10-Q 1 newt3312210-q.htm 10-Q Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)    
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____
Commission file number: 814-01035
NEWTEK BUSINESS SERVICES CORP.
(Exact name of registrant as specified in its charter)
 
Maryland46-3755188
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
4800 T Rex Avenue, Suite 120, Boca Raton, Florida33431
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 356-9500
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.02 per shareNEWTNasdaq Global Market LLC
5.75% Notes due 2024NEWTLNasdaq Global Market LLC
5.50% Notes due 2026NEWTZNasdaq Global Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filerxAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial or accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
As of May 6, 2022, there were 24,161,106 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.




TABLE OF CONTENTS
 
 Page
Item 1.
Consolidated Schedules of Investments as of March 31, 2022 (Unaudited) and December 31, 2021
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Item 4.
Item 5.
Item 6.



Defined Terms

We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to Newtek Business Services Corp. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:
Terms
1940 ActInvestment Company Act of 1940, as amended
2016-1 TrustNewtek Small Business Loan Trust, Series 2016-1, terminated in December 2021
2017-1 TrustNewtek Small Business Loan Trust, Series 2017-1
2018-1 TrustNewtek Small Business Loan Trust, Series 2018-1
2019-1 TrustNewtek Small Business Loan Trust, Series 2019-1
2021-1 TrustNewtek Small Business Loan Trust, Series 2021-1
2022 Notes7.50% Notes due 2022, redeemed in August 2019
2023 Notes6.25% Notes due 2023, redeemed in February 2021
2024 Notes5.75% Notes due 2024
2025 6.85% Notes6.85% Notes due 2025, redeemed in May 2022
2025 5.00% Notes5.00% Notes due 2025
2025 NotesCollectively, the 2025 6.85% Notes and the 2025 5.00% Notes
2026 Notes5.50% Notes due 2026
Amended 2019 ATM Distribution AgreementFirst Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents
ASCAccounting Standards Codification, as issued by the FASB
ASUAccounting Standards Updates, as issued by the FASB
2017 ATM Equity Distribution AgreementSecond Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents
2019 ATM Equity Distribution AgreementEquity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents
2020 ATM Equity Distribution AgreementEquity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents
BDCBusiness Development Company under the 1940 Act
BoardThe Company's board of directors
Capital OneCapital One Bank, National Association
CodeInternal Revenue Code of 1986, as amended
Deutsche BankDeutsche Bank AG
DRIPThe Company's dividend reinvestment plan
EBITDAEarnings before interest, taxes, depreciation and amortization
Equity Incentive PlanThe Company's 2015 Equity Incentive Plan
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
LIBORLondon Interbank Offered Rate
NAVNet Asset Value
NBL Capital One FacilityRevolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL, and Capital One
NBL Deutsche Bank FacilityRevolving Credit and Security Agreement between NBL SPV2, LLC, a wholly-owned subsidiary of NBL, and Deutsche Bank
NBL One Florida Bank FacilityRevolving Credit and Security Agreement between NBL SPV3, LLC, a wholly-owned subsidiary of NBL, and One Florida Bank
NBNYCNational Bank of New York City
Receivable and Inventory FacilityLoan 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.
Related Party RLOCUnsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
PLPPreferred Lender Program, as authorized by the SBA
PPPPaycheck Protection Program



Related Party RLOCUnsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
RICRegulated investment company under the Code
S&PStandard and Poor's
SBAUnited States Small Business Administration
SBLCSmall Business Lending Company
SECU.S. Securities and Exchange Commission
SMBSmall-and-medium sized businesses
Stock Purchase Agreement 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
Taxable SubsidiariesCompanies formed by Newtek which are taxed as corporations for income tax purposes
TrusteeU.S. Bank, National Association
U.S. GAAP or GAAPGenerally accepted accounting principles in the United States
WebsterWebster Bank, N.A.
Portfolio Companies and Subsidiaries
NSBFNewtek Small Business Finance, LLC, a consolidated subsidiary
NBLNewtek Business Lending, LLC, a wholly-owned controlled portfolio company
NCLNewtek Conventional Lending, LLC, a 50% owned portfolio company
ExponentialExponential Business Development Co., Inc., a Taxable Subsidiary
NMSNewtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company
PremierPremier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018
Mobil MoneyMobil Money, LLC, a wholly-owned controlled portfolio company
NTSNewtek Technology Solutions, Inc., a wholly-owned controlled portfolio company
