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 September 30, 2021
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to_____
Commission file number: 814-01035
NEWTEK BUSINESS SERVICES CORP.
(Exact name of registrant as specified in its charter)
| Maryland | 46-3755188 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| 4800 T Rex Avenue, Suite 120, Boca Raton, Florida | 33431 | |||||||
| (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 class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common Stock, par value $0.02 per share | NEWT | Nasdaq Global Market LLC | ||||||||||||
| 5.75% Notes due 2024 | NEWTL | Nasdaq Global Market LLC | ||||||||||||
| 5.50% Notes due 2026 | NEWTZ | Nasdaq 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 filer | o | Accelerated filer | o | ||||||||||||||
| Non-accelerated filer | x | Smaller reporting company | o | ||||||||||||||
| Emerging growth company | 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of November 11, 2021, there were 24,071,892 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 September 30, 2021 (Unaudited) and December 31, 2020 | ||||||||
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 Act | Investment Company Act of 1940, as amended | ||||
| 2013-1 Trust | Newtek Small Business Loan Trust, Series 2013-1, terminated in October 2018 | ||||
| 2016-1 Trust | Newtek Small Business Loan Trust, Series 2016-1 | ||||
| 2017-1 Trust | Newtek Small Business Loan Trust, Series 2017-1 | ||||
| 2018-1 Trust | Newtek Small Business Loan Trust, Series 2018-1 | ||||
| 2019-1 Trust | Newtek Small Business Loan Trust, Series 2019-1 | ||||
| 2022 Notes | 7.50% Notes due 2022, redeemed in August 2019 | ||||
| 2023 Notes | 6.25% Notes due 2023, redeemed in February 2021 | ||||
| 2024 Notes | 5.75% Notes due 2024 | ||||
| 2025 Notes | 6.85% Notes due 2025 | ||||
| 2026 Notes | 5.50% Notes due 2026 | ||||
| Amended 2019 ATM Distribution Agreement | First Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents | ||||
| ASC | Accounting Standards Codification, as issued by the FASB | ||||
| ASU | Accounting Standards Updates, as issued by the FASB | ||||
| 2017 ATM Equity Distribution Agreement | Second Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents | ||||
| 2019 ATM Equity Distribution Agreement | Equity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents | ||||
| 2020 ATM Equity Distribution Agreement | Equity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents | ||||
| BDC | Business Development Company under the 1940 Act | ||||
| Board | The Company's board of directors | ||||
| Capital One | Capital One Bank, National Association | ||||
| Code | Internal Revenue Code of 1986, as amended | ||||
| DRIP | The Company's dividend reinvestment plan | ||||
| EBITDA | Earnings before interest, taxes, depreciation and amortization | ||||
| Equity Incentive Plan | The Company's 2015 Equity Incentive Plan | ||||
| Exchange Act | Securities Exchange Act of 1934, as amended | ||||
| FASB | Financial Accounting Standards Board | ||||
| LIBOR | London Interbank Offered Rate | ||||
| NAV | Net Asset Value | ||||
| NBL Capital One Facility | Revolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL, and Capital One | ||||
| NBL Deutsche Bank Facility | Revolving Credit and Security Agreement between NBL SPV2, LLC, a wholly-owned subsidiary of NBL, and Deutsche Bank | ||||
| NBNYC | National Bank of New York City | ||||
| Related Party RLOC | Unsecured revolving line of credit agreement between NMS as lender and Newtek as borrower | ||||
| PLP | Preferred Lender Program, as authorized by the SBA | ||||
| PPP | Paycheck Protection Program | ||||
| Related Party RLOC | Unsecured revolving line of credit agreement between NMS as lender and Newtek as borrower | ||||
| RIC | Regulated investment company under the Code | ||||
| S&P | Standard and Poor's | ||||
| SBA | United States Small Business Administration | ||||
| SBLC | Small Business Lending Company | ||||
| SEC | U.S. Securities and Exchange Commission | ||||
| SMB | Small-and-medium sized businesses | ||||
| Sterling | Sterling National Bank | ||||
| Sterling Receivable and Inventory Facility | Loan and Security Agreement between NBC and Sterling, as lender, to fund accounts receivable and inventory financing arrangements | ||||
| 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 Subsidiaries | Companies formed by Newtek which are taxed as corporations for income tax purposes | ||||
| Trustee | U.S. Bank, National Association | ||||
| U.S. GAAP or GAAP | Generally accepted accounting principles in the United States | ||||
| Portfolio Companies and Subsidiaries | |||||
| NSBF | Newtek Small Business Finance, LLC, a consolidated subsidiary | ||||
| NBL | Newtek Business Lending, LLC, a wholly-owned controlled portfolio company | ||||
| NCL | Newtek Conventional Lending, LLC, a 50% owned portfolio company | ||||
| Exponential | Exponential Business Development Co., Inc., a Taxable Subsidiary | ||||
| NMS | Newtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company | ||||
| Premier | Premier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018 | ||||
| Mobil Money | Mobil Money, LLC, a wholly-owned controlled portfolio company | ||||
| NTS | Newtek Technology Solutions, Inc., a wholly-owned controlled portfolio company | ||||
| IPM | International Professional Marketing, Inc., a former wholly-owned controlled portfolio company which merged into NTS on July 1, 2021 | ||||
| SIDCO | SIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company | ||||
| EWS | Excel WebSolutions, LLC, a wholly-owned controlled portfolio company | ||||
| NBC | CDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company | ||||
| SBL | Small Business Lending, LLC, a wholly-owned controlled portfolio company | ||||
| BSP | ADR Partners, LLC dba banc-serv Partners, LLC, a former wholly-owned controlled portfolio company | ||||
| NPS or PMT | PMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company | ||||
| NIA | Newtek Insurance Agency, LLC, a wholly-owned controlled portfolio company | ||||
| TAM | Titanium Asset Management LLC, a wholly-owned controlled portfolio company | ||||
| EMCAP | EMCAP Loan Holdings, LLC | ||||
| POS | POS on Cloud, LLC, dba Newtek Payment Systems, a controlled portfolio company | ||||
5
6
See accompanying notes to consolidated financial statements.
| NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In Thousands, except for Per Share Data) | |||||||||||
| September 30, 2021 | December 31, 2020 | ||||||||||
| ASSETS | (Unaudited) | ||||||||||
| Investments, at fair value | |||||||||||
| SBA unguaranteed non-affiliate investments (cost of $416,652 and $420,400, respectively; includes $276,186 and $312,649, respectively, related to securitization trusts) | $ | 406,581 | $ | 407,748 | |||||||
| SBA guaranteed non-affiliate investments (cost of $32,646 and $16,964, respectively) | 36,041 | 17,822 | |||||||||
| Controlled investments (cost of $160,495 and $138,891, respectively) | 262,916 | 239,171 | |||||||||
| Non-control investments (cost of $6,400 and $6,447, respectively) | 6,921 | 6,447 | |||||||||
| Total investments at fair value | 712,459 | 671,188 | |||||||||
| Cash | 20,193 | 2,073 | |||||||||
| Restricted cash | 182,913 | 49,352 | |||||||||
| Broker receivable | 60,950 | 52,730 | |||||||||
| Due from related parties | 5,768 | 6,112 | |||||||||
| Servicing assets, at fair value | 28,899 | 26,061 | |||||||||
| Right of use assets | 7,611 | 6,933 | |||||||||
| Derivative instruments (Note 8) | 304 | — | |||||||||
| Other assets | 24,210 | 26,530 | |||||||||
| Total assets | $ | 1,043,307 | $ | 840,979 | |||||||
| LIABILITIES AND NET ASSETS | |||||||||||
| Liabilities: | |||||||||||
| Bank notes payable | $ | 114,986 | $ | 86,339 | |||||||
| Notes due 2023 (par: $0 and $57,500 as of September 30, 2021 and December 31, 2020, Note 7) | — | 56,505 | |||||||||
| Notes due 2024 (par: $78,250 and $63,250 as of September 30, 2021 and December 31, 2020, Note 7) | 76,993 | 61,774 | |||||||||
| Notes due 2025 (par: $15,000 and $5,000 as of September 30, 2021 and December 31, 2020, Note 7) | 14,516 | 4,735 | |||||||||
| Notes due 2026 (par: $115,000 and $0 as of September 30, 2021 and December 31, 2020, Note 7) | 111,948 | — | |||||||||
| Notes payable - Securitization trusts (par: $177,602 and $221,752 as of September 30, 2021 and December 31, 2020, Note 7) | 174,876 | 218,339 | |||||||||
| Notes payable - related parties | — | 24,090 | |||||||||
| Due to related parties | 4,242 | 2,133 | |||||||||
| Lease liabilities | 9,410 | 8,697 | |||||||||
| Deferred tax liabilities | 13,526 | 11,406 | |||||||||
| Due to participants | 146,637 | 17,885 | |||||||||
| Accounts payable, accrued expenses and other liabilities | 10,153 | 9,723 | |||||||||
| Total liabilities | 677,287 | 501,626 | |||||||||
| 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, 22,559 and 21,970 issued and outstanding, respectively) | 451 | 439 | |||||||||
| Additional paid-in capital | 326,354 | 316,629 | |||||||||
| Accumulated undistributed earnings | 39,215 | 22,285 | |||||||||
| Total net assets | 366,020 | 339,353 | |||||||||
| Total liabilities and net assets | $ | 1,043,307 | $ | 840,979 | |||||||
| Net asset value per common share | $ | 16.23 | $ | 15.45 | |||||||
7
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Investment income | |||||||||||||||||||||||
| From non-affiliate investments: | |||||||||||||||||||||||
| Interest income - PPP loans | $ | 269 | $ | 3,085 | $ | 49,989 | $ | 37,742 | |||||||||||||||
| Interest income - SBA 7(a) loans | 7,131 | 5,871 | 19,328 | 19,382 | |||||||||||||||||||
| Servicing income | 2,819 | 2,875 | 8,346 | 8,367 | |||||||||||||||||||
| Other income | 1,446 | 240 | 3,829 | 1,449 | |||||||||||||||||||
| Total investment income from non-affiliate investments | 11,665 | 12,071 | 81,492 | 66,940 | |||||||||||||||||||
| From non-control investments: | |||||||||||||||||||||||
| Interest income | 126 | 107 | 374 | 107 | |||||||||||||||||||
| Dividend income | 23 | 31 | 70 | 71 | |||||||||||||||||||
| Total investment income from non-control investments | 149 | 138 | 444 | 178 | |||||||||||||||||||
| From controlled investments: | |||||||||||||||||||||||
| Interest income | 594 | 486 | 1,703 | 1,423 | |||||||||||||||||||
| Dividend income | — | 2,234 | 51 | 8,884 | |||||||||||||||||||
| Total investment income from controlled investments | 594 | 2,720 | 1,754 | 10,307 | |||||||||||||||||||
| Total investment income | 12,408 | 14,929 | 83,690 | 77,425 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Salaries and benefits | 2,351 | 3,669 | 12,727 | 10,856 | |||||||||||||||||||
| Interest | 5,177 | 3,939 | 15,217 | 13,727 | |||||||||||||||||||
| Depreciation and amortization | 72 | 93 | 236 | 312 | |||||||||||||||||||
| Professional fees | 1,418 | 651 | 3,465 | 2,822 | |||||||||||||||||||
| Origination and loan processing | 4,586 | 1,120 | 10,555 | 5,666 | |||||||||||||||||||
| Origination and loan processing - related party | 3,177 | 2,705 | 10,830 | 8,438 | |||||||||||||||||||
| Change in fair value of contingent consideration liabilities | — | — | — | 54 | |||||||||||||||||||
| Loss on extinguishment of debt | — | — | 955 | — | |||||||||||||||||||
| Other general and administrative costs | 2,322 | 1,082 | 5,663 | 4,415 | |||||||||||||||||||
| Total expenses | 19,103 | 13,259 | 59,648 | 46,290 | |||||||||||||||||||
| Net investment income (loss) | (6,695) | 1,670 | 24,042 | 31,135 | |||||||||||||||||||
| Net realized and unrealized gains (losses): | |||||||||||||||||||||||
| Net realized gain (loss) on non-affiliate investments - SBA 7(a) loans | 19,272 | (722) | 38,079 | 2,577 | |||||||||||||||||||
| Net realized gain (loss) on derivative transactions | (268) | — | (268) | — | |||||||||||||||||||
| Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments | 123 | (111) | 2,533 | (494) | |||||||||||||||||||
| Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments | 998 | 132 | 2,583 | (6,012) | |||||||||||||||||||
| Net unrealized appreciation (depreciation) on controlled investments | 7,305 | (285) | 1,760 | (11,156) | |||||||||||||||||||
| Change in deferred taxes | (2,843) | 70 | (2,120) | 3,010 | |||||||||||||||||||
| Net unrealized appreciation (depreciation) on non-control investments | (3) | — | 521 | — | |||||||||||||||||||
| Net unrealized depreciation on servicing assets | (1,616) | (1,207) | (3,322) | (1,299) | |||||||||||||||||||
| Net unrealized appreciation on derivative transactions | 341 | — | 304 | — | |||||||||||||||||||
| Net realized and unrealized gains (losses) | $ | 23,309 | $ | (2,123) | $ | 40,070 | $ | (13,374) | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 16,614 | $ | (453) | $ | 64,112 | $ | 17,761 | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations per share | $ | 0.74 | $ | (0.02) | $ | 2.85 | $ | 0.85 | |||||||||||||||
8
See accompanying notes to consolidated financial statements.
| NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES | |||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||||||||
| Net investment income (loss) per share | $ | (0.30) | $ | 0.08 | $ | 1.07 | $ | 1.49 | |||||||||||||||
| Dividends and distributions declared per common share | $ | 0.90 | $ | 0.58 | $ | 2.10 | $ | 1.58 | |||||||||||||||
| Weighted average number of shares outstanding | 22,541 | 21,192 | 22,468 | 20,942 | |||||||||||||||||||
9
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Increase in net assets: | |||||||||||||||||||||||
| Net investment income (loss) | $ | (6,695) | $ | 1,670 | $ | 24,042 | $ | 31,135 | |||||||||||||||
| Net realized gain on investments | 19,004 | (722) | 37,811 | 2,577 | |||||||||||||||||||
| Net unrealized (depreciation) appreciation on investments | 4,305 | (1,401) | 2,259 | (15,951) | |||||||||||||||||||
| Net (decrease) increase in net assets resulting from operations | 16,614 | (453) | 64,112 | 17,761 | |||||||||||||||||||
| Distributions to common stockholders | (20,159) | (12,338) | (46,971) | (33,128) | |||||||||||||||||||
| Capital share transactions: | |||||||||||||||||||||||
| Issuance of common stock under dividend reinvestment plan | 264 | 465 | 618 | 689 | |||||||||||||||||||
| Stock-based compensation expense | 299 | 129 | 1,473 | 439 | |||||||||||||||||||
| Purchase of vested stock for employee payroll tax withholding | — | — | (1,535) | (48) | |||||||||||||||||||
| Issuance of common stock, net of offering costs | — | 9,142 | 8,970 | 16,452 | |||||||||||||||||||
| Net increase in net assets from capital share transactions | 563 | 9,736 | 9,526 | 17,532 | |||||||||||||||||||
| Total increase (decrease) in net assets | (2,982) | (3,055) | 26,667 | 2,165 | |||||||||||||||||||
| Net assets at beginning of period | 369,002 | 327,446 | 339,353 | 322,226 | |||||||||||||||||||
| Net assets at end of period | $ | 366,020 | $ | 324,391 | $ | 366,020 | $ | 324,391 | |||||||||||||||
| Common shares outstanding at end of period | 22,559 | 21,435 | 22,559 | 21,435 | |||||||||||||||||||
| Capital share activity: | |||||||||||||||||||||||
| Shares issued under dividend reinvestment plan | 10 | 26 | 22 | 44 | |||||||||||||||||||
| Shares issued in connection with sales of common stock | — | 500 | 430 | 860 | |||||||||||||||||||
| Purchase of vested stock for employee payroll tax withholding | — | — | (56) | (3) | |||||||||||||||||||
| Restricted shares issued under Equity Incentive Plan, net of forfeitures | 19 | 4 | 192 | 4 | |||||||||||||||||||
| Net increase in capital activity | 29 | 530 | 588 | 905 | |||||||||||||||||||
10
See accompanying notes to consolidated financial statements.
| NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||
| (In Thousands) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2021 | 2020 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net increase in net assets resulting from operations | $ | 64,112 | $ | 17,761 | |||||||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | |||||||||||
| Net unrealized (appreciation) depreciation on controlled investments | (1,760) | 11,157 | |||||||||
| Net unrealized (appreciation) depreciation on non-affiliate investments | (5,637) | 6,506 | |||||||||
| Net unrealized depreciation on servicing assets | 3,322 | 1,299 | |||||||||
| Net unrealized appreciation on derivative transactions | (304) | — | |||||||||
| Net realized gains on non-affiliate investments | (31,919) | (2,577) | |||||||||
| Allowance for doubtful accounts | 397 | — | |||||||||
| Change in fair value of contingent consideration liabilities | — | 54 | |||||||||
| Loss on extinguishment of debt | 955 | — | |||||||||
| Amortization of deferred financing costs | 1,801 | 1,407 | |||||||||
| Deferred income taxes | 2,120 | (3,010) | |||||||||
| Depreciation and amortization | 236 | 312 | |||||||||
| Purchase of loans | (9,096) | (5,522) | |||||||||
| Purchase of loans from affiliate | — | (15,296) | |||||||||
| Funding of guaranteed non-affiliate SBA loans | (1,035,141) | (1,255,529) | |||||||||
| Funding of unguaranteed non-affiliate SBA loans | (56,429) | (20,619) | |||||||||
| Funding of controlled investments | (36,985) | (21,437) | |||||||||
| Proceeds from sale of non-affiliate SBA loans | 1,061,577 | 1,263,371 | |||||||||
| Principal received on SBA non-affiliate investments | 57,419 | 43,857 | |||||||||
| Principal received from controlled investments | — | 625 | |||||||||
| Principal received from non-control investments | 48 | 17 | |||||||||
| Return of investment from controlled investments | 15,000 | 16,221 | |||||||||
| Other, net | 1,952 | (36) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Broker receivable | (8,220) | 42,527 | |||||||||
| Due to/from related parties | 2,056 | (2,414) | |||||||||
| Other assets | 3,113 | (1,191) | |||||||||
| Due to participants | 128,752 | — | |||||||||
| Accounts payable, accrued expenses and other liabilities | 465 | 228 | |||||||||
| Capitalized servicing asset | (6,160) | (1,445) | |||||||||
| Other, net | 26 | 26 | |||||||||
| Net cash provided by operating activities | 151,700 | 76,292 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of fixed assets | — | (10) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Net repayments on bank notes payable | 28,647 | (4,817) | |||||||||
| Proceeds from common shares sold, net of offering costs | 8,969 | 16,451 | |||||||||
| Net repayments under related party line of credit | (24,090) | (613) | |||||||||
| Proceeds from Notes due 2024 | 15,000 | — | |||||||||
| Proceeds from Notes due 2025 | 10,000 | — | |||||||||
| Proceeds from Notes due 2026 | 115,000 | — | |||||||||
| Redemption of Notes due 2023 | (57,500) | — | |||||||||
| Payments on Notes Payable - Securitization Trusts | (44,150) | (40,962) | |||||||||
| Dividends paid | (46,353) | (32,439) | |||||||||
11
See accompanying notes to consolidated financial statements.
| NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||||||||||
| (In Thousands) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2021 | 2020 | ||||||||||
| Additions to deferred financing costs | (4,007) | (584) | |||||||||
| Purchase of vested stock for employee payroll tax withholding | (1,535) | (48) | |||||||||
| Net cash used in financing activities | (19) | (63,012) | |||||||||
| Net increase in cash and restricted cash | 151,681 | 13,270 | |||||||||
| Cash and restricted cash—beginning of period (Note 2) | 51,425 | 33,207 | |||||||||
| Cash and restricted cash—end of period (Note 2) | $ | 203,106 | $ | 46,477 | |||||||
| Non-cash operating, investing and financing activities: | |||||||||||
| Foreclosed real estate acquired | $ | 1,654 | $ | 646 | |||||||
| Issuance of common shares under dividend reinvestment plan | $ | 618 | $ | 689 | |||||||
12
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pegasus Automotive, Inc. | (#,^) | 3981 Hylan Blvd., Staten Island, NY 10308 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/23/2022 | $ | 1.5 | $ | 1.5 | $ | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Bhailal Patel dba New Falls Motel | (#,^) | 201 Lincoln Hwy., Fairless Hills, PA 19030 | Accommodation | Term Loan | Prime plus 2.75% | 3/27/2023 | 0.6 | 0.6 | 0.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alyssa Corp dba Knights Inn | (#,^) | 1105 Columbus Pkwy., Opelika, AL 36801 | Accommodation | Term Loan | Prime plus 2.25% | 9/30/2023 | 26.1 | 26.1 | 26.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stillwell Ave Prep School | (#,^) | 1990 Stillwell Ave., Brooklyn, NY 11214 | Social Assistance | Term Loan | Prime plus 2.75% | 1/14/2023 | 6.9 | 6.9 | 7.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Naseeb Corporation | (#,^) | 1696 North BRd. St., Meriden, CT 06450 | Accommodation | Term Loan | Prime plus 2.25% | 3/31/2024 | 11.8 | 11.8 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Randall D. & Patricia D. Casaburi dba Pat's Pizzazz | (#,^) | 386 Winsted Rd., Torrington, CT 06790 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 3/13/2023 | 2.0 | 2.0 | 2.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Deesha Corporation, Inc. dba Best Inn & Suites | (#,^) | 9225 Pkwy. East, Birmingham, AL 35206 | Accommodation | Term Loan | Prime plus 2.25% | 2/14/2025 | 13.1 | 13.1 | 13.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Track Side Collision & Tire, Inc. | (#,^) | 98-16 160 Ave., Ozone Park, NY 11414 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/16/2025 | 2.5 | 2.5 | 2.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC | (#,^) | 3118 Bayshore Ave., Brigantine, NJ 08203 | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 9/14/2023 | 21.1 | 21.1 | 20.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Sales, Inc. | (#,^) | 1925 State St., Hamden, CT 06417 | Motor Vehicle and Parts Dealers | Term Loan | 6% | 8/17/2023 | 2.5 | 2.5 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Min Hui Lin | (#,^) | 1916 BRd. St., Lanett, AL 36863 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/30/2028 | 11.6 | 11.6 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shuttle Car Wash, Inc. dba Shuttle Car Wash | (#,^) | 745 Cheney Hwy., Ttitusville, FL 32780 | Repair and Maintenance | Term Loan | Prime plus 2.25% | 11/10/2028 | 11.3 | 11.3 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Whirlwind Car Wash, Inc. | (#) | 1370 Le Anne Marie Circle, Columbus, OH 43026 | Repair and Maintenance | Term Loan | Prime plus 2% | 4/9/2029 | 10.9 | 10.9 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| David M. Goens dba Superior Auto Paint & Body, Inc. | (#) | 1912 Manhattan Ave, Harvey, LA 70058 | Repair and Maintenance | Term Loan | 6% | 8/26/2024 | 7.8 | 7.8 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moonlight Multi Media Production, Inc. | (#,^) | 2700 West Cypress Creek Rd., Fort Lauderdale, FL 33309 | Other Information Services | Term Loan | 5.3% | 2/1/2025 | 0.5 | 0.5 | 0.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mogas Limited | (#,^) | 47 Chestnut St., Elmer, NJ 08318 | Gasoline Stations | Term Loan | Prime plus 2.75% | 5/31/2030 | 48.1 | 48.1 | 52.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Head To Toe Personalized Pampering, Inc. | (#,^) | 2331 North State Rd. 7, Lauderhill, FL 33313 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/27/2031 | 6.8 | 6.8 | 7.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dave Kris, and MDK Ram Corp. | (#,^) | 15 Elm Park, Groveland, MA 01930 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/5/2026 | 16.0 | 16.0 | 16.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Water Works Laundromat, LLC | (#) | 968-970 Bergen St., Newark, NJ 07104 | Personal and Laundry Services | Term Loan | Prime plus 2.25% | 9/7/2027 | 113.6 | 113.6 | 118.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1911 East Main Street Holdings, Corp | (#,^) | 1911 East Main St., Endicott, NY 13760 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/18/2032 | 9.0 | 9.0 | 9.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Connect Litigation Technology, Inc. | (#,^) | 1101 Ivy Hill Rd., #4, Philadelphia, PA 19150 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2% | 10/18/2025 | 14.2 | 14.2 | 14.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bliss Coffee and Wine Bar, LLC | (#) | 1402-A Handlir Dr., Bel Air, MD 21015 | Food Services and Drinking Places | Term Loan | 6% | 11/30/2022 | 57.8 | 57.8 | 57.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
13
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| D & D's Divine Beauty School of Esther, LLC | (#,^) | 5524 Germantown Ave, Philadelphia, PA 19144 | Educational Services | Term Loan | 6% | 8/1/2031 | 39.1 | 39.1 | 37.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KMC RE, LLC & B&B Kennels | (#,^) | 6004 City Park Rd., Austin, TX 78730 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/19/2034 | 41.3 | 41.3 | 46.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Animal Intrusion Prevention Systems Holding Company, LLC | (#,^) | 3330 North Beach St., Haltom City, TX 76111 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/29/2024 | 13.3 | 13.3 | 13.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tanner Optical Inc. dba Murphy Eye Care | (#,^) | 305 Shirley Ave., Douglas, GA 31533 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/22/2035 | 65.6 | 65.6 | 74.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| I-90 RV & Auto Supercenter | (#,^) | 4505 South I-90 Service Rd., Rapid City, SD 57703 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/29/2035 | 54.8 | 54.8 | 61.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Newsome Trucking Inc and Kevin Newsome | (#,^) | 2262 HWY 53W, Jasper, GA 30143 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/2/2035 | 183.1 | 183.1 | 206.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery | (#,^) | 2320 2nd St., Albuquerque, NM 87107 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/2/2035 | 36.9 | 36.9 | 41.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center | (#,^) | 2879 Limekiln Pike, Glenside, PA 19038 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/30/2035 | 25.5 | 25.5 | 28.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. | (#,^) | 64-68 North Central Ave., Valley Stream, NY 11580 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/28/2036 | 85.1 | 85.1 | 96.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael S. Korfe dba North Valley Auto Repair | (#,^) | 7516 B 2nd St., NW, Albuquerque, NM 87107 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/24/2036 | 11.7 | 11.7 | 13.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store | (#,^) | 2267 Fernberg Trail, Ely, MN 55731 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/18/2036 | 109.0 | 109.0 | 123.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Profile Performance, Inc. and Eidak Real Estate, L.L.C. | (#,^) | 44600 Michigan Ave., Canton, MI 48188 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2036 | 96.6 | 96.6 | 109.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lavertue Properties LLP dba Lavertue Properties | (#,^) | 24 Wakefield St., Rochester, NH 13867 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/29/2036 | 34.3 | 34.3 | 38.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | (#,^) | 4920 Lincoln Ave. Route 53, Lisle, IL 60532 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/29/2036 | 267.8 | 267.8 | 302.4 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LaHoBa, LLC d/b/a Papa John's | (#,^) | 3001 Pontchartrain Dr., Slidell, LA 70458 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/3/2036 | 59.2 | 59.2 | 66.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Valiev Ballet Academy, Inc | (#,^) | 635 - 637 Londonderry Lane, Denton, TX 76205 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 8/12/2036 | 32.6 | 32.6 | 36.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael S. Decker & Janet Decker dba The Hen House Cafe | (#) | 401 Caribou St., Simla, CO 80835 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/30/2036 | 12.6 | 12.6 | 14.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 39581 Garfield, LLC and Tricounty Neurological Associates, P.C. | (#,^) | 39581 Garfield Rd., Clinton Township, MI 48038 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2036 | 20.5 | 20.5 | 23.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 39581 Garfield, LLC and Tri County Neurological Associates, P.C. | (#,^) | 39581 Garfield Rd., Clinton Township, MI 48038 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2036 | 60.2 | 60.2 | 68.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
14
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc | (#) | 325 N. Milwaukee Ave, Suite G1, Wheeling, IL 60090 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 10/26/2021 | 4.6 | 4.6 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| K's Salon, LLC d/b/a K's Salon | (#,^) | 162 West 84th St., New York, NY 10024 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/20/2021 | 2.5 | 2.5 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company | (#,^) | 2900 South 20th St., Philadelphia, PA 19145 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/22/2036 | 132.6 | 132.6 | 149.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ATI Jet, Inc. | (#) | 7007 Boeing Dr., El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus 2.75% | 12/28/2026 | 261.4 | 261.4 | 274.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shweiki Media, Inc. dba Study Breaks Magazine | (#,^) | 4954 Space Center Dr., San Antonio, TX 78218 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/22/2027 | 622.1 | 622.1 | 655.3 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Manuel P. Barrera and Accura Electrical Contractor, Inc. | (#,^) | 6187 NW 167th St. Unit H3, Miami, FL 33015 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/23/2028 | 55.0 | 55.0 | 58.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Access Staffing, LLC | (#,^) | 360 Lexington Ave., 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/30/2022 | 15.8 | 15.8 | 15.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tanner Optical, Inc. dba Murphy Eye Care | (#,^) | 305 Shirley Ave., Douglas, GA 31533 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/27/2022 | 0.1 | 0.1 | 0.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tracey Vita-Morris dba Tracey Vita's School of Dance | (#,^) | 4181 9th Ave. West, Bradenton, FL 34025 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 5/10/2022 | 2.0 | 2.0 | 2.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Graphish Studio, Inc. and Scott Fishoff | (#,^) | 231 Main St., Stanford, CT 06901 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2022 | 2.0 | 2.0 | 2.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KIND-ER-ZZ Inc dba Kidville | (#,^) | 30 Maple St., Summit, NJ 07901 | Educational Services | Term Loan | Prime plus 2.75% | 6/15/2022 | 5.0 | 5.0 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Central Tire, Inc. dba Cooper Tire & Auto Services | (#,^) | 1111 S Tillotson Ave., Muncie, IN 47304 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/29/2037 | 229.5 | 229.5 | 259.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suncoast Aluminum Furniture, Inc | (#,^) | 6291 Thomas Rd., Fort Myers, FL 33912 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 8/17/2037 | 289.1 | 289.1 | 326.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AJK Enterprise LLC dba AJK Enterprise LLC | (#) | 1901 Naylor Rd., SE, Washington, DC 20020 | Truck Transportation | Term Loan | Prime plus 2.75% | 8/27/2022 | 1.8 | 1.8 | 1.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| O'Rourkes Diner LLC dba O'Rourke's Diner | (#,^) | 728 Main St., Middletown, CT 06457 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/19/2037 | 53.2 | 53.2 | 60.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Reidville Hydraulics Mfg Inc dba Summit | (#,^) | 175 Industrial Lane, Torrington, CT 06790 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 11/2/2037 | 212.1 | 212.1 | 239.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hi-Def Imaging, Inc. dba SpeedPro Imaging | (#,^) | 3580 Progress Dr., Unit Q, Bensalem, PA 19020 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/9/2022 | 3.5 | 3.5 | 3.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| St Judes Physical Therapy P.C. | (#,^) | 7712 Fourth Ave, Brooklyn, NY 11209 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/19/2022 | 3.2 | 3.2 | 3.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & J Petroleum LLC (EPC) Manar USA, Inc. (OC) | (#,^) | 305 Quincy Shore Dr., Quincy, MA 02107 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/20/2037 | 145.5 | 145.5 | 164.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| U & A Food and Fuel, Inc. dba Express Gas & Food Mart | (#,^) | 1345 Wampanoag Trail, East Providence, RI 02915 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/21/2037 | 77.8 | 77.8 | 87.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DRV Enterprise, Inc. dba Cici's Pizza # 339 | (#,^) | 5771 East Fowler Ave, Temple Terrace, FL 33617 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/26/2022 | 9.4 | 9.4 | 9.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| D&L Rescources, Inc. dba The UPS Store | (#,^) | 8958 W State Rd. # 84, Davie, FL 33324 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/27/2022 | 1.5 | 1.5 | 1.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
15
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Richmond Hill Mini Market, LLC | (#,^) | 101 Richmond Hill Ave., Stamford, CT 06902 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/27/2037 | 149.6 | 149.6 | 168.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC | (#,^) | 38 Carmen Lane, Monroe, CT 06468 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 11/28/2037 | 185.0 | 185.0 | 208.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restauran | (#,^) | 554 Old Post Rd. #3, Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/27/2037 | 431.0 | 431.0 | 486.6 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai | (#,^) | 96-03 Beach Channel Dr., Rockaway Beach, NY 11693 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2037 | 407.7 | 407.7 | 460.3 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sherill Universal City dba Golden Corral LP | (#,^) | 2301 Pat Booker Rd, Universal City, TX 78148 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/28/2038 | 372.8 | 372.8 | 420.9 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Retain Loyalty LLC | (#,^) | 1250 Sanders Ave. SW, Massillon, OH 44647 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 2/15/2038 | 93.6 | 93.6 | 105.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC) | (#,^) | 27 Hungerford St., Pittsfield, MA 01201 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 2/20/2038 | 70.3 | 70.3 | 79.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing, Inc. and Monster Power Equipment Inc. | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/15/2023 | 93.3 | 93.3 | 94.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Truth Technologies Inc dba Truth Technologies Inc. | (#,^) | 2341 Cheshire Lane, Naples, FL 34109 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/21/2023 | 17.1 | 17.1 | 17.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael A.and HeatherR. Welsch dba Art & FrameEtc. | (#,^) | 2819 West T C Jester Blvd., Houston, TX 77018 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/22/2038 | 55.2 | 55.2 | 62.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center | (#,^) | 3937 Sherman Ave., Saint Joseph, MO 64506 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/25/2038 | 455.5 | 455.5 | 514.3 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A & M Commerce, Inc. dba Cranberry Sunoco | (#,^) | 398 Baltimore Blvd, Westminster, MD 21157 | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/27/2038 | 265.9 | 265.9 | 300.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc (OC) | (#,^) | 1258 Hartford Turnpike, Vernon, CT 06066 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/29/2038 | 102.0 | 102.0 | 115.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co., Inc. | (#,^) | 250 West 54th St., New York, NY 10019 | Food Manufacturing | Term Loan | Prime plus 2.75% | 4/30/2023 | 20.7 | 20.7 | 21.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ryan D. Thornton and Thornton & Associates LLC | (#,^) | 800 Bethel St., Suite 200, Honolulu, HI 96813 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 5/24/2023 | 10.4 | 10.4 | 10.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and | (#,^) | 4640 Monticello Ave., Suite 8A, Williamsburg, VA 23188 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/28/2023 | 13.6 | 13.6 | 13.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| (EPC) Absolute Desire LLC and Mark H. Szierer (OC) Sophisticated Smile | (#,^) | 85 Reaville Ave., Flemington, NJ 08822 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/5/2038 | 155.0 | 155.0 | 175.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elite Structures Inc | (#,^) | 401 Old Quitman Rd., Adel, GA 31620 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/12/2038 | 698.5 | 698.5 | 788.6 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc | (#,^) | 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 | 78.7 | 78.7 | 79.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
16
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 | (#,^) | 200 North Branford Rd., Branford, CT 06405 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 6/18/2028 | 501.6 | 501.6 | 534.2 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc. (Co-Borrower) | (#,^) | 2141 P Ave., Williamsburg, IA 52361 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/19/2026 | 303.3 | 303.3 | 317.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maxiflex LLC | (#,^) | 512 Verret St., New Orleans, LA 70114 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2023 | 10.2 | 10.2 | 10.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat | (#,^) | 411 Sharp St., Millville, NJ 08332 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/28/2038 | 80.3 | 80.3 | 90.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC | (#,^) | 1 Poppy Ave., Neptune, NJ 07753 | Truck Transportation | Term Loan | Prime plus 2.75% | 7/17/2023 | 12.9 | 12.9 | 13.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tri County Heating and Cooling Inc. | (#,^) | 509 East Park St., Livingston, MT 59047 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/19/2023 | 21.9 | 21.9 | 22.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Angkor Restaurant Inc | (#,^) | 10 Traverse St., Providence, RI 02903 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/19/2038 | 77.0 | 77.0 | 86.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Harbor Ventilation Inc and Estes Investment, LLC | (#,^) | 509 East Park St., Livingston, MT 59047 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/19/2038 | 2.0 | 2.0 | 2.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC | (#,^) | 38 Carmen Lane, Monroe, CT 06468 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/24/2023 | 2.8 | 2.8 | 2.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Caribbean Concepts, Inc. dba Quick Bleach | (#,^) | 120 East 56th St., St.#730, New York, NY 10022 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/12/2023 | 5.6 | 5.6 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JSIL LLC dba Blackstones Hairdressing | (#,^) | 19 East 7th St., New York, NY 10003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/16/2023 | 4.8 | 4.8 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis | (#,^) | 15150 Evans St., Gulfport, MS 39503 | Social Assistance | Term Loan | Prime plus 2.75% | 8/30/2023 | 10.8 | 10.8 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC dba Companio | (#,^) | 3408 Castle Rock Farm Rd., Pittsboro, NC 27312 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/4/2038 | 185.4 | 185.4 | 209.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prospect Kids Academy Inc | (#,^) | 532 St Johns Place, Brooklyn, NY 11238 | Educational Services | Term Loan | Prime plus 2.75% | 9/11/2038 | 103.4 | 103.4 | 116.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Berlerro Group, LLC dba Sky Zone | (#,^) | 111 Rodeo Dr., Edgewood, NY 11717 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/12/2023 | 154.1 | 154.1 | 156.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/12/2028 | 32.1 | 32.1 | 34.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grafio Inc dba Omega Learning Center-Acworth | (#,^) | 5330 Brookstone Dr., Suite 320, Acworth, GA 30101 | Educational Services | Term Loan | Prime plus 2.75% | 9/13/2023 | 43.0 | 43.0 | 43.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maynard Enterprises Inc dba Fastsigns of Texarkana | (#,^) | 3735 Mall Dr., Texarkana, TX 75501 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/18/2023 | 4.2 | 4.2 | 4.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faith Memorial Chapel LLC | (#,^) | 600 9th Ave. North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/20/2038 | 223.0 | 223.0 | 251.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta | (#,^) | 11585 Jones Bridge Rd., Suite 4G, Johns Creek, GA 30022 | Educational Services | Term Loan | Prime plus 2.75% | 9/20/2023 | 12.1 | 12.1 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
