Personal Care Stores Plastics and Rubber Products Manufacturing Plastics and Rubber Products Manufacturing Personal and Laundry Services Food Services and Drinking Places Nursing and Residential Care Facilities Building Material and Garden Equipment and Supplies Dealers 300 Harold Dow Hwy, Elliot, ME 03903 4955 S Durango Dr, Ste124, Las Vegas, NV 89113 Term Loan Prime plus 2.75% 7/13/2028 Term Loan Prime plus 2.75% 7/12/2028 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 7/3/2028 7/2/2043 6/29/2028 Term Loan Prime plus 2.75% 5/29/2044 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/29/2029 6/28/2028 Term Loan Prime plus 2.75% 6/28/2028 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/27/2028 6/26/2043 6/26/2028 6/25/2043 6/25/2028 6/25/2028 6/22/2043 6/22/2028 6/22/2043 Term Loan Prime plus 2.75% 6/21/2043 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/21/2028 F-280 See accompanying notes to consolidated financial statements. 50.6 46.0 7.8 228.9 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 50.6 46.0 7.8 228.9 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 50.3 45.3 8.3 237.3 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 0.02 % 0.01 % — % 0.08 % 0.03 % 0.01 % 0.13 % 0.07 % 0.02 % 0.01 % 0.01 % 0.04 % 0.23 % 0.10 % 0.19 % 0.02 % 0.05 % 0.07 % 0.03 % 0.08 % — % Portfolio Company 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) Allen Theatre and Back Stage Cafe LLC (#,^) 36 East. Main St., Annville, PA 17003 SBA Unguaranteed Accrual Investments (1) (22) 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 Jones Roger Sherman Inn, Inc. (#,^) (#,^) (#,^) (#,^) 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 300 Harold Dow Hwy, Eliot, ME 03903 22 Route 57, Hackettstown, NJ 07840 Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places 2900 North 3rd St., Effingham, IL 62401 195 Oenoke Ridge, New Canaan, CT 06840 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 Merchant Wholesalers, Durable Goods 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 28 Broad St., Bloomfield, NJ 07003 1225 West Gregory St, Pensacola, FL 32502 Real Estate 2919 West Colorado Ave, Colorado Springs, CO 80904 Educational Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6/21/2028 6/19/2043 6/19/2043 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 Term Loan Prime plus Prime plus 2.75% 2.75% 9/15/2043 6/15/2028 Term Loan Prime plus 2.75% 6/14/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/14/2028 6/14/2043 Term Loan Prime plus 2.75% 6/13/2043 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 Personal and Laundry Services Term Loan Prime plus 2.75% 6/8/2028 Food Services and Drinking Places 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 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 F-281 See accompanying notes to consolidated financial statements. 103.8 258.0 266.9 345.5 118.3 109.4 642.2 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 59.1 103.8 258.0 266.9 345.5 118.3 109.4 642.2 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 59.1 109.6 291.3 301.3 367.6 133.6 116.4 662.1 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 0.04 % 0.09 % 0.10 % 0.12 % 0.04 % 0.04 % 0.21 % 0.02 % 0.05 % — % 0.01 % 0.01 % 0.03 % 0.01 % — % 0.21 % 0.01 % 0.08 % 0.01 % 0.07 % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 3535 Hwy 17 Unit 14 &15, Fleming Island, FL 32003 943 South Main St., Cheshire, CT 06410 14429 South Wallin Dr, Plainfield, IL 60544 665 Worthington Rd, Westerville, OH 43082 2274 S Atlanta Rd SE, Smyrna, GA 30080 393 Glenbrook Rd, Stamford, CT 06906 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2028 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/1/2028 Term Loan Prime plus 2.75% 5/31/2043 Food Services and Drinking Places Repair and Maintenance Personal and Laundry Services Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/29/2028 5/25/2043 5/25/2028 45.6 32.9 258.8 53.8 92.4 125.4 45.6 32.9 258.8 53.8 92.4 125.4 48.5 33.8 292.1 55.5 104.3 129.7 3 Williams Ave, Mystic, CT 06355 Accommodation Term Loan Prime plus 2.75% 5/25/2043 1,245.1 1,245.1 1,405.7 59 West Main St, Broadalbin, NY 12025 Accommodation Term Loan Prime plus 2.75% 10/25/2043 1220 Post Rd East, Westport, CT 06880 700 Lee St., Elk Grove Village, IL 60007 195 Paterson Ave, Little Falls, NJ 07424 Personal and Laundry Services Merchant Wholesalers, Durable Goods Nonmetallic Mineral Product Manufacturing Term Loan Term Loan Term Loan 9315 N Central Ave, Phoenix, AZ 85020 21220 FM 1420, Harlingen, TX 78550 28 North State St. Unit 100, Newtown, PA 18940 Ambulatory Health Care Services Heavy and Civil Engineering Construction Amusement, Gambling, and Recreation Industries 5857 Hwy101 North, Rockmart, GA 30153 Repair and Maintenance 8216 Main St., Williamsville, NY 14221 3084 N Goliad St., Ste 114, Rockwall, TX 75087 Ambulatory Health Care Services Furniture and Home Furnishings Stores Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 5/25/2028 5/24/2043 5/22/2028 5/18/2028 5/16/2028 Term Loan Term Loan Term Loan Prime plus 2.75% 5/16/2043 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/15/2028 5/15/2028 Term Loan Prime plus 2.75% 5/11/2028 50 Forest St. Ste 902, Stamford, CT 06901 Educational Services Term Loan Prime plus 2.75% 5/11/2028 Social Assistance Term Loan Prime plus 2.75% 5/10/2028 4203 Shenandoah Dr, Dayton, OH 45417 310 Arlington Ave Unit 329, Charlotte, NC 28203 191.2 78.2 251.5 72.1 45.5 107.9 301.0 5.4 13.1 24.5 33.2 8.1 191.2 78.2 251.5 72.1 45.5 107.9 301.0 5.4 13.1 24.5 33.2 8.1 215.9 80.6 284.0 74.5 46.7 112.6 339.8 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 F-282 See accompanying notes to consolidated financial statements. 0.02 % 0.01 % 0.09 % 0.02 % 0.03 % 0.04 % 0.45 % 0.07 % 0.03 % 0.09 % 0.02 % 0.02 % 0.04 % 0.11 % — % — % 0.01 % 0.01 % — % 0.25 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Personal and Laundry Services Term Loan Prime plus 2.75% 5/7/2028 Support Activities for Transportation Term Loan Prime plus 2.75% 5/4/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/3/2028 Food Services and Drinking Places 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% 2/1/2029 Term Loan Prime plus 2.75% 4/30/2028 Term Loan Prime plus 2.75% 4/30/2043 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/30/2028 4/30/2043 Term Loan Prime plus 2.75% 4/30/2028 Social Assistance Construction of Buildings Food Services and Drinking Places Fabricated Metal Product Manufacturing Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 4/27/2043 4/27/2028 4/27/2028 4/26/2043 Term Loan Prime plus 2.75% 4/26/2028 Term Loan Prime plus 2.75% 4/26/2028 Ambulatory Health Care Services Building Material and Garden Equipment and Supplies Dealers Data Processing, Hosting, and Related Services Fabricated Metal Product Manufacturing Term Loan Term Loan Nonmetallic Mineral Product Manufacturing Repair and Maintenance Term Loan Term Loan Repair and Maintenance Repair and Maintenance Health and Personal Care Stores Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 4/26/2028 4/26/2028 4/26/2028 4/24/2028 4/20/2043 4/20/2043 4/18/2028 F-283 See accompanying notes to consolidated financial statements. 43.3 36.1 173.1 182.0 2.1 165.9 8.4 95.9 7.0 150.4 11.5 10.7 199.3 35.7 16.1 10.1 304.8 65.3 73.8 56.5 16.5 10.7 43.3 36.1 173.1 182.0 2.1 165.9 8.4 95.9 7.0 150.4 11.5 10.7 199.3 35.7 16.1 10.1 304.8 65.3 73.8 56.5 16.5 10.7 45.5 37.0 183.1 189.6 2.2 187.3 8.6 108.3 7.1 169.8 11.8 11.0 225.0 36.7 16.5 10.3 317.8 69.0 78.5 63.8 18.6 11.0 0.01 % 0.01 % 0.06 % 0.06 % — % 0.06 % — % 0.04 % — % 0.05 % — % — % 0.07 % 0.01 % 0.01 % — % 0.10 % 0.02 % 0.03 % 0.02 % 0.01 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) (#,^) Veterinary Preventive Care, LLC A New Dawn Psychotherapy Associates, LLC (#,^) (#,^) Southern HVAC LLC (#,^) Southern HVAC LLC Southern Oaks Athletic Club, LLC 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 35 E Main St., Pekin, IN 47165 190 Doty Circle, West Springfield, MA 01089 57 Passaic St., Garfield, NJ 07026 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 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 Ambulatory Health Care Services Specialty Trade Contractors Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 4/18/2028 4/18/2043 4/17/2043 4/17/2028 Term Loan Prime plus 2.75% 4/17/2043 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/13/2043 Miscellaneous Manufacturing Personal and Laundry Services Truck Transportation Truck Transportation Gasoline Stations Professional, Scientific, and Technical Services Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 4/11/2028 4/10/2043 4/9/2028 4/6/2028 4/5/2043 4/5/2028 3/30/2028 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2043 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2028 33.4 81.9 21.1 28.2 343.3 39.1 16.0 189.5 7.0 37.1 112.3 3.7 187.2 325.9 88.1 33.4 81.9 21.1 28.2 343.3 39.1 16.0 189.5 7.0 37.1 112.3 3.7 187.2 325.9 88.1 34.7 92.5 23.8 29.6 387.6 44.2 16.9 214.0 7.3 39.0 126.8 3.8 191.8 368.0 93.6 Gasoline Stations Term Loan Prime plus 2.75% 3/30/2043 1,074.2 1,074.2 1,212.8 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2028 Social Assistance Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/30/2043 3/30/2028 Fabricated Metal Product Manufacturing Term Loan Fixed 7.75% 3/30/2028 Repair and Maintenance Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/30/2043 Term Loan Prime plus 2.75% 3/30/2028 68.7 21.0 160.1 972.8 208.4 148.7 68.7 21.0 160.1 972.8 208.4 148.7 70.4 23.7 167.7 923.5 235.2 153.3 F-284 See accompanying notes to consolidated financial statements. 0.01 % 0.03 % 0.01 % 0.01 % 0.13 % 0.01 % 0.01 % 0.07 % — % 0.01 % 0.04 % — % 0.06 % 0.12 % 0.03 % 0.39 % 0.02 % 0.01 % 0.05 % 0.30 % 0.08 % 0.05 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Term Loan Prime plus 2.75% 3/28/2043 1,167.9 1,167.9 1,318.5 104 Clover Court, Bartlett, IL 60103 2101 West Hunting Park Ave, Philadelphia, PA 19140 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2028 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2044 1145 13th Ave East, Palmetto, FL 34221 111 E. Laurel St., Willows, CA 95988 Plastics and Rubber Products Manufacturing Building Material and Garden Equipment and Supplies Dealers 1145 13th Ave East, Palmetto, FL 34221 1000 Montage Mountain Rd, Scranton, PA 18505 Plastics and Rubber Products Manufacturing Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/28/2028 Term Loan Prime plus 2.75% 3/28/2028 Term Loan Prime plus 2.75% 3/28/2043 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 Administrative and Support Services Telecommunications Term Loan Term Loan Real Estate Waste Management and Remediation Services Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/28/2028 3/27/2028 3/23/2028 3/23/2028 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 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 Rental and Leasing Services Term Loan Prime plus 2.75% 3/23/2028 Publishing Industries (except Internet) Amusement, Gambling, and Recreation Industries 36546 Mission St., Prairieville, LA 70769 50 Oval Dr, Islandia, NY 11749 Printing and Related Support Activities 182 Garber Lane, Winchester, VA 22602 Merchant Wholesalers, Durable Goods 2756 Commercial Dr, Anchorage, AK 99501 Professional, Scientific, and Technical Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/23/2028 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 3/23/2028 3/23/2043 3/23/2043 Term Loan Prime plus 2.75% 3/21/2043 Term Loan Prime plus 2.75% 9/20/2028 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2028 Personal and Laundry Services Term Loan Prime plus 2.75% 3/19/2028 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 11.2 101.9 119.6 61.8 205.2 11.2 101.9 119.6 61.8 205.2 11.7 115.0 125.0 65.6 231.7 157.7 44.1 187.6 56.8 92.7 68.2 43.9 52.1 15.9 1,197.8 93.4 607.2 902.6 30.0 7.9 157.7 44.1 187.6 56.8 92.7 68.2 43.9 52.1 15.9 1,197.8 93.4 607.2 902.6 30.0 7.9 165.1 46.9 199.1 59.9 97.3 71.0 46.6 55.3 16.4 1,352.3 105.5 685.5 945.1 30.8 8.2 — % 0.04 % 0.04 % 0.02 % 0.07 % 0.43 % 0.05 % 0.02 % 0.06 % 0.02 % 0.03 % 0.02 % 0.02 % 0.02 % 0.01 % 0.44 % 0.03 % 0.22 % 0.31 % 0.01 % — % 0.06 % Support Activities for Mining Term Loan Prime plus 2.75% 3/16/2028 176.9 176.9 187.7 F-285 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Camerabots Media, LLC CTD Operations Inc Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe Rojenco II,Inc. Rojenco II, Inc. Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/16/2028 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2028 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 2217 Richmond Rd, Williamsburg, VA 23188 Repair and Maintenance Repair and Maintenance Repair and Maintenance Repair and Maintenance Securities, Commodity Contracts, and Other Financial Investments and Related Activities Clothing and Clothing Accessories Stores 19 Briant Pkwy, Summit, NJ 07901 3150 18th St., Ste 435, San Francisco, CA 94110 16969 River Park Dr, Covington, LA 70345 Administrative and Support Services 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 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 Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 3/15/2043 9/15/2043 3/15/2043 Term Loan Prime plus 2.75% 9/15/2043 Term Loan Prime plus 2.75% 3/14/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/9/2028 3/9/2028 Term Loan Prime plus 2.75% 8/7/2043 Term Loan Term Loan Term Loan Term Loan Prime plus Fixed Prime plus Prime plus 2.75% 8% 2.75% 2.75% 3/2/2028 2/28/2043 2/28/2028 2/28/2028 Term Loan Prime plus 2.75% 2/28/2043 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/26/2043 Publishing Industries (except Internet) Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Term Loan Transit and Ground Passenger Transportation Term Loan Term Loan Term Loan Prime plus 2.75% 2/22/2028 Prime plus 2.75% 2/21/2028 Prime plus Prime plus 2.75% 2.75% 2/21/2028 2/16/2028 F-286 See accompanying notes to consolidated financial statements. 10.6 47.6 484.9 72.2 376.0 72.2 6.9 23.4 7.2 10.6 47.6 484.9 72.2 376.0 72.2 6.9 23.4 7.2 98.0 5.6 62.1 156.6 2.1 111.0 330.5 25.9 29.7 10.5 46.1 98.0 5.6 62.1 156.6 2.1 111.0 330.5 25.9 29.7 10.5 46.1 10.9 49.2 547.4 81.5 424.5 81.5 7.0 24.0 7.5 211.3 110.7 5.8 60.7 166.2 2.2 125.3 373.2 27.5 30.7 10.7 48.9 — % 0.02 % 0.18 % 0.03 % 0.14 % 0.03 % — % 0.01 % — % 0.07 % 0.04 % — % 0.02 % 0.05 % — % 0.04 % 0.12 % 0.01 % 0.01 % — % 0.02 % Term Loan Prime plus 2.75% 3/9/2028 205.4 205.4 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Printing and Related Support Activities Term Loan Prime plus 2.75% 2/14/2043 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/13/2028 Food and Beverage Stores Furniture and Home Furnishings Stores Specialty Trade Contractors Fabricated Metal Product Manufacturing Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2/13/2028 2/9/2028 2/9/2028 2/9/2028 99.2 2.9 145.1 5.8 51.4 1,002.4 99.2 2.9 145.1 5.8 51.4 1,002.4 112.0 3.0 150.1 6.1 53.6 1,050.5 Telecommunications Term Loan Prime plus 2.75% 2/8/2028 378.3 378.3 387.5 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2028 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 800 Village Walk #159, Guilford, CT 06437 128 North Woodland Blvd, Deland, FL 32720 2425 Durrance LN, Ormond Beach, FL 32174 4751 West 147th St., Midlothian, IL 60445 151 Kitts Lane, Newington, CT 06111 Repair and Maintenance Building Material and Garden Equipment and Supplies Dealers Administrative and Support Services Support Activities for Transportation Paper Manufacturing Specialty Trade Contractors 2290 NW 21st Terrace, Miami, FL 33142 Repair and Maintenance 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 Personal and Laundry Services Furniture and Home Furnishings Stores Professional, Scientific, and Technical Services Machinery Manufacturing Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/5/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/2/2028 1/31/2043 Term Loan Prime plus 2.75% 1/31/2028 Term Loan Prime plus 2.75% 1/30/2043 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 1/26/2043 1/25/2028 1/24/2028 1/23/2028 1/19/2028 Term Loan Prime plus 2.75% 1/19/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/18/2043 1/18/2028 F-287 See accompanying notes to consolidated financial statements. 0.04 % — % 0.05 % — % 0.02 % 0.34 % 0.13 % 0.01 % — % — % 0.03 % — % 0.02 % 0.33 % 0.02 % 0.03 % — % — % — % 0.04 % 0.02 % 35.8 8.4 10.5 69.8 10.4 44.2 893.1 69.1 95.1 5.4 5.2 7.3 107.3 54.5 35.8 8.4 10.5 69.8 10.4 44.2 893.1 69.1 95.1 5.4 5.2 7.3 107.3 54.5 37.3 8.9 11.1 78.8 10.7 49.9 1,008.4 72.1 100.9 5.5 5.3 7.7 121.2 55.8 Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) Food Services and Drinking Places Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/16/2028 Term Loan Fixed 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 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 60 Dodd St., Bloomfield, NJ 07003 41Peabody St., Nashville, TN 37210 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 Personal and Laundry Services Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Truck Transportation Truck Transportation Ambulatory Health Care Services Food Services and Drinking Places Securities, Commodity Contracts, and Other Financial Investments and Related Activities Accommodation Repair and Maintenance Ambulatory Health Care Services 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 Nursing and Residential Care Facilities Amusement, Gambling, and Recreation Industries Miscellaneous Store Retailers Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers 661 Park St., Cranston, RI 02910 1415 W. Anderson St., Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 1/5/2028 Term Loan Prime plus 2.75% 12/29/2027 Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Prime plus Prime plus Prime plus 7.5% 7.5% 2.75% 2.75% 2.75% 12/29/2042 12/22/2027 12/22/2027 12/22/2027 12/22/2027 Term Loan Prime plus 2.75% 12/22/2027 Term Loan Prime plus 2.75% 12/22/2027 Term Loan Prime plus 2.75% 12/21/2042 Term Loan Prime plus 2.75% 12/21/2027 Term Loan Prime plus 2.75% 12/21/2027 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 12/20/2027 12/19/2042 12/15/2027 12/15/2042 12/15/2042 F-288 See accompanying notes to consolidated financial statements. 45.0 4.0 10.7 5.2 42.5 7.7 242.4 4,208.4 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 45.0 4.0 10.7 5.2 42.5 7.7 242.4 4,208.4 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 46.1 3.8 11.3 5.5 43.6 7.9 234.8 4,001.5 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 0.01 % — % — % — % 0.01 % — % 0.08 % 1.29 % — % — % — % 0.01 % — % 0.06 % 0.05 % 0.01 % 0.02 % 0.04 % 0.01 % 0.11 % 0.21 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Merchant Wholesalers, Nondurable Goods Transit and Ground Passenger Transportation Specialty Trade Contractors Food Services and Drinking Places 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 Truck Transportation 3466 Thomasville Rd, Winston Salem, NC 27107 1599 Post Rd, Warwick, RI 02888 6235 Conlan Bay Dr, Houston, TX 77041 Nonstore Retailers 2040 Norwood St. SW, Lenoir, NC 28645 1906 Vanderhorn Dr, Memphis, TN 38134 Administrative and Support Services 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 Rental and Leasing Services Rental and Leasing Services Gasoline Stations Real Estate Heavy and Civil Engineering Construction Transit and Ground Passenger Transportation Plastics and Rubber Products Manufacturing Administrative and Support Services Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Industries Ambulatory Health Care Services Performing Arts, Spectator Sports, and Related Industries 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 Accommodation 214 Pine St, Sandpoint, ID 83864 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/15/2027 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/14/2027 12/14/2027 12/14/2027 12/14/2042 12/14/2027 12/14/2027 12/13/2042 12/13/2027 12/12/2042 12/12/2027 12/12/2027 Term Loan Prime plus 2.75% 12/12/2027 Term Loan Prime plus 2.75% 12/8/2027 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/8/2027 12/7/2042 Term Loan Prime plus 2.75% 12/6/2027 Term Loan Prime plus 2.75% 12/4/2027 Term Loan Term Loan Term Loan Prime plus Fixed Prime plus 2.75% 8.25% 2.75% 12/4/2042 12/1/2027 12/1/2027 153.9 357.7 454.8 229.0 168.5 10.6 58.3 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 15.9 153.9 357.7 454.8 229.0 168.5 10.6 58.3 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 15.9 157.3 365.9 464.7 240.2 190.2 10.8 61.2 91.8 536.3 35.2 330.5 528.1 34.4 347.2 2.6 635.0 34.9 10.5 1,067.3 17.0 16.5 0.05 % 0.12 % 0.15 % 0.08 % 0.06 % — % 0.02 % 0.03 % 0.17 % 0.01 % 0.11 % 0.17 % 0.01 % 0.11 % — % 0.21 % 0.01 % — % 0.35 % 0.01 % 0.01 % F-289 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) 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 (#,^) 1088 Greenbriar Lane, Northbrook, IL 60062 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/1/2027 22345 W. Rt 66, Seligman, AZ 86337 1413 Bushwick Ave, Brooklyn, NY 11207 5491 E Francis St, Ontario, CA 91761 Miscellaneous Store Retailers Food Services and Drinking Places Support Activities for Transportation Professional, Scientific, and Technical Services 2285 St. Andrews Ave, Zachary, LA 70791 235 Walton Ave, Lexington, KY 40502 Social Assistance 3501 NC Hwy 54 W, Chapel hill, NC 27516 Social Assistance 700 Lincoln St., Lagrange, GA 30204 920 Graves Ave, Oxnard, CA 93003 2258A Wigwam Pkwy, Henderson, NV 89074 Food Services and Drinking Places Motor Vehicle and Parts Dealers Educational Services Building Material and Garden Equipment and Supplies Dealers Food Services and Drinking Places Food Services and Drinking Places Educational Services Personal and Laundry Services Accommodation Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 12/1/2042 12/1/2027 11/30/2027 11/30/2027 11/29/2042 11/29/2042 11/27/2042 11/22/2027 Term Loan Prime plus 2.75% 11/22/2027 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 11/22/2027 11/21/2027 11/21/2027 11/21/2027 11/20/2042 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 Motor Vehicle and Parts Dealers Nonmetallic Mineral Product Manufacturing Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/15/2042 11/15/2042 11/15/2042 112 N Krome Ave, Homestead, FL 33030 Educational Services Term Loan Prime plus 2.75% 10/14/2043 F-290 See accompanying notes to consolidated financial statements. 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 42.6 19.5 38.5 27.1 8.4 176.9 217.5 117.8 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 42.6 19.5 38.5 27.1 8.4 176.9 217.5 117.8 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 43.6 22.0 39.4 28.3 8.9 199.8 245.6 133.0 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 0.01 % 0.01 % 0.01 % 0.01 % — % 0.06 % 0.08 % 0.04 % 0.02 % — % — % 0.02 % 0.01 % 0.02 % 0.06 % 0.02 % 0.01 % 0.02 % 0.07 % — % 0.18 % 0.16 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2027 Couriers and Messengers Social Assistance Insurance Carriers and Related Activities Repair and Maintenance Term Loan Term Loan Term Loan Term Loan Fixed Prime plus Prime plus Prime plus 6% 2.75% 2.75% 2.75% 11/7/2027 11/6/2042 11/3/2027 11/3/2042 Repair and Maintenance Term Loan Prime plus 2.75% 11/2/2027 Insurance Carriers and Related Activities 208 Bank St., Lenoir, TN 37771 1668 West Grand Ave, Phoenix, AZ 85007 Motor Vehicle and Parts Dealers 13705 Holmes Rd, Kansas City, MO 64154 377 Boston Post Rd Unit B, Milford, CT 06460 8913 Egyptian Ave, Las Vegas, NV 89143 Merchant Wholesalers, Nondurable Goods 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 92 Huntington St., New London, CT 06320 Couriers and Messengers Educational Services Repair and Maintenance Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Food Manufacturing Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Fixed 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 8.25% 10/31/2027 10/30/2042 10/30/2042 10/27/2027 10/27/2027 10/27/2027 10/25/2042 10/25/2027 10/25/2027 10/24/2042 6.6 6.5 85.1 5.1 69.9 4.1 5.0 52.3 440.0 27.7 6.7 9.7 81.0 10.0 25.7 23.4 6.6 6.5 85.1 5.1 69.9 4.1 5.0 52.3 440.0 27.7 6.7 9.7 81.0 10.0 25.7 23.4 6.7 6.4 96.1 5.2 78.9 4.2 5.1 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 Term Loan Term Loan Fixed Prime plus 7.5% 2.75% 10/17/2042 10/13/2027 Construction of Buildings Term Loan Prime plus 2.75% 10/13/2027 5.5 60.0 12.8 12.2 5.5 60.0 12.8 12.2 5.8 58.6 13.3 12.9 F-291 See accompanying notes to consolidated financial statements. 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 — % — % 0.03 % — % 0.03 % — % — % 0.02 % 0.16 % 0.01 % — % — % 0.03 % — % 0.01 % 0.01 % 0.04 % — % 0.02 % — % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 Rental and Leasing Services Management of Companies and Enterprises Truck Transportation Term Loan Term Loan Term Loan Primary Metal Manufacturing Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Personal and Laundry Services Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 10/2/2027 10/2/2027 9/29/2030 9/29/2042 9/29/2042 Term Loan Term Loan Term Loan Prime plus 2.75% 9/29/2042 Term Loan Prime plus 2.75% 9/28/2042 Term Loan Prime plus 2.75% 9/28/2042 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 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2027 Food Services and Drinking Places Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/26/2042 9/22/2027 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2027 Repair and Maintenance Term Loan Prime plus 2.75% 9/21/2027 Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 Term Loan Prime plus 2.75% 9/20/2027 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/20/2027 F-292 See accompanying notes to consolidated financial statements. 36.2 60.7 67.6 758.8 455.4 196.6 127.1 183.5 519.7 164.8 361.9 9.7 163.7 430.1 6.7 14.8 5.9 679.4 5.0 218.7 131.6 36.2 60.7 67.6 758.8 455.4 196.6 127.1 183.5 519.7 164.8 361.9 9.7 163.7 430.1 6.7 14.8 5.9 679.4 5.0 218.7 131.6 37.1 63.3 69.5 803.6 514.2 221.9 143.5 207.2 586.7 178.8 408.5 9.9 172.8 485.5 7.0 15.2 6.3 714.5 5.2 225.5 138.1 0.01 % 0.02 % 0.02 % 0.26 % 0.17 % 0.07 % 0.05 % 0.07 % 0.19 % 0.06 % 0.13 % — % 0.06 % 0.16 % — % — % — % 0.23 % — % 0.07 % 0.04 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 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 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027 Social Assistance Specialty Trade Contractors Food Services and Drinking Places Rental and Leasing Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/20/2042 9/19/2027 9/15/2042 9/13/2027 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2027 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2042 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/12/2042 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2027 Performing Arts, Spectator Sports, and Related Industries Social Assistance Motion Picture and Sound Recording Industries Building Material and Garden Equipment and Supplies Dealers Social Assistance Truck Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/11/2027 9/8/2042 Term Loan Prime plus 3.75% 9/7/2027 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/7/2042 9/5/2042 9/1/2027 Couriers and Messengers Term Loan Prime plus 2.75% 8/31/2027 Support Activities for Transportation Term Loan Prime plus 2.75% 8/25/2042 Educational Services Term Loan Prime plus 2.75% 8/25/2027 432 S Franklin St, Juneau, AK 99801 Food Services and Drinking Places 168-170 McWhorter St., Newark, NJ 07105 Food Services and Drinking Places 1504 West Franklin Blvd., Gastonia, NC 28052 Motor Vehicle and Parts Dealers Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/24/2030 8/22/2027 Term Loan Prime plus 2.75% 8/21/2027 F-293 See accompanying notes to consolidated financial statements. 25.3 252.2 3.4 355.5 221.1 9.4 358.7 155.9 13.5 5.0 269.3 3.6 92.5 351.3 66.1 277.3 80.7 72.5 457.2 129.7 11.8 25.3 252.2 3.4 355.5 221.1 9.4 358.7 155.9 13.5 5.0 269.3 3.6 92.5 351.3 66.1 277.3 80.7 72.5 457.2 129.7 11.8 26.5 284.7 3.5 401.4 225.3 9.9 405.0 176.0 13.7 5.2 304.0 3.8 104.4 396.6 69.1 284.9 91.2 74.3 488.7 136.9 12.4 0.01 % 0.09 % — % 0.13 % 0.07 % — % 0.13 % 0.06 % — % — % 0.10 % — % 0.03 % 0.13 % 0.02 % 0.09 % 0.03 % 0.02 % 0.16 % 0.04 % — % Portfolio Company 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) Term Loan Prime plus 2.75% 8/21/2027 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 8/18/2027 8/17/2027 8/16/2027 8/11/2027 14.7 12.7 4.9 14.7 5.4 14.7 12.7 4.9 14.7 5.4 15.4 13.1 5.0 15.2 5.6 Term Loan Fixed 8.25% 8/8/2042 831.4 831.4 783.2 Term Loan Prime plus 2.75% 8/4/2027 Term Loan Term Loan Fixed Prime plus 7.5% 2.75% 7/28/2027 7/28/2027 Term Loan Prime plus 2.75% 7/27/2027 3.7 33.0 12.0 14.5 3.7 33.0 12.0 14.5 3.7 31.4 12.2 14.8 Term Loan Prime plus 2.75% 7/26/2027 141.2 141.2 146.6 SBA Unguaranteed Accrual Investments (1) (22) 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. (#,^) 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Furniture and Home Furnishings Stores Amusement, Gambling, and Recreation Industries Specialty Trade Contractors Crop Production Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Merchant Wholesalers, Durable Goods Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 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 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 1415 W Andersonr Way, Stockton, CA 95206 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Term Loan Prime plus 2.75% 7/25/2027 Food Manufacturing Social Assistance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/21/2027 7/21/2042 Truck Transportation Term Loan Prime plus 2.75% 7/21/2027 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 3.75% 7/19/2027 Koep Companies dba Pipestone True value (#,^) McCord Holdings, Inc. dba Fast Signs 176101 Thrifty Market Inc dba Thrifty Foods (#,^) (#,^) 207 East Main St., Pipestone, MN 56164 7640 N. Wickham Rd, Melbourne, FL 32940 702 10th St., Wheatland, WY 82201 2301 N Marginal Rd, Cleveland, OH 44114 Air Transportation 5137 Clareton Dr, Ste 100,110 & 120, Agoura Hills, CA 91301 Food Services and Drinking Places Building Material and Garden Equipment and Supplies Dealers 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 Administrative and Support Services Food and Beverage Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 7/7/2027 7/6/2027 F-294 See accompanying notes to consolidated financial statements. 39.8 7.7 25.5 25.6 5.5 532.3 14.5 300.8 9.5 69.4 39.8 7.7 25.5 25.6 5.5 532.3 14.5 300.8 9.5 69.4 40.6 8.1 28.8 26.1 5.9 543.6 15.3 339.6 9.8 71.7 — % — % — % — % — % 0.25 % — % 0.01 % — % — % 0.05 % 0.01 % — % 0.01 % 0.01 % — % 0.18 % — % 0.11 % — % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) 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 (#,^) (#,^) 11776 West Sample Rd, Coral Springs, FL 33065 19972 Willowin Farm Lane, Purcellville, VA 20132 1221 County Rd 4371, Decatur, TX 76234 Real Estate Term Loan Prime plus 2.75% 6/30/2042 Real Estate Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/30/2027 6/30/2027 Food Manufacturing Animal Production and Aquaculture Specialty Trade Contractors 18081 SE Division St., Portland, OR 97236 Repair and Maintenance 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 4211 NW Federal Hwy, Jensen Beach, FL 34957 2510 Hunters Place, Ste 202, Woodbridge, VA 22192 Specialty Trade Contractors Professional, Scientific, and Technical Services Truck Transportation Amusement, Gambling, and Recreation Industries Term Loan Fixed 0% 6/30/2027 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/30/2027 6/29/2027 6/29/2030 Term Loan Prime plus 2.75% 6/29/2027 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/29/2027 6/29/2027 Term Loan Prime plus 2.75% 6/28/2027 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2027 211 East 25th St., Norfolk, VA 23504 122 West 26th St., New York, NY 10001 W 5585 Dehart Dr, Tomahawk, WI 54484 Miscellaneous Manufacturing Transportation Equipment Manufacturing Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/27/2030 6/26/2027 6/23/2042 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 Construction of Buildings Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2027 Term Loan Prime plus 2.75% 6/22/2027 Administrative and Support Services Term Loan Prime plus 2.75% 6/19/2027 Ambulatory Health Care Services Professional, Scientific, and Technical Services Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/16/2042 Term Loan Prime plus 2.75% 6/15/2027 Term Loan Prime plus 2.75% 6/15/2042 F-295 See accompanying notes to consolidated financial statements. 49.7 9.6 68.4 50.3 10.6 14.3 75.1 196.5 2.4 383.0 57.9 765.1 184.6 818.3 53.6 14.3 31.9 10.0 369.9 23.3 285.5 49.7 9.6 68.4 50.3 10.6 14.3 75.1 196.5 2.4 383.0 57.9 765.1 184.6 818.3 53.6 14.3 31.9 10.0 369.9 23.3 285.5 56.1 10.0 71.2 48.9 11.2 14.9 82.1 208.1 2.5 399.0 60.4 799.4 201.8 855.0 60.6 14.9 33.2 10.6 417.6 24.3 322.3 0.02 % — % 0.02 % 0.02 % — % — % 0.03 % 0.07 % — % 0.13 % 0.02 % 0.26 % 0.07 % 0.28 % 0.02 % — % 0.01 % — % 0.14 % 0.01 % 0.10 % Portfolio Company 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) 2383 Old Dixwell Ave, Hamden, CT 06518 Educational Services Term Loan Prime plus 2.75% 6/2/2042 134.2 134.2 151.5 SBA Unguaranteed Accrual Investments (1) (22) (#,^) 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 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 2420 Grand Ave, Baldwin, NY 11520 19-4037 Olapalapa Rd, Volcano, HI 96785 Accommodation 19 Hull Shore Dr, Hull, MA 02045 Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Professional, Scientific, and Technical Services 577 Main Ave, Paterson, NJ 07055 849 E Commerce St. Ste 121, San Antonio, TX 78205 25001 S Kasson Rd, Tracy, CA 95301 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 6/14/2042 6/14/2042 6/14/2042 Term Loan Prime plus 2.75% 6/14/2042 Food and Beverage Stores Educational Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/8/2027 6/2/2027 246 East Belt Blvd, Richmond, VA 23224 Motor Vehicle and Parts Dealers 13200 W. Foxfire Dr #144, Surprise, AZ 85387 716 Foxcroft Ave, Martinsburg, WV 25401 1280-1290 Dixwell Ave, Hamden, CT 06514 8913 Egyptian Ave, Las Vegas, NV 89143 Merchant Wholesalers, Nondurable Goods Merchant Wholesalers, Durable Goods Food and Beverage Stores Gasoline Stations Amusement, Gambling, and Recreation Industries Accommodation Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/1/2042 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 5/31/2027 5/31/2027 5/31/2042 5/31/2027 5/26/2042 5/26/2042 5/26/2027 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 Other Information Services Term Loan Prime plus 2.75% 5/26/2027 Personal and Laundry Services Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/25/2027 5/25/2027 Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2042 Term Loan Prime plus 2.75% 5/24/2027 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/19/2042 F-296 See accompanying notes to consolidated financial statements. 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 41.9 48.3 9.5 242.2 14.2 728.3 116.6 7.5 54.5 2.9 31.4 372.3 182.5 534.5 41.9 48.3 9.5 242.2 14.2 728.3 116.6 7.5 54.5 2.9 31.4 372.3 182.5 534.5 47.4 50.5 9.9 273.5 14.8 822.2 131.7 7.9 56.7 3.0 32.9 420.4 190.1 603.4 0.01 % 0.02 % 0.03 % 0.03 % — % 0.01 % 0.05 % 0.02 % 0.02 % — % 0.09 % — % 0.27 % 0.04 % — % 0.02 % — % 0.01 % 0.14 % 0.06 % 0.20 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. 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 (#,^) 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 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 Food and Beverage Stores Term Loan Prime plus 2.75% 5/19/2027 Truck Transportation Term Loan Prime plus 2.75% 5/19/2027 Accommodation Sporting Goods, Hobby, Musical Instrument, and Book Stores Specialty Trade Contractors Term Loan Fixed 8.25% 5/19/2042 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/18/2042 5/18/2027 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2042 Educational Services Term Loan Prime plus 2.75% 5/17/2027 Specialty Trade Contractors Social Assistance Truck Transportation Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 5/16/2027 5/16/2042 5/12/2027 5/11/2027 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 Term Loan Prime plus 2.75% 5/11/2027 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 5/9/2027 5/9/2027 5/9/2042 5/5/2027 Term Loan Prime plus 2.75% 5/3/2027 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 5/2/2042 4/28/2042 4/27/2042 393 Charles St., Providence, RI 02904 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 F-297 See accompanying notes to consolidated financial statements. 5.2 92.5 891.0 134.6 31.5 111.7 31.5 231.3 56.7 6.6 4.7 76.7 55.7 49.3 20.1 14.2 36.1 109.5 71.4 598.3 203.1 5.2 92.5 891.0 134.6 31.5 111.7 31.5 231.3 56.7 6.6 4.7 76.7 55.7 49.3 20.1 14.2 36.1 109.5 71.4 598.3 203.1 5.5 98.0 871.8 152.0 32.9 126.1 32.8 243.3 64.0 6.9 5.0 79.9 58.4 52.1 22.7 14.8 38.1 123.7 80.6 675.5 229.3 — % 0.03 % 0.28 % 0.05 % 0.01 % 0.04 % 0.01 % 0.08 % 0.02 % — % — % 0.03 % 0.02 % 0.02 % 0.01 % — % 0.01 % 0.04 % 0.03 % 0.22 % 0.07 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 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 1221 Kentucky Mills Dr, Louisville, KY 40299 2 Hill Rd, Franklin, NH 03235 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 Personal and Laundry Services Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries 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 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 Term Loan Prime plus 2.75% 3/31/2027 Term Loan Fixed 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 Term Loan Prime plus Prime plus 2.75% 2.75% 3/31/2042 3/30/2042 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2042 Accommodation Gasoline Stations Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/29/2042 3/29/2042 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2027 5455 N 51st St., # 30, Glendale, AZ 85301 Couriers and Messengers Term Loan Prime plus 2.75% 3/29/2030 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 Social Assistance Amusement, Gambling, and Recreation Industries Printing and Related Support Activities Repair and Maintenance Term Loan Prime plus 2.75% 3/28/2042 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 3/27/2042 3/23/2027 3/23/2042 Waste Management and Remediation Services Term Loan Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2027 Prime plus 2.75% 3/23/2027 F-298 See accompanying notes to consolidated financial statements. 45.8 4.7 74.4 26.9 602.2 115.3 39.8 506.4 233.9 216.7 968.2 189.0 61.5 58.3 345.9 851.2 73.8 81.3 40.0 12.4 45.8 4.7 74.4 26.9 602.2 115.3 39.8 506.4 233.9 216.7 968.2 189.0 61.5 58.3 345.9 851.2 73.8 81.3 40.0 12.4 51.7 4.9 78.0 27.9 589.3 119.7 41.4 571.8 264.1 244.7 1,093.1 213.4 64.3 62.5 390.5 961.0 77.9 91.8 41.9 13.1 0.02 % — % 0.03 % 0.01 % 0.19 % 0.04 % 0.01 % 0.18 % 0.09 % 0.08 % 0.35 % 0.07 % 0.02 % 0.02 % 0.13 % 0.31 % 0.03 % 0.03 % 0.01 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#,^) 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 6507 Westport Ave, Shreveport, LA 71129 6 & 10 Skowhegan Rd, Fairfield, ME 04937 Food Services and Drinking Places Truck Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/22/2042 3/16/2042 5880 US Hwy6, Portage, IN 46368 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 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027 Truck Transportation Term Loan Prime plus 2.75% 3/13/2027 Truck Transportation Term Loan Prime plus 2.75% 3/10/2027 Personal and Laundry Services Food and Beverage Stores Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/10/2042 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 Personal and Laundry Services Professional, Scientific, and Technical Services Sporting Goods, Hobby, Musical Instrument, and Book Stores Textile Product Mills Term Loan Prime plus 2.75% 2/28/2042 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/28/2027 2/27/2027 Term Loan Prime plus 2.75% 2/27/2027 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/24/2027 2/24/2042 Term Loan Prime plus 2.75% 2/24/2027 Term Loan Prime plus 2.75% 2/14/2042 2235 S. Power Rd Ste 118, Mesa, AZ 85209 Food Services and Drinking Places 1000 North State. Hwy 77, Hillsboro, TX 76645 Primary Metal Manufacturing 2808 Court St., Port Allen, LA 70767 199 Taunton Ave, East Providence, RI 02914 Truck Transportation Term Loan Prime plus 2.75% 2/10/2042 Food and Beverage Stores Term Loan Prime plus 2.75% 2/10/2042 34 Morningside Ave, Yonkers, NY 10703 127 Legate Rd, Indian Mound, TN 37079 Personal and Laundry Services Forestry and Logging Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/10/2042 2/9/2027 F-299 See accompanying notes to consolidated financial statements. 585.2 65.2 203.6 385.2 6.4 555.1 105.7 83.2 128.1 58.4 39.1 99.3 3.8 59.3 45.6 171.2 226.8 200.4 126.0 65.8 585.2 65.2 203.6 385.2 6.4 555.1 105.7 83.2 128.1 58.4 39.1 99.3 3.8 59.3 45.6 171.2 226.8 200.4 126.0 65.8 660.6 73.6 215.0 400.1 6.8 626.7 119.3 93.9 144.6 61.1 40.8 103.2 4.0 66.9 48.2 193.3 256.0 226.2 142.2 68.9 0.21 % 0.02 % 0.07 % 0.13 % — % 0.20 % 0.04 % 0.03 % 0.05 % 0.02 % 0.01 % 0.03 % — % 0.02 % 0.02 % 0.06 % 0.08 % 0.07 % 0.05 % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) 174-176 Mountain Ave, Springfield, NJ 07081 164 West 83rd St. Units 1F/1P, New York, NY 10024 Repair and Maintenance Professional, Scientific, and Technical Services 720 Wilbraham Rd, Springfield, MA 01109 Social Assistance 1875 Grand Ave, Baldwin, NY 11510 8690 Waterford Bend St., Las Vegas, NV 89123 5245 Bucks Bar Rd, Placerville, CA 95667 357 w 36th #401, New York, NY 10018 568 Techumseh St., Dundee, MI 48131 2 Basin Rd, Chilmark, MA 02535 16701 E. Iliff Ave, Aurora, CO 80013 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 Real Estate Securities, Commodity Contracts, and Other Financial Investments and Related Activities Beverage and Tobacco Product Manufacturing Professional, Scientific, and Technical Services Food Services and Drinking Places Miscellaneous Store Retailers Sporting Goods, Hobby, Musical Instrument, and Book Stores Professional, Scientific, and Technical Services Educational Services Term Loan Prime plus 2.75% 2/7/2042 Term Loan Prime plus 2.75% 2/1/2042 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/31/2042 1/30/2042 Term Loan Prime plus 2.75% 1/27/2027 Term Loan Fixed 8.25% 1/19/2030 Term Loan Prime plus 2.75% 1/18/2027 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 1/17/2027 1/13/2027 Term Loan Prime plus 2.75% 1/10/2027 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/19/2041 12/15/2026 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041 Food Manufacturing Term Loan Prime plus 2.75% 12/15/2041 Fabricated Metal Product Manufacturing Nursing and Residential Care Facilities Term Loan Term Loan Fixed Prime plus 5.25% 2.75% 12/15/2041 12/15/2041 Repair and Maintenance Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/14/2041 Term Loan Prime plus 2.75% 12/13/2041 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2026 F-300 See accompanying notes to consolidated financial statements. 299.8 172.3 293.4 49.8 13.5 203.5 6.3 59.6 13.5 29.3 250.4 111.9 38.2 426.1 711.0 669.9 371.1 84.2 125.2 299.8 172.3 293.4 49.8 13.5 203.5 6.3 59.6 13.5 29.3 250.4 111.9 38.2 426.1 711.0 669.9 371.1 84.2 125.2 338.5 194.6 331.3 56.2 14.0 198.5 6.6 63.0 14.2 30.9 282.7 116.4 43.2 481.0 690.8 756.4 418.9 95.1 131.8 0.11 % 0.06 % 0.11 % 0.02 % — % 0.06 % — % 0.02 % — % 0.01 % 0.09 % 0.04 % 0.01 % 0.16 % 0.22 % 0.24 % 0.14 % 0.03 % 0.04 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#) 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 Couriers and Messengers Professional, Scientific, and Technical Services Merchant Wholesalers, Durable Goods Hospitals Professional, Scientific, and Technical Services Accommodation Administrative and Support Services Nursing and Residential Care Facilities Couriers and Messengers Food Services and Drinking Places 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 Gasoline Stations 5101 Andard Ave, Baltimore, MD 21226 750 Third Ave, New York, NY 10017 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 Food Services and Drinking Places Merchant Wholesalers, Durable Goods Personal and Laundry Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Repair and Maintenance Food Services and Drinking Places Personal and Laundry Services Ambulatory Health Care Services Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/9/2026 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 12/9/2026 12/9/2041 12/8/2041 Term Loan Prime plus 2.75% 12/8/2026 Term Loan Fixed 8.25% 12/5/2041 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 11/30/2041 11/30/2026 2/28/2042 11/29/2026 11/29/2041 11/23/2026 11/23/2026 11/22/2026 11/22/2041 11/22/2041 Term Loan Prime plus 2.75% 11/21/2026 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/17/2026 11/15/2026 11/9/2026 3844 Post Rd, Warwick, RI 02886 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/9/2041 F-301 See accompanying notes to consolidated financial statements. 