IPMInternational Professional Marketing, Inc., a former wholly-owned controlled portfolio company which merged into NTS on July 1, 2021
SIDCOSIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company
EWSExcel WebSolutions, LLC, a wholly-owned controlled portfolio company
NBCCDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company
SBLSmall Business Lending, LLC, a wholly-owned controlled portfolio company
BSPADR Partners, LLC dba banc-serv Partners, LLC, a former wholly-owned controlled portfolio company
NPS or PMTPMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company
NIANewtek Insurance Agency, LLC, a wholly-owned controlled portfolio company
TAMTitanium Asset Management LLC, a wholly-owned controlled portfolio company
EMCAPEMCAP Loan Holdings, LLC
POSPOS on Cloud, LLC, dba Newtek Payment Systems, a controlled portfolio company
5




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
March 31, 2022December 31, 2021
ASSETS(Unaudited)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $449,551 and $431,970, respectively; includes $333,659 and $344,266, respectively, related to securitization trusts)$440,005 $424,417 
SBA guaranteed non-affiliate investments (cost of $65,425 and $65,728, respectively)71,939 72,970 
Controlled investments (cost of $150,048 and $157,289, respectively)251,133 260,398 
Non-control investments (cost of $1,000 and $1,000, respectively)1,000 1,000 
Total investments at fair value764,077 758,785 
Cash4,911 2,397 
Restricted cash158,543 184,463 
Broker receivable16,725 44,537 
Due from related parties4,812 4,395 
Servicing assets, at fair value28,855 28,008 
Right of use assets7,005 7,310 
Other assets24,384 26,666 
Total assets$1,009,312 $1,056,561 
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable$50,000 $50,000 
Notes due 2024 (par: $38,250 and $38,250 as of March 31, 2022 and December 31, 2021, Note 7)37,734 37,679 
Notes due 2025 (par: $30,000 and $15,000 as of March 31, 2022 and December 31, 2021, Note 7)29,124 14,545 
Notes due 2026 (par: $115,000 and $115,000 as of March 31, 2022 and December 31, 2021, Note 7)112,307 112,128 
Notes payable - Securitization trusts (par: $232,606 and $249,750 as of March 31, 2022 and December 31, 2021, Note 7)229,354 246,250 
Notes payable - related parties— 11,450 
Due to related parties582 1,490 
Lease liabilities8,696 9,056 
Deferred tax liabilities13,676 12,733 
Due to participants117,459 146,225 
Derivative instruments— 183 
Accounts payable, accrued expenses and other liabilities11,900 10,935 
Total liabilities610,832 652,674 
Commitment and contingencies (Note 9)
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, 24,161 and 24,159 issued and outstanding, respectively)483 483 
Additional paid-in capital368,299 367,663 
Accumulated undistributed earnings29,698 35,741 
Total net assets398,480 403,887 
Total liabilities and net assets$1,009,312 $1,056,561 
Net asset value per common share$16.49 $16.72 
6
See accompanying notes to consolidated financial statements.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
Three Months Ended March 31,
20222021
Investment income
From non-affiliate investments:
Interest income - PPP loans$— $24,208 
Interest income - SBA 7(a) loans7,079 5,949 
Servicing income3,181 2,740 
Other income1,579 1,114 
Total investment income from non-affiliate investments11,839 34,011 
From non-control investments:
Interest income— 124 
Dividend income22 26 
Total investment income from non-control investments22 150 
From controlled investments:
Interest income664 533 
Dividend income7,824 — 
Total investment income from controlled investments8,488 533 
Total investment income20,349 34,694 
Expenses:
Salaries and benefits5,109 4,450 
Interest4,667 5,072 
Depreciation and amortization63 85 
Professional fees1,301 1,188 
Origination and loan processing2,454 2,971 
Origination and loan processing - related party4,029 3,143 
Loss on extinguishment of debt— 955 
Other general and administrative costs1,753 1,635 
Total expenses19,376 19,499 
Net investment income973 15,195 
Net realized and unrealized gains (losses):
Net realized gain on non-affiliate investments - SBA 7(a) loans15,295 7,393 
Net realized gain (loss) on derivative transactions445 — 
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments(728)4,393 
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments(1,990)1,387 
Net unrealized appreciation (depreciation) on controlled investments(2,024)2,375 
Change in deferred taxes(943)(633)
Net unrealized appreciation on non-control investments— 527 
Net unrealized depreciation on servicing assets(1,559)(513)
Net unrealized appreciation on derivative transactions183 — 
Net realized and unrealized gains$8,679 $14,929 
Net increase in net assets resulting from operations$9,652 $30,124 
Net increase in net assets resulting from operations per share$0.40 $1.35 
Net investment income per share$0.04 $0.68 
Dividends and distributions declared per common share$0.65 $0.50 