17
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kiddie Steps 4 You Inc. | (#,^) | 1700 West 63rd St., Chicago, IL 60636 | Social Assistance | Term Loan | Prime plus 2.75% | 9/25/2038 | 76.2 | 76.2 | 86.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Ho | (#,^) | 17 Pearl St., Mystic, CT 06355 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/26/2038 | 83.2 | 83.2 | 93.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC | (#,^) | 12150 Annapolis Rd., Suite 301, Glenn Dale, MD 20769 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2038 | 278.8 | 278.8 | 314.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cencon Properties LLC and Central Connecticut Warehousing Company, In | (#,^) | 37 Commons Court, Waterbury, CT 06704 | Warehousing and Storage | Term Loan | Prime plus 2.75% | 9/30/2038 | 287.1 | 287.1 | 324.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms | (#,^) | 2040 Norwood, Lenoir, NC 28645 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 254.0 | 254.0 | 286.8 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LP Industries, Inc dba Childforms | (#,^) | 110 Charleston Dr., Suite 105-107, Morresville, NC 28117 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 103.5 | 103.5 | 116.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd | (#,^) | 77 Mill Rd., Freeport, NY 11520 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/24/2038 | 122.6 | 122.6 | 138.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greenbrier Technical Services, Inc | (#,^) | 407 E. Edgar Ave., Ronceverte, WV 24970 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/24/2023 | 33.5 | 33.5 | 34.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mid-Land Sheet Metal Inc | (#,^) | 125 E Fesler St., Santa Maria, CA 93454 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/31/2038 | 115.5 | 115.5 | 130.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Master CNC Inc & Master Properties LLC | (#,^) | 11825 29 Mile Rd., Washington, MI 48095 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2038 | 499.0 | 499.0 | 563.4 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1 North Restaurant Corp dba 1 North Steakhouse | (#,^) | 322 W. Montauk Hwy, Hampton Bays, NY 11946 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/31/2038 | 175.5 | 175.5 | 198.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Janice B. McShan and The Metropolitan Day School, LLC | (#,^) | 2817 Lomb Ave., Birmingham, AL 35208 | Social Assistance | Term Loan | Prime plus 2.75% | 10/31/2023 | 11.7 | 11.7 | 11.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (OC) | (#,^) | 554 Old Post Rd. #3, Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/6/2038 | 53.5 | 53.5 | 60.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL | (#,^) | 3039-3043 Hedley, Springfield, IL 62704 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/18/2023 | 12.6 | 12.6 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AcuCall LLC | (#,^) | 824 U.S Hwy. 1, Suite 335, North Palm Beach, FL 33408 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/21/2023 | 4.6 | 4.6 | 4.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| BVIP Limousine Service LTD | (#,^) | 887 W Liberty, Medina, OH 44256 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 11/27/2038 | 64.1 | 64.1 | 72.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle | (#,^) | 1455 S Richland Creek Rd, Sugar HIll, GA 30518 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/3/2038 | 86.7 | 86.7 | 97.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DKB Transport Corp | (#,^) | 555 Water Works Rd., Old Bridge, NJ 08857 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/5/2038 | 116.5 | 116.5 | 131.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 920 CHR Realty LLC (EPC) V. Garofalo Carting Inc (OC) | (#,^) | 920 Crooked Hill, Brentwood, NY 11717 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 12/10/2038 | 350.9 | 350.9 | 396.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TAK Properties LLC and Kinderland Inc | (#,^) | 1157 Commerce Ave., Longview, WA 98632 | Social Assistance | Term Loan | Prime plus 2.75% | 12/18/2038 | 340.0 | 340.0 | 383.8 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
18
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kurtis Sniezek dba Wolfe's Foreign Auto | (#,^) | 712 5th St., New Brighton, PA 15066 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/20/2038 | 74.6 | 74.6 | 84.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KK International Trading Corporation | (#,^) | 219 Lafayette Dr., Syosset, NY 11791 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/23/2028 | 115.3 | 115.3 | 123.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Amboy Woodbridge Realty LLC and United Premium Foods LLC | (#) | One Amboy Ave., Woodbridge, NJ 07095 | Food Manufacturing | Term Loan | 7% | 6/14/2024 | 1,813.7 | 1,813.7 | 1,787.4 | 0.49 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nutmeg North Associates LLC (OC) Steeltech Building Products Inc | (#,^) | 636 Nutmeg Rd. North, South Windsor, CT 06074 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/31/2038 | 769.0 | 769.0 | 868.2 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Icore Enterprises Inc dba Air Flow Filters Inc | (#,^) | 151 W 24th St, Hialeah, FL 33010 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 1/15/2024 | 6.5 | 6.5 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sarah Sibadan dba Sibadan Agency | (#,^) | 102-05 101st Ave., Ozone Park, NY 11416 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 1/27/2039 | 108.9 | 108.9 | 123.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC db | (#,^) | 986 Dixwell Ave., Hamden, CT 06510 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/7/2039 | 84.0 | 84.0 | 94.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JWB Industries, Inc. dba Carteret Die Casting | (#,^) | 74 Veronica Ave, Somerset, NJ 08875 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 2/11/2024 | 86.5 | 86.5 | 88.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki | (#,^) | 96 Mill St., Berlin, CT 06037 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/12/2039 | 118.9 | 118.9 | 134.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faith Memorial Chapel LLC | (#,^) | 600 9th Ave. North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2039 | 180.8 | 180.8 | 204.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 952 Boston Post Road Realty, LLC and HNA LLC dba Styles International | (#,^) | 952 Boston Post Rd., Milford, CT 06460 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2039 | 174.7 | 174.7 | 197.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern | (#,^) | 3111 and 3135 Delsea Dr., Franklinville, NJ 08322 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/28/2039 | 352.6 | 352.6 | 398.0 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Summit Beverage Group LLC | (#,^) | 211 Washington Ave, Marion, VA 24354 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 2/28/2024 | 108.4 | 108.4 | 110.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co | (#) | 636 South Center St., New Washington, OH 44854 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 3/20/2039 | 67.6 | 67.6 | 76.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cormac Enterprises and Wyoming Valley Beverage Incorporated | (#,^) | 63 S Wyoming Ave, Edwardsville, PA 18704 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/20/2039 | 93.7 | 93.7 | 105.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle | (#,^) | 16701 E. Iliff Ave., Aurora, CO 80013 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 3/31/2039 | 380.1 | 380.1 | 429.1 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC) | (#,^) | 201 S. Main St., Salem, IN 47167 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/31/2039 | 99.6 | 99.6 | 112.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC | (#,^) | 1899 State Route 35, South Amboy, NJ 08879 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/9/2039 | 95.1 | 95.1 | 107.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wilshire Media Systems Inc | (#,^) | 2649 Townsgate Rd. Suite 500, Westlake Village, CA 91361 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2024 | 60.0 | 60.0 | 61.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
19
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu | (#,^) | 201-203-205 West Merrick Rd., Valley Stream, NY 11580 | Real Estate | Term Loan | Prime plus 2.75% | 4/22/2039 | 88.0 | 88.0 | 99.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP dba Golden | (#,^) | 2301 Pat Booker Rd, Universal City, TX 78148 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/23/2027 | 46.3 | 46.3 | 48.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AS Boyals LLC dba Towne Liquors | (#,^) | 117 South BRd. St., Woodbury City, NJ 08096 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/29/2039 | 92.4 | 92.4 | 104.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The River Beas LLC and Punam Singh | (#,^) | 11704 Centurion Way, Potomac, MD 20854 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/8/2039 | 76.8 | 76.8 | 86.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jonesboro Health Food Center LLC | (#,^) | 1321 Stone St., Jonesboro, AR 72401 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 5/27/2024 | 21.4 | 21.4 | 21.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pocono Coated Products, LLC | (#,^) | 100 Sweetree St., Cherryville, NC 28021 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/30/2024 | 7.6 | 7.6 | 7.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Long Island Barber Institute Inc | (#,^) | 266 Greenwich St., Hempstead, NY 11550 | Educational Services | Term Loan | Prime plus 2.75% | 6/2/2039 | 47.3 | 47.3 | 53.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel | (#,^) | 15637 St Clair Ave, Cleveland, OH 44110 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/3/2024 | 5.8 | 5.8 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sico & Walsh Insurance Agency Inc and The AMS Trust | (#) | 106 Concord Ave., Belmont, MA 02478 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 6/6/2039 | 78.9 | 78.9 | 89.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val | (#,^) | 1313 West Park St. #1, Livingston, MT 59047 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/20/2039 | 199.1 | 199.1 | 224.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nikobella Properties LLC and JPO Inc dba Village Car Wash | (#) | 1372 South US Route 12, Fox Lake, IL 60020 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2039 | 434.8 | 434.8 | 490.9 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMG Holding, LLC and Stetson Automotive, Inc | (#,^) | 309 Route 9, Waretown, NJ 08758 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/30/2039 | 175.4 | 175.4 | 198.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| iFood, Inc. dba Steak N Shake | (#,^) | 2840 E Millbrook Rd, Raleigh, NC 27604 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2039 | 541.9 | 541.9 | 611.8 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Honeyspot Investors LLP and Pace Motor Lines Inc | (#,^) | 1425 Honeyspot Rd. Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/30/2039 | 746.5 | 746.5 | 842.8 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | (#,^) | 4920 Lincoln Ave. Route 53, Lisle, IL 60532 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/30/2024 | 34.4 | 34.4 | 35.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC | (#,^) | 15 Stonebridge, Cranston, RI 02921 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/17/2039 | 61.4 | 61.4 | 69.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Honeyspot Investors LLP and Pace Motor Lines Inc | (#,^) | 1425 Honeyspot Rd. Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus 2.75% | 7/24/2039 | 128.1 | 128.1 | 144.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST | (#,^) | 575 Columbus Ave., New Haven, CT 06519 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2039 | 17.4 | 17.4 | 19.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| iFood, Inc. dba Steak N Shake | (#,^) | 5900 Duraleigh Rd., Raleigh, NC 27612 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2024 | 148.5 | 148.5 | 152.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
20
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Almost Home Property LLC and Almost Home Daycare LLC | (#,^) | 35 Copps Hill Rd., Ridgefield, CT 06877 | Social Assistance | Term Loan | Prime plus 2.75% | 8/7/2039 | 560.9 | 560.9 | 633.3 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook | (#,^) | 10463 Hamer Rd, Georgetown, OH 45121 | Motor Vehicle and Parts Dealers | Term Loan | 6% | 8/8/2039 | 118.6 | 118.6 | 111.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Katie Senior Care LLC dba Home Instead Senior Care | (#,^) | 222E Eufaula St Ste 220, Norman, OK 73069 | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2024 | 39.1 | 39.1 | 40.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Preparatory Academy LLC | (#,^) | 4462 Mink Livsey Rd., Snellville, GA 30039 | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2039 | 125.0 | 125.0 | 141.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Atlas Auto Body Inc dba Atlas Auto Sales | (#,^) | 20 Providence St., West Warwick, RI 02893 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/22/2039 | 44.2 | 44.2 | 49.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B&P Diners LLC dba Engine House Restaurant | (#,^) | 71 Lafayette St.,, Salem, MA 01970 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/10/2024 | 30.1 | 30.1 | 30.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Indy East Smiles Youth Dentistry LLC dba Prime Smile East | (#,^) | 5430 E. Washington St., Indianapolis, IN 46219 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/11/2024 | 237.2 | 237.2 | 243.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Animal Intrusion Prevention Systems Holding Company, LLC | (#,^) | 3330 N Beach St., Fort Worth, TX 76111 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/15/2024 | 114.9 | 114.9 | 118.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tavern Properties LLC and Wildwood Tavern LLC | (#,^) | 6480 West Touhy Ave., Niles, IL 60714 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/15/2039 | 368.3 | 368.3 | 415.8 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ryan Crick and Pamela J. Crick and Crick Enterprises Inc | (#,^) | 3390 W. Andrew Johnson Hwy, Greeneville, TN 37743 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2039 | 125.1 | 125.1 | 141.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out | (#,^) | 308 Kennedy St. NW, Washington, DC 20011 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/23/2024 | 7.8 | 7.8 | 8.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gordon E Rogers dba Stonehouse Motor Inn | (#,^) | 162 Danielson Pike, Foster, RI 02825 | Accommodation | Term Loan | Prime plus 2.75% | 9/26/2039 | 49.4 | 49.4 | 55.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roccos LLC and Sullo Pantalone Inc dba Rocco's | (#,^) | 79 Beach Rd. Units B13 and B14, Vineyard Haven, MA 02568 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2039 | 219.9 | 219.9 | 248.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sumad LLC dba BrightStar Care of Encinitas | (#,^) | 680 Fletcher Pkwy, Suite 206, El Cajon, CA 92020 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/2/2024 | 20.5 | 20.5 | 21.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare dba Hickory | (#,^) | 900 Alpine Rd., Bridgeville, PA 15017 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/3/2039 | 105.6 | 105.6 | 119.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Doctors Express Management of Central Texas LLC | (#,^) | 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/8/2024 | 2.5 | 2.5 | 2.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| DNT Storage and Properties LLC | (#,^) | 38 Old National Pike, West Alexander, PA 15376 | Real Estate | Term Loan | Prime plus 2.75% | 10/10/2039 | 87.7 | 87.7 | 99.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 10/10/2024 | 70.8 | 70.8 | 72.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heartland American Properties LLC and Skaggs RV Outlet LLC | (#,^) | 301 Commerce Dr., Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/31/2039 | 412.4 | 412.4 | 465.5 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
21
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DC Real LLC and DC Enterprises LTD dba Lakeview True Value | (#,^) | 318 North F St., Lakeview, OR 97630 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/20/2039 | 103.6 | 103.6 | 117.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Legacy Estate Planning Inc dba American Casket Enterprises | (#,^) | 2176 Route 119 North, Greensburg, PA 15601 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/21/2024 | 16.6 | 16.6 | 17.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman | (#,^) | 988 Hemlock St., Cannon Beach, OR 97110 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/25/2039 | 102.4 | 102.4 | 115.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kemmer LLC and Apples Tree Top Liquors LLC | (#) | 1300 S Jackson St., Salem, IN 47167 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/4/2039 | 120.0 | 120.0 | 135.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B & W Towing, LLC and Boychucks Fuel LLC | (#,^) | 701 Addison Rd., Painted Post, NY 14870 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2039 | 137.7 | 137.7 | 155.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Will Zac Management LLC dba Papa John's | (#) | 2410 West Jefferson St., Suite B, Joliet, IL 60435 | Food Services and Drinking Places | Term Loan | 6.25% | 12/19/2024 | 43.4 | 43.4 | 42.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Jewelers Inc. dba The Jewelers of Las Vegas | (#,^) | 2400 Western Ave., Las Vegas, NV 89102 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/19/2024 | 501.6 | 501.6 | 516.1 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B.S. Ventures LLC dba Dink's Market | (#,^) | 48649 Hwy. 58, Oakridge, OR 97463 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/19/2039 | 46.5 | 46.5 | 52.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MM and M Management Inc dba Pizza Artista | (#,^) | 5409 Johnston St., Lafayette, LA 70503 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/19/2025 | 20.3 | 20.3 | 21.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha | (#,^) | 550 South Rosemary Ave. Suite 236, West Palm Beach, FL 33401 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/22/2024 | 76.0 | 76.0 | 78.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast | (#,^) | 114-115 Medical Center Ave., Sebring, FL 33870 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/23/2039 | 473.3 | 473.3 | 534.4 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thermoplastic Services Inc and Paragon Plastic Sheet, Inc | (#,^) | 1700 W 4th St., Dequincy, LA 70633 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 12/23/2039 | 433.1 | 433.1 | 488.9 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bowlerama Inc | (#,^) | 3031 New Castle Ave, New Castle, DE 19720 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/24/2039 | 1,072.3 | 1,072.3 | 1,210.6 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| First Prevention and Dialysis Center, LLC | (#) | 17940 NW 27th Ave., Miami Gardens, FL 33056 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2024 | 111.9 | 111.9 | 115.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grand Blanc Lanes, Inc. and H, H and H, LLC | (#,^) | 5301 S Saginaw Rd, Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/31/2039 | 115.2 | 115.2 | 130.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Palmabak Inc dba Mami Nora's | (#,^) | 4614 Capital Blvd, Raleigh, NC 27604 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/22/2025 | 0.4 | 0.4 | 0.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dean 1021 LLC dba Pure Pita | (#,^) | 106 Central Ave., Westfield, NJ 07090 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/29/2025 | 37.1 | 37.1 | 38.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kiddie Steps 4 You Inc. | (#,^) | 1700 West 63rd St., Chicago, IL 60636 | Social Assistance | Term Loan | Prime plus 2.75% | 2/19/2040 | 54.1 | 54.1 | 61.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pace Motor Lines, Inc. | (#,^) | 1425 Honeyspot Rd. Extension, Stratford, CT 06615 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/26/2025 | 27.7 | 27.7 | 28.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kingseal LLC dba Desoto Health and Rehab Center | (#,^) | 475 Nursing Home Dr., Arcadia, FL 34266 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 2/26/2040 | 1,112.5 | 1,112.5 | 1,256.1 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luigi's on Main LLC and Luigi's Main Street Pizza Inc | (#,^) | 491 Montauk Hwy., Eastport, NY 11941 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/4/2025 | 4.9 | 4.9 | 5.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
22
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Royal Crest Motors LLC | (#,^) | 769 Amesbury Rd, Haverhill, MA 01830 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/16/2040 | 79.6 | 79.6 | 89.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MMS Realty, LLC and Molecular MS Diagnostics LLC | (#,^) | 1224 Greenwich Ave., Warwick, RI 02886 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/18/2040 | 137.7 | 137.7 | 155.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & R Security and Investigations Inc dba Pardners Lake Buchanan | (#,^) | 15615 State Route 29, Buchanan Dam, TX 78609 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/19/2040 | 74.4 | 74.4 | 84.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shelton Incorporated dba Mrs. Winners | (#,^) | 4509 N. Henry Blvd., Stockbridge, GA 30281 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/20/2040 | 98.1 | 98.1 | 110.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jaymie Hazard dba Indigo Hair Studio and Day Spa | (#,^) | 2016 Warwick Ave., Warwick, RI 02889 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/20/2040 | 37.6 | 37.6 | 42.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Loriet LLC | (#,^) | 5001 Vivienda Way, Sarasota, FL 34235 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/24/2025 | 5.2 | 5.2 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zero-In Media Inc | (#,^) | 1123 BRd.way Suite 704, New York, NY 10010 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 3/25/2025 | 9.7 | 9.7 | 10.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC | (#,^) | 800 James Ave., Scranton, PA 18510 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/26/2040 | 47.1 | 47.1 | 53.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac | (#,^) | 40 Buzzard Ridge Rd., Sequim, WA 98382 | Accommodation | Term Loan | Prime plus 2.75% | 3/27/2040 | 263.3 | 263.3 | 297.2 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shorr Enterprises Inc dba New Design Furniture Manufacturers | (#,^) | 3033 NW 28 St., Lauderdale Lakes, FL 33311 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 3/27/2025 | 46.1 | 46.1 | 47.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC | (#,^) | 5600 N. River Rd. #925, Rosemont, IL 60018 | Real Estate | Term Loan | Prime plus 2.75% | 3/27/2025 | 535.2 | 535.2 | 552.0 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shellhorn and Hill Inc dba Total Fleet Service | (#,^) | 501 South Market St, Wilmington, DE 19801 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/27/2040 | 678.4 | 678.4 | 765.9 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Copper Beech Financial Group LLC | (#,^) | 1223 North Church St., Moorestown, NJ 08057 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 3/30/2025 | 54.0 | 54.0 | 55.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faramarz Nikourazm dba Car Clinic Center | (#,^) | 10707 Shady Trail, Dallas, TX 75220 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/3/2040 | 64.3 | 64.3 | 72.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Coaching Inc | (#,^) | 4749 Main St. Suite 3, Bridgeport, CT 06606 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 4/14/2025 | 19.6 | 19.6 | 20.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diamond Solutions LLC | (#,^) | 7655 E Gelding Dr., Suite B2, Scottsdale, AZ 85260 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 4/21/2025 | 8.6 | 8.6 | 8.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cares Inc dba Dumpling Grounds Day Care Center | (#,^) | 4508 Blakiston St., Philadelphia, PA 19136 | Social Assistance | Term Loan | Prime plus 2.75% | 5/1/2040 | 71.0 | 71.0 | 80.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matthew Taylor and Landon Farm LLC | (#,^) | 6103 N Church St, Greensboro, NC 27455 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/4/2040 | 88.1 | 88.1 | 99.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| South Park Properties LLC and Midlothian Hardware LLC | (#,^) | 4751 147th St., Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/6/2040 | 41.9 | 41.9 | 47.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 15 McArdle LLC and No Other Impressions Inc | (#,^) | 15 McArdle St., Rochester, NY 14611 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/15/2040 | 161.5 | 161.5 | 182.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
23
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Douglas Posey and Sally Watkinson dba Audrey's Farmhouse | (#,^) | 2188 Brunswyck Rd., Wallkill, NY 12589 | Accommodation | Term Loan | Prime plus 2.75% | 5/20/2040 | 152.7 | 152.7 | 172.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Villela CPA PL | (#,^) | 777 Brickell Ave, Suite 500, Miami, FL 33131 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/27/2025 | 4.1 | 4.1 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| XCESSIVE THROTTLE, INC dba Jake's Roadhouse | (#,^) | 5980 Lamar St., Arvada, CO 80003 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2025 | 3.7 | 3.7 | 3.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| DTM Parts Supply Inc. | (#) | 31 Sageman St, Mount Vernon, NY 10550 | Merchant Wholesalers, Durable Goods | Term Loan | 7% | 6/2/2025 | 36.1 | 36.1 | 35.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Medworxs LLC | (#,^) | 10901 W. Toller Dr., Littleton, CO 80127 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/3/2025 | 57.4 | 57.4 | 59.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Video Vault & Tanning LLC and Mosaic Salon LLC | (#) | W7003 Parkview Dr, Suite A & B, Greenville, WI 54942 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/4/2040 | 59.9 | 59.9 | 67.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ViAr Visual Communications, Inc. dba Fastsigns 281701 | (#,^) | 4721 University Way NE, Seattle, WA 98105 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/5/2025 | 28.5 | 28.5 | 29.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eldredge Tavern LLC dba Gonyea's Tavern | (#,^) | 150 Main St., Pascoag, RI 02859 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/8/2040 | 49.4 | 49.4 | 55.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mirage Plastering Inc and Mpire LLC and Mpire II LLC | (#,^) | 1802 W Grant Rd. Suite 114, Tucson, AZ 85745 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/12/2040 | 121.9 | 121.9 | 137.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AM PM Properties, LLC and AM PM Willington, LLC | (#,^) | 1308 Stafford Rd., Storrs Mansfield, CT 06268 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/17/2040 | 76.3 | 76.3 | 86.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra | (#,^) | 111 N Pompano Beach Blvd., Pompano Beach, FL 33062 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/18/2025 | 21.4 | 21.4 | 22.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KRN Logistics, LLC and Newsome Trucking, Inc | (#) | 2262 Hwy 53 W, Jasper, GA 30143 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/19/2025 | 186.0 | 186.0 | 192.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Real Help LLC dba Real Help Decorative Concrete | (#,^) | 2221 BRd.way St., Buffalo, NY 14212 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/22/2025 | 24.4 | 24.4 | 25.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RJI Services, Inc. | (#,^) | 353 E Angeleno Suite G, Burbank, CA 91502 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/23/2025 | 10.3 | 10.3 | 10.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Evinger PA One, Inc. dba Postal Annex, Falcon | (#,^) | 7661 McLaughlin Rd., Falcon, CO 80831 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/24/2025 | 10.3 | 10.3 | 10.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ohs Auto Body, Inc. dba Ohs Body Shop | (#,^) | 3560 Hwy. 93 South, Kalispell, MT 59901 | Repair and Maintenance | Term Loan | 7.22% | 6/25/2040 | 1,077.1 | 1,077.1 | 1,012.3 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wolf Enviro Interests, LLC and Enviromax Services Inc | (#,^) | 18002 Mueschke Rd., Cypress, TX 77433 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/25/2040 | 216.6 | 216.6 | 244.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SofRep, Inc dba Force 12 Media | (#,^) | 930 Tahoe Blvd Suite 802-543, Incline Village, NV 89451 | Other Information Services | Term Loan | Prime plus 2.75% | 6/26/2025 | 35.7 | 35.7 | 36.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TJU-DGT Inc dba The Lorenz Cafe | (#,^) | 714-718 Lorenz Ave, Pittsburgh, PA 15220 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/26/2029 | 13.8 | 13.8 | 14.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling | (#,^) | 13886 Campo Rd., Jamul, CA 91935 | Gasoline Stations | Term Loan | Prime plus 2.75% | 6/26/2040 | 333.9 | 333.9 | 377.0 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E & G Enterprises LLC dba Comfort Keepers | (#,^) | 220 Middle St., Franklin, VA 23851 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/26/2025 | 10.3 | 10.3 | 10.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
24
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CEM Autobody LLC dba Dawn's Autobody | (#,^) | 7 Division St, Keyport, NJ 07735 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/26/2040 | 119.1 | 119.1 | 134.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Summit Beverage Group LLC | (#,^) | 211 Washington Ave., Marion, VA 24354 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 8/29/2030 | 206.3 | 206.3 | 223.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thrifty Market, Inc. dba Thrifty Foods | (#,^) | 702 10th St, Wheatland, WY 82201 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/30/2030 | 197.3 | 197.3 | 213.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jonathan E Nichols and Nichols Fire and Security LLC | (#,^) | 1906 Vanderhorn Dr., Memphis, TN 38134 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/30/2025 | 34.5 | 34.5 | 35.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Union 2 LLC dba The Standard | (#,^) | 1520 BRd.way, Fort Myers, FL 33901 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/10/2025 | 53.2 | 53.2 | 55.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Murrayville Donuts, Inc dba Dunkin' Donuts | (#,^) | 2304 N College Rd, Wilmington, NC 28405 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2040 | 322.5 | 322.5 | 364.1 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Free Ion Advisors LLC | (#,^) | 322 Evandale Rd., Scarsdale, NY 10583 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/21/2025 | 30.1 | 30.1 | 31.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Pa | (#,^) | 550 Rosemary Ave., Suite 236, West Palm Beach, FL 33401 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 7/24/2025 | 31.1 | 31.1 | 32.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LP Industries Inc dba Childforms | (#,^) | 110 Charleston Dr., Mooresville, NC 28117 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 7/29/2025 | 68.3 | 68.3 | 70.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SKJ Inc dba Subway | (#,^) | 401 S Woodlawn Ave, Bloomington, IN 47401 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/13/2025 | 44.1 | 44.1 | 45.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gold Jet Corp. | (#,^) | 2472 BRd.way, New York, NY 10025 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 8/14/2025 | 36.6 | 36.6 | 37.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GDP Gourmet LLC dba Joe and John's Pizza Restaurant | (#,^) | 136 New Jersey Ave, Absecon, NJ 08201 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/19/2040 | 128.0 | 128.0 | 144.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| God Be Glorified Inc dba GBG Inc | (#,^) | 40 West. 162nd St, South Holland, IL 60473 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 8/20/2025 | 25.3 | 25.3 | 26.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elite Institute LLC dba Huntington Learning Center | (#,^) | 13526 Village Park Dr. Suite 214, Orlando, FL 32837 | Educational Services | Term Loan | Prime plus 2.75% | 8/28/2025 | 7.2 | 7.2 | 7.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Empower Autism Academy | (#,^) | 1250 South A. W. Grimes Rd., Round Rock, TX 78665 | Social Assistance | Term Loan | Prime plus 2.75% | 9/4/2040 | 606.2 | 606.2 | 684.4 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc | (#,^) | 170 Main St., North Kingstown, RI 02852 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 9/8/2040 | 124.1 | 124.1 | 140.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| FirstVitals Health and Wellness Inc | (#,^) | 521 Ala Moana Blvd. Suite 261, Honolulu, HI 96813 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/15/2025 | 85.7 | 85.7 | 88.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Naeem Khan LTD | (#,^) | 260 West 36h St., New York, NY 10018 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 9/17/2025 | 61.1 | 61.1 | 63.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vanderhoof LLC dba Soxfords | (#,^) | 11 Sellecks Walk, Pound Ridge, NY 10576 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 9/18/2025 | 5.9 | 5.9 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MiJoy Inc dba Imo's Pizza | (#,^) | 215 South Kirkwood Rd., Kirkwood, MO 63122 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/18/2025 | 4.0 | 4.0 | 4.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/21/2025 | 24.1 | 24.1 | 24.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Finish Strong Inc dba FASTSIGNS St Peters | (#,^) | 98 North Hillview Dr., St Peters, MO 63376 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 9/23/2025 | 24.3 | 24.3 | 25.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
25
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn | (#,^) | 10 West Orvis St., Massena, NY 13662 | Accommodation | Term Loan | Prime plus 2.75% | 9/24/2040 | 553.1 | 553.1 | 624.5 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prestigious LifeCare for Seniors LLC | (#,^) | 5701 North Pine Island Rd., Tamarac, FL 33321 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/25/2025 | 4.8 | 4.8 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daniel W. Stark dba Mountain Valley Lodge and RV Park | (#,^) | 223 Hwy 80, Rodeo, NM 88056 | Accommodation | Term Loan | Prime plus 2.75% | 9/25/2040 | 11.9 | 11.9 | 13.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greensward of Marco Inc. | (#,^) | 54 Marco Lake Dr., Marco Island, FL 34146 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/28/2040 | 78.3 | 78.3 | 88.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RIM Investments LLC and RIM Architects LLC | (#,^) | 645 G St. Suite 400, Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/28/2040 | 353.1 | 353.1 | 398.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Binky's Vapes LLC | (#,^) | 10539 Greenbelt Rd. Suite 102, Lanham, MD 20706 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/30/2025 | 10.9 | 10.9 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Barub Realty LLC and Barub LLC dba Woodlawn Cabinets | (#,^) | 1838 Adee Ave., Baychester, NY 10469 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 9/30/2040 | 126.4 | 126.4 | 142.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R.H. Hummer Jr., Inc. | (#,^) | 2141 P Ave., Williamsburg, IA 52361 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/30/2025 | 198.3 | 198.3 | 205.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas Cit | (#,^) | 7748 Troost Ave., Kansas City, MO 64131 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/30/2028 | 43.0 | 43.0 | 46.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ADMO Inc dba Mid States Equipment | (#,^) | 16180 Westwoods Business Park, Ellisville, MO 63021 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 10/8/2025 | 11.1 | 11.1 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Financial Network Recovery Inc | (#,^) | 250 E Easy St. Suite 1, Simi Valley, CA 93065 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/26/2025 | 19.8 | 19.8 | 20.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Green Life Lawnscapes LLC dba Green Life Lawn Care | (#,^) | 1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/6/2025 | 77.8 | 77.8 | 80.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| S.B.B. Enterprises Inc dba Williamston Hardware | (#,^) | 139 S Putnam St., Williamston, MI 48895 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/19/2040 | 96.5 | 96.5 | 108.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy | (#,^) | 3105 107th Ave., Doral, FL 33178 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 11/20/2025 | 45.1 | 45.1 | 46.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DWeb Studio, Inc. | (#,^) | 10800 E. Bethany Dr., Suite 275, Aurora, CO 80014 | Educational Services | Term Loan | Prime plus 2.75% | 11/25/2025 | 5.7 | 5.7 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Japp Business Inc dba Pick and Eat and Japp Drink Corp. | (#,^) | 4179 BRd.way, New York, NY 10033 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/30/2025 | 72.9 | 72.9 | 75.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC | (#,^) | 880 Lowcountry Blvd, Mount Pleasant, SC 29464 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/4/2040 | 447.9 | 447.9 | 505.7 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sushiya, Inc. | (#,^) | 72-74 South Main St., Hanover, NH 03755 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/8/2025 | 55.8 | 55.8 | 57.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Basista Family Limited Partnership and UPE, Inc. | (#,^) | 3401 Brecksville Rd, Richfield, OH 44286 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/14/2040 | 305.2 | 305.2 | 344.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DC Enterprises Ltd. dba Lakeview True Value | (#,^) | 318 North F St., Lakeview, OR 97630 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/14/2025 | 11.5 | 11.5 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
26
