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.
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1B.
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7.
7A.
8.
9.
9A.
9B.
9C.
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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
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114
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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
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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:
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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.
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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:
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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
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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®.
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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.
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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.
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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.
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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
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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:
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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.
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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
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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:
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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.
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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.
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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.
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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.”
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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.
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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.
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First Lien Loans. Our first lien loans generally have terms of one to 25 years, provide for a variable interest rate, contain no prepayment penalties (however, the SBA will charge the borrower a prepayment fee if the loan has a maturity of 15 or more years
and is prepaid during the first three years) and are secured by a first priority security interest in all existing and future assets of the borrower. Our first lien loans may take many forms, including revolving lines of credit, term loans and acquisition lines of
credit.
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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.
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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.
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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:
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an SBA Form 912 (Statement of Personal History), if the relevant questions in Form 1919 are answered affirmatively;
an SBA Form 413 (Personal Financial Statement), for all owners of 20% or more (including the assets of the owner’s spouse and any minor children), and proposed guarantors;
business financial statements dated within 180 days prior to submission to SBA, consisting of (a) year-end balance sheets for the last three years, including detailed debt schedule, (b) year-end profit & loss (P&L) statements for the last three years, (c)
reconciliation of net worth, (d) interim balance sheet, and (e) interim P&L statements;
a list of names and addresses of any subsidiaries and affiliates, including concerns in which the applicant holds a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with the applicant,
and business financial statements meeting the same requirements as above of such subsidiaries and affiliates;
formation documents for all obligor entities to validate existence and structure;
the applicant’s original business license or certificate of doing business;
records of any loans the applicant may have applied for in the past;
signed personal and business U.S. federal income tax returns of the principals of the applicant’s business for previous three years;
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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.
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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:
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Commercial real estate — 75%
Residential real estate — 85%
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Vacant land — 50%
• Machinery & Equipment — 50%
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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:
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the property must be at least 51% owner-occupied pursuant to SBA policies; and
loan proceeds may not be used to remodel or convert any rental space in the property.
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For new construction, the Applicant must occupy 60% of the Rentable Property, may permanently lease to a third party up to 20% and temporarily lease an additional 20% with the intention of using some of the additional 20% within 3 years and all of it within 10
years.
NSBF policy regarding the use of real estate appraisals and environmental reports is intended to provide for a secure, orderly and independent process for the ordering, receipt and approval of independent valuation and environmental reports. Commercial real estate
appraisals are required on all primary collateral prior to the loan closing. In general, appraisals will be required as follows:
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For loans greater than $500,000 is secured by commercial real property; or
For loans $500,000 or less secured by commercial real property, an appraisal will be required if such appraisal is necessary for appropriate evaluation of creditworthiness.
The appraiser must be either State-licensed or State-certified (except when the property’s estimated value is over $1,000,000, when the appraiser must be State-certified) and the appraisal report must conform to Uniform Standards of Professional Appraisal
Practice (USPAP);
Appraisal reviews are required for all commercial real estate with an appraised value of $500,000 or more conducted by a licensed/certified and independent MAI appraiser.
Environmental screenings and an environmental questionnaire are required for all commercial real estate taken as collateral.
The type and depth of an Environmental Investigation to be performed varies with the risks of Contamination.
In general, environmental reports are required as follows:
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for real estate valued up to $500,000 — a transaction screen including a records review;
for real estate valued in excess of $500,000 — a Phase I Environmental Report; and
a Phase I Environmental Report will be required regardless of property value: gasoline service stations, car washes, dry cleaners and any other business known to be in environmentally polluting industries.
In all cases for commercial real estate taken as collateral:
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if further testing is recommended, the recommended level of testing will be performed prior to the loan closing; and
if the report indicates remedial action to be taken by the business, such actions must be completed prior to the loan closing and a closure letter must be provided prior to funding.