Weighted average number of shares outstanding24,156 22,337 
7
See accompanying notes to consolidated financial statements.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
(In Thousands)
Three Months Ended March 31,
20222021
Increase in net assets:
Net investment income$973 $15,195 
Net realized gain on investments15,740 7,393 
Net unrealized (depreciation) appreciation on investments(7,061)7,536 
Net increase in net assets resulting from operations9,652 30,124 
Dividends to common stockholders(15,585)(11,166)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan225 140 
Stock-based compensation expense781 694 
Purchase of vested stock for employee payroll tax withholding(480)(1,264)
Issuance of common stock, net of offering costs— 8,970 
Net increase in net assets from capital share transactions526 8,540 
Total increase (decrease) in net assets(5,407)27,498 
Net assets at beginning of period403,887 339,353 
Net assets at end of period$398,480 $366,851 
Common shares outstanding at end of period24,161 22,530 
Capital share activity:
Shares issued under dividend reinvestment plan
Shares issued in connection with sales of common stock— 430 
Purchase of vested stock for employee payroll tax withholding(18)(46)
Restricted shares issued under Equity Incentive Plan, net of forfeitures11 170 
Net increase in capital share activity560 
8
See accompanying notes to consolidated financial statements.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Three Months Ended March 31,
20222021
Cash flows from operating activities:
Net increase in net assets resulting from operations$9,652 $30,124 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net unrealized depreciation (appreciation) on controlled investments2,024 (2,375)
Net unrealized depreciation (appreciation) on non-affiliate investments2,718 (6,307)
Net unrealized depreciation on servicing assets1,559 513 
Net unrealized appreciation on derivative transactions(183)— 
Net realized gains on non-affiliate investments(12,889)(6,207)
Loss on extinguishment of debt— 955 
Amortization of deferred financing costs553 649 
Deferred income taxes943 633 
Depreciation and amortization64 85 
Purchase of guaranteed SBA loans— (982)
Funding of guaranteed non-affiliate SBA loans(124,019)(513,869)
Funding of unguaranteed non-affiliate SBA loans(39,322)(15,499)
Funding of controlled investments(2,500)(13,250)
Proceeds from sale of non-affiliate SBA loans137,494 490,452 
Principal received on SBA non-affiliate investments21,357 12,660 
Principal received from non-control investments— 17 
Return of investment from controlled investments9,741 — 
Other, net863 897 
Changes in operating assets and liabilities:
Broker receivable27,812 32,635 
Due to/from related parties(1,325)(747)
Other assets2,189 (2,801)
Due to participants(28,766)— 
Accounts payable, accrued expenses and other liabilities910 28,804 
Capitalized servicing asset(2,406)(1,185)
Other, net29 
Net cash provided by operating activities6,478 35,231 
Cash flows from financing activities:
Net repayments on bank notes payable— (28,417)
Proceeds from common shares sold, net of offering costs— 8,969 
Net repayments under related party line of credit(11,450)(18,940)
Proceeds from Notes due 2024— 5,000 
Proceeds from Notes due 202515,000 10,000 
Proceeds from Notes due 2026— 115,000 
Redemption of Notes due 2023— (57,500)
Payments on Notes Payable - Securitization Trusts(17,144)(16,471)
Dividends paid(15,360)(11,026)
Additions to deferred financing costs(450)(3,940)
Purchase of vested stock for employee payroll tax withholding(480)(1,264)
Net cash (used in) provided by financing activities(29,884)1,411 
Net (decrease) increase in cash and restricted cash(23,406)36,642 
Cash and restricted cash—beginning of period (Note 2)186,860 51,425 
Cash and restricted cash—end of period (Note 2)$163,454 $88,067 
9
See accompanying notes to consolidated financial statements.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Three Months Ended March 31,
20222021
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired$105 $402 
Dividends declared but not paid during the period$2,541 $— 
Issuance of common shares under dividend reinvestment plan$225 $140 
            


10
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Samson Cinema Holdings, Inc(#)1400 Pile St., Clovis, NM 88101Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%9/30/2047$210.0 $210.0 $237.1 0.06 %
New Life Center for Family Enrichment LLC(#)74 Easton Way, Hainesport, NJ 8036Social AssistanceTerm LoanPrime plus 2.75%3/31/203247.3 47.3 40.8 0.01 %
Remote Alaska Solutions Inc; Alaska Concrete Solutions Inc & RAS Energy(#)450 S Old Trunk Rd, Palmer, AK 99645Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/31/2032637.5 637.5 588.2 0.15 %
Brandon Liberty Enterprises LLC(#)216 N Main St., Plattsburg, MO 64477Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%3/31/203215.8 15.8 13.6 — %
ZenDog, LLC(#)858 C Ridge Rd, Duson, LA 70529Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/30/20324.8 4.8 4.1 — %