12.0 457.5 81.9 1,110.7 6.6 329.5 63.4 6.1 340.1 717.8 212.3 13.1 61.6 72.5 377.4 88.2 58.2 10.9 50.8 129.7 218.8 12.0 457.5 81.9 1,110.7 6.6 329.5 63.4 6.1 340.1 717.8 212.3 13.1 61.6 72.5 377.4 88.2 58.2 10.9 50.8 129.7 218.8 12.6 477.0 92.4 1,254.0 7.0 322.0 71.6 6.3 384.0 743.6 239.7 13.8 64.0 75.1 426.1 99.5 61.3 11.3 53.5 134.6 247.0 — % 0.15 % 0.03 % 0.41 % — % 0.10 % 0.02 % — % 0.12 % 0.24 % 0.08 % — % 0.02 % 0.02 % 0.14 % 0.03 % 0.02 % — % 0.02 % 0.04 % 0.08 % Portfolio Company 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) 2530 SW 30th Ave, Hallandale Beach, FL 33009 Repair and Maintenance Term Loan Prime plus 2.75% 11/4/2041 13215 Miles Ave, Cleveland, OH 44105 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2041 SBA Unguaranteed Accrual Investments (1) (22) 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 (#) (#,^) (#) (#,^) (#) (#) (#,^) (#,^) (#,^) (#) (#) (#) (#) (#) 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 191 2nd Ave, Warwick, RI 02888 401 Old Quitman Rd, Abel, GA 31620 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 Wyspen Corporation dba Charlestown Ace (#) 5 Austin St., Charlestown, MA 02129 Ailky Corporation JJA Transportation Management Inc. Seaway LLC and Reklaw LLC dba Allure Lounge CNC Precision Machine, Inc. CD Game Exchange Inc. Beadon Inc (#) (#) (#) (#) (#) (#) 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 Repair and Maintenance Term Loan Prime plus 2.75% 11/1/2041 Administrative and Support Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/1/2026 Term Loan Prime plus 2.75% 10/31/2026 Miscellaneous Manufacturing Fabricated Metal Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/31/2041 10/27/2029 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 10/24/2026 Nursing and Residential Care Facilities Truck Transportation Electronics and Appliance Stores Merchant Wholesalers, Durable Goods Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 10/21/2041 10/20/2041 10/14/2041 10/13/2026 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/13/2026 Support Activities for Transportation Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Term Loan Transit and Ground Passenger Transportation Term Loan Term Loan Term Loan Food Services and Drinking Places Fabricated Metal Product Manufacturing Merchant Wholesalers, Durable Goods Term Loan Term Loan Term Loan Prime plus 2.75% 10/7/2026 Prime plus 2.75% 10/3/2026 Prime plus Prime plus Prime plus Prime plus Fixed 2.75% 2.75% 2.75% 2.75% 8.25% 10/3/2026 9/30/2026 9/30/2041 9/28/2041 9/28/2026 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026 F-302 See accompanying notes to consolidated financial statements. 56.7 104.0 107.9 43.6 6.3 80.5 160.8 243.8 203.5 161.6 113.4 94.1 11.2 64.5 20.6 135.9 26.8 124.1 1,157.4 3.5 12.7 56.7 104.0 107.9 43.6 6.3 80.5 160.8 243.8 203.5 161.6 113.4 94.1 11.2 64.5 20.6 135.9 26.8 124.1 1,157.4 3.5 12.7 64.0 117.4 121.8 45.9 6.6 90.9 174.7 256.7 229.8 182.4 128.0 99.1 11.6 67.5 21.4 141.4 27.8 140.1 1,306.7 3.4 13.3 0.02 % 0.04 % 0.04 % 0.01 % — % 0.03 % 0.06 % 0.08 % 0.07 % 0.06 % 0.04 % 0.03 % — % 0.02 % 0.01 % 0.05 % 0.01 % 0.05 % 0.42 % — % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 24201 North Hwy 1, Fort Bragg, CA 95437 5957 Glenway Ave, Cincinnati, OH 45238 Miscellaneous Store Retailers 313 S Main St., McGregor, TX 76557 Support Activities for Agriculture and Forestry 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 Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Personal and Laundry Services Administrative and Support Services Personal and Laundry Services Repair and Maintenance Rental and Leasing Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/26/2026 9/26/2041 9/21/2041 9/21/2026 9/13/2041 8/30/2026 8/29/2041 8/26/2041 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 Food Services and Drinking Places Merchant Wholesalers, Durable Goods Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/11/2026 8/10/2041 2595 Military Ave, Los Angeles, CA 90064 Administrative and Support Services 47 South Main St., Windsor Locks, CT 06096 Real Estate Term Loan Prime plus 2.75% 8/9/2026 Term Loan Prime plus 2.75% 7/29/2041 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 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 Term Loan Prime plus 2.75% 7/29/2041 Food Services and Drinking Places Nonstore Retailers Food Services and Drinking Places Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 7/28/2041 7/28/2041 7/27/2026 F-303 See accompanying notes to consolidated financial statements. 5.1 53.0 20.3 16.0 98.6 76.0 65.3 91.2 27.5 11.7 5.7 39.9 563.0 8.3 68.5 12.3 125.8 359.8 622.6 56.2 45.7 5.1 53.0 20.3 16.0 98.6 76.0 65.3 91.2 27.5 11.7 5.7 39.9 563.0 8.3 68.5 12.3 125.8 359.8 622.6 56.2 45.7 5.3 59.9 22.9 16.6 111.3 78.8 73.7 103.0 28.4 12.1 5.9 41.2 635.6 8.6 77.4 12.8 142.1 406.2 702.9 63.4 47.2 — % 0.02 % 0.01 % 0.01 % 0.04 % 0.03 % 0.02 % 0.03 % 0.01 % — % — % 0.01 % 0.21 % — % 0.03 % — % 0.05 % 0.13 % 0.23 % 0.02 % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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. (#) (#) (#) (#) (#) (#) (#) (#) (#,^) (#) (#) (#) 1 West Main St., Patchogue, NY 11772 1008 E Crest Dr, Waco, TX 76705 7922 Jamaica Ave, Woodhaven, NY 11421 Food Services and Drinking Places Accommodation Insurance Carriers and Related Activities Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 7/27/2026 7/22/2041 7/22/2026 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 154 High St., Bristol, RI 02809 626 Delsea Dr N, Glassboro, NJ 08028 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 Accommodation Amusement, Gambling, and Recreation Industries 1431 11th Ave SE, Olympia, WA 98501 23248 Dunbridge Rd, Perrysburg, OH 43443 Accommodation Professional, Scientific, and Technical Services 90 A Division Ave, Levittown, NY 11756 27 Main St., Monroe, CT 06468 945 S Main St, Cheshire, CT 06410 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Food Services and Drinking Places 377 Boston Post Rd, Milford, CT 06460 14660 Paddock Dr, Wellington, FL 33414 Couriers and Messengers Couriers and Messengers Term Loan Prime plus 2.75% 7/18/2026 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 7/15/2041 6/30/2026 6/30/2026 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Prime plus 2.75% 6/30/2026 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/30/2029 6/29/2041 Term Loan Prime plus 2.75% 6/29/2026 Term Loan Prime plus 2.75% 6/24/2041 Term Loan Prime plus 2.75% 6/23/2041 Term Loan Prime plus 2.75% 6/23/2041 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 6/23/2041 6/17/2026 6/16/2026 6/15/2026 F-304 See accompanying notes to consolidated financial statements. 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 81.8 173.5 447.0 29.4 273.7 6.4 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 81.8 173.5 447.0 29.4 273.7 6.4 75.2 319.4 12.7 8.9 46.5 14.0 90.5 57.3 12.6 145.4 124.6 78.8 102.5 92.4 195.9 504.6 30.6 285.3 6.6 0.02 % 0.10 % — % — % 0.02 % — % 0.03 % 0.02 % — % 0.05 % 0.04 % 0.03 % 0.03 % 0.03 % 0.06 % 0.16 % 0.01 % 0.09 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#) (#) (#) (#) (#) (#) (#,^) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 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 Term Loan Prime plus 2.75% 6/10/2026 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 Social Assistance Amusement, Gambling, and Recreation Industries Truck Transportation Food and Beverage Stores Air Transportation Construction of Buildings Amusement, Gambling, and Recreation Industries 8957 Kingsridge Dr, Centerville, OH 45459 2103 NE 3rd Terrace, Cape Coral, FL 33909 Heavy and Civil Engineering Construction 3168 Holland Rd, Virginia Beach, VA 23453 3466 North Hwy 11, West Union, SC 29696 Merchant Wholesalers, Durable Goods 1410 E. Oak St., Fernandina Beach, FL 32034 Building Material and Garden Equipment and Supplies Dealers Miscellaneous Manufacturing Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 6/6/2026 6/2/2041 5/31/2026 5/27/2041 5/27/2026 5/26/2026 5/26/2041 5/25/2026 Term Loan Prime plus 2.75% 5/24/2026 Term Loan Prime plus 2.75% 5/24/2026 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 2916 North 39th St., Phoenix, AZ 85019 106 Main St., Mineola, NY 11951 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029 Social Assistance Term Loan Prime plus 2.75% 5/20/2026 Repair and Maintenance Administrative and Support Services Food Services and Drinking Places 11 Kirby Rd, Cromwell, CT 06419 603 Pulaski Hwy, Bear, DE 19701 401 East City Ave Ste 122, Bala Cynwyd, PA 19004 Social Assistance Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 5/18/2026 5/18/2041 5/13/2041 5/12/2041 5/11/2041 Term Loan Prime plus 2.75% 4/29/2026 F-305 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 41.6 234.1 118.6 110.8 11.7 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 41.6 234.1 118.6 110.8 11.7 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 47.0 264.3 133.9 125.1 12.2 0.17 % 0.01 % 0.02 % — % 0.06 % 0.10 % 0.03 % 0.02 % — % 0.07 % 0.04 % — % 0.02 % — % — % — % 0.02 % 0.09 % 0.04 % 0.04 % — % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Gordon Rogers and Heidi Rogers dba Stone House Motor Inn Wyldewood Cellars, Inc. Barrocas Gym LLC dba Snap Fitness Marathon Engineering Corporation (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) Specialty Trade Contractors Amusement, Gambling, and Recreation Industries 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 Merchant Wholesalers, Nondurable Goods 950 South Federal Hwy, Deerfield Beach, FL 33441 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 Clothing and Clothing Accessories Stores Specialty Trade Contractors Truck Transportation Social Assistance Term Loan Prime plus 2.75% 4/29/2041 Term Loan Prime plus 2.75% 4/29/2026 Term Loan Prime plus 2.75% 4/29/2041 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/29/2041 4/29/2026 73.7 21.2 157.1 135.7 3.9 73.7 21.2 157.1 135.7 3.9 83.2 22.1 177.4 153.2 4.1 Term Loan Prime plus 2.75% 4/28/2041 1,153.3 1,153.3 1,302.1 Term Loan Prime plus 2.75% 4/26/2026 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/22/2041 Furniture and Home Furnishings Stores Social Assistance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/21/2026 4/6/2041 Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041 Motor Vehicle and Parts Dealers Furniture and Related Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/31/2026 3/31/2041 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2026 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/30/2026 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 7 Oak Dr, Sandy Hook, CT 06482 101 East Redlands Blvd., Ste 106, Redlands, CA 92373 9 Gibson Court Apt# 1, Norwalk, CT 06854 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 Miscellaneous Manufacturing Term Loan Term Loan Accommodation Term Loan Beverage and Tobacco Product Manufacturing Term Loan Amusement, Gambling, and Recreation Industries Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/30/2026 3/30/2041 3/29/2026 3/28/2041 46.9 223.3 4.1 45.6 245.9 11.5 57.5 50.6 38.4 5.4 11.7 932.5 9.6 40.1 46.9 223.3 4.1 45.6 245.9 11.5 57.5 50.6 38.4 5.4 11.7 932.5 9.6 40.1 48.9 252.1 4.3 51.5 277.6 12.0 64.9 57.1 40.0 5.6 12.2 1,052.8 10.0 45.3 0.03 % 0.01 % 0.06 % 0.05 % — % 0.42 % 0.02 % 0.08 % — % 0.02 % 0.09 % — % 0.02 % 0.02 % 0.01 % — % — % 0.34 % — % 0.01 % F-306 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Gilmore Heights Dental Holdings, LTD and Chas Rob LLC Jersey Shore Marina & Boat Sales, Inc. Wildflour Bakery & Cafe LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 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 2250 Warrensville Center Rd, University Heights, OH 44118 841 Route 70 East, Brick, NJ 08724 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 Ambulatory Health Care Services Personal and Laundry Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/25/2026 3/24/2026 Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2026 Term Loan Prime plus 2.75% 3/18/2026 Repair and Maintenance Forestry and Logging Administrative and Support Services Food and Beverage Stores Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/18/2041 3/17/2026 3/15/2026 3/14/2041 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026 Educational Services Building Material and Garden Equipment and Supplies Dealers Personal and Laundry Services Specialty Trade Contractors Specialty Trade Contractors Term Loan Prime plus 2.75% 3/9/2026 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 3/9/2026 3/8/2026 3/7/2026 2/28/2026 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2041 Ambulatory Health Care Services Personal and Laundry Services Professional, Scientific, and Technical Services Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/28/2026 2/23/2026 Term Loan Prime plus 2.75% 2/12/2026 Term Loan Prime plus 2.75% 2/12/2029 Term Loan Prime plus 2.75% 2/12/2041 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2026 F-307 See accompanying notes to consolidated financial statements. 11.7 64.1 272.6 25.4 72.2 0.9 25.6 66.7 29.9 4.1 11.5 40.5 3.8 7.6 120.3 10.0 39.0 164.7 204.8 384.0 31.0 11.7 64.1 272.6 25.4 72.2 0.9 25.6 66.7 29.9 4.1 11.5 40.5 3.8 7.6 120.3 10.0 39.0 164.7 204.8 384.0 31.0 12.2 67.1 283.5 26.4 81.5 1.0 26.6 75.4 31.1 4.3 12.1 42.1 4.0 7.9 135.8 10.4 40.6 172.5 221.1 433.6 32.4 — % 0.02 % 0.09 % 0.01 % 0.03 % — % 0.01 % 0.02 % 0.01 % — % — % 0.01 % — % — % 0.04 % — % 0.01 % 0.06 % 0.07 % 0.14 % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. DC Enterprises Ltd. dba Lakeview True Value LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) (#) 34 Old Colony Ave, East Taunton, MA 02718 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041 1196 Inverness Lane, Stow, OH 44224 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 431 Raritan Ave, Highland Park, NJ 08904 Miscellaneous Manufacturing 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Food and Beverage Stores Food Services and Drinking Places 24201 North Hwy 1, Fort Bragg, CA 95437 2443 West 16th St., Chicago, IL 60608 Nonmetallic Mineral Product Manufacturing Amusement, Gambling, and Recreation Industries Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries 8957 Kingsridge Dr, Centerville, OH 45459 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 2201 Rittenhouse St, Des Moines, IA 50321 Printing and Related Support Activities Professional, Scientific, and Technical Services Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2025 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/29/2025 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 Term Loan Prime plus 2.75% 12/22/2028 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/21/2025 12/18/2040 Term Loan Prime plus 2.75% 12/18/2025 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 Merchant Wholesalers, Nondurable Goods Term Loan Fixed 6.5% 12/17/2025 Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/16/2022 12/16/2025 30 Hopper St., Westbury, NY 11590 1250 Sanders Ave SW, Massillon, OH 44646 Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Fixed 7.5% 12/16/2040 Term Loan Prime plus 2.75% 12/16/2025 30 Hopper St., Westbury, NY 11590 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025 3401 Brecksville Rd, Richfield, OH 44286 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040 318 North F St., Lakeview, OR 97630 880 Lowcountry Blvd, Mount Pleasant, SC 29464 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 F-308 See accompanying notes to consolidated financial statements. 60.1 54.7 9.1 7.7 228.7 90.7 266.7 570.8 8.8 586.6 80.8 21.8 26.8 130.3 360.0 45.3 496.4 303.0 10.9 444.7 60.1 54.7 9.1 7.7 228.7 90.7 266.7 570.8 8.8 586.6 80.8 21.8 26.8 130.3 360.0 45.3 496.4 303.0 10.9 444.7 67.9 56.9 9.5 8.0 258.2 102.4 301.1 616.5 9.1 662.2 83.8 21.5 27.0 135.1 352.6 47.2 518.3 342.1 11.4 502.0 0.02 % 0.02 % — % — % 0.08 % 0.03 % 0.10 % 0.20 % — % 0.21 % 0.03 % 0.01 % 0.01 % 0.04 % 0.11 % 0.02 % 0.17 % 0.11 % — % 0.16 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc Empower Autism Academy (#,^) (#,^) (#,^) (#,^) (#,^) 10800 E. Bethany Dr, Ste 275, Aurora, CO 80014 Educational Services Term Loan Prime plus 2.75% 11/25/2025 3105 NW 107 Ave Ste 102, Doral, FL 33172 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025 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 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040 Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025 Plastics and Rubber Products Manufacturing Truck Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/8/2025 9/30/2025 1838 Adee Ave, Baychester, NY 10469 10539 Greenbelt Rd Ste 102, Lanham, MD 20706 54 Marco Lake Dr, Marco Island, FL 34146 Administrative and Support Services Miscellaneous Store Retailers Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/30/2025 9/28/2040 5.4 42.7 95.8 18.8 10.5 187.1 80.3 10.3 77.6 5.4 42.7 95.8 18.8 10.5 187.1 80.3 10.3 77.6 5.6 44.3 108.1 19.4 10.9 195.4 90.6 10.7 87.6 645 G St. Ste 400, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040 350.5 350.5 395.7 223 Hwy 80, Rodeo, NM 88056 5701 North Pine Island Rd, Tamarac, FL 33321 Accommodation Term Loan Prime plus 2.75% 9/25/2040 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 Accommodation 10 West Orvis St., Massena, NY 13662 98 North Hillview Dr, St Peters, MO 63376 Miscellaneous Manufacturing 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 Food Services and Drinking Places Apparel Manufacturing Fabricated Metal Product Manufacturing Apparel Manufacturing Merchant Wholesalers, Durable Goods Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 9/24/2040 9/23/2025 9/21/2025 9/18/2025 9/18/2025 9/17/2025 Term Loan Prime plus 2.75% 9/15/2025 170 Main St., North Kingstown, RI 02852 1250 South A. W. Grimes Rd, Round Rock, TX 78665 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040 Social Assistance Term Loan Prime plus 2.75% 9/4/2040 F-309 See accompanying notes to consolidated financial statements. 11.9 4.5 549.1 23.0 22.8 4.7 3.8 57.5 79.6 123.1 601.8 11.9 4.5 549.1 23.0 22.8 4.7 3.8 57.5 79.6 123.1 601.8 13.4 4.7 619.9 23.7 23.6 4.9 3.9 59.4 82.3 139.0 679.4 — % 0.01 % 0.03 % 0.01 % — % 0.06 % 0.03 % — % 0.03 % 0.13 % — % — % 0.20 % 0.01 % 0.01 % — % — % 0.02 % 0.03 % 0.04 % 0.22 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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. Real Help LLC dba Real Help Decorative Concrete KRN Logistics, LLC and Newsome Trucking, Inc (#,^) (#,^) (#) 13526 Village Park Dr Ste 214, Orlando, FL 32837 40 West. 162nd St, South Holland, IL 60473 Educational Services Insurance Carriers and Related Activities 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 Food Services and Drinking Places Couriers and Messengers Food Services and Drinking Places Plastics and Rubber Products Manufacturing Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 8/28/2025 8/20/2025 8/19/2040 8/14/2025 8/13/2025 7/29/2025 Term Loan Prime plus 2.75% 7/21/2025 2304 N College Rd, Wilmington, NC 28405 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2040 1906 Vanderhorn Dr, Memphis, TN 38134 702 10th St, Wheatland, WY 82201 211 Washington Ave, Marion, VA 24354 Administrative and Support Services Food and Beverage Stores Beverage and Tobacco Product Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/30/2025 6/30/2030 Term Loan Prime plus 2.75% 8/29/2030 220 Middle St., Franklin, VA 23851 930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451 714-718 Lorenz Ave, Pittsburgh, PA 15220 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025 Other Information Services Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/26/2025 6/26/2029 13886 Campo Rd, Jamul, CA 91935 Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040 7 Division St, Keyport, NJ 07735 Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040 6.8 23.9 127.0 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 6.8 23.9 127.0 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 7.1 24.7 143.4 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 18002 Mueschke Rd, Cypress, TX 77433 3560 Hwy 93 South, Kalispell, MT 59901 Administrative and Support Services Repair and Maintenance Term Loan Term Loan Prime plus Fixed 2.75% 7.22% 6/25/2040 6/25/2040 215.0 1,070.0 215.0 1,070.0 242.7 1,048.1 7661 McLaughlin Rd, Falcon, CO 80831 353 E Angeleno Ste G, Burbank, CA 91502 Miscellaneous Store Retailers Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/24/2025 Term Loan Prime plus 2.75% 6/23/2025 2221 Broadway St., Buffalo, NY 14212 Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025 2262 Hwy 53 W, Jasper, GA 30143 Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 10.0 9.7 23.0 59.2 10.0 9.7 23.0 59.2 10.4 10.1 23.9 61.5 — % 0.01 % 0.05 % 0.01 % 0.01 % 0.02 % 0.01 % 0.12 % 0.01 % 0.07 % 0.07 % — % 0.01 % — % 0.12 % 0.04 % 0.08 % 0.34 % — % — % 0.01 % 0.02 % F-310 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Shellhorn and Hill Inc dba Total Fleet Service (#,^) 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 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040 Specialty Trade Contractors Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 6/12/2040 6/8/2040 10901 W. Toller Dr, Littleton, CO 80127 31 Sageman St, Mount Vernon, NY 10550 Merchant Wholesalers, Durable Goods Miscellaneous Manufacturing Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/5/2025 Term Loan Term Loan Prime plus Fixed 2.75% 7% 6/3/2025 6/2/2025 5980 Lamar St., Arvada, CO 80003 777 Brickell Ave, Ste 500, Miami, FL 33131 Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/29/2025 Term Loan Prime plus 2.75% 5/27/2025 2188 Brunswyck Rd, Wallkill, NY 12589 Accommodation Term Loan Prime plus 2.75% 5/20/2040 15 McArdle St., Rochester, NY 14611 4751 147th St., Midlothian, IL 60445 6103 N Church St, Greensboro, NC 27455 Printing and Related Support Activities Building Material and Garden Equipment and Supplies Dealers Personal and Laundry Services 4508 Blakiston St., Philadelphia, PA 19136 Social Assistance 7845 East Evans Rd. Ste A, Scottsdale, AZ 85260 10707 Shady Trail, Dallas, TX 75220 1223 North Church St., Moorestown, NJ 08057 Merchant Wholesalers, Durable Goods Repair and Maintenance Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/15/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/6/2040 5/4/2040 Term Loan Prime plus 2.75% 5/1/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 4/21/2025 4/3/2040 Term Loan Prime plus 2.75% 3/30/2025 Term Loan Prime plus 2.75% 3/27/2040 40 Buzzard Ridge Rd, Sequim, WA 98382 Accommodation 3033 NW 28 St., Lauderdale Lakes, FL 33311 501 South Market St, Wilmington, DE 19801 Nonstore Retailers Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025 Term Loan Prime plus 2.75% 3/27/2040 F-311 See accompanying notes to consolidated financial statements. 20.1 75.7 121.0 49.1 26.8 54.0 35.4 3.5 3.8 151.5 160.3 41.6 87.5 70.5 8.0 63.8 50.6 261.3 43.1 423.2 20.1 75.7 121.0 49.1 26.8 54.0 35.4 3.5 3.8 151.5 160.3 41.6 87.5 70.5 8.0 63.8 50.6 261.3 43.1 423.2 20.9 85.5 136.6 55.4 27.8 56.0 35.0 3.6 3.9 171.1 180.9 46.9 98.8 79.6 8.3 72.0 52.4 295.0 44.7 477.8 0.01 % 0.03 % 0.04 % 0.02 % 0.01 % 0.02 % 0.01 % — % — % 0.06 % 0.06 % 0.02 % 0.03 % 0.03 % — % 0.02 % 0.02 % 0.10 % 0.01 % 0.15 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#) Term Loan Prime plus 2.75% 3/27/2025 512.3 512.3 529.5 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 Real Estate Professional, Scientific, and Technical Services Data Processing, Hosting, and Related Services Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/26/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/25/2025 3/24/2025 Food Services and Drinking Places 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 Term Loan Prime plus 2.75% 3/19/2040 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/18/2040 3/16/2040 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025 Truck Transportation Term Loan Prime plus 2.75% 2/26/2025 475 Nursing Home Dr, Arcadia, FL 34266 Nursing and Residential Care Facilities 1700 West 63rd St., Chicago, IL 60636 Social Assistance Amusement, Gambling, and Recreation Industries Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/26/2040 2/19/2040 Term Loan Prime plus 2.75% 12/31/2039 Term Loan Prime plus 2.75% 12/30/2024 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 46.7 9.1 4.9 97.4 37.3 73.8 132.9 79.0 4.6 25.8 1,103.9 53.8 114.3 100.7 46.7 9.1 4.9 97.4 37.3 73.8 132.9 79.0 4.6 25.8 1,103.9 53.8 114.3 100.7 52.8 9.4 5.0 110.0 42.2 83.4 150.0 89.2 4.7 26.8 1,246.3 60.8 129.0 104.1 0.17 % 0.02 % — % — % 0.04 % 0.01 % 0.03 % 0.05 % 0.03 % — % 0.01 % 0.40 % 0.02 % 0.04 % 0.03 % 0.39 % 0.17 % 0.16 % 0.02 % 0.01 % Term Loan Prime plus 2.75% 12/24/2039 1,072.3 1,072.3 1,210.6 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039 Plastics and Rubber Products Manufacturing Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/23/2039 12/19/2039 Food Services and Drinking Places Term Loan Fixed 6.25% 12/19/2024 473.3 429.7 46.2 36.5 473.3 429.7 46.2 36.5 534.4 485.1 52.1 36.1 F-312 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 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 (#,^) (#,^) (#,^) (#,^) (#,^) 2400 Western Ave, Las Vegas, NV 89102 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024 701 Addison Rd, Painted Post, NY 14870 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 1300 S Jackson St., Salem, IN 47167 Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 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 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 Personal and Laundry Services Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/21/2024 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 Term Loan Prime plus Prime plus 2.75% 2.75% 10/10/2039 10/10/2024 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039 Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024 Food Services and Drinking Places Accommodation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/30/2039 9/26/2039 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039 3330 N Beach St., Fort Worth, TX 76111 Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024 6480 West Touhy Ave, Niles, IL 60714 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039 71 Lafayette St.,, Salem, MA 01970 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024 F-313 See accompanying notes to consolidated financial statements. 466.1 136.7 119.0 101.7 15.4 102.8 409.1 87.0 65.4 2.3 104.9 19.0 218.1 49.0 5.4 124.1 106.1 365.3 27.8 466.1 136.7 119.0 101.7 15.4 102.8 409.1 87.0 65.4 2.3 104.9 19.0 218.1 49.0 5.4 124.1 106.1 365.3 27.8 480.5 154.4 134.3 114.8 15.9 116.1 461.8 98.2 67.5 2.4 118.4 19.6 246.3 55.4 5.6 140.1 109.2 412.4 28.6 0.16 % 0.05 % 0.04 % 0.04 % 0.01 % 0.04 % 0.15 % 0.03 % 0.02 % — % 0.04 % 0.01 % 0.08 % 0.02 % — % 0.05 % 0.04 % 0.13 % 0.01 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Atlas Auto Body Inc dba Atlas Auto Sales 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 20 Providence St., West Warwick, RI 02893 Repair and Maintenance 222E Eufaula St Ste 220, Norman, OK 73069 Social Assistance 4462 Mink Livsey Rd, Snellville, GA 30039 Social Assistance Term Loan Prime plus 2.75% 8/22/2039 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/15/2024 8/15/2039 10463 Hamer Rd, Georgetown, OH 45121 Motor Vehicle and Parts Dealers Term Loan Fixed 6% 8/8/2039 35 Copps Hill Rd, Ridgefield, CT 06877 Social Assistance Term Loan Prime plus 2.75% 8/7/2039 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 Food Services and Drinking Places 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 Repair and Maintenance Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2039 Term Loan Prime plus 2.75% 6/30/2024 Term Loan Prime plus 2.75% 6/25/2039 Term Loan Prime plus 2.75% 6/20/2039 106 Concord Ave, Belmont, MA 02478 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039 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 Food Services and Drinking Places 117 South Broad St., Woodbury City, NJ 08096 Food and Beverage Stores Educational Services Printing and Related Support Activities Health and Personal Care Stores Food and Beverage Stores Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 6/3/2024 6/2/2039 5/30/2024 5/27/2024 5/8/2039 Term Loan Prime plus 2.75% 4/29/2039 F-314 See accompanying notes to consolidated financial statements. 43.8 36.0 124.0 117.5 560.9 17.3 127.0 173.9 740.4 31.5 434.2 197.5 78.2 5.3 47.0 7.0 19.6 76.2 91.6 43.8 36.0 124.0 117.5 560.9 17.3 127.0 173.9 740.4 31.5 434.2 197.5 78.2 5.3 47.0 7.0 19.6 76.2 91.6 49.5 37.0 140.0 115.1 633.3 19.5 143.4 196.4 835.9 32.4 490.3 223.0 88.3 5.4 53.0 7.1 20.1 86.0 103.4 0.02 % 0.01 % 0.05 % 0.04 % 0.20 % 0.01 % 0.05 % 0.06 % 0.27 % 0.01 % 0.16 % 0.07 % 0.03 % — % 0.02 % — % 0.01 % 0.03 % 0.03 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Gerami Realty, LC Sherrill Universal City Corral, LP dba Golden 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 (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027 Real Estate Term Loan Prime plus 2.75% 4/22/2039 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024 Food Services and Drinking Places Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 4/9/2039 Term Loan Prime plus 2.75% 3/31/2039 376.9 376.9 2301 Pat Booker Rd, Universal City, TX 78148 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 16701 E. Iliff Ave, Aurora, CO 80013 201 S. Main St., Salem, IN 47167 636 South Center St., New Washington, OH 44854 63 S Wyoming Ave, Edwardsville, PA 18704 3111 and 3135 Delsea Dr, Franklinville, NJ 08322 211 Washington Ave, Marion, VA 24354 Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039 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 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 Personal and Laundry Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/28/2039 2/28/2039 96 Mill St., Berlin, CT 06037 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 74 Veronica Ave, Somerset, NJ 08875 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024 986 Dixwell Ave, Hamden, CT 06510 102-05 101st Ave, Ozone Park, NY 11416 Food Services and Drinking Places Insurance Carriers and Related Activities Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 2/7/2039 1/27/2039 151 W 24th St, Hialeah, FL 33010 636 Nutmeg Rd North, South Windsor, CT 06074 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038 F-315 See accompanying notes to consolidated financial statements. 44.6 87.3 54.5 94.3 44.6 87.3 54.5 94.3 98.6 67.1 92.9 349.6 98.1 173.2 179.3 117.9 78.3 83.3 108.0 5.9 762.4 98.6 67.1 92.9 349.6 98.1 173.2 179.3 117.9 78.3 83.3 108.0 5.9 762.4 47.5 98.5 56.0 106.5 425.5 111.4 75.8 104.9 394.7 100.5 195.6 202.4 133.1 80.2 94.1 121.9 6.0 860.8 0.02 % 0.03 % 0.02 % 0.03 % 0.14 % 0.04 % 0.02 % 0.03 % 0.13 % 0.03 % 0.06 % 0.07 % 0.04 % 0.03 % 0.03 % 0.04 % — % 0.28 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Amboy Woodbridge Realty LLC and United Premium Foods LLC KK International Trading Corporation 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 (#,^) (#,^) (#,^) One Amboy Ave, Woodbridge, NJ 07095 219 Lafayette Dr, Syosset, NY 11791 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 Food Manufacturing Merchant Wholesalers, Nondurable Goods Repair and Maintenance Waste Management and Remediation Services Term Loan Term Loan Term Loan Fixed Prime plus Prime plus 7% 2.75% 2.75% 6/14/2024 12/23/2028 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 Term Loan Transit and Ground Passenger Transportation Term Loan Professional, Scientific, and Technical Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Specialty Trade Contractors Professional, Scientific, and Technical Services Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/3/2038 11/27/2038 Prime plus 2.75% 11/21/2023 Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11/18/2023 11/6/2038 10/31/2038 Prime plus 2.75% 10/31/2038 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038 2817 Lomb Ave, Birmingham, AL 35208 Social Assistance Term Loan Prime plus 2.75% 10/31/2023 77 Mill Rd, Freeport, NY 11520 407 E. Edgar Ave, Ronceverte, WV 24970 Specialty Trade Contractors Repair and Maintenance Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 10/24/2038 10/24/2023 2040 Norwood, Lenoir, NC 28645 110 Charleston Dr, Ste 105-107, Morresville, NC 28117 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 37 Commons Court, Waterbury, CT 06704 Warehousing and Storage 12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2038 Term Loan Prime plus 2.75% 9/27/2038 F-316 See accompanying notes to consolidated financial statements. 1,813.7 112.1 74.0 1,813.7 112.1 74.0 1,797.8 121.4 83.5 348.4 115.5 85.7 63.5 4.0 11.2 53.0 114.6 494.7 174.0 10.3 121.5 29.8 254.0 103.5 284.6 276.4 348.4 115.5 85.7 63.5 4.0 11.2 53.0 114.6 494.7 174.0 10.3 121.5 29.8 254.0 103.5 284.6 276.4 393.3 130.4 96.8 71.7 4.1 11.5 59.8 129.3 558.5 196.4 10.6 137.2 30.4 286.8 116.9 321.4 312.1 0.58 % 0.04 % 0.03 % 0.13 % 0.04 % 0.03 % 0.02 % — % — % 0.02 % 0.04 % 0.18 % 0.06 % — % 0.04 % 0.01 % 0.09 % 0.04 % 0.10 % 0.10 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Kiddie Steps 4 You Inc. 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) 17 Pearl St., Mystic, CT 06355 1700 West 63rd St., Chicago, IL 60636 11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022 600 9th Ave North, Bessemer, AL 35020 Personal and Laundry Services Social Assistance Educational Services Personal and Laundry Services Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 9/26/2038 9/25/2038 9/20/2023 9/20/2038 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 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023 Educational Services Amusement, Gambling, and Recreation Industries Fabricated Metal Product Manufacturing Educational Services Term Loan Prime plus 2.75% 9/13/2023 Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 9/12/2023 9/12/2028 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 509 East Park St., Livingston, MT 59047 509 East Park St., Livingston, MT 59047 Specialty Trade Contractors Specialty Trade Contractors 1 Poppy Ave, Neptune, NJ 07753 512 Verret St., New Orleans, LA 70114 Truck Transportation Miscellaneous Manufacturing Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Food Services and Drinking Places Term Loan Prime plus 2.75% 8/12/2023 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 7/24/2023 7/19/2038 7/19/2038 7/19/2023 7/17/2023 6/28/2023 82.5 75.4 10.7 221.1 3.7 38.1 132.8 31.2 102.5 183.8 9.5 4.9 2.5 76.3 1.9 18.1 11.2 8.8 79.6 82.5 75.4 10.7 221.1 3.7 38.1 132.8 31.2 102.5 183.8 9.5 4.9 2.5 76.3 1.9 18.1 11.2 8.8 79.6 93.1 85.1 10.9 249.6 3.8 38.8 135.3 33.7 115.7 207.5 9.7 4.9 2.5 86.1 2.2 18.5 11.4 8.9 89.8 0.03 % 0.03 % — % 0.08 % — % 0.01 % 0.04 % 0.01 % 0.04 % 0.07 % — % — % — % 0.03 % — % 0.01 % — % — % 0.03 % 0.08 % 411 Sharp St., Millville, NJ 08332 Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038 2141 P Ave, Williamsburg, IA 52361 Truck Transportation Term Loan Prime plus 2.75% 6/19/2026 236.0 236.0 248.5 F-317 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 Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Accrual Investments (1) (22) Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc (#,^) (#,^) 200 North Branford Rd, Branford, CT 06405 24 Elm St., Montpelier, VT 05602 Heavy and Civil Engineering Construction Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Term Loan Prime plus 2.75% 6/18/2028 Prime plus 2.75% 6/14/2023 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 (#,^) 401 Old Quitman Rd, Adel, GA 31620 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038 85 Reaville Ave, Flemington, NJ 08822 4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023 800 Bethel St., Ste 200, Honolulu, HI 96813 250 West 54th St., New York, NY 10019 Insurance Carriers and Related Activities Food Manufacturing Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 5/24/2023 4/30/2023 1258 Hartford Turnpike, Vernon, CT 06066 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038 8300 Boettner Rd, Saline, MI 48176 398 Baltimore Blvd, Westminster, MD 21157 Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038 3937 Sherman Ave, Saint Joseph, MO 64506 Ambulatory Health Care Services 2819 West T C Jester Blvd., Houston, TX 77018 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/25/2038 Term Loan Prime plus 2.75% 3/22/2038 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023 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 Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038 Food Manufacturing Food Services and Drinking Places Support Activities for Agriculture and Forestry Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 12/31/2037 12/27/2037 Term Loan Prime plus 2.75% 11/28/2037 Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037 486.4 68.3 684.5 154.2 11.6 8.2 17.7 101.0 151.2 263.5 455.5 54.7 77.8 69.7 93.6 372.8 403.9 426.5 183.3 148.2 486.4 68.3 684.5 154.2 11.6 8.2 17.7 101.0 151.2 263.5 455.5 54.7 77.8 69.7 93.6 372.8 403.9 426.5 183.3 148.2 524.2 69.4 772.8 174.1 11.8 8.3 18.0 114.1 162.4 297.5 514.3 61.8 78.9 78.7 105.7 420.9 456.0 481.5 206.9 167.3 0.17 % 0.02 % 0.25 % 0.06 % — % — % 0.01 % 0.04 % 0.05 % 0.10 % 0.17 % 0.02 % 0.03 % 0.03 % 0.03 % 0.14 % 0.15 % 0.16 % 0.07 % 0.05 % F-318 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) 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 (#,^) 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) Food Services and Drinking Places 5771 East Fowler Ave, Temple Terrace, FL 33617 1345 Wampanoag Trail, East Providence, RI 02915 305 Quincy Shore Dr, Quincy, MA 02107 7712 Fourth Ave, Brooklyn, NY 11209 3580 Progress Dr, Unit Q, Bensalem, PA 19020 175 Industrial Lane, Torrington, CT 06790 Machinery Manufacturing 728 Main St., Middletown, CT 06457 1901 Naylor Rd, SE, Washington, DC 20020 6291 Thomas Rd, Fort Myers, FL 33912 Gasoline Stations Gasoline Stations Ambulatory Health Care Services Food Services and Drinking Places Printing and Related Support Activities Term Loan Truck Transportation Furniture and Related Product Manufacturing Term Loan Term Loan Prime plus 2.75% 11/26/2022 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 11/21/2037 11/20/2037 11/19/2022 11/9/2022 11/2/2037 9/19/2037 8/27/2022 8/17/2037 6/29/2037 6/15/2022 Term Loan Prime plus 2.75% 6/14/2022 Term Loan Prime plus 2.75% 5/10/2022 Repair and Maintenance Educational Services Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries 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 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028 Publishing Industries (except Internet) Air Transportation Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 3/22/2027 12/28/2026 2900 South 20th St., Philadelphia, PA 19145 Furniture and Home Furnishings Stores 39581 Garfield Rd, Clinton Township, MI 48038 39581 Garfield Rd, Clinton Township, MI 48038 Ambulatory Health Care Services Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2036 Term Loan Prime plus 2.75% 9/30/2036 Term Loan Prime plus 2.75% 9/30/2036 F-319 See accompanying notes to consolidated financial statements. 7.6 77.1 144.2 2.5 2.8 210.1 52.9 1.2 286.3 227.2 3.5 1.3 1.3 7.9 53.2 604.4 250.8 130.8 20.1 59.2 7.6 77.1 144.2 2.5 2.8 210.1 52.9 1.2 286.3 227.2 3.5 1.3 1.3 7.9 53.2 604.4 250.8 130.8 20.1 59.2 7.6 87.0 162.8 2.6 2.8 237.2 59.8 1.3 323.2 256.6 3.5 1.3 1.4 7.9 57.2 642.2 265.7 147.6 22.7 66.8 — % 0.03 % 0.05 % — % — % 0.08 % 0.02 % — % 0.10 % 0.08 % — % — % — % — % 0.02 % 0.21 % 0.09 % 0.05 % 0.01 % 0.02 % Portfolio Company 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) SBA Unguaranteed Accrual Investments (1) (22) Michael S. Decker & Janet Decker dba The Hen House Cafe Valiev Ballet Academy, Inc LaHoBa, LLC d/b/a Papa John's 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. (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#,^) (#) (#,^) (#,^) (#,^) (#,^) 401 Caribou St., Simla, CO 80835 635 - 637 Londonderry Lane, Denton, TX 76205 3001 Pontchartrain Dr, Slidell, LA 70458 24 Wakefield St., Rochester, NH 13867 4920 Lincoln Ave Route 53, Lisle, IL 60532 Food Services and Drinking Places Performing Arts, Spectator Sports, and Related Industries Food Services and Drinking Places Securities, Commodity Contracts, and Other Financial Investments and Related Activities Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/30/2036 Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 8/12/2036 8/3/2036 Term Loan Prime plus 2.75% 6/29/2036 Term Loan Prime plus 2.75% 6/29/2036 44600 Michigan Ave, Canton, MI 48188 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036 2267 Fernberg Trail, Ely, MN 55731 7516 B 2nd St., NW, Albuquerque, NM 87107 64-68 North Central Ave, Valley Stream, NY 11580 Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036 Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036 Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036 2879 Limekiln Pike, Glenside, PA 19038 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035 Repair and Maintenance Ambulatory Health Care Services 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 Personal and Laundry Services Educational Services Food Services and Drinking Places Repair and Maintenance Personal and Laundry Services Food and Beverage Stores Administrative and Support Services Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% 9/2/2035 6/22/2035 Term Loan Prime plus 2.75% 3/29/2024 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Prime plus Prime plus Prime plus Prime plus 6% 6% 2.75% 2.25% 2.75% 2.75% 8/1/2031 11/30/2022 5/18/2032 9/7/2027 2/5/2026 1/27/2031 F-320 See accompanying notes to consolidated financial statements. 