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Moments to Remember USA LLC dba Retain Loyalty | (#,^) | 1250 Sanders Ave. SW, Massillon, OH 44646 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/16/2025 | 45.3 | 45.3 | 47.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New York Home Health Care Equipment, LLC | (#,^) | 30 Hopper St., Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/16/2025 | 524.5 | 524.5 | 544.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abitino's JFK LLC dba Abitino's | (#,^) | Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/16/2022 | 32.3 | 32.3 | 32.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JAG Unit 1, LLC | (#,^) | 1 West Main St., Patchogue, NY 11772 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/16/2025 | 137.2 | 137.2 | 141.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swalm Street LLC and New York Home Health Care Equipment LLC | (#,^) | 30 Hopper St., Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | 7.5% | 12/16/2040 | 362.4 | 362.4 | 340.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sourceco Limited Liability Company | (#,^) | 17 Palmer Ave., West Long Branch, NJ 07764 | Merchant Wholesalers, Nondurable Goods | Term Loan | 6.5% | 12/17/2025 | 24.5 | 24.5 | 23.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trip Consultants U.S.A. Inc. | (#,^) | 311 85th St., Brooklyn, NY 11209 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2025 | 85.2 | 85.2 | 88.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Tag and Label Inc | (#,^) | 2201 Rittenhouse St, Des Moines, IA 50321 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 12/18/2040 | 590.8 | 590.8 | 667.0 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hattingh Incorporated dba Prosthetic Care Facility | (#,^) | 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2025 | 9.2 | 9.2 | 9.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joyce Outdoor Advertising Chicago LLC | (#,^) | 2443 West 16th St., Chicago, IL 60608 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/22/2040 | 268.7 | 268.7 | 303.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga | (#,^) | 8957 Kingsridge Dr., Centerville, OH 45459 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/22/2028 | 587.1 | 587.1 | 626.9 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc | (#,^) | 24201 North Hwy 1, Fort Bragg, CA 95437 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/23/2040 | 91.3 | 91.3 | 103.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 800 on the Trax LLC and Matrix Z LLC | (#,^) | 800 SW 21st Terrace, Fort Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 12/23/2040 | 228.7 | 228.7 | 258.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Panditos LLC dba White Lotus Home | (#,^) | 431 Raritan Ave., Highland Park, NJ 08904 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/28/2025 | 8.2 | 8.2 | 8.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt | (#,^) | 1196 Inverness Lane, Stow, OH 44224 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/29/2025 | 57.7 | 57.7 | 59.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MCF Forte LLC | (#,^) | 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/29/2025 | 9.6 | 9.6 | 9.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dolarian Realty LLC and OV's Restaurant Inc | (#,^) | 34 Old Colony Ave., East Taunton, MA 02718 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/5/2041 | 60.6 | 60.6 | 68.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wildflour Bakery & Cafe LLC | (#,^) | 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/28/2026 | 32.6 | 32.6 | 34.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jersey Shore Marina & Boat Sales, Inc. | (#,^) | 841 Route 70 East, Brick, NJ 08724 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/12/2041 | 386.4 | 386.4 | 436.3 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gilmore Heights Dental Holdings, LTD and Chas Rob LLC | (#,^) | 2250 Warrensville Center Rd., University Heights, OH 44118 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/12/2029 | 210.5 | 210.5 | 224.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ei3 Corporation | (#,^) | 136 Summit Ave., Montvale, NJ 07645 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/12/2026 | 173.3 | 173.3 | 180.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & K Contracting Inc | (#,^) | 3605 NW 31st Ave, Fort Lauderdale, FL 33309 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/18/2026 | 8.9 | 8.9 | 9.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
27
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aaradhya LLC dba Market Square Laundry | (#,^) | 7727 Crittenden St., Philadelphia, PA 19118 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/23/2026 | 41.1 | 41.1 | 42.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blackstones Hairdressing LLC | (#,^) | 2 Ave. of the Americas, New York, NY 10013 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/23/2026 | 27.8 | 27.8 | 28.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The River Beas, LLC dba Subway and Punam Singh | (#,^) | 5516 Baltimore Ave, Hyattsville, MD 20781 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2041 | 121.1 | 121.1 | 136.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Drug Detection Laboratories, Inc. and Minh Tran | (#,^) | 9700 Business Park Dr., Sacramento, CA 95827 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/28/2026 | 10.5 | 10.5 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Living Essentials HVAC Corp | (#,^) | 42 West St., Apt 24, Randolph, MA 02368 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/28/2026 | 7.9 | 7.9 | 8.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Consulting Solutions, Inc. and Mark Luciani | (#,^) | 3000 N Federal Hwy., STE 1, Fort Lauderdale, FL 33306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/28/2026 | 5.1 | 5.1 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| J & W Hardwood Flooring Inc | (#,^) | 14967 Madison St, Brighton, CO 80602 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/7/2026 | 4.0 | 4.0 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swerve Salon LLC | (#,^) | 1419 N Wells St., Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/8/2026 | 42.6 | 42.6 | 44.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Step Up Academy of the Arts LLC | (#,^) | 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 | Educational Services | Term Loan | Prime plus 2.75% | 3/9/2026 | 4.3 | 4.3 | 4.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faith Summit Supply Inc dba Summit Supply and Summit True Value | (#,^) | 8584 US Business Hwy. 277, Haskell, TX 79521 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/9/2026 | 12.1 | 12.1 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dupre Capital LLC dba Fastsigns | (#,^) | 215 Quartermaster Court, Jeffersonville, IN 47130 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 3/11/2026 | 31.5 | 31.5 | 32.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mustafa Inc and Raouf Properties LLC | (#,^) | 3538 Pin Oak Dr, San Antonio, TX 78229 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/14/2041 | 67.2 | 67.2 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & D Enterprises Inc dba My Pool Man | (#,^) | 291 North Texas Ave., Orlando, FL 32805 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/15/2026 | 26.9 | 26.9 | 27.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brian T Rice dba BD Logging | (#,^) | 800 3rd St Apt B, St Marys, WV 26170 | Forestry and Logging | Term Loan | Prime plus 2.75% | 3/17/2026 | 1.0 | 1.0 | 1.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kekoa Enterprises Inc dba Signarama Sandy | (#,^) | 8942 South 700 East, Sandy, UT 84070 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/18/2026 | 26.7 | 26.7 | 27.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Taylors Zinn Enterprises Inc dba Eons Auto Care Inc | (#,^) | 330 West Harden St., Graham, NC 27253 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/18/2041 | 72.7 | 72.7 | 82.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precious Care LLC and Precious Care Management LLC | (#,^) | 186-06 Union Turnpike, Fresh Meadows, NY 11364 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/21/2026 | 287.4 | 287.4 | 297.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ActKnowledge, Inc | (#,^) | 365 5th Ave., New York, NY 10016 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/24/2026 | 67.3 | 67.3 | 70.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| International Construction Inc | (#,^) | 53955 Gratiot Ave, Chesterfield, MI 48051 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 3/24/2041 | 42.6 | 42.6 | 48.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Revolution Physical Therapy LLC dba Apex Network Physical Therapy | (#,^) | 2705 Dougherty Ferry Rd. Suite 104, St. Louis, MO 63122 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/25/2026 | 12.3 | 12.3 | 12.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marathon Engineering Corporation | (#,^) | 5615 2nd St. W, Lehigh Acres, FL 33971 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2041 | 40.4 | 40.4 | 45.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Barrocas Gym LLC dba Snap Fitness | (#,^) | 260 West Main St., Avon, CT 06001 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/29/2026 | 10.1 | 10.1 | 10.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
28
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MTS Car Service LLC | (#,^) | 9 Gibson Court Apt# 1, Norwalk, CT 06854 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 3/30/2026 | 5.7 | 5.7 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West P | (#,^) | 550 Rosemary Ave., Suite 236, West Palm Beach, FL 33410 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 3/30/2026 | 50.6 | 50.6 | 52.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gordon Rogers and Heidi Rogers dba Stone House Motor Inn | (#,^) | 162 Danielson Pike, Foster, RI 02825 | Accommodation | Term Loan | Prime plus 2.75% | 3/30/2026 | 12.3 | 12.3 | 12.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wyldewood Cellars, Inc. | (#,^) | 951 East 119th St, Mulvane, KS 67120 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 3/30/2041 | 941.9 | 941.9 | 1,063.4 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cameo Carter, MD A Professional Corporation dba The Garden Pediatric G | (#,^) | 101 East Redlands Blvd., Suite 106, Redlands, CA 92373 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2026 | 40.4 | 40.4 | 41.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Christian Soderquist dba Soderquist Plumbing and Heating LLC | (#,^) | 7 Oak Dr., Sandy Hook, CT 06482 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/31/2041 | 50.9 | 50.9 | 57.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dana A. Farley dba Independent Cabinets | (#,^) | 5805 NE Minder Rd, Poulsbo, WA 98370 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 3/31/2041 | 57.9 | 57.9 | 65.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vehicle Safety Supply LLC | (#,^) | 15 East 72nd St., Suite 14-H, New York, NY 10021 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/31/2026 | 12.1 | 12.1 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Waterfalls Quick Lube LLC and Veracruz Shabo LLC | (#,^) | 1325 BRd. St., Central Falls, RI 02863 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/6/2041 | 247.3 | 247.3 | 279.2 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KNS Early Learning Academy LLC | (#,^) | 57 Merritt St. SE, Marietta, GA 30060 | Social Assistance | Term Loan | Prime plus 2.75% | 4/6/2041 | 45.9 | 45.9 | 51.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sushiya Inc | (#,^) | 72 South Main St., Hanover, NH 03755 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/12/2026 | 47.9 | 47.9 | 49.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AAA Mill Direct, Inc. dba Carpet Mill Outlets | (#,^) | 1 North Armistead Ave., Hampton, VA 23669 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 4/21/2026 | 4.3 | 4.3 | 4.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Automotive Core Recycling, LLC and 828 Old Colony Road, LLC | (#,^) | 27-29 Cooper St., Meriden, CT 06053 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 4/22/2041 | 224.8 | 224.8 | 253.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Comfort Services, LLC | (#,^) | 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/26/2026 | 49.2 | 49.2 | 50.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Costume World Inc | (#,^) | 950 South Federal Hwy., Deerfield Beach, FL 33441 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 4/28/2041 | 1,153.3 | 1,153.3 | 1,302.1 | 0.36 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pecos Inn LLC dba Econo Lodge | (#,^) | 2207 W Third St., Pecos, TX 79772 | Accommodation | Term Loan | Prime plus 2.75% | 4/28/2041 | 621.9 | 621.9 | 702.2 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marc S. Rosenberg P.C. dba Mammuth and Rosenberg | (#,^) | 401 East City Ave. Ste 122, Bala Cynwyd, PA 19004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/29/2026 | 12.3 | 12.3 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Loriet LLC | (#,^) | 5001 Vivienda Way, Sarasota, FL 34235 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 4/29/2026 | 4.1 | 4.1 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hard Exercise Works Winter Park LLC | (#,^) | 11551 University Blvd., Ste. 4C Building 1, Orlando, FL 32817 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/29/2026 | 22.3 | 22.3 | 22.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Empowerschool LLC and Empower Autism Academy, LLC | (#,^) | 1250 South A. W. Grimes Rd., Round Rock, TX 78665 | Social Assistance | Term Loan | Prime plus 2.75% | 4/29/2041 | 136.6 | 136.6 | 154.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Omega Trucking LLC | (#,^) | 14432-52 State Line Rd., Brookings, OR 97415 | Truck Transportation | Term Loan | Prime plus 2.75% | 4/29/2041 | 158.2 | 158.2 | 178.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
29
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warner Home Comfort, LLC dba Smith Piping | (#,^) | 1571 Canton Rd., NW, Carrollton, OH 44615 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/29/2041 | 74.2 | 74.2 | 83.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sabir Inc. dba Bear Diner | (#,^) | 603 Pulaski Hwy, Bear, DE 19701 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/11/2041 | 111.5 | 111.5 | 125.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano | (#,^) | 11 Kirby Rd., Cromwell, CT 06419 | Social Assistance | Term Loan | Prime plus 2.75% | 5/12/2041 | 119.4 | 119.4 | 134.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| FJN Catering Inc | (#,^) | 106 Main St., Mineola, NY 11951 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/13/2041 | 240.8 | 240.8 | 271.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HBA LLC dba Palmetto Twist-Vista | (#,^) | 1225-1229 Lincoln St., Columbia, SC 29201 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/18/2026 | 10.8 | 10.8 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dedicated Incorporated | (#,^) | 2916 North 39th St., Phoenix, AZ 85019 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 5/18/2041 | 41.9 | 41.9 | 47.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elderfriend Inc dba Granny Nannies dba GN Live Scan | (#,^) | 1499 W. Palmetto Park Rd., Suite #115, Boca Raton, FL 33486 | Social Assistance | Term Loan | Prime plus 2.75% | 5/20/2026 | 7.1 | 7.1 | 7.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Horseshoe Barbecue, LLC | (#,^) | 6555, 6565, 6575 N. Sandario Rd., Tucson, AZ 85743 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/23/2029 | 5.6 | 5.6 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Island Life Graphics Inc dba FASTSIGNS #576 | (#,^) | 1410 E. Oak St., Fernandina Beach, FL 32034 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 5/24/2026 | 12.5 | 12.5 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Powerspec Inc | (#,^) | 1 Linsley Place, Metuchen, NJ 08840 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/24/2026 | 48.3 | 48.3 | 49.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| International Kitchen Supply LLC | (#,^) | 3466 North Hwy 11, West Union, SC 29696 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/25/2026 | 119.9 | 119.9 | 123.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southwest Division Inc | (#,^) | 2103 NE 3rd Terrace, Cape Coral, FL 33909 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 5/26/2026 | 4.6 | 4.6 | 4.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jack Frost Firewood Inc. and David Dubinsky | (#,^) | 3168 Holland Rd., Virginia Beach, VA 23453 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/26/2041 | 185.9 | 185.9 | 209.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premier Athletic Center of Ohio, Inc | (#,^) | 8957 Kingsridge Dr., Centerville, OH 45459 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/27/2026 | 48.6 | 48.6 | 50.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Angelo Faia dba AVF Construction | (#,^) | 55 Arbour Lane, Sewell, NJ 08080 | Construction of Buildings | Term Loan | Prime plus 2.75% | 5/27/2041 | 90.0 | 90.0 | 101.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ATI Jet Inc | (#,^) | 7007 Boeing Dr., El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus 2.75% | 5/31/2026 | 322.7 | 322.7 | 332.9 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AP5 LLC dba Krauser's Food Store | (#,^) | 5 Pond Point Rd., Milford, CT 06460 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/2/2041 | 175.0 | 175.0 | 197.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Larry H. Patterson and Rainbow Movers, Inc | (#,^) | 2325 Hollers Ave, Bronx, NY 10475 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/6/2026 | 12.7 | 12.7 | 13.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luv 2 Play AZ LLC | (#,^) | 15495 Bell Rd., Surprise, AZ 85374 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/10/2026 | 40.0 | 40.0 | 41.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Refoleen Inc dba Spice and Tea Exchange | (#,^) | 849 East Commerce St., Suite 121, San Antonio, TX 78205 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/10/2026 | 48.8 | 48.8 | 50.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jai-Alexia Consulting, Inc. | (#,^) | 14660 Paddock Dr., Wellington, FL 33414 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 6/15/2026 | 6.7 | 6.7 | 6.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
30
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares | (#,^) | 1137 West St., Southington, CT 06489 | Social Assistance | Term Loan | Prime plus 2% | 6/15/2041 | 460.8 | 460.8 | 508.8 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr | (#,^) | 377 Boston Post Rd., Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 6/16/2026 | 284.2 | 284.2 | 291.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bagelicious, LLC | (#,^) | 945 S Main St, Cheshire, CT 06410 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/17/2026 | 30.8 | 30.8 | 31.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy | (#,^) | 27 Main St., Monroe, CT 06468 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/23/2041 | 450.0 | 450.0 | 508.1 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Visual Advantage LLC dba Signs Now Perryberg | (#,^) | 23248 Dunbridge Rd., Perrysburg, OH 43443 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/23/2041 | 82.4 | 82.4 | 93.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Long Island Comedy LLC dba Governors and New York Comedy, LLC | (#,^) | 90 A Division Ave., Levittown, NY 11756 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/23/2041 | 173.5 | 173.5 | 195.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Island Time Investments, LLC dba Swantown Inn Bed & Breakfast | (#,^) | 1431 11th Ave SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus 2.75% | 6/24/2041 | 91.4 | 91.4 | 103.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WGI, LLC dba Williams Grant Inn | (#,^) | 154 High St., Bristol, RI 02809 | Accommodation | Term Loan | Prime plus 2.75% | 6/29/2041 | 113.3 | 113.3 | 128.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc | (#,^) | 626 Delsea Dr. N, Glassboro, NJ 08028 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/29/2026 | 79.1 | 79.1 | 81.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nevey's LLC dba Stark Food III | (#,^) | 6315 W. Fond Du Lac Ave., Milwaukee, WI 53218 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/30/2041 | 266.4 | 266.4 | 300.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Desert Tacos LLC | (#,^) | 245 East Bell Rd. Suite A-2, Phoenix, AZ 85022 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2026 | 57.2 | 57.2 | 59.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VMA Technologies LLC | (#,^) | 120 South Serenata Dr. Unit 332, Ponte Vedra Beach, FL 32082 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/30/2026 | 12.6 | 12.6 | 13.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai | (#,^) | 1314 Sixth St., Orland, CA 95963 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/30/2029 | 137.1 | 137.1 | 146.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| P L H Pharmaco Inc dba Farmacia San Jose | (#,^) | 149 48th St., Union City, NJ 07087 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 6/30/2026 | 91.5 | 91.5 | 95.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Martin Inventory Management LLC | (#,^) | 304 1/2 Main St., Edgefield, SC 29824 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/30/2026 | 13.9 | 13.9 | 14.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Franklin Firm LLC dba Luv 2 Play | (#,^) | 1310 East Stan Schleuter Loop, Killeen, TX 76542 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/15/2041 | 133.8 | 133.8 | 151.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho | (#,^) | 1502 Hwy. 157, Mansfield, TX 76063 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 7/18/2026 | 9.0 | 9.0 | 9.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| My Sainath Inc dba Motel 6 | (#,^) | 1008 E Crest Dr., Waco, TX 76705 | Accommodation | Term Loan | Prime plus 2.75% | 7/22/2041 | 282.9 | 282.9 | 319.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert G Larson State Farm Insurance | (#,^) | 7922 Jamaica Ave., Woodhaven, NY 11421 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/22/2026 | 12.9 | 12.9 | 13.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| EPEC Juice LLC dba Jamba Juice | (#,^) | 810 Ninth St., Suite 128, Durham, NC 27705 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/27/2026 | 47.8 | 47.8 | 49.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
31
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar | (#,^) | 1 West Main St., Patchogue, NY 11772 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/27/2026 | 76.1 | 76.1 | 78.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pinco Pizza LLC dba Jet's Pizza | (#,^) | 10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/27/2026 | 42.1 | 42.1 | 44.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Intrepid Trinity LLC | (#,^) | 680 Douglas Ave, Providence, RI 02908 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 7/28/2041 | 56.6 | 56.6 | 63.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 676 Club LP dba The Green Door Tavern/The Drifter | (#,^) | 676 and 678 North Orleans ST, Chicago, IL 60654 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/28/2041 | 622.6 | 622.6 | 702.9 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Apple Tree NC Inc dba Williams Farm & Garden Center | (#,^) | 1309 Old Cherry Point Rd., New Bern, NC 28560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 7/28/2041 | 318.4 | 318.4 | 359.5 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Hungry Rhino LLC | (#,^) | 47 South Main St., Windsor Locks, CT 06096 | Real Estate | Term Loan | Prime plus 2.75% | 7/29/2041 | 69.0 | 69.0 | 77.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Tree Huggers Child Care LLC | (#,^) | 38620 9 Mile Rd., Farmington Hills, MI 48335 | Social Assistance | Term Loan | Prime plus 2.75% | 7/29/2041 | 126.7 | 126.7 | 143.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 303 Tower Drive LLC | (#,^) | 303 Tower Dr., Suite A, Middletown, NY 10941 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/29/2041 | 362.2 | 362.2 | 409.0 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| USA General Investment LLC dba Braniff Paint and Body Shop | (#,^) | 2290 NW 21st Terrace, Miami, FL 33142 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/29/2026 | 12.9 | 12.9 | 13.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paul Belanger dba Paul Belanger Landscaping | (#,^) | 2595 Military Ave, Los Angeles, CA 90064 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/9/2026 | 8.7 | 8.7 | 9.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grayson O Company | (#,^) | 6509 Newell Ave., Kannapolis, NC 28082 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 8/10/2041 | 566.8 | 566.8 | 639.9 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2 Cool Beans LLC dba Menchies's Frozen Yogurt | (#,^) | 11331 Thienes Ave., South El Monte, CA 91733 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/11/2026 | 42.0 | 42.0 | 43.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Avery Management Inc. dba Whetstone Upholstery | (#,^) | 1122 N Bloulevard, Richmond, VA 23230 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/25/2026 | 5.9 | 5.9 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rosmel Pools Inc | (#,^) | 9300 NW 25th St. Suite 103, Miami, FL 33172 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/25/2026 | 12.6 | 12.6 | 13.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TR Companies LLC dba Liberty Rental 4 U | (#,^) | 410 N Church Rd., Liberty, MO 64068 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 8/25/2026 | 28.7 | 28.7 | 29.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Warren Dale Warrington dba Custom Paint and Body | (#,^) | 705 S Market Ave., Fort Pierce, FL 34982 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/26/2041 | 91.8 | 91.8 | 103.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Raem Corporation dba Dryclean Express | (#,^) | 557 West Whitney Rd., Fairport, NY 14450 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/29/2041 | 65.7 | 65.7 | 74.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C | (#,^) | 1362-1366 W. Carrier Pkwy., Grand Prairie, TX 75050 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/30/2026 | 79.5 | 79.5 | 82.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metropet Dog Center, Inc | (#,^) | 2057 West Shore Rd., Warwick, RI 02889 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/13/2041 | 99.3 | 99.3 | 112.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cuppiecakes LLC | (#,^) | 313 S Main St., McGregor, TX 76557 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/21/2041 | 20.4 | 20.4 | 23.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wrecking Crew Media LLC | (#,^) | 229 Commercial Ave, Pittsburgh, PA 15212 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 9/21/2026 | 17.0 | 17.0 | 17.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TPFC,LLC dbaThe Picture Frame Company | (#,^) | 5957 Glenway Ave., Cincinnati, OH 45238 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/26/2041 | 53.4 | 53.4 | 60.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
32
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ridge Road Equestrian LLC dba Ricochet Ridge Ranch | (#,^) | 24201 North Hwy. 1, Fort Bragg, CA 95437 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 9/26/2026 | 5.3 | 5.3 | 5.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kyle M Walker DDS, PC | (#,^) | 1402 West Park Ave., Orange, TX 77630 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2026 | 152.5 | 152.5 | 157.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CNC Precision Machine, Inc. | (#,^) | 18360 Industrial Circle, Burton, OH 44021 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/28/2041 | 1,170.2 | 1,170.2 | 1,321.1 | 0.36 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CD Game Exchange Inc. | (#,^) | 3719 N Mississippi, Portland, OR 97227 | Merchant Wholesalers, Durable Goods | Term Loan | 8.25% | 9/28/2026 | 3.7 | 3.7 | 3.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beadon Inc | (#,^) | 2601 Old Ocean City Rd, Salisbury, MD 21804 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/28/2026 | 13.3 | 13.3 | 13.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seaway LLC and Reklaw LLC dba Allure Lounge | (#,^) | 415 -417 Halsey Dr., Newark, NJ 07102 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2041 | 125.0 | 125.0 | 141.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JJA Transportation Management Inc. | (#,^) | 15 Church St., Upland, PA 19015 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/30/2026 | 28.1 | 28.1 | 28.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wyspen Corporation dba Charlestown Ace | (#,^) | 5 Austin St., Charlestown, MA 02129 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 10/3/2026 | 21.6 | 21.6 | 22.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ailky Corporation | (#,^) | 352 Beford St., Lakeville, MA 02347 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 10/3/2026 | 141.9 | 141.9 | 146.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Reliable Recovery Services LLC | (#,^) | 2401 West Mcdowell Rd., Phoenix, AZ 85009 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 10/7/2026 | 67.4 | 67.4 | 70.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maine Service Corp | (#,^) | 59-22 55th St., Maspeth, NY 11378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 10/13/2026 | 98.4 | 98.4 | 102.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Justin Partlow | (#,^) | 100 Independence Place, Suite 414, Tyler, TX 75703 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 10/13/2026 | 11.7 | 11.7 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Speaker City, Inc. dba Rollin Thunder | (#,^) | 246 East Belt Blvd., Richmond, VA 23224 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 10/14/2041 | 114.2 | 114.2 | 128.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gold Wind Logistics LLC | (#,^) | 2830 Beech Daly Rd, Inkster, MI 48141 | Truck Transportation | Term Loan | Prime plus 2.75% | 10/20/2041 | 162.0 | 162.0 | 182.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Worldwide Estate, Inc. dba Washington Heights Manor | (#,^) | 10620 W. Greenwood Terrace, Milwaukee, WI 53224 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 10/21/2041 | 204.9 | 204.9 | 231.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC | (#,^) | 200 North Branford Rd., Branford, CT 06405 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 10/24/2026 | 254.5 | 254.5 | 266.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elite Structures Inc | (#,^) | 401 Old Quitman Rd., Abel, GA 31620 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 10/27/2029 | 164.8 | 164.8 | 176.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bloomquist Communications Inc. | (#,^) | 131 East Trinity Place, Decatur, GA 30030 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2026 | 36.5 | 36.5 | 37.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moolchan Enterprises LLC dba Staying Green | (#,^) | 2650 S.W. 154 Ave., Davie, FL 33331 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2026 | 6.6 | 6.6 | 6.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Woodstock Enterprises Corp dba True Scent Candle Co | (#,^) | 191 2nd Ave., Warwick, RI 02888 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 10/31/2041 | 81.0 | 81.0 | 91.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glocecol LLC | (#,^) | 10302 NW South River Dr., Bay #18, Miami, FL 33178 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/1/2026 | 45.5 | 45.5 | 47.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Veracruz Shabo, LLC(EPC) Waterfalls Quick Lube LLC (OC) | (#,^) | 1325 BRd. St., Central Falls, RI 02863 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/1/2041 | 109.6 | 109.6 | 123.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
33
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero | (#,^) | 13215 Miles Ave., Cleveland, OH 44105 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/3/2041 | 104.8 | 104.8 | 118.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fine Line Interiors, Inc. | (#,^) | 2530 SW 30th Ave., Hallandale Beach, FL 33009 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/4/2041 | 57.6 | 57.6 | 65.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dyer Properties, LLC and Bayview Pharmacy, Inc. | (#,^) | 3844 Post Rd., Warwick, RI 02886 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 11/9/2041 | 220.1 | 220.1 | 248.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MIK LLC dba Firehouse Subs | (#,^) | 17250 Royalton Rd, Strongsville, OH 44136 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/9/2026 | 135.3 | 135.3 | 139.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hoosier Health Plus, LLC | (#,^) | 520 East 8th St., Anderson, IN 46012 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/15/2026 | 53.4 | 53.4 | 55.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Catherine Christine Morin dba Purr-Fect Pets | (#,^) | 1915 North Austin Ave., Georgetown, TX 78626 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/17/2026 | 11.4 | 11.4 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skaggs RV Outlet LLC | (#,^) | 301 Commerce Dr., Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/21/2026 | 60.7 | 60.7 | 63.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bouquet Restaurant LLC | (#,^) | 519 Main St., Covington, KY 41011 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/22/2041 | 88.7 | 88.7 | 100.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 6E Technologies LLC | (#,^) | 11001 West 120th Ave., Suite 400, Broomfield, CO 80020 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/22/2026 | 90.5 | 90.5 | 94.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Broms Asset Management LLC | (#,^) | 215 East 79th St. Apt 9E, New York, NY 10075 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 11/22/2026 | 75.7 | 75.7 | 78.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JBK Truck Trailer and Bus Inc. | (#,^) | 8669 S. State Rd. 67, Camby, IN 46113 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/22/2041 | 380.0 | 380.0 | 429.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WPN Recycling Company LLC | (#,^) | 5101 Andard Ave, Baltimore, MD 21226 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/23/2026 | 13.7 | 13.7 | 14.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CRK Mens, LLC dba Spiff for Men | (#,^) | 750 Third Ave, New York, NY 10017 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/23/2026 | 63.5 | 63.5 | 65.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901 | (#,^) | 1835 Auburn Way N Suite B, Auburn, WA 98002 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/23/2026 | 36.4 | 36.4 | 37.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Usman Jalil, LLC dba Food Mart | (#,^) | 147 N Washington St., Plainville, CT 06062 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/29/2041 | 213.7 | 213.7 | 241.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Access Staffing, LLC | (#,^) | 360 Lexington Ave. 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/29/2026 | 749.2 | 749.2 | 771.8 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quick Ship, LLC | (#,^) | 448 W. 19th St, Houston, TX 77008 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 11/30/2026 | 6.4 | 6.4 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC | (#,^) | 1 Pebble Wood Lane, Palm Coast, FL 32164 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 11/30/2041 | 63.4 | 63.4 | 71.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Imaginarium Foods LLC, | (#,^) | 751 N. Cable Rd., Lima, OH 45805 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2042 | 342.3 | 342.3 | 386.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hanson's Greeks LLC | (#,^) | 8132 N. 87th Place, Ste A, Scottsdale, AZ 85258 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/8/2026 | 6.9 | 6.9 | 7.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Life Hospital LLC | (#,^) | 17400 Red Oak Dr., Houston, TX 77090 | Hospitals | Term Loan | Prime plus 2.75% | 12/8/2041 | 1,118.1 | 1,118.1 | 1,262.3 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
34
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| eCommerce Direct, LLC | (#,^) | 3440 Gannett Ave., Des Moines, IA 50321 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/9/2026 | 476.8 | 476.8 | 494.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mack Team Enterprises Inc.dba The UPS Store #6815 | (#,^) | 38200 Ave. of the States, Fort Gordon, GA 30905 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 12/9/2026 | 12.5 | 12.5 | 13.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Recycling Revolution,LLC | (#,^) | 4190 Collins Rd., Unadilla, GA 31091 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/9/2041 | 82.8 | 82.8 | 93.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wayfarer Bicycle LLC | (#,^) | 118-120 Ocean Ave., New London, CT 06320 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 12/13/2041 | 84.8 | 84.8 | 95.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Success Advertising Inc. dba Success Communivstion Gr | (#,^) | 26 Eastmans Rd., Parsippany, NJ 07054 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/13/2041 | 427.6 | 427.6 | 482.8 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roast Beef Levittown LLC dba Arby's | (#,^) | 2080 Hempstead Turnpike, East Meadow, NY 11554 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/13/2026 | 130.6 | 130.6 | 136.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trison Enterprises Inc.dba Lee's Automotive | (#,^) | 13281 Aurora Ave. N, Seattle, WA 98311 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/14/2041 | 373.5 | 373.5 | 421.7 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AGG Management Team LLC dba Chevron | (#,^) | 2615 S Dixie Hwy., West Palm Beach, FL 33401 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/14/2041 | 260.9 | 260.9 | 294.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sempco, Inc. | (#,^) | 51 -55 Lake St. Unit #2-6, Nashua, NH 03060 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2041 | 38.5 | 38.5 | 43.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Chicago Wholesale Bakery, Inc. | (#,^) | 795 Touhy Ave., Elk Grove Village, IL 60007 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2041 | 426.1 | 426.1 | 481.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Techni-Pro Institute LLC | (#,^) | 414 NW 35th St., Boca Raton, FL 33431 | Educational Services | Term Loan | Prime plus 2.75% | 12/15/2026 | 116.7 | 116.7 | 120.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elita 7, LLC | (#,^) | 16 Marble St., Worcester, MA 01603 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 12/15/2041 | 669.9 | 669.9 | 756.4 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Means Enterprises LLC dba FastFrame Frisco | (#,^) | 4112-4150 Legacy Dr./5729 Leabanon Rd. Unit 412, Frisco, TX 75034 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/16/2026 | 12.6 | 12.6 | 13.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metropolitan Solutions Group Inc. | (#,^) | 1420 Chestnut St., Portsmouth, VA 23704 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/19/2041 | 252.1 | 252.1 | 284.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Echelon Enterprises, Inc | (#,^) | 16701 E. Iliff Ave., Aurora, CO 80013 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 1/10/2027 | 30.5 | 30.5 | 32.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fullbro Trust dba Menemsha Blues | (#,^) | 2 Basin Rd., Chilmark, MA 02535 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 1/13/2027 | 14.0 | 14.0 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eickmann Management Group LLC dba Jimmy Johns of Dundee | (#,^) | 568 Techumseh St., Dundee, MI 48131 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/17/2027 | 62.1 | 62.1 | 65.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jolibe LLC and Jolibe Atelier LLC | (#,^) | 357 w 36th #401, New York, NY 10018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/18/2027 | 6.6 | 6.6 | 6.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. | (#,^) | 5245 Bucks Bar Rd., Placerville, CA 95667 | Beverage and Tobacco Product Manufacturing | Term Loan | 8.25% | 1/19/2030 | 210.3 | 210.3 | 201.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fox Valley Rentals & Investments LLC and Brian M Tomaszewski | (#,^) | 2906 E. Newberry St., Appleton, WI 54915 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/20/2042 | 39.1 | 39.1 | 44.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