JLK Construction, LLC(#)1214 Frederick Ave, St Joseph, MO 64501Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/31/20321,250.0 1,250.0 1,155.2 0.29 %
Robert H Lund DDS Inc.(#)3829 Hayvenhurst Dr, Encino, CA 91436Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/31/2032177.3 177.3 161.9 0.04 %
Appian Logic LLC(#)911 Falls Manors Ct,, Great Falls, VA 22066Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/31/2032500.0 500.0 433.2 0.11 %
Lounge Around, LLC;Enlight, LLC;Hour Entertainment LLC;Bobby Morganste(#)77 Buck Rd, Huntingdon Valley, PA 19006Rental and Leasing ServicesTerm LoanPrime plus 2.75%3/30/2047279.5 279.5 315.6 0.08 %
2900 N. 18th Street, LLC(#)77 Buck Rd, Huntingdon Valley, PA 19006Rental and Leasing ServicesTerm LoanPrime plus 2.75%11/30/2047190.9 190.9 215.5 0.05 %
LINDBERG-TURNER MEDICAL EQUIPMENT LLC(#)315 Mission St SE Ste 100, Salem, OR 97302Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/30/2032229.8 229.8 200.3 0.05 %
Jack's Legacy Services, LLC(#)1901 Avacado Ave, Melbourne, FL 32935Support Activities for TransportationTerm LoanPrime plus 2.75%3/29/2032515.3 515.3 483.9 0.12 %
All Green Turf Management LLC(#)126 Emerald Ct, Liberty, SC 29657Crop ProductionTerm LoanPrime plus 2.75%3/29/203216.9 16.9 17.9 — %
Tiny's Gumbo Bar NYC LLC(#)275 Church St., New York, NY 10013Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/29/203215.0 15.0 13.7 — %
Rella Rells Solutions, LLC(#)15401 Delahunty Lane, Pflugerville, TX 78660Merchant Wholesalers, Durable Goods Term LoanPrime plus 6.5%3/28/20325.5 5.5 5.5 — %
SHIELD TRANSPORTATION INC(#)9739 S Harlem Ave. Unit 3E, Chicago Ridge, IL 60415Transit and Ground Passenger TransportationTerm LoanPrime plus 6.5%3/28/203225.0 25.0 25.0 0.01 %
Compass Innovations LLC(#)8950 Villa La Jolla Dr C-114, San Diego, CA 92037Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/28/2032500.0 500.0 437.4 0.11 %
Ignite Health Solutions LLC(#)3251 Cedar St., Unit B, Philadelphia, PA 19134Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/28/203265.0 65.0 56.5 0.01 %
Chantay Richards LLC(#)19800 Hawthorne Blvd, Torrance, CA 90503Personal and Laundry ServicesTerm LoanPrime plus 6.5%3/28/203225.0 25.0 25.0 0.01 %
RS Dean Enterprises and RCSC Properties(#)3609 RICHLAND AVE W, Aiken, SC 29801Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%3/25/2047398.0 398.0 413.5 0.10 %
The Atticus Group, LLC(#)2 W Market St., West Chester, PA 19382Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%3/25/2032250.0 250.0 236.1 0.06 %
Aspen Welding LLC(#)28803 Hwy 6, Rifle, CO 81650Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/25/2032204.5 204.5 179.1 0.04 %
11
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

I'm HO-B LLC(#)3320 Silas Creek Pkwy, Winston-Salem, NC 27103Sporting Goods, Hobby, Musical Instrument, and Book Stores Term LoanPrime plus 2.75%3/25/2032125.0 125.0 107.8 0.03 %
4 POINTS TOWING & ROADSIDE SERVICE LLC;4 Points Automotive LLC and PNJ(#)5425 Willow Grove Rd, Camden Wyoming, DE 19934Repair and MaintenanceTerm LoanPrime plus 2.75%3/25/2047450.0 450.0 471.9 0.12 %
Todd Eric Chumbley and Neptune Aquarium Design Inc(#)11315 Sunrise Gold Circle, Rancho Cordova, CA 95742Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/24/203276.9 76.9 66.3 0.02 %
Little Angels Daycare and Learning Center LLC and Laboy & Diaz LLC(#)4551 Summit Blvd, West Palm Beach, FL 33415Social AssistanceTerm LoanPrime plus 2.75%3/24/20485.0 5.0 5.6 — %
Leedann Properties LLC(#)534 Mill St SE, Gainesville, GA 30501Rental and Leasing ServicesTerm LoanPrime plus 2.75%11/24/20323.4 3.4 2.9 — %
Alert Traffic Control, Inc and Remsund Group Inc(#)543 Sower Dr, Bayfield, CO 81122Administrative and Support ServicesTerm LoanPrime plus 2.75%3/24/2047487.5 487.5 508.1 0.13 %
Wonderly Trucking & Excavating, LLC and Wonderly Real Estate, LLC(#)3939 Fremont Pike, Perrysburg, OH 43551Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/24/2032495.0 495.0 461.6 0.12 %
All American Spirit Moving Co. LLC(#)14512 SE 262nd St, Kent, WA 98042Truck TransportationTerm LoanPrime plus 2.75%3/24/203242.6 42.6 36.7 0.01 %
JC Wild Birds LLC(#)5020 N Nevada Ave, Colorado Springs, CO 80918Miscellaneous Store Retailers Term LoanPrime plus 2.75%3/24/203221.5 21.5 18.7 — %
Impresa Building Systems of Greenwood, SC, LLC(#)161 Rock Church Rd SE, Greenwood, SC 29649Wood Product ManufacturingTerm LoanPrime plus 2.75%10/23/2032244.1 244.1 258.8 0.06 %
Lehigh Auto Sales and Service LLC(#)826 Hanover Ave, Allentown, PA 18109Motor Vehicle and Parts Dealers Term LoanPrime plus 6.5%3/23/203225.0 25.0 25.0 0.01 %
GAIA INC(#)513 1st St, Cheney, WA 99004Real EstateTerm LoanPrime plus 6.5%3/23/203225.0 25.0 25.0 0.01 %
Early Care Evolution LLC(#)823 Roget Way, Lawrenceville, GA 30045Educational ServicesTerm LoanPrime plus 6.5%3/23/203218.5 18.5 18.5 — %