12.5 32.3 58.6 33.9 265.0 95.5 107.8 11.5 84.1 25.3 36.5 64.5 12.0 38.3 57.5 8.8 109.5 15.1 6.6 12.5 32.3 58.6 33.9 265.0 95.5 107.8 11.5 84.1 25.3 36.5 64.5 12.0 38.3 57.5 8.8 109.5 15.1 6.6 14.1 36.4 66.2 38.3 299.1 107.8 121.7 13.0 95.0 28.5 41.2 72.9 12.3 37.8 57.1 9.9 115.4 15.9 7.4 — % 0.01 % 0.02 % 0.01 % 0.10 % 0.03 % 0.04 % — % 0.03 % 0.01 % 0.01 % 0.02 % — % 0.01 % 0.02 % — % 0.04 % 0.01 % — % 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 SBA Unguaranteed Accrual Investments (1) (22) 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 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 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 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 Other Information Services Repair and Maintenance Term Loan Term Loan Fixed Fixed Repair and Maintenance Term Loan Prime plus Repair and Maintenance Food Services and Drinking Places Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries Plastics and Rubber Products Manufacturing Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Fixed Fixed Prime plus 5.3% 2/1/2025 6% 2% 2.25% 2.75% 6% 6% 2.75% 8/26/2024 4/9/2029 11/10/2028 1/30/2028 8/17/2023 9/14/2023 6/16/2025 9225 Pkwy East, Birmingham, AL 35206 Accommodation Term Loan Prime plus 2.25% 2/14/2025 Furniture and Home Furnishings Stores 386 Winsted Rd, Torrington, CT 06790 1696 North Broad St., Meriden, CT 06450 Accommodation 1990 Stillwell Ave, Brooklyn, NY 11214 Social Assistance 1105 Columbus Pkwy, Opelika, AL 36801 Accommodation 201 Lincoln Hwy, Fairless Hills, PA 19030 Accommodation 3981 Hylan Blvd, Staten Island, NY 10308 Gasoline Stations Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.25% 2.75% 2.25% 2.75% 2.75% 3/13/2023 3/31/2024 1/14/2023 9/30/2023 3/27/2023 12/23/2022 0.4 7.2 10.6 8.0 11.2 2.2 15.0 2.4 12.3 1.7 10.7 5.7 24.9 0.4 1.0 0.4 7.2 10.6 8.0 11.2 2.2 15.0 2.4 12.3 1.7 10.7 5.7 24.9 0.4 1.0 $ 377,844.5 $ 377,844.5 $ 0.4 7.2 11.3 8.6 12.0 2.2 14.9 2.5 12.6 1.7 10.9 5.8 25.3 0.4 1.0 393,910.1 % of Net Assets — % — % — % — % — % — % — % — % — % — % — % — % 0.01 % — % — % 127.36 % F-321 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Non-Accrual Investments (3) (22) D & D Optics Inc dba Sterling Optical (*,#,^) 1487 East LaSalle Dr, Bismark, ND 58503 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 (*,#,^) (*,#) (*,#) (*,#) (*,#,^) (*,#,^) 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 Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Term Loan Prime plus Term Loan Prime plus Motor Vehicle and Parts Dealers 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 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Prime plus Fixed Fixed Fixed Prime plus Fixed Food Manufacturing Term Loan Fixed Administrative and Support Services Construction of Buildings Term Loan Term Loan Prime plus Fixed Specialty Trade Contractors Term Loan Fixed Food and Beverage Stores Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus Term Loan Prime plus Nonmetallic Mineral Product Manufacturing Term Loan 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 Gasoline Stations Fabricated Metal Product Manufacturing Personal and Laundry Services Personal and Laundry Services 460 East 3rd Ave, New York, NY 10016 Personal and Laundry Services Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Fixed Fixed Fixed 0.00 % 0.00 % 7.75 % 0.00 % 8.00 % 7.75 % 6.00 % 2.75 % 7.75 % 7.00 % 0.00 % 8.25 % 8.25 % 0.00 % 0.00 % 8.00 % 7.75 % 6.00 % 6.00 % 6.00 % 6.00 % 12/21/2028 $ 41.1 $ 41.1 $ 11/1/2027 1/6/2029 10/31/2029 3/24/2041 3/31/2040 10/13/2042 3/13/2027 6/27/2041 49.1 94.6 145.0 117.1 318.3 43.9 8.7 491.8 49.1 94.6 145.0 117.1 318.3 43.9 8.7 491.8 20.0 47.9 48.0 26.2 39.3 12.1 7.7 8.3 81.6 6/14/2024 1,458.1 1,458.1 1,292.6 6/28/2044 12/27/2042 6/30/2025 6/6/2043 7/28/2041 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 0.01 % 0.02 % 0.02 % 0.01 % 0.01 % 0.00 % 0.00 % 0.00 % 0.03 % 0.42 % 0.06 % 0.06 % 0.05 % 0.02 % 0.10 % 0.01 % 0.01 % 0.00 % 0.01 % 0.01 % 0.01 % F-322 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Non-Accrual Investments (3) (22) 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 (*,#,^) Route 611 North, Scotrun, PA 18355 Amusement, Gambling, and Recreation Industries Term Loan Fixed 8124 Sprague Rd, Odessa, TX 73764 Support Activities for Mining Term Loan Prime plus 8124 Sprague Rd, Odessa, TX 79764 4 Beehive Dr, Epping, NH 03042 60207 Camp Villere Rd, Slidell, LA 70460 Nonstore Retailers Support Activities for Mining Amusement, Gambling, and Recreation Industries Accommodation Merchant Wholesalers, Durable Goods Truck Transportation 1873 State Hwy 29, Johnstown, NY 12095 Wood Product Manufacturing 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 Accommodation 2003 West 5th St., Clifton, TX 76634 Gasoline Stations 3778 Hwy 254, Cleveland, GA 30528 Administrative and Support Services 935 N La Jolla, Los Angeles, CA 90046 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services 935 N La Jolla, Los Angeles, CA 90046 131 East Trinity Place, Decatur, GA 30030 Professional, Scientific, and Technical Services 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 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Truck Transportation Telecommunications Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Prime plus Prime plus Term Loan Prime plus Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Prime plus Prime plus Prime plus Fixed Fixed Fixed Fixed Term Loan Prime plus 6.00 % 2.75 % 2.75 % 8.25 % 6.00 % 7.75 % 0.00 % 0.00 % 2.75 % 7.25 % 7.75 % 6.00 % 0.00 % 0.00 % 0.00 % 7.00 % 8.25 % 8.25 % 7.00 % 0.00 % 6/22/2035 1,385.8 1,385.8 3/30/2028 3/30/2043 9/23/2026 3/29/2036 5/15/2042 6/28/2029 6/27/2029 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 8/12/2041 1,608.1 1,608.1 12/30/2024 3/28/2028 9/30/2044 12/12/2027 6/28/2029 10/31/2026 6/30/2042 3/13/2039 3/30/2031 12/2/2026 12/15/2027 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 10.4 179.7 169.3 247.0 11.1 91.2 24.4 41.1 92.3 123.4 82.4 4.7 177.7 276.6 127.4 35.6 18.1 191.7 143.9 239.1 10.2 0.06 % 0.05 % 0.08 % 0.00 % 0.03 % 0.01 % 0.01 % 0.03 % 0.04 % 0.03 % 0.00 % 0.06 % 0.09 % 0.04 % 0.01 % 0.01 % 0.06 % 0.05 % 0.08 % 0.00 % F-323 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Non-Accrual Investments (3) (22) Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber 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. (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) 320 Fair St., Kutztown, PA 19530 393 North Dunlap St. Ste LL26, LL34, LL38, St. Paul, MN 55104 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 202 S First St., Wakeeney, KS 67672 202 S. 1st St., Wakeeny, KS 67672 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 Transit and Ground Passenger Transportation Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Ambulatory Health Care Services Term Loan Fixed Fixed Fixed Fixed Administrative and Support Services Real Estate Health and Personal Care Stores Term Loan Term Loan Term Loan Prime plus Fixed Prime plus Health and Personal Care Stores Term Loan Prime plus Repair and Maintenance Professional, Scientific, and Technical Services Term Loan Fixed Term Loan Prime plus Administrative and Support Services Professional, Scientific, and Technical Services Machinery Manufacturing Food Services and Drinking Places Truck Transportation Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Fixed Prime plus Prime plus Prime plus Prime plus Prime plus F-324 See accompanying notes to consolidated financial statements. 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 Food Manufacturing Food Services and Drinking Places Administrative and Support Services Administrative and Support Services 7.50 % 8.25 % 6.25 % 7.50 % 2.75 % 8.00 % 0.00 % 0.00 % 6.75 % 0.00 % 8.00 % 6.25 % 8.25 % 6.50 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 9/30/2027 366.2 366.2 132.9 6/7/2029 12/22/2035 13.2 59.0 13.2 59.0 12/27/2028 282.4 282.4 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 12/21/2028 6/27/2043 4/29/2025 3/21/2029 3/21/2044 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 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 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 0.04 % 0.00 % 0.02 % 0.02 % 0.01 % 0.01 % 0.00 % 0.02 % 0.13 % 0.29 % 0.00 % 0.02 % 0.02 % 0.00 % 0.17 % 0.10 % 0.01 % 0.07 % 0.04 % Portfolio Company 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) SBA Unguaranteed Non-Accrual Investments (3) (22) Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac DG Business Solutions, Inc 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. (*,#) (*,#,^) (*,#,^) (*,#) (*,#) (*,#,^) (*,#,^) 6555 NW 9th Ave, Fort Lauderdale, FL 33309 11008 Rene St., Lenexa, KS 66215 Ambulatory Health Care Services Professional, Scientific, and Technical Services Term Loan Prime plus Term Loan Prime plus 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 Support Activities for Transportation Amusement, Gambling, and Recreation Industries Truck Transportation Merchant Wholesalers, Durable Goods Food Manufacturing Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Fixed Fixed 4401 N I-35 #113, Denton, TX 76207 Truck Transportation Term Loan Prime plus Merchant Wholesalers, Durable Goods 400 Island Park Rd, Easton, PA 18040 11949 Borden Ave, San Fernando, CA 91340 740 Davenport Ave, Fremont, NE 68025 Gasoline Stations 5229 142nd Dr. NW, Williston, ND 58801 Specialty Trade Contractors Support Activities for Mining Truck Transportation Wood Product Manufacturing 302 W 53rd St N., Wichita, KS 67204 211 West 53rd St. N., Park City, KS 67204 7448 Emmerson Rd, Everson, WA 98247 Animal Production and Aquaculture 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 Machinery Manufacturing Machinery Manufacturing Machinery Manufacturing Ambulatory Health Care 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 Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Term Loan Prime plus F-325 See accompanying notes to consolidated financial statements. 0.00 % 0.00 % 5.25 % 8.25 % 8.00 % 7.50 % 6.00 % 0.00 % 8.00 % 8.25 % 8.25 % 6.00 % 7.25 % 7.25 % 7.50 % 8.25 % 8.25 % 8.25 % 8.25 % 0.00 % 12/30/2029 9/30/2029 24.3 200.8 24.3 200.8 12/28/2035 1,316.8 1,316.8 2/28/2026 12/22/2027 5/31/2029 4/30/2030 3/31/2024 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 10/20/2027 12/17/2030 80.6 726.2 60.4 4,705.7 155.4 338.0 43.9 705.6 694.9 835.5 176.5 637.5 66.8 95.2 32.4 134.2 10.0 80.6 726.2 60.4 4,705.7 155.4 338.0 43.9 705.6 694.9 835.5 176.5 637.5 66.8 95.2 32.4 134.2 10.0 24.0 191.3 622.9 78.7 328.0 59.0 3,495.2 21.0 311.1 — 570.4 390.6 282.6 32.9 452.2 66.0 24.3 32.1 34.7 9.6 0.01 % 0.06 % 0.20 % 0.03 % 0.11 % 0.02 % 1.13 % 0.01 % 0.10 % 0.00 % 0.18 % 0.13 % 0.09 % 0.01 % 0.15 % 0.02 % 0.01 % 0.01 % 0.01 % 0.00 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Four Seasons Laser Center Inc. Four Seasons Laser Center Inc. Freedom Enterprises, Inc 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 (*,#,^) (*,#,^) 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 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 Personal and Laundry Services Term Loan Prime plus Personal and Laundry Services Truck Transportation Term Loan Term Loan Prime plus Prime plus Truck Transportation Term Loan Prime plus Mining (except Oil and Gas) Miscellaneous Manufacturing Real Estate Ambulatory Health Care Services Motor Vehicle and Parts Dealers Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Furniture and Related Product Manufacturing Term Loan 300 Sly St., Swoyersville, PA 18709 Specialty Trade Contractors Term Loan 34 35th St., Brooklyn, NY 11232 6550 Progress Pkwy, Cedar Hill, MO 63016 Heavy and Civil Engineering Construction Food Manufacturing Term Loan Term Loan 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 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 Term Loan Term Loan Term Loan Term Loan 4899 Griggs Rd, Houston, TX 77021 Ambulatory Health Care Services Term Loan Fixed Fixed Fixed Fixed Prime plus Prime plus Fixed Fixed Fixed Fixed Fixed Prime plus Prime plus Prime plus Fixed Fixed 0.00 % 0.00 % 0.00 % 0.00 % 8.25 % 8.25 % 6.00 % 6.00 % 0.00 % 0.00 % 8.25 % 6.00 % 6.00 % 8.25 % 7.50 % 0.00 % 0.00 % 0.00 % 6.00 % 7.75 % 6/26/2042 3/28/2029 12/20/2029 12/20/2044 11/30/2027 5/19/2027 2/20/2023 6/29/2042 6/11/2044 6/11/2029 7/3/2028 11/10/2026 12/14/2027 12/31/2028 6/29/2030 1/31/2030 6/30/2039 7/31/2024 12/6/2042 12/27/2043 208.4 12.2 290.0 203.3 463.6 140.4 19.0 535.0 96.3 66.8 183.8 170.1 77.2 552.8 794.6 124.6 541.9 148.5 95.1 967.7 208.4 12.2 290.0 203.3 463.6 140.4 19.0 535.0 96.3 66.8 183.8 170.1 77.2 552.8 794.6 124.6 541.9 148.5 95.1 967.7 189.4 — 211.5 193.8 239.7 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 0.06 % 0.00 % 0.07 % 0.06 % 0.08 % 0.02 % 0.01 % 0.16 % 0.03 % 0.02 % 0.02 % 0.05 % 0.01 % 0.12 % 0.03 % 0.04 % 0.17 % 0.05 % 0.02 % 0.07 % F-326 See accompanying notes to consolidated financial statements. Portfolio Company 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) SBA Unguaranteed Non-Accrual Investments (3) (22) 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 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 (*,#,^) (*,#) (*,#) (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#) (*,#) (*,#) (*,#) (*,#) (*,#,^) (*,#,^) (*,#,^) 229 Medical Park Rd, Ste 310, Mooresville, NC 28117 2505 Verot School Rd, Lafayette, LA 70508 640 Dubois St., Du Bois, PA 15801 640 Dubois St., Dubois, PA 15801 Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Building Material and Garden Equipment and Supplies Dealers Building Material and Garden Equipment and Supplies Dealers Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Fixed 4179 Broadway, New York, NY 10033 Food Services and Drinking Places Term Loan Prime plus 24480 W 10 Mile RD, Southfield, MI 48033 Food Services and Drinking Places 1777 N Ventura Ave, Ventura, CA 93001 8050 North West 90th St., Medley, FL 33166 127 East King St., Martinsburg, WV 25401 Rental and Leasing Services Food Services and Drinking Places Repair and Maintenance 200 West Adams St, Cochranton, PA 16314 Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 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 Term Loan Transit and Ground Passenger Transportation Term Loan Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Fixed Prime plus Prime plus Prime plus Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Prime plus Prime plus Prime plus F-327 See accompanying notes to consolidated financial statements. 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 6.00 % 8.00 % 6.00 % 6.00 % 0.00 % 6.00 % 0.00 % 0.00 % 0.00 % 6.25 % 6.75 % 8.25 % 8.00 % 7.25 % 8.25 % 8.25 % 6.00 % 7.50 % 0.00 % 0.00 % 0.00 % 3/29/2044 820.8 820.8 668.3 6/8/2036 11/10/2026 14.6 33.1 14.6 33.1 14.3 32.3 11/10/2041 426.4 426.4 416.3 11/30/2025 1/4/2029 10/31/2029 12/15/2027 6/7/2044 10/29/2039 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 72.3 34.8 14.7 397.5 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 72.3 34.8 14.7 397.5 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 42.8 25.7 14.3 388.1 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 0.22 % 0.00 % 0.01 % 0.13 % 0.01 % 0.01 % 0.00 % 0.13 % 0.03 % 0.00 % 0.01 % 0.01 % 0.01 % 0.02 % 0.02 % 0.01 % 0.06 % 0.01 % 0.02 % 0.01 % 0.01 % Luv 2 Play Nor Cal, LLC dba Luv 2 Play (*,#) 82 Clarksville Rd, Folsom, CA 95630 Luv 2 Play Temecula, LLC (*,#) 26469 Ynez Rd, Temecula, CA 92591 Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Malhame & Company Publishers & Importers Inc. Mariam Diner Inc dba Country Kitchen Restaurant Marlin Lighting LLC Matchless Transportation LLC dba First Class Limo 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 (*,#,^) (*,#) (*,#,^) (*,#) (*,#) (*,#,^) (*,#) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#) 180 Orville Rd, Bohemia, NY 11780 Merchant Wholesalers, Durable Goods Term Loan Prime plus 17393 Main St., Hesperia, CA 92345 7207 B Lockport Pl, Lorton, VA 22079 31525 Aurora Rd # 5, Solon, OH 44139 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 Food Services and Drinking Places Specialty Trade Contractors Transit and Ground Passenger Transportation Electrical Equipment, Appliance, and Component Manufacturing Publishing Industries (except Internet) Term Loan Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Fixed Prime plus Broadcasting (except Internet) Term Loan Fixed Specialty Trade Contractors Repair and Maintenance Repair and Maintenance 145 Moon Rd, Chesapeake City, MD 21915 Merchant Wholesalers, Nondurable Goods 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 Food Services and Drinking Places Truck Transportation Repair and Maintenance Repair and Maintenance Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Fixed Prime plus Prime plus Fixed Fixed Term Loan Prime plus Term Loan Prime plus 2520 Pennsylvania Ave, Ogden, UT 84401 1028 Washburn Switch Rd, Shelby, NC 28150 412 and 500 Main St., La Marque, TX 77568 412 and 500 Main St., La Marque, TX 77568 Truck Transportation Specialty Trade Contractors Term Loan Term Loan Heavy and Civil Engineering Construction Term Loan Fixed Fixed Fixed Fixed Heavy and Civil Engineering Construction Motion Picture and Sound Recording Industries Term Loan Term Loan Prime plus (*,#,^) 421 S. Oak St., Pecos, TX 79772 F-328 See accompanying notes to consolidated financial statements. 0.00 % 8.00 % 6.00 % 6.25 % 7.00 % 2.75 % 6.00 % 2.75 % 15.00 % 2.75 % 2.75 % 6.00 % 8.00 % 0.00 % 0.00 % 8.25 % 6.00 % 7.00 % 7.00 % 0.00 % 6/29/2027 3/18/2026 12/19/2028 5/31/2020 11/25/2025 3/31/2042 8/28/2023 6/27/2029 10/1/2023 6/22/2043 6/22/2028 11/16/2027 11/20/2027 6/27/2028 6/27/2043 6/20/2028 11/10/2026 9/28/2026 9/28/2041 3/27/2042 63.7 42.8 80.2 118.8 10.5 84.9 673.2 1,083.3 319.6 654.6 516.8 44.9 365.8 40.1 27.2 505.7 112.7 558.1 110.1 388.0 63.7 42.8 80.2 118.8 10.5 84.9 673.2 1,083.3 319.6 654.6 516.8 44.9 365.8 40.1 27.2 505.7 112.7 558.1 110.1 388.0 61.4 3.8 78.3 26.8 6.6 68.8 114.5 961.9 145.9 623.7 69.3 43.9 31.8 38.3 26.0 31.2 83.1 28.3 30.0 369.7 0.02 % 0.00 % 0.03 % 0.01 % 0.00 % 0.02 % 0.04 % 0.31 % 0.05 % 0.20 % 0.02 % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % 0.03 % 0.01 % 0.01 % 0.12 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Unguaranteed Non-Accrual Investments (3) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) 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 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 Route 130 SCPI Operations LLC RWBB LLC RWBB LLC Sambella Holdings, LLC and Strike Zone Entertainment Center LLC Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#) (*,#,^) 421 South Oak St, Pecos, TX 79772 2207 W Third St., Pecos, TX 79772 211 Roberson Mill Rd, Milledgeville, GA 31061 Motion Picture and Sound Recording Industries Accommodation Term Loan Term Loan Prime plus Prime plus Ambulatory Health Care Services Term Loan 5 Ashford Way, Hawkinsville, GA 31061 Ambulatory Health Care Services Term Loan 199-211 Central Ave, Orange, NJ 07080 13722 Jamboree Rd, Irvine, CA 92602 Motor Vehicle and Parts Dealers Amusement, Gambling, and Recreation Industries 13851 S State HWY 34, Scurry, TX 75158 1404 Yorktown St. Ste E, Deland, FL 34944 Construction of Buildings Specialty Trade Contractors Term Loan Term Loan Term Loan Term Loan Waste Management and Remediation Services Term Loan Specialty Trade Contractors Term Loan Prime plus Transit and Ground Passenger Transportation Term Loan Ambulatory Health Care Services Term Loan 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 Rental and Leasing Services Food Services and Drinking Places Forestry and Logging Forestry and Logging Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan 423-429 Route 156, Trenton, NJ 08620 4120 7th Ave, Kenosha, WI 53140 4120 7th Ave, Kenosha, WI 53140 726-740 South Fleming St., Sebastian, FL 32958 726-740 South Fleming St., Sebastian, FL 32958 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 Term Loan Fixed Term Loan Prime plus Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Prime plus Fixed Prime plus Prime plus F-329 See accompanying notes to consolidated financial statements. 0.00 % 0.00 % 8.25 % 8.25 % 6.00 % 7.50 % 8.25 % 6.00 % 6.00 % 0.00 % 8.25 % 7.75 % 6.00 % 8.25 % 6.00 % 0.00 % 6.25 % 0.00 % 0.00 % 8.25 % 0.00 % 12/31/2029 4/28/2041 9/13/2043 9/13/2028 6/12/2029 3/7/2028 10/28/2025 5/23/2042 6/19/2029 2/18/2026 1/13/2027 12/28/2028 3/28/2029 9/14/2026 9/14/2028 2/5/2029 9/30/2039 6/26/2044 12/19/2029 11/23/2040 12/24/2041 123.4 621.9 859.6 381.0 213.8 148.1 431.8 105.1 70.0 8.3 322.0 104.8 76.1 99.3 115.0 5.4 279.5 74.3 15.2 738.3 492.0 123.4 621.9 859.6 381.0 213.8 148.1 431.8 105.1 70.0 8.3 322.0 104.8 76.1 99.3 115.0 5.4 279.5 74.3 15.2 738.3 492.0 120.5 592.7 785.3 372.0 102.9 144.6 160.7 101.3 68.3 8.1 99.4 0.5 7.7 41.6 44.9 — 45.8 49.0 14.5 657.2 480.3 0.04 % 0.19 % 0.25 % 0.12 % 0.03 % 0.05 % 0.05 % 0.03 % 0.02 % 0.00 % 0.03 % 0.00 % 0.00 % 0.01 % 0.01 % 0.00 % 0.01 % 0.02 % 0.00 % 0.21 % 0.16 % Portfolio Company 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) SBA Unguaranteed Non-Accrual Investments (3) (22) 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 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 (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#,^) (*,#) (*,#) (*,#) (*,#,^) 11421 N W 107th St., #13, Miami, FL 33178 1857A Elmdale Ave, Glenview, IL 60025 Truck Transportation Amusement, Gambling, and Recreation Industries 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 Merchant Wholesalers, Nondurable Goods Educational Services Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Fixed Fixed Fixed Prime plus Term Loan Prime plus 3031 Patrick St, Kissimmee, FL 34741 Air Transportation Term Loan Fixed 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 5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342 1001 E. Cooley Dr Ste 102, Colton, CA 92324 1001 E. Cooley Dr Ste 102, Colton, CA 92324 9573 US Hwy 220, Stoneville, NC 27048 Support Activities for Transportation Support Activities for Transportation Broadcasting (except Internet) Truck Transportation Term Loan Term Loan Term Loan Term Loan Ambulatory Health Care Services Term Loan Prime plus Prime plus Fixed Fixed Fixed Truck Transportation Term Loan Prime plus Truck Transportation Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 9371 Jackson Rd, Sacramento, CA 95826 Term Loan 341 County Farm Rd, Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing Term Loan 341 County Farm Rd, Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing Term Loan Term Loan 72 South Main St., Templeton, CA 93465 Truck Transportation Clothing and Clothing Accessories Stores Building Material and Garden Equipment and Supplies Dealers Term Loan 2125 College Ave, Jackson, AL 36545 Fixed Fixed Fixed Fixed Fixed 0.00 % 6.00 % 7.50 % 0.00 % 0.00 % 8.25 % 0.00 % 0.00 % 6.75 % 6.00 % 6.00 % 0.00 % 0.00 % 0.00 % 6.00 % 7.25 % 7.50 % 7.25 % 7.75 % 3/5/2027 9/25/2040 2/10/2030 1/7/2029 4/27/2030 12/12/2027 6/8/2043 3/22/2029 2/7/2024 3/12/2029 83.4 88.1 521.6 77.2 169.9 417.4 365.3 740.7 627.4 123.5 83.4 88.1 521.6 77.2 169.9 417.4 365.3 740.7 627.4 123.5 6/28/2029 1,007.9 1,007.9 11/17/2027 2/28/2027 8/30/2028 3/29/2029 8/29/2041 8/29/2026 12/7/2026 6/21/2042 43.9 149.8 88.1 263.6 429.2 529.5 380.7 97.8 43.9 149.8 88.1 263.6 429.2 529.5 380.7 97.8 68.9 59.3 34.6 73.6 136.0 397.8 348.1 217.3 113.6 39.7 146.4 — 106.7 83.9 227.2 — 99.9 371.6 38.4 0.02 % 0.02 % 0.01 % 0.02 % 0.04 % 0.13 % 0.11 % 0.07 % 0.04 % 0.01 % 0.05 % 0.00 % 0.03 % 0.03 % 0.07 % 0.00 % 0.03 % 0.12 % 0.01 % F-330 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Unguaranteed Non-Accrual Investments (3) (22) 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 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 (*,#) (*,#,^) (*,#,^) (*,#) (*,#,^) (*,#) (*,#) (*,#,^) (*,#,^) Total Unguaranteed Non-Accrual SBA Investments Total Unguaranteed SBA Investments 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 454 US Hwy 22, Whitehouse Station, NJ 08889 33-51 11th St., Astoria, NY 11106 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010 1420 Spring Hill Rd, McLain, VA 22102 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Fixed Prime plus Fixed Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Rental and Leasing Services Term Loan Prime plus Truck Transportation Term Loan Food Services and Drinking Places Term Loan Food Services and Drinking Places Term Loan Merchant Wholesalers, Nondurable Goods Term Loan Transit and Ground Passenger Transportation Term Loan Fixed Fixed Fixed Fixed Fixed F-331 See accompanying notes to consolidated financial statements. 6.00 % 0.00 % 8.25 % 0.00 % 8.25 % 7.50 % 7.25 % 8.25 % 3/10/2021 6/30/2042 2/22/2042 6/4/2040 12/15/2026 3/11/2026 3/28/2039 4/28/2027 0.1 47.3 80.0 59.9 917.5 9.0 238.6 75.8 0.1 47.3 80.0 59.9 917.5 9.0 238.6 75.8 7.75 % 9/27/2028 313.9 54,125.5 313.9 54,125.5 $ 431,970.0 $ 431,970.0 $ $ 0.1 42.7 64.0 58.5 59.1 8.7 80.5 72.2 213.9 30,506.8 424,416.9 137.22 % % of Net Assets 0.00 % 0.01 % 0.02 % 0.02 % 0.02 % 0.00 % 0.03 % 0.02 % 0.07 % 9.86 % Portfolio Company 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) SBA Guaranteed Accrual Investments (4a) 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% Specialty Trade Contractors Food Services and Drinking Places Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% Food Services and Drinking Places Term Loan Prime plus 2.75% 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 Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% Accommodation Term Loan Prime plus 2.75% Health and Personal Care Stores Term Loan Prime plus 2.75% Food Services and Drinking Places Term Loan Prime plus 2.75% Specialty Trade Contractors Support Activities for Transportation Food Services and Drinking Places Professional, Scientific, and Technical Services Food Services and Drinking Places Food and Beverage Stores Telecommunications Amusement, Gambling, and Recreation Industries Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% Term Loan Prime plus 2.75% F-332 See accompanying notes to consolidated financial statements. 10/3/2046 12/11/2031 12/19/2046 1/28/2032 7/29/2031 12/30/2031 4/12/2031 2/20/2031 3/25/2031 2/25/2032 12/31/2046 5/26/2047 2/2/2032 1/8/2032 2/9/2047 3/24/2032 9/27/2046 2/28/2047 3/29/2032 1/29/2047 3/12/2032 258.1 155.4 1,617.4 174.7 135.4 175.3 736.1 125.0 83.5 326.4 1,072.4 1,546.2 123.1 193.8 646.9 265.5 622.5 2,078.0 177.1 1,822.1 356.5 258.1 155.4 1,617.4 174.7 135.4 175.3 736.1 125.0 83.5 326.4 1,072.4 1,546.2 123.1 193.8 646.9 265.5 622.5 2,078.0 177.1 1,822.1 356.5 292.0 174.1 1,833.7 195.7 151.7 196.4 819.9 139.2 93.0 365.6 1,221.2 1,743.3 137.9 217.0 737.5 297.3 709.7 2,345.5 198.4 2,059.0 396.1 0.72 % 0.09 % 0.06 % 0.59 % 0.06 % 0.05 % 0.06 % 0.27 % 0.05 % 0.03 % 0.12 % 0.39 % 0.56 % 0.04 % 0.07 % 0.24 % 0.10 % 0.23 % 0.76 % 0.06 % 0.67 % 0.13 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Guaranteed Accrual Investments (4a) 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 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 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 Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% Food Services and Drinking Places Term Loan Prime plus 2.75% Ambulatory Health Care Services Term Loan Prime plus 2.75% Educational Services Term Loan Prime plus 2.75% Food and Beverage Stores Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% Personal and Laundry Services Term Loan Prime plus 2.75% Food Services and Drinking Places Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% Food Services and Drinking Places Ambulatory Health Care Services Fabricated Metal Product Manufacturing Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% Food Services and Drinking Places Term Loan Prime plus 2.75% Educational Services Specialty Trade Contractors Term Loan Term Loan Prime plus Prime plus 2.75% 2.75% F-333 See accompanying notes to consolidated financial statements. 2/19/2032 5/22/2032 3/22/2032 4/27/2032 3/28/2032 4/3/2032 4/4/2032 2/10/2047 3/19/2032 4/22/2032 4/24/2032 3/30/2032 3/8/2032 4/9/2032 4/9/2032 6/9/2032 5/13/2032 12/13/2047 10/13/2047 4/17/2032 12/21/2047 6/21/2047 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 2,471.3 75.0 2,471.3 75.0 2,783.2 85.1 0.06 % 0.23 % 0.05 % 0.03 % 0.05 % 0.04 % 0.05 % 0.10 % 0.03 % 0.03 % 0.02 % 0.05 % 0.03 % 0.07 % 0.06 % 0.15 % 0.02 % 0.09 % 0.16 % 0.04 % 0.90 % 0.03 % Portfolio Company 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) SBA Guaranteed Accrual Investments (4a) Colorado Avocado LLC 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 Food Services and Drinking Places Term Loan Prime plus 2.75% Food Services and Drinking Places Construction of Buildings Motor Vehicle and Parts Dealers Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 11590 Ridgeline Dr, Colorado Springs, CO 80921 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 Specialty Trade Contractors Amusement, Gambling, and Recreation Industries Computer and Electronic Product Manufacturing Accommodation Real Estate Truck Transportation Performing Arts, Spectator Sports, and Related Industries Specialty Trade Contractors Support Activities for Mining 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 Ambulatory Health Care Services 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 Food Services and Drinking Places 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% Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% Term Loan 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 Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% Term Loan Prime plus 2.75% F-334 See accompanying notes to consolidated financial statements. 6/27/2032 5/29/2032 5/29/2047 12/29/2046 12/29/2031 3/16/2029 6/12/2046 12/17/2046 12/17/2031 12/20/2031 12/20/2031 12/22/2031 12/22/2046 12/22/2031 12/22/2046 12/23/2031 12/23/2031 12/23/2046 12/23/2031 12/27/2046 12/28/2031 26.3 27.5 294.1 3,656.3 225.0 99.2 822.0 823.5 457.5 402.5 45.1 562.5 819.8 342.0 1,711.1 281.3 72.3 443.3 89.3 3,750.0 61.2 26.3 27.5 294.1 3,656.3 225.0 99.2 822.0 823.5 457.5 402.5 45.1 562.5 819.8 342.0 1,711.1 281.3 72.3 443.3 89.3 3,750.0 61.2 29.2 30.5 333.9 4,085.9 252.0 106.1 914.5 934.7 508.4 447.3 50.5 625.1 930.4 380.0 1,937.8 312.5 80.9 503.1 100.0 4,190.6 68.5 0.01 % 0.01 % 0.11 % 1.32 % 0.08 % 0.03 % 0.30 % 0.30 % 0.16 % 0.14 % 0.02 % 0.20 % 0.30 % 0.12 % 0.63 % 0.10 % 0.03 % 0.16 % 0.03 % 1.35 % 0.02 % 0.80 % Shieldcoat Technologies Inc. 308 Ellen Trout Dr, Lufkin, TX 75904 Term Loan Prime plus 2.75% 12/28/2046 2,212.5 2,212.5 2,483.5 Portfolio Company 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) SBA Guaranteed Accrual Investments (4a) Lotus Care LLC Unique Surveillance LLC 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 Ambulatory Health Care Services Administrative and Support Services Food Services and Drinking Places Food and Beverage Stores Professional, Scientific, and Technical Services Couriers and Messengers Specialty Trade Contractors 14000 Sunfish Lake Blvd, NW, MN 55303 925 South 21st Ave, Hollywood, FL 33020 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 Educational Services 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 Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Specialty Trade Contractors Professional, Scientific, and Technical Services Ambulatory Health Care Services Social Assistance Fabricated Metal Product Manufacturing Amusement, Gambling, and Recreation Term Loan Industries Term Loan Transportation Equipment Manufacturing Repair and Maintenance Term Loan Transit and Ground Passenger Transportation Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 2.75% 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 Food Services and Drinking Places Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% Term Loan Prime plus 2.75% Ambulatory Health Care Services Social Assistance Motor Vehicle and Parts Dealers Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% F-335 See accompanying notes to consolidated financial statements. 12/28/2031 12/28/2031 12/28/2031 12/29/2031 12/29/2046 12/29/2031 12/29/2031 12/29/2031 12/29/2031 12/29/2031 12/29/2046 12/29/2046 12/29/2046 12/29/2046 12/29/2046 12/29/2031 12/29/2046 12/29/2046 12/29/2031 12/29/2031 12/29/2046 12/29/2031 12/29/2031 127.5 3,678.0 432.0 630.0 1,260.0 42.5 240.0 45.9 114.8 150.0 891.0 660.8 337.5 484.5 3,750.0 90.0 540.0 1,020.0 123.8 1,012.5 2,250.0 1,038.8 262.5 127.5 3,678.0 432.0 630.0 1,260.0 42.5 240.0 45.9 114.8 150.0 891.0 660.8 337.5 484.5 3,750.0 90.0 540.0 1,020.0 123.8 1,012.5 2,250.0 1,038.8 262.5 142.8 4,045.8 483.8 705.6 1,438.0 47.6 268.8 51.4 128.5 168.0 1,019.1 750.0 386.0 549.9 4,190.6 100.8 612.9 1,156.4 138.6 1,123.9 2,542.5 1,151.7 294.0 0.05 % 1.31 % 0.16 % 0.23 % 0.46 % 0.02 % 0.09 % 0.02 % 0.04 % 0.05 % 0.33 % 0.24 % 0.12 % 0.18 % 1.35 % 0.03 % 0.20 % 0.37 % 0.04 % 0.36 % 0.82 % 0.37 % 0.10 % Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets SBA Guaranteed Accrual Investments (4a) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/30/2031 1,125.0 1,125.0 1,247.3 3201 Peachtree Corners Circle, Peachtree Corners, GA 30092 5127 Franklin Blvd, #3, Sacramento, CA 95820 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 Insurance Carriers and Related Activities Food Services and Drinking Places Food Services and Drinking Places Food Services and Drinking Places Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 2.75% 2.75% 2.75% 2.75% Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.50% 12/29/2046 11/9/2031 6/4/2030 7/15/2029 2/27/2029 543.5 270.0 60.6 402.2 10.2 Insurance Carriers and Related Activities Personal and Laundry Services Food Services and Drinking Places 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 Truck Transportation 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 Professional, Scientific, and Technical Services Professional, Scientific, and Technical Services Personal and Laundry Services Professional, Scientific, and Technical Services Personal and Laundry Services Repair and Maintenance 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 Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% Term Loan Prime plus 6.5% Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% Term Loan Prime plus 6.5% Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% 4/17/2029 4/17/2029 5/6/2029 5/23/2029 5/23/2029 6/6/2029 6/10/2029 6/13/2029 6/21/2029 6/21/2029 7/10/2029 7/19/2029 7/30/2029 8/7/2029 8/26/2029 8/30/2029 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 F-336 See accompanying notes to consolidated financial statements. 543.5 270.0 60.6 402.2 10.2 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 10.6 616.8 302.4 60.6 402.2 10.2 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 0.40 % 0.20 % 0.10 % 0.02 % 0.13 % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % 3815 Media Inc. Calderon Insurance Agency 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. Portfolio Company 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) SBA Guaranteed Accrual Investments (4a) No Push Back LLC Host Marketing LLC Standard Real Estate Services LLC 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 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 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 Personal and Laundry Services Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% Real Estate Term Loan Prime plus 6.5% General Merchandise Stores Term Loan Prime plus 6.5% Machinery Manufacturing Term Loan Prime plus 6.5% Specialty Trade Contractors Professional, Scientific, and Technical Services Nonstore Retailers Social Assistance Insurance Carriers and Related Activities Building Material and Garden Equipment and Supplies Dealers Professional, Scientific, and Technical Services Miscellaneous Store Retailers Administrative and Support Services Support Activities for Transportation Term Loan Prime plus 6.5% Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% 6.5% Food and Beverage Stores Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Social Assistance Professional, Scientific, and Technical Services Performing Arts, Spectator Sports, and Related Industries Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% F-337 See accompanying notes to consolidated financial statements. 8/30/2029 9/18/2029 9/19/2029 10/11/2029 10/16/2029 10/16/2029 10/22/2029 11/14/2029 11/14/2029 12/5/2029 12/6/2029 12/17/2029 12/20/2029 2/3/2030 2/14/2030 11/19/2030 11/24/2030 11/24/2030 12/3/2030 12/4/2030 12/4/2030 10.3 10.7 10.7 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 10.3 10.7 10.7 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 10.3 10.7 10.7 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 — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % — % Portfolio Company 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) SBA Guaranteed Accrual Investments (4a) Jamali LLC Donald W. Harris David Benson LLC Savannah Area Language & Culture Exchange, LLC 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 2741 Raceway Fairfield West, Pensacola, FL 32503 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 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 Centre for Autism Treatment 13090 Sundown Rd, Victorville, CA 92392 Londerpass Inc. Andrew’s Spotless Cleaning LLC Wild Thing Accounting & Tax LLC Wild Wellness LLC 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 VIIXVII Sewing Studio LLC 277 E Girard Ave, Philadelphia, PA 19125 Skypie Studio and Crafts LLC Jazma Wise uniguide Media LLC Alima Mandiang 933 Mary Ave, Opelousas, LA 70570 110 Golden Pine Rd SW, Austell, GA 30168 Personal and Laundry Services 105 Pearl St., Sausalito, CA 94965 242 E. Claremont Rd, Philadelphia, PA 19120 Food Services and Drinking Places Warehousing and Storage Professional, Scientific, and Technical Services Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% Term Loan Prime plus 6.5% Educational Services Term Loan Prime plus 6.5% 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 Food and Beverage Stores Personal and Laundry Services 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 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% Term Loan Prime plus 6.5% Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% Term Loan Prime plus 6.5% Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% Term Loan Prime plus 6.5% Term Loan Term Loan Prime plus Prime plus 6.5% 6.5% Term Loan Prime plus 6.5% Personal and Laundry Services Term Loan Prime plus 6.5% F-338 See accompanying notes to consolidated financial statements. 12/11/2030 12/11/2030 12/16/2030 12/16/2030 12/16/2030 12/22/2030 12/23/2030 12/23/2030 12/23/2030 12/23/2030 1/18/2031 1/19/2031 1/20/2031 1/21/2031 1/22/2031 1/22/2031 1/22/2031 1/22/2031 1/22/2031 1/28/2031 2/11/2031 2/17/2031 11.8 11.8 11.8 11.8 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 11.8 11.8 11.8 11.8 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 11.8 11.8 11.8 11.8 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 — % — % — % — % — % — % — % — % — % — % — % 0.01 % 0.01 % 0.01 % 0.01 % 0.01 % — % — % 0.01 % — % 0.01 % — % Portfolio Company 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) SBA Guaranteed Accrual Investments (4a) Benevolent Family Services LLC INB Enterprise LLC Blasco Tire Stephanie Doty 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. 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 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 Ambulatory Health Care Services Professional, Scientific, and Technical Services Motor Vehicle and Parts Dealers Insurance Carriers and Related Activities Truck Transportation Specialty Trade Contractors Professional, Scientific, and Technical Services Rental and Leasing Services Construction of Buildings Food and Beverage Stores Professional, Scientific, and Technical Services Personal and Laundry Services PPP PPP PPP PPP PPP PPP PPP PPP PPP Term Loan Prime plus 6.5% Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% 6.5% 6.5% Term Loan Prime plus 6.5% Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus 6.5% 6.5% 6.5% Term Loan Prime plus 6.5% Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed 6.5% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% F-339 See accompanying notes to consolidated financial statements. 3/15/2031 3/15/2031 3/24/2031 4/14/2031 4/14/2031 4/14/2031 5/5/2031 7/20/2031 7/21/2031 7/23/2031 8/6/2031 9/13/2031 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 18.1 18.1 18.0 10.7 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 18.1 18.1 18.0 10.7 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 18.1 18.1 18.0 10.7 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 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % 0.01 % 0.01 % — % 0.01 % 0.01 % — % 0.01 % 0.01 % — % 0.01 % Portfolio Company 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) SBA Guaranteed Accrual Investments (4a) Carrie Risatti Easy Content Media LLC Jennie Kwon Designs Scalini's, Inc. Sports Academy Integrated Sports Medicine, LLC 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. 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 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 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 Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 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 5/26/2022 5/26/2022 5/27/2022 5/27/2022 5/28/2022 5/28/2022 1.7 5.8 5.4 17.7 31.4 8.6 2.3 1.7 5.8 5.4 17.7 31.4 8.6 2.3 1.7 5.8 5.4 17.7 31.4 8.6 2.3 5/29/2022 108.3 108.3 108.3 5/29/2022 6/1/2022 6/1/2022 6/2/2022 6/2/2022 6/2/2022 6/3/2022 6/3/2022 6/4/2022 6/4/2022 6/5/2022 6/5/2022 6/5/2022 6/5/2022 1.8 54.6 9.7 50.0 2.0 0.3 1.7 241.1 0.8 0.5 15.7 2.1 1.4 0.1 1.8 54.6 9.7 50.0 2.0 0.3 1.7 241.1 0.8 0.5 15.7 2.1 1.4 0.1 1.8 54.6 9.7 50.0 2.0 0.3 1.7 241.1 0.8 0.5 15.7 2.1 1.4 0.1 — % — % — % 0.01 % 0.01 % — % — % 0.03 % — % 0.02 % — % 0.02 % — % — % — % 0.08 % — % — % 0.01 % — % — % — % F-340 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Guaranteed Accrual Investments (4a) Camfed U.S.A. Foundation Dental Designs of Naples OCC installations Mora Investment Management Copperfield Investment & Development Company Dan Counts & Associates, Inc. Sunburst Decorative Rock, Inc DANIELLE|TATE David|Ortiz Montalban Featherstone 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 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 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 Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 6/8/2022 6/9/2022 6/9/2022 6/10/2022 6/12/2022 6/12/2022 6/16/2022 3/31/2026 4/26/2026 5/24/2026 18.2 21.1 0.7 1.2 1.2 1.1 18.3 20.8 18.7 20.8 18.2 21.1 0.7 1.2 1.2 1.1 18.3 20.8 18.7 20.8 18.2 21.1 0.7 1.2 1.2 1.1 18.3 20.8 18.7 20.8 % of Net Assets 0.01 % 0.01 % — % — % — % — % 0.01 % 0.01 % 0.01 % 0.01 % Total SBA Guaranteed Accrual Investments $ 61,474.1 $ 61,474.1 $ 68,716.1 22.22 % F-341 See accompanying notes to consolidated financial statements. Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) SBA Guaranteed Non-Accrual Investments (4b) 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 Total SBA Unguaranteed and Guaranteed Investments Clothing and Clothing Accessories Stores Publishing Industries (except Internet) Fabricated Metal Product Manufacturing 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 Specialty Trade Contractors 145 Moon Rd, Chesapeake City, MD 21915 Motor Vehicle and Parts Dealers Administrative and Support Services Merchant Wholesalers, Nondurable Goods Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan Prime plus Prime plus Prime plus Prime plus Prime plus Prime plus 9.75% 2.75% 6.00% 9.75% 0% 0% 1/30/2030 3/31/2042 12/15/2042 10/11/2029 5/9/2029 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 3,249.8 4,254.2 65,728.3 497,698.3 $ $ $ 3,249.8 4,254.2 65,728.3 497,698.3 $ $ $ $ $ $ F-342 See accompanying notes to consolidated financial statements. % of Net Assets — % 0.08 % 0.23 % — % — % — % 1.05 % 0.32 % 11.5 254.7 707.1 12.5 8.6 10.0 3,249.8 4,254.2 72,970.3 23.59 % 497,387.2 160.82 % Portfolio Company Tickmarks Company Address Industry Type of Investment Ownership or Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Controlled Investments (5) (22) NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Automated Merchant Services, Inc. (*,#) (7) (21) CDS Business Services, Inc. (*,#) (8) 12230 Forest Hill Blvd., Wellington, FL 33414 1985 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Common Stock Common Stock — — — — Newtek Technology Solutions, Inc. (#) (24) 1904 W. Parkside Lane Phoenix, AZ 85027 Data processing, Hosting, and Related Services Newtek Insurance Agency, LLC (*,#) (13) PMTWorks Payroll, LLC (*,#) (9) 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 Insurance Carriers and Related Activities 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 Membership Interest Term Loan ADR Partners, LLC dba banc-serv Partners, LLC (*,#) (19) Newtek Merchant Solutions, LLC (#) (11) Mobil Money, LLC Newtek Business Lending, LLC (#) (17) (#) (10) Newtek Conventional Lending, LLC (#) (18) (23) Titanium Asset Management, LLC (*,#) (14) 8777 Purdue Rd, Indianapolis, IN 46268 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 14 East Washington St., Orlando, FL 32801 1981 Marcus Ave., Lake Success, NY 11042 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Data processing, Hosting, and Related Services Data processing, Hosting, and Related Services Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Membership Interest Membership Interest Administrative and Support Services Term Loan Fixed F-343 See accompanying notes to consolidated financial statements. Line of Credit Common Stock Line of Credit Line of Credit Line of Credit Membership Interest Term Loan Term Loan Term Loan Term Loan Membership Interest Own Fixed Fixed Fixed Fixed Fixed Prime plus Prime plus Own Fixed Fixed Fixed Fixed Own Fixed Own Own Own Own Own 100% 100% 5.5% 100% 10% 1% 1% 100% 100% 10% 10% 12% 10% 100% 10% 100% 100% 100% 100% 50% 10% 4,428.0 20,000.0 19,503.7 11,000.0 — 225.0 2,035.0 5,128.1 435.0 750.0 500.0 1,000.0 598.0 400.0 7,085.2 — 7,300.0 36,000.0 11,000.0 — 225.0 2,300.0 — 324.0 558.6 372.4 745.0 4,000.0 400.0 — — Dec 2023 — Nov 2028 April 2022 July 2022 — — Sept 2022 May 2022 May 2022 July 2022 — June 2023 — — — — — — 20,000.0 — 10,540.0 750.0 100.0 — — 435.0 750.0 500.0 1,000.0 — 400.0 — — — — — 16,438.0 114,500.0 37.02 % 2,980.0 3,900.0 1.26 % 36,406.4 47,406.4 15.33 % 26,903.0 29,463.6 March 2023 900.0 900.0 603.3 — % — % 2.36 % 11.64 % 3.56 % — % 0.07 % 0.74 % — % 0.10 % 0.18 % 0.12 % 0.24 % 1.29 % 0.13 % — % 9.53 % 0.20 % NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Portfolio Company Tickmarks Company Address Industry Type of Investment Ownership or Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets Controlled Investments (5) (22) 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 Total Controlled Investments Membership Interest Own Term Loan Membership Interest Term Loan Membership Interest Fixed Own Fixed Own 100% 10% 100% 10% 50.14% — June 2023 — Sept 2023 — — 159.2 — 1,300.0 — 36,834.2 $ — 159.2 — 1,300.0 — $ 157,289.0 $ — — — 1,300.0 — 260,398.3 — % — % — % 0.42 % — % 84.19 % F-344 See accompanying notes to consolidated financial statements. NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2021 (In Thousands) Portfolio Company Non-Control Investments (22) Tickmarks Company Address Industry Type of Investment Ownership or Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets EMCAP Loan Holdings, LLC (+,#) (16) 1140 Reservoir Ave., Cranston, RI 02920 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Membership Interest Own 4.67% — Total Non-Control Investments Total Investments $ $ $ — — $ $ 1,000.0 1,000.0 $ $ 1,000.0 1,000.0 0.32 % 0.32 % 534,532.5 $ 655,987.3 $ 758,785.5 245.33 % ^ 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-345 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-346 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-347 See accompanying notes to consolidated financial statements. Table of Contents NEWTEKONE, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION: The Company is a leading business and financial solutions provider to SMBs. NewtekOne and its subsidiaries provide SMBs with the following Newtek® branded business and financial solutions: Newtek Bank, Newtek Lending, Newtek Payments, Newtek Insurance, Newtek Payroll and Newtek Technology. As of January 6, 2023, the Company became a financial holding company and has ceased to be a BDC. On January 6, 2023, the Company completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Company. In connection with the completion of the Acquisition, the Company contributed to Newtek Bank $31 million of cash and two of the Company’s subsidiaries, NBL and SBL. Upon the consummation of the Acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC. The Company also filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC as of January 6, 2023. As a result of the Acquisition, the Company is now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. The Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for accounting treatment as an investment company. As a result, as of January 6, 2023, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following NewtekOne portfolio companies and subsidiaries are consolidated non-bank subsidiaries in the Company’s financial statements: NSBF; NMS; Mobil Money; NBC; PMT; NIA; TAM; Newtek Business Services Holdco 6, Inc; NCL.; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. On January 17, 2023, the Company changed its name from Newtek Business Services Corp. to NewtekOne, 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 For the years ended December 31, 2022 and 2021, the Company applied fair value accounting to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three- level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions reflected those that management believed market participants would use in pricing the financial instrument at the measurement date. For the years ended December 31, 2022 and 2021, the availability of observable inputs varied depending on the financial instrument and was affected by a wide variety of factors, including, for example, the type of product, whether the product was new, whether the product was traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation was based on models or inputs that were less observable or unobservable in the market the determination of fair value required more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value was greatest for financial instruments classified as Level 3. F-348 Table of Contents 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, for the years ended December 31, 2022 and 2021, the Company generally did not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consisted 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 For the years ended December 31, 2022 and 2021, dividends and distributions to the Company's common stockholders were recorded on the ex-dividend date. The timing and amount to be paid out as a dividend or distribution was 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, 2022, cash deposits in excess of insured amounts totaled $90.6 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, 2022. 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, 2022, total restricted cash was $71.9 million. The following table provides a reconciliation of cash and restricted cash as of December 31, 2022 and 2021: Cash Restricted cash Cash and restricted cash Broker Receivable Broker receivable represents amounts due from third parties for loans which have been traded at year end but have not yet settled. F-349 December 31, 2022 December 31, 2021 $ $ 53,692 71,914 125,606 $ $ 2,397 184,463 186,860 Table of Contents 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. From 2010 through January 6, 2023, NSBF 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 consolidated 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 For the years ended December 31, 2022 and 2021, the Company accounted for servicing assets in accordance with ASC Topic 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets were measured at fair value at each reporting date and the Company reported changes in the fair value of servicing assets in earnings in the period in which the changes occur. The Company earned 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. 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 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. F-350 Table of Contents The Company’s U.S. federal and state income tax returns prior to fiscal year 2019 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. The Company elected to be treated as a RIC under the Code beginning with the 2015 tax year and, through the year ended December 31, 2022, operated in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes the Company 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. As a RIC, the Company was required to pay a 4% excise tax if it did not distribute in each calendar year an amount at least equal to the sum of: • • • • 98% of our net ordinary income, excluding certain ordinary gains and losses, recognized during a calendar year; 98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of such calendar year; and 100% of any income or gains recognized, but not distributed, in preceding years. For the years ended December 31, 2022, 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 $19.2 million and $12.7 million at December 31, 2022 and December 31, 2021, 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. Stock Repurchase Program On June 21, 2022, the Company's Board of Directors approved a repurchase program under which the Company may repurchase up to 500,000 shares of the Company’s common stock, par value $0.02 per share, through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940 and the Securities Exchange Act of 1934, as amended. The Company’s repurchase program terminated on December 21, 2022. The Company has not repurchased any common shares under the repurchase program during the years ended December 31, 2022. Investment Income For the years ended December 31, 2022 and 2021, management reviewed all loans that became 90 days or more past due on principal or interest or when there was reasonable doubt that principal or interest would be collected for possible placement on management’s designation of non-accrual status. Interest receivable was analyzed regularly and reserved against when deemed uncollectible. Interest payments received on non-accrual loans were recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans were restored to accrual status when past due principal and interest was paid and, in management’s judgment, was likely to remain current, although we may have made exceptions to this general rule if the loan had sufficient collateral value and is in the process of collection. 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 in July 2021. For the years ended December 31, 2022 and 2021, dividend income was recognized on an accrual basis for preferred equity F-351 Table of Contents 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 assessed 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 were 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. For the years ended December 31, 2022 and 2021, investment transactions were accounted for on a trade-date basis. Realized gains or losses on investments were 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 reported 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, 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 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 certain testing and board reporting requirements. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules, provided that the BDC adopts written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain record keeping requirements. 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. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so and has adopted written policies and procedures that are reasonably designed to manage the Company’s derivatives risks and comply with the record keeping requirements. 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. The adoption of Rule 2a-5 did not have a material impact on the consolidated financial statements. Beginning in 2023, the Company anticipates applying accounting standards applicable to a financial holding company. F-352 Table of Contents New Accounting Standards In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements. In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses - Measurement of Credit Losses on Financial Instruments” (Topic 326) and in April 2019, the FASB issued ASU 2019-04 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” (collectively, “CECL”). CECL changed how entities measure potential credit losses for most financial assets and certain other instruments that are not measured at fair value. CECL replaced the “incurred loss” approach under existing guidance with an “expected loss” model for instruments measured at amortized cost. While ASU 2016-13 does not require any particular method for determining the CECL allowance, it does specify the allowance should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions, and reasonable and supportable forecasts for the duration of each respective loan. CECL is effective for the Company beginning January 1, 2023; however, the Company intends to continue to fair value NSBF’s SBA 7(a) loan portfolio until the portfolio is completely runoff. After the Acquisition on January 6, 2023, the Company owns and will consolidate Newtek Bank, which will apply CECL. The Company is currently re-evaluating the impact of adopting CECL accounting including for Newtek Bank. The Company will have the CECL analysis completed to report in our upcoming 10-Q filing for the quarter ended March 31, 2023. Segments The Company determined that as a BDC it had a single reporting segment and operating unit structure. For the years ended December 31, 2022 and 2021, the Company issued debt and makes equity investments in portfolio companies in various industries. The Company separately evaluated 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 were aggregated into a single lending and investment segment. The Company will evaluate whether as a financial holding company it has a single reporting segment and operating unit structure. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. F-353 Table of Contents 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 Controlled investments: Equity Equity interest in joint ventures Debt Total investments SBA unguaranteed investments consisted of the following breakdown of accrual and non-accrual loans at: Accrual Non-Accrual Total SBA unguaranteed investments SBA guaranteed investments consisted of the following breakdown of accrual and non-accrual loans at: Accrual Non-Accrual Total SBA guaranteed investments December 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value 551,253 $ 524,439 $ 497,698 $ 1,360 99,195 23,314 32,300 707,422 $ 1,360 241,113 23,022 18,104 808,038 $ 1,000 93,717 26,903 36,669 655,987 $ December 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value 463,127 69,666 532,793 $ $ 470,835 34,433 505,268 $ $ 377,845 54,125 431,970 $ $ 497,387 1,000 208,106 29,464 22,828 758,785 393,910 30,507 424,417 $ $ $ $ December 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value $ $ 13,491 $ 4,969 18,460 $ 14,202 $ 4,969 19,171 $ 61,474 $ 4,254 65,728 $ 68,716 4,254 72,970 Beginning in March 2020, as a result of the uncertain economic impact to U.S. small businesses at the onset of 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. During the duration of the PPP through the end of July 2021, NSBF funded approximately 26,200 PPP loans totaling $1.9 billion. Beginning in July 2021, NSBF redeployed resources to 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 participating interests to several participants. One participant continues to hold a 90% participation interest in 1 of the 2 PPP loans that remain as of December 31, 2022. 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. NSBF has agreed that it will repurchase the participant’s percentage of the outstanding principal and interest under certain circumstances, including any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees was recognized as interest income on sale of PPP loan participations. 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 to funding SBA 7(a) loans. F-354 Table of Contents The following table shows the Company’s SBA guaranteed accrual loans by SBA loan type at: 7(a) PPP Accrual SBA guaranteed investments 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 Professional, Scientific, and Technical Services Specialty Trade Contractors Ambulatory Health Care Services Amusement, Gambling, and Recreation Industries Merchant Wholesalers, Durable Goods Administrative and Support Services Merchant Wholesalers, Nondurable Goods Truck Transportation Repair and Maintenance Fabricated Metal Product Manufacturing Personal and Laundry Services Construction of Buildings Accommodation Social Assistance Motor Vehicle and Parts Dealers Food Manufacturing Nursing and Residential Care Facilities Support Activities for Mining Rental and Leasing Services Transportation Equipment Manufacturing Building Material and Garden Equipment and Supplies Dealers Joint Ventures Other Total December 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value $ $ 13,430 61 13,491 $ $ 14,141 61 14,202 $ $ 60,610 864 61,474 $ $ 67,852 864 68,716 December 31, 2022 December 31, 2021 Cost Fair Value Cost Fair Value $ $ 61,434 $ 74,850 48,551 41,066 42,330 28,900 24,743 22,219 23,400 19,501 23,846 17,108 14,190 13,763 11,978 11,476 9,282 10,186 10,830 8,187 10,426 8,158 8,272 8,731 23,314 130,681 707,422 $ 161,771 $ 100,064 48,796 39,287 38,314 26,879 25,917 22,059 21,249 18,637 18,245 17,280 14,739 14,183 10,973 10,428 9,993 9,651 8,951 8,697 8,615 8,448 8,445 8,369 23,022 125,026 808,038 $ 59,552 $ 69,473 48,782 27,374 25,250 23,078 28,806 14,725 25,320 12,649 24,929 18,301 15,138 11,218 6,404 13,795 12,967 12,760 12,760 4,781 7,102 8,529 9,599 6,504 26,903 129,288 655,987 $ 169,043 60,553 51,840 27,213 24,745 21,483 29,578 15,107 25,036 12,115 21,937 18,752 16,104 11,935 5,909 13,529 14,401 11,427 11,427 5,206 6,496 8,505 10,461 6,845 29,464 129,674 758,785 F-355 Table of Contents The Company’s Non-Conforming Conventional Loan Program 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 to U.S. middle-market companies and small businesses. NCL is a 50/50 joint venture between Newtek Commercial Lending, Inc. a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL ceased funding new non-conventional conforming loans during 2020. On January 28, 2022, NCL closed a conventional commercial loan securitization with the sale of $56.3 million of 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 NCL’s portfolio 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 NCL partners. The following unaudited table shows NCL’s individual investments as of December 31, 2022: 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 E Entities LLC Trinity MCC Realty, LLC Jaffe Real Estate LLC ARC Metal Stamping, LLC McNeill Properties V, 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 Fitness and Recreational Sport Centers Fitness and Recreational Sport Centers Nursing Care Facilities(Skilled Nursing Facilities) Exterminating & Pest Control Services Motor Vehicle and Parts Dealers Full-Service Restaurant Industrial Mold Manufacturing 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 Term Loan Term Loan Term Loan Term Loan Total (1) Fair value determined using significant unobservable inputs. F-356 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% 5 Yr Libor plus 5.50% 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 7.43% 5 Yr Treasury plus 8.00% 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 8/1/2044 8/1/2044 1/1/2045 1/1/2030 2/1/2045 4/1/2045 1/1/2045 9/1/2046 Principal $ $ Cost $ $ 2,180 1,227 414 10,160 5,943 10,275 3,327 4,846 5,155 4,610 5,525 4,695 4,464 2,199 5,318 10,180 80,518 2,136 1,200 400 9,958 5,825 9,984 3,175 4,698 5,006 4,495 5,373 4,574 4,324 2,139 5,318 10,180 78,785 Fair Value 1 $ $ 2,059 1,159 409 9,786 5,724 10,140 3,087 4,659 4,952 4,385 5,520 4,711 4,286 2,265 5,294 10,159 78,595 Table of Contents The following unaudited 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 E Entities LLC Trinity MCC Realty, LLC Jaffe Real Estate LLC Berry Ventures Inc ARC Metal Stamping, LLC McNeill Properties V, 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 Fitness and Recreational Sport Centers Fitness and Recreational Sport Centers Nursing Care Facilities(Skilled Nursing Facilities) Exterminating & Pest Control Services Motor Vehicle and Parts Dealers Full-Service Restaurant Painting & Wall Covering Contractors Industrial Mold Manufacturing 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 Term Loan Term Loan Term Loan Term Loan Term Loan Total (1) Fair value determined using significant unobservable inputs. F-357 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% 5 Yr Libor plus 5.55% 5 Yr Libor plus 5.55% 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% 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 8/1/2044 8/1/2044 1/1/2045 1/1/2030 2/1/2045 4/1/2045 4/1/2045 1/1/2045 9/1/2046 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 10,277 86,637 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 84,824 Fair Value 1 $ $ 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 Table of Contents The following tables show certain unaudited summarized financial information for NCL: Selected Statement of Assets and Liabilities Information Cash Restricted cash Investments in loans, at fair value (amortized cost of $78,785 and $84,824, respectively) Other assets Total assets Bank notes payable Securitization 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 income Unrealized (depreciation) appreciation on investments Net (decrease) increase in net assets resulting from operations December 31, 2022 (Unaudited) December 31, 2021 (Unaudited) $ $ $ 791 2,362 78,595 1,807 83,555 — 49,273 1,109 50,382 33,173 83,555 $ Year Ended December 31, 2022 (Unaudited) 2021 (Unaudited) 6,966 2,916 4,050 (4,494) (444) $ $ 1,845 — 89,126 595 91,566 32,341 — 297 32,638 58,928 91,566 6,300 2,612 3,688 282 3,970 $ $ $ $ $ $ Newtek-TSO II Conventional Credit Partners, LP (“Newtek-TSO JV”): On August 5, 2022, Newtek Commercial Lending, Inc., and TSO II Booster Aggregator, L.P. (“TSO II”) entered into a joint venture, Newtek-TSO JV, governed by the Amended and Restated Limited Partnership Agreement for the Newtek-TSO JV. Newtek-TSO JV began making investments during the fourth quarter of 2022. Newtek Commercial Lending, Inc. and TSO II each committed to contribute an equal share of equity funding to the Newtek-TSO JV and each have equal voting rights on all material matters. Newtek-TSO JV intends to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The intended purpose of Newtek-TSO JV is to invest in non-conforming conventional commercial and industrial term loans made to middle-market companies as well as small businesses. The following unaudited table shows Newtek-TSO JV’s individual investments as of December 31, 2022: Portfolio Company Black Star Hospitality Holdings, LLC Paradox Museum USA LLC Royal Wholesale Food Inc Leecount LLC Aerosphere Holding Company, LLC MountChor Holdings Inc Total Industry Food Services and Drinking Places Museums, Historical Sites, and Similar Institutions Merchant Wholesalers, Nondurable Goods Administrative and Support Services Transportation Equipment Manufacturing Administrative and Support Services Investment Type Term Loan Term Loan Term Loan Term Loan Term Loan Term Loan (1) Fair value determined using significant unobservable inputs. Interest Rate 5 Yr Treasury plus 8.00% 5 Yr Treasury plus 7.50% 5 Yr Treasury plus 8.00% 5 Yr Treasury plus 7.50% 5 Yr Treasury plus 9.00% 5 Yr Treasury plus 8.00% Maturity 1/1/2032 5/1/2033 7/1/2047 9/1/2032 9/1/2047 10/1/2047 Principal $ $ Cost $ $ 3,771 5,000 3,992 1,675 2,037 5,295 21,770 3,450 4,844 3,854 1,580 2,031 5,279 21,038 Fair Value 1 $ $ 3,546 5,152 4,084 1,673 2,216 5,778 22,449 F-358 Table of Contents The following unaudited tables show certain summarized financial information for Newtek-TSO JV: Selected Statement of Assets and Liabilities Information Cash Restricted cash Investments in loans, at fair value (amortized cost of $21,038) Other assets Total assets Bank notes payable Other liabilities Total liabilities Net assets Total net assets Selected Statements of Operations Information Interest and other income Total expenses Net investment loss Unrealized (depreciation) appreciation on investments Net decrease in net assets resulting from operations $ $ $ $ $ $ $ December 31, 2022 (Unaudited) Year Ended December 31, 2022 (Unaudited) 1,046 498 22,449 2,034 26,027 12,950 206 13,156 12,871 26,027 101 385 (284) — (284) 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, 2022 were as follows: F-359 Table of Contents Portfolio Company Controlled Investments Newtek Merchant Solutions, LLC Automated Merchant Services, LLC Mobil Money, LLC Newtek Technology Solutions, Inc. 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 Excel WebSolutions, LLC Newtek Conventional Lending, LLC Newtek TSO II Conventional Credit Partners, LP Newtek Business Lending, LLC Total Controlled Investments Non-Control Investments EMCAP Loan Holdings, LLC Biller Genie Software, LLC Total Non-Control Investments Total Affiliate Investments Fair Value at December 31, 2021 Purchases (Cost) Principal Received Net Realized Gains/(Losses) Net Unrealized Gains/(Losses) Fair Value at December 31, 2022 Interest and Other Income Dividend Income $ $ $ $ $ 114,500 — 3,900 47,225 — 7,300 4,400 2,300 2,000 603 1,300 — 29,464 — 47,406 260,398 1,000 — 1,000 261,398 $ $ $ $ $ — — — (225) — (2,600) (400) — (2,685) (900) — (159) (9,741) — (38,968) (55,678) — — — (55,678) $ $ $ $ $ 100 — — 400 — 2,600 3,965 — 3,275 822 514 230 390 5,762 35,140 53,198 — 360 360 53,558 $ $ $ $ $ F-360 — — — — — — — — — — — — — — — — — — — — $ $ $ $ $ (5,600) 53 4,350 (8,900) — (1,496) 2,535 3,200 1,010 (329) — (71) (3,526) 673 32,422 24,321 — — — 24,321 $ $ $ $ $ 109,000 53 8,250 38,500 — 5,804 10,500 5,500 3,600 196 1,814 — 16,587 6,435 76,000 282,239 1,000 360 1,360 283,599 $ $ $ $ $ — — — 1,118 — 1,346 174 — 328 426 132 69 — — — 3,593 — — — 3,593 $ $ $ $ $ 14,550 720 400 1,500 — — — — — — — — 2,379 — 5,025 24,574 83 — 83 24,657 Table of Contents 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 1,000 240,171 $ $ $ $ — — 179 — 10,440 — 1,900 3,250 — 250 7,901 — 31,350 55,270 — 55,270 $ $ $ $ — — (750) — — — — — — — — — (34,856) (35,606) — (35,606) $ $ $ $ — — — (885) — — — — — — — (381) — (1,266) — (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 — 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 1,000 261,398 $ $ $ $ — — 1,134 — 1,026 41 514 2,397 5 110 — — — 5,227 — 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 with certain controlled portfolio companies. Maximum borrowings under the Related Party RLOC are $50.0 million. The outstanding balance has an interest rate equal to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%. At December 31, 2022, the Related Party RLOC interest rate was 6.72%. The Related Party RLOC has a maturity date of November 8, 2023. There was $24.3 million and $11.5 million in outstanding borrowings from NMS at December 31, 2022 and 2021, respectively, under the Related Party RLOC. For the years ended December 31, 2022, 2021 and 2020, interest expense was $0.5 million, $0.4 million and $0.4 million, respectively. Expenses Incurred from Controlled Portfolio Companies The Company incurred 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 for the years ended December 31, 2022, 2021 and 2020. F-361 Table of Contents Managed technology services Origination and loan processing Loan servicing Payroll processing fees Total 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, 2022 Year Ended December 31, 2021 $ $ 291 10 380 54 71 8 8 822 $ $ December 31, 2022 Year Ended December 31, 2021 December 31, 2020 $ $ 1,484 19,140 — 35 20,659 $ $ 1,451 19,227 46 36 20,760 251 11 287 72 56 17 6 700 $ $ $ $ December 31, 2020 1,754 9,886 37 34 11,711 221 11 292 58 82 30 6 700 Amounts due from related parties were $1.3 million and $4.4 million at December 31, 2022 and December 31, 2021, respectively. Amounts due to related parties were $1.2 million and $1.5 million at December 31, 2022 and December 31, 2021, respectively. Managerial Assistance Fees from Controlled Investments As a BDC, the Company offered managerial assistance to all portfolio companies and provided managerial assistance to certain controlled portfolio companies for the years ended December 31, 2022, 2021, and 2020. Fees were recorded on a quarterly basis, were recurring in nature, and were 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 were 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 POS on Cloud, LLC CDS Business Services, Inc. 1 International Professional Marketing, Inc. (IPM) SIDCO, LLC Mobil Money, LLC Newtek Business Lending, LLC Small Business Lending, LLC 1 Total December 31, 2022 Year Ended December 31, 2021 December 31, 2020 $ $ 471 392 111 164 32 4 307 — — 85 232 572 2,370 $ $ 450 465 89 129 10 — 211 — — 108 161 516 2,139 $ $ 402 509 105 127 — — 123 91 96 121 135 507 2,216 (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. Managerial assistance fees for 2022 for SIDCO are included within NTS. F-362 Table of Contents 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, 2022, the Company earned no interest income on non-control investments attributable to interest on the loan. During the years ended December 31, 2021 and 2020, the Company earned $0.4 million, and $0.4 million respectively 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 2022, 2021 and 2020. NOTE 5—SERVICING ASSETS: Servicing assets were measured at fair value for the years ended December 31, 2022 and 2021. The Company earned 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, 2022 and December 31, 2021: December 31, 2022 Date December 31, 2021 $ $ Servicing Assets Fair Value Unobservable Input Weighted Average Range Minimum Maximum 1 30,268 Discount factor Cumulative prepayment rate Average cumulative default rate 1 28,008 Discount factor Cumulative prepayment rate Average cumulative default rate 16.50 % 25.00 % 25.00 % 12.60 % 25.00 % 25.00 % 16.50 % 25.00 % 25.00 % 12.60 % 25.00 % 25.00 % 16.50 % 25.00 % 25.00 % 12.60 % 25.00 % 25.00 % (1) Determined based on risk spreads and observable secondary market transactions. Servicing fee income earned for the years ended December 31, 2022, 2021, and 2020 was $13.7 million, $11.3 million, and $11.2 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. For the years ended December 31, 2022 and 2021, in determining fair value, management used various valuation approaches, all of which were approved by the Company’s Board. In accordance with GAAP, a fair value hierarchy for inputs was 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 gave the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gave the lowest priority to unobservable inputs (Level 3). The levels of the fair value hierarchy were 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. F-363 Table of Contents Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts. In certain cases, the inputs used to measure fair value may have fallen into different levels of the fair value hierarchy. In such cases, an asset or a liability’s categorization within the fair value hierarchy was 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 required judgment, and considered factors specific to the asset or liability. The Company assessed 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, 2022 or 2021. Level 1 investments were valued using quoted market prices. Level 2 investments were 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 calculated the fair value of the investment primarily based on the net asset NAV of the entity and adjusted the fair value for other factors that would affect the fair value of the investment. The Company used this valuation approach for its investment in NCL and Newtek-TSO JV. Due to the inherent uncertainty of determining the fair value of Level 3 investments that did 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 were generally subject to legal and other restrictions or otherwise were 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 have realized significantly less than the value at which such investment had previously been recorded. The Company’s investments were 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 were traded. In addition, the ongoing COVID-19 pandemic, recent changes in inflation and base interest rates, supply chain disruptions, significant market volatility, risk of recession, the ongoing war between Russia and Ukraine and general uncertainty surrounding the financial and political stability of the United States, United Kingdom, the European Union and China could have further negatively impacted the fair value of the Company’s investments after December 31, 2022, in addition to other 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. The Company complied with all applicable components of Rule 2a-5 by the compliance date in September 2022 for the year ended December 31, 2022. F-364 Table of Contents 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, 2022 and December 31, 2021: Assets: SBA unguaranteed non-affiliate investments SBA guaranteed non-affiliate investments Controlled investments Other real estate owned Non-control investments Servicing assets 2 Controlled investments measured at NAV 1 Total assets Fair Value Measurements at December 31, 2022 Total Level 1 Level 2 Level 3 $ $ 505,268 19,171 259,217 3,529 1,360 30,268 23,022 841,835 $ $ — — — — — — — — $ $ — 19,171 — — — — — 19,171 $ $ 505,268 — 259,217 3,529 1,360 30,268 — 799,642 (1) (2) Included in Other Assets on the Consolidated Statements of Assets and Liabilities. 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 change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to Level 3 investments held at December 31, 2022 included $20.0 million in unrealized depreciation on SBA unguaranteed non-affiliate investments, $27.2 million in unrealized appreciation on controlled investments and $10.1 million in unrealized depreciation on servicing assets. Assets: SBA unguaranteed non-affiliate investments SBA guaranteed non-affiliate investments Controlled investments Other real estate owned Non-control investments Servicing assets 2 Controlled investments measured at NAV 1 Total assets Liabilities: Derivative instruments 3 (1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities. Total Level 1 Level 2 Level 3 Fair Value Measurements at December 31, 2021 $ $ $ 424,417 72,970 230,934 2,354 1,000 28,008 29,464 789,147 183 $ $ $ — — — — — — — — — $ $ $ — 72,970 — — — — — 72,970 183 $ $ $ 424,417 — 230,934 2,354 1,000 28,008 — 686,713 — (2) (3) The Company’s investment in NCL was 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. 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 included $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. F-365 Table of Contents The following tables represents the changes in investments and servicing assets measured at fair value using Level 3 inputs for the years ended December 31, 2022 and 2021: SBA Unguaranteed Investments Controlled Investments Servicing Assets Non-Control Investments Other Real Estate Owned 1 Year Ended December 31, 2022 Fair value, December 31, 2021 Net change in unrealized appreciation (depreciation) 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 factors other than changes in valuation inputs or assumptions Realized loss SBA unguaranteed non-affiliate investments, funded Foreclosed real estate acquired Purchase of investments Sale of investment Return of investment Principal payments received on debt investments Additions to servicing assets Fair value, December 31, 2022 (1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities. Fair value, December 31, 2020 Net change in unrealized appreciation (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 factors other than changes in valuation inputs or adjustments 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 (1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities. $ $ $ $ 424,417 (19,972) — — (16,629) 189,769 (3,466) — — — (71,255) — 505,268 SBA Unguaranteed Investments 407,748 5,097 — — (10,371) 85,191 (2,171) — 6,945 — — (68,023) — 424,417 $ $ $ $ 230,935 27,174 — — — — — 47,046 — (38,968) (6,970) — 259,217 $ $ 28,008 — (2,129) (7,966) — — — — — — — 12,355 30,268 $ $ 1,000 — — — — — — 360 — — — — 1,360 Year Ended December 31, 2021 Controlled Investments Servicing Assets 219,143 1,295 — — (1,266) — — 47,369 — — (34,856) (750) — 230,935 $ $ 26,061 — (2,375) (4,403) — — — — — — — — 8,725 28,008 $ Non-Control Investments 6,447 — — — — — — — — (5,394) — (54) — 1,000 $ $ $ $ $ 2,354 (402) — — (353) — 3,466 — (1,536) — — — 3,529 Other Real Estate Owned 1 2,717 (198) — — (424) — 2,171 — — (1,912) — — — 2,354 The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of December 31, 2022 and December 31, 2021. In addition to the inputs noted in the table below, according to our valuation policy we may also have used 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, 2022 and December 31, 2021. F-366 Table of Contents 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 $ $ $ $ $ $ $ $ Fair Value as of December 31, 2022 Unobservable Input Weighted Average 1 Range Minimum Maximum 470,835 Market yields Cumulative prepayment rate Average cumulative default rate 34,433 Market yields Average cumulative default rate 2 241,113 EBITDA multiples-TTM EBITDA multiples-NTM 2 Revenue multiples 2 Book value multiples 2 Weighted average cost of capital 2 18,104 Market yields 1,000 Market yields 360 Recent transaction 30,268 Market yields Cumulative prepayment rate Average cumulative default rate 3,529 Appraised value 7.90 % 25.00 % 25.00 % 8.87 % 30.00 % 8.0x 6.9x 2.46x 1.00x 13.20 % 10.00 % 10.00 % N/A 16.50 % 25.00 % 25.00 % N/A 7.90 % 25.00 % 25.00 % 8.87 % 30.00 % 7.50x 6.00x 0.80x 0.80x 11.50 % 10.00 % 8.00 % N/A 16.50 % 25.00 % 25.00 % N/A 7.90 % 25.00 % 25.00 % 8.87 % 30.00 % 8.50x 7.50x 3.20x 1.20x 23.60 % 10.00 % 12.00 % N/A 16.50 % 25.00 % 25.00 % N/A (1) (2) Weighted by relative fair value. The Company valued $145.6 million of equity investments using a combination of EBITDA, both trailing twelve months (“TTM”) and next twelve months (“NTM”), revenue, book value, and earnings multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $95.3 million of investments using only discounted cash flows. Fair Value as of December 31, 2021 Unobservable Input Weighted Average 1 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 208,106 EBITDA multiples-TTM EBITDA multiples-NTM 2 Revenue multiples 2 Weighted average cost of capital 2 2 22,828 Market yields 1,000 Market yields 28,008 Market yields Cumulative prepayment rate Average cumulative default rate 2,354 Appraised value 4.50 % 22.00 % 25.00 % 4.85 % 30.00 % 8.30x 7.50x 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) (2) Weighted by relative fair value. The Company valued $152.8 million of equity investments using a combination of EBITDA, both training 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. F-367 Table of Contents 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, 2022 and December 31, 2021: 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 NOTE 8—BORROWINGS: At December 31, 2022 and December 31, 2021, the Company had borrowings comprised of the following: $ $ December 31, 2022 December 31, 2021 $ 70 3,051 2,846 2,059 12,187 20,213 80 2,851 1,869 3,052 3,083 10,935 1 Capital One line of credit - guaranteed 1 Capital One line of credit - unguaranteed 2024 Notes 2 2025 6.85% Notes 2 2025 5.00% Notes 2026 Notes Notes payable - related parties Notes payable - Securitization Trusts Total Commitments 150,000 — 38,250 — 30,000 115,000 50,000 283,143 666,393 $ $ December 31, 2022 Borrowings Outstanding 10,500 $ 45,385 37,903 — 29,306 112,846 24,250 279,136 539,326 $ Weighted Average Interest Rate Commitments 6.75 % $ 7.75 % 5.75 % — 5.00 % 5.50 % 6.72 % 6.19 % 6.11 % $ 150,000 — 38,250 15,000 — 115,000 50,000 249,750 618,000 December 31, 2021 Borrowings Outstanding 50,000 $ — 37,679 14,545 — 112,128 11,450 246,250 472,052 $ Weighted Average Interest Rate 2.50 % 3.50 % 5.75 % 6.85 % — 5.50 % 2.60 % 2.05 % 3.38 % (1) (2) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150.0 million at December 31, 2022 and December 31, 2021. On March 31, 2022, the Company completed a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended of $15.0 million aggregate principal amount of its 2025 5.00% Notes to a single purchaser and caused notices to be issued to the holder of its 2025 6.85% Notes regarding the Company’s exercise of its option to redeem all $15.0 million in aggregate principal amount of the 2025 6.85% Notes on May 2, 2022. The Company also issued an addition $15.0 million in aggregate principal amount of 2025 5.00% Notes to the purchaser on May 2, 2022. 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, 2022, our asset coverage was 169%. Outstanding borrowings under the 2024 Notes, 2025 Notes, 2026 Notes, and Notes payable - Securitization Trusts consisted of the following: Principal balance Unamortized deferred financing costs Net carrying amount December 31, 2022 December 31, 2021 2024 Notes 2025 5.00% Notes 2026 Notes $ $ 38,250 (347) 37,903 $ $ 30,000 (694) 29,306 $ $ 115,000 (2,154) 112,846 $ $ Notes Payable- Securitization Trusts 2024 Notes 2025 6.85% Notes 2026 Notes Notes Payable- Securitization Trusts 283,143 (4,007) 279,136 $ $ 38,250 (571) 37,679 $ $ 15,000 (455) 14,545 $ $ 115,000 (2,872) 112,128 $ $ 249,750 (3,500) 246,250 F-368 Table of Contents At December 31, 2022 and December 31, 2021, 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, 2022, the closing price of the 2026 Notes was $24.83 per note, or $114.2 million. On December 31, 2021, the closing price of the 2026 Notes was $25.77 per note, or $118.5 million. On December 31, 2022, the closing price of the 2024 Notes was $24.80 per note, or $37.9 million. On December 31, 2021, the closing price of the 2024 Notes was $25.40 per note, or $38.9 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, 2022 and 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, 2022, 2021, and 2020 was $26.3 million, $20.5 million and $17.9 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 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. On February 28, 2023, NSBF entered into a Limited Waiver Agreement with the lenders under the Capital One facility pursuant to which the lenders waived the event of default under the facility relating to NSBF’s net income for the quarter ended on December 31, 2022. At December 31, 2022, there was $10.5 million and $45.4 million outstanding under the guaranteed and unguaranteed lines of credit, respectively. At December 31, 2022, NSBF was in full compliance with all applicable loan covenants. For the years ended December 31, 2022, 2021 and 2020, interest expense including amortization of related deferred financing costs was $4.0 million, $1.5 million and $1.4 million, respectively. 2026 Notes 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 years ended December 31, 2022 and 2021, interest expense including amortization of related deferred financing costs was $7.0 million and $6.7 million, respectively. No interest expense was incurred during the year ended December 31, 2020. 2025 Notes On November 27, 2020, the Company closed an exempt offering of $5.0 million in aggregate principal amount of its 2025 6.85% 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 6.85% 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 6.85% Notes were scheduled to mature on November 30, 2025 and could be redeemed in whole or in part at any time. The 2025 6.85% 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 F-369 Table of Contents estimated offering expenses was $4.8 million. The Company exercised its option to issue up to $10.0 million of additional 2025 6.85% Notes to the purchaser, and issued $10.0 million in additional 2025 6.85% Notes to the purchaser in an exempt offering in January 2021. On March 31, 2022, the Company caused notices to be issued to the holder of its 2025 6.85% Notes regarding the Company’s exercise of its option to redeem all $15.0 million in aggregate principal amount of the Notes on May 2, 2022. The Notes were redeemed on May 2, 2022 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from February 28, 2022 through, but excluding, May 2, 2022. For the year ended December 31, 2022, 2021 and 2020, interest expense including amortization of related deferred financing costs was $0.4 million, $1.13 million and $0.04 million, respectively. On January 23, 2023 we completed an exempt offering of $50.0 million aggregate principal amount of 8.125% notes due 2025. The net proceeds from the sale of the notes were approximately $48.94 million, after deducting estimated offering expenses payable by the Company. Refer to NOTE 20—SUBSEQUENT EVENTS. 2024 Notes 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 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 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 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, 2022, 2021, and 2020 interest expense including amortization of related deferred financing costs was $2.4 million, $4.7 million, and $4.1 million, respectively. 2023 Notes 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. F-370 Table of Contents 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. No interest expense was incurred during the year ended December 31, 2022. For the years ended December 31, 2021 and 2020 interest expense including amortization of related deferred financing costs was $0.5 million, and $4.1 million, respectively. 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. 