35
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SRC Publishing LLC | (#,^) | 8690 Waterford Bend St., Las Vegas, NV 89123 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 1/27/2027 | 14.0 | 14.0 | 14.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fave Realty Inc. | (#,^) | 1875 Grand Ave., Baldwin, NY 11510 | Real Estate | Term Loan | Prime plus 2.75% | 1/30/2042 | 50.1 | 50.1 | 56.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chidlren's House Learning, Inc and Tarps Investment Group | (#,^) | 720 Wilbraham Rd., Springfield, MA 01109 | Social Assistance | Term Loan | Prime plus 2.75% | 1/31/2042 | 295.4 | 295.4 | 333.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DBMS Consulting, Inc. | (#,^) | 164 West 83rd St. Units 1F/1P, New York, NY 10024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/1/2042 | 172.3 | 172.3 | 194.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. | (#,^) | 174-176 Mountain Ave., Springfield, NJ 07081 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 2/7/2042 | 301.8 | 301.8 | 340.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Harrison Logging Company LLC | (#,^) | 127 Legate Rd., Indian Mound, TN 37079 | Forestry and Logging | Term Loan | Prime plus 2.75% | 2/9/2027 | 70.6 | 70.6 | 73.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC | (#,^) | 2808 Court St., Port Allen, LA 70767 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/10/2042 | 228.2 | 228.2 | 257.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sushiya Inc. | (#,^) | 72 S. Main St, Hanover, NH 03755 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/10/2027 | 11.8 | 11.8 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maximo Canot dba Wash and Dry Laundrymat | (#,^) | 34 Morningside Ave., Yonkers, NY 10703 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/10/2042 | 126.8 | 126.8 | 143.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marvic Enterprises Inc dba Jordan's Liquor | (#,^) | 199 Taunton Ave., East Providence, RI 02914 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/10/2042 | 201.7 | 201.7 | 227.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ameritube, LLC and Ravone Properties, LLC | (#,^) | 1000 North State. Hwy. 77, Hillsboro, TX 76645 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 2/14/2042 | 173.1 | 173.1 | 195.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Victorian Restaurant and Tavern, LLC | (#,^) | 226 Maple Ave., Cheshire, CT 06410 | Food Services and Drinking Places | Term Loan | 8.25% | 2/22/2042 | 81.3 | 81.3 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B & J Bicycle Shop Inc. | (#,^) | 1620 E. Sample Rd, Pompano Beach, FL 33064 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 2/24/2027 | 4.0 | 4.0 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant | (#,^) | 2235 S. Power Rd Suite 118, Mesa, AZ 85209 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/24/2027 | 47.5 | 47.5 | 49.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3W Enterprises LLC | (#,^) | 2727 Industrial Pkwy., Elkhart, IN 46516 | Textile Product Mills | Term Loan | Prime plus 2.75% | 2/24/2042 | 59.7 | 59.7 | 67.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Teracore Inc. | (#,^) | 3300 Holcomb Bridge Rd., Suite 226, Norcross, GA 30092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/27/2027 | 103.4 | 103.4 | 106.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| McNally Enterprises Inc. | (#,^) | 1010 N. Grove St., Anaheim, CA 92806 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/27/2027 | 40.7 | 40.7 | 42.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express | (#,^) | 1001 E. Cooley Dr. Suite 102, Colton, CA 92324 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/28/2027 | 155.0 | 155.0 | 160.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Weeping Willow Kennels, Inc and Aileen N Black | (#,^) | 6041 Hammond School Rd., Salisbury, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2042 | 129.0 | 129.0 | 145.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Getting Even LLC dba The Zoo Health Club | (#,^) | 377 South Willow St. Unit B2-1, Manchester, NH 03103 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2027 | 60.8 | 60.8 | 63.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
36
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Podium Auto Sales Inc and RRS Property, LLC | (#,^) | 246 S. Dixie Hwy., Pompano Beach, FL 33060 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/3/2042 | 83.7 | 83.7 | 94.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anthony LLC dba Star of Woodward Market | (#,^) | 5730 Woodward Ave, Detroit, MI 48202 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/9/2042 | 106.4 | 106.4 | 120.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elegant Occasions, LLC dba E Productions | (#,^) | 3650 Coral Ridge Dr. Units 103-104, Coral Springs, FL 33065 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/10/2042 | 555.1 | 555.1 | 626.7 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dwayne Bernard Tate | (#,^) | 1238 Woodcliff Court SW, Lilburn, GA 30047 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/10/2027 | 6.7 | 6.7 | 7.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M | (#,^) | 6510 North BRd.way, Saint Louis, MO 63147 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/13/2027 | 401.4 | 401.4 | 414.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Purple Cow House of Pancake Inc | (#,^) | 6 & 10 Skowhegan Rd., Fairfield, ME 04937 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/16/2042 | 67.5 | 67.5 | 76.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of | (#,^) | 5880 US Hwy6, Portage, IN 46368 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/16/2027 | 211.4 | 211.4 | 221.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baton Rouge Cargo Services Inc. and 6507 Westport, LLC | (#,^) | 6507 Westport Ave., Shreveport, LA 71129 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/22/2042 | 589.0 | 589.0 | 665.0 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JBK Truck Trailer and Bus Inc. | (#,^) | 8669 South State Rd. 67, Camby, IN 46113 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/23/2042 | 81.8 | 81.8 | 92.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Denton Bio Fuels LLC and American Bio Source LLC | (#,^) | 624 W. University Dr. Suite 359, TX, TX 76201 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/23/2027 | 41.6 | 41.6 | 43.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Color Graphic Press, Inc. | (#,^) | 42 Main St., Nyack, NY 10960 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/23/2027 | 76.7 | 76.7 | 80.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Executive Fitness & Nutrition Inc. | (#,^) | 8610 Roosevelt Ave. Suite 2, Jackson Heights, NY 11372 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/23/2027 | 12.9 | 12.9 | 13.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heil & Hornik LLC dba Elysium Tennis | (#,^) | 7637 C. Commerce Place, Plain City, OH 43064 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/27/2042 | 856.8 | 856.8 | 967.3 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo | (#,^) | 421 S. Oak St., Pecos, TX 79772 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 3/27/2042 | 388.0 | 388.0 | 438.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New England Country Day School, Inc. and Thomas D. Walker | (#,^) | 27 Kenosia Ave., Danbury, CT 06810 | Social Assistance | Term Loan | Prime plus 2.75% | 3/28/2042 | 348.3 | 348.3 | 393.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham | (#,^) | 1221 Kentucky Mills Dr., Louisville, KY 40299 | Accommodation | Term Loan | Prime plus 2.75% | 3/29/2042 | 974.4 | 974.4 | 1,100.1 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| H and H Hotshot Services, Inc. dba AA Hotshot & Logistics | (#,^) | 5455 N 51st St., # 30, Glendale, AZ 85301 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 3/29/2030 | 70.5 | 70.5 | 74.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Douglas K. Soderblom . dba Loma Linda Optometry | (#,^) | 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2027 | 63.9 | 63.9 | 66.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Discount Price, LLC dba Robert's Market | (#,^) | 2 Hill Rd., Franklin, NH 03235 | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/29/2042 | 190.3 | 190.3 | 214.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schafer Fisheries Inc. | (#,^) | 21985 Waller Rd., Fulton, IL 61252 | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/30/2042 | 233.9 | 233.9 | 264.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
37
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sea Smoke Barbeque, Corp and Danwen LLC | (#,^) | 20 Island Farm Rd., Oak Bluffs, MA 02557 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/30/2042 | 218.1 | 218.1 | 246.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Landmark Ventures USA, Inc. | (#,^) | 475 Park Ave. South 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 3/31/2027 | 119.9 | 119.9 | 124.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Altitude Group, LLC and Core Home Security, LLC | (#,^) | 949 Clint Moore Rd., Unit 949A, Boca Raton, FL 33487 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/31/2027 | 28.1 | 28.1 | 29.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Citizens Lanes, LLC | (#,^) | 5100 Goodson Connector Rd., Union City, GA 30291 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 3/31/2042 | 602.2 | 602.2 | 564.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Golden Hen Inc. dba Cafe | (#,^) | 468 W. Cheltenham Ave., Philadelphia, PA 19126 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/31/2027 | 41.4 | 41.4 | 42.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bear Trail Lodge LLC | (#,^) | Mile 1 Bear Trail Rd., King Salmon, AK 99613 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/31/2042 | 509.7 | 509.7 | 575.5 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Condron Brothers LLC DBA Luv 2 Play | (#,^) | 4790 La Sierra Ave., Riverside, CA 92505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/19/2027 | 77.3 | 77.3 | 79.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Getting Even LLC dba The Zoo Health Club | (#,^) | 377 South Willow St., Suite B 2-1, Manchester, NH 03103 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/21/2027 | 4.8 | 4.8 | 5.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ralph's Hair Salon, Inc. | (#,^) | 175 NW 14th St., Homestead, FL 33030 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/21/2042 | 46.1 | 46.1 | 52.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Resident Research, LLC | (#,^) | 4400 Morris Park Dr. Suite M, Charlotte, NC 28277 | Other Information Services | Term Loan | Prime plus 2.75% | 4/24/2027 | 56.9 | 56.9 | 57.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JMA Inc. dba Primecut and Mezzo; Primecut at Marquee | (#,^) | 393 Charles St., Providence, RI 02904 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/27/2042 | 204.4 | 204.4 | 230.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sneads Ferry Foods, Inc. dba DQ Grill & Chill | (#,^) | 920 Hwy. 210, Sneads Ferry, NC 28460 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/27/2042 | 603.1 | 603.1 | 680.9 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Love and Glory Learning Center, Inc. | (#,^) | 4911 N. 42nd St., Tampa, FL 33610 | Social Assistance | Term Loan | Prime plus 2.75% | 4/28/2042 | 71.9 | 71.9 | 81.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fine Arts Center of Easley, Inc. dba Midtown Music | (#,^) | 117 S. Pendleton St., Easley, SC 29640 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 5/2/2042 | 110.2 | 110.2 | 124.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cable Management LLC | (#,^) | 290 Pratt St., Meriden, CT 06450 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 5/3/2027 | 37.5 | 37.5 | 38.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Benchmark Building, Inc. | (#,^) | 1439 Stargazer Terrace, Sanford, FL 32771 | Construction of Buildings | Term Loan | Prime plus 2.75% | 5/5/2027 | 14.7 | 14.7 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovation Transport, LLC | (#,^) | 1 International Blvd, Mahwah, NJ 07495 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/9/2027 | 51.3 | 51.3 | 53.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NHS, LLC | (#,^) | 212 N Douglas Ave, Ellsworth, KS 67439 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/9/2042 | 20.2 | 20.2 | 22.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NHS, LLC | (#,^) | 212 N Douglas Ave, Ellsworth, KS 67439 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/9/2027 | 57.9 | 57.9 | 59.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Estelle Finkel Educational Associates,LLC | (#,^) | 125 West Mount Pleasant Ave., Livingston, NJ 07039 | Educational Services | Term Loan | Prime plus 2.75% | 5/11/2027 | 79.6 | 79.6 | 80.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B G F Bobby Q's Inc | (#,^) | 447 N. Main St., Freeport, NY 11520 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/11/2027 | 4.9 | 4.9 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
38
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sanderson Distribution Inc. | (#,^) | 100 Daniel Dr., Alamo, CA 94507 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/12/2027 | 6.9 | 6.9 | 6.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Arco Electrical Contractors Inc. dba Arco Construction Group | (#,^) | 22-24 South Seventh St., Elizabeth, NJ 07202 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/16/2027 | 240.4 | 240.4 | 247.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 5 Stars Learning Center Inc | (#,^) | 14 Paine Ave., Irvington, NJ 07111 | Social Assistance | Term Loan | Prime plus 2.75% | 5/16/2042 | 57.0 | 57.0 | 64.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Computech Computers Inc. | (#,^) | 40-24 76th St., Office #2B, Elmhurst, NY 11373 | Educational Services | Term Loan | Prime plus 2.75% | 5/17/2027 | 32.7 | 32.7 | 33.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mr. B's Bicycles & Mopeds, Inc. | (#,^) | 1870 S. 4th Ave., Yuma, AZ 85364 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 5/18/2042 | 135.5 | 135.5 | 153.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bay Car Wash LLC | (#,^) | 952 South Commercial St. and West Magnolia, Aransas Pass, TX 78336 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/18/2042 | 111.7 | 111.7 | 126.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Waterford Plumbing Co, Inc. | (#,^) | 2425 W. Cuyler Ave, Chicago, IL 60618 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/18/2027 | 32.7 | 32.7 | 33.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PS Camping, Inc. dba Prospectors RV Resort | (#,^) | 43659&43595 US Hwy. 50, Canon City, CO 81212 | Accommodation | Term Loan | 8.25% | 5/19/2042 | 892.9 | 892.9 | 838.2 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. | (#,^) | 132 North Wellwood Ave, Lindenhurst, NY 11757 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/19/2042 | 537.9 | 537.9 | 607.3 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tres K Deli,Grocery,Fruit and Meat Inc. | (#,^) | 125 West Tremont Ave, Bronx, NY 10453 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 5/19/2027 | 5.4 | 5.4 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hayden Trucking LLC | (#,^) | 11540 Eagle Vista Dr., Fort Worth, TX 76179 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/19/2027 | 95.2 | 95.2 | 99.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovim, LLC | (#,^) | 6401 Golden Triangle Dr. Suite 200, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/24/2027 | 190.1 | 190.1 | 192.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abdul Naushad MD PC dba Advanced Pain Centers | (#,^) | 2865 James Blvd., Poplar Bluff, MO 63901 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/25/2042 | 372.3 | 372.3 | 420.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Locavore LLC dba Paloma Restaurant | (#,^) | 401 S. Guadalupe St., Santa Fe, NM 87501 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/25/2027 | 32.7 | 32.7 | 33.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beyond Waves A Unique Salon LLC and Lori Ann Carlson | (#,^) | 2290 Foxon Rd Route 80, North Branford, CT 06471 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/25/2027 | 3.9 | 3.9 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hurricane Group, Inc. | (#,^) | 312 West Fourth St., Carson City, NV 89703 | Other Information Services | Term Loan | Prime plus 2.75% | 5/26/2027 | 55.1 | 55.1 | 55.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eagle Wood Works LLC | (#,^) | 1448 Horsehead Rd., Lugoff, SC 29078 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 5/26/2027 | 7.8 | 7.8 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chet Lemon Enterprises LLC dba All American Sports | (#,^) | 1544 Lane Park Cutoff, Tavares, FL 32778 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/26/2042 | 733.0 | 733.0 | 827.5 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swantown Inn & Spa LLC | (#,^) | 1431 11th Ave. SE, Olympia, WI 98501 | Accommodation | Term Loan | Prime plus 2.75% | 5/26/2042 | 117.4 | 117.4 | 132.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sage Oil LLC | (#,^) | 8913 Egyptian Ave., Las Vegas, NV 89143 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 5/31/2027 | 14.7 | 14.7 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Haroon Baig,Inc.dba US1 Petrol | (#,^) | 1280-1290 Dixwell Ave., Hamden, CT 06514 | Gasoline Stations | Term Loan | Prime plus 2.75% | 5/31/2042 | 243.8 | 243.8 | 275.2 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
39
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ricnet III, Inc. dba Edible Arrangements | (#,^) | 716 Foxcroft Ave, Martinsburg, WV 25401 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 5/31/2027 | 9.7 | 9.7 | 9.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Funtime, LLC and Universal Entertainment Group LLC | (#,^) | 13200 W. Foxfire Dr #144, Surprise, AZ 85387 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/31/2027 | 48.3 | 48.3 | 49.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder | (#,^) | 246 East Belt Blvd., Richmond, VA 23224 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/1/2042 | 42.2 | 42.2 | 47.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skydive California, LLC | (#,^) | 25001 S Kasson Rd, Tracy, CA 95301 | Educational Services | Term Loan | Prime plus 2.75% | 6/2/2027 | 36.3 | 36.3 | 37.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SCW, LLC dba Arthur Murray Dance Studio | (#,^) | 2383 Old Dixwell Ave., Hamden, CT 06518 | Educational Services | Term Loan | Prime plus 2.75% | 6/2/2042 | 135.1 | 135.1 | 152.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Refoleen Inc dba Spice and Tea Exchange | (#,^) | 849 E Commerce St. Suite 121, San Antonio, TX 78205 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/8/2027 | 2.3 | 2.3 | 2.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| ESA 365 Corp and Lucathor Realty LLC | (#,^) | 2420 Grand Ave., Baldwin, NY 11520 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/14/2042 | 20.8 | 20.8 | 23.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero | (#,^) | 577 Main Ave., Paterson, NJ 07055 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2042 | 85.6 | 85.6 | 96.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hull's Kitchen, LLC and HK Too, LLC | (#,^) | 19 Hull Shore Dr, Hull, MA 02045 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/14/2042 | 91.3 | 91.3 | 103.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Susan Hughes dba Aloha Junction B and B | (#,^) | 19-4037 Olapalapa Rd., Volcano, HI 96785 | Accommodation | Term Loan | Prime plus 2.75% | 6/14/2042 | 57.0 | 57.0 | 64.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC dba | (#,^) | 104 Wooster St., Bethel, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 6/15/2042 | 287.3 | 287.3 | 324.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JAM Media Solutions, LLC | (#,^) | 4744 Tackawanna St., Philadelphia, PA 19124 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/15/2027 | 23.7 | 23.7 | 24.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC | (#,^) | 11535 Carmel Commons Blvd. Suite 200, Charlotte, NC 28226 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/16/2042 | 371.6 | 371.6 | 419.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Scarlet Spartan Inc.dba FastSigns of Brighton | (#,^) | 533 W. Grand River Ave., Brighton, MI 48116 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/19/2027 | 11.8 | 11.8 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Birches Group, LLC | (#,^) | 228 East 45th St. 12th FL South, New York, NY 10017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/22/2027 | 33.1 | 33.1 | 33.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northern Industries, LLC | (#,^) | W 5585 Dehart Dr., Tomahawk, WI 54484 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/23/2042 | 53.6 | 53.6 | 60.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vella Construction Enterprises, Inc. dba Vella Construction | (#,^) | 318 28th Ave., San Mateo, CA 94403 | Construction of Buildings | Term Loan | Prime plus 2.75% | 6/23/2027 | 14.9 | 14.9 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ains Holding Company, LLC | (#,^) | 122 West 26th St., New York, NY 10001 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/26/2027 | 837.0 | 837.0 | 851.9 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Four Seasons Laser Center Inc. | (#,^) | 4720 NW 2nd Ave. Unit D-104 and Unit D-105, Boca Raton, FL 33498 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/26/2042 | 208.4 | 208.4 | 235.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Citibin, Inc. | (#,^) | 254 36th St., Suite B519, Brooklyn, NY 11232 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 6/27/2027 | 38.9 | 38.9 | 39.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
40
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC | (#,^) | 211 East 25th St., Norfolk, VA 23504 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 6/27/2030 | 188.8 | 188.8 | 202.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Akal Express Inc. dba Truck Trailer Service Stop | (#,^) | 2901 I 40 West, Vega, TX 79092 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/28/2042 | 24.0 | 24.0 | 27.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Foxhop Fitness, LLC | (#,^) | 4211 NW Federal Hwy., Jensen Beach, FL 34957 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/28/2027 | 60.1 | 60.1 | 61.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Old Dominion Transportation Group, Inc. | (#,^) | 2510 Hunters Place, Suite 202, Woodbridge, VA 22192 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 6/28/2027 | 765.1 | 765.1 | 778.8 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Best Bees Company | (#,^) | 839 Albany St., Boston, MA 02119 | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 6/29/2027 | 14.9 | 14.9 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Trans LLC and Dehal Trucking LLC | (#,^) | 760 W. Charter Way, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/29/2027 | 392.9 | 392.9 | 397.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stiegelbauer Associates Inc. | (#,^) | 63 Flushing Ave., Unit 101, Building 280, Brooklyn, NY 11205 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/29/2027 | 204.1 | 204.1 | 213.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oakhill Farms, LLC | (#,^) | 15 Carl St., Johnston, RI 02919 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/29/2030 | 76.8 | 76.8 | 82.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Intellixion LLC | (#,^) | 7447 Egan Dr, Suite 110 A, Savage, MN 55378 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/29/2027 | 2.5 | 2.5 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greensboro Plastic Surgical Associates, PA | (#,^) | 2716 Henry St., Greensboro, NC 27405 | Ambulatory Health Care Services | Term Loan | 6% | 6/29/2042 | 535.0 | 535.0 | 495.2 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Country House Restaurant, LLC and Pelton Real Estate, LLC | (#,^) | 677 US Route 7, Pittsford, VT 05763 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2042 | 47.3 | 47.3 | 53.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hamilton & Associates Real Estate and Investments Firm LLC | (#,^) | 11776 West Sample Rd., Coral Springs, FL 33065 | Real Estate | Term Loan | Prime plus 2.75% | 6/30/2042 | 50.0 | 50.0 | 56.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. T. O'Neill Company, L.L.C | (#,^) | 19972 Willowin Farm Lane, Purcellville, VA 20132 | Real Estate | Term Loan | Prime plus 2.75% | 6/30/2027 | 9.9 | 9.9 | 10.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Chicago Wholesale Bakery Inc. | (#,^) | 795 Touhy Ave., Elk Grove Village, IL 60007 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/30/2027 | 11.0 | 11.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| BQRS, Inc. DBA Gresham Meineke Car Care Center | (#,^) | 18081 SE Division St., Portland, OR 97236 | Repair and Maintenance | Term Loan | 0% | 6/30/2027 | 51.3 | 51.3 | 48.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J&M Civil Construction Services LLC | (#,^) | 1221 County Rd. 4371, Decatur, TX 76234 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/30/2027 | 72.5 | 72.5 | 73.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thrifty Market Inc dba Thrifty Foods | (#,^) | 702 10th St., Wheatland, WY 82201 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 7/6/2027 | 72.0 | 72.0 | 73.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| McCord Holdings, Inc. dba Fast Signs 176101 | (#,^) | 7640 N. Wickham Rd., Melbourne, FL 32940 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 7/7/2027 | 11.5 | 11.5 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Koep Companies dba Pipestone True value | (#,^) | 207 East Main St., Pipestone, MN 56164 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 7/14/2042 | 302.7 | 302.7 | 341.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wildflour Bakery & Cafe, LLC | (#,^) | 5137 Clareton Dr., Suite 100,110 & 120, Agoura Hills, CA 91301 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/17/2027 | 15.1 | 15.1 | 15.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL) | (#,^) | 2301 N Marginal Rd., Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus 2.75% | 7/18/2027 | 552.1 | 552.1 | 560.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
41
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Matrix Z LLC | (#,^) | 800 SW 21st Terrace, Fort Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 3.75% | 7/19/2027 | 5.6 | 5.6 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Obok LLC | (#,^) | 2720 S. Havana St., Unit H, Aurora, CO 80014 | Food Manufacturing | Term Loan | Prime plus 2.75% | 7/21/2027 | 8.0 | 8.0 | 8.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lil Tots' Learning Center LLC | (#,^) | 3042 S 78th St, Tampa, FL 33619 | Social Assistance | Term Loan | Prime plus 2.75% | 7/21/2042 | 25.6 | 25.6 | 29.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Trans LLC | (#,^) | 1415 W Andersonr Way, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus 2.75% | 7/21/2027 | 26.3 | 26.3 | 26.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gilles Peress Studio LLC | (#,^) | 76 Lafayette Ave, Brooklyn, NY 11217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/25/2027 | 41.3 | 41.3 | 41.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oberon IT, Inc. | (#,^) | 1404 W. Walnut Hill Lane, Irving, TX 75038 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/26/2027 | 146.5 | 146.5 | 151.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HQTRONIC LLC | (#,^) | 10135 S. Roberts Rd., Ste. 209, Palos Hills, IL 60465 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 7/27/2027 | 15.1 | 15.1 | 15.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sharon G McMillen, MA Psychologist, Inc. | (#,^) | 216 West Main St, Kingwood, WV 26537 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/28/2027 | 12.5 | 12.5 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Work of Heart Inc dba Little Nest Portraits | (#,^) | 1000 Merdian Blvd., Suite 112, Franklin, TN 37067 | Professional, Scientific, and Technical Services | Term Loan | 7.5% | 7/28/2027 | 35.7 | 35.7 | 33.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HMG Strategy LLC, | (#,^) | 191 Post Rd. W., Westport, CT 06880 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/2/2027 | 32.2 | 32.2 | 32.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| L & J Corporate Services Inc | (#,^) | 866 NW 110th Ave., Coral Springs, FL 33071 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/4/2027 | 3.9 | 3.9 | 3.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roundhay Partners LLC and Roundhay Farming LLC | (#,^) | 6160 Granite Spring Rd., Somerset, CA 95684 | Crop Production | Term Loan | 8.25% | 8/8/2042 | 845.4 | 845.4 | 766.0 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D'Amato & Sons Construction, Inc. | (#,^) | 117 Oak St., Amityville, NY 11701 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/11/2027 | 5.6 | 5.6 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chester's World Enterprise LLC | (#,^) | 140 W Alameda Dr., Suite 104, Tempe, AZ 85282 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/16/2027 | 15.3 | 15.3 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tony Herring & Associates, Inc | (#,^) | 211 West Camellia Dr., Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 8/17/2027 | 5.1 | 5.1 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd. Ste. 109 & 111, Joliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/18/2027 | 13.1 | 13.1 | 13.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| L&V Auto Sales, Inc. | (#,^) | 1504 West Franklin Blvd., Gastonia, NC 28052 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/21/2027 | 12.2 | 12.2 | 12.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Damiano Global Corp | (#,^) | 333 Birch Hills Dr., Rochester, NY 14622 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/21/2027 | 15.2 | 15.2 | 15.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Delicias de Minas Restaurant, LLC | (#,^) | 168-170 McWhorter St., Newark, NJ 07105 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/22/2027 | 135.4 | 135.4 | 141.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Genuine Ventures LLC and Seaweed Ventures LLC | (#,^) | 432 S Franklin St, Juneau, AK 99801 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/24/2030 | 466.9 | 466.9 | 493.3 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Parlay Disributors LLC | (#,^) | 20 Medford Ave, Suite 104, Patchogue, NY 11772 | Educational Services | Term Loan | Prime plus 2.75% | 8/25/2027 | 75.2 | 75.2 | 76.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lake County Tow LLC | (#,^) | 15409 Country Rd. 565A, Clermont, FL 34711 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 8/25/2042 | 81.3 | 81.3 | 91.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran | (#,^) | 377 Boston Post Rd., Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 8/31/2027 | 287.2 | 287.2 | 293.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
42
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Big Coop's Trucking LLC | (#,^) | 3066 Misty Creek Dr.., Swartz, MI 48473 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/1/2027 | 68.5 | 68.5 | 71.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dreaming Big Learning Center Inc | (#,^) | 3301 W Oak St, Kissimmee, FL 34741 | Social Assistance | Term Loan | Prime plus 2.75% | 9/5/2042 | 353.5 | 353.5 | 399.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crazy Beatz Productions LLC | (#,^) | 20014 NE 138th St., Kearney, MO 64060 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 3.75% | 9/7/2027 | 3.7 | 3.7 | 3.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| South Fulton Landscape & Nursery, Inc. | (#,^) | 3415 Enon Rd., College Park, GA 30349 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 9/7/2042 | 93.1 | 93.1 | 105.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Foxtail, LLC and Tottly New Services Corp | (#,^) | 1481 Highland Ave., Cheshire, CT 06410 | Social Assistance | Term Loan | Prime plus 2.75% | 9/8/2042 | 270.9 | 270.9 | 305.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Health & Performance Center, LLC | (#,^) | 1862 Craigshire Rd., Saint Louis, MO 63146 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/11/2027 | 14.0 | 14.0 | 14.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morgan Lynn Kerstetter dba Catherine School of Dance | (#,^) | 315 Mill St. 3rd Floor, Danville, PA 17821 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 9/11/2027 | 5.1 | 5.1 | 5.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Town & Country Transportation Co. and Popco, LLC. | (#,^) | 191 Arch St., New Britain, CT 06051 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/12/2042 | 156.8 | 156.8 | 177.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rajbai Maa Inc. dba Nara Lounge | (#,^) | 244-252 Atwells Ave., Providence, RI 02903 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/12/2042 | 363.5 | 363.5 | 410.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Motor Home Inc | (#,^) | 6633 Brayton Dr, Anchorage, AK 99507 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/13/2027 | 237.3 | 237.3 | 240.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nails By Mercede LLC | (#,^) | 2994 and 2996 Edgewater Dr., Orlando, FL 32804 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/13/2027 | 9.8 | 9.8 | 10.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fox Valley Rentals & Investments, LLC | (#,^) | 2906 E. Newberry St., Appleton, WI 54915 | Food Services and Drinking Places | Term Loan | Prime plus 3.75% | 9/13/2027 | 5.2 | 5.2 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Li Family Spokane LLC | (#,^) | 21 E. Lincoln Rd., Spokane, WA 99208 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/15/2042 | 357.7 | 357.7 | 403.9 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tarleton & Family Landscaping, LLC | (#,^) | 125 E Center St., Midland Park, NJ 07432 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/15/2027 | 57.0 | 57.0 | 58.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CIS BIG DOG, LLC | (#,^) | 8920 US HWY, 62 WEST, Cynthiana, KY 41031 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/19/2027 | 46.7 | 46.7 | 48.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stone's Construction and Remodeling, LLC | (#,^) | 5210 Kaylin Dr., Akron, OH 44319 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/19/2027 | 3.6 | 3.6 | 3.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing, Inc. & Monster Power Equipment, Inc. | (#,^) | 51 Donnelley Rd., Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/20/2027 | 136.3 | 136.3 | 141.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Montessori Community School | (#,^) | 123 South Navarra Dr., Scotts Valley, CA 95066 | Social Assistance | Term Loan | Prime plus 2.75% | 9/20/2042 | 254.9 | 254.9 | 287.8 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CR Park Incorporated dba Define Body and Mind | (#,^) | 49 W. Allandale Ave., Allendale, NJ 07401 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/20/2027 | 40.5 | 40.5 | 41.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Imagine By Carleen, Inc. | (#,^) | 1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 33904 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/20/2027 | 5.1 | 5.1 | 5.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York | (#,^) | 1401 Lakeland Ave., Bohemia, NY 11716 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/20/2027 | 704.3 | 704.3 | 734.7 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
43
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insight Diagnostic Technologist Services | (#,^) | 2030 Forest Ave., Suite 110, San Jose, CA 95128 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/20/2027 | 226.7 | 226.7 | 232.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sallee Pro-Custom Fabrication Shop LLC | (#,^) | 8865 North County Rd. 600 W, Scipio, IN 47273 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/21/2027 | 6.2 | 6.2 | 6.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn | (#,^) | 4864 Arthur Kill Rd. Units 102,103,104 & 105, Staten Island, NY 10309 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/22/2027 | 15.4 | 15.4 | 15.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KB Waterjet Cutting LLC | (#,^) | 4330 Parker Lane, Addis, LA 70710 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/22/2027 | 7.0 | 7.0 | 7.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inspirations Food Design, Inc | (#,^) | 1338 Memorial Ave., West Springfield, MA 01089 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/26/2042 | 432.8 | 432.8 | 488.6 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Complete Care IT LLC | (#,^) | 4801 South University Dr., Suite 125, Davie, FL 33328 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/27/2027 | 10.1 | 10.1 | 10.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Technologist Inc | (#,^) | 3120 Farview Dr., Suite 610, Falls Church, VA 22042 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 9/27/2027 | 169.6 | 169.6 | 177.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pets A Go Go LLC | (#,^) | 589 North State Rd., Briarcliff Manor, NY 10510 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/28/2042 | 184.7 | 184.7 | 208.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rhode Island Tennis Management LLC | (#,^) | 636 Centerville Rd., Warwick, RI 02886 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/28/2042 | 522.9 | 522.9 | 590.4 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rhode Island Tennis Management LLC | (#,^) | 636 Centerville Rd., Warwick, RI 02886 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/28/2042 | 364.1 | 364.1 | 411.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nicholson Lumber Co Inc. | (#,^) | 377 Main St., Nicholson, PA 18446 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 9/28/2030 | 168.3 | 168.3 | 180.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sashshel Corporation | (#,^) | 676 Franklin Blvd, Somerset, NJ 08873 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/29/2042 | 197.8 | 197.8 | 223.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Threads of Time LLC | (#,^) | 207 S Buchanan St., Danville, IL 61832 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 9/29/2042 | 127.9 | 127.9 | 144.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Miechella Suzette Decker | (#,^) | 3515 Main St., Exmore, VA 23350 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/29/2042 | 44.8 | 44.8 | 50.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dan Cline Transport Inc. | (#,^) | 501 State Dr., Mount Vernon, MO 65712 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/29/2030 | 775.2 | 775.2 | 811.9 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Harco Metal Products Inc | (#,^) | 7895 East Acoma Dr. Suite 102, Scottsdale, AZ 85260 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 9/29/2042 | 458.9 | 458.9 | 518.1 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ains Holding Company LLC | (#,^) | 122 W. 26th St., New York, NY 10001 | Management of Companies and Enterprises | Term Loan | Prime plus 2.75% | 10/2/2027 | 68.6 | 68.6 | 70.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Becky Lou Corp dba Rent A Center | (#,^) | 3578 Route 611, Suite 210, Bartonsville, PA 18321 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 10/2/2027 | 62.9 | 62.9 | 65.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pro Anderson, LLC | (#,^) | 1092 Hampton Inn Way, Suite 400, Jacksonville, NC 28546 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/11/2027 | 37.4 | 37.4 | 38.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| On Call Services LLC | (#,^) | 15060 281St Ave. NW, Zimmerman, MN 55398 | Construction of Buildings | Term Loan | Prime plus 2.75% | 10/13/2027 | 12.5 | 12.5 | 13.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cortez Landscaping, LLC | (#,^) | 4 Powder Rd., Norwalk, CT 06854 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/13/2027 | 13.3 | 13.3 | 13.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