Happy Employment LLC(#)268 Brookdale Dr, Little Elm, TX 75068Administrative and Support ServicesTerm LoanPrime plus 2.75%3/23/204767.5 67.5 76.2 0.02 %
Zenoff Products. Inc.(#)25 Tamalpais Ave, San Anselmo, CA 94960Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%3/21/2032500.0 500.0 431.1 0.11 %
Evolving Nurse, LLC(#)2940 Noble Rd, Cleveland Heights, OH 44121Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%8/18/204786.5 86.5 97.7 0.02 %
Keck's Haven LLC(#)346 Pointe Loma Blvd, Lake St Louis, MO 63367Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/18/20329.0 9.0 7.8 — %
Zeroholding, LLC(#)11175 Cicero Dr, Alpharetta, GA 30022Administrative and Support ServicesTerm LoanPrime plus 2.75%3/18/2032875.0 875.0 767.0 0.19 %
Firm Foundations, Inc.(#)1455 S Richland Creek Rd, Sugar Hill, GA 30518Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/18/20321,848.0 1,848.0 1,705.1 0.43 %
Zeniiz Inc dba Ogis Bakery & Deli(#)490 Coyote Run, Lucas, TX 75002Food ManufacturingTerm LoanPrime plus 2.75%3/18/203239.4 39.4 41.7 0.01 %
Ramay Consulting Inc(#)12 Lone Pine Trail Loop, High Rolls, NM 88325Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%3/17/203225.0 25.0 25.0 0.01 %
12
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Digital 1 Enterprises, Inc(#)5521 Fort Ave, Lynchburg, VA 24502Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/17/2032131.3 131.3 122.2 0.03 %
Resurgence Medical Spa LLC(#)3025 Matlock Rd, Arlington, TX 76015Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/17/2032155.5 155.5 142.8 0.04 %
Venture 35 LLC(#)871 Buck Swamp Rd, Goldsboro, NC 27530Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/17/2032232.3 232.3 245.9 0.06 %
East Side Muay Thai LLC(#)2135 General Booth Blvd, Virginia Beach, VA 23454Educational ServicesTerm LoanPrime plus 6.5%3/17/203212.5 12.5 12.5 — %
GreenLite Holdings LLC(#)2415 E Camelback Rd, Phoenix, AR 85016Real EstateTerm LoanPrime plus 2.75%3/17/203222.5 22.5 19.4 — %
Venture 35 LLC(#)871 Buck Swamp Rd, Goldsboro, NC 27530Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/17/2047375.0 375.0 423.4 0.11 %
Sip E Cup 225 LLC(#)1833 Beaumont Dr, Baton Rouge, LA 70806Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%3/16/203216.6 16.6 17.0 — %
Tess Care Living Home LLC(#)19200 SW Kinnaman Rd, Beaverton, OR 97078Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/15/203215.0 15.0 12.9 — %
HAVAM LLC & Anderson and Mason LLC dba Foxes Bar & Grill(#)30 Welland Ave, Irvington, NJ 7111Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/15/2047140.8 140.8 147.6 0.04 %
North Atlanta pediatrics and family care and Zuberi Medical Clinic, PC(#)325 Lester Rd NW, Lawrenceville, GA 30044Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/15/2032152.8 152.8 131.7 0.03 %
Berens and Miller PA(#)80 S 8th St., Ste 3720, Minneapolis, MN 55402Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/15/2032300.0 300.0 259.2 0.07 %
Silbertechit LLC(#)300 Tice Blvd, Woodcliff Lake, NJ 7677Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/15/20321,085.0 1,085.0 935.4 0.23 %
Stuff by SJ LLC(#)342 Bloomfield Ave, Montclaire, NJ 7042Food ManufacturingTerm LoanPrime plus 2.75%3/15/203248.4 48.4 42.7 0.01 %
AISJ1, Inc. dba America Italiana(#)275 E Brokaw Rd, San Jose, CA 95112Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/14/2032277.5 277.5 239.2 0.06 %
Exclusive Automation, LLC dba Surety Automation(#)488 Gilia Dr, Spring Creek, NV 89815Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/14/203220.3 20.3 17.5 — %
Charlotte County Painting and Resurfacing Inc.(#)1439 Shields St., Port Charlotte, FL 33980Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/14/2047126.8 126.8 142.1 0.04 %
Stones Flippin Pizza, Inc(#)127614 Clinton Keith Rd, Ste D-102, Murrieta, CA 92562Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/11/203237.7 37.7 32.5 0.01 %
AMG Auto Inc(#)1020 Route 22, Somerville, NJ 8876Motor Vehicle and Parts Dealers Term LoanPrime plus 2.75%3/11/2032696.4 696.4 600.4 0.15 %
Two Chicks in the Mix LLC(#)6018 Shenandoah Ave, Los Angeles, CA 90056Food ManufacturingTerm LoanPrime plus 2.75%3/11/203216.5 16.5 14.8 — %
Happier Now LLC(#)724 Homestead Rd, La Grange Park, IL 60526Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/11/20326.3 6.3 5.4 — %
MVT Contractors LLC(#)46 Bayard St,, New Brunswick, NJ 8901Construction of BuildingsTerm LoanPrime plus 2.75%3/11/203215.0 15.0 13.3 — %
Eagle Resource Group Inc(#)5775 Glenridge Dr, Ste B430, Sandy Springs, GA 30328Administrative and Support ServicesTerm LoanPrime plus 2.75%3/11/203262.5 62.5 61.9 0.02 %
13
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Southdown Coffee, LLC;Southdown Coffee Port Jefferson, LLC & Southdown(#)49 Maple Ave, Sea Cliff, NY 11579Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/11/203223.1 23.1 21.5 0.01 %
Eminere Hair LLC(#)303 W Division St, Chicago, IL 60610Personal and Laundry ServicesTerm LoanPrime plus 2.75%3/11/20327.5 7.5 6.5 — %