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. F-371 Table of Contents In September 2022, NSBF completed its twelfth securitization which resulted in the transfer of $116.2 million of unguaranteed portions of SBA loans to the 2022-1 Trust. The 2022-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $95.4 million of Class A notes and $20.8 million Class B notes, against the 2022-1 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 October 2049. The Class A and Class B notes bear interest at an average rate of 30-day average compounded SOFR plus 2.97% across both classes. For the years ended December 31, 2022, 2021 and 2020, interest expense including amortization of related deferred financing costs and discount was $10.6 million, $5.5 million, and $7.9 million, respectively. At December 31, 2022 and 2021, the assets of the consolidated Trusts totaled $14.1 million and $18.4 million, respectively. The liabilities of the consolidated Trusts totaled $283.1 million and $249.7 million, respectively. Note Payable - Related Parties In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC are $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, 2022, the Related Party RLOC interest rate was 6.72%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at December 31, 2022 and 2021 under the Related Party RLOC were $24.3 million and $11.5 million, respectively. For the years ended December 31, 2022, 2021 and 2020, interest expense was $0.5 million, $0.4 million and $0.4 million, respectively. Total expected principal repayments on the Company’s borrowings for the next five fiscal years and thereafter are as follows: December 31, 2023 2024 2025 2026 2027 Thereafter NOTE 9—DERIVATIVE INSTRUMENTS: $ $ Borrowings 80,135 38,250 30,000 115,000 — 283,143 546,528 The Company historically used 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, 2022 and December 31, 2021: Contract Type Notional Asset 1 Liability 1 December 31, 2022 Fair Value Remaining Maturity (years) Notional Asset 1 Liability 1 December 31, 2021 Fair Value Remaining Maturity (years) 5-year Swap Futures $ — $ — $ — — $ 43,247 — $ 183 0.25 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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, 2022 and 2021: F-372 Table of Contents 5-year Swap Futures $ 183 $ 445 $ (183) $ 590 Contract Type Unrealized Appreciation/(Depreciation) Realized Gain/(Loss) Unrealized Appreciation/(Depreciation) Realized Gain/(Loss) December 31, 2022 December 31, 2021 Year Ended Collateral posted with our futures counterparty is segregated in the Company’s books and records. Historically, the Company’s counterparty held cash margin as collateral for derivatives, 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. The following summarizes the Company’s obligations and commitments, as of December 31, 2022 for future minimum cash payments required under operating lease and employment agreements: Year 2023 2024 2025 2026 2027 Total (1) Employment agreements with certain of the Company’s named executive officers Legal Matters Operating Leases Employment Agreements 1 Total $ $ 2,045 2,099 2,155 2,035 479 8,813 $ $ 417 — — — — 417 $ $ 2,462 2,099 2,155 2,035 479 9,230 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. 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 million 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. 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. F-373 Table of Contents Guarantees The Company is a guarantor on the Receivable and Inventory Facility at NBC. Maximum borrowings under the Receivable and Inventory Facility are $12.0 million and will be reduced until the facility matures in May 2023. At December 31, 2022, total principal owed by NBC was $10.2 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At December 31, 2022, 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 $60.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lender’s commitments terminate in November 2024, with all amounts due under the NBL Facility maturing in November 2025. At December 31, 2022, total principal owed by NBL was $22.6 million. At December 31, 2022, 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 $50.0 million. The Deutsche Bank Facility matures in November 2024. At December 31, 2022, there was zero balance of total principal owed by NBL. At December 31, 2022, 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 2024. At December 31, 2022, total principal owed by NBL was $19.9 million. At December 31, 2022, 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 $54.9 million. The Webster Facility matures in November 2027. At December 31, 2022, total principal outstanding was $39.9 million. At December 31, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee. Unfunded Commitments At December 31, 2022, the Company had $10.4 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-374 Table of Contents 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 gain (loss) on derivative transactions Net unrealized appreciation (depreciation) on investments Net unrealized depreciation on servicing assets Net unrealized appreciation (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) $ $ $ 2022 2021 2020 2019 2018 2017 2016 2015 Year Ended December 31, Period Ended 12/31/2014 7 $ $ $ 16.72 (0.27) 2.36 0.02 (0.09) (0.42) 0.01 (0.27) 1.34 (2.75) 0.10 — 0.02 — — — 0.01 (0.01) (0.18) — 15.25 16.25 (30.71)% 7.66 % 24,609 $ $ $ 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 % 24,159 $ $ $ 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 % 21,970 $ $ $ 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 % 20,530 F-375 $ $ $ 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 % 18,919 $ $ $ 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 % 18,457 $ $ $ 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 % 14,624 $ $ $ 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 % 14,509 13.49 (0.33) 0.08 — 0.36 (0.02) — — 0.09 — — — 2.73 — — — — — — — 16.31 14.76 13.10 % 20.87 % 10,206 Table of Contents 2022 2021 2020 Year Ended December 31, 2019 2018 2017 2016 2015 Period Ended 12/31/2014 7 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 Portfolio turnover Average debt outstanding Average debt outstanding per share Asset coverage ratio⁵ Senior securities outstanding 6 $ $ $ $ 375,358 23.60 % (1.54) % 95.78 % 512,687 20.83 169 % 546,528 $ $ $ $ 403,887 22.44 % 7.38 % 173.92 % 472,121 19.54 184 % 479,451 $ $ $ $ 339,353 18.64 % 9.9 % 206.49 % 406,005 18.48 174 % 457,931 $ $ $ $ 322,226 21.29 % (1.84) % 130.71 % 388,525 18.92 173 % 439,550 $ $ $ $ 287,445 20.15 % (2.65) % 130.41 % 279,254 14.76 185 % 337,501 $ $ $ $ 278,329 19.20 % (3.23) % 116.40 % 193,747 10.50 229 % 221,007 $ $ $ $ 209,094 19.48 % (4.48) % 109.60 % 151,502 10.36 222 % 176,019 $ $ $ $ 203,949 17.42 % (3.34) % 103.50 % 128,680 8.87 249 % 134,816 $ $ $ $ 166,418 20.46 % (11.99) % 5.08 % 108,483 10.63 223 % 122,543 (1) (2) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate. 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 2021 and 2020. The Company converted to a BDC on November 12, 2014 and therefore a partial period is shown through December 31, 2014. (3) (4) (5) (6) (7) 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, 2022. 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 Year ended December 31, 2022 Restricted stock available for issuance as of December 31, 2022 F-376 (120,933) (5,007) (93,568) (6,285) 2,639 (214,654) (250,622) 811,570 Table of Contents (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, 2022, there was $5.8 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 2.2 years as of December 31, 2022. For the years ended December 31, 2022, 2021, and 2020, the Company recognized total stock-based compensation expense of $2.5 million, $2.1 million, and $0.6 million, respectively. NOTE 13—COMMON STOCK: Stock Repurchase Program On June 21, 2022, the Company's Board of Directors approved a repurchase program under which the Company may repurchase up to 500,000 shares of the Company’s common stock, par value $0.02 per share, through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940 and the Securities Exchange Act of 1934, as amended. The repurchase program terminated on December 21, 2022. The Company has not repurchased any common shares under the repurchase program during the years ended December 31, 2022 and 2021. 2020 ATM Program On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement, as amended, provided that the Company may offer and sell up to 6,400,000 shares of common stock from time to time through the placement agents. As of March 14, 2023, there were 3,330,246 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement, as amended. 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, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 $ $ 107 19.12 2,054 $ $ 1,940 25.91 50,261 $ $ 1,023 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. The Company does not currently have an effective shelf registration statement in place and therefore, the ATM program has been suspended as of January 6, 2023 however on January 27, 2023 the Company submitted a Form S-3 with the SEC in order to commence the process of re-establishing an effective shelf registration statement and intends to seek effectiveness of such registration statement upon completion of the SEC review process. 2019 ATM Program 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. F-377 Table of Contents 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 NOTE 14—EARNINGS PER SHARE: Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 $ $ — — — $ $ — — — $ $ 359,819 20.40 7,342 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, 2022, 2021 and 2020: 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: 2022 Year Ended December 31, 2021 2020 $ $ 32,311 24,198 1.34 $ $ 84,142 22,795 3.69 $ $ 33,619 21,146 1.59 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 five 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) 2022 Year Ended December 31, 2021 2020 $ $ 1,886 4.41 years 4.73 % 1,000 $ $ 1,555 5.30 years 4.55 % 894 $ $ 1,646 6.12 years 4.76 % 840 F-378 The following table represents the maturity of the Company’s operating lease liabilities as of December 31, 2022: Maturity of Lease Liabilities 2023 2024 2025 2026 2027 Thereafter Total future minimum lease payments Less: Imputed interest Present value of future minimum lease payments NOTE 16—DIVIDENDS AND DISTRIBUTIONS: $ $ $ $ 2,045 2,099 2,155 2,035 479 — 8,813 (840) 7,973 The Company’s dividends and distributions are recorded on the ex-dividend date. The following table summarizes the Company’s dividend declarations and distributions during the years ended December 31, 2022 and 2021. Date Declared Year ended December 31, 2022 December 20, 2021 April 20, 2022 August 30, 2022 November 17, 2022 Year ended December 31, 2021 February 23, 2021 May 11, 2021 August 10, 2021 October 20, 2021 Ex-Dividend Date Record Date Payment Date Amount Per Share Cash Distribution DRIP Shares Issued DRIP Shares Value March 18, 2022 June 16, 2022 September 19, 2022 December 19, 2022 March 19, 2021 June 14, 2021 September 19, 2021 December 19, 2021 March 21, 2022 June 20, 2022 September 20, 2022 December 20, 2022 March 22, 2021 June 15, 2021 September 20, 2021 December 20, 2021 March 31, 2022 June 30, 2022 September 30, 2022 December 30, 2022 March 31, 2021 June 30, 2021 September 30, 2021 December 30, 2021 $ $ $ $ $ $ $ $ 0.65 0.75 0.65 0.70 0.50 0.70 0.90 1.05 $ $ $ $ $ $ $ $ 15,361 17,634 15,325 16,224 11,025 15,433 19,895 23,791 9 21 21 45 6 6 10 50 $ $ $ $ $ $ $ $ 225 374 323 692 140 213 264 1,305 During the years ended December 31, 2022 and 2021, an additional 35,500 and 19,200 shares valued at $0.6 million and $0.5 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, 2022, 2021 and 2020, the Company matched 50% of the first 2% of employee contributions, resulting in $0.1 million, $0.1 million and $0.1 million in expense, respectively. NOTE 18—INCOME TAXES: When the Company operated as a RIC, through the year ended December 31, 2022, the Company was required to 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, 2022, 2021 and 2020. 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- F-379 tax differences, including the offset of net operating losses against net short-term gains and nondeductible meals and entertainment, have no impact on net assets. During the year ended December 31, 2022, the Company decreased additional paid in capital by $19.4 million and increased accumulated undistributed earnings by $19.4 million. 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. 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, 2022, 2021 and 2020: Net increase in net assets Net change in unrealized appreciation (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 The tax character of distributions paid during the years ended December 31, 2022, 2021 and 2020 were as follows: Ordinary income Return of capital $ $ $ December 31, 2022 December 31, 2021 December 31, 2020 32,311 12,095 6,464 (381) 12 (7,829) 42,672 $ $ 84,142 (7,345) 1,327 1,060 6 (5,262) 73,928 $ $ December 31, 2022 December 31, 2021 December 31, 2020 48,306 17,852 $ 72,053 — $ 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, 2022, 2021 and 2020 were as follows: Undistributed ordinary income - tax basis Net change in unrealized (depreciation) appreciation on investments GAAP versus tax basis consolidation of subsidiaries Other temporary differences Total accumulated earnings - book basis December 31, 2022 December 31, 2021 December 31, 2020 $ $ — (5,467) (2,348) 28,438 20,623 $ $ 5,623 13,096 (2,728) 19,750 35,741 $ $ 33,619 10,733 (999) 782 (99) (705) 43,331 43,393 — 3,577 7,077 (1,668) 13,294 22,280 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. F-380 For 2023, the Company and its subsidiaries will no longer qualify as a RIC and will file a consolidated U.S. federal income tax return. Financial holding companies are subject to federal and state income taxes in essentially the same manner as other corporations. Taxable income is generally calculated under applicable sections of the Internal Revenue Code of 1986, as amended (the “Code”), including Sections 581 through 597 that apply specifically to financial institutions. Some modifications are required by state law and the 2017 tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"). Among other things, the Tax Act (i) established a new, flat corporate federal statutory income tax rate of 21%, (ii) eliminates the corporate alternative minimum tax and allowed the use of any such carryforwards to offset regular tax liability for any taxable year, (iii) limited the deduction for net interest expense incurred by U.S. corporations, (iv) allowed businesses to immediately expense, for tax purposes, the cost of new investments in certain qualified depreciable assets, (v) eliminated or reduced certain deductions related to meals and entertainment expenses, (vi) modified the limitation on excessive employee remuneration to eliminate the exception for performance-based compensation and clarified the definition of a covered employee and (vii) limited the deductibility of deposit insurance premiums. There can be no assurance as to the actual effective rate because it will be dependent upon the nature and amount of future income and expenses as well as actual investments generating investment tax credits and transactions with discrete tax effects. 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 two unconsolidated subsidiaries 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 consolidated financial statements of NMS and NBL for the years ended December 31, 2022, 2021 and 2020 have been attached as exhibits. NOTE 20—SUBSEQUENT EVENTS: Acquisition of NBNYC On January 6, 2023, we completed the Acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Company. In connection with the completion of the Acquisition, the Company contributed to Newtek Bank $31 million of cash and two of the Company’s subsidiaries, NBL and SBL. Upon the consummation of the Acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC. Management has not yet completed the acquisition accounting and expects to complete it in time for the next quarterly filing as of March 31, 2022. Conversion to a Financial Holding Company The Company has also filed with the SEC a Form N-54C, Notification of Withdrawal of Election to be Subject to the 1940 Act, and has ceased to be a BDC as of January 6, 2023. As a result of the Acquisition, the Company is now a financial holding company subject to the regulation and supervision of the Federal Reserve and the Federal Reserve Bank of Atlanta. The Company no longer qualifies as a regulated investment company for federal income tax purposes and no longer qualifies for accounting treatment as an investment company. As a result, in addition to Newtek Bank and its consolidated subsidiaries, NBL and SBL, the following NewtekOne portfolio companies and subsidiaries are now consolidated non-bank subsidiaries in the Company’s financial statements: NSBF; NMS; Mobil Money, LLC; NBC; PMT; NIA TAM; Newtek Business Services Holdco 6, Inc; NCL; EWS; NTS and POS. In addition, as a result of commitments made to the Federal Reserve, the Company will divest or otherwise terminate the activities conducted by EWS and NTS, including its subsidiary SIDCO, within two years of becoming a financial holding company, subject to any extension of the two-year period. Employment Agreements with our Named Executive Officers On January 13, 2023, Newtek Bank, our consolidated subsidiary, entered into an employment agreement, effective as of January 6, 2023, with Mr. Nicolas Young. Generally, under the employment agreement, Mr. Young will serve as the President and Chief Operating Officer of Newtek Bank and is entitled to a set annual base compensation in the amount of $500,000, which amount will increase to $650,000 on March 1, 2023, and cash bonuses pursuant to an annual cash bonus plan. In addition, Mr. Young is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off and sick leave. The employment agreement also provides for a severance payment in the case of Mr. Young being terminated without just cause, as defined therein, Mr. Young resigning with good reason, as defined therein, a F-381 Table of Contents change of control, as defined therein, or a non-renewal of Mr. Young’s employment agreement. Under the employment agreement, during the term of his employment, Mr. Young agrees to devote substantially all of his business time to Newtek Bank and to not engage in any business or activity contrary to the business or affairs of Newtek Bank. Newtek Bank agrees to indemnify Mr. Young for any and loss, expenses, or liability that he may incur as a result of his services for Newtek Bank. Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time. Effective as of March 1, 2023, the Company entered into one year employment agreements with Barry Sloane, Chief Executive Officer and President, Michael A. Schwartz, Chief Legal Officer and Chief Compliance Officer, and Nicolas Leger, Chief Accounting Officer (the “Employment Agreements”). Generally, under the Employment Agreements, Mr. Sloane, is entitled to a set annual base compensation of $700,000, Mr. Schwartz is entitled to a set annual base compensation of $450,000 and Mr. Leger is entitled to a set annual base compensation of $400,000. Each of Messrs, Sloane, Schwartz and Leger are entitled to a cash bonus pursuant to the Company’s Annual Cash Bonus Plan. In addition, Messrs. Sloane, Schwartz and Leger are entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and paid time off. The Employment Agreements also provide for severance payments in the case where Messrs. Sloane, Schwartz or Leger were to be terminated without just cause, as defined therein, or were to resign with good reason, as defined therein, or in the case of a change of control, as defined therein, or a non-renewal of their respective Employment Agreements. Under the Employment Agreements, during the terms of their employment, Messrs. Sloane, Schwartz and Leger agree to devote substantially all of their business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agrees to indemnify Messrs. Sloane, Schwartz and Leger for any and all loss, expenses, or liability that they may incur as a result of their services for the Company. Cash bonuses will be based on performance and will be determined during the term of the Employment Agreements and therefore cannot be disclosed as this time. Effective as of March 1, 2023, NSBF, the Company’s consolidated subsidiary, has entered into a one year employment agreement with Peter Downs, President of NSBF (the “Employment Agreement”). In addition, Mr. Downs serves as the Chief Lending Officer of the Company. Generally, under the Employment Agreement, Mr. Downs is entitled to a set annual base compensation of $625,000, and a cash bonus pursuant to the Company’s Annual Cash Bonus Plan. In addition, Mr. Downs is entitled to other benefits, such as participation in retirement and medical and other plans, executive benefits, and vacation and sick leave. The Employment Agreement also provides for a severance payment in the case of Mr. Downs were to be terminated without just cause, as defined therein, Mr. Downs were to resign with good reason, as defined therein, or in the case of a change of control, as defined therein, or a non-renewal of Mr. Down’s Employment Agreement. Under the Employment Agreement, during the term of his employment, Mr. Downs agrees to devote substantially all of his business time to the Company and to not engage in any business or activity contrary to the business or affairs of the Company. The Company agrees to indemnify Mr. Downs for any and all loss, expenses, or liability that he may incur as a result of his services for the Company. Cash bonuses will be based on performance and will be determined during the term of the employment agreement and therefore cannot be disclosed as this time. Amendments to Articles of Incorporation Effective January 13, 2023, we filed Articles of Amendment amending our Charter to change the name of the Company to “NewtekOne, Inc.” 2025 8.125% Notes On January 23, 2023 we completed an exempt offering of $50.0 million aggregate principal amount of 8.125% notes due 2025. The net proceeds from the sale of the notes were approximately $48.94 million, after deducting estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, including payment of expenses incurred in connection with the issuance of the notes and other working capital purposes. The Notes will mature on February 1, 2025. The Notes bear interest at a rate of 8.125% per year payable semiannually on February 1 and August 1 each year, commencing on August 1, 2023. F-382 Table of Contents Securities Purchase Agreement On February 3, 2023, we entered into a Securities Purchase Agreement with Patriot Financial Partners IV, L.P., and Patriot Financial Partners Parallel IV, L.P. in respect of 20,000 shares of the Company’s Series A Convertible Preferred Stock, par value $0.02 per share, in a private placement transaction. The aggregate purchase price was $20.0 million. Capital One Facility Waiver On February 28, 2023, NSBF entered into a Limited Waiver Agreement with the lenders under the Capital One facility pursuant to which the lenders waived the event of default under the facility relating to NSBF’s net income for the quarter ended on December 31, 2022. Dividends On February 27, 2023, the Company declared a quarterly cash dividend of $0.18 per share, which is payable on April 14, 2023 to shareholders of record as of April 4, 2023. F-383 Table of Contents NewtekOne, Inc. and Subsidiaries Schedule of Investments In and Advances to Affiliates Year Ended December 31, 2022 Automated Merchant Services, Inc. Portfolio Company Common Stock Type 2 Investment 1 Ownership or Interest Rate Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to Income 3 Fair Value at December 31, 2021 Gross Additions 4 Gross Reductions 5 Own 100% $ — $ 53 $ 720 $ — $ 53 $ — Fair Value at December 31, 2022 53 $ CDS Business Services, Inc. Newtek Technology Solutions, Inc. Common Stock Line of Credit 2 2 Common Stock Line of Credit Line of Credit 6 Own 100% Fixed 10.0% Own 100% Fixed 10% Prime plus 0.5% Newtek Insurance Agency, LLC Membership Interest 2 Own 100% PMTWorks Payroll, LLC Small Business Lending, LLC Membership Interest Term Loans 7 2 Membership Interest Term Loan 2 banc-serv Partners, LLC Membership Interest 2 Newtek Merchant Solutions, LLC Membership Interest Titanium Asset Management, LLC Membership Interest Term Loan 7 2 Newtek Business Lending, LLC Membership Interest Newtek Conventional Lending, LLC Membership Interest Newtek TSO II Conventional Credit Partners, LP Membership Interest Mobil Money, LLC Membership Interest Own 100% Fixed 10%-12% Own 100% Fixed 10% Own 100% Own 100% Own 100% Fixed 10% Own 100% Own 50% Own 50.0% Own 100% — — — — — — — — — — — — — — — — — — F-384 — (1,496) (8,900) — — 3,200 325 685 2,535 — — (5,600) (626) 297 32,422 (3,526) 673 4,350 — 1,346 — 2,615 2 — — 328 — 174 — — 7,300 36,000 11,000 225 2,300 — 2,000 4,000 400 — 14,550 114,500 — 426 — 603 — 2,696 400 — — 3,200 3,685 685 7,765 — — 100 822 600 — (4,192) (8,900) — (225) — (85) (2,685) (1,265) (400) — 5,804 27,500 11,000 — 5,500 3,600 — 10,500 — — — (5,600) 109,000 (626) (1,203) 196 — 5,025 47,406 67,562 (38,968) 76,000 2,379 29,464 — 400 — 3,900 577 6,435 4,350 (13,454) 16,587 — — 6,435 8,250 Table of Contents Portfolio Company Type Ownership or Interest Rate Investment 1 Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation) Amount of Interest or Dividends Credited to Income 3 Fair Value at December 31, 2021 Gross Additions 4 Gross Reductions 5 Fair Value at December 31, 2022 POS on Cloud, LLC Excel WebSolutions LLC Total Controlled Investments Non-Control Investments EMCAP Loan Holdings, LLC Biller Genie Software, LLC Total Non-Control Investments Total Affiliate Investments Membership Interest Term Loan 2 Membership Interest Term Loans 2 2 Membership Interest Membership Interest Own 59.76% Fixed 10% Own 100% Fixed 10% Own 4.67% Own 1.82% $ $ $ $ — — — — — — (230) 159 — 132 — 69 — 1,300 — — 514 — 230 159 — — (230) (159) 514 1,300 — — — $ 24,321 $ 28,166 $ 260,398 $ 99,833 $ (77,992) $ 282,239 — $ — $ 83 $ 1,000 $ — $ — $ 1,000 — — — $ $ — — 24,321 $ $ — 83 28,249 $ $ — 1,000 261,398 $ $ 360 360 100,193 $ $ — — (77,992) $ $ 360 1,360 283,599 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 investment with interest at rate of Prime plus a contractual spread which typically reset monthly prior to repayment in the second quarter of 2022. Fixed rate debt investment prior to repayment during the third quarter of 2022. F-385 Exhibit 4.2 As of December 31, 2022, NewtekOne, Inc. (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. DESCRIPTION OF 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, 2022, the authorized capital stock of the Company 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. See “Subsequent Events - Securities Purchase Agreement” within the December 31, 2022 10-K. 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 permitted 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. In connection with our January 6, 2023 conversion to a financial holding company, the Company does not intent on granting any additional awards under the 2015 Stock Plan. The Company intends to amend the 2015 Stock Plan and submit it for stockholder approval at the 2023 annual meeting of stockholders 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 2025, 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: 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. d. e. 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, 2022, the outstanding principal balance of the 2024 Notes was $38.25 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, 2022 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 are 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 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. 145883846v2 LIMITED WAIVER AGREEMENT This Limited Waiver Agreement (this “Agreement”), dated as of February 28, 2023 (the “Effective Date”), is entered into by and among NEWTEK SMALL BUSINESS FINANCE, LLC, a New York limited liability company (“Borrower”), CCC REAL ESTATE HOLDING CO. LLC, a Delaware limited liability company (“CCCRE”), NEWTEK ONE, INC. (f/k/a Newtek Business Services Corp.), a Maryland corporation (“Parent” and, together with CCCRE, the “Guarantors” and, each individually, a “Guarantor”), the Lenders signatory hereto, and CAPITAL ONE, NATIONAL ASSOCIATION, in its capacity as administrative agent (in such capacity, “Administrative Agent”). RECITALS: A. Borrower, certain Lenders and Administrative Agent are parties to that certain Fourth Amended and Restated Loan and Security Agreement, dated as of May 11, 2017 (as amended by that certain Omnibus Amendment to Loan Documents, dated as of May 31, 2018, that certain Omnibus Amendment No. 2 to Loan Documents, dated as of June 24, 2019, that certain Omnibus Amendment No. 3 to Loan Documents, dated as of September 13, 2019, and Omnibus Amendment No. 4 to Loan Documents, dated as of May 7, 2020, and as may be further amended, amended and restated, supplemented, or otherwise modified from time to time, the “Loan Agreement”). B. For the fiscal quarter ending December 31, 2022, Borrower failed to maintain net income of at least $1.00, which failure is in breach of the obligations of Section 6.7(b) of the Loan Agreement and results in an Event of Default under Section 8.1(d) of the Loan Agreement (hereinafter, the “Specified Event of Default”). C. Borrower has requested that Administrative Agent and Lenders agree to waive the Specified Event of Default and Administrative Agent and Lenders have agreed to such waiver, subject to the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 1. Defined Terms. Capitalized terms used but not otherwise defined herein have the respective meanings given to them in the Loan Agreement. 2. Waiver of Specified Event of Default. Subject to the satisfaction of the conditions set forth in Section 3 of this Agreement, and in reliance on the representations and warranties of Borrower and each Guarantor set forth in this Agreement, the Administrative Agent and the Required Lenders hereby waive the Specified Event of Default solely to the extent that the Borrower’s actual net income for the quarter ended on December 31, 2022 is not less than negative Sixteen Million Dollars (-$16,000,000). Borrower acknowledges and agrees that, notwithstanding the waiver herein, if the Borrower’s net income for the quarter ended on December 31, 2022 is less than -$16,000,000, an immediate Event of Default shall exist under Section 8.1(d) of the Credit Agreement, which Event of Default shall not be deemed waived hereunder. The limited waiver of the Specified Event of Default is a one-time waiver only, and shall not be deemed to constitute an agreement by the Administrative Agent or Lenders to waive any future Default or Event of Default under any of the Loan Documents, or any future breach of any other provision of any of the Loan Documents. Except as set forth in this Section 2, nothing contained in this Agreement shall be construed as waiver by the Administrative Agent or any Lender of any covenant or provision of the Loan Agreement, the other Loan Documents, or of any other contract or instrument between the Borrower and the Administrative Agent, and the failure of the Administrative Agent or any Lender at any time or times hereafter to require strict performance by Borrower of any provision thereof shall not waive, affect or 2 145883846v2 diminish any right of the Administrative Agent or Lenders to thereafter demand strict compliance therewith. The Administrative Agent and Lenders hereby reserve all rights granted under the Loan Agreement, the other Loan Documents, and any other contract or instrument between the Borrower and the Administrative Agent. 3. Effectiveness; Conditions Precedent. The effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent: (a) The Administrative Agent shall have received counterparts of this Administrative Agent, duly executed by Borrower, the Guarantors, the Required Lenders, and the Administrative Agent; and (b) The Administrative Agent shall have received payment of all reasonable expenses of the Administrative Agent incurred in connection with this Agreement (including the reasonable fees and expenses of counsel to the Administrative Agent). 4. Representations and Warranties. In order to induce the Administrative Agent and the Required Lenders to enter into this Agreement, Borrower and each Guarantor hereby represents and warrants to the Administrative Agent and the Lenders as follows: (a) the representations and warranties of Borrower and each Guarantor contained in the Loan Agreement and in the other Loan Documents are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date; (b) this Agreement has been duly authorized, executed and delivered by, and constitutes a legal, valid and binding obligation of, Borrower and each Guarantor, except as may be limited by general principles of equity or by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors' rights generally; and (c) after giving effect to this Agreement, no Default or Event of Default has occurred and is continuing. 5. Entire Agreement. This Agreement, together with the other Loan Documents (collectively, the “Relevant Documents”), sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Agreement may be changed, modified, waived or canceled orally or otherwise, except in writing signed by the Administrative Agent (with the consent of the Required Lenders). 6. Reaffirmations. (a) Except as specifically amended pursuant to the terms hereof, the Loan Agreement and all other Loan Documents (and all covenants, terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrower and each Guarantor. Borrower and each Guarantor covenants and agrees to comply with all of the terms, covenants and conditions of the Loan Agreement (subject to the limited waiver set forth herein) and the other Loan Documents to which it is a party, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on the part of the Administrative Agent or any Lender which might otherwise constitute or be construed as a waiver of or Agreement to such terms, covenants and conditions, or otherwise. 3 145883846v2 (b) Each Guarantor hereby expressly (i) consents to the execution by Borrower, the Administrative Agent and the Required Lenders of this Agreement; (ii) reaffirms, assumes and binds itself in all respects to all of the obligations, liabilities, duties, covenants, terms and conditions that are contained in its Guaranty Agreement; and (iii) agrees that all such obligations, liabilities, duties, covenants, terms and conditions under its respective Guaranty Agreement shall continue in full force and effect and shall not be discharged, limited, impaired or affected in any manner by this Agreement. 7. RELEASE. EACH OF BORROWER AND EACH GUARANTOR HEREBY ACKNOWLEDGES THAT BORROWER’S PAYMENT OBLIGATIONS UNDER THE LOAN DOCUMENTS ARE ABSOLUTE AND UNCONDITIONAL WITHOUT ANY RIGHT OF RESCISSION, SETOFF, COUNTERCLAIM, DEFENSE, OFFSET, RECOUPMENT, CROSS- COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE OBLIGATIONS OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM THE ADMINISTRATIVE AGENT OR ANY LENDER. BASED UPON THE FACTS KNOWN TO BORROWER AND EACH GUARANTOR AS OF THE EFFECTIVE DATE, EACH OF BORROWER AND EACH GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH OF THEIR RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, WHICH BORROWER OR ANY GUARANTOR MAY NOW OR HEREAFTER HAVE AGAINST ANY OF THE RELEASED PARTIES, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM THE ADVANCES OR ANY OTHER OBLIGATIONS OWING TO THE ADMINISTRATIVE AGENT OR ANY LENDER, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN DOCUMENTS, AND THE NEGOTIATION AND EXECUTION OF THIS AGREEMENT. 8. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission (including .PDF) shall be effective as delivery of a manually executed counterpart of this Agreement. 9. Incorporation of Loan Agreement Provisions. The provisions contained in Section 12.1 (Governing Law), Section 12.19 (Consent to Jurisdiction) and Section 12.22 (Waiver of Jury Trial) of the Loan Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety. 10. Enforceability. Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable as to one or more of the parties hereto, all other provisions nevertheless shall remain effective and binding on the parties hereto. [Remainder of page intentionally blank; signature page follows.] LIMITED WAIVER AGREEMENT SIGNATURE PAGE IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first written above. BORROWER: NEWTEK SMALL BUSINESS FINANCE, LLC By: Name: Barry Sloane Title: Chief Executive Officer GUARANTORS: CCC REAL ESTATE HOLDING CO. LLC By: Name: Barry Sloane Title: Chief Executive Officer NEWTEK ONE, INC. By: Name: Barry Sloane Title: Chief Executive Officer LIMITED WAIVER AGREEMENT SIGNATURE PAGE ADMINISTRATIVE AGENT: CAPITAL ONE, NATIONAL ASSOCIATION By: Name: Title: LENDER: CAPITAL ONE, NATIONAL ASSOCIATION By: Name: Title: LIMITED WAIVER AGREEMENT SIGNATURE PAGE LENDER: UBS BANK USA By: Name: Title: By: Name: Title: NEWTEK BANK, NATIONAL ASSOCIATION _____________________________ EMPLOYMENT AGREEMENT WITH NICOLAS YOUNG _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into effective as of the 6th day of January 2023 (the “Effective Date”), by and between NEWTEK BANK, NATIONAL ASSOCIATION (the “Company”) and NICOLAS YOUNG (the “Executive”) (the Company and the Executive are collectively referred to as the “Parties”). WHEREAS, the Executive is to be employed by the Company as President and Chief Operating Officer; and WHEREAS, the Parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and as interpreted through applicable rulings and regulations in effect from time to time. (c) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s or Parent’s (defined below) voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board or the Parent’s board of directors (the Parent’s Board”), by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company or Parent by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board or the Parent’s Board (each an “Existing Board”) cease for any reason to constitute at least two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two- thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the 2 foregoing, a Change in Control as defined in this Section 1(c) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”). (d) “Common Stock” shall mean shares of the common stock, par value $0.02 per share, of Newtek Business Services Corp. the Company’s bank holding company (the “Parent”). (e) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, in any location that is outside of Miami-Dade, Broward, or Palm Beach Counties, Florida; (ii) a reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; (iv) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company, including a change in the Executive’s reporting requirements such that he is not reporting directly to the Chief Executive Officer (“CEO”) and the Board of the Company; or (v) the occurrence of a change-in- control as defined above. (f) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is to be employed as President and Chief Operating Officer of the Company. The Executive shall render such administrative and management services for the Company and its subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a President and Chief Operating Officer. The Executive shall report to the CEO and the Board and shall be based in offices provided for him by the Company, which are currently located in Miami, Florida. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company, its subsidiaries and affiliates. The Executive’s other duties shall be such as the CEO or Board may from time to time reasonably direct. 3. Annual Base Compensation. The Company agrees to pay the Executive: (i) from the Effective Date through February 28, 2023, a salary at the rate of $500,000 per annum, and (ii) from March 1, 2023 through the balance of the Term, a salary at the rate of $650,000 per annum, payable in cash not less frequently than semi-monthly, which sums may increase from time to time. 4. Cash Bonuses/Incentive Compensation. The Board and CEO shall determine the Executive’s right to receive incentive compensation in the form of cash bonuses and other awards. 3 The Executive shall be part of and be entitled to participate in any incentive compensation program, including bonus or equity-based compensation programs, maintained by the Company or Newtek Business Services Corp,. the Company’s bank holding company, for, or offered by the Company to, senior officers. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall be eligible to participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall be eligible to participate in any fringe benefits which are or may become available to the Company’s and Parent’s senior management executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on January 5, 2024, or such earlier date as is determined in accordance with Section 11 (the “Term”). 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present in the opinion of the Board any conflict of interest with the Company or any of its subsidiaries or affiliates, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation or Section 13 of this Agreement. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Companyor (iii) violate any rules or polices promulgated by the Board. 4 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the CEO and Board may establish from time to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Vacation and Sick Leave. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as vacation time; provided that: (a) The Executive shall be entitled to an annual vacation in accordance with the policies that the Company periodically establishes for senior management executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take a vacation, and the Executive shall not accumulate unused vacation from one fiscal year to the next, except in either case to the extent authorized by the CEO or the Board. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the CEO may in his discretion determine. Further, the CEO or Board may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company shall, to the extent permitted by the Company’s Articles of Association and Bylaws, indemnify and hold harmless Executive from any and all loss, expense (including attorneys’ fees and costs), or liability that he may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries or affiliates (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The CEO and Board may, based on a good faith determination and only after giving the Executive written notice specifying the basis for the termination and providing the Executive a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The CEO and Board may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. If Executive’s employment is terminated at any time for a reason other than Just Cause, the Executive 5 shall be entitled to a total severance payment equal to twelve (12) months of compensation calculated at one hundred (100) percent of Executive’s Annual Base Compensation in effect at the time of termination (the “Severance Payment”). The Severance Payment shall be paid in a lump sum within ten (10) business days after the termination of the Executive’s employment. Any Severance Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A. (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate Executive’s employment hereunder for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A. (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 30 days’ prior written notice to the CEO, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to one-hundred percent (100%) of Executive’s Annual Base Compensation in effect at the time of nonrenewal (the “Non-Renewal Payment”), which Non-Renewal Payment shall be paid in one lump sum within ten (10) days after the expiration of the term. However, if Executive is entitled to receive a Severance Payment payable pursuant to Section 11(b), Executive shall not be entitled to receive a Non-Renewal Payment. Any extension shall include all of same terms, obligations, and considerations set forth in this Agreement, including without limitation all terms relating to compensation, incentive benefits (except for the Award set forth in paragraph 4), benefits, the same conditions and rights to severance payments 6 (except for the non-renewal payment provided for in paragraph 11(f) hereof) and benefits, and the same rights and obligations with respect to the restrictive covenants. (g) Acceleration of Equity Awards. Upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof, fifty percent (50%) of any outstanding unvested Parent Restricted Stock Award granted to the Executive shall be accelerated in full, and thereafter said fifty percent (50%) of the Award shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing such Award. 