Medical Professionals: In connection with a loan application relating to the financing of a medical business, all medical licenses will be verified, with the loss or non-renewal of license constituting grounds for denial of the application. In addition, medical
professionals must provide evidence of malpractice liability insurance of at least $2.0 million or the loan amount, whichever is higher. Malpractice insurance must be maintained for the life of the loan.
Franchise Lending: All franchise loan applications will be evaluated as to eligibility by accessing SBA’s Franchise Directory as required by SBA, which does not permit assistance to a franchise that has not been approved and listed on its Franchise Directory. The
underwriter will review the Franchise Disclosure Document and the Franchise Agreement in the course of underwriting the credit.
Credit Package
For each loan application, the loan underwriter will prepare a credit package (the “Credit Package”). All credit and collateral issues are addressed in the Credit Package, including but not limited to, the terms and conditions of the loan request, use of proceeds,
collateral adequacy, financial condition of the applicant and business, management strength, repayment ability and conditions precedent. The Underwriting Department will recommend approval, denial or modification of the loan application. The Credit Package is
submitted to our credit committee for further review and final decision regarding the loan application.
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Other than rejections for ineligibility of the applicant, the type of business or the loan purpose, NSBF may decline a loan application for the following reasons:
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after taking into consideration prior liens and considered along with other credit factors, the net value of the collateral offered as security is not sufficient to protect the interest of the U.S. Government;
lack of reasonable assurance of ability to repay loan (and other obligations) from earnings;
lack of reasonable assurance that the business can be operated at a rate of profit sufficient to repay the loan (and other obligations) from earnings;
disproportion of loan requested and of debts to tangible net worth before and after the loan;
inadequate working capital after the disbursement of the loan;
the result of granting the financial assistance requested would be to replenish funds distributed to the owners, partners, or shareholders;
lack of satisfactory evidence that the funds required are not obtainable without undue hardship through utilization of personal credit or resources of the owner, partners or shareholders;
the major portion of the loan requested would be to refinance existing indebtedness presently financed through normal lending channels;
credit commensurate with applicant’s tangible net worth is already being provided on terms considered reasonable;
gross disproportion between owner’s actual investment and the loan requested;
lack of reasonable assurance that applicant will comply with the terms of the loan agreement;
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.
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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:
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on-site visits with management and relevant key employees;
in-depth review of historical and projected financial statements, including covenant calculation work sheets;
interviews with customers and suppliers;
• management background checks;
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review reports by third-party accountants, outside counsel and other industry, operational or financial experts; and/or
review material contracts.
During the underwriting process, significant, ongoing attention is devoted to sensitivity analyses regarding whether a company might bear a significant “downside” case and remain profitable and in compliance with assumed financial covenants. These “downside”
scenarios typically involve assumptions regarding the loss of key customers and/or suppliers, an economic downturn, adverse regulatory changes and other relevant stressors that we attempt to simulate in our quantitative and qualitative analyses. Further, we
continually examine the effect of these scenarios on financial ratios and other metrics.
Approval, Documentation and Closing
Upon the completion of the due diligence process, the 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.
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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:
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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.
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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.
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Compliance Policies and Procedures
We have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the
effectiveness of their implementation and designate a chief compliance officer to be responsible for administering the policies and procedures. Mr. Michael Schwartz currently serves as our Chief Compliance Officer.
Privacy Principles
We are committed to maintaining the privacy of our shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and
why, in certain cases, we may share information with select other parties.
Generally, we do not receive any non-public personal information relating to our shareholders, although certain non-public personal information of our shareholders may become available to us. We do not disclose any non-public personal information about our
shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent).
Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:
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pursuant to Rule 13a-14 of the Exchange Act, our Chief Executive Officer and Chief Accounting Officer must certify the accuracy of the consolidated financial statements contained in our periodic reports;
pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;
pursuant to Rule 13a-15 of the Exchange Act, our management must prepare a report regarding its assessment of our internal controls over financial reporting; and
pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls or in other factors that could significantly affect these controls subsequent to the
date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are
adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.