Hawthorne Country Store Inc(#)665-675 W Grand Ave, Escondido, CA 92025Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/11/203252.5 52.5 55.6 0.01 %
Asad N. Chaudhry DDS PLLC;Asad N Chaudhry, LLC and MNC PROPERTIES, L.L(#)2571 Baglyos Circle, Bethlehem, PA 18020Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/11/2032155.8 155.8 152.1 0.04 %
Ororeal LLC(#)350 7th Ave, New York, NY 10001Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%3/11/20321,000.0 1,000.0 862.1 0.22 %
Magnum Paving, Inc. and Steven Haws Enterprises Inc(#)2425 S 10th Ave, Tucson, AZ 85713Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/11/2032881.3 881.3 800.2 0.20 %
CELEBRATIONS! LLC(#)100 St..Marks St. Dr, South Pekin, IL 61564Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/10/20476.6 6.6 7.4 — %
Point Loma Tea, Inc.(#)2770 Historic Decatur Rd, San Diego, CA 92106Food and Beverage Stores Term LoanPrime plus 2.75%3/10/203247.3 47.3 40.7 0.01 %
SOGO TRADING, INC(#)23497 Eichler St, Hayward, CA 94545Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%3/10/2032216.0 216.0 187.4 0.05 %
NTIT Solutions, LLC dba GoLocker(#)141 Flushing Ave, Brooklyn, NY 11205Administrative and Support ServicesTerm LoanPrime plus 2.75%3/10/203222.5 22.5 19.4 — %
Inno Knits, LLC and Sports Brand Group, Inc.(#)2 Clerico Ln, Building 2 Ste 221, Hillsborough Township, NJ 8844Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%3/10/2032375.0 375.0 323.3 0.08 %
Far Out Tiny Homes, Inc.(#)2870 E Serene Ave, Henderson, NV 89074Construction of BuildingsTerm LoanPrime plus 2.75%3/10/203215.0 15.0 12.9 — %
Willows Associates Psychological & Counselling Services Inc. and Bryan(#)857 Turnpike St., North Andover., MA 1845Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/10/20324.7 4.7 4.1 — %
DTT Enterprises, LLc dba Highstroke Media(#)6565 Austin Hope Ave, Las Vegas, NV 89118Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/10/203287.5 87.5 75.4 0.02 %
Szoj Jewelers Corp.(#)6 Georgia St., Jackson Township, NJ 8527Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%3/9/203215.0 15.0 13.2 — %
Under the Rose Inc dba Avocado Cafe(#)11 Primrose St, Palmer Lake, CO 80133Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/9/2047272.5 272.5 300.0 0.08 %
LAST DROP FILMS, INC(#)4536 Avocado St., Los Angeles, CA 90027Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%3/9/203287.5 87.5 83.5 0.02 %
Edge Fitness Performance(#)100 General Oakley Dr, Ashland City, TN 37015Nonstore Retailers Term LoanPrime plus 2.75%3/9/203216.2 16.2 14.0 — %
Lion Inc. and Group1 Acquisitions LLC(#)318 W Half Day Rd, Buffalo Grove, IL 60089Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/8/2047151.3 151.3 170.8 0.04 %
Wayne Rebarber D.C., P.C and Wayne C Rebarber(#)307 Raritan Ave, Highland Park, NJ 8904Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/8/2047158.8 158.8 172.3 0.04 %
Heart to Heart Senior Care Center Inc(#)125 Charlton Dr, Madison, MS 39110Social AssistanceTerm LoanPrime plus 2.75%3/8/203239.5 39.5 41.4 0.01 %
14
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Miramar MBA Financial Co(#)8380 Miramar Mall, San Diego, CA 92121Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%3/7/2032125.0 125.0 107.8 0.03 %
LoveBirds LLC dba Wine and Design Fayetteville(#)113 Donaldson St., Fayetteville, NC 28301Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/7/203244.8 44.8 38.6 0.01 %
Rogers Remodeling LLC(#)830 W 17th St., Bloomington, IN 47404Construction of BuildingsTerm LoanPrime plus 2.75%3/7/203215.0 15.0 12.9 — %
Pulaski Lumber Company Inc(#)218 S 2ND ST Pulask,iIowa, Pulaski, IA 52584Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%3/7/2032150.0 150.0 145.7 0.04 %
Malone Enterprises LLC dba Glass Doctor Auto of Midvale(#)8395 700 W, Midvale, UT 84047Repair and MaintenanceTerm LoanPrime plus 2.75%3/7/20328.9 8.9 7.6 — %
Lions of Fortitude LLC dba : Fortitude Coffee Company(#)13086 Crestbrook Dr, Manassas, VA 20112Food ManufacturingTerm LoanPrime plus 2.75%3/4/203215.0 15.0 13.8 — %
Short Order LLC and Kimmy Sue, LLC(#)2244 Wilmington Pike, Dayton, OH 45420Food Services and Drinking PlacesTerm LoanPrime plus 2.75%3/4/204784.8 84.8 90.2 0.02 %
Overgaard's Artcraft Printers Inc(#)2213 S Michigan St., South Bend, IN 46613Printing and Related Support ActivitiesTerm LoanPrime plus 2.75%3/4/203270.0 70.0 66.5 0.02 %
PBKW Ltd dba KIDZ WATCH(#)580 Craig Dr Ste 8, Perrysburg, OH 43551Social AssistanceTerm LoanPrime plus 2.75%3/4/203251.3 51.3 44.3 0.01 %
Breakthrough Clinical Services LLC(#)378 Windsor Ave, Windsor, CT 6095Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%3/4/204758.5 58.5 64.7 0.02 %
Island Kaii & Company(#)20140 Livernois, Detroit, MI 48221Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%3/4/203219.7 19.7 17.0 — %
EAZZY AUTOMOTIVE INC.dba Eazzy Auto Brokers & Leasing(#)17087 E 8 Mile Rd, Eastpointe, MI 48021Motor Vehicle and Parts Dealers Term LoanPrime plus 2.75%3/2/204722.3 22.3 24.0 0.01 %
Hardscape Factory LLC(#)3069 Lodgepole Dr, Whiteland, IN 46184Specialty Trade ContractorsTerm LoanPrime plus 2.75%3/2/20327.5 7.5 6.5 — %