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending one (1) year after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any alliance partner, referral partner, customer, merchant, independent sales agency (ISA), independent sales organization (ISO), or any intermediary of the Company or its subsidiaries or affiliates and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its subsidiaries or affiliates within the prior three years. The term Covered Customer, shall include any customer who becomes a customer of the Company or of any of its subsidiaries or affiliates after the Effective Date, and who was introduced to the Company primarily through the efforts of the Executive; however, the Restrictive Period shall apply to such a Covered Customer introduced to the Company primarily through the efforts of the Executive, only as long as: (i) Executive is employed by the Company; and (ii) for the one (1) year after termination of Executive’s employment only if Executive receives a Severance Payment or Non- Renewal Payment. (iii) Covered Employee. The term “Covered Employee” shall refer to any person who is or was employed by the Company or any of its subsidiaries or affiliates. The term Covered Employee includes any person who becomes employed by, or starts providing consulting services, to the Company or its subsidiaries or affiliates after the Effective Date, and who was introduced to or was hired by the Company or any of its subsidiaries or affiliates primarily through the efforts of the Executive; however, the Restrictive Period shall apply to such a Covered Employee who was introduced to or was hired by the Company or any of its subsidiaries or affiliates primarily through the efforts of the Executive, only as long as: (i) Executive is employed by the Company; and (ii) for the one (1) year after termination of Executive’s employment only if Executive receives a Severance Payment or Non-Renewal Payment. (iv) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company or its subsidiaries is engaged and (B) after 7 the Term, any business in which the Company or its subsidiaries was engaged as of the end of the Term. (v) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries or affiliates and any of their Covered Customers or Covered Employees; (ii) hire, or solicit for hire, any person who is a Covered Employee, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries or affiliates, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any subsidiary or affiliate of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 13 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 13 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 13, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 14. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and 8 expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive or is otherwise deemed to be a prevailing party in any such dispute. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 15. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 16. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company. 17. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement, shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 18. Applicable Law and Venue. Except to the extent preempted by Federal law, the laws of the State of Florida shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. The Parties agree to submit any disputes relating to or arising from this Agreement or the employment of Executive by the Company to the exclusive jurisdiction of the state or federal courts in Miami-Dade, Broward, or Palm Beach Counties, Florida. 19. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 20. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties after the date hereof in accordance with Section 17, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supersede all previous agreements with respect to such matters. 21. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred 9 compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 22. Federal Deposit Insurance Act Compliance. Anything in this Agreement to the contrary notwithstanding, the Company will not be obligated to make any payment hereunder that would be prohibited as a “golden parachute payment” or “indemnification payment” under Section 18(k) of the Federal Deposit Insurance Act. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. [signatures on following page] 10 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. NEWTEK BANK, NATIONAL ASSOCIATION By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Nicolas Young 099900.08507 EMF_US 85328991v4 116238/2 NEWTEKONE, INC. _____________________________ EMPLOYMENT AGREEMENT WITH BARRY SLOANE _____________________________ PREAMBLE. This Employment Agreement (the “Agreement”) is entered into as of the 1st day of March 2023 (the “Effective Date”), by and between NEWTEKONE, INC. (the “Company”) and BARRY SLOANE (the “Executive”), effective immediately. WHEREAS, the Executive is currently employed by the Company as Chief Executive Officer and President, and serves as Chairman of the Board of Directors; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”) 2 (c) “Common Stock” shall mean the shares of the Company’s common stock, par value of $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; (v) a failure to elect or reelect the Executive to the Board or as Chairman of the Board; (vi) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. (f) “Protected Period” shall mean the period that begins on the date six months before a Change in Control and ends on the earlier of six months following the Change in Control or the expiration date of this Agreement. (g) “Trigger Event” shall mean (i) the Executive’s voluntary termination of employment within ninety (90) days of an event that both occurs during the Protected Period and constitutes Good Reason, or (ii) the termination by the Company or its successor(s) in interest, of the Executive’s employment for any reason other than Just Cause during the Protected Period. 2. Employment. The Executive is employed as Chief Executive Officer and President of the Company. The Executive shall render such administrative and management services for the Company and its subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of the Chief Executive Officer and President as set forth in the Bylaws of the Company. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its subsidiaries and portfolio companies. The Executive’s other duties shall be such as the Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $700,000 per annum, payable in cash not less frequently than monthly. 4. Cash Bonuses. The Board shall determine the Executive’s right to receive cash bonuses. Cash Bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which Executive shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment under this Agreement, for the period commencing on the Effective Date and ending on March 1, 2024 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of his employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all his full business time, attention, skill, and efforts to the faithful performance of his duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present, in the opinion of the Board, any conflict of interest with the Company or any of its subsidiaries, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. . During the Term of his employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company and its subsidiaries. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company, or (iii) violate any rules or polices promulgated by the Board. 4 8. Facilities and Staff. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Paid Time Off. At such reasonable times according to Company policy, the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as paid time off; provided that: (a) The Executive shall be entitled to an annual vacation in accordance with the policies that the Company periodically establishes for senior management executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take paid time off, and the Executive shall not accumulate unused paid time off from one fiscal year to the next, except in either case to the extent authorized by the Board. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled - to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Board may in its discretion determine. Further, the Board may grant to the Executive a leave or leaves of absence, with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company 10. Indemnification. The Company shall, to the extent permitted by the Company’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that Executive may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries (including any liability Executive may ever incur, as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Board may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Board may, by written notice to the Executive, immediately terminate his employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment (the “Severance Payment”) equal to two (2) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year. The first $500,000 of the Severance Payment shall be paid in a lump sum to the Executive within thirty (30) days after Executive’s 5 termination of employment. The remaining amount of the Severance Payment shall be paid in equal installments over a six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In the event that, pursuant to the above, any of the Installment Payments will be paid after April 1 of the year following the year of termination and the total amount of any such Installment Payments which will be paid after April 1 exceeds the lesser of: (i) twice the Executive’s then Annual Base Compensation; or (ii) twice the Code Section 401(a)(17) limit in effect for the year of termination, the portion of any such Installment Payments that exceeds the foregoing threshold shall be accumulated and paid in the seventh (7 th ) month following the date of termination of employment, but only to the extent necessary to comply with the six (6) month delay rule pertaining to “specified employees” under Treasury Regulations Section 1.409A-3(i)(2). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Board of Directors, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or disability that results in collection of any long- term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services, then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to a Severance Payment equal to one (1.0) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year. The first $500,000 of the Severance Payment shall be paid in a lump sum to the Executive within thirty (30) days after his termination of employment. The remaining amount of the Severance Payment shall be paid in equal installments over a six (6) month period following the Executive’s termination of employment in Installment Payments. Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). In the event that, pursuant to the above, any of the Installment Payments will be paid after April 1 of the year 6 following the year of termination and the total amount of any such Installment Payments which will be paid after April 1 exceeds the lesser of: (i) twice the Executive’s then current base salary; or (ii) twice the Code Section 401(a)(17) limit in effect for the year of termination, the portion of any such Installment Payments that exceeds the foregoing threshold shall be accumulated and paid in the seventh (7th) month following the date of his termination of employment, but only to the extent necessary to comply with the six (6) month delay rule pertaining to “specified employees” under Treasury Regulations Section 1.409A-3(i)(2). (g) Acceleration of Equity Awards. All (a) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Company, (b) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Company, and (c) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) and (f) hereof. 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision herein to the contrary, if a Trigger Event occurs during the Protected Period, the Executive shall be paid an amount equal to two (2) times the executive’s Annual Base Compensation plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year (the “Change in Control Payment”). If the Trigger Event occurs during the portion of the Protected Period that is prior to the date of the Change in Control, the Change in Control Payment shall be payable in the same manner as provided for under Section 11(b) herein upon a termination without Just Cause. If the Trigger Event occurs during the portion of the Protected Period that is on or after the date of the Change in Control, the Change in Control Payment shall be paid in a lump sum within ten (10) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner or any intermediary of the Company or its subsidiaries and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its subsidiaries within the prior three years. 7 (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or its subsidiaries, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any parent or subsidiary of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if Executive breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement.” 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and 8 expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company. 18. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be 9 paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEKONE, INC. By: Salvatore Mulia, Chairman Compensation, Corporate Governance and Nominating Committee EXECUTIVE By: Barry Sloane, CEO & President NEWTEKONE, INC. _____________________________ EMPLOYMENT AGREEMENT WITH MICHAEL A. SCHWARTZ _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 1st day of March 2023 (the “Effective Date”), by and between NEWTEKONE, INC. (the “Company”) and MICHAEL A. SCHWARTZ (the “Executive”). WHEREAS, the Executive is currently employed by the Company as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”). 2 (c) “Common Stock” shall mean shares of the Company’s common stock, par value $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is employed as Chief Legal Officer, Chief Compliance Officer and Corporate Secretary of the Company. The Executive shall render such administrative and management services for the Company and its subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a Chief Legal Officer and Chief Compliance Officer as set forth in the Bylaws of the Company. The Executive shall report to the Chief Executive Officer in his role as Chief Legal Officer. The Executive shall report to the Board in his role as Chief Compliance Officer. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its subsidiaries. The Executive’s other duties shall be such as the Chief Executive Officer or Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $450,000 per annum, payable in cash not less frequently than monthly. 3 4. Cash Bonuses. The Chief Executive Officer shall determine the Executive’s right to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on March 1, 2024 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present in the opinion of the Board any conflict of interest with the Company or any of its subsidiaries, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company or its subsidiaries. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company, including, or (iii) violate any rules or polices promulgated by the Board. 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Chief Executive Officer may establish from time 4 to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Paid Time Off. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as paid time off; provided that: (a) The Executive shall be entitled to annual paid time off in accordance with the policies that the Company periodically establishes for senior management Executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take paid time off, and the Executive shall not accumulate unused paid time off from one fiscal year to the next, except in either case to the extent authorized by the Chief Executive Officer. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer may in his discretion determine. Further, the Chief Executive Officer may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company shall, to the extent permitted by the Company’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Chief Executive Officer may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Chief Executive Officer may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment equal to one (1) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be 5 paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g) Acceleration of Equity Awards. All: (i) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Company, (ii) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Company, and (iii) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof. 6 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision in this Agreement to the contrary, if Executive’s employment is terminated following a Change of Control: (i) by the Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty (30) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner, referral partner or any intermediary of the Company or its subsidiaries and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its subsidiaries within the prior three years. (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or its subsidiaries, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the 7 Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any subsidiary of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected, and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company. 8 18. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement, shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. [signatures on following page] 9 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEKONE, INC. By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Michael A. Schwartz NEWTEKONE, INC. _____________________________ EMPLOYMENT AGREEMENT WITH NICHOLAS J. LEGER _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 1st day of March 2023 (the “Effective Date”), by and between NEWTEKONE, INC. (the “Company”) and NICHOLAS J. LEGER (the “Executive”). WHEREAS, the Executive is employed by the Company as Executive Vice President and Chief Accounting Officer; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Directors of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of the Company’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Board by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board (the “Existing Board”) cease for any reason to constitute at least two- thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A- 3(i)(5) of the Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”). 2 (c) “Common Stock” shall mean shares of the Company’s common stock, par value $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is to be employed as Executive Vice President and Chief Accounting Officer of the Company. The Executive shall render such administrative and management services for the Company, its subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a Chief Accounting Officer as set forth in the Bylaws of the Company. The Executive shall report to the Chief Executive Officer in his role as Chief Accounting Officer. The Executive shall also report to the Audit Committee of the Board. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its subsidiaries. The Executive’s other duties shall be such as the Chief Executive Officer or Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $400,000 per annum, payable in cash not less frequently than monthly. 3 4. Cash Bonuses. The Chief Executive Officer shall determine the Executive’s right to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management Executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on March 1, 2024 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or which will not present in the opinion of the Board any conflict of interest with the Company or any of its subsidiaries, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company or its subsidiaries. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company, or (iii) violate any rules or polices promulgated by the Board. 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Chief Executive Officer may establish from time 4 to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Paid Time Off. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as paid time off; provided that: (a) The Executive shall be entitled to paid time offin accordance with the policies that the Company periodically establishes for senior management executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take paid time off, and the Executive shall not accumulate unused paid time off from one fiscal year to the next, except in either case to the extent authorized by the Chief Executive Officer. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer may in his discretion determine. Further, the Chief Executive Officer may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company shall, to the extent permitted by the Company’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director of the Company or any of its subsidiaries (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Chief Executive Officer may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Chief Executive Officer may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment equal to one (1) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be 5 paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g) Acceleration of Equity Awards. All: (i) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Company, (ii) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Company, and (iii) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof. 6 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision in this Agreement to the contrary, if Executive’s employment is terminated following a Change of Control: (i) by the Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty (30) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner, referral partner or any intermediary of the Company or its subsidiaries and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or its subsidiarieswithin the prior three years. (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or its subsidiaries and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or its subsidiaries, without the express written consent of the Company; or (iii) other than on behalf of the Company or its subsidiaries, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the 7 Company, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or any subsidiary of the Company, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company represents and warrants that the execution and delivery of this Agreement by it has been duly and properly authorized by the Board and that when so executed and delivered this Agreement shall constitute the lawful and binding obligation of the Company. 8 18. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement, shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. [signatures on following page] 9 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEKONE. INC. By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Nicholas J. Leger NEWTEK SMALL BUSINESS FINANCE, LLC _____________________________ EMPLOYMENT AGREEMENT WITH PETER DOWNS _____________________________ PREAMBLE. This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of the 1st day of March 2023 (the “Effective Date”), by and between NEWTEK SMALL BUSINESS FINANCE, LLC (the “Company”) and PETER DOWNS (the “Executive”). WHEREAS, the Executive is currently employed by the Company as President; and WHEREAS, the Company is a wholly owned consolidated subsidiary of NewtekOne, Inc. (“Parent”) and Executive serves as Chief Lending Officer of Parent; and WHEREAS, the parties desire by this writing to set forth the employment relationship of the Company and the Executive as of the Effective Date. NOW, THEREFORE, it is AGREED as follows: 1. Defined Terms When used anywhere in the Agreement, the following terms shall have the meaning set forth herein. (a) “Board” shall mean the Board of Managers of the Company. (b) “Change in Control” shall mean any one of the following events: (i) the acquisition of ownership, holding or power to vote more than 25% of Company’s or Parent’s voting shares by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (ii) the acquisition of the ability to control the election of a majority of the Company’s Board or Parent board of directors (“Parent Board”) by any person or persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), (iii) the acquisition of a controlling influence over the management or policies of the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934), or (iv) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Parent Board (the “Existing Board”) cease for any reason to constitute at least two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing Director. For purposes of defining Change in Control, the term “person” refers to an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. Notwithstanding the foregoing, a Change in Control as defined in this Section 1(b) shall not be treated as a Change in Control for purposes of this Agreement unless it constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the 2 Treasury Regulations promulgated under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (the “Treasury Regulations”). (c) “Common Stock” shall mean shares of Parent’s common stock, par value $0.02 per share. (d) “Good Reason” shall mean any of the following events, which has not been consented to in advance by the Executive in writing during the term of the Agreement: (i) the requirement that the Executive move his personal residence, or perform his principal executive functions, more than fifty (50) miles from his primary office as of the Effective Date; (ii) a material reduction in the Executive’s Annual Base Compensation as the same may be increased from time to time; (iii) the failure by the Company to continue to provide the Executive with compensation and benefits provided for on the Effective Date, as the same may be increased from time to time, or with benefits substantially similar to those provided to him under any of the Executive benefit plans in which the Executive now or hereafter becomes a participant, or the taking of any action by the Company which would directly or indirectly reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by him; (iv) the assignment to the Executive of duties and responsibilities that constitute a material diminution from those associated with his position on the Effective Date; or (v) a material diminution or reduction in the Executive’s responsibilities or authority (including reporting responsibilities) in connection with his employment with the Company. (e) “Just Cause” shall mean the Executive’s willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, conviction for a felony, or material breach of any provision of this Agreement. No act, or failure to act, on the Executive’s part shall be considered “willful” unless Executive has acted, or failed to act, with an absence of good faith and without a reasonable belief that Executive’s action or failure to act was in the best interests of the Company. 2. Employment. The Executive is employed as President of the Company. The Executive shall render such administrative and management services for the Company, its Parent and Parent’s subsidiaries as are currently rendered and as are customarily performed by persons situated in a similar executive capacity and consistent with the duties of a President as set forth in the Amended and Restated Operating Agreement of the Company. The Executive shall report to the Chief Executive Officer and the Board. The Executive shall also promote, by entertainment or otherwise, as and to the extent permitted by law, the business of the Company and its Parent and subsidiaries. The Executive’s other duties shall be such as the Chief Executive Officer or Board may from time to time reasonably direct, including normal duties as an officer of the Company. 3. Annual Base Compensation. The Company agrees to pay the Executive during the term of this Agreement a salary at the rate of $625,000 per annum, payable in cash not less frequently than monthly. 3 4. Cash Bonuses. The Chief Executive Officer shall determine the Executive’s right to receive cash bonuses. Cash bonuses shall be awarded annually based upon the Executive’s and the Company’s annual performance pursuant to the Company’s policy. 5. Other Benefits. (a) Participation in Retirement, Medical and Other Plans. The Executive shall participate in any plan that the Company maintains for the benefit of its employees if the plan relates to (i) pension, profit-sharing, or other retirement benefits, (ii) medical insurance or the reimbursement of medical or dependent care expenses, or (iii) other group benefits, including disability and life insurance plans. (b) Executive Benefits; Expenses. The Executive shall participate in any fringe benefits which are or may become available to the Company’s senior management executives, including for example incentive compensation plans, club memberships, and any other benefits which are commensurate with the responsibilities and functions to be performed by the Executive under this Agreement. The Executive shall be reimbursed for all reasonable out-of-pocket business expenses which he shall incur in connection with his services under this Agreement upon substantiation of such expenses in accordance with the policies of the Company. 6. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on March 1, 2024 or such earlier date as is determined in accordance with Section 11 (the “Term”).” 7. Loyalty; Noncompetition. (a) During the period of Executive’s employment hereunder and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, the Executive shall devote substantially all of Executive’s full business time, attention, skill, and efforts to the faithful performance of Executive’s duties hereunder; provided, however, from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in, companies or organizations, at the request of the Company or Parent, or which will not present in the opinion of the Board any conflict of interest with the Company, Parent and any of Parent’s subsidiaries, nor unfavorably affect the performance of Executive’s duties pursuant to this Agreement, nor violate any applicable statute or regulation. During the Term of Executive’s employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Company or Parent or Parent’s subsidiaries. (b) Nothing contained in this Paragraph 7 shall be deemed to prevent or limit the Executive’s right to invest in the capital stock or other securities of any business dissimilar from that of the Company or Parent, or, solely as a passive or minority investor, in any business, provided such investment does not: (i) constitute a conflict of interest, (ii) violate laws or regulations applicable to the Company or Parent or (iii) violate any rules or polices promulgated by the Board. 8. Standards. The Executive shall perform his duties under this Agreement in accordance with such reasonable standards as the Chief Executive Officer may establish from time 4 to time. The Company will provide Executive with the working facilities and staff customary for similar executives and necessary for him to perform his duties. 9. Paid Time Off. At such reasonable times according to Company policy the Executive shall be entitled, without loss of pay, to absent himself voluntarily from the performance of his employment under this Agreement, all such voluntary absences to count as paid time off; provided that: (a) The Executive shall be entitled to an annual paid time off in accordance with the policies that the Company periodically establishes for senior management executives of the Company. (b) The Executive shall not receive any additional compensation from the Company on account of his failure to take paid time off, and the Executive shall not accumulate unused paid time off from one fiscal year to the next, except in either case to the extent authorized by the Chief Executive Officer. (c) In addition to the aforesaid paid vacations, the Executive shall be entitled to absent himself voluntarily from the performance of his employment with the Company for such additional periods of time and for such valid and legitimate reasons as the Chief Executive Officer may in his discretion determine. Further, the Chief Executive Officer may grant to the Executive a leave or leaves of absence with or without pay. (d) In addition, the Executive shall be entitled to an annual sick leave benefit as established by the Company. 10. Indemnification. The Company and Parent shall, to the extent permitted by the Company’s Operating Agreement and Parent’s Bylaws, indemnify and hold harmless Executive from any and all loss, expense, or liability that he may incur due to his services for the Company as an officer and or a director of the Company, Parent or any Parent’s subsidiaries (including any liability Executive may ever incur as the result of severance benefits Executive collects pursuant to Sections 11 or 13), during the full Term of this Agreement and shall at all times maintain adequate insurance for such purposes. 11. Termination and Termination Pay. Subject to Section 13 hereof, the Executive’s employment hereunder may be terminated under the following circumstances: (a) Just Cause. The Chief Executive Officer may, based on a good faith determination and only after giving the Executive written notice and a reasonable opportunity to cure, immediately terminate the Executive’s employment at any time, for Just Cause. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. (b) Without Just Cause. The Chief Executive Officer may, by written notice to the Executive, immediately terminate Executive’s employment for a reason other than Just Cause. In such event, the Executive shall be entitled to a total severance payment equal to one (1) times the sum of (i) Executive’s Annual Base Compensation in effect at the time of termination, plus (ii) the amount of all compensation paid to Executive under Section 4 hereof with respect to the 5 immediately preceding fiscal year (the “Severance Payment”). The Severance Payment shall be paid in equal installments over a twelve (12) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll (the “Installment Payments”). Each Installment Payment shall be treated as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii). (c) Resignation by Executive with Good Reason. The Executive may at any time immediately terminate employment for Good Reason, in which case the Executive shall be entitled to receive the Severance Payment payable in the same manner and on the same basis as provided for under Section 11(b) herein upon a termination without Just Cause. In addition, the Executive will be entitled to health, life, disability and other benefits which the Executive would have been eligible to participate in through the expiration of the Term based on the benefit levels substantially equal to those that the Company provided for the Executive at the date of termination of employment, subject to any restrictions as may be required under Code Section 409A (d) Resignation by Executive without Good Reason. The Executive may voluntarily terminate employment with the Company during the term of this Agreement, upon at least 60 days’ prior written notice to the Chief Executive Officer, in which case the Executive shall receive only his compensation, vested rights, and Executive benefits up to the date of Executive’s last day of employment. (e) Death, or Disability. If the Executive’s employment terminates during the Term of this Agreement due to Executive’s death or a disability that results in Executive’s collection of any long-term disability benefits, the Executive (or the beneficiaries of Executive’s estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason. (f) Non-Renewal Payment. If the Term of this Agreement is not extended for at least one (1) additional year in circumstances in which the Executive is willing and able to execute such extension and continue performing services (the “Non-Renewal”), then the Executive’s employment shall be terminated by the Company effective as of the expiration of the Term, in which event Executive shall be entitled to fifty percent (50%) times the Severance Payment (the “Non-Renewal Payment”). The Non-Renewal Payment shall be paid in equal installments over the six (6) month period following the Executive’s termination of employment, payable in accordance with the Company’s regularly scheduled payroll. However, if the Non- Renewal occurs following a Change in Control, the Non-Renewal Payment shall be paid in a lump sum within thirty (30) days of Executive’s termination of employment. (g) Acceleration of Equity Awards. All: (i) outstanding and unvested options to purchase Common Stock granted to Executive under any equity plan of the Parent, (ii) unvested shares of restricted Common Stock awarded to the Executive under any equity plan of the Parent, and (iii) other equity and equity equivalent awards then held by the Executive, shall be accelerated in full, and thereafter all such options, shares of restricted Common Stock and other equity awards shall be immediately vested and exercisable for such period of time as provided for by the specific agreements governing each such award, upon Executive’s termination pursuant to Sections 11(b), (c), (e) or (f) hereof. 6 12. No Mitigation. The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Executive in any subsequent employment. 13. Change in Control. Notwithstanding any provision in this Agreement to the contrary, if Executive’s employment is terminated following a Change of Control: (i) by the Company or its successor in interest for any reason other than Just Cause, or (ii) by the Executive for Good Reason, the Executive shall be paid the Severance Payment in a lump sum within thirty (30) days of Executive’s termination of employment. 14. Covenants. (a) Definitions. For purposes of this Agreement: (i) Restrictive Period. The term “Restrictive Period” shall mean the period beginning on the Effective Date and ending two (2) years after the termination of the Executive’s employment hereunder. (ii) Covered Customer. The term “Covered Customer” shall mean (A) during the Term, any customer, merchant, independent sales agency (ISA), independent sales organization (ISO), alliance partner, referral partner or any intermediary of the Company or Parent or Parent’s subsidiaries and (B) after the Term, as of the end of the Term, a Covered Customer of the Company or Parent or Parent’s subsidiaries within the prior three years. (iii) Covered Business. The term “Covered Business” shall mean (A) during the term, any business in which the Company is engaged and (B) after the Term, any business in which the Company was engaged as of the end of the Term. (iv) Covered State. The term “Covered State” shall mean (A) during the Term, any state in the United States and (B) after the Term, any state (1) in which, as of the end of the Term, the Company was engaged in business or (2) with respect to which the Company, as of the end of the Term, had expended material expense and/or efforts in connection with preparing to do business therein. (b) Non-Interference. The Executive covenants and agrees that Executive will not at any time during the Restrictive Period for whatever reason, whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization: (i) interfere with contractual relationships between the Company or Parent or Parent’s subsidiaries and any of their Covered Customers or employees; (ii) hire, or solicit for hire, any person who is employed by the Company or Parent or Parent’s subsidiaries, without the express written consent of the Company or Parent; or (iii) other than on behalf of the Company or Parent or Parent’s subsidiaries, solicit any Covered Customer in connection with the engagement, by any person or entity, in any Covered Business in any Covered State. 7 (c) Confidentiality. The Executive will not, at any time whether during or after his termination of employment, (i) disclose to anyone, without proper authorization from the Company or Parent, or (ii) use, for his or another’s benefit, any confidential or proprietary information of the Company or Parent or any subsidiary of Parent, which may include trade secrets, business plans or outlooks, financial data, marketing or sales programs, customer lists, brand formulations, training and operations manuals, products or price strategies, mergers, acquisitions, and/or Company or Parent personnel issues. (d) Blue Pencil; Equitable Relief. The provisions contained in this Section 14 as to the time periods, scope of activities, persons or entities affected and territories restricted shall be deemed divisible so that if any provision contained in this Section is determined to be invalid or unenforceable, such provision shall be deemed modified so as to be valid and enforceable to the full extent lawfully permitted. The Executive acknowledges that the provisions of this Section 14 are reasonable and necessary for the protection of the Company and that the Company will be irrevocably damaged if such covenants are not specifically enforced. Accordingly, the Executive agrees that if he breaches or threatens to breach any of the covenants contained in this Section 14, the Company will be entitled (i) to damages sufficient to compensate the Company for any harm to the Company caused thereby and (ii) to specific performance and injunctive relief for the purpose of preventing the breach or threatened breach thereof without bond or other security or a showing that monetary damages will not provide an adequate remedy, in addition to any other relief to which the Company may be entitled under this Agreement. 15. Reimbursement for Litigation Expenses. In the event that any dispute arises between the Executive and the Company as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Executive takes to enforce the terms of this Agreement or to defend against any action taken by the Company, the Executive shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Executive shall obtain a final judgement by a court of competent jurisdiction in favor of the Executive. Such reimbursement shall be paid within ten (10) days of Executive’s furnishing to the Company written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Executive. 16. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Company or Parent which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Company. (b) Since the Company is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Company. 17. Corporate Authority. Company and Parent represent and warrant that the execution and delivery of this Agreement has been duly and properly authorized by their respective Board 8 and board of directors and that when so executed and delivered by them that this Agreement shall constitute the lawful and binding obligations of the Company and Parent. 18. Amendments; Waiver. No amendments or additions to this Agreement or waiver of any provision of this Agreement, shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 19. Applicable Law. Except to the extent preempted by Federal law, the laws of the State of New York shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 21. Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto with respect to the matters addressed and shall supercede all previous agreements with respect to such matters. 