44
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry, L | (#,^) | 1227 Burnside Ave., East Hartford, CT 06108 | Electronics and Appliance Stores | Term Loan | 9% | 10/17/2042 | 60.7 | 60.7 | 57.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blueridge Armor LLC | (#,^) | 1495 Hwy. 74-A Bypass, Suite 150192, Spindale, NC 28160 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 10/17/2027 | 5.7 | 5.7 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Island Refrigeration & AC Inc | (#,^) | 3201 Flagler Ave., Unit 510 & 511, Key West, FL 33040 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/18/2042 | 123.5 | 123.5 | 139.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Jig, LLC | (#,^) | 3115 Camp Phillips Rd., Wausau, WI 54403 | Food Services and Drinking Places | Term Loan | 8.25% | 10/24/2042 | 23.4 | 23.4 | 21.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suzie LLC dba Tony D's Restaurant | (#,^) | 92 Huntington St., New London, CT 06320 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/25/2042 | 81.5 | 81.5 | 92.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schafer Fisheries Inc | (#,^) | 21985 Waller Rd., Fulton, IL 61252 | Food Manufacturing | Term Loan | Prime plus 2.75% | 10/25/2027 | 26.3 | 26.3 | 27.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grand Blanc Lanes, Inc. | (#,^) | 5301 S. Saginaw Rd., Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/25/2027 | 10.4 | 10.4 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ashore Ventures Inc dba PuroClean Professional Restoration | (#,^) | 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/27/2027 | 10.1 | 10.1 | 10.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle T | (#,^) | 377 Boston Post Rd. Unit B, Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 10/27/2027 | 28.7 | 28.7 | 29.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sage Oil LLC | (#,^) | 8913 Egyptian Ave., Las Vegas, NV 89143 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 10/27/2027 | 6.9 | 6.9 | 7.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Five Lakes LLC | (#,^) | 13705 Holmes Rd., Kansas City, MO 64154 | Educational Services | Term Loan | Prime plus 2.75% | 10/30/2042 | 442.7 | 442.7 | 499.8 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Die Hard Used Car Sales | (#,^) | 1668 West Grand Ave., Phoenix, AZ 85007 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/30/2042 | 52.7 | 52.7 | 59.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rachael Reel dba Rachel Reel Insurance Age | (#,^) | 208 Bank St., Lenoir, TN 37771 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 10/31/2027 | 5.2 | 5.2 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Berza TLG,LLC dba The Little Gym of Lake Charles | (#,^) | 1301 E McNeese St., Suite 201, Lake Charles, LA 70607 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/31/2027 | 29.2 | 29.2 | 29.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Edge Studios Inc Radiant Yoga LLC | (#,^) | 448 Howe Ave, Sacramento, CA 95825 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/1/2027 | 49.1 | 49.1 | 50.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Top Quality Dent Service LLC | (#,^) | 1541 Vapor Trail, Colorado Springs, CO 80905 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/2/2027 | 4.2 | 4.2 | 4.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sterling Campbell Insurance Agency, Inc | (#,^) | 36359 North Gantzel Rd. Suite 102, San Tan Valley, AZ 85140 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 11/3/2027 | 5.2 | 5.2 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| S & S Auto Body Shop Inc. | (#,^) | 5001 W. Clay St., Richmond, VA 23230 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/3/2042 | 143.4 | 143.4 | 161.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| His Loving Hands Christian Academy, Inc. | (#,^) | 15020 Harrison St., Miami, FL 33176 | Social Assistance | Term Loan | Prime plus 2.75% | 11/6/2042 | 85.6 | 85.6 | 96.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JNP Delivery Inc | (#,^) | 4500 North Providence # 7, Appleton, WI 54913 | Couriers and Messengers | Term Loan | 6% | 11/7/2027 | 6.7 | 6.7 | 6.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
45
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wing King at the Gardens LLC | (#,^) | 4235 South Fort Apache Rd., Suite 250, Las Vegas, NV 89147 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/10/2027 | 6.8 | 6.8 | 6.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paramount Dance Studios Inc. and Homestead Dance Supply | (#,^) | 112 N Krome Ave., Homestead, FL 33030 | Educational Services | Term Loan | Prime plus 2.75% | 10/14/2043 | 441.1 | 441.1 | 498.0 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J R Wholesale Tires & Auto Center, LLC | (#,^) | 822 Cameron Lane, Lugoff, SC 29078 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/15/2042 | 12.6 | 12.6 | 14.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marcaco LLC | (#,^) | 124 Lincoln Ave., Colonie, NY 12205 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 11/15/2042 | 498.6 | 498.6 | 562.9 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Rx LLC,J&P Auto Repair Inc | (#,^) | 91 & 95 Woodbury Rd., Hicksville, NY 11801 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/15/2042 | 183.2 | 183.2 | 206.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| H & H Hotshot Services, Inc. | (#,^) | 5455 N. 51st Ave. Suite 30, Glendale, AZ 85301 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 11/16/2027 | 49.0 | 49.0 | 50.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maya Motel, LLC dba Town House Motel | (#,^) | 1701 Washington Ave, Waco, TX 76701 | Accommodation | Term Loan | Prime plus 2.75% | 11/17/2042 | 53.2 | 53.2 | 60.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSI Refrigerated Express Inc. and Robert M Stallone | (#,^) | 1001 E. Cooley Dr. Suite 102, Colton, CA 92324 | Truck Transportation | Term Loan | Prime plus 2.75% | 11/17/2027 | 45.2 | 45.2 | 46.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. | (#,^) | 1990 Flippen Rd., Stockbridge, GA 30281 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/17/2027 | 37.1 | 37.1 | 37.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B Lam LLC | (#,^) | 9419 Kenwood Rd., Cincinnati, OH 45242 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/20/2042 | 169.2 | 169.2 | 191.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grumpy's Restaurant Company, LLC | (#,^) | 834 Kingsley Ave, Orange Park, FL 32073 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/21/2027 | 49.8 | 49.8 | 50.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cali Fit Meals | (#,^) | 3450 East Orangethrope Ave., Anaheim, CA 92806 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/21/2027 | 15.8 | 15.8 | 16.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| PB Market LLC dba Pure Barre | (#,^) | 164-C Market St, Charleston, SC 29401 | Educational Services | Term Loan | Prime plus 2.75% | 11/21/2027 | 76.0 | 76.0 | 77.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Webtez Inc dba Mod Vans | (#,^) | 1673 Donlon St., Suite 202, Ventura, CA 93003 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/22/2027 | 49.0 | 49.0 | 49.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JMD Corporation dba Dart's True Value | (#,^) | 121 South Main St., Payette, ID 83661 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/22/2027 | 13.1 | 13.1 | 13.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Step Up Academy of the Arts, LLC | (#,^) | 2258A Wigwam Pkwy., Henderson, NV 89074 | Educational Services | Term Loan | Prime plus 2.75% | 11/22/2027 | 11.0 | 11.0 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beacon Brewing LLC and C' Sons, LLC | (#,^) | 700 Lincoln St., Lagrange, GA 30204 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/27/2042 | 118.5 | 118.5 | 133.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| OPH Lexington, Inc | (#,^) | 235 Walton Ave., Lexington, KY 40502 | Social Assistance | Term Loan | Prime plus 2.75% | 11/29/2042 | 178.1 | 178.1 | 201.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Our Playhouse Preschool, LLC | (#,^) | 3501 NC Hwy. 54 W, Chapel hill, NC 27516 | Social Assistance | Term Loan | Prime plus 2.75% | 11/29/2042 | 218.9 | 218.9 | 247.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WTI Distribution Inc | (#,^) | 5491 E Francis St, Ontario, CA 91761 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 11/30/2027 | 28.0 | 28.0 | 29.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skin Beauty Bar Inc. and Tameka J. Mathis | (#,^) | 749 8th St. SE 2nd Floor, Washington, DC 20003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/30/2027 | 6.3 | 6.3 | 6.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. Venture Holdings, LLC | (#,^) | 2285 St. Andrews Ave., Zachary, LA 70791 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/30/2027 | 8.7 | 8.7 | 9.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
46
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PS Camping Inc. | (#,^) | 43595 US Hwy 50, Canon City, CO 81212 | Accommodation | Term Loan | 8.25% | 12/1/2027 | 17.4 | 17.4 | 16.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Utara LLC | (#,^) | 214 Pine St, Sandpoint, ID 83864 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/1/2027 | 16.5 | 16.5 | 17.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Square1 Partners, LLC | (#,^) | 1088 Greenbriar Lane, Northbrook, IL 60062 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 12/1/2027 | 44.1 | 44.1 | 44.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Linda Jean Howard Riley dba The Rusty Bolt | (#,^) | 22345 W. Rt 66, Seligman, AZ 86337 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 12/1/2042 | 19.6 | 19.6 | 22.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Salud Bar & Grill LLC | (#,^) | 1413 Bushwick Ave, Brooklyn, NY 11207 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/1/2027 | 39.8 | 39.8 | 40.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightsta | (#,^) | 5300 W. Atlantic Ave. Suite 501, Delray Beach, FL 33484 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/4/2027 | 10.6 | 10.6 | 10.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oil Palace, Inc. | (#,^) | 10408 Hwy. 64 East, Tyler, TX 75707 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/4/2042 | 945.4 | 945.4 | 1,067.3 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ODS Inc | (#,^) | 626 N Delsea Dr., Glassboro, NJ 08028 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/6/2027 | 34.7 | 34.7 | 35.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kim Howard Corp dba NPN Machine Tools | (#,^) | 9130 Wayfarer Lane, Houston, TX 77075 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/7/2042 | 562.5 | 562.5 | 635.0 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clear Sound Communications, Inc | (#,^) | 680 Old Medford Ave, Medford, NY 11763 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/8/2027 | 2.6 | 2.6 | 2.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AV Strategy Inc | (#,^) | 9468 American Eagle Way Suite 100, Orlando, FL 32837 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/8/2027 | 344.6 | 344.6 | 355.9 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C | (#,^) | 498 Wilderness View, Chatsworth, GA 30705 | Real Estate | Term Loan | Prime plus 2.75% | 12/12/2042 | 93.5 | 93.5 | 105.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A-1 Van Services Inc | (#,^) | 154 Sandy Creek Rd., Verona, PA 15147 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 12/12/2027 | 519.4 | 519.4 | 541.5 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC | (#,^) | 1120 Wren School Rd., Piedmont, SC 29673 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/12/2027 | 35.1 | 35.1 | 35.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation | (#,^) | 3031 Patrick St, Kissimmee, FL 34741 | Air Transportation | Term Loan | 8.25% | 12/12/2027 | 430.9 | 430.9 | 404.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clore Construction LLC | (#,^) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/12/2027 | 326.0 | 326.0 | 339.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nichols Fire and Security LLC | (#,^) | 1906 Vanderhorn Dr., Memphis, TN 38134 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/13/2042 | 81.8 | 81.8 | 92.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hardway Inc & AFC Leasing Inc | (#,^) | 12533 S. 73rd E. Place, Bixby, OK 74008 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/13/2027 | 556.9 | 556.9 | 565.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royalty Freight Inc | (#,^) | 3728 W Mckinley Ave., Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/14/2027 | 477.1 | 477.1 | 484.7 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Atlas Geo-Constructors, LLC | (#,^) | 3466 Thomasville Rd., Winston Salem, NC 27107 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/14/2027 | 238.6 | 238.6 | 248.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
47
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC | (#,^) | 148 West 24th St., New York, NY 10011 | Management of Companies and Enterprises | Term Loan | Prime plus 2.75% | 12/14/2027 | 41.8 | 41.8 | 42.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heung Kyun Im | (#,^) | 6235 Conlan Bay Dr., Houston, TX 77041 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/14/2027 | 10.9 | 10.9 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AADJ Empire Inc and AADJ Galaxy Inc. | (#,^) | 1599 Post Rd., Warwick, RI 02888 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/14/2042 | 169.5 | 169.5 | 191.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LP Industries Inc. dba Childforms | (#,^) | 2040 Norwood St. SW, Lenoir, NC 28645 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2027 | 59.3 | 59.3 | 61.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beale Street Blues Company Inc.dba B.B. King's Club-Memphis | (#,^) | 149 Monroe Ave., Memphis, TN 38103 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/14/2027 | 714.0 | 714.0 | 727.1 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Legion Bowl, Inc & Legion Pub Inc | (#,^) | 661 Park St., Cranston, RI 02910 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/15/2042 | 309.4 | 309.4 | 349.3 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1-0 Granny's Helpful Hands, LLC | (#,^) | 705 East Lake St., Minneapolis, MN 55407 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 12/15/2027 | 15.9 | 15.9 | 16.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Trans LLC & Dehal Trucking LLC | (#,^) | 1415 W. Anderson St., Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/15/2042 | 586.1 | 586.1 | 661.8 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co., Inc | (#,^) | 119 West 57th St., Suite 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/15/2027 | 159.2 | 159.2 | 161.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Best Quality Home Care LLC | (#,^) | 317 S Berry St., Centralia, WA 98531 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 12/19/2027 | 4.2 | 4.2 | 4.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Excellance of Fort Myers Inc. | (#,^) | 3105 Fowler St., Fort Myers, FL 33901 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/19/2042 | 99.4 | 99.4 | 112.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DBMS Consulting, Inc. | (#,^) | 164 West 83rd St.- Units 1F/1P, New York, NY 10024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/20/2027 | 54.3 | 54.3 | 56.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DHD Enterprise LLC dba Edible Arrangements #1699 | (#,^) | 828 Washington Ave., Miami Beach, FL 33139 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 12/21/2027 | 16.4 | 16.4 | 16.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CT Auto Spa LLC | (#,^) | 39 Albany Turnpike, West Simsbury, CT 06092 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/21/2027 | 154.8 | 154.8 | 162.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Lagoon Resort, LLC dba Hill View Cottages | (#,^) | 3670 Lake Shore Dr., Lake George, NY 12845 | Accommodation | Term Loan | Prime plus 2.75% | 12/21/2042 | 176.1 | 176.1 | 198.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| O'Rourke's Diner, LLC | (#,^) | 728 Main St., Middleton, CT 06457 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/22/2027 | 2.7 | 2.7 | 2.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Muckamuck Trucks, Inc. | (#,^) | 510 S Spring St., Ukiah, CA 95482 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/22/2027 | 9.7 | 9.7 | 10.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Landmark Ventures USA Inc | (#,^) | 475 Park Ave. South 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 12/22/2027 | 44.2 | 44.2 | 44.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diag | (#,^) | 12351 Gateway Park Place, Draper, UT 84020 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/22/2027 | 550.6 | 550.6 | 561.5 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Salida Family Chiropractic-PPLC dba Salida Sport and Spine | (#,^) | 203 G St., Salida, CO 81201 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/22/2027 | 8.5 | 8.5 | 8.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Medical Plaza of Boro Park PC | (#,^) | 1266 51St 1st Floor, Brooklyn, NY 11219 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/22/2027 | 27.0 | 27.0 | 27.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
48
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Anderson Farms Inc | (#) | 271 West Hwy. 30, Burley, ID 83318 | Truck Transportation | Term Loan | 7.5% | 12/22/2027 | 4,214.0 | 4,214.0 | 3,963.0 | 1.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Social Link LLC | (#,^) | 41Peabody St., Nashville, TN 37210 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/29/2027 | 8.0 | 8.0 | 8.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Farec, Inc | (#) | 30250 W Nine Mile Rd., Farmington, MI 48336 | Amusement, Gambling, and Recreation Industries | Term Loan | 7.5% | 12/29/2042 | 242.4 | 242.4 | 225.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sandfree Systems LLC | (#,^) | 116 Cricket Ave. Suite B, Ardmore, PA 19003 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/5/2028 | 5.4 | 5.4 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crad Holding LLC dba Neighborhood Laundry of Bloomfield | (#,^) | 60 Dodd St., Bloomfield, NJ 07003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/5/2028 | 44.0 | 44.0 | 44.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Human Resource Time Manager LLC | (#,^) | 2737 Humphrey St., East Elmhurst, NY 11369 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/8/2028 | 11.0 | 11.0 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Work of Heart Inc dba Little Nest Portraits | (#) | 1000 Merdian Blvd., Suite 112, Franklin, TN 37067 | Professional, Scientific, and Technical Services | Term Loan | 7.5% | 1/10/2028 | 4.2 | 4.2 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Specialized Dairy Processors LLC and Nathaly Zapata | (#,^) | 2200 N Commerce Pkwy., Weston, FL 33326 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/16/2028 | 46.5 | 46.5 | 47.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lou & Choo Enterprises Inc dba Lou & Choo Lounge | (#,^) | 2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/18/2043 | 107.8 | 107.8 | 121.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MedWorxs Inc. | (#,^) | 6857 Timbers Dr., Evergreen, CO 80439 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/18/2028 | 56.3 | 56.3 | 57.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lavish Specs Inc | (#,^) | 262 Glen St., Glen Cove, NY 11542 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 1/19/2028 | 5.4 | 5.4 | 5.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Weeping Willow Kennels, Inc. | (#,^) | 6041 Hammond School Rd., Salisbury,, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/19/2028 | 7.5 | 7.5 | 7.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd., Juliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/23/2028 | 5.5 | 5.5 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flair Interiors, Inc dba Giant Don's Flooring America | (#,^) | 7725 Old Seward Hwy., Anchorage, AK 99502 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 1/24/2028 | 98.3 | 98.3 | 103.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Concrete Services LLC and James Ward | (#,^) | 24 County Rd. 901, Jemison, AL 35085 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/25/2028 | 71.5 | 71.5 | 73.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Parati USA Inc | (#,^) | 1018 Wilt Ave., Ridgefield, NJ 07657 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 1/25/2028 | 12.1 | 12.1 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Phaze Packaging Inc | (#,^) | 9533 Irondale Ave., Los Angeles, CA 91311 | Paper Manufacturing | Term Loan | Prime plus 2.75% | 1/26/2043 | 898.5 | 898.5 | 1,014.5 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WydeBodi, LLC dba Wyde Bodi Auto Tags | (#,^) | 706 North 37th St., Philadelphia, PA 19104 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/30/2043 | 44.5 | 44.5 | 50.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rocco'sLandscaping LLC | (#,^) | 151 Kitts Lane, Newington, CT 06111 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/31/2043 | 70.2 | 70.2 | 79.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| USA General Investment LLC dba Braniff Paint and Body Shop | (#,^) | 2290 NW 21st Terrace, Miami, FL 33142 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 1/31/2028 | 10.7 | 10.7 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Midlothian Hardware Inc dba Grills True Value | (#,^) | 4751 West 147th St., Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 2/2/2028 | 10.8 | 10.8 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
49
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Macrotech Integrated Management Solutions dba Extreme Lawn Care | (#,^) | 2425 Durrance LN, Ormond Beach, FL 32174 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 2/5/2028 | 8.7 | 8.7 | 9.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| De La Vega LLC dba De La Vega Deland and De La Vega Oviedo | (#,^) | 128 North Woodland Blvd, Deland, FL 32720 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/7/2028 | 49.7 | 49.7 | 51.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Apps Inc., Market Share, and Singular Leaseholdings LLC | (#,^) | 800 Village Walk #159, Guilford, CT 06437 | Telecommunications | Term Loan | Prime plus 2.75% | 2/8/2028 | 378.3 | 378.3 | 385.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tony Herring & Associates, Inc. | (#,^) | 211 West Camellia Dr., Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 2/9/2028 | 6.0 | 6.0 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Machine of Iowa, Inc | (#,^) | 1040 4th Ave., Audubon, IA 50025 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 2/9/2028 | 1,013.1 | 1,013.1 | 1,053.6 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Constructi | (#,^) | 30521 134th St SE, Sultan, WA 98294 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/9/2028 | 53.4 | 53.4 | 55.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Margab Inc dba Smoothie King | (#,^) | 14200 SW 8th St Unit #102, Miami, FL 33184 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/13/2028 | 9.2 | 9.2 | 9.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JumboMarkets, Inc. | (#,^) | 15500 SW Trail Dr., Indiantown, FL 34956 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/13/2028 | 149.9 | 149.9 | 154.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lulinjett LLC dba All American Printing & Design | (#,^) | 4621 Bayshore Rd., Fort Myers, FL 33917 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 2/14/2043 | 99.8 | 99.8 | 112.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Town & Country Transportation Co. | (#,^) | 191-193 Arch St., New Britain, CT 06051 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 2/16/2028 | 47.6 | 47.6 | 50.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crossfit iQ LLC | (#,^) | 346 Pike Rd., Bay 8 & 9, West Palm Beach, FL 33411 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/21/2028 | 30.7 | 30.7 | 31.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wellfleet Consulting Inc. | (#,^) | 2275 Research Blvd Suite 500, Rockville, MD 20850 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/21/2028 | 10.8 | 10.8 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jackpine Technologies Corporation | (#,^) | 1 Mill & Main Pl., Suite 330, Maynard, MA 01754 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 2/22/2028 | 26.8 | 26.8 | 28.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections | (#,^) | 4308 Holland Rd., Virginia Beach, VA 23452 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/23/2028 | 3.4 | 3.4 | 3.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. | (#,^) | 94-33 Corona Ave, Corona, NY 11373 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/26/2043 | 332.5 | 332.5 | 375.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Merciful Heavenly Homes, LLC | (#,^) | 401 Dillar's Mill Rd., Tyner, NC 27980 | Nursing and Residential Care Facilities | Term Loan | 8% | 2/28/2043 | 62.5 | 62.5 | 58.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Connie Engelbrecht | (#,^) | 20640 Raven Dr., Eagle River, AK 99577 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 2/28/2028 | 2.2 | 2.2 | 2.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Law Offices of Samuel R Miller LLC | (#,^) | 7405 Lake Worth Rd., Lake Worth, FL 33467 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/28/2043 | 111.7 | 111.7 | 126.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Urban Fitness Group LLC dba Crunch Fitness Group LLC | (#,^) | 2800 S IH-35, Suite 220, Round Rock, TX 78681 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2028 | 161.8 | 161.8 | 170.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Unpainted Arizona, LLC dba Westside Bowl | (#,^) | 2617 Mahoning Ave, Youngstown, OH 44509 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/7/2043 | 98.6 | 98.6 | 111.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2b Mom Inc dba Mom's the Word Maternity | (#,^) | 3150 18th St., Suite 435, San Francisco, CA 94110 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 3/9/2028 | 24.2 | 24.2 | 24.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
50
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dante Ultimate Cleaning Service LLC | (#,^) | 16969 River Park Dr, Covington, LA 70345 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/9/2028 | 7.4 | 7.4 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SRG Waterfront LLC | (#,^) | 88 District Square SW, Washington, DC 20005 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/9/2028 | 212.1 | 212.1 | 216.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Summit Insights Group LLC | (#,^) | 19 Briant Pkwy., Summit, NJ 07901 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 3/14/2028 | 13.8 | 13.8 | 14.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe | (#,^) | 2217 Richmond Rd., Williamsburg, VA 23188 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/15/2043 | 487.8 | 487.8 | 550.7 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CTD Operations Inc | (#,^) | 219 Saint Nazaire Rd STE G, Broussard, LA 70518 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2028 | 49.0 | 49.0 | 50.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bear Bones, Inc. | (#,^) | 43 Libson St., Lewiston, ME 04240 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 3/15/2043 | 21.1 | 21.1 | 23.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rojenco II,Inc. | (#,^) | 4357 Shore Dr., Virginia Beach, VA 23455 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/15/2043 | 72.6 | 72.6 | 81.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe | (#,^) | 2217 Richmond Rd., Williamsburg, VA 23188 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/15/2043 | 72.6 | 72.6 | 81.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rojenco II, Inc. | (#,^) | 4357 Shore Dr., Virginia Beach, VA 23455 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/15/2043 | 378.2 | 378.2 | 427.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Camerabots Media, LLC | (#,^) | 4501 Ford Ave Suite 207, Alexandria, VA 22302 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 3/16/2028 | 10.9 | 10.9 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Petroleum Equipment & Services, Inc | (#,^) | 5631 Silverado Way Unit G, Anchorage, AK 99518 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 3/16/2028 | 182.7 | 182.7 | 192.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cest Chic Concepts, LLC dba Salon Cest Chic | (#,^) | 15231 Hall Station Rd. Unit 104, Bowie, MD 20721 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/19/2028 | 8.2 | 8.2 | 8.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| RTSP Union LLC | (#,^) | 2438 Route 22 East, Union, NJ 07083 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 9/20/2028 | 929.5 | 929.5 | 965.1 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rexco Foods LLC dba Papa John's | (#,^) | 18640 Fm 1488 Suite C, Magnolia, TX 77354 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/20/2028 | 31.0 | 31.0 | 31.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GeoTek Alaska, Inc | (#,^) | 2756 Commercial Dr., Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/21/2043 | 611.4 | 611.4 | 690.3 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aque Investment Group LLC | (#,^) | 3838 N. Sam Houston Pkwy. E, Houston, TX 77032 | Real Estate | Term Loan | Prime plus 2.75% | 3/23/2028 | 193.7 | 193.7 | 203.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cable Management, LLC | (#,^) | 200 Pratt St., Meriden, CT 06450 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/23/2028 | 58.6 | 58.6 | 61.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunshine Tents and Event Rentals LLC | (#,^) | 2322 SW 58th Terrace, West Park, FL 33023 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/23/2028 | 45.4 | 45.4 | 47.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shweiki Media Inc dba Study Breaks Magazine | (#,^) | 4954 Space Center Dr., San Antonio, TX 78218 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/23/2028 | 53.9 | 53.9 | 56.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Denton BioFuels LLC and Amercian BioSource, LLC | (#,^) | 624 W. University Dr..#359, Denton, TX 76201 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/23/2028 | 70.3 | 70.3 | 72.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Regional Recyclers of Wood LLC dba ARROW | (#,^) | 104 Wooster St., Bethal, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/23/2028 | 95.8 | 95.8 | 99.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sofasco, Inc | (#,^) | 182 Garber Lane, Winchester, VA 22602 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/23/2043 | 94.0 | 94.0 | 106.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
51
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York Label & Box Corp | (#,^) | 50 Oval Dr., Islandia, NY 11749 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/23/2043 | 1,197.8 | 1,197.8 | 1,352.3 | 0.37 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kajun Martial Arts LLC | (#,^) | 36546 Mission St., Prairieville, LA 70769 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/23/2028 | 16.4 | 16.4 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley I | (#,^) | 2801 W Osborn Rd., Phoenix, AZ 85017 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 3/26/2043 | 174.7 | 174.7 | 197.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K.C. Communications, Inc. | (#,^) | 2715 Saturn St., Brea, CA 92821 | Telecommunications | Term Loan | Prime plus 2.75% | 3/27/2028 | 45.6 | 45.6 | 48.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lou & Choo Enterprises Inc. | (#,^) | 2101 West Hunting Park Ave., Philadelphia, PA 19140 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/28/2044 | 102.3 | 102.3 | 115.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Montage Mountain Resorts, LP | (#,^) | 1000 Montage Mountain Rd, Scranton, PA 18505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/28/2043 | 1,174.9 | 1,174.9 | 1,326.4 | 0.36 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clancy 15 LLC and Allied Molded Products LLC | (#,^) | 1145 13th Ave. East, Palmetto, FL 34221 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2028 | 121.2 | 121.2 | 125.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clancy 15 LLC and Allied Molded Products LLC | (#,^) | 1145 13th Ave. East, Palmetto, FL 34221 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2043 | 205.2 | 205.2 | 231.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley C | (#,^) | 111 E. Laurel St., Willows, CA 95988 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/28/2028 | 63.8 | 63.8 | 67.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co | (#,^) | 1376 BRd.way, El Cajon, CA 92021 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/28/2028 | 162.9 | 162.9 | 169.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kaz Wellness, LLC dba Grounded Wellness Center | (#,^) | 104 Clover Court, Bartlett, IL 60103 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2028 | 11.6 | 11.6 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fifth Wheel Truck Stop 001 | (#,^) | 3767 S Golden State Blvd., Fresno, CA 93725 | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/30/2043 | 1,082.5 | 1,082.5 | 1,222.1 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Master Roofing and Siding Inc. | (#,^) | 1 Paragon Dr. # 122, Montvale, NJ 07645 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/30/2028 | 193.3 | 193.3 | 197.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Romancing the Stone | (#,^) | 140 Centre of New England Blvd, Coventry, RI 02816 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/30/2043 | 327.9 | 327.9 | 370.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael S Brown Physical Therapy, P.C | (#,^) | 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/30/2028 | 71.1 | 71.1 | 72.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Industrial Paint LLC | (#,^) | 229 Whitney Rd., Unit B, Anchorage, AK 99501 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/30/2028 | 91.0 | 91.0 | 96.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Payne's Environmental Services LLC | (#,^) | 5617 Causeway Blvd, Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/30/2028 | 165.4 | 165.4 | 172.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| America's Little Leaders Academy, Inc | (#,^) | 2570 NW 152nd Terrace, Opa-Locka, FL 33054 | Social Assistance | Term Loan | Prime plus 2.75% | 3/30/2043 | 21.1 | 21.1 | 23.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Technical Ordnance Solutions,LLC | (#,^) | 9950 Business Circle, Suite 13, Naples, FL 34112 | Fabricated Metal Product Manufacturing | Term Loan | 7.75% | 3/30/2028 | 1,009.5 | 1,009.5 | 947.4 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GQ Investments,LLC | (#,^) | 5772 Miami Lakes Dr. East, Miami, FL 33014 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus 2.75% | 3/30/2028 | 153.6 | 153.6 | 157.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Industrial Paint LLC | (#,^) | 229 Whitney Rd. Unit B, Anchorage, AK 99501 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/30/2043 | 209.6 | 209.6 | 236.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bean City Bar and Grill LLC | (#,^) | N 2505 Bean City Rd., New London, WI 54961 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/4/2043 | 43.1 | 43.1 | 48.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
52
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Newsome Mobile Notary LLC | (#,^) | 8153 12th Ave SW, Seattle, WA 98106 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/5/2028 | 3.9 | 3.9 | 3.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shree Lakshminarayyn Grocery Stores LLC | (#,^) | 3307 Charles St., Rockford, IL 61108 | Gasoline Stations | Term Loan | Prime plus 2.75% | 4/5/2043 | 113.0 | 113.0 | 127.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovation Transport LLC | (#,^) | 1 International Blvd., Suite 400, Mahwah, NJ 07495 | Truck Transportation | Term Loan | Prime plus 2.75% | 4/6/2028 | 37.9 | 37.9 | 38.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mark Baker | (#,^) | 1653 Evalie Dr, Fairfield, OH 45014 | Truck Transportation | Term Loan | Prime plus 2.75% | 4/9/2028 | 7.2 | 7.2 | 7.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sexy Nails Center LLC | (#,^) | 57 Passaic St., Garfield, NJ 07026 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/10/2043 | 190.6 | 190.6 | 215.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precision Components Group Inc | (#,^) | 190 Doty Circle, West Springfield, MA 01089 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 4/11/2028 | 16.5 | 16.5 | 17.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza | (#,^) | 35 E Main St., Pekin, IN 47165 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/13/2043 | 39.4 | 39.4 | 44.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern HVAC LLC | (#,^) | 119 Ouachita 212, Camden, AR 71701 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2028 | 29.2 | 29.2 | 29.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern HVAC LLC | (#,^) | 119 Ouachita 212, Camden, AZ 71701 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2043 | 21.2 | 21.2 | 23.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Oaks Athletic Club, LLC | (#,^) | 15253 Shenandoah Ave., BATON ROUGE, LA 70817 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/17/2043 | 345.4 | 345.4 | 390.0 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Veterinary Preventive Care, LLC | (#,^) | 945 Riverview Ct, Xenia, OH 45385 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/18/2028 | 34.5 | 34.5 | 34.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rosemarie Products Company LLC | (#,^) | 5400 Crooked Tree Dr., Mason, OH 45040 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 4/18/2028 | 11.1 | 11.1 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| James L Shoemaker APCC | (#,^) | 221 W Judge Perez Dr., Chalmette, LA 70043 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/18/2028 | 11.8 | 11.8 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Means Enterprises LLC | (#,^) | 4150 Legacy Dr. N Suite # 412, Frisco, TX 75034 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 4/18/2028 | 5.1 | 5.1 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| A New Dawn Psychotherapy Associates, LLC | (#,^) | 308 E BRd. St, Bethlehem, PA 18018 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/18/2043 | 82.4 | 82.4 | 92.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spitnale's Garage LLC | (#,^) | 3761 Mahoning Ave, Youngstown, OH 44515 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2043 | 56.8 | 56.8 | 64.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Just for Boats LLC | (#,^) | 459 Dupre Rd., McClellanville, SC 29458 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2043 | 16.5 | 16.5 | 18.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joe & Sons Service, Inc | (#,^) | 855 Atwood Ave, Cranston, RI 02920 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/24/2028 | 76.3 | 76.3 | 80.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RWT Corporation dba Welding Works | (#,^) | 32 New Rd., Madison, CT 06443 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 4/26/2028 | 314.7 | 314.7 | 317.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matrix Z, LLC | (#,^) | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 4/26/2028 | 65.3 | 65.3 | 67.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LMH Optics LLC dba Sterling Optical | (#,^) | 1272 Smallwood Dr West, Waldorf, MD 20603 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/26/2028 | 36.8 | 36.8 | 36.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RWT Corporation dba Welding Works | (#,^) | 32 New Rd., Madison, CT 06443 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 4/26/2043 | 200.5 | 200.5 | 222.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pledge 4 Hope LLC | (#,^) | 53 Bayberry Loop South, Purvis, MS 39475 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 4/26/2028 | 10.4 | 10.4 | 10.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