Aracena Agency Corp(#)1767 NJ-10 Unit 4, Morris Plains, NJ 7950Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%3/2/203211.3 11.3 9.7 — %
Praeder Ranch Resort L.L.C(#)30400 S Sunray Trail, Worley, ID 83876AccommodationTerm LoanPrime plus 2.75%2/28/2047537.5 537.5 604.2 0.15 %
Finishing Touch Lawncare and Landscape LLC(#)38575 Kost Trail, North Branch, MN 55056Administrative and Support ServicesTerm LoanPrime plus 2.75%2/28/203215.0 15.0 13.0 — %
Morris Law Firm P C(#)375 Linwood Ave, Buffalo, NY 14209Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/28/203287.5 87.5 78.8 0.02 %
SidEats Inc and Mad Twist, LLC(#)3633 S Ridgewood Ave, Port Orange, FL 32129Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/2032203.0 203.0 176.5 0.04 %
Gravy LLC dba Gravy and Salt & Schmaltz LLC(#)17629 Vashon Hwy SW, Vashon, WA 98070Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/2047166.3 166.3 182.1 0.05 %
Erupted Vapor LTD(#)6303 NE Hwy 99, Vancouver, WA 98665Miscellaneous Store Retailers Term LoanPrime plus 2.75%2/28/203275.0 75.0 64.7 0.02 %
Candor Homes, LLC(#)217 NW Scott St, Ankeny, IA 50023Construction of BuildingsTerm LoanPrime plus 2.75%2/28/203215.8 15.8 15.4 — %
Benjamin J. Gush dba Professional Auto Wash(#)1345 Athalia Ave, Monessen, PA 15062Repair and MaintenanceTerm LoanPrime plus 2.75%2/28/203243.8 43.8 42.8 0.01 %
15
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Brittany L Smith dba Money Ball Enterprises(#)17 Davis Ave, Salem, NJ 8079Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/28/204722.3 22.3 24.2 0.01 %
Braswell Services, LLC(#)139 Miller Ave, New Boston, TX 75570Repair and MaintenanceTerm LoanPrime plus 2.75%2/28/2032425.0 425.0 366.4 0.09 %
S. Heaney Marine Construction Inc(#)118 Washington Ave, Greenport, NY 11944Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%2/28/203247.5 47.5 45.6 0.01 %
Grey Enterprises LLC(#)1035 Pine Ave, Union, NJ 7083Educational ServicesTerm LoanPrime plus 2.75%2/25/203215.0 15.0 12.9 — %
Action Lock and Key LLC(#)18428 N 32nd Dr, Phoenix, AZ 85053Repair and MaintenanceTerm LoanPrime plus 2.75%2/25/20327.5 7.5 6.5 — %
Sunny Deals LLC(#)757 E Lewis and Clark Pkwy, Clarksville, IN 47129Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%2/25/203275.0 75.0 68.5 0.02 %
Fisher Custom Carpentry(#)79 Longwood Dr, Portland, ME 4102Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/25/203214.7 14.7 12.7 — %
Comprehensive Health and Wellness Intl Inc(#)6450 Lusk Blvd., C 261, San Diego, CA 92121Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/25/20328.0 8.0 8.0 — %
Jason Watt Pictures, LLC.(#)110 BRdway, Brooklyn, NY 11249Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%2/25/203211.3 11.3 9.7 — %
Northern Block Cortland LLC(#)38 Scammell St, Cortland, NY 13045Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%2/24/20329.5 9.5 8.1 — %
 J.D Towing LLC(#)1122 E Michigan Ave, Ypsilanti, MI 48198Support Activities for TransportationTerm LoanPrime plus 2.75%2/24/2032147.5 147.5 127.2 0.03 %
CFB Labor Solutions LLC(#)3330 Jack RD STE B, Clayton, NC 27520Administrative and Support ServicesTerm LoanPrime plus 2.75%2/24/203287.5 87.5 92.1 0.02 %
Puget Sound Plastering LLC(#)19104 Des Moines Memorial Dr, SeaTac, WA 98148Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/24/203216.5 16.5 14.2 — %
Howell Chiropractic Center, PLLC(#)975 Riverbend Rd, Frankfort, KY 40601Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/24/203222.5 22.5 20.1 0.01 %
KAAST Machine Tools Inc(#)3 Merion Terrace, Aldan, PA 19018Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%2/24/2032200.0 200.0 193.0 0.05 %
Titheotokos, LLC(#)1995 US-1, Vero Beach, FL 32960Health and Personal Care Stores Term LoanPrime plus 2.75%7/24/2047205.6 205.6 231.6 0.06 %
21st Century Living LLC(#)637 Violet Ave, Hyde Park, NY 12538Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/24/2047108.8 108.8 112.4 0.03 %
The Hometown Welcome Program Inc(#)107 S Nottawa St, Sturgis, MI 49091Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/23/203251.5 51.5 44.4 0.01 %
PlantBased Innovations LLC(#)320 Hamilton St, Leominster, MA 1453Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%2/23/2032957.0 957.0 861.1 0.22 %
IMO GLOW LLC dba IMO Cosmetic Dermatology(#)55 SE 6 St., Miami, FL 33131Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/23/203250.0 50.0 43.4 0.01 %
Red-Cap Industrial LLC(#)3314 GA-24, Waynesboro, GA 30830Construction of BuildingsTerm LoanPrime plus 2.75%2/23/203291.9 91.9 82.4 0.02 %
Prepster Brands LLC(#)401 McCalmont Rd, Renfrew, PA 16053Publishing Industries (except Internet)Term LoanPrime plus 2.75%2/23/20329.5 9.5 8.1 — %
Destined BJJ LLC(#)33390 Barmetta Ln, Temecula, CA 92592Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/23/203214.3 14.3 12.4 — %
The Refined RN LLC(#)7 Kimball Ln, Lynnfield, MA 1940Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%2/23/20327.5 7.5 6.5 — %