22. Tax Matters. All payments or benefits provided under this Agreement are subject to any applicable employment or tax withholdings or deductions. In addition, the parties hereby agree that it is their intention that all payments or benefits provided under this Agreement be exempt from, or if not so exempt, comply with, Code Section 409A and this Agreement shall be interpreted accordingly. Notwithstanding anything in this Agreement to the contrary, if any payments or benefits made or provided under the Agreement are considered deferred compensation subject to Code Section 409A payable on account of Employee’s separation from service (but that do not meet an exemption under Code Section 409A, including without limitation the short term deferral or the separation pay plan exemption), such payments or benefits shall be paid no earlier than the date that is six (6) months following Employee’s separation from service (or, if earlier, the date of death) to the extent required by Code Section 409A. 23. Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, will bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose. [signatures on following page] 9 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove written. NEWTEK SMALL BUSINESS FINANCE, LLC By: Barry Sloane, Chief Executive Officer NEWTEKONE, INC. By: Barry Sloane, Chief Executive Officer EXECUTIVE By: Peter Downs NEWTEKONE INC. 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 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 Florida New York New York New York New York District of Columbia New York Louisiana Louisiana Louisiana Louisiana New York Florida 1 Consent of Independent Registered Public Accounting Firm We consent to the incorporation by reference in the Registration Statement on Form S-3 of NewtekOne, Inc., formerly known as Newtek Business Services Corp. of our reports dated March 15, 2023 relating to the consolidated financial statements, and the consolidated financial statement schedules and the effectiveness of internal control over financial reporting of NewtekOne, Inc., formerly known as Newtek Business Services Corp., appearing in this Annual Report on Form 10-K of NewtekOne, Inc., formerly known as Newtek Business Services Corp. for the year ended December 31, 2022. We also consent to the incorporation by reference in such Registration Statement of our report dated March 15, 2023, 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, 2022. 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 S-3. /s/ RSM US LLP Hartford, Connecticut March 15, 2023 An Independent Member of Urbach Hacker Young International CONSENT OF INDEPENDENT AUDITOR We consent to the inclusion on Form 10-K of our reports dated March 1, 2023 and February 24, 2022 on our audits of the consolidated financial statements of Newtek Merchant Solutions, LLC and Subsidiary, a wholly-owned subsidiary of NBSH Holdings LLC, as of December 31, 2022 and December 31, 2021, and for the years then ended. Melville, NY March 15, 2023 1 Consent of Independent Auditor We consent to the incorporation by reference in the Registration Statement on Form S-3 of NewtekOne, Inc., formerly known as Newtek Business Services Corp. of our reports dated March 15, 2023 and April 29, 2022 relating to the financial statements of Newtek Business Lending, LLC, and Subsidiaries, appearing in the Annual Report to Shareholders, which is incorporated in this Annual Report on Form 10- K of NewtekOne, Inc., formerly known as Newtek Business Services Corp. for the year ended December 31, 2022. /s/ RSM US LLP Hartford, Connecticut March 15, 2023 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 31.1 I, Barry Sloane, certify that: 1. I have reviewed this annual report on Form 10-K of NewtekOne, Inc. (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 15, 2023 /S/ BARRY SLOANE Barry Sloane Principal Executive Officer CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 Exhibit 31.2 I, Nicholas Leger, certify that: 1. I have reviewed this annual report on Form 10-K of NewtekOne, Inc. (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 15, 2023 /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, 2022 (the “Report”) of NewtekOne, Inc. (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 15, 2023 /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, 2022 (the “Report”) of NewtekOne, Inc. (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 15, 2023 /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, 2022 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 Newtek Merchant Solutions, LLC and Subsidiary Index Year Ended December 31, 2022 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, 2022, 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, 2022, 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: Exercise professional judgment and maintain professional skepticism throughout the audit. 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. 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. 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. 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 March 1, 2023 2 Cash $ 2,528,484 Accounts receivable 3,886,402 Prepaid expenses and other current assets 419,789 Inventory 120,086 Total current assets 6,954,761 Fixed assets, net 325,819 Restricted cash 524,670 Customer merchant accounts, net 163,209 Due from related parties 9,170 Notes receivable - related party 24,250,000 Goodwill 13,813,812 Total assets $ 46,041,441 Liabilities and Member's Equity Current liabilities: Accounts payable and accrued expenses $ 2,268,079 Residuals payable 1,247,969 Chargeback reserves 290,778 Due to related parties 463,053 Bank notes payable, current 2,990,325 Total current liabilities 7,260,204 Bank notes payable, long-term, net (Note 7) 36,498,692 Total liabilities 43,758,896 Commitments and contingencies (Note 11) Member's equity 2,282,545 Total liabilities and member's equity $ 46,041,441 Current assets: See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Balance Sheet December 31, 2022 3 2022 Revenues Electronic payment processing $ 41,872,284 Expenses Electronic payment processing costs 18,374,104 Salaries and benefits 7,305,399 Professional fees 451,496 Depreciation and amortization 533,432 Other general and administrative costs 1,465,574 Total expenses 28,130,005 Income from operations 13,742,279 Interest expense, net (1,292,391) Interest income - related parties 546,489 Total other expenses (745,902) Net income $ 12,996,377 See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Income December 31, 2022 4 Member’s Equity Balance - January 1, 2022 $ 7,920,517 Net income 12,996,377 Distributions (18,734,349) Contributions from member 100,000 Member's equity - December 31, 2022 $ 2,282,545 See accompanying notes to these consolidated financial statements Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Changes in Member's Equity December 31, 2022 5 Newtek Merchant Solutions, LLC and Subsidiary Consolidated Statement of Cash Flows December 31, 2022 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: $ 12,996,377 Depreciation and amortization 533,432 Amortization of deferred financing costs 154,908 Changes in operating assets and liabilities: Accounts receivable (633,461) Prepaid expenses and other current assets (227,297) Inventory 200,557 Accounts payable and accrued expenses 177,669 Due to/from related parties 263,066 Net cash provided by operating activities 13,465,251 Cash flows from investing activities: (12,800,000) (57,143) 257,143 Net drawdowns from related party note Purchase of investment Sale of investment to Parent at cost Purchase of fixed assets (81,252) Net cash used in investing activities (12,681,252) Cash flows from financing activities: Dividends paid to shareholder (18,734,349) Contribution from member 100,000 Proceeds from term loan 19,308,500 Principal payments to Webster Bank (4,812,500) Additions to deferred financing costs (265,264) Net cash used in financing activities (4,403,613) Net decrease in cash and restricted cash (3,619,614) Cash and restricted cash - beginning of year 6,672,768 Cash and restricted cash - end of year $ 3,053,154 Supplemental disclosure of cash flow activities: Interest paid $ 867,648 See accompanying notes to these consolidated financial statements 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, 2022, cash deposits in excess of insured amounts totaled approximately $1,994,000. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 and 2021 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, 2022. Cash $ 2,528,484 Restricted cash 524,670 Total cash and restricted cash $ 3,053,154 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, 2022. 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. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 8 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 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, 2022 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 Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 9 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. 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, 2022, 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 1, 2023, the date these consolidated financial statements were available to be issued. Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 10 3. Fixed Assets The Company’s fixed assets are comprised of the following at December 31, 2022: Terminals $ 1,531,775 Software 711,301 Telephone systems 96,717 Computer equipment 28,265 Automobile 24,576 Website 9,500 Leasehold improvements 4,420 2,406,554 Less: accumulated depreciation and amortization (2,080,735) $ 325,819 Depreciation and amortization expense related to fixed assets for the year ended December 31, 2022 was approximately $200,000. 4. Goodwill The carrying value of goodwill at December 31, 2022 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, 2022 and that no further assessment was required. There were no changes to the carrying value of goodwill during the year ended December 31, 2022. 5. Customer Merchant Accounts The net carrying value of customer merchant accounts was approximately $163,000 at December 31, 2022. 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 $334,000 for the year ended December 31, 2022. Total expected amortization expense is as follows: Years Ending December 31, 2023 $ 150,343 2024 12,866 $ 163,209 Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 11 Newtek Merchant Solutions, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2022 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, was carried at cost $200,000, at December 31, 2021. As of December 31, 2022 the Biller Genie Software investment was purchased at cost by Newtek Business Service Corp. 7. Line of Credit and Bank Notes Payable, Net In November 2022, the Company entered into an Amended Credit and Guarantee Agreement (the “Webster Agreement”), which extended a term loan for $39,871,000 (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 $54,871,000. 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 2027. Borrowings under the Webster Facility are classified either as a “Alternate Base Rate Loan” or a “SOFR Rate Loan” at the Company’s election. Each SOFR Rate Loan shall bear interest on the outstanding balance at a rate equal to SOFR plus 2.6%, 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, 2022 for the Webster Term Loan and Webster RLOC were 6.72% and 6.72%, respectively. The Webster Agreement requires certain restrictive covenants for which the Company was in compliance as of December 31, 2022. Total interest expense, excluding amortization of deferred financing costs, for the year ended December 31, 2022 was approximately $1,157,000. Amortization of deferred financing costs for the year ended December 31, 2022 was approximately $155,000 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 $382,000 at December 31, 2022. Outstanding borrowings under the Webster RLOC was $0 at December 31, 2022. Outstanding borrowings under the Webster Term Loan consisted of the following at December 31, 2022: Principal $ 39,871,000 Unamortized deferred financing costs (381,983) Net carrying amount $ 39,489,017 Debt principal payments are as follows: Years Ending December 31, 2023 $ 2,990,325 2024 3,987,100 2025 3,987,100 2026 5,980,650 2027 22,925,825 $ 39,871,000 12 8. Notes Receivable - Related Party The Company has extended a line of credit to Newtek. The Company had approximately $24,250,000 outstanding on its revolving line of credit with Newtek, at December 31, 2022. The line, which matures in November 2027, allows for maximum borrowings of $54,871,000 (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 $546,000 during the year ended December 31, 2022. At December 31, 2022 there was approximately $274,000, in accrued interest income included in prepaid expenses and other current assets on the consolidated balance sheet. 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, 2022, the Company incurred residual expenses totaling approximately $181,000 from AMS and NTS, managed technology services costs of approximately $726,000 from NTS, licensing fees for zero cost payment processing of approximately $979,000 from MOB and payroll processing costs of approximately $22,000 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, 2022 were approximately $471,000. 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, 2022 was approximately $291,000. 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. 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 Notes to Consolidated Financial Statements December 31, 2022 13 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: Exercise professional judgment and maintain professional skepticism throughout the audit. 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. 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. 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. 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 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, 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 Business Lending, LLC and Subsidiaries Consolidated Financial Statements and Independent Auditor’s Report December 31, 2022 and 2021 Page: Independent Auditor’s Report 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position as of December 31, 2022 and 2021 3 Consolidated Statements of Operations for the years ended December 31, 2022 and 2021 4 Consolidated Statements of Changes in Member's Equity for the years ended December 31, 2022 and 2021 5 Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 6 Notes to Consolidated Financial Statements for the years ended December 31, 2022 and 2021 7 - 18 Newtek Business Lending, LLC and Subsidiaries Index December 31, 2022 and 2021 1 Independent Auditor’s Report Board of Directors Newtek Business Lending, LLC, and Subsidiaries Opinion We have audited the consolidated financial statements of Newtek Business Lending, LLC and its subsidiaries (the Company), which comprise the consolidated statements of financial position, as of December 31, 2022 and 2021, the related consolidated statements of operations, changes in member’s equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. 2 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the 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 GAAS 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 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 financial statements. In performing an audit in accordance with GAAS, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the 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 financial statements. 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 the Company’s internal control. Accordingly, no such opinion is expressed. 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 financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’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. Hartford, Connecticut March 15, 2023 2022 2021 Assets Cash $ 8,548,899 $ 10,995,399 Restricted cash 1,289,569 919,134 Loans receivable at fair value 69,745,509 66,473,129 Accrued interest receivable 432,822 276,398 Derivative instruments 69,116 — Deferred financing costs 994,096 1,033,082 Prepaid expenses and other assets 223,660 31,374 Fixed assets, net of accumulated depreciation 11,440 22,937 Due from affiliates 158,922 36,990 Total assets $ 81,474,033 $ 79,788,443 Liabilities and Member's Equity Liabilities Accounts payable and accrued expenses $ 6,180,526 $ 3,885,794 Accrued interest payable 293,268 127,236 Derivative instruments — 42,657 Good faith deposits 645,434 748,084 Dividend payable 1,500,000 3,500,000 Due to affiliates 178,290 87,732 Bank note payable 42,520,809 35,241,245 Total liabilities 51,318,327 43,632,748 Commitments and Contingencies (Note 6) Member's equity Member's contributions 29,500,651 35,207,379 Member's distributions (10,125,000) (5,100,000) Retained earnings 10,780,055 6,048,316 Total member's equity 30,155,706 36,155,695 Total liabilities and member's equity $ 81,474,033 $ 79,788,443 December 31, See accompanying notes to these consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Financial Position December 31, 2022 and 2021 3 2022 2021 Revenue Interest income $ 6,298,277 $ 4,794,140 Loan processing fees 4,317,861 2,753,908 Other income 1,525,474 790,405 Total revenue 12,141,612 8,338,453 Expenses Salaries and benefits 2,635,757 2,548,722 Interest expense 3,109,106 2,210,315 Referral fees 697,939 376,645 Other general and administrative expenses 1,790,292 1,537,214 Total expenses 8,233,094 6,672,896 Operating income 3,908,518 1,665,557 Net unrealized depreciation on loans receivable at fair value (2,240,302) (285,299) Net realized gain on sale of loans 511,315 2,401,108 Realized gain on derivative transactions 2,440,435 644,134 Unrealized gain (loss) on derivative transactions 111,773 (42,657) Net income $ 4,731,739 $ 4,382,843 See accompanying notes to these consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Operations December 31, 2022 and 2021 4 Member's equity - December 31, 2020 $ 39,977,230 Capital contributions from member 31,350,000 Return of capital to member (36,054,378) Distributions to member (3,500,000) Net income 4,382,843 Member's equity - December 31, 2021 36,155,695 Capital contributions from member 35,140,000 Return of capital to member (40,846,728) Distributions to member (5,025,000) Net income 4,731,739 Member's equity - December 31, 2022 $ 30,155,706 See accompanying notes to these consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Changes in Member’s Equity December 31, 2022 and 2021 5 Net unrealized depreciation on loans receivable at fair value 2,240,302 285,299 Net unrealized (gain) loss on derivative investments (111,773) 42,657 Realized gains on sale of loans (511,315) (2,401,108) Realized gains on sales of derivatives (2,440,435) (644,134) Amortization of deferred financing costs 740,956 693,858 Depreciation of fixed assets 9,028 10,336 Disposal of fixed assets 2,469 — Origination of loans receivable (89,483,021) (92,372,736) Sale of loans receivable 46,078,055 97,600,620 Sale of loans receivable to affiliate 21,770,244 5,130,948 Principal received on loans 16,633,356 3,755,986 Proceeds received on derivative transactions 2,440,435 644,134 Changes in operating assets and liabilities: Accrued interest receivable (156,424) 16,114 Prepaid expenses and other assets (192,286) 10,437 Accounts payable and accrued expenses 2,294,733 2,855,718 Accrued interest payable 166,032 14,943 Good faith deposits (102,650) 372,634 Dividend payable (2,000,000) 1,900,000 Due to/from affiliates (31,377) (111,398) Net cash provided by operating activities 2,078,068 22,187,151 Cash flows from financing activities: Net borrowings (repayments) on bank lines of credit 7,279,564 (8,975,000) Contributions from member 35,140,000 31,350,000 Return of capital to member (40,846,728) (30,899,000) Distributions to member (5,025,000) (3,500,000) Deferred financing costs paid (701,969) (1,144,552) Net cash used in financing activities (4,154,133) (13,168,552) Net (decrease) increase in cash and restricted cash (2,076,065) 9,018,600 Cash and restricted cash - beginning of year 11,914,533 2,895,933 Cash and restricted cash - end of year $ 9,838,468 $ 11,914,533 Supplemental disclosure of cash flow activities: Cash paid for interest $ 2,205,725 $ 1,501,514 Supplemental disclosure of non-cash activities: Sale of loans receivable to affiliate deemed return of capital $ — $ 5,155,378 Year Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 4,731,739 $ 4,382,843 Adjustments to reconcile net income to net cash used in operating activities: See accompanying notes to these consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Cash Flows December 31, 2022 and 2021 6 1. Organization and Description of Business Newtek Business Lending, LLC (“NBL”) was formed on March 14, 2018 as a single member Limited Liability Company (“LLC”) in accordance with the Delaware Limited Liability Company Act. NBL and its wholly-owned subsidiaries, NBL SPV I, LLC (“SPV”), NBL SPV II, LLC (“SPV II”), and NBL SPV III, LLC (“SPV III”) are collectively herein referred to as the “Company”. The Company is in the business of originating, purchasing and selling commercial loans under the U.S. Small Business Administration’s (“SBA”) 504 loans program as well as other conventional commercial loans. As of December 31, 2022, the Company’s membership interests were held by Newtek Business Services Corp., (the “Parent” or “NBSC”) through its subsidiary, Newtek Business Services Holdco 6, Inc. (“Holdco”). On January 6, 2023, NBL’s membership interests were transferred to and NBL became a wholly-owned subsidiary of Newtek Bank, National Association (“Newtek Bank”), a newly acquired subsidiary of the Parent. This transaction is further detailed in Note 12 which discusses subsequent events. 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment income and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the fair value of loans receivable. Consolidation Policy The consolidated financial statements include its accounts and results of operations and that of its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Cash The Company maintains its cash balances at financial institutions of high credit quality, however, it is exposed to credit risk for amounts held in excess of FDIC limits. As of December 31, 2022, cash deposits in excess of insured amounts totaled approximately $7,389,000. The Company does not anticipate non-performance by these institutions. Restricted Cash Restricted cash includes amounts for cash margin held as collateral for derivative instruments. 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, 2022 and 2021: 2022 2021 Cash $ 8,548,899 $ 10,995,399 Restricted cash 1,289,569 919,134 Total cash and restricted cash $ 9,838,468 $ 11,914,533 Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 7 Valuation of Loans Receivable Loans receivable have been recorded at fair value at December 31, 2022 and 2021. NBL elected the fair value option for loans receivable that we originated or purchased with the intent to sell to third parties. Fair value is applied to all of loans in accordance with relevant GAAP, which establishes a framework used to measure fair value and requires disclosures for fair value measurements. 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, our own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. The Company’s valuation technique includes a three-level fair value hierarchy which is more fully described in Note 3 of the consolidated financial statements. Deferred Financing Costs Deferred financing costs are amortized ratably over the terms of the related line-of-credit and recorded as interest expense in the accompanying consolidated statement of operations. 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. 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. Revenue Recognition The Company records investment income when there is persuasive evidence of an arrangement, the fees are fixed and determinable, all contingencies are resolved and collection is reasonably assured. Interest income Interest on loan receivables are accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income on all loans are recognized as earned. Loans are placed on non-accrual status if they are over 90 days past due with respect to principal or interest and, in the opinion of management, interest or principal on individual loans is not collectible, or at such earlier time as management determines that the collectability of such principal or interest is unlikely. When a loan is designated as non-accrual, the accrual of interest is discontinued, and any accrued but uncollected interest income is reversed and charged against current income. At December 31, 2022, there was one non- accrual loan with a principal loan balance of approximately $250,000 with uncollected interest related to the loan of approximately $17,000. At December 31, 2021, there were one non-accrual loan with principal loan balances of approximately $250,000. Uncollected interest related to the loans was approximately $42,000. While a loan is classified as non-accrual and the future collectability of the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. Net realized gain on sale of loans Net realized gain on sale of loans relates to the income earned from the sale of both conventional and SBA 504 loans to third parties. Loans are generally sold for their outstanding principal balance plus a premium which is recognized when earned and recorded as net realized gain on sale of loans on the consolidated statements of operations. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 8 Net unrealized appreciation on loans receivable at fair value Net unrealized appreciation on loans receivable at fair value relates to the change in the recorded value of such loans based on the Company’s measurement of their fair market value. The adjustment to record the difference between the carrying value of loans receivable and their fair market value is presented on the consolidated statements of operations as net unrealized appreciation on loans receivable at fair value. Loan processing fee Loan processing fees are generally non-recurring in nature and earned as a “one time” fee in connection with the origination, administration, and legal fees of new SBA 504 loans. Other income Other income consists of loan modification fees, loan extension fees, loan prepayment fees as well as income derived from good faith deposits that is recognized when a potential borrower decides not to proceed with loan financing. Other income is generally non-recurring in nature and earned as a “one-time” fee. Employee 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 NBSC’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. Income Taxes The Company is a single member LLC and is treated as a “disregarded entity” for Federal, State, and/or Local income tax purposes. The Company passes all income and expenses to Holdco to be taxed at the holding company level. Accordingly, no liability for Federal, State and/or Local income taxes have been recorded in the accompanying consolidated financial statements. The Company evaluated its tax positions at year end, and based on its analysis, determined that there were no uncertain tax positions that require adjustment to the financial statements. Recent 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, 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 February 2016, the FASB issued ASU 2016-02 (Topic 842), “Leases”. From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the statement of financial position for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations for lessees. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control the lease is treated as a financing lease. If the lessor doesn't convey risks and rewards or control an operating lease results. The new standard is effective for public business entities, certain not-for-profit entities and employee benefit plans that file financial statements with the U.S. Securities and Exchange Commission for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2021. Due to the fact that the Company currently has no leases, Topic 842 does not affect the consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 9 3. 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. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date. 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 included debt securities with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. 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. The availability of valuation techniques and observable inputs can vary from investment to investment and is affected by a wide variety of factors including, the type and age of investment, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by Management in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, Management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Management uses prices and inputs that are current as of the measurement date, including periods of market dislocation, if applicable. In periods of market dislocation, the observability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified to a lower level within the fair value hierarchy. The Company’s loans receivable at December 31, 2022 and 2021 were measured at fair value using Level 3 inputs of the value hierarchy by using the discounted cash flow method and comparable sales of similar assets, respectively. There were no loans receivable that were transferred into or out of Level 3 of the value hierarchy during the years ended December 31, 2022 and 2021. The following table provides a summary of quantitative information about the Company’s fair value measurements of loans receivable. In addition to the inputs noted below, according to its valuation policy, the Company may also use other valuation techniques and methodologies when determining fair value measurements. The following tables 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, 2022 and 2021. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 10 Fair Value at December 31, 2022 Unobservable Input Range Input Value Loans receivable at fair value $ 69,745,509 Market yields 0 - 7.5% 7.50% Average cumulative default rate n/a 20% Fair Value at December 31, 2021 Unobservable Input Range Input Value Loans receivable at fair value $ 66,473,129 Historical premiums to par value 0 - 7.4% 3.0% The following table presents loans receivable at fair value by loan term. December 31, 2022 December 31, 2021 Loans due in five years or less $ 18,945,924 $ 15,172,990 Loans due between five and ten years 22,134,706 21,257,059 Loans due after ten years 28,664,879 30,043,080 Loans receivable at fair value $ 69,745,509 $ 66,473,129 The following table presents the changes in loans receivable - measured at fair value using Level 3 inputs for the years ended December 31, 2022 and 2021. Fair value, December 31, 2020 $ 83,627,517 Loans funded 92,372,735 Sale of loans (97,600,620) Realized gains on sale of loans 2,401,108 Sale of loans to affiliate (10,286,326) Principal payments received (3,755,986) Net unrealized depreciation (285,299) Fair value, December 31, 2021 $ 66,473,129 Loans funded 89,483,021 Sale of loans (46,078,055) Realized gains on sale of loans 511,315 Sale of loans to affiliate (21,770,244) Principal payments received (16,633,356) Net unrealized depreciation (2,240,302) Fair value, December 31, 2022 $ 69,745,509 The supplement to Note 3 included in these consolidated financial statements presents loans receivable at fair value as a percentage of member’s capital on the consolidated statement of assets and liabilities for the year ended December 31, 2022 and 2021. At December 31, 2022, the Company’s loans receivable at fair value consisted of 35 loans, with an aggregate unpaid principal balance of approximately $70,314,000 and a fair value of approximately $69,746,000, compared to 30 loans Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 11 with an aggregate unpaid principal balance of approximately $64,802,000 and a fair value of $66,473,000 at December 31, 2021. At December 31, 2022, all loans had variable interest rates ranging from 5.80% to 11.30% with maturities between February 2023 and November 2047, with the exception of one loan that had an 8.00% fixed rate of interest maturing May 2023. Interest income earned for the year ended December 31, 2022 was approximately $6,298,000. At December 31, 2021, all loans had variable interest rates ranging from 5.25% to 8.00% with maturities between February 2022 and March 2042 with the exception of one loan that had an 8.00% fixed rate of interest maturing February 2022. Interest income earned for the period ended December 31, 2021 was approximately $4,794,000. 4. 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, 2022 and 2021: Year Ended December 31, 2022 Fair Value Remaining Contract Type Notional Asset1 Liability1 Maturity (years) 5-year Swap Futures $ 25,864,312 $ 69,116 $ — 0.25 Year Ended December 31, 2021 Fair Value Remaining Contract Type Notional Asset1 Liability1 Maturity (years) 5-year Swap Futures $ 10,119,374 $ — $ 42,657 0.25 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. The following table indicates the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives as included in the consolidated statements of operations for the year ended December 31, 2022 and 2021: Year Ended December 31, 2022 Year Ended December 31, 2021 Contract Type Unrealized Gain/ (Loss) Realized Gain/ (Loss) Unrealized Gain/ (Loss) Realized Gain/ (Loss) 5-year Swap Futures $ 111,773 $ 2,440,435 $ (42,657) $ 644,134 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, 2022 and 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. 5. Bank Note Payable In July 2018, the Company entered into a revolving credit and security agreement (the “CO Facility”) with Capital One, N.A. (“Capital One”) which has been guaranteed by NBSC. The CO Facility allows for borrowings for a two year period Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 12 ending on the second anniversary of the execution of the agreement for an amount up to $75,000,000. The CO Facility provides that upon the occurrence of certain events, the maximum amount of the line of credit under the agreement can be increased from $75,000,000 to $150,000,000 at a later date upon request. In April 2019, the Company executed an amendment to the CO Facility with Capital One. The amendment, effective as of January 31, 2019, revised certain debt covenants as were previously defined by the CO Facility. In September 2019, the Company executed a second amendment to the CO Facility with Capital One. The amendment, effective as of April 30, 2019, revised certain definitions as were previously defined by the CO Facility. In July 2020, the Company executed a third and forth amendment to the CO Facility with Capital One. The amendment, effective as of July 31, 2020, revised certain definitions as were previously defined by the CO Facility In October 2020, the Company executed a fifth amendment to the CO Facility with Capital One. The amendment, effective October 27, 2020, revised certain definitions as were previously defined by the CO Facility. In November 2020, the Company executed a sixth amendment to the CO Facility with Capital One. The amendment, effective November 4, 2020, revised the maturity date, certain definitions, and concentration limitations, as were previously defined by the CO Facility. In November 2022, the Company executed a seventh amendment to the CO Facility with Capital One. The amendment, effective November 4, 2022, revised the maturity date, certain definitions, and concentration limitations, as were previously defined by the CO Facility. In December 2022, the Company executed a eighth amendment to the CO Facility with Capital One. The amendment, effective December 6, 2022, revised the maturity date, certain definitions, and concentration limitations, as were previously defined by the CO Facility. In addition, the amendment reduced the maximum amount on the facility from $75,000,000 to $60,000,000. As of December 31, 2022 and 2021, the Company had approximately $22,597,000 and $20,741,000, respectively, outstanding under the CO Facility. Advances under the CO Facility are classified either as a “Base Rate Advance” or a “SOFR Rate Advance” at the Company’s election. Each Base Rate Advance shall bear interest on the outstanding balance at a rate equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the 1-month SOFR Rate plus 1%. Each SOFR Rate Advance shall bear interest on the outstanding balance at a rate equal to (y) 1-month SOFR plus 1% (Floor of .50%) (z) the applicable margin of 2.75%. Additionally, the Company must pay a fee for the portion of the CO Facility that is unused. The unused line fee is calculated based upon the percentage of the CO Facility not being utilized. The OC Facility accrues the unused line fee as a percentage of the unused commitment amount at a rate ranging from 0.35% and 0.75%. The Company may make prepayments without a penalty or premium. The agreement requires certain restrictive covenants for which the Company is in compliance with as of December 31, 2022 and 2021. All balances outstanding under the CO Facility will become due in November 2025. Deferred financing costs incurred by the Company related to the CO Facility were approximately $424,000 and $75,000 during the period ended December 31, 2022 and 2021, respectively. In March 2021, the Company, through its newly formed subsidiary, NBL SPV II, LLC (“SPV II”), entered into a master repurchase agreement (the “DB Facility”) with Deutsche Bank AG (“DB”) in an amount up to $100,000,000. The DB Facility is a full recourse and uncommitted arrangement that allows DB to purchase eligible SBA 504 loans from the Company at a purchase price as determined by the agreement. In November 2022, the Company amended its DB Facility to reduce the facility amount from up to $150,000,000 to up to $50,000,000 and to include non-SBA loans as eligible loans under the facility. As of December 31, 2022 and 2021, the Company had approximately $0 and $11,100,000, respectively, outstanding balance under the DB Facility. Borrowings under the agreement bear interest at a rate equal to the 1-month SOFR rate plus an applicable spread of 2.75% or plus 4.5% (other than 504 Loans). The Company may make prepayments without a penalty or premium as long as the prepayment is either the result of a full payment made by the mortgagor of such loan, a whole loan sale by the Company, or in the event that a loan becomes subjected to a mandatory repurchase event as per the terms of the agreement. The DB Facility is guaranteed by NBSC and allows for borrowings for a two year period ending Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 13 on the second anniversary of the execution of the agreement for an amount up to $50,000,000. The agreement provides for two six-month extension periods as long as certain conditions are met as defined by the agreement. All balances outstanding under the Facility will become due on the second anniversary of the closing date, or November 2024, provided that the facility is not extended by the Company. Deferred financing costs incurred by the Company related to the DB Facility were approximately $223,000 and $893,000 during the period ended December 31, 2022 and 2021, respectively. In September 2021, the Company, through its newly formed subsidiary, NBL SPV III, LLC (“SPV III”), entered into a revolving line of credit agreement (the “OFB Facility”) with One Florida Bank, a Florida banking corporation (“OFB”), to finance eligible SBA 504 loans as determined by the agreement. The OFB Facility is guaranteed by NBL and NBSC and allows for borrowings up to $20,000,000 for a period of two years from the closing date. In September 2022, the Company amended its OFB Facility to include eligible non-SBA, or conventional, loans. as well as to extend the maturity date of the facility from September 2023 to September 2024 at which point all balances then outstanding under the facility will become due. As of December 31, 2022 and 2021, the Company had approximately $19,924,000 and $3,400,000, respectively, outstanding under the OFB Facility. Advances under the agreement accrue interest at a rate of Prime plus 1.0%. and in no event shall the total rate be less than 4.25%. Deferred financing costs incurred by the Company related to the OFB Facility were approximately $55,000 and $177,000 during the period ended December 31, 2022 and 2021, respectively. As presented on the consolidated statements of operations, interest expense for the years ended December 31, 2022 and 2021 was approximately $3,109,000 and $2,210,000, respectively, which included amortization of deferred financing costs of approximately $741,000 and $694,000, respectively. 6. Commitments and Contingencies Legal Contingencies In the normal course of business, the Company may become involved in various legal claims. However, management is not currently aware of any legal claims against the Company which would have a material adverse effect on the operations, cash flows or assets and liabilities of the Company. 7. Related Party Transactions Due to affiliates consists of amounts payable to the Company’s parent and other related parties, for expenses incurred on behalf of the Company. Due from affiliates consists of amounts receivable from the Company’s parent and other related parties for expenses paid on behalf of the other. During the years ended December 31, 2022 and 2021, the Company incurred expenses of approximately $33,000 and $22,000, respectively, of insurance premiums, approximately $6,000 and $15,000, respectively, of advertising costs, approximately $23,000 and $4,000, respectively, of professional fees, and approximately $70,000 and $26,000, respectively, in other operating expenses from NBSC, which are included in other operating expenses on the consolidated statements of operations. Furthermore, during the year ended December 31, 2022 and 2021, the Company incurred $232,000 and $161,000, respectively, from NBSC related to salaries for management and certain other employees that perform services for the Company, which are included in salaries and benefits on the consolidated statements of operations. The Company subleases office space from Newtek Small Business Finance, LLC (“NSBF”) in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space and amounted to rent expense of approximately $8,000 and $6,000 incurred for the year ended December 31, 2022 and 2021, respectively. Additionally, NSBF charged the Company approximately $2,000 and $5,000 respectively, in other operating expenses during the year Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 14 ended December 31, 2022 and 2021. These charges from NSBF were included in other general and administrative expenses on the consolidated statements of operations. The Company’s affiliates also performed certain services for the Company, which included approximately $73,000 and $71,000 for IT support from Newtek Technology Solutions, Inc. and approximately $4,000 and $4,000 in payroll processing fees from PMTWorks Payroll, LLC, during the year ended December 31, 2022 and 2021, respectively, which are included in other general and administrative expenses on the consolidated statements of operations. The Company also incurred approximately $393,000 and $274,000 in legal services from NSBF, and approximately $302,000 and $366,000 of loan servicing fees from Small Business Lending, LLC, during the year ended December 31, 2022 and 2021, respectively. During the year ended December 31, 2022 and 2021, the Company incurred approximately $16,000 and $15,000 of customer support services from Titanium Asset Management LLC, respectively. These expenses are included in other general and administrative expenses on the consolidated statements of operations. The Company performed administrative services for its affiliate, Newtek Conventional Lending, LLC (“NCL”), which consisted of loan underwriting, origination and packaging services, and closing and compliance services. During the year ended December 31, 2022 and 2021, these administrative services in the amount approximately $86,000 and $105,000, respectively, were included in other income on the consolidated statements of operations. In December 2022, the Company sold six loans that it had previously originated having an outstanding principal balance of approximately $21,770,000 to Newt-TSO II SPV, LLC. The loans were sold at discount to par value resulting in a realized loss of approximately $733,000, which has been included in net realized gain on sale of loans on the consolidated statements of operations. The Company is not affiliated with the borrowers of the loans. In November 2021, the Company sold one loan to NCL in the amount of $10,286,000. The sale was made at par and no realized or unrealized gains or losses have been recorded related to the transaction. The Company received $5,131,000 in cash and $5,155,000 was deemed a return of capital related to the transaction. The Company is not affiliated with the borrowers of the loans. 