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
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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
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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.
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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
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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.
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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.
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• We are subject to risks associated with the discontinuation of LIBOR, which will affect our cost of capital and results of operations.
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• 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.
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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
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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
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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.
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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:
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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;
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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.
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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.
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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.
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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.
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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.
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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:
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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.
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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.
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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
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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.
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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.
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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:
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Data Protection and Information Security. Aspects of NMS’ operations and business are subject to privacy and data protection regulation. NMS’ financial institution clients are subject to similar requirements under the guidelines issued by the federal
banking agencies. In addition, many individual states have enacted legislation requiring consumer notification in the event of a security breach.
Anti-Money Laundering and Anti-Terrorism Financing. The U.S.A. PATRIOT Act requires NMS to maintain an anti-money laundering program. Sanctions imposed by the U.S. Treasury Office of Foreign Assets Control, or OFAC, restrict NMS from
dealing with certain parties considered to be connected with money laundering, terrorism or narcotics. NMS has controls in place designed to ensure OFAC compliance, but if those controls should fail, it could be subject to penalties, reputational damage
and loss of business.
• Money Transfer Regulations. As NMS expands its product offerings, it may become subject to money transfer regulations, increasing regulatory oversight and costs of compliance.
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Formal Investigation. If NMS is suspected of violating government statutes, such as the Federal Trade Commission Act or the Telemarketing and Consumer Fraud and Abuse Prevention Act, governmental agencies may formally investigate NMS. As a
result of such a formal investigation, criminal or civil charges could be filed against NMS and it could be required to pay significant fines or penalties in connection with such investigation or other governmental investigations. Any criminal or civil charges
by a governmental agency, including any fines or penalties, could materially harm NMS’ business, results of operations, financial position and cash flows. Currently, NMS is operating under an order for injunctive relief it voluntarily entered into with the
Federal Trade Commission.
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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.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Price Range of Common Stock
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.
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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.
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Liquidity and Capital Resources
Overview
Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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
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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.”
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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.
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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.
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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.
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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
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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
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Other
Directorships
Held by Director or Nominee for
Director During
Past 5 Years
Director, Walker Innovation Inc., 2015-
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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
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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.
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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.
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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.
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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
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• 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.
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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.
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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
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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.
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(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.
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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.
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(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.
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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.
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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
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• 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.
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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.
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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.
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(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.
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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
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No other financial statement schedules are filed herewith because (1) such schedules are not required or (2) the information has been presented in the aforementioned financial statements.
(a)(3) Exhibits.
The following exhibits are filed herewith or are incorporated by reference to exhibits previously filed with the Securities and Exchange Commission.
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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).
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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.
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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
(#)
(#,^)
(#)
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(#,^)
(#,^)
(#)
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(#)
(#)
(#,^)
(#,^)
(#,^)
(#)
(#)
(#,^)
(#,^)
(#,^)
(#)
(#)
(#)
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.
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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.
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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.
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See accompanying notes to consolidated financial statements.
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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.
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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.
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December 31, 2022
December 31, 2021
$
$
53,692
71,914
125,606
$
$
2,397
184,463
186,860
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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.
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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
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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.
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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.
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NOTE 3—INVESTMENTS:
Investments, all of which are in portfolio companies in the United States, consisted of the following at:
Non-affiliate debt investments
Non-control investments:
Equity
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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
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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.
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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.
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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:
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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.
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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.
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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
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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.
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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
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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-
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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
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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.
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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.
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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.
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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:
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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.
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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:
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in the payment of principal (or premium, if any) or interest; or
Merger or Consolidation
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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:
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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
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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:
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change the stated maturity of the principal of or interest on the Notes;
Changes Not Requiring Approval
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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:
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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.
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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:
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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.
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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:
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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.
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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:
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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
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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:
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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.
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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:
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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:
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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