53
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| K&S Hardware LLC | (#,^) | 1865 W Wayzata Blvd, Long Lake, MN 55356 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 4/26/2028 | 16.6 | 16.6 | 16.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rory James Contracting LLC | (#,^) | 33 Bennett Place, Amityville, NY 11701 | Construction of Buildings | Term Loan | Prime plus 2.75% | 4/27/2028 | 11.8 | 11.8 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kastoria Inc. dba Bantam Pizza | (#,^) | 768 Bantam Rd., Bantam, CT 06750 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/27/2028 | 11.1 | 11.1 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Angels Daycare and Learning Center LLC | (#,^) | 4551 Summit Blvd., West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus 2.75% | 4/27/2043 | 151.3 | 151.3 | 170.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metropolitan Solutions Inc. | (#,^) | 1420 Chestnut St., Portsmouth, VA 23704 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2043 | 166.9 | 166.9 | 185.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brenden Kehren Development LLC | (#,^) | 14689 Gemara Rd., Sparta, WI 54656 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2028 | 2.2 | 2.2 | 2.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corona Dance, LLC dba Huracan Dance Studio | (#,^) | 480 West Main St., Stamford, CT 06902 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 4/30/2028 | 8.7 | 8.7 | 8.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Saltamontes Tire Company, LLC | (#,^) | 1955 Boston Ave., Brodgeport, CT 06604 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/30/2043 | 96.5 | 96.5 | 108.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunlinc Inc | (#,^) | 170 Canterbury Court, East Windsor, NJ 08520 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2028 | 7.2 | 7.2 | 7.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Olmsted LLC and 626 Van LLC dba Maison Yaki | (#,^) | 659 Vanderbilt Ave., Brooklyn, NY 11238 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/1/2029 | 187.1 | 187.1 | 187.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wilbur Standford Jr Trucking and Excavating, LLC | (#,^) | 7505 North Chases Lake Rd., Watson, NY 13343 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/3/2028 | 178.6 | 178.6 | 185.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Container Shipping, LLC | (#,^) | 533 Nova Rd Suite 213B, Ormond Beach, FL 32174 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 5/4/2028 | 37.2 | 37.2 | 36.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schmaltz Operations LLC dba Companion Camp | (#,^) | 3408 Castle Rock Farm Rd., Pittsboro, NC 27312 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/7/2028 | 44.6 | 44.6 | 45.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer | (#,^) | 310 Arlington Ave. Unit 329, Charlotte, NC 28203 | Educational Services | Term Loan | Prime plus 2.75% | 5/9/2043 | 684.5 | 684.5 | 772.8 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baby Gentry's Childcare & Learning Academy | (#,^) | 4203 Shenandoah Dr., Dayton, OH 45417 | Social Assistance | Term Loan | Prime plus 2.75% | 5/10/2028 | 8.4 | 8.4 | 8.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adhara, LLC | (#,^) | 18123 E Appleway Ave, Spokane Valley, WA 99016 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/11/2043 | 41.2 | 41.2 | 46.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daniel Woodward, DC PLLC dba Doc's Body Shop | (#,^) | 3084 N Goliad St., Suite 114, Rockwall, TX 75087 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/11/2028 | 25.3 | 25.3 | 24.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Circle and Square, Inc dba Stamford Kumon | (#,^) | 50 Forest St. Suite 902, Stamford, CT 06901 | Educational Services | Term Loan | Prime plus 2.75% | 5/11/2028 | 34.5 | 34.5 | 33.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| James T. Hendel dba Autotexx Mobile Auto Repair | (#,^) | 5857 Hwy.101 North, Rockmart, GA 30153 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/15/2028 | 5.6 | 5.6 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fireplace Outlet Inc | (#,^) | 8216 Main St., Williamsville, NY 14221 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 5/15/2028 | 13.5 | 13.5 | 14.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joshua One Limited Liability Company dba Genesis Personal Fitness | (#,^) | 28 North State St. Unit 100, Newtown, PA 18940 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/16/2043 | 302.8 | 302.8 | 341.9 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
54
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clore Construction LLC | (#,^) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 5/16/2028 | 111.4 | 111.4 | 112.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage Th | (#,^) | 4570 W Post Rd. Suite #100, Las Vegas, NV 89118 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 5/17/2028 | 204.6 | 204.6 | 201.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Yakov Levy M.D., P.C. | (#,^) | 70-31 108th St., Forest Hills, NY 11375 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/18/2028 | 25.1 | 25.1 | 24.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mark A Espinoza, DDS PLLC dba Central Dental Care | (#,^) | 9315 N Central Ave, Phoenix, AZ 85020 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/18/2028 | 46.9 | 46.9 | 46.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chem-Flotronics, Inc. | (#,^) | 195 Paterson Ave., Little Falls, NJ 07424 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 5/22/2028 | 74.4 | 74.4 | 74.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DMA Equipment LLC | (#,^) | 700 Lee St., Elk Grove Village, IL 60007 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/24/2043 | 251.5 | 251.5 | 284.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adow Pools LLC | (#,^) | 393 Glenbrook Rd., Stamford, CT 06906 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/25/2028 | 129.5 | 129.5 | 128.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC | (#,^) | 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 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Starship, LLC dba Tint World Smyrna | (#,^) | 2274 S Atlanta Rd. SE, Smyrna, GA 30080 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/25/2043 | 92.9 | 92.9 | 104.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dream Spa LLC and Dream Spa Greenwich LLC | (#,^) | 1220 Post Rd. East, Westport, CT 06880 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/25/2028 | 81.4 | 81.4 | 80.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery | (#,^) | 59 West Main St, Broadalbin, NY 12025 | Accommodation | Term Loan | Prime plus 2.75% | 10/25/2043 | 192.3 | 192.3 | 217.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crowley Ventures, LLC | (#,^) | 665 Worthington Rd, Westerville, OH 43082 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2028 | 55.5 | 55.5 | 55.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo | (#,^) | 14429 South Wallin Dr., Plainfield, IL 60544 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/31/2043 | 260.3 | 260.3 | 293.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mastrocinque Restaurant Management Company LLC dba Santionii's Itali | (#,^) | 3535 Hwy. 17 Unit 14 &15, Fleming Island, FL 32003 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/1/2028 | 47.0 | 47.0 | 49.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire | (#,^) | 943 South Main St., Cheshire, CT 06410 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/1/2028 | 34.7 | 34.7 | 34.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSD Designs LLC | (#,^) | 10840 Bay Hill Club Dr., Charlotte, NC 28277 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 6/5/2028 | 60.8 | 60.8 | 60.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Funtime ,LLC dba Indoor Playgrounds International | (#,^) | 13200 West Foxfire Dr. Suite 144, Surprise, AZ 85378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/5/2028 | 206.6 | 206.6 | 203.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hardway Inc and A F C Leasing, Inc | (#,^) | 12533 S. 73rd East Place, Bixby, OK 74008 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/6/2028 | 241.2 | 241.2 | 237.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sowells Consulting Engineers, LLC | (#,^) | 13430 Northwest Freeway #260, Houston, TX 77040 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/6/2028 | 17.5 | 17.5 | 17.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Camp K-9 Pet Resort & Spa, Inc. | (#,^) | 18501 Le Claire Ave., Tinley Park, IL 60478 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/8/2028 | 6.2 | 6.2 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
55
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beyond Grooming LLC and Michelle McWatters | (#,^) | 1200 Old Martindale Rd, San Marcos, TX 78666 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/8/2043 | 40.6 | 40.6 | 45.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC | (#,^) | 1855 Purdy Ave., Miami Beach, FL 33139 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/8/2028 | 650.7 | 650.7 | 645.8 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men | (#,^) | 426 15th St. NW, Huron, SD 57350 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 6/8/2043 | 365.3 | 365.3 | 412.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mastiff Studios LLC | (#,^) | 2919 West Colorado Ave., Colorado Springs, CO 80904 | Educational Services | Term Loan | Prime plus 2.75% | 6/13/2043 | 40.4 | 40.4 | 45.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E & J Sims Co. LLC | (#,^) | 28 BRd. St., Bloomfield, NJ 07003 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/14/2028 | 37.5 | 37.5 | 37.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tele Tax Express Inc | (#,^) | 166 Getty Ave, Paterson, NJ 07503 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2028 | 16.9 | 16.9 | 17.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Team Sandy Blanton Realty, Inc | (#,^) | 1225 West Gregory St, Pensacola, FL 32502 | Real Estate | Term Loan | Prime plus 2.75% | 6/14/2043 | 92.0 | 92.0 | 103.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Softrol Systems Inc dba Softrol Systems | (#,^) | 1100 Northpoint Pkwy SE, Acworth, GA 30102 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 6/15/2028 | 662.2 | 662.2 | 655.9 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oil Palace Inc. | (#,^) | 10408 Hwy. 64 East, Tyler, TX 75707 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 9/15/2043 | 137.4 | 137.4 | 155.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dianne Williams and Louis Williams dba Sweetlips Store | (#,^) | 3870 Sweet Lips Rd, Henderson, TN 38340 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/15/2043 | 43.7 | 43.7 | 49.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Venzix Ventures Inc. dba Venzix | (#,^) | 750 Legend Oak Dr., Fountain, CO 80817 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 6/15/2028 | 8.4 | 8.4 | 8.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schumacker Recreation, LLC | (#,^) | 5325 S University Dr., Davie, FL 33328 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/18/2028 | 114.0 | 114.0 | 119.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allen Theatre and Back Stage Cafe LLC | (#,^) | 36 East. Main St., Annville, PA 17003 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 6/18/2043 | 119.0 | 119.0 | 134.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jones Roger Sherman Inn, Inc. | (#,^) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/19/2028 | 358.7 | 358.7 | 376.0 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Colovic Hackettstown Dairy LLC | (#,^) | 22 Route 57, Hackettstown, NJ 07840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/19/2043 | 259.5 | 259.5 | 293.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mid America Motorworks, Inc and Yager Holdings L.P | (#,^) | 2900 North 3rd St., Effingham, IL 62401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/19/2043 | 266.9 | 266.9 | 301.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Independent Life LLC | (#,^) | 4955 S Durango Dr., Suite124, Las Vegas, NV 89113 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/21/2028 | 39.6 | 39.6 | 38.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| York Woods Tree Service, LLC dba York Woods Tree and Products, LLC | (#,^) | 300 Harold Dow Hwy., Elliot, ME 03903 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/21/2043 | 229.9 | 229.9 | 259.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| York Woods Tree Service, LLC dba York Woods Tree and Products, LLC | (#,^) | 300 Harold Dow Hwy., Eliot, ME 03903 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/21/2028 | 107.0 | 107.0 | 110.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Desert House Assisted Living ,LLC dba The Desert House Assisted Li | (#,^) | 11055 E Grove St, Mesa, AZ 85208 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 6/22/2043 | 74.3 | 74.3 | 83.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
56
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Lube, Inc | (#,^) | 721 E Westpoint Dr.., Wasilla, AK 99654 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/22/2043 | 654.6 | 654.6 | 737.2 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mr. Lube, Inc. | (#,^) | 721 E. West Point Dr., Wasilla, AK 99654 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/22/2028 | 516.8 | 516.8 | 526.7 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Martha Beauty Supply And Braiding, Inc. | (#,^) | 538 E Boughton Rd., Bolingbrook, IL 60440 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/22/2043 | 131.5 | 131.5 | 148.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sushi Prime, LLC and Vasilia Investments | (#,^) | 32 SE 2nd Ave, Delray Beach, FL 33444 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/22/2028 | 206.1 | 206.1 | 208.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sun Pools, Inc | (#,^) | 130 Holiday LN, Albany, KY 42602 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/25/2043 | 289.0 | 289.0 | 320.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DPF Filters Inc. | (#,^) | 2832 Golden State Blvd., Madera, CA 93637 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/25/2028 | 51.7 | 51.7 | 51.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sun Pools, Inc dba Sun Fiberglass Pools | (#,^) | 130 Holiday Lane, Albany, KY 42602 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/25/2028 | 586.9 | 586.9 | 587.5 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bengals, Inc. dba Royal Liquor Mart | (#,^) | 3714 E State St., Rockford, IL 61108 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/26/2043 | 100.3 | 100.3 | 113.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, | (#,^) | 460 Park Ave., Floor 16, New York, NY 10022 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 6/26/2028 | 694.8 | 694.8 | 693.2 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| National Dredging Services of North Florida, Inc. | (#,^) | 1537 Northwest Main Blvd., Lake City, FL 32055 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/27/2043 | 27.2 | 27.2 | 30.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nick's Country Kitchen, LLC | (#,^) | 3 Flanders RD, Building #1, Bethlehem, CT 06751 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2028 | 16.9 | 16.9 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In | (#,^) | 299 Utica Ave., Brooklyn, NY 11203 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/27/2043 | 337.0 | 337.0 | 380.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| National Dredging Services of North Florida, Inc. | (#,^) | 1537 Northwest Main Blvd., Lake City, FL 32055 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/27/2028 | 40.3 | 40.3 | 42.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corptek Solutions LLC | (#,^) | 2363 N. Hwy. # 287 Ste # 111, Mansfield, TX 76063 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/28/2028 | 35.7 | 35.7 | 35.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Critter Cabana, LLC dba Critter Cabana | (#,^) | 516 East Main St., Newberg, OR 97132 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/28/2028 | 50.8 | 50.8 | 50.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M J Losito Electrical Contractor's, Inc | (#,^) | 98 Wooster St., Bethel, CT 06801 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/29/2028 | 17.2 | 17.2 | 17.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bio-Haz Solutions, Inc. | (#,^) | 23 Tonoli Rd., Nesquehoning, PA 18240 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 5/29/2044 | 352.5 | 352.5 | 395.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bio-Haz Solutions, Inc | (#,^) | 23 Tonolli Rd., Nesquehoning, PA 18240 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/29/2029 | 201.4 | 201.4 | 210.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Cargo Express, LLC | (#,^) | 4735 22 Mile Rd., Utica, MI 48317 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 7/2/2043 | 79.9 | 79.9 | 90.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vital Inspection Professionals, Inc. dba VIP | (#,^) | 180 Airpark Industrial Rd, Alabaster, AL 35007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/3/2028 | 235.9 | 235.9 | 242.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Smoove Move Productions, LLC dba Smoove Move Productions | (#,^) | 3932 North 16th St., Omaha, NE 68110 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 7/12/2028 | 8.1 | 8.1 | 8.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mother's Cantina LLC dba Mother's Cantina | (#,^) | 2810 Philadephia Ave. Unit #10, Ocean City, MD 21842 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/13/2028 | 52.1 | 52.1 | 51.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
57
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Smart-tel Communications LLC | (#,^) | 9720 W. Colfax Ave. Suite 100, Lakewood, CO 80215 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 7/13/2028 | 16.0 | 16.0 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| HQTRONICS LLC | (#,^) | 10135 South Roberts Rd Suite 209, Palos Hills, IL 60465 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 7/13/2028 | 47.4 | 47.4 | 46.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ZA Trucking LLC | (#,^) | 5945 York Way, East Lansing, MI 48823 | Truck Transportation | Term Loan | Prime plus 2.75% | 7/17/2028 | 4.0 | 4.0 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 674 Club LLC | (#,^) | 674 N Orleans, Chicago, IL 60654 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/17/2043 | 253.2 | 253.2 | 285.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TR Nails, LLC dba Simple Nails | (#,^) | 158 Great Rd., Bedford, MA 01730 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/20/2028 | 47.3 | 47.3 | 46.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Relevant Elephant ,LLC | (#,^) | ON320 Woodvale St, Winfield, IL 60190 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/25/2028 | 4.2 | 4.2 | 4.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nunez Enterprises Corporation dba La Casa | (#,^) | 3330 Piedmont RD NE, Atlanta, GA 30305 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 7/26/2028 | 5.4 | 5.4 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CSL Services Inc | (#,^) | 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/27/2028 | 415.1 | 415.1 | 420.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accel Compression Inc., Accel Workover Services, Inc | (#,^) | 4500 S Country Rd., Odessa, TX 79765 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 8/1/2043 | 289.5 | 289.5 | 326.9 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Samy Optical LLC dba Site for Sore Eyes | (#,^) | 1350 Travis Blvd Suite 1507A, Fairfield, CA 94533 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/1/2028 | 76.7 | 76.7 | 75.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool & T | (#,^) | 4500 S. Country Rd. 1310, Odessa, TX 79765 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 8/1/2028 | 388.4 | 388.4 | 399.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Millwork Unlimited, Incorporated | (#,^) | 8264 Pine Cay Rd., Wellington, FL 33414 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus 2.75% | 8/2/2028 | 5.7 | 5.7 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ron's Pool and Spa Services LLC | (#,^) | 1419 NE 30th St., Pompano, FL 33064 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/3/2028 | 2.9 | 2.9 | 2.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC | (#,^) | 1700 Nottingham Way Ste 12A, Hamilton, NJ 08619 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 8/3/2028 | 46.0 | 46.0 | 45.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 20th Century Lanes, Inc dba West Seattle Bowl | (#,^) | 4505 39 Ave. SW, Seattle, WA 98116 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/3/2028 | 89.7 | 89.7 | 92.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mercedes Cab Company, Inc | (#,^) | 35 Alden St., Province Town, MA 02657 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 8/7/2028 | 99.5 | 99.5 | 99.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CJNR, LLC | (#,^) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus 2.75% | 8/7/2043 | 115.3 | 115.3 | 130.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Palanuk & Associates, Inc.dba Wolfpk | (#,^) | 28110 SE Fern Dr., Boring, OR 97009 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/8/2028 | 78.4 | 78.4 | 77.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| David D. Sullivan dba DMS Construction | (#,^) | 6400 Charwood Place, Bakersfield, CA 93306 | Specialty Trade Contractors | Term Loan | 6% | 8/9/2028 | 10.6 | 10.6 | 9.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crystal Shores Inc. dba Shorewood Laundromat | (#,^) | 700 West Jefferson St., Shorewood, IL 60404 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/9/2028 | 17.1 | 17.1 | 17.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pamletics LLC dba F45 | (#,^) | 22015 IH 10 West, San Antonio, TX 78257 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/14/2028 | 34.3 | 34.3 | 34.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
58
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GS Bath Inc | (#,^) | 5335 E Kaviland Ave., Fresno, CA 93725 | Truck Transportation | Term Loan | Prime plus 2.75% | 8/15/2028 | 432.0 | 432.0 | 450.6 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ATI Jet, Inc. | (#,^) | 7007 Boeing Dr., El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus 2.75% | 8/16/2028 | 153.3 | 153.3 | 157.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lewins Law, P.C. | (#,^) | 7920 Belt Line Rd Suite 650, Dallas, TX 75254 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/16/2028 | 13.8 | 13.8 | 13.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| GeoTek Alaska, Inc | (#,^) | 2756 Commercial Dr., Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/17/2044 | 121.2 | 121.2 | 136.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ginekis Enterprises, Inc dba Locanda Veneta | (#,^) | 8638 W Third St., Los Angeles, CA 90048 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/20/2028 | 69.0 | 69.0 | 68.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Buffalo Biodiesel Inc. | (#,^) | 225 Sawyer Ave., Tonawanda, NY 14150 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/21/2028 | 1,026.0 | 1,026.0 | 1,065.2 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zash LLC dba Papa Murphy's take 'N' Bake Pizza | (#,^) | 2303 White Bear Ave, Maplewood, MN 55025 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/23/2028 | 32.3 | 32.3 | 32.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wearware Inc dba FlyWire Cameras | (#,^) | 2204 Blackmoor Park Lane, Lexington, KY 40509 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 8/24/2028 | 17.2 | 17.2 | 17.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Atlas Geo-Constructors LLC | (#,^) | 3466 Thomasville Rd. Winston, Winston-Salem, NC 27107 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/24/2028 | 61.8 | 61.8 | 64.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Finn & Emma LLC | (#,^) | 1275 Bloomfield Ave. Building 5 Unit 28B, Fairfield, NJ 07004 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 8/24/2028 | 95.0 | 95.0 | 93.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Montana Life Group, LLC | (#,^) | 8 N 9th Ave., Bozeman, MT 59715 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 8/24/2028 | 5.7 | 5.7 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Graphish Studio, Inc. | (#,^) | 231 Main St., Stamford, CT 06901 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/28/2028 | 5.7 | 5.7 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JFK Transportation Inc | (#,^) | 4 Mechanic St, Natick, MA 01760 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 8/28/2028 | 115.5 | 115.5 | 114.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kotyark LLC dba Gibsonton Motel | (#,^) | 11545 US Hwy. 41S, Gibsonton, FL 33534 | Accommodation | Term Loan | Prime plus 2.75% | 8/29/2043 | 78.2 | 78.2 | 88.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Extreme Engineering, Inc. | (#,^) | 598 Oliver Dr, Troy, MI 48084 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/29/2028 | 95.6 | 95.6 | 94.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greenfield Hill Wines & Spirits, LLC | (#,^) | 65 Hillside Rd., Fairfield, CT 06824 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/29/2028 | 70.4 | 70.4 | 69.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ARVAmethod LLC | (#,^) | 516 N Ogden Ave. # 150, Chicago, IL 60642 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/29/2028 | 1.8 | 1.8 | 1.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stat Constructor L.P | (#,^) | 9573 US Hwy. 220, Stoneville, NC 27048 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/30/2028 | 88.1 | 88.1 | 92.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl | (#,^) | 825 Courtland St., Orlando, FL 32804 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/30/2043 | 426.3 | 426.3 | 481.3 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Living Centers Inc. dba Veranda House Senior Living | (#,^) | 5129 E 5th St, Katy, TX 77493 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 8/31/2043 | 399.5 | 399.5 | 451.1 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation LL | (#,^) | 3401 Market St. Suite 200, Philadelphia, PA 19104 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 9/6/2028 | 6.7 | 6.7 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
59
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pool Guard of LA | (#,^) | 10866 Washington Blvd, Apartment #24, Culver City, CA 90232 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/7/2028 | 17.4 | 17.4 | 17.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Asheville Spine and Nerve Institute PC | (#,^) | 190 BRd.way St Ste 205, Asheville, NC 28801 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/7/2043 | 85.4 | 85.4 | 96.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pelican Executives Suites, LLC | (#,^) | 2200 Colorado Ave. Sutie 131, Santa Monica, CA 90404 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/7/2028 | 262.6 | 262.6 | 258.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MurlinComputerCompany LLC dba Murlin Computer, | (#,^) | 1014 Thompson Blvd Suite 38B, Sedalia, MO 65301 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/7/2028 | 12.0 | 12.0 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rancho Paving, Inc | (#,^) | 339 Cypress Lane, El Cajon, CA 92020 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/10/2028 | 146.2 | 146.2 | 152.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Underground Productions LLC dba 31 Escape | (#,^) | 1731 Decatur Hwy, Fultandale, AL 35068 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/13/2043 | 93.8 | 93.8 | 105.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovative Network Solutions Inc | (#,^) | 31567 West 10 Mile Rd., Farmington Hills, MI 48336 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/13/2028 | 97.0 | 97.0 | 96.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| L&M Equipment, Inc | (#,^) | Mile 2.5 Alaska Peninsula Hwy., Naknek, AK 99633 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/14/2043 | 1,186.0 | 1,186.0 | 1,338.9 | 0.37 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baby's on Broadway LLC | (#,^) | 47 East BRd.way, Little Falls, MN 56345 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 9/14/2028 | 38.7 | 38.7 | 39.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovim LLC | (#,^) | 6401 Golden Triangle Dr. Suite 200, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/14/2028 | 85.1 | 85.1 | 83.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J & C Garcia LLC | (#,^) | 26 BRd. St., Alexander City, AL 35010 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/14/2028 | 57.1 | 57.1 | 56.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rihahn Inc. dba RDBL, Inc | (#,^) | 1397 McGuire Rd., Lamar, AR 72846 | Forestry and Logging | Term Loan | Prime plus 2.75% | 9/14/2028 | 115.0 | 115.0 | 116.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| QBS, LLC dba Sterling Optical Exton | (#,^) | 211 W Lincoln Hwy, Exton, PA 19341 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/14/2028 | 62.7 | 62.7 | 62.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko | (#,^) | 65 Glendale St., Easthampton, MA 01027 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/17/2043 | 166.0 | 166.0 | 187.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pastel de Feira LLC dba Original Pastel De Feira | (#,^) | 4244 Pine Ridge CT, Weston, FL 33331 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/17/2028 | 4.7 | 4.7 | 4.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Culmination Motorsports, Inc. | (#,^) | 160 W 91st Ave., Unit B, Anchorage, AK 99515 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2043 | 530.8 | 530.8 | 599.3 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DB Talak LLC | (#,^) | 2018 SE 6th Ave., Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/18/2043 | 147.2 | 147.2 | 166.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E & G Enterprises LLC dba Comfort Keepers | (#,^) | 220 Middle St., Franklin, VA 23851 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/18/2028 | 4.6 | 4.6 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Watearth Inc | (#,^) | 445 South Figuerora Suite 3128, Los Angeles, CA 90071 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/19/2028 | 17.4 | 17.4 | 17.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| C3 Capital, Inc | (#,^) | 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/19/2028 | 489.6 | 489.6 | 505.5 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M&P RV LLC dba M&P RV | (#,^) | 10 Century Lane, Dillsburg, PA 17019 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 9/19/2043 | 103.0 | 103.0 | 116.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
60
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Super Station Inc | (#,^) | 8855 N Country Rd. 25A, Pique, OH 45356 | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/19/2043 | 199.0 | 199.0 | 224.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal | (#,^) | 35000 Pacific Hwy., Federal Way, WA 98003 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/19/2028 | 406.5 | 406.5 | 400.7 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D & D Optics Inc dba Sterling Optical | (#,^) | 1487 East LaSalle Dr., Bismark, ND 58503 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 41.9 | 41.9 | 41.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DC Lofty, LLC, | (#,^) | 301 I St. NW, Washington, DC 20001 | Accommodation | Term Loan | Prime plus 2.75% | 9/21/2028 | 17.4 | 17.4 | 17.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MillClem Corporation & Monticello Corporation | (#,^) | 16660 Oak St., Dillwyn, VA 22936 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 9/21/2043 | 314.2 | 314.2 | 354.8 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Services and Equipment, Inc. | (#,^) | 321 Bayou Rd, Saint Bernard, LA 70085 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/21/2043 | 200.3 | 200.3 | 225.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Services and Equipment, Inc | (#,^) | 321 Bayou Rd, Saint Bernard, LA 70085 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/21/2028 | 333.4 | 333.4 | 341.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Garden Club, LLC | (#,^) | 125 South DuBuque St., Iowa City, IA 52240 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/21/2028 | 5.1 | 5.1 | 5.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Phillip Ramos Upholstery Inc. | (#,^) | 3835 Elm St., Denver, CO 80207 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/24/2028 | 11.9 | 11.9 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes | (#,^) | 7219 Silver Mist Ave, North Chesterfield, VA 23237 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/25/2028 | 96.6 | 96.6 | 96.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dentistry By Design, P.C | (#,^) | 315 Walt Whitman Rd. Suite 204-205, South Huntington, NY 11746 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/26/2028 | 11.6 | 11.6 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Above and Beyond Preschool LLC | (#,^) | 672-678 Camellia Dr., Royal Palm Beach, FL 33411 | Social Assistance | Term Loan | Prime plus 2.75% | 9/26/2043 | 525.0 | 525.0 | 592.7 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ace Auto Recovery, Inc. | (#,^) | 1209 North Lane Ave., Jacksonville, FL 32254 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/26/2043 | 152.3 | 152.3 | 172.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LTS School, Inc. | (#,^) | 3731 NW 9th Ave., Deerfield Beach, FL 33064 | Educational Services | Term Loan | Prime plus 2.75% | 9/26/2043 | 96.1 | 96.1 | 108.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Electric & Data | (#,^) | 85 Franklin Rd Unit 9B, Dover, NJ 07801 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/27/2028 | 76.9 | 76.9 | 78.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LG Law Center, Inc | (#,^) | 15452 Amar Rd., La Puente, CA 91744 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/27/2028 | 11.6 | 11.6 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blackwater Diving, LLC | (#,^) | 112 Forrest Rd., Morgan City, LA 70380 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 9/27/2028 | 617.7 | 617.7 | 616.5 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Seven, LLC | (#,^) | 11111 San Jose Blvd, Suite 70, Jacksonville, FL 32223 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/27/2029 | 47.1 | 47.1 | 47.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A | (#,^) | 777 South Flagler Dr. Suite 800W, West Palm Beach, FL 33401 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/27/2028 | 96.5 | 96.5 | 98.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associat | (#,^) | 35888 Center Ridge Rd., Suite 5 & 6, North Ridgeville, OH 44039 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2028 | 91.5 | 91.5 | 90.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Electric & Data Inc. | (#,^) | 85 Franklin RD Unit 9B, Dover, NJ 07801 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/27/2043 | 123.2 | 123.2 | 139.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Action Barricade Company, LLC and Barricade Holding LLC | (#,^) | 1802 N 27th Ave, Phoenix, AZ 85009 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/27/2028 | 233.5 | 233.5 | 240.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
61
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SwabCo Inc. | (#,^) | 2341 East Ellis St., Leveland, TX 79336 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 9/28/2043 | 908.2 | 908.2 | 1,025.3 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge | (#,^) | 4646 SE 11th Place, Cape Coral, FL 33904 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/28/2043 | 314.8 | 314.8 | 355.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JAM Media Solutions LLC | (#,^) | 11 Netherwood Terrace, East Orange, NJ 07017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/28/2028 | 768.2 | 768.2 | 766.7 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A-1 Van Sevices, Inc. | (#,^) | 154 Sandy Creek Rd., Verona, PA 15147 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/28/2028 | 82.3 | 82.3 | 85.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rami Technology USA, LLC | (#,^) | 10400 NW 33rd St., Miami, FL 33172 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 9/28/2028 | 139.3 | 139.3 | 137.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Burd Brothers Inc. | (#,^) | 4005 Borman Dr., Batavia, OH 45103 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/28/2028 | 409.6 | 409.6 | 419.9 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Throop Family Holdings, Inc | (#,^) | 7130 Crater Lake, White City, OR 97603 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/28/2043 | 611.2 | 611.2 | 690.1 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moore Care LLC | (#,^) | 8550 United Plaza Blvd., Baton Rouge, LA 79809 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/4/2028 | 40.6 | 40.6 | 40.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Apps Inc and Market Share Inc. | (#,^) | 80 Main St., Old Saybrook, CT 06475 | Telecommunications | Term Loan | Prime plus 2.75% | 10/5/2028 | 69.9 | 69.9 | 69.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wellfleet Consulting Inc. | (#,^) | 2275 Research Blvd Suite # 500, Rockville, MD 20850 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/9/2028 | 11.7 | 11.7 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faydon, Inc | (#,^) | 1905 W Baker St., Suite A, Plant City, FL 33567 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 10/10/2028 | 58.7 | 58.7 | 61.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MB Click It Photography, LLC | (#,^) | 100 Manchester Ranch Place, Aynor, SC 29511 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/10/2043 | 36.5 | 36.5 | 41.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cater To You Agency, LLC, dba Cater To You | (#,^) | 1319 Sherrick Rd. SE, Canton, OH 44707 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/11/2043 | 21.5 | 21.5 | 24.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shovels and Whiskey LLC | (#,^) | 446 SE Washington St, Hillsboro, OR 97123 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 10/16/2043 | 73.0 | 73.0 | 82.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bellas Sports Pub, Inc dba Brewmasters Tavern | (#,^) | 1152 Main St., Coventry, RI 02816 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/24/2043 | 66.1 | 66.1 | 74.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Face Place, LLC dba Classic Aesthetics | (#,^) | 4268 Cahaba Heights CT Suite 115, Vestavia, AL 35243 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/25/2028 | 7.8 | 7.8 | 7.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer | (#,^) | 3970 Everhard Rd., NW, Canton, OH 44709 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 10/26/2028 | 115.1 | 115.1 | 121.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| C.A.T.I. Armor, LLC | (#,^) | 435 Packard Hwy, Charlotte, MI 48813 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 10/30/2043 | 200.6 | 200.6 | 226.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" | (#,^) | 1500 Village Run Rd., Wexford, PA 15090 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/30/2029 | 64.8 | 64.8 | 64.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| UK, LLC dba Pita Pit | (#,^) | 20038 West Valley HWY, Kent, WA 98032 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/30/2029 | 49.3 | 49.3 | 49.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Steele Security, LLC dba Signal 88 Security of San Antonio | (#,^) | 11230 West Ave., Suite 2210, San Antonio, TX 78213 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/31/2028 | 86.9 | 86.9 | 86.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abington Caregivers, LLC | (#,^) | 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 | Social Assistance | Term Loan | Prime plus 2.75% | 11/30/2043 | 119.9 | 119.9 | 135.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