8. Concentration of Risk As of December 31, 2022, the Company had four borrowers that represented greater than 10% of total loans receivable at fair value. In aggregate, these borrowers represented approximately 52% of total loans receivable at fair value. For the period ended December 31, 2022, two borrowers represented more than 10% of total interest income. In aggregate, these borrowers represented approximately 26% of total interest income. As of December 31, 2021, the Company had four borrowers that represented greater than 10% of total loans receivable at fair value. In aggregate, these borrowers represented approximately 49% of total loans receivable at fair value. For the period ended December 31, 2021, two borrowers represented more than 10% of total interest income. In aggregate, these borrowers represented approximately 25% of total interest income. 9. Financial Highlights The financial highlights for the Company are as follows: 2022 2021 Total return on average member’s capital1 14.27 % 11.51 % Ratio of expenses to average member's capital1 24.83 % 17.53 % Ratio of income from investment operations to average member's capital1 14.27 % 11.51 % (1) Average member’s capital is the average of beginning and ending member’s capital for the years ended December 31, 2022 and 2021. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 15 10. Stock Compensation During 2021, the Company’s Board approved the 2021 Stock Incentive Plan (the “Incentive Plan”) to advance the interests of the Company through providing select employees and officers grants of the Parent’s common stock currently traded on the Nasdaq Global Market, under the symbol “NEWT”. The grants made in accordance with the Incentive Plan were dated February 15, 2021 and vest in accordance with a continuous service condition. Per the terms of the Incentive Plan, the shares authorized shall not exceed 150,000 shares and the maximum number of shares an employee may be granted in any calendar year is 10,000 shares. For the years ended December 31, 2022 and 2021, the Company recorded stock compensation expense of $42,000 and $371,000, respectively. which is included in salaries and benefits on the consolidated statements of operations. For the years ended December 31, 2022 and 2021, the Company accrued $34,000 and $53,000 related to unvested grants. 11. Employee Benefit Plans Defined Contribution Plan NBL’s employees participate in a defined contribution 401(k) plan (the “Plan”) adopted by NBSC 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 Internal Revenue 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. NBSC, through NBL, 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. At December 31, 2022, NBL accrued approximately $13,000 for a matching contribution, which has not yet been paid. A matching contribution related to the year ended December 31, 2021 in the amount of $10,000 was made in May 2022. 12. Subsequent Events As of December 31, 2022, the Company’s membership interests were held by Newtek Business Services Corp., (the “Parent” or “NBSC”) through its subsidiary, Newtek Business Services Holdco 6, Inc. (“Holdco”). On January 6, 2023, the Parent completed the acquisition of NBNYC, a national bank regulated and supervised by the OCC, pursuant to which the Parent acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million. NBNYC has been renamed Newtek Bank, National Association and has become a wholly owned subsidiary of the Parent. In connection with the completion of the acquisition, the Parent contributed all of its membership interests in NBL to Newtek Bank. Upon the consummation of the acquisition, Newtek Bank entered into an operating agreement with the OCC concerning certain matters including capital, liquidity and concentration limits, and memorializing the business plan submitted to the OCC. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2022 and 2021 16 The following table presents selected information for loans receivable at fair value that were 5.0% or greater of member’s capital included on the consolidated statements of assets and liabilities at December 31, 2022. Loan Details, if applicable Principal (000's) Cost (000's) Fair Value (000's) % of Member's CapitalIndustry Loan Name Interest Rate Maturity Food Services and Drinking Places: Food Services and Drinking Places Von Esselborn, Inc. Prime plus 1.00% 05/01/34 $ 11,795 $ 11,795 $ 11,835 39.2% Food Services and Drinking Places All other n/a n/a 4,783 4,783 4,726 15.7% Accommodation: Accommodation Sigma Hospitality Wilkes Barre LP 5 Yr Treas plus 4.15% 04/01/32 8,927 8,927 8,486 28.1% Accommodation Novi Oaks Hotel, LLC Prime plus 3.50% 03/01/23 4,787 4,787 4,787 15.9% Accommodation Tradition One LLC Prime plus 3.25% 04/01/23 3,510 3,510 3,510 11.6% Accommodation All other n/a n/a 3,855 3,855 3,940 13.1% Nursing and Residential Care Facilities: Nursing and Residential Care Facilities Coconut Point Living, LLC 5 Yr Treas plus 4.85% 11/01/30 8,655 8,655 8,334 27.6% Nursing and Residential Care Facilities Anderson Behavioral Health, Inc. 5 Yr Treas plus 6.50% 11/01/47 7,208 7,208 7,376 24.5% Real Estate: Real Estate RPH Tacoma, LP Prime plus 3.00% 03/01/23 3,954 3,954 3,954 13.1% Real Estate All other n/a n/a 416 416 406 1.3% Printing and Related Support Activities 2,490 2,490 2,465 8.2% Building Material and Garden Equipment and Supplies Dealers 1,841 1,841 1,843 6.1% Fabricated Metal Product Manufacturing 1,709 1,709 1,713 5.7% Miscellaneous Manufacturing 1,404 1,404 1,404 4.7% Repair and Maintenance 1,256 1,256 1,255 4.2% Food and Beverage Stores 1,088 1,088 1,076 3.6% Amusement, Gambling, and Recreation Industries 919 919 919 3.0% Beverage and Tobacco Product Manufacturing 758 758 763 2.5% Performing Arts, Spectator Sports, and Related Industries 374 374 371 1.2% Personal and Laundry Services 262 262 259 0.9% Social Assistance 205 205 210 0.7% Sporting Goods, Hobby, Musical Instrument, and Book Stores 119 119 114 0.4% Total $ 70,315 $ 70,315 $ 69,746 Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements - Supplement to Note 3 December 31, 2022 and 2021 17 The following table presents selected information for loans receivable at fair value that were 5.0% or greater of member’s capital included on the consolidated statements of assets and liabilities at December 31, 2021. Loan Details, if applicable Principal (000's) Cost (000's) Fair Value (000's) % of Member's CapitalIndustry Loan Name Interest Rate Maturity Real Estate RPH Tacoma, LP Prime plus 3.00% 11/01/32 $ 8,783 $ 8,783 $ 9,047 25.0% Nursing and Residential Care Facilities Coconut Point Living, LLC 5 Yr Treas plus 4.85% 11/01/30 8,736 8,736 8,998 24.9% Rental and Leasing Services: Rental and Leasing Services MaxStorage, LLC - 1st lien 5 Yr Treas plus 5.00% 11/01/31 5,875 5,875 6,051 16.7% Rental and Leasing Services MaxStorage, LLC - 2nd lien Prime plus 3.25% 04/01/22 1,834 1,834 1,834 5.1% Accommodation: Accommodation Tradition One LLC Prime plus 3.25% 04/01/32 4,360 4,360 4,491 12.4% Accommodation 537 Maple Hotel, LLC Prime plus 4.00% 02/01/22 2,030 2,030 2,030 5.6% Consumer Goods Rental: Consumer Goods Rental 100 Wilbur Place LLC - 1st lien Prime plus 3.00% 10/01/32 4,020 4,020 4,140 11.5% Consumer Goods Rental 100 Wilbur Place LLC - 2nd lien Prime plus 3.00% 10/01/22 2,616 2,616 2,616 7.2% Food Services & Drinking Places: Food Services & Drinking Places Black Star Hospitality Holdings, LLC 5 Yr Treas plus 8.00% 01/01/32 4,000 4,000 4,120 11.4% Food Services and Drinking Places Royal Palm Pointe Investors, LLC Prime plus 3.00% 02/01/32 2,194 2,194 2,259 6.2% Food Services and Drinking Places All others n/a n/a 4,549 4,549 4,647 12.9% Lessors on Nonresidential buildings: Lessors on Nonresidential buildings 110 Wilbur Place LLC - 1st lien Prime plus 3.00% 03/01/32 2,791 2,791 2,998 8.3% Lessors on Nonresidential buildings 110 Wilbur Place LLC - 2nd lien Prime plus 3.00% 03/01/22 2,158 2,158 2,158 6.0% Miscellaneous Manufacturing 3,140 3,140 3,192 8.8% Child Day Care Services 2,512 2,512 2,585 7.1% Professional, Scientific, and Technical Services 2,526 2,526 2,570 7.1% Amusement, Gambling, and Recreation Industries 1,139 1,139 1,167 3.2% Building Material and Garden Equipment and Supplies Dealers 987 987 1,015 2.8% Repair and Maintenance 336 336 336 0.9% Sporting Goods, Hobby, Musical Instrument, and Book Stores 216 216 219 0.6% Total $ 64,802 $ 64,802 $ 66,473 Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements - Supplement to Note 3 December 31, 2022 and 2021 18 Newtek Business Lending, LLC and Subsidiaries Consolidated Financial Statements and Independent Auditor’s Report December 31, 2021 and 2020 Page: Independent Auditor’s Report 1 - 2 Consolidated Financial Statements Consolidated Statements of Financial Position as of December 31, 2021 and 2020 3 Consolidated Statements of Operations for the years ended December 31, 2021 and 2020 4 Consolidated Statements of Changes in Member's Equity for the years ended December 31, 2021 and 2020 5 Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020 6 Notes to Consolidated Financial Statements 7 - 16 Newtek Business Lending, LLC and Subsidiaries Index December 31, 2021 and 2020 1 Independent Auditor’s Report Board of Directors Newtek Business Lending, LLC, and Subsidiaries Opinion We have audited the consolidated financial statements of Newtek Business Lending, LLC and Subsidiaries (the Company), which comprise the consolidated statements of financial position as of December 31, 2021 and 2020, the related consolidated statements of operations, changes in member’s equity and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the accompanying 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 member’s equity and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the 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 GAAS 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 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 financial statements. 2 In performing an audit in accordance with GAAS, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the 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 financial statements. 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 the Company’s internal control. Accordingly, no such opinion is expressed. 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 financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’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. New York, New York April 29, 2022 2021 2020 Assets Cash $ 10,995,399 $ 2,895,933 Restricted cash 919,134 — Loans receivable - held for sale, at fair value 66,473,129 83,627,517 Accrued interest receivable 276,398 292,512 Deferred financing costs 1,033,082 582,388 Prepaid expenses and other assets 31,374 41,811 Fixed assets, net of accumulated depreciation 22,937 33,273 Due from affiliates 36,990 37,652 Total assets $ 79,788,443 $ 87,511,086 Liabilities and Member's Equity Liabilities Accounts payable and accrued expenses $ 3,885,794 $ 1,030,075 Accrued interest payable 127,236 112,293 Derivative instruments 42,657 — Good faith deposits 748,084 375,450 Dividend payable 3,500,000 1,600,000 Due to affiliates 87,732 199,793 Bank note payable 35,241,245 44,216,245 Total liabilities 43,632,748 47,533,856 Commitments and Contingencies (Note 5) Member's equity Member's contributions 35,207,379 39,911,757 Member's distributions (5,100,000) (1,600,000) Retained earnings (accumulated deficit) 6,048,316 1,665,473 Total member's equity 36,155,695 39,977,230 Total liabilities and member's equity $ 79,788,443 $ 87,511,086 December 31, See accompanying notes to these consolidated financial statements Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Financial Position December 31, 2021 and 2020 3 2021 2020 Revenue Interest income $ 4,794,140 $ 3,162,456 Net realized gain on sale of loans 2,401,108 239,554 Loan processing fees 2,753,908 2,403,926 Other income 790,405 263,065 Total revenue 10,739,561 6,069,001 Expenses Salaries and benefits 2,548,722 1,850,143 Interest expense 2,210,315 1,427,197 Referral fees 376,645 252,664 Other general and administrative expenses 1,537,214 956,308 Total expenses 6,672,896 4,486,312 Operating income 4,066,665 1,582,689 Net unrealized (depreciation) appreciation on loans receivable - held for sale, at fair value (285,299) 1,402,273 Realized gain on derivative transactions 644,134 — Unrealized loss on derivative transactions (42,657) — Net income $ 4,382,843 $ 2,984,962 See accompanying notes to these consolidated financial statements Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Operations December 31, 2021 and 2020 4 Member's equity - December 31, 2019 $ 17,303,227 Capital contributions from member 40,285,000 Return of capital to member (18,995,959) Distributions to member (1,600,000) Net income 2,984,962 Member's equity - December 31, 2020 39,977,230 Capital contributions from member 31,350,000 Return of capital to member (36,054,378) Distributions to member (3,500,000) Net income 4,382,843 Member's equity - December 31, 2021 $ 36,155,695 See accompanying notes to these consolidated financial statements Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Changes in Member’s Equity December 31, 2021 and 2020 5 Net unrealized depreciation (appreciation) on loans receivable - held for sale 285,299 (1,402,273) Net unrealized loss on derivative investments 42,657 — Amortization of deferred financing costs 693,858 309,989 Depreciation of fixed assets 10,336 7,721 Realized gains on sale of loans (2,401,108) (239,554) Origination of loans receivable (92,372,735) (83,390,702) Purchases of loans receivable from affiliate — (381,476) Sale of loans receivable 97,600,620 15,135,095 Sale of loans receivable to affiliate 5,130,948 — Principal received on loans 3,755,986 498,700 Changes in operating assets and liabilities: Accrued interest receivable 16,114 (191,912) Prepaid expenses and other assets 10,437 (21,576) Accounts payable and accrued expenses 2,855,718 450,134 Accrued interest payable 14,943 20,478 Good faith deposits 372,634 100,917 Dividend payable 1,900,000 1,600,000 Due to/from affiliates (111,398) 77,023 Net cash provided by (used in) operating activities 22,187,152 (64,442,474) Cash flows from investing activities: Purchase of fixed assets — (7,844) Net cash used in investing activities — (7,844) Cash flows from financing activities: Net borrowings on bank lines of credit (8,975,000) 32,050,932 Contributions from member 31,350,000 40,285,000 Return of capital to member (30,899,000) (3,700,001) Distributions to member (3,500,000) (1,600,000) Deferred financing costs paid (1,144,552) (446,724) Net cash (used in) provided by financing activities (13,168,552) 66,589,207 Net increase in cash and restricted cash 9,018,600 2,138,889 Cash - beginning of year 2,895,933 757,044 Cash - end of year $ 11,914,533 $ 2,895,933 Supplemental disclosure of cash flow activities: Cash paid for interest $ 1,501,514 $ 1,096,731 Supplemental disclosure of non-cash activities: Sale of loans receivable to affiliate deemed return of capital $ 5,155,378 $ 15,295,958 Year Ended December 31, 2021 2020 Cash flows from operating activities: Net income $ 4,382,843 $ 2,984,962 Adjustments to reconcile net income to net cash used in operating activities: See accompanying notes to these consolidated financial statements Newtek Business Lending, LLC and Subsidiaries Consolidated Statements of Cash Flows December 31, 2021 and 2020 6 1. Organization and Description of Business Newtek Business Lending, LLC (“NBL”) was formed on March 14, 2018 as a single member Limited Liability Company (“LLC”) in accordance with the Delaware Limited Liability Company Act. NBL and its wholly-owned subsidiaries, NBL SPV I, LLC (“SPV”), NBL SPV II, LLC (“SPV II”), and NBL SPV III, LLC (“SPV III”) are collectively herein referred to as the “Company”, which is currently in its start-up phase. The Company is in the business of originating, purchasing and selling commercial loans under the U.S. Small Business Administration’s (“SBA”) 504 loans program. All of the Company’s membership interests are held by Newtek Business Services Corp. (the “Parent” or “NBSC”) through its subsidiary Newtek Business Services Holdco 6, Inc. (“Holdco”). 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of investment income and expenses during the reporting period. Estimates, by their nature, are based on judgment and available information. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the fair value of loans receivable – held for sale. Consolidation Policy The consolidated financial statements include its accounts and results of operations and that of its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Cash The Company maintains its cash balances at financial institutions of high credit quality, however, it is exposed to credit risk for amounts held in excess of FDIC limits. As of December 31, 2021, cash deposits in excess of insured amounts totaled approximately $10,329,000. The Company does not anticipate nonperformance by these institutions. Restricted Cash Restricted cash includes amounts for cash margin held as collateral for derivative instruments. 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 int he statement of cash flows at December 31, 2021 and 2020: 2021 2020 Cash 10,995,399 2,895,933 Restricted cash 919,134 — Total cash and restricted cash 11,914,533 2,895,933 Newtek Business Lending, LLC and Subsidiary Notes to Consolidated Financial Statements December 31, 2021 and 2020 7 Valuation of Loans Receivable - Held for Sale Loans receivable - held for sale have been recorded at fair value at December 31, 2021 and 2020. NBL elected the fair value option for loans receivable – held for sale that we originated or purchased with the intent to sell to third parties. Fair value is applied to all of loans in accordance with relevant GAAP, which establishes a framework used to measure fair value and requires disclosures for fair value measurements. 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, our own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. The Company’s valuation technique includes a three-level fair value hierarchy which is more fully described in note 3 of the consolidated financial statements. Fair Value The Company has the option to measure eligible financial assets, financial liabilities, and commitments at fair value on an instrument-by-instrument basis. This option is available when the Company first recognizes a financial asset or financial liability or enters into a firm commitment. Subsequent changes in the fair value of assets, liabilities, and commitments where the Company has elected the fair value option are recorded in the consolidated statements of operations. Deferred Financing Costs Deferred financing costs are amortized ratably over the terms of the related line-of-credit and recorded as interest expense in the accompanying consolidated statement of operations. 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. 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. Revenue Recognition The Company records investment income when there is persuasive evidence of an arrangement, the fees are fixed and determinable, all contingencies are resolved and collection is reasonably assured. Interest income Interest on loan receivables are accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income on all loans are recognized as earned. Loans are placed on non-accrual status if they are over 90 days past due with respect to principal or interest and, in the opinion of management, interest or principal on individual loans is not collectible, or at such earlier time as management determines that the collectability of such principal or interest is unlikely. When a loan is designated as non-accrual, the accrual of interest is discontinued, and any accrued but uncollected interest income is reversed and charged against current income. At December 31, 2021, there was one non- accrual loan with a principal loan balance of approximately $250,000 with uncollected interest related to the loan of approximately $42,000. At December 31, 2020, there were two non-accrual loans with principal loan balances of approximately $637,000. Uncollected interest related to the loans was approximately $67,000. While a loan is classified as non-accrual and the future collectability of the recorded loan balance is doubtful, collections of interest and principal are generally applied as a reduction to principal outstanding. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 8 Net realized gain on sale of loans Net realized gain on sale of loans relates to the income earned from the sale of SBA 504 loans to third parties. 504 loans are generally sold for their outstanding principal balance plus a premium which is recognized when earned and recorded as net realized gain on sale of loans on the consolidated statements of operations. Net unrealized appreciation on loans receivable – held for sale, at fair value Net unrealized appreciation on loans receivable – held for sale relates to the change in the recorded value of such loans based on the Company’s measurement of their fair market value. The adjustment to record the difference between the carrying value of loans receivable and their fair market value is presented on the consolidated statements of operations as net unrealized appreciation on loans receivable – held for sale. Loan processing fee Loan processing fees are generally non-recurring in nature and earned as a “one time” fee in connection with the origination, administration, and legal fees of new SBA 504 loans. Other income Other income is derived from good faith deposits that are recorded as income when a potential borrower decides not to proceed with the SBA 504 loan financing. Other income is generally non-recurring in nature and earned as a “one-time” fee. Employee 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 NBSC’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. Income Taxes The Company is a single member LLC and is treated as a “disregarded entity” for Federal, State, and/or Local income tax purposes. The Company passes all income and expenses to Holdco to be taxed at the holding company level. Accordingly, no liability for Federal, State and/or Local income taxes have been recorded in the accompanying consolidated financial statements. The Company evaluated its tax positions at year end, and based on its analysis, determined that there were no uncertain tax positions that require adjustment to the financial statements. Recently Accounting Pronouncements In August 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. In May of 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09, as amended, established a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP. The revenue standard's core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. ASU 2014-09 was originally effective for public business entities, certain not-for-profit entities and certain employee benefit plans for annual periods beginning after December 15, 2016, including interim reporting periods, and all other entities for annual periods beginning after December 15, 2017. The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. This standard was adopted on January 1, 2019 with no material impact on the Company’s consolidated statements of operations or consolidated statements of financial position. In February 2016, the FASB issued ASU 2016-02 (Topic 842), “Leases”. From the lessee's perspective, the new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the statement of financial position for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations for lessees. From the lessor's perspective, the new standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control the lease is treated as a financing lease. If the lessor doesn't convey risks and rewards or control an operating lease results. The new standard is effective for public business entities, certain not-for-profit entities and employee benefit plans that file financial statements with the U.S. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 9 Securities and Exchange Commission for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of ASU 2020-05 but does not expect the update to have a material impact on its consolidated statements of financial position or consolidated statements of operations. 3. 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. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access as of the measurement date. 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 included debt securities with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. 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. The availability of valuation techniques and observable inputs can vary from investment to investment and is affected by a wide variety of factors including, the type and age of investment, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by Management in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, Management’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. Management uses prices and inputs that are current as of the measurement date, including periods of market dislocation, if applicable. In periods of market dislocation, the observability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified to a lower level within the fair value hierarchy. The Company’s loans receivable - held for sale at December 31, 2021 and 2020 were measured at fair value using Level 3 inputs of the value hierarchy by using comparable sales of similar assets. There were no loans receivable - held for sale that were transferred into or out of Level 3 of the value hierarchy during the years ended December 31, 2021 and 2020. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 10 The following table provides a summary of quantitative information about the Company’s fair value measurements of loans receivable - held for sale. In addition to the inputs noted below, according to its valuation policy, the Company may also use other valuation techniques and methodologies when determining fair value measurements. The following tables 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 2020. Fair Value at December 31, 2021 Unobservable Input Range Input Value Loans receivable - held for sale, at fair value $ 66,473,129 Historical prices 0 - 7.4% 3% Fair Value at December 31, 2020 Unobservable Input Range Input Value Loans receivable - held for sale, at fair value $ 83,627,517 Historical prices 1.0 - 3.5% 3% The following table presents loans receivable - held for sale at fair value by loan term. December 31, 2021 December 31, 2020 Loans due in five years or less $ 15,172,990 $ 17,307,672 Loans due between five and ten years 21,257,059 35,382,894 Loans due after ten years 30,043,080 30,936,950 Loans receivable - held for sale at fair value $ 66,473,129 $ 83,627,517 The following table presents the changes in loans receivable - held for sale measured at fair value using Level 3 inputs for the years ended December 31, 2021 and 2020. Fair value, December 31, 2019 $ 29,143,265 Loans funded 83,390,702 Purchase of loans from affiliate 381,476 Sale of loans (15,135,095) Realized gains on sale of loans 239,554 Sale of loans to affiliate (15,295,958) Principal payments received (498,700) Net unrealized appreciation 1,402,273 Fair value, December 31, 2020 $ 83,627,517 Loans funded 92,372,735 Sale of loans (97,600,620) Realized gains on sale of loans 2,401,108 Sale of loans to affiliate (10,286,326) Principal payments received (3,755,986) Net unrealized depreciation (285,299) Fair value, December 31, 2021 $ 66,473,129 Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 11 At December 31, 2021, the Company’s loans receivable – held for sale, at fair value consisted of 30 loans, with an aggregated unpaid principal balance of approximately $64,802,000 and a fair value of approximately $66,473,000, compared to 33 loans with an aggregate unpaid principal balance of approximately $81,671,000 and a fair value of $83,628,000 million at December 31, 2020. At December 31, 2021, all loans had variable interest rates ranging from 5.66% to 9.50% with maturities between February 2022 and March 2042. Interest income earned for the year ended December 31, 2021 was approximately $4,794,000. At December 31, 2020, all loans had variable interest rates ranging from 5.25% to 8.00% with maturities between February 2021 and February 2050. Interest income earned for the period ended December 31, 2020 was approximately $3,162,000. 4. 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: Fair Value Remaining Contract Type Notional Asset1 Liability1 Maturity (years) 5-year Swap Futures $ 10,119,374 $ — $ 42,657 0.25 (1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. 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 year ended December 31, 2021 and 2020: Year Ended December 31, 2021 Year Ended December 31, 2020 Contract Type Unrealized Gain/ (Loss) Realized Gain/ (Loss) Unrealized Gain/ (Loss) Realized Gain/ (Loss) 5-year Swap Futures $ (42,657) $ 644,134 $ — $ — 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. 5. Bank Note Payable In July 2018, the Company entered into a revolving credit and security agreement (the “CO Facility”) with Capital One, N.A. (“Capital One”) which has been guaranteed by NBSC. The CO Facility allows for borrowings for a two year period ending on the second anniversary of the execution of the agreement for an amount up to $75,000,000. The CO Facility provides that upon the occurrence of certain events, the maximum amount of the line of credit under the agreement can be increased from $75,000,000 to $150,000,000 at a later date upon request. In April 2019, the Company executed an amendment to the CO Facility with Capital One. The amendment, effective as of January 31, 2019, revised certain debt covenants as were previously defined by the CO Facility. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 12 In September 2019, the Company executed a second amendment to the CO Facility with Capital One. The amendment, effective as of April 30, 2019, revised certain definitions as were previously defined by the CO Facility. In July 2020, the Company executed a third and forth amendment to the CO Facility with Capital One. The amendment, effective as of July 31, 2020, revised certain definitions as were previously defined by the CO Facility In October 2020, the Company executed a fifth amendment to the CO Facility with Capital One. The amendment, effective October 27, 2020, revised certain definitions as were previously defined by the CO Facility. In November 2020, the Company executed a sixth amendment to the CO Facility with Capital One. The amendment, effective November 4, 2020, revised the maturity date, certain definitions, and concentration limitations, as were previously defined by the CO Facility. As of December 31, 2021 and 2020, the Company had approximately $20,741,000 and $44,216,000, respectively, outstanding under the CO Facility. Advances under the CO Facility are classified either as a “Base Rate Advance” or a “LIBOR Rate Advance” at the Company’s election. Each Base Rate Advance shall bear interest on the outstanding balance at a rate equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Rate plus 1.0%. Each LIBOR Rate Advance shall bear interest on the outstanding balance at a rate equal to (y) the alternative rate plus (z) the applicable margin of 2.75%. Additionally, the Company must pay a fee for the portion of the CO Facility that is unused. The unused line fee is calculated based upon the percentage of the CO Facility not being utilized. The OC Facility accrues the unused line fee as a percentage of the unused commitment amount at a rate ranging from 0.35% and 0.75%. The Company may make prepayments without a penalty or premium. The agreement requires certain restrictive covenants for which the Company is in compliance with as of December 31, 2021 and 2020. All balances outstanding under the CO Facility will become due on the third anniversary of the sixth amendment closing date, or October 2023. Deferred financing costs incurred by the Company related to the CO Facility were approximately $75,000 and $447,000 during the period ended December 31, 2021 and 2020, respectively. In March 2021, the Company, through its newly formed subsidiary, NBL SPV II, LLC (“SPV II”), entered into a master repurchase agreement (the “DB Facility”) with Deutsche Bank AG (“DB”) in an amount up to $100,000,000 The DB Facility is a full recourse and uncommitted arrangement that allows DB to purchase eligible SBA 504 loans from the Company at a purchase price as determined by the agreement. As of December 31, 2021, the Company had approximately $11,100,000, outstanding under the DB Facility. Borrowings under the agreement bear interest at a rate equal to the 3-month LIBOR rate plus an applicable spread of 2.75%. The Company may make prepayments without a penalty or premium as long as the prepayment is either the result of a full payment made by the mortgagor of such loan, a whole loan sale by the Company, or in the event that a loan becomes subjected to a mandatory repurchase event as per the terms of the agreement. The DB Facility is guaranteed by NBSC and allows for borrowings for a two year period ending on the second anniversary of the execution of the agreement for an amount up to $100,000,000. The agreement provides for two six-month extension periods as long as certain conditions are met as defined by the agreement. All balances outstanding under the Facility will become due on the second anniversary of the closing date, or March 2023, provided that the facility is not extended by the Company. Deferred financing costs incurred by the Company related to the DB Facility were approximately $893,000 during the period ended December 31, 2021. In September 2021, the Company, through its newly formed subsidiary, NBL SPV III, LLC (“SPV III”), entered into a revolving line of credit agreement (the “OFB Facility”) with One Florida Bank, a Florida banking corporation (“OFB”), to finance eligible SBA 504 loans as determined by the agreement. The OFB Facility is guaranteed by NBL and NBSC and allows for borrowings up to $20,000,000 for a period of two years from the closing date. All balances outstanding under the OFB Facility will become due on the maturity date, or September 2023. As of December 31, 2021, the Company had approximately $3,400,000, outstanding under the OFB Facility. Advances under the agreement accrue interest at a rate of Prime plus 1.0%. and in no event shall the total rate be less than 4.25%. Deferred financing costs incurred by the Company related to the OFB Facility were approximately $177,000 during the period ended December 31, 2021. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 13 As presented on the consolidated statements of operations, interest expense for the years ended December 31, 2021 and 2020 was approximately $2,210,000 and $1,427,000, respectively, which included amortization of deferred financing costs of approximately $694,000 and $310,000, respectively. 6. Commitments and Contingencies Operating Commitments The Company has a non-cancellable operating lease with future rentals as follows: Year Ending December 31, 2022 $ 85,105 Total $ 85,105 Rent expense for the years ended December 31, 2021 and 2020 was approximately $154,000 and $138,000, respectively. Legal Contingencies In the normal course of business, the Company may become involved in various legal claims. However, management is not currently aware of any legal claims against the Company which would have a material adverse effect on the operations, cash flows or assets and liabilities of the Company. 7. Related Party Transactions Due to affiliates consists of amounts payable to the Company’s parent and other related parties, for expenses incurred on behalf of the Company. Due from affiliates consists of amounts receivable from the Company’s parent and other related parties for expenses paid on behalf of the other. During the years ended December 31, 2021 and 2020, the Company incurred expenses of approximately $22,000 and $21,000, respectively, of insurance premiums, approximately $15,000 and $19,000, respectively, of advertising costs, approximately $4,000 and $5,000 , respectively, of professional fees, and approximately $26,000 and $6,000, respectively, in other operating expenses from NBSC, which are included in other operating expenses on the consolidated statements of operations. Furthermore, during the year ended December 31, 2021 and 2020, the Company incurred $161,000 and $135,000, respectively, from NBSC related to salaries for management and certain other employees that perform services for the Company, which are included in salaries and benefits on the consolidated statements of operations. The Company subleases office space from Newtek Small Business Finance, LLC (“NSBF”) in Lake Success, NY. The rent payment is based upon an allocation of headcount in the Lake Success office space and amounted to rent expense of approximately $6,000 and $5,000 incurred for the year ended December 31, 2021 and 2020, respectively. Additionally, NSBF charged the Company approximately $5,000 and $1,000 respectively, in other operating expenses during the year ended December 31, 2021 and 2020. These charges from NSBF were included in other general and administrative expenses on the consolidated statements of operations. During the year ended December 31, 2020, the Company purchased one loan receivable in the amount of $381,000 from its affiliate, CDS Business Services, Inc. This loans is included in loans receivable – held for sale, at fair value on the consolidated statements of financial position at December 31, 2020. The Company’s affiliates also performed certain services for the Company, which included approximately $71,000 and $46,000 for IT support from Newtek Technology Solutions, Inc. and approximately $4,000 and $4,000 in payroll processing fees from PMTWorks Payroll, LLC, during the year ended December 31, 2021 and 2020, respectively, which are included in other general and administrative expenses on the consolidated statements of operations. The Company also incurred approximately $274,000 and $223,000 in legal services from NSBF, and approximately $366,000 and $249,000 of loan servicing fees from Small Business Lending, LLC, during the year ended December 31, 2021 and 2020, respectively. During the year ended December 31, 2021 and 2020, the Company incurred approximately $15,000 and Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 14 $8,000 of customer support services from Titanium Asset Management LLC, respectively. These expenses are included in other general and administrative expenses on the consolidated statements of operations. The Company performed administrative services for its affiliate, Newtek Conventional Lending, LLC (“NCL”), which consisted of loan underwriting, origination and packaging services, and closing and compliance services. During the year ended December 31, 2021 and 2020, these administrative services in the amount approximately $105,000 and $84,000, respectively, were included in other income on the consolidated statement of operations. In November 2021, the Company sold one loan to NCL in the amount of $10,286,000. The sale was made at par and no realized or unrealized gains or losses have been recorded related to the transaction. The Company received $5,131,000 in cash and $5,155,000 was deemed a return of capital related to the transaction. The Company is not affiliated with the borrowers of the loans. In September 2020, the Company sold three loans to NBSC totaling $15,296,000. The sales were made at par and no realized or unrealized gains or losses have been recorded related to the transactions. The Company is not affiliated with the borrowers of the loans. 8. Concentration of Risk As of December 31, 2021, the Company had four borrowers that represented greater than 10% of total loans receivable – held for sale, at fair value. In aggregate, these borrowers represented approximately 49% of total loans receivable – held for sale, at fair value. For the period ended December 31, 2021, two borrowers represented more than 10% of total interest income. In aggregate, these borrowers represented approximately 25% of total interest income. As of December 31, 2020, the Company had four borrowers that represented greater than 10% of total loans receivable – held for sale, at fair value. In aggregate, these borrowers represented approximately 54% of total loans receivable – held for sale, at fair value. For the period ended December 31, 2020, two borrowers represented more than 10% of total interest income. In aggregate, these borrowers represented approximately 32% of total interest income. 9. Stock Compensation During 2021, the Company’s Board approved the 2021 Stock Incentive Plan (the “Incentive Plan”) to advance the interests of the Company through providing select employees and officers grants of the Parent’s common stock currently traded on the Nasdaq Global Market, under the symbol “NEWT”. The grants made in accordance with the Incentive Plan were dated February 15, 2021 and vest in accordance with a continuous service condition. Per the terms of the Incentive Plan, the shares authorized shall not exceed 150,000 shares and the maximum number of shares an employee may be granted in any calendar year is 10,000 shares. For the year ended December 31, 2021, the Company recorded stock compensation expense of $371,000, which is included in salaries and benefits on the consolidated statement of operations. For the year ended December 31, 2021, the Company accrued $53,000 related to unvested grants. 10. Employee Benefit Plans Defined Contribution Plan NBL’s employees participate in a defined contribution 401(k) plan (the “Plan”) adopted by NBSC 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 Internal Revenue 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. NBSC, through NBL, 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. At December 31, 2021, NBL accrued approximately $10,000 for a Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 15 matching contribution, which has not yet been paid. A matching contribution related to the year ended December 31, 2020 in the amount of $11,000 was made in March 2021. 11. Subsequent Events The Company evaluated subsequent events for potential recognition and/or disclosure through April 29, 2022, the date the consolidated financial statements were available to be issued, and has determined that no events have occurred that would require adjustments or disclosures in the consolidated financial statements. Newtek Business Lending, LLC and Subsidiaries Notes to Consolidated Financial Statements December 31, 2021 and 2020 16 1 Report of Independent Registered Public Accounting Firm Board of Directors and Shareholders NewtekOne, Inc., formerly known as Newtek Business Services Corp. Our audits of NewtekOne, Inc., formerly known as Newtek Business Services Corp.’s (the Company) consolidated financial statements and internal control over financial reporting referred to in our report dated March 15, 2023, (appearing in the accompanying Form 10-K) also included an audit of the senior securities table of the Company 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 Hartford, Connecticut March 15, 2023

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