16
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

530 Strength & Conditioning(#)629 Entler Ave, Chico, CA 95928Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%2/22/20327.5 7.5 6.5 — %
Electronics Row LLC(#)10601 W Interstate 70 Frontage Rd N, Wheat Ridge, CO 80033Nonstore Retailers Term LoanPrime plus 2.75%2/22/2032250.0 250.0 215.5 0.05 %
Blessing Hands Home Care LLC(#)610 N Jackson St, Raymore, MO 64083Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/22/203215.0 15.0 13.0 — %
A&RS CPR LLC dba CPR Cell Phone Repair Beaverton(#)3905 SW 117th Ave, Oregon City, OR 97045Repair and MaintenanceTerm LoanPrime plus 2.75%2/22/203254.0 54.0 57.2 0.01 %
Icebox Café L.C(#)219 NE 3rd St., Hallandale Beach, FL 33009Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/22/203243.8 43.8 37.7 0.01 %
Sound Track USA LLC(#)6309 NW 99th Ave, Doral, FL 33178Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%2/22/203252.5 52.5 46.3 0.01 %
Mike N Jac Enterprises, Inc. dba Batteries Plus(#)115 Fairview Rd, Unit 8, Ellenwood, GA 30294Miscellaneous Store Retailers Term LoanPrime plus 2.75%6/22/203259.0 59.0 52.4 0.01 %
Sherwood Hospitality Group LLC and Sherwood Walker Properties LLC(#)5404 Hoover Blvd, Tampa, FL 33634Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/22/20471,250.0 1,250.0 1,411.3 0.35 %
Easy Touch Personal Home Care(#)89 Stallion Way, Hiram, GA 30141Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%2/22/204787.5 87.5 96.0 0.02 %
NBR Group LLC(#)1068 Pontiac Rd, Drexel Hill, PA 19026Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/22/203222.5 22.5 20.0 0.01 %
Kinly Signs, Inc(#)2485 County Rd 1, South Point, OH 45680Miscellaneous ManufacturingTerm LoanPrime plus 2.75%2/22/203268.8 68.8 59.3 0.01 %
Mack Thornton Logistics LLC dba The UPS Store(#)300 A Ave Building 1605, Fort Lee, VA 23801Administrative and Support ServicesTerm LoanPrime plus 2.75%6/22/203238.3 38.3 33.3 0.01 %
VMMA Construction LLC(#)330 E 38th St,#43E, New York, NY 10017Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/22/2032150.0 150.0 158.8 0.04 %
Black Phoenix Enterprises LLC(#)228 Park Ave S, New York, NY 10003Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%2/18/203215.0 15.0 15.4 — %
Temecula Electrical Supply Inc(#)41992 Avenida Alvarado, Temecula, CA 92590Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%2/18/2032125.0 125.0 123.3 0.03 %
Flavor Junction LLC(#)5 Karbe Pl, Dix Hills, NY 11746Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/18/203214.4 14.4 13.1 — %
Donald Patton dba Splash N' Go(#)3367 Hwy 48 N, Charlotte, TN 37036Repair and MaintenanceTerm LoanPrime plus 2.75%2/18/204786.3 86.3 97.4 0.02 %
Unlimited Communication, Inc(#)1238 E Beamer St., Ste A, Woodland, CA 95776TelecommunicationsTerm LoanPrime plus 2.75%2/18/20321,250.0 1,250.0 1,125.5 0.28 %
Mr and B Snacks Inc(#)1391 Clay St., Elmont, NY 11003Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%2/18/2032150.0 150.0 129.3 0.03 %
MAIC Operations Corp(#)2145 Couty Rd 39, Southampton, NY 11968Fishing, Hunting and TrappingTerm LoanPrime plus 2.75%2/18/2032212.5 212.5 224.3 0.06 %
Northern Steel and Concrete, LLC (NJ) and Northern Steel and Concrete,(#)18 Hillcrest Ln, Willingboro, NJ 8046Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/18/2032158.5 158.5 153.8 0.04 %
Wbe line services, LLC(#)437 Twining Ford Rd, Richboro, PA 18954Administrative and Support ServicesTerm LoanPrime plus 2.75%2/18/2032275.9 275.9 237.8 0.06 %
17
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Hillside Kitchens Inc.(#)345 Hillside Ave Ste C, Williston Park, NY 11596Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/18/203271.9 71.9 61.9 0.02 %
Brooklyn Cannery LLC(#)145 12th St, Brooklyn, NY 11215Food Services and Drinking PlacesTerm LoanPrime plus 2.75%2/17/203256.3 56.3 55.3 0.01 %
Enchanted Jewelry CT LLC & Keith and St George Enterprises, LLC(#)26 Tanglewood Dr, Preston, CT 6365Clothing and Clothing Accessories Stores Term LoanPrime plus 2.75%2/17/204782.8 82.8 87.5 0.02 %
Liberty Lane Stables LLC(#)N5090 Bowers Rd, Elkhorn, WI 53121Support Activities for Agriculture and ForestryTerm LoanPrime plus 2.75%2/17/2047175.0 175.0 192.9 0.05 %
4MAS Grooming Inc(#)148 Burnetts Way, Suffolk, VA 23434Nonstore Retailers Term LoanPrime plus 2.75%2/17/203287.5 87.5 75.4 0.02 %
J R Bolton Services, Inc and My Guy Heating & Air Conditioning Inc(#)160 Peachtree Industrial Blvd, Sugar Hill, GA 30518Specialty Trade ContractorsTerm LoanPrime plus 2.75%2/17/2032150.0 150.0 129.9 0.03 %
FAVIS USA INC(#)5321 Perimeter Pkwy, Montgomery, AL 36116Machinery ManufacturingTerm LoanPrime plus 2.75%2/16/203247.4 47.4 47.2 0.01 %
Commercial Properties R US LLC(#)3800 Inverrary Blvd, Lauderhill, FL 33319Real EstateTerm LoanPrime plus 2.75%2/16/203215.0 15.0 13.3 — %
Tidal commerce Inc(#)2100 Clearwater Dr, Oak Brook, IL 60523Credit Intermediation and Related ActivitiesTerm LoanPrime plus 2.75%2/16/2032291.3 291.3 251.1 0.06