62
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC | (#,^) | 460 Park Ave., Floor 16, New York, NY 10022 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/1/2028 | 256.5 | 256.5 | 253.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modutech Marine Inc | (#,^) | 2218 Marine View Dr., Tacoma, WA 98422 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 12/1/2028 | 296.1 | 296.1 | 311.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vancole Investments, Inc. dba Smoothie King #913 | (#,^) | 876 Virginia Ave., Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/7/2044 | 399.3 | 399.3 | 450.8 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| McNeill Stokes | (#,^) | 5372 Whitehall Pl SE, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/8/2028 | 5.3 | 5.3 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Salon Femi LLC | (#,^) | 1107 BRd. St., Bloomfield, NJ 07003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/9/2028 | 5.9 | 5.9 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Dedicated LLC | (#,^) | 13410 SE 26th Circle, Vancouver, WA 98683 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/9/2028 | 370.6 | 370.6 | 368.6 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schafer Fisheries Inc. | (#,^) | 21985 Waller Rd, Fulton, IL 61252 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/14/2028 | 42.4 | 42.4 | 44.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Saunders Management LLC dba Northern Light Espresso Bar and Cafe | (#,^) | 536 Spruce St, Scranton, PA 18503 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/16/2028 | 31.9 | 31.9 | 33.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cali Fit Meals | (#,^) | 3450 East Orangethrope Ave., Anaheim, CA 92806 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/16/2028 | 49.4 | 49.4 | 48.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cocomo Joe's LLC | (#,^) | 3949 New Rd., Youngstown, OH 44515 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/16/2028 | 0.5 | 0.5 | 0.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beau & HB Inc dba Beau's Billard, Bowling & Arcade | (#,^) | 100 Village RD, Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/16/2043 | 67.4 | 67.4 | 76.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beau & HB Inc dba Beau's Billiard, Bowling & Arcade | (#,^) | 100 Village Rd., Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/16/2029 | 35.1 | 35.1 | 36.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K & A Automotive Inc | (#,^) | 2070 Nooseneck Hill Rd, Coventry, RI 02816 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/19/2043 | 116.5 | 116.5 | 131.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| High Desert Transport, Inc. | (#,^) | 2973 Via Meridiana, Henderson, NV 89012 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/19/2028 | 59.0 | 59.0 | 59.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| On Call Electrical of Georgia LLC | (#,^) | 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/20/2043 | 626.8 | 626.8 | 707.7 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Commonwealth Warehouse Inc | (#,^) | 11013 Kenwood Rd., Cincinnati, OH 45242 | Warehousing and Storage | Term Loan | Prime plus 2.75% | 12/20/2028 | 334.0 | 334.0 | 340.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M.A.W. Enterprises LLC dbaY-Not Pizza | (#,^) | 45 E Main St., New Palestine, IN 46163 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/21/2028 | 17.8 | 17.8 | 18.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Best Global Alternative North, LLC | (#,^) | 69 Lewis Ave, Atlantic Beach, NY 11509 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/21/2028 | 31.1 | 31.1 | 30.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC, Exe | (#,^) | 12930 Worldgate Dr., Herndon, VA 20170 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 1,017.4 | 1,017.4 | 1,070.9 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thames Aquatic Club, LLC | (#,^) | 14 Iron St., Ledyard, CT 06339 | Educational Services | Term Loan | Prime plus 2.75% | 10/21/2029 | 37.0 | 37.0 | 39.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Te | (#,^) | 3626 CR 203, Liverpool, TX 77577 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/28/2043 | 419.9 | 419.9 | 474.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| True Love Christian Academy LLC | (#,^) | 466 E Raines Rd, Memphis, TN 38109 | Social Assistance | Term Loan | Prime plus 2.75% | 12/28/2043 | 40.1 | 40.1 | 45.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
63
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Level Up Gaming, Inc | (#,^) | 1132 Creighton Rd., Pensacola, FL 32504 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 11/28/2043 | 85.8 | 85.8 | 96.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Extreme Granite Corp | (#,^) | 251 NW 1st St., Deerfield Beach, FL 33441 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/28/2043 | 178.9 | 178.9 | 202.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Albert M Quashie, DDS, PC | (#,^) | 3331 Toledo Terrace Suite 308, Hyattsville, MD 20782 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/29/2028 | 69.1 | 69.1 | 70.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JJB Production LLC | (#,^) | 458 N 7th St., Newark, NJ 07107 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/29/2028 | 5.8 | 5.8 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Albert M. Quashie, DDS, PC | (#,^) | 3331 Toledo Terrace Suite 308, Hyattsville, MD 20782 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/29/2043 | 62.1 | 62.1 | 70.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. | (#,^) | 4291 Shoal Line Blvd., Hernando Beach, FL 34607 | Accommodation | Term Loan | Prime plus 2.75% | 11/30/2043 | 214.6 | 214.6 | 242.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cabrera's Auto Services LLC | (#,^) | 2206 N Central Ave, Chicago, IL 60639 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/30/2043 | 77.4 | 77.4 | 87.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Water Station Holdings LLC | (#,^) | 1104 N Keystone Ave., Indianapolis, IN 46201 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/30/2028 | 521.3 | 521.3 | 535.2 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Microplex Co, Third Market LLC | (#,^) | 244 Spokane Ave, Whitefish, MT 59937 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/30/2028 | 130.2 | 130.2 | 128.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors | (#,^) | 13762 W State Rd 84, Davie, FL 33325 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/30/2028 | 98.7 | 98.7 | 102.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tammy's Place LLC | (#,^) | 235 North Mosby Ave., Littleton, NC 27850 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/30/2044 | 421.3 | 421.3 | 475.7 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| York Concrete Corp | (#,^) | 1 Plumb CT., Huntington Station, NY 11746 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/3/2043 | 188.5 | 188.5 | 212.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swantown Inn and Spa, LLC | (#,^) | 1431 11th Ave. SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus 2.75% | 1/3/2029 | 10.7 | 10.7 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Access Staffing, LLC | (#,^) | 360 Lexington Ave. 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/4/2029 | 154.6 | 154.6 | 153.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Altitude Group LLC | (#,^) | 949 A Clint Moore Rd., Boca Raton, FL 33487 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/4/2029 | 112.4 | 112.4 | 111.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Consulting Solutions, Inc and Mark Luciani | (#,^) | 3000 N Federal Hwy., Ste 1, Fort Lauderdale, FL 33306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/5/2029 | 45.7 | 45.7 | 45.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Unique Home Solutions Inc. and Unique Home Solutions of Ohio | (#,^) | 5550 Progress Rd., Indianapolis, IN 46241 | Construction of Buildings | Term Loan | Prime plus 2.75% | 1/5/2029 | 203.6 | 203.6 | 214.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Levine Daycare Inc dba Kids R Kids | (#,^) | 415 Woodbury Rd., Orlando, FL 32828 | Social Assistance | Term Loan | Prime plus 2.75% | 1/5/2029 | 214.9 | 214.9 | 217.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CET Inc | (#,^) | 4709 N El Capitan Ave. Suite 205, Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus 2.75% | 1/6/2029 | 926.5 | 926.5 | 933.0 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metro R Services Inc. and Metal & Roof Supplies Inc. | (#,^) | 20 Universal Place, Carlstadt, NJ 07072 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/6/2029 | 165.1 | 165.1 | 174.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Food Service Industry Consultants Inc. | (#,^) | 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/7/2029 | 56.9 | 56.9 | 56.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Team Henry, LLC dba Kelly Automotive of Deltona | (#,^) | 1290 Doyle Rd, Deltona, FL 32725 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/10/2043 | 373.7 | 373.7 | 421.9 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
64
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ZLM Services LLC | (#,^) | 51343 Oro Rd, Shelby Township, MI 33444 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/10/2029 | 31.8 | 31.8 | 31.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TFE Resources ,LTD | (#,^) | 11 Easter Court Suite G, Owings Mills, MD 21117 | Utilities | Term Loan | Prime plus 2.75% | 1/11/2029 | 462.7 | 462.7 | 464.1 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oregon Medical Training Private Career School Inc. | (#,^) | 1126 Gateway Loop, Suite 108, Springfield, OR 97702 | Educational Services | Term Loan | Prime plus 2.75% | 1/11/2029 | 31.8 | 31.8 | 31.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Duck's Nuts Inc dba Pet Place Market | (#,^) | 212 Bendigo Blvd. N, North Bend, WA 98045 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 1/11/2029 | 34.5 | 34.5 | 35.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Googlyoogly, LLC dba Bi-Rite Supermarket | (#,^) | 10867 W Jefferson Ave., River Rouge, MI 46218 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/11/2043 | 193.9 | 193.9 | 218.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hilltop Wine Shop, Inc dba Hiltop Wine Shop | (#,^) | 7505 Highland Rd., White Lake, MI 48383 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/11/2043 | 122.3 | 122.3 | 138.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EMES Supply, LLC | (#,^) | 35622 Vine St., EastLake, OH 44095 | General Merchandise Stores | Term Loan | Prime plus 2.75% | 1/11/2029 | 100.0 | 100.0 | 99.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| White Wilson & Associates LLC | (#,^) | 16238 Louis Ave., South Holland, IL 60473 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/11/2043 | 40.6 | 40.6 | 45.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mateo Enterprise Inc dba El Milagro Market | (#,^) | 575 Panama Lane, Bakersfield, CA 93307 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/12/2043 | 114.6 | 114.6 | 129.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd., Suite 111, Joliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/12/2029 | 8.3 | 8.3 | 8.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mateo Enterprise Inc dba El Milagro Market | (#,^) | 575 Panama Lane, Bakerfield, CA 93307 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 1/12/2029 | 47.8 | 47.8 | 47.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ashwood Food Services, Incorporated dba Jake Rooney's | (#,^) | 119 Brooks Rd, Harwich Port, MA 02646 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/12/2029 | 53.7 | 53.7 | 54.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Behind The Scenes Chicago, LLC dba Paramount Events | (#,^) | 1750 W Lake St, Chicago, IL 60612 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/12/2029 | 143.7 | 143.7 | 151.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ashwood Food Services Inc. dba Jake Rooney's | (#,^) | 119 Brooks Rd., Harwich Port, MA 02646 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/12/2043 | 205.4 | 205.4 | 231.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Airstrike Firefighters LLC | (#,^) | 18115 62nd Ave. NE, Kenmore, WA 98028 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 12/12/2028 | 992.5 | 992.5 | 1,015.7 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash | (#,^) | 2 Center Rd.,, Old Saybrook, CT 06475 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/13/2043 | 933.4 | 933.4 | 1,053.8 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Miller Center for Esthetic Excellence, | (#,^) | 22 Old Short Hills Rd.,, Livingston, NJ 07039 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/13/2043 | 378.2 | 378.2 | 421.4 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| OC Helicopters LLC | (#,^) | 19711 Campus Dr. Suite 260, Santa Ana, CA 92707 | Air Transportation | Term Loan | Prime plus 2.75% | 12/13/2028 | 71.2 | 71.2 | 75.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Plan B Burger LLC | (#,^) | 484 Farmington Ave, Hartford, CT 06105 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/13/2029 | 835.7 | 835.7 | 843.4 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Burton Realty Co., Inc dba Anchor Realty, Northeast | (#,^) | 2200 Michener St, Suite 12, Philadelphia, PA 19115 | Real Estate | Term Loan | Prime plus 2.75% | 12/13/2028 | 179.2 | 179.2 | 177.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Omega Trucking LLC | (#,^) | 14432-14452 Stateline Rd., Brookings, OR 97415 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/14/2028 | 55.6 | 55.6 | 58.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| YBL Restaurant Group LLC dba Tropisueno | (#,^) | 75 Yerba Buena Lane, San Francisco, CA 94103 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/14/2029 | 305.1 | 305.1 | 302.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
65
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena | (#,^) | 4477 E 11th Ave., Hialeah, FL 33013 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2028 | 252.1 | 252.1 | 253.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Healthy Human, LLC | (#,^) | 1007 Johnnie Dodds Blvd., Suite 123, Mount Pleasant, SC 29464 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/14/2028 | 99.2 | 99.2 | 98.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ventures TBD LLC dba The Bottle Tree | (#,^) | 102 Davis St., Belmont, NC 28012 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/14/2043 | 94.3 | 94.3 | 106.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Landscape Contractors, Inc | (#,^) | 2823 Fllintstone Rd., Millers, MD 21102 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/14/2029 | 264.9 | 264.9 | 267.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co., Inc. | (#,^) | 119 West 57th St., Suite 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/14/2028 | 198.5 | 198.5 | 196.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 | (#,^) | 196-15 Northern Blvd, Flushing, NY 11318 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/14/2028 | 12.5 | 12.5 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Contracting LLC | (#,^) | 148 Holmgren Place, Girdwood, AK 99587 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2043 | 189.0 | 189.0 | 213.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Contracting LLC | (#,^) | 148 Holmgren Place, Girdwood, AK 99587 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/14/2028 | 33.8 | 33.8 | 34.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fitness Orlando LLC & Fitness Orlando Oviedo, LLC | (#,^) | 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/14/2028 | 218.6 | 218.6 | 219.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aero Consulting and Engineering Inc | (#,^) | 7941 NW 3rd St., Plantation, FL 33324 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/14/2028 | 11.9 | 11.9 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| L&M Services, LLC | (#,^) | 560 Main St., Milford, UT 84751 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/14/2043 | 191.0 | 191.0 | 215.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll | (#) | G-2340 West Carpenter Rd., Flint, MI 48505 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/19/2044 | 403.6 | 403.6 | 455.6 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Comfort Services, LLC | (#,^) | 5035 W. W.T. Harris Blvd. Suite C, Mecklenburg, NC 28269 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/19/2028 | 54.6 | 54.6 | 54.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo | (#,^) | 316 NW 24th St., Miami, FL 33180 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/19/2029 | 59.8 | 59.8 | 60.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Cromer Company | (#,^) | 9800 NW 78th Ave., Hialeah Gardens, FL 33016 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 12/19/2028 | 432.4 | 432.4 | 427.6 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Motor Home Inc | (#,^) | 6633 Brayton Dr., Anchorage, AK 99507 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 246.1 | 246.1 | 250.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Graff Excavating, Inc | (#,^) | 803 E State St., Toledo, IA 52342 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/20/2028 | 155.2 | 155.2 | 154.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC | (#,^) | 2043 Coteau Rd., Houma, LA 70364 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 323.2 | 323.2 | 340.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roots N Shoots, LLC & Yardplus LLC | (#,^) | 86 Boston Rd., Chelmsford, MA 01824 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 42.9 | 42.9 | 42.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CK Green Partners, LLC dba Reis and Irvy"s Columbus | (#,^) | 5010 Augusta Dr., Westerville, OH 43082 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/20/2029 | 152.0 | 152.0 | 155.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
66
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hotel Compete, LLC | (#,^) | 223 W Jackson Blvd, Chicago, IL 60606 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 49.6 | 49.6 | 49.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Healthy and Fresco LLC | (#,^) | 1671 Belle Isle Ave. Suite 110- Office C, Mount Pleasant, SC 29464 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/20/2029 | 36.6 | 36.6 | 36.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Local Liberty Inc dba The Wardsboro Country Store | (#,^) | 23 Main St., Wardsboro, VT 05355 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/20/2043 | 148.3 | 148.3 | 167.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flashii App, Inc. | (#,^) | 3031 Tisch Way, 1st Floor, San Jose, CA 95128 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 49.6 | 49.6 | 52.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & Tur | (#,^) | 4500 S Country Rd, Odessa, TX 79768 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/21/2044 | 166.2 | 166.2 | 187.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precision Bytes LLC dba Tower Connect | (#,^) | 607 West Magnolia Ave., Fort Worth, TX 76104 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 103.2 | 103.2 | 101.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baseline Health, LLC & Baseline Health Management, LLC | (#,^) | 1101 Stewart Ave Ste 104, Garden City, NY 11530 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 94.5 | 94.5 | 94.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| C&D Trucking & Equipment Service, Inc. | (#,^) | 4015 Jennings Rd, Cleveland, OH 44109 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/21/2043 | 111.8 | 111.8 | 126.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cammarata Associates LLC | (#,^) | 5 Greentree Center, Marlton, NJ 08053 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 12/21/2028 | 59.5 | 59.5 | 58.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royalty Freight Inc | (#,^) | 3728 W McKinley Ave., Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/21/2028 | 77.7 | 77.7 | 76.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Law Office of Jared E. Shapiro, P.A | (#,^) | 7777 Glades Rd, Suite 100, Boca Raton, FL 33434 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 8.9 | 8.9 | 8.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| ETS Tree Service Inc and Eastern Tree Service, Inc | (#,^) | 4813 Pinson Valley Pkwy., Birmingham, AL 35215 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 186.0 | 186.0 | 188.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diamond Estates LLC | (#,^) | 110 Court St Suite 1, Cromwell, CT 06416 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/21/2028 | 59.5 | 59.5 | 58.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fifth Wheel Truck Stop 001, Inc. | (#,^) | 3767 South Golden State Blvd, Fresno, CA 93725 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/21/2028 | 82.1 | 82.1 | 81.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kyle M Walker DDS, PC | (#,^) | 1402 W Park Ave, Orange, TX 77630 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 96.0 | 96.0 | 94.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Burgess and Dudley, Incorporated | (#,^) | 24462 NW 9th Place, Newberry, FL 32669 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/21/2028 | 188.8 | 188.8 | 189.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LP Industries, Inc and Playground Packages, LLC | (#,^) | 2040 Norwood, Lenoir, NC 28645 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/21/2028 | 82.2 | 82.2 | 81.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sesolinc GRP, Inc. | (#,^) | 806 Randy Lowery Rd., Statesboro, GA 30461 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/21/2028 | 297.8 | 297.8 | 303.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D.A.F.S Transport, LLC | (#,^) | 207 S. Teresa St., Monahans, TX 79756 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/21/2028 | 564.1 | 564.1 | 585.5 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Timios Enterprises Corp dba Palm Court | (#,^) | 1912 N Arlington Heights Rd., Arlington Heights, IL 60004 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/24/2043 | 683.7 | 683.7 | 771.9 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RM Hawkins LLC | (#,^) | 5141 Topaz Dr., Colorado Springs, CO 80918 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/24/2028 | 238.1 | 238.1 | 241.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BD Branson Victorian LLC dba Branson Victorian Inn | (#,^) | 450 South Hwy. 165, Branson, MO 65616 | Accommodation | Term Loan | Prime plus 2.75% | 12/24/2043 | 475.5 | 475.5 | 536.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
67
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reservations Unlimited LLC | (#) | 312 W Main St., Red River, NM 87558 | Real Estate | Term Loan | Prime plus 2.75% | 12/26/2043 | 135.9 | 135.9 | 153.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Green Valley Landscape Management Inc. dba Apopka Mower and Equipment | (#,^) | 2975 W Orange Blossom Trail, Apopka, FL 32712 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2043 | 443.3 | 443.3 | 500.5 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fave Realty Inc. | (#,^) | 74 Larkfield Rd., East Northport, NY 11731 | Real Estate | Term Loan | Prime plus 2.75% | 12/27/2043 | 118.0 | 118.0 | 133.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Medworxs Inc. | (#,^) | 6857 Timbers Dr., Evergreen, CO 80439 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/27/2028 | 8.3 | 8.3 | 8.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| East Breeze LLC dba Historic Springdale Pub and Eatery | (#,^) | 32302 East Historic Columbia River Hwy, Corbett, OR 97019 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/27/2043 | 122.5 | 122.5 | 138.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Rewinding of NC Inc dba MTS | (#,^) | 1825 N Rocky River Rd, Monroe, NC 28110 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/28/2028 | 370.9 | 370.9 | 373.6 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Omega Funeral and Cremation Services,LLC | (#,^) | 9503 Kenwood Rd., Cincinnati, OH 45242 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/28/2043 | 326.0 | 326.0 | 368.0 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Superior Concepts Acquisition Corp | (#,^) | 1710 Tiles Court, Grand Haven, MI 49417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/28/2043 | 497.4 | 497.4 | 559.7 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Superior Concepts Acquisition Corp | (#,^) | 1710 Tiles Ct, Grand Haven, MI 49417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/28/2028 | 102.4 | 102.4 | 103.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nix and Nix Funeral Home North Inc, | (#,^) | 1621 W. Dauphin St., Philadelphia, PA 08065 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/28/2043 | 552.6 | 552.6 | 623.9 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut | (#,^) | 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 12/28/2043 | 17.9 | 17.9 | 20.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC | (#,^) | 215 S Persimmon St,, Tomball, TX 77375 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/31/2028 | 208.7 | 208.7 | 206.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Chop House Inc. | (#,^) | 191 Old Tower Hill Rd., South Kingstown, RI 02879 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2043 | 532.8 | 532.8 | 601.5 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rashed and Shabila LLC | (#,^) | 14865 Hwy. 92, Woodstock, GA 30188 | Gasoline Stations | Term Loan | Prime plus 2.75% | 1/4/2029 | 18.0 | 18.0 | 18.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fluid Connections LLC dba BurgerIM | (#,^) | 174 El Cerrito Plaza, El Cerrito, CA 94530 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/11/2029 | 50.0 | 50.0 | 50.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster | (#,^) | 309 Coronado Dr., Clearwater Beach, FL 33767 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/11/2029 | 72.7 | 72.7 | 72.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HSR Tacos LLC dba California Tortilla | (#,^) | 11694 Sudley Manor Dr., Manassas, VA 20109 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/11/2029 | 44.9 | 44.9 | 44.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hilco Athletics & Graphics Inc | (#,^) | 55 Green Hill St., West Warwick, RI 02816 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 1/16/2044 | 65.8 | 65.8 | 74.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| IGWT Coffee, LLC dba PJ's Coffee of New Orleans | (#,^) | 414 Union St, Nashville, TN 37219 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/18/2029 | 66.0 | 66.0 | 65.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MMC Investors, LLC dba Clean Juice | (#,^) | 2879 W 95th St. Suite 195, Naperville, IL 60564 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/18/2029 | 71.4 | 71.4 | 71.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| FNF LLC dba AK Wine Grotto | (#,^) | 11109 Old Seward Hwy., Anchorage, AK 99515 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 1/22/2029 | 198.0 | 198.0 | 196.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
68
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MYC Motors Inc | (#,^) | 3808 Vegas Dr., Las Vegas, NV 89108 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 1/30/2044 | 71.7 | 71.7 | 80.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Employer Resource Services LLC dba Data Pool | (#,^) | 500 Research Rd, Richmond, VA 23236 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/31/2029 | 28.8 | 28.8 | 28.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jesus and Son's Landscape Contractors, LLC | (#,^) | 4371 Durham Court, Denver, CO 80239 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/1/2029 | 46.4 | 46.4 | 46.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc | (#,^) | 4291 Shoal Line Blvd., Hernando Beach, FL 34607 | Accommodation | Term Loan | Prime plus 2.75% | 2/1/2029 | 12.1 | 12.1 | 12.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| RIHAHN INC dba RDBL, INC. | (#,^) | 1397 McGuire Rd., Lamar, AR 72846 | Forestry and Logging | Term Loan | Prime plus 2.75% | 2/5/2029 | 5.6 | 5.6 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Creative Counseling Nashville PLLC | (#,^) | 4119 Gallatin Pike, Nashville, TN 37216 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/7/2029 | 1.4 | 1.4 | 1.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precedence Enterprises LLC dba Spartan Junk Removal | (#,^) | 8101 Sandy Spring Rd. Suite 250N, Laurel, MD 20707 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 2/8/2029 | 11.7 | 11.7 | 11.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pamletics LLC dba F45 | (#,^) | 22015 IH 10 West, San Antonio, TX 78249 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/8/2029 | 3.1 | 3.1 | 3.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shepherd Fitness, LLC dba Workout Anytime Ooltewah | (#,^) | 9408 Apison Pike, Suite 11, Ooltewah, TN 37363 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/8/2029 | 136.8 | 136.8 | 138.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EJGR Corp dba Brite Energy Solutions | (#,^) | 87 Main St. Upper Level, Hastings-on-Hudson, NY 10706 | Utilities | Term Loan | Prime plus 2.75% | 2/8/2029 | 38.2 | 38.2 | 37.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gateway Veterinary Services, P.C. dba Liberty Animal Clinic | (#,^) | 9212 Liberty Ave, Ozone Park, NY 11417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/14/2044 | 132.3 | 132.3 | 149.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tony Herring & Associates, Inc | (#,^) | 211 West Camellia Dr., Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 2/14/2029 | 12.1 | 12.1 | 12.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Par-Man, Inc. dba Rockstar Tattoo | (#,^) | 450 Fremont St #109 and 113, Las Vegas, NV 89101 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 2/14/2029 | 50.5 | 50.5 | 50.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KHSE Parks, Inc. | (#,^) | 600 West Charles St., Matthews, NC 28105 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/14/2029 | 64.6 | 64.6 | 63.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Integris Roofing, Inc | (#,^) | 1174 Yellostone Dr., Lake Arrowhead, CA 92532 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/15/2029 | 18.1 | 18.1 | 17.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| M & M Burgers Inc dba Checkers | (#,^) | 530 Willis Ave, Bronx, NY 10455 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2029 | 93.8 | 93.8 | 93.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rob Barletta's Hockey School, Inc | (#,^) | 2130 Providence Hwy., Walpole, MA 02081 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 2/19/2029 | 87.7 | 87.7 | 92.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Outler Transportation Services,LLC | (#,^) | 3775 Carriage Downs CT SW, Snellville, GA 30039 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 2/19/2029 | 38.4 | 38.4 | 38.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bowl 360 Inc. | (#,^) | 98-18 Rockaway Blvd, Ozone Park, NY 11417 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/19/2029 | 131.1 | 131.1 | 133.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bowl 360 Inc. | (#,^) | 98-18 Rockaway Blvd, Far Rockaway, NY 11417 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/19/2029 | 112.5 | 112.5 | 111.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ | (#,^) | 3633 B Hill Rd., Parsippany, NJ 07054 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 2/21/2029 | 33.3 | 33.3 | 33.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
69
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Harbor Management Company Inc dba Jamba Juice | (#,^) | 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/22/2029 | 120.9 | 120.9 | 120.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matrix Z LLC | (#) | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 6.5% | 2/27/2029 | 10.4 | 10.4 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wooter Apparel, Inc | (#,^) | 727 Page Ave., Staten Island, NY 10307 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 2/28/2029 | 40.3 | 40.3 | 40.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC | (#,^) | 20 Silver Fox Lane, Sussex, NJ 07461 | Food Manufacturing | Term Loan | Prime plus 2.75% | 2/28/2029 | 4.0 | 4.0 | 4.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Monkey Bones LLC | (#,^) | 3361 Dayton Xenia Rd., Beavercreek, OH 45432 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2044 | 18.0 | 18.0 | 20.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shah Medical Center SC & Heeena Shyamani | (#,^) | 484 Summit St, Elgin, IL 60120 | Hospitals | Term Loan | Prime plus 2.75% | 2/28/2044 | 242.6 | 242.6 | 270.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Woodard Electric Services, Inc. | (#,^) | 1600 Carter Cove Rd., Hayesville, NC 28904 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/28/2029 | 17.4 | 17.4 | 17.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC | (#,^) | 487 Elizabeth Lake Rd, Waterford, MI 48328 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/4/2029 | 128.0 | 128.0 | 126.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seeds of Knowledge Creative Learning Center LLC | (#,^) | 15101 West McNichols Rd., Detroit, MI 48235 | Social Assistance | Term Loan | Prime plus 2.75% | 3/7/2044 | 21.5 | 21.5 | 24.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kalloren Provel LLC | (#,^) | 6919 Oak Ridge Commerce Way, Austell, GA 30168 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/8/2044 | 269.4 | 269.4 | 304.2 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precise Air Systems, Inc | (#,^) | 5467 W San Fernando Rd., Los Angeles, CA 90039 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/8/2029 | 230.8 | 230.8 | 229.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpine Remediation, Inc, T & M Holdings, LLC | (#,^) | 14252 W 44th Ave Unit F, Golden, CO 80403 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/8/2029 | 71.2 | 71.2 | 72.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wildflour Bakery & Cafe LLC | (#,^) | 5137 Clareton Dr Suite 100,110 & 120, Agoura Hills, CA 91301 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/8/2029 | 71.2 | 71.2 | 70.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha | (#,^) | 76 Ranch Rd. a/k/a 3695 Movie Ranch Rd., Duck Creek, UT 84762 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/8/2044 | 193.0 | 193.0 | 217.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mill Creek Early Childhood Program LLC | (#,^) | 510 South Batavia Ave., Batavia, IL 60510 | Social Assistance | Term Loan | Prime plus 2.75% | 8/11/2029 | 52.4 | 52.4 | 52.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Screening Services Group, LLC | (#,^) | 8670 Wilshire Blvd, Beverly Hills, CA 90211 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 3/14/2029 | 242.9 | 242.9 | 242.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Panetcarne Inc.dba Jersey Mike's Subs Greenfield | (#,^) | 23077 Greenfield Rd., Southfield, MI 48075 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2029 | 75.9 | 75.9 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vanchoc Transport Inc | (#,^) | 137 3rd St, Brooklyn, NY 11231 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/15/2029 | 71.0 | 71.0 | 70.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B & W Towing LLC | (#,^) | 701 Addison Rd., Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 3/15/2029 | 46.7 | 46.7 | 49.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marvellous Print & Ship LLC | (#,^) | 605 W Main St, Oxford, KS 67119 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/19/2029 | 2.7 | 2.7 | 2.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Game Station, Inc. | (#,^) | 2917 1st Ave. SE, Cedar Rapids, IA 52402 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/19/2029 | 213.4 | 213.4 | 215.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
70
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Michigan Neurosurgical Institute P.C. | (#,^) | 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/20/2029 | 147.3 | 147.3 | 146.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mega Trucking LLC and Olyimpian Industries LLC | (#,^) | 5979 NW 151st St, Miami Lakes, FL 33014 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/20/2029 | 324.9 | 324.9 | 332.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great L | (#,^) | 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/20/2044 | 339.9 | 339.9 | 383.7 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing Inc | (#,^) | 1 Williams Lane, Old Saybrook, CT 06475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/20/2029 | 40.6 | 40.6 | 40.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dependable Lawn Care, Inc. | (#,^) | 2320 138th St., Blue Island, IL 60406 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/21/2044 | 186.3 | 186.3 | 210.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Trails Transport, LLC | (#,^) | 8704 Grand Ave., Billings, MT 59106 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/21/2029 | 45.2 | 45.2 | 45.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dependable Lawn Care, Inc. | (#,^) | 2320 138TH ST, Blue Island, IL 60406 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/21/2029 | 467.2 | 467.2 | 471.7 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J & C May Properties, LLC | (#,^) | 315 Sylamore Ave., Mountain View, AR 72560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/22/2044 | 1,088.9 | 1,088.9 | 1,214.5 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Virginia Industrial Plastics, Inc. | (#,^) | 2454 North East Side Hwy., Elkton, VA 22827 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 3/22/2029 | 239.1 | 239.1 | 252.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Virginia Industrial Plastics, Inc. | (#,^) | 2454 N East Side Hwy.,, Elkton, VA 22827 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 3/22/2044 | 290.0 | 290.0 | 327.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gary Krause dba Gary Krause Landscaping & Design | (#,^) | 489 Hamilton Rd., Jacksonville, OR 97530 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/22/2029 | 4.9 | 4.9 | 5.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skyways, LTD | (#,^) | 350 15th St. NW, Huron, SD 57350 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 3/22/2029 | 740.7 | 740.7 | 735.1 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| District 5 Boutique LLC | (#,^) | 317 N Farview Ave, Paramus, NJ 07652 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/26/2029 | 101.6 | 101.6 | 100.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC | (#,^) | 2880 Carol Rd, East York, PA 17402 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/26/2044 | 1,220.5 | 1,220.5 | 1,377.9 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cinco Fit LLC dba Cinco Fit | (#,^) | 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/27/2029 | 134.1 | 134.1 | 132.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Trans LLC and Dehal Trucking LLC | (#,^) | 1415 W Anderson St., Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/27/2029 | 61.2 | 61.2 | 64.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DC AG, LLC dba Big B Sales | (#,^) | 674 LA- 8, Sicily Island, LA 71368 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/27/2044 | 562.8 | 562.8 | 635.4 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Danielle Vance LPC, LLC dba Danielle Vance MA, LPC | (#,^) | 1127 Auraria Pkwy., Suite 201, Denver, CO 80204 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/27/2029 | 4.6 | 4.6 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| J.C. Pallet Company, Inc. | (#,^) | 18427 New Kent Hwy, Barhamsville, VA 23011 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2029 | 365.7 | 365.7 | 376.6 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skaggs RV Outlet ,LLC | (#,^) | 301 Commerce Dr., Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/28/2029 | 202.6 | 202.6 | 213.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cocomo Joe's LLC | (#,^) | 3949 New Rd., Youngstown, OH 44515 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/28/2029 | 2.8 | 2.8 | 2.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
71
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PA Sobol Partners LLC dba Sobal | (#,^) | 206 Rohrerstown Rd, Lancaster, PA 17603 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/28/2029 | 42.0 | 42.0 | 42.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Four Seasons Laser Center Inc. | (#,^) | 4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/28/2029 | 12.6 | 12.6 | 13.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Custom Vinyl Products LLC | (#,^) | 260 Enterprise Dr., Newport News, VA 23603 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2044 | 969.3 | 969.3 | 1,094.4 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GS Bath Inc | (#,^) | 5335 E. Kaviland Ave, Fresno, CA 93725 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/28/2029 | 256.8 | 256.8 | 260.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 | (#,^) | 7219 Silver Mist Ave., North Chesterfield, VA 23237 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/29/2029 | 134.2 | 134.2 | 132.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royalty Freight Inc. | (#,^) | 3728 W McKinley Ave., Fresno, CA 93772 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/29/2029 | 351.3 | 351.3 | 357.5 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Reliable Power Group Inc. dba Batteries + bulbs Pensacola | (#,^) | 6895 N. 9th Ave. Suite B, Pensacola, FL 32504 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/29/2029 | 81.2 | 81.2 | 80.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bright Freight Solution, LLC | (#,^) | 1112 N Main St, Manteca, CA 95336 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/29/2029 | 850.1 | 850.1 | 861.2 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EJ & James Transport LLC | (#,^) | 3100 Drewsky Lane Unit 108, Fort Mills, SC 29715 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/29/2029 | 7.8 | 7.8 | 7.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ren Investment Group Inc dba True Positon Manufacturing | (#,^) | 40 Sandra Dr., South Windsor, CT 06074 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 3/29/2029 | 651.1 | 651.1 | 649.2 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J Brothers Enterprises, LLC | (#,^) | 1101 NW 12TH Ave, Ava, MO 65608 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/29/2044 | 617.2 | 617.2 | 696.8 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Favorita Radio Network | (#,^) | 4043 Geer Rd, Hughson, CA 95326 | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 3/29/2029 | 276.3 | 276.3 | 277.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Complete Care IT LLC | (#,^) | 4801 South University Dr. Suite 125, Davie, FL 33328 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/29/2029 | 42.7 | 42.7 | 42.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Turtle Shirts, LLC | (#,^) | 10241 Metro Pkwy# 108, Ft Myers, FL 33966 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/29/2029 | 44.5 | 44.5 | 44.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Knoxville Room Service | (#,^) | 10670 Parkside Dr., Knoxville, TN 37922 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/29/2029 | 5.5 | 5.5 | 5.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Outtasight Careers, LLC dba Gecko Hospitality | (#,^) | 109 W Fern St., Tampa, FL 33604 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/29/2029 | 42.3 | 42.3 | 41.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Key HR Associates, Inc dba Parents Choice for Kids | (#,^) | 3150 West Park Dr., Burnsville, MN 55306 | Social Assistance | Term Loan | Prime plus 2.75% | 3/29/2044 | 443.8 | 443.8 | 501.1 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hamsons Inc. | (#,^) | 4900 Hopyard Rd., Pleasanton, CA 94588 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/29/2029 | 152.4 | 152.4 | 150.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pizzaplex L3C | (#,^) | 4458 West Vernor Hwy, Detroit, MI 48209 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/29/2029 | 36.4 | 36.4 | 36.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NuBe Business Group LLC | (#,^) | 2140 44th St SE, Suite 201, Grand Rapids, MI 49508 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/29/2044 | 39.2 | 39.2 | 44.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Raven's Place LLC | (#,^) | 13031 S Western Ave, Blue Island, IL 60406 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/29/2044 | 672.4 | 672.4 | 759.2 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bayco Enterprises, Inc | (#,^) | 128 Cowesett Ave., West Warwick, RI 02893 | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/29/2044 | 190.3 | 190.3 | 214.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
72
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stillwater Ventures, LLC | (#,^) | 8272 W. Sunset Blvd, Los Angeles, CA 90048 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/29/2029 | 312.1 | 312.1 | 320.6 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marnon Enterprise LLC | (#,^) | 6713 Biscay Hbr, San Antonio, TX 78249 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 4/5/2029 | 3.9 | 3.9 | 3.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bose and Avinder, Inc.and Carmel and Preet Inc | (#,^) | 28201 Date Palm Dr., Cathedral City, CA 92234 | Gasoline Stations | Term Loan | Prime plus 2.75% | 4/5/2029 | 50.5 | 50.5 | 52.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park | (#,^) | 1256 Indian Head Rd., Toms River, NJ 08755 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 1/8/2030 | 500.4 | 500.4 | 520.3 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Georgetown Milling Co, LLC | (#,^) | 9001 Wentworth Springs Rd., Georgetown, CA 95634 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 4/9/2029 | 10.4 | 10.4 | 9.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| VRGE Strategies LLC | (#,^) | 1155 15th St NW, Washington, DC 20005 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/10/2029 | 64.7 | 64.7 | 59.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maxiflex LLC | (#,^) | 512 Verret St., New Orleans, LA 70114 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 4/11/2029 | 51.2 | 51.2 | 53.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bill Berger LLC | (#,^) | 8728 Tireman Ave, Detroit, MI 48204 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 4/12/2029 | 7.4 | 7.4 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Samco Food Corp dba C-Town Supermarket | (#,^) | 1761 Nostrand Ave., Brooklyn, NY 11226 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/12/2029 | 82.0 | 82.0 | 75.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic | (#,^) | 3563 South River Terrace, Edgewater, MD 21037 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/12/2029 | 36.0 | 36.0 | 33.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gilpin Enterprises, LLC dba Jon Smith Subs | (#,^) | 17790 State Rd. 54, Lutz, FL 33458 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/12/2029 | 65.5 | 65.5 | 61.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Gulf Construction, Inc. | (#,^) | 367 Pine Island Rd., North Fort Myers, FL 33903 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/12/2029 | 91.1 | 91.1 | 91.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J.T. ONeill Company, LLC | (#,^) | 19972 Willowin Farm Lane, Purceville, VA 20132 | Real Estate | Term Loan | Prime plus 2.75% | 4/12/2029 | 8.0 | 8.0 | 7.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pranamji Inc dba Ohara's Beverage Spot | (#,^) | 2300 Levit Rd., Lorain, OH 44052 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/16/2044 | 45.3 | 45.3 | 48.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rello, Inc. dba ID Salon | (#) | 8063 Jericho Turnpike, Woodbury, NY 11797 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 4/17/2029 | 5.1 | 5.1 | 5.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modern Demo & Services LLC | (#,^) | 10161 W Park Run Dr., Las Vegas, NV 89145 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2029 | 102.4 | 102.4 | 94.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2Choice2Friends dba 2 N 1 Salad Bar and Grill | (#) | 901 W Braker Lane, Austin, TX 78758 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 4/17/2029 | 10.6 | 10.6 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Expert Building Services LLC | (#,^) | 74 Roosevelt St., Pequannock Township, NJ 07440 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 4/17/2029 | 16.7 | 16.7 | 15.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| All My Best Inc. | (#,^) | 4320 Anthony Court Suites 1,2,3, Rocklin, CA 95677 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 4/19/2029 | 51.3 | 51.3 | 48.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ER & DC McPherson Holdings, LLC | (#,^) | 6957 W Broward Blvd., Plantation, FL 33317 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/19/2029 | 40.0 | 40.0 | 36.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart & Bil | (#,^) | 196 N. Holiday Rd., Miramar Beach, FL 32550 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/25/2029 | 409.6 | 409.6 | 391.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jones Roger Sherman Inn, Inc. | (#,^) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/25/2029 | 125.1 | 125.1 | 130.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
73
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| La Dolce Vita LLC. | (#,^) | 196 N. Holiday Rd., Miramar Beach, FL 32550 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/25/2044 | 451.8 | 451.8 | 506.1 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sona USA, Inc | (#,^) | 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 | Telecommunications | Term Loan | Prime plus 2.75% | 4/26/2029 | 135.4 | 135.4 | 130.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pellegrin Marine Transportation, LLC | (#,^) | 117 Country Village Dr., Raceland, LA 70394 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 4/26/2029 | 116.8 | 116.8 | 111.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ASM Partners LLC | (#,^) | 1619 Roberts Dr. SE, Mableton, GA 30126 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/26/2029 | 200.1 | 200.1 | 195.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Midlothian Hardware, Inc dba Grills True Value | (#,^) | 475 West 147th St, Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 4/29/2029 | 32.8 | 32.8 | 34.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry | (#,^) | 1205 Johnson Ferry Rd Suite 124, Marietta, GA 30068 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2029 | 53.2 | 53.2 | 54.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modern Trousseau, LLC | (#,^) | 125 Bradley Rd., Woodbridge, CT 06525 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 5/1/2029 | 258.0 | 258.0 | 261.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Global Enterprises LLC dba Verdi Pizza | (#,^) | 3111 S Valley View Blvd., Las Vegas, NV 89102 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/3/2029 | 17.2 | 17.2 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| EPIFAB,LLC | (#,^) | 1341 Brooks St. Unit D, Ontario, CA 91762 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 5/3/2029 | 17.6 | 17.6 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Life View Prenatal Imagery, LLC | (#,^) | 312 79th Ave North, Myrtle Beach, SC 29572 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/3/2029 | 5.0 | 5.0 | 4.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mark Garvin dba Tipsy Canyon Winery | (#,^) | 150 Upper Joe Creek Rd., Manson, WA 98831 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 5/3/2044 | 102.1 | 102.1 | 115.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Art Amore Studios, LLC | (#,^) | 6507 Jester Blvd, Suite #107, Austin, TX 78750 | Educational Services | Term Loan | Prime plus 2.75% | 5/3/2029 | 4.6 | 4.6 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| NYM Solutions Inc.dba NYM Solutions, Inc | (#) | 12150 SW 128th St. CT Suite 209, Miami, FL 33186 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 5/6/2029 | 10.6 | 10.6 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Folklore Music Exchange LLC | (#,^) | 617 Tennessee Ave, Charleston, WV 25302 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 5/6/2029 | 4.2 | 4.2 | 3.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aloha To Go LLC | (#,^) | 5903 Seminole Blvd., Seminole, FL 33772 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/9/2029 | 12.7 | 12.7 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Two Pie Lovers LLC dba Pizza Outpost | (#,^) | 302 E. Millitary Hwy U1122, Brackettville, TX 78832 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/10/2044 | 42.0 | 42.0 | 46.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Lobster Pot Inc | (#,^) | 119 Hope St., Bristol, RI 02809 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/10/2044 | 355.0 | 355.0 | 393.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMP Trucking Inc | (#,^) | 1030 Gettysburg Ave, Clovis, CA 93161 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/16/2029 | 215.4 | 215.4 | 196.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cut To The Chase 502 LLC | (#,^) | 6903 Lakegreen Ct, Louisville, KY 40291 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/16/2029 | 2.8 | 2.8 | 2.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel, | (#,^) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus 2.75% | 5/16/2029 | 15.5 | 15.5 | 16.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kappa Investments LLC dba Buddy's Home Furnishings | (#,^) | 365 Lowe's Dr., Suite H, Danville, VA 24540 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 5/17/2029 | 358.2 | 358.2 | 328.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BD Branson Victorian LLC dba Branson Surrey Inn | (#,^) | 430 a/k/a 450 South Hwy. 165, Branson, MO 65616 | Accommodation | Term Loan | Prime plus 2.75% | 5/17/2029 | 210.8 | 210.8 | 219.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
74
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Covalent Holding LLC | (#,^) | 18 West Chestnut St.,Unit 2F, Chicago, IL 60610 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 5/17/2029 | 217.7 | 217.7 | 212.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anchor Up Fitness and Nutrition, LLC | (#,^) | 2464 US-29, Pensacola, FL 32505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/21/2029 | 16.7 | 16.7 | 16.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| ES&A, INC., A LAW CORPORATION | (#,^) | 1003 Bishop St., Honolulu, HI 96813 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/22/2029 | 92.9 | 92.9 | 85.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bloomquist Communications Inc. dba FastSigns 42501 | (#,^) | 131 East Trinity Place, Decatur, GA 30030 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 5/22/2029 | 12.5 | 12.5 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MCM Design LLC | (#) | 5926 Vinings Vintage Way, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 5/23/2029 | 8.2 | 8.2 | 8.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Top Notch Roofing, Inc | (#,^) | 46 Cherry St., Milton, VT 05468 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/23/2029 | 101.5 | 101.5 | 95.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clowers Trucking By Faith LLC | (#) | 705 E Brookwood PL, Valdosta, GA 31601 | Truck Transportation | Term Loan | Prime plus 6.5% | 5/23/2029 | 10.6 | 10.6 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| McGuckin & Pyle Inc | (#,^) | 120 Corporate Ln, New Bern, NC 28562 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 5/23/2044 | 296.2 | 296.2 | 325.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2820 US HWY 98 N LLC dba Total Package Car Wash | (#) | 2820 US Hwy 98 N, Lakeland, FL 33805 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/23/2029 | 109.9 | 109.9 | 114.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SV Enterprise LLC dba Haagen-Dazs | (#,^) | 1885 Briargate Pkwy, Space D-413, Colorado Springs, CO 80920 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/24/2029 | 76.9 | 76.9 | 70.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PD Financial LLC | (#,^) | 364 Parsippany Rd., Unit 7-B, Parsippany, NJ 07054 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 5/28/2044 | 34.4 | 34.4 | 38.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AGR, Inc | (#,^) | 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2044 | 770.8 | 770.8 | 866.0 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brooklyn Breakfast Shop LLC | (#,^) | 7707 S IH 35 Frontage Rd #730, Austin, TX 78744 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2029 | 4.1 | 4.1 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Canela Media Inc | (#,^) | 2715 Palomino Circle, La Jolla, CA 92037 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/29/2029 | 98.0 | 98.0 | 92.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aspen Welding LLC | (#,^) | 28803 US-6, Rifle, CO 81650 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 5/30/2044 | 393.0 | 393.0 | 432.1 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSD Designs, LLC | (#,^) | 486 Vance St., Forest City, NC 28043 | Chemical Manufacturing | Term Loan | Prime plus 2.75% | 5/30/2044 | 415.0 | 415.0 | 468.2 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inside & Out Maintenance LLC | (#,^) | 1698 SW Pancoast St., Port St Lucie, FL 34987 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 5/30/2029 | 82.7 | 82.7 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling of G | (#,^) | 1450 Oakbrook Dr, Norcross, GA 30093 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/31/2029 | 96.6 | 96.6 | 90.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| V & M Transportation LLC | (#,^) | 1307 27th St. Apt B, North Bergen, NJ 07047 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/31/2029 | 10.8 | 10.8 | 9.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morey Publishing LLC | (#,^) | 575 Underhill Blvd, Suite 216, Syosset, NY 11791 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/31/2029 | 51.6 | 51.6 | 47.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Martin Inventory Management, LLC | (#,^) | 304 1/2 Main St., Edgefield, SC 29824 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/31/2029 | 41.3 | 41.3 | 43.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Evoke Growth Advisory LLC | (#,^) | 2600 Brookwood Way Dr., Unit 311, Rolling Meadows, IL 60008 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/3/2029 | 6.2 | 6.2 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
75
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oasis Senior Advisors Franchise Systems, LLC | (#,^) | 24870 Burnt Pine Dr., Bonita Springs, FL 34134 | Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) | Term Loan | Prime plus 2.75% | 6/4/2029 | 252.5 | 252.5 | 262.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jamestown Quick Stop LLC | (#,^) | 3097 24th Ave., Hudsonville, MI 49426 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/5/2044 | 67.4 | 67.4 | 73.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Preferred Manufacturing Services Inc | (#,^) | 4261 Business Dr., Cameron Park, CA 95682 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/5/2029 | 395.2 | 395.2 | 412.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allison K. Chipak dba Still Photography | (#) | 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 6/6/2029 | 10.7 | 10.7 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skin Beauty Bar Inc | (#,^) | 749 8th St., Washington, DC 20003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/6/2029 | 4.4 | 4.4 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing | (#,^) | 15825-15827 Hawthorne Blve, Lawndale, CA 90260 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/7/2044 | 232.9 | 232.9 | 256.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Johnny's Boy LLC | (#,^) | 127 East King St., Martinsburg, WV 25401 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/7/2044 | 97.3 | 97.3 | 106.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Throop Family Holding Inc dba Klamath Basin Metals and Supply, dba Rog | (#,^) | 7130 Crater Lake Hwy., White City, OR 97503 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/7/2029 | 33.3 | 33.3 | 31.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J&A Elliott Company | (#,^) | 1118 Thornberry Dr, Clarksville, TN 37043 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 6/7/2029 | 8.7 | 8.7 | 9.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Archer Cleaners Inc | (#) | 1514 W. 33rd St., Chicago, IL 60608 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/10/2029 | 10.7 | 10.7 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ivesters Transportation, Inc | (#,^) | 4299 South 2675 West, Roy, UT 84067 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/11/2029 | 208.1 | 208.1 | 195.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Law Office of Paula Padilla PLLC | (#) | 2211 E Highland Ave Suite 130, Phoenix, AZ 85016 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 6/13/2029 | 4.3 | 4.3 | 4.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kego 2 LLC dba Jon Smith Subs 80025 | (#,^) | 2001 W. Southlake Blvd Suite 143, Southlake, TX 76092 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/14/2029 | 90.1 | 90.1 | 84.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A & S Services LLC dba Kona Ice of Troy | (#,^) | 3888 Lightner Rd., Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/14/2044 | 43.2 | 43.2 | 47.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC | (#,^) | 501 Jackson St, Camden, NJ 08104 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/14/2029 | 258.1 | 258.1 | 250.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JLM Consulting LP | (#,^) | 3981 E Dunrobin Dr., Springfield, MO 65809 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/17/2029 | 16.5 | 16.5 | 15.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Demolition, Inc | (#,^) | 401 N Kuner Rd, Brighton, CO 80601 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/17/2029 | 174.0 | 174.0 | 181.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bader Furniture Company Inc. | (#,^) | 704 N Liberty St., Shamokin, PA 17872 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 6/19/2029 | 6.2 | 6.2 | 6.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zion Motors Inc | (#,^) | 6949 Wall Triana Hwy, Madison, AL 35757 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/19/2044 | 58.4 | 58.4 | 63.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beck's Pub & Grill LLC | (#,^) | N6630 WI-49, Weyauwega, WI 54983 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/19/2044 | 67.3 | 67.3 | 74.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| International Institute for Learning Inc. | (#,^) | 110 E 59th St ,31st floor, New York, NY 10022 | Educational Services | Term Loan | Prime plus 2.75% | 6/19/2029 | 249.6 | 249.6 | 228.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Central Texas Hygiene, LLC. | (#,^) | 10201 McKalla Place, Austin, TX 78758 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/20/2029 | 71.9 | 71.9 | 65.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
76
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peninsula Self Defense LLC | (#,^) | 2766 Bay Rd., Redwood City, CA 94063 | Educational Services | Term Loan | Prime plus 2.75% | 6/21/2029 | 4.4 | 4.4 | 4.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Port Diesel L.L.C. | (#) | 3212 Alex Trask Dr., Castle Hayne, NC 28429 | Repair and Maintenance | Term Loan | Prime plus 6.5% | 6/21/2029 | 10.7 | 10.7 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| LuLuBelle's Mountain Banana Bread LLC | (#) | 1063 Carousel Rd, Lake Arrowhead, CA 92352 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/21/2045 | 248.7 | 248.7 | 271.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| William Rose Inc | (#,^) | 1 Grace Cove Rd, New Shoreham, RI 02807 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/21/2044 | 84.1 | 84.1 | 85.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Campuscuts LLC | (#) | 930 Robtrice Ct, Edmond, OK 73430 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/21/2029 | 6.4 | 6.4 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Small Batch Creations Inc. dba The Office Bar & Grill | (#,^) | 295 E WASHINGTON AVE, SUNNYVALE, CA 94086 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/21/2029 | 51.8 | 51.8 | 47.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sweets By Karla LLC | (#,^) | 3273 South John Young Pkwy., Kissimmee, FL 34746 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/24/2029 | 10.7 | 10.7 | 9.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Krsto, LLC dba Italian Butter Breadsticks | (#,^) | 34683 Nova Dr, Clinton Twp, MI 48035 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/24/2044 | 183.3 | 183.3 | 202.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Scissor Kids Inc | (#,^) | 63 Hebron Ave., Suite F, Glastonbury, CT 06033 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/24/2029 | 8.6 | 8.6 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vanchoc Transport Inc | (#,^) | 137 3rd St, Brooklyn, NY 11231 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/25/2029 | 36.2 | 36.2 | 35.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paradise Towing & Recovery Inc | (#,^) | 1115 S Homer Blvd., Sanford, NC 27330 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2029 | 88.5 | 88.5 | 88.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paradise Towing & Recovery Inc | (#,^) | 1115 S. Horner Blvd., Sanford, NC 27330 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2044 | 70.5 | 70.5 | 79.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spartan Technology Solutions, Inc | (#,^) | 125 Venture Blvd, Spartanburg, SC 29306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/25/2044 | 469.5 | 469.5 | 504.7 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Professional Tire Limited Liability Company | (#,^) | 6655 Country Rd. 32, Norwich, NY 13815 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2044 | 134.1 | 134.1 | 145.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Worldwide Capital Management Inc. | (#,^) | 6 Venture Ste 305, Irvine, CA 92618 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/25/2029 | 122.3 | 122.3 | 111.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Child Care Ventures LLC dba Childcare Adventures ELC | (#,^) | 3542 Glendale Ave, Toledo, OH 43614 | Social Assistance | Term Loan | Prime plus 2.75% | 6/26/2044 | 141.8 | 141.8 | 150.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JFK Transportation Inc | (#,^) | 4 Mechanic St., Natick, MA 01760 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 6/26/2029 | 57.6 | 57.6 | 55.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Soft Touch Tissue & Paper LLC | (#,^) | 1491 Hammond St., Bangor, ME 04401 | Paper Manufacturing | Term Loan | Prime plus 2.75% | 6/26/2044 | 227.0 | 227.0 | 256.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Selective Automotive & Accessories Group, Inc | (#,^) | 2221 Pelham Pkwy., Pelham, AL 35124 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/26/2029 | 208.0 | 208.0 | 200.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tekoa Enterpises, Inc | (#,^) | 1033 Cannon Bridge Rd., Cordova, SC 29039 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/26/2029 | 47.9 | 47.9 | 45.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Soft Touch Tissue & Paper LLC | (#) | 1491 Hammond, Bangor, MA 04401 | Paper Manufacturing | Term Loan | Prime plus 2.75% | 12/26/2029 | 98.4 | 98.4 | 103.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lynx Inspection Technologies LLC | (#,^) | 8101 Miller Rd 2, Houston, TX 77049 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 6/26/2044 | 556.6 | 556.6 | 628.5 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
77
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| All-City Towing LLC, Jeffrey James Piller | (#,^) | 1213 W Mallory Ave., Milwaukee, WI 53221 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 6/26/2029 | 336.4 | 336.4 | 332.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pawfection Pet Services LLC | (#,^) | 177 W Cottonwood Ln, Suite 12, Casa Grande, AZ 85122 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/27/2029 | 8.6 | 8.6 | 7.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Boucherie US Inc | (#,^) | 251 Little Falls Dr., Wilmington, DE 19807 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2029 | 1,062.3 | 1,062.3 | 970.6 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ailky Corporation & Wyspen | (#,^) | 352 Bedford St., Lakeville, MA 02347 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/27/2029 | 40.6 | 40.6 | 37.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BB Services, LLC | (#,^) | 580 39 Rd., Palisade, CO 81526 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/27/2029 | 97.0 | 97.0 | 90.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crescent Event Productions, Inc | (#,^) | 1327 Wood Branch Dr., Charlotte, NC 28273 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/27/2029 | 291.2 | 291.2 | 273.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shooter's Gun Club, LLC | (#) | 2429 Iowa St. Suites B, C and D, Lawrence, KS 66046 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/27/2030 | 169.9 | 169.9 | 159.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma | (#,^) | 145 Moon Rd, Chesapeake City, MD 21915 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/27/2029 | 1,084.9 | 1,084.9 | 1,084.3 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| S & T Hardware Inc | (#,^) | 2300 Nooseneck Hill, Coventry, RI 02816 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/27/2044 | 193.6 | 193.6 | 218.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Balboa Fashion LLC | (#,^) | 1016 S. Towne Ave., Unit 123, Los Angeles, CA 90021 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2029 | 6.2 | 6.2 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Specialties Transportation LLC | (#,^) | 116 Toledo Dr., Lafayette, LA 70506 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/28/2029 | 23.1 | 23.1 | 24.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baobab Asset Management LLC | (#,^) | 2 Greenwich Office Park, Suite 260, Greenwich, CT 06831 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/28/2029 | 43.6 | 43.6 | 39.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sundown Audio, LLC | (#,^) | 514 West 21St St., Newton, NC 28658 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2044 | 873.4 | 873.4 | 941.3 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nevada Recycling and Salvage LTD, AMCB LLC | (#,^) | 1085 Telegraph St, Reno, NV 89502 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/28/2044 | 1,197.0 | 1,197.0 | 1,284.6 | 0.35 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crestview Ridge Farms LLC | (#,^) | 1172 Co Rd. 956, Ashland, OH 44805 | Crop Production | Term Loan | Prime plus 2.75% | 6/28/2044 | 517.8 | 517.8 | 570.3 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K & K Restaurant LLC | (#,^) | 6607 S Central Ave, Phoenix, AZ 85042 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/28/2044 | 122.1 | 122.1 | 137.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Richmond Street Partners, LLC | (#,^) | 200 E Chestnut St, Chicago, IL 60611 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 6/28/2029 | 86.1 | 86.1 | 79.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Port Huron Ophthalmology, PLLC dba Black River Optical | (#,^) | 1033 River St., Port Huron, MI 48060 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/28/2029 | 12.5 | 12.5 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kim Howard Corp dba NPN Machine Tools | (#,^) | 9130 Wayfarer Ln, Houston, TX 77075 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2029 | 197.2 | 197.2 | 205.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jian Yang and Kanger House LLC | (#,^) | 48 Horse Hill Rd., Cedar Knolls, NJ 07927 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 6/27/2029 | 100.0 | 100.0 | 91.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Advance Transit LLC | (#,^) | 574-614 Tonnelle Ave, Jersey City, NJ 07307 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 6/28/2044 | 746.0 | 746.0 | 826.5 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 5161 LLC | (#,^) | 1478 E Mountain Dr., Santa Barbara, CA 93108 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 6/28/2029 | 527.1 | 527.1 | 546.3 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
78
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Upul's Travel Service & Tours Inc | (#,^) | 654 Shoppers Lane, Covina, CA 91723 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/28/2029 | 251.7 | 251.7 | 230.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Good News Cafe, LLC | (#,^) | 694 Main St. South, Woodbury, CT 06798 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/28/2044 | 240.3 | 240.3 | 258.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NJ Floats Inc | (#,^) | 1 Robertson Rd, Suite 13, Bedminster, NJ 07921 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/28/2044 | 172.3 | 172.3 | 194.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Upul's Travel Service & Tours Inc | (#,^) | 654 Shopping Lane, Covina, CA 91723 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/28/2044 | 343.5 | 343.5 | 359.5 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nash-Delphia LLC | (#,^) | 2135 Gallatin Pike N, Store 4, Madison, TN 37115 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 7/2/2029 | 12.5 | 12.5 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Menskha Inc | (#) | 88 High St., Mountclair, NJ 07042 | Ambulatory Health Care Services | Term Loan | Prime plus 6.5% | 7/10/2029 | 10.8 | 10.8 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| D DeGregoria LLC dba The UPS Store 4235 Massapequa | (#,^) | 4940 Merrick Rd., Massapequa Park, NY 11762 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 7/10/2029 | 66.4 | 66.4 | 61.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Last Touch, LLC | (#,^) | 1612 Jackson St., Spirit Lake, IA 51360 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 7/11/2044 | 97.8 | 97.8 | 105.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beacon Metal Fabricators, Inc. | (#,^) | 5425-D Hamilton Ave., Cleveland, OH 44114 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 7/12/2029 | 58.7 | 58.7 | 57.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adam Family Bowl Inc | (#,^) | 1504 Chestnut St., Mishawaka, IN 46545 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/16/2044 | 128.0 | 128.0 | 141.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bouquet Canyon Kennels | (#,^) | 29973 Bouquet Canyon Rd., Santa Clarita, CA 91390 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/16/2044 | 289.9 | 289.9 | 309.8 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Garage Floor Coating of MN.com,LLC | (#,^) | 6701 West 23rd St., St. Louis Park, MN 55426 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/16/2044 | 960.8 | 960.8 | 1,036.5 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baton Rouge Cargo Services Inc | (#,^) | 6013 McRaven Rd., Jackson, MS 39209 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 7/17/2044 | 281.9 | 281.9 | 307.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bonfire Hot Yoga LLC | (#,^) | 3665 SW Hall Blvd, Beaverton, OR 97005 | Educational Services | Term Loan | Prime plus 2.75% | 7/18/2029 | 6.9 | 6.9 | 6.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JDM2 Water Station LLC | (#,^) | 125 Chestnut Hill Dr., York, PA 17408 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 7/18/2029 | 175.4 | 175.4 | 171.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ameritube, LLC | (#,^) | 1000 North Hwy. 77, Hillsboro, TX 76645 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 7/18/2029 | 107.4 | 107.4 | 112.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lawrence Adeyemo & Co LLC | (#) | 209-34 112 Ave, Queens Village, NY 11429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 7/19/2029 | 8.7 | 8.7 | 9.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hardrock Alpha Enterprises, LLC | (#,^) | 5101 Stine Rd., Bakersfield, CA 93313 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/19/2029 | 13.2 | 13.2 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 700 Services Inc.dba 700 Credit Repair | (#,^) | 1201 N Goliad St., Rockwall, TX 75087 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 7/19/2029 | 6.3 | 6.3 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| A&W ALF, LLC dba A & W Assisted Living Facility | (#,^) | 6600 Liberty Rd., Gwynn Oak, MD 21207 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 7/24/2044 | 96.2 | 96.2 | 108.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Franklin Care Pharmacy Incorporated | (#,^) | 520 N Franklintown Rd., Baltimore, MD 21223 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 7/25/2029 | 45.5 | 45.5 | 47.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sou's LLC | (#,^) | 739 NE MLK Blvd., Portland, OR 97221 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/26/2029 | 5.0 | 5.0 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Power Associates Inc. | (#,^) | 2766 West Good CT, Boise, ID 83702 | Real Estate | Term Loan | Prime plus 2.75% | 7/26/2029 | 12.6 | 12.6 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
79
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dan Dahlin Inc. | (#,^) | 16465 MN-65, Ham Lake, MN 55304 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/26/2044 | 393.5 | 393.5 | 444.2 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moore Chiropractic Center, P.A. | (#,^) | 936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/26/2029 | 7.7 | 7.7 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Micheal Birch and Tracy M. Pierce | (#,^) | E 2947 H-44, Traunik, MI 49891 | Gasoline Stations | Term Loan | Prime plus 2.75% | 7/29/2044 | 52.4 | 52.4 | 58.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jbelis Stop N' Go, LLC dba Planet Smoothie | (#,^) | 2565 E 17th St, Ammons, ID 83406 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2029 | 16.4 | 16.4 | 15.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dant A Sandras, D.D.S. LLC | (#,^) | 13373 Hwy. 3235, Larose, LA 70373 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/30/2029 | 195.7 | 195.7 | 182.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aeromax Industries, Inc, HITM, Inc and TMCB LLC | (#,^) | 9027 Canoga Ave, Canoga Park, CA 91301 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 7/30/2044 | 758.8 | 758.8 | 813.2 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grad Street LLC | (#) | 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 | Nonstore Retailers | Term Loan | Prime plus 6.5% | 7/30/2029 | 6.3 | 6.3 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| East Coast Flight Services, Inc and Aviation Consulting Enterprise, LL | (#,^) | 27603 Pkwy. Rd., Easton, MD 21601 | Air Transportation | Term Loan | Prime plus 2.75% | 7/31/2029 | 459.3 | 459.3 | 436.6 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joseph Centonze dba Off Kilter Kilts | (#,^) | 27720 Ave. Scott, Santa Clarita, CA 91355 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 7/31/2029 | 2.7 | 2.7 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Billy Auto Inc | (#,^) | 632 N BRd.way, Amityville, NY 11701 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/31/2044 | 312.7 | 312.7 | 335.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Genecco Produce, Inc. & Leo Genecco & Sons, Inc. | (#,^) | 1850 Rochester Rd., Canadaigua, NY 14424 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 7/31/2029 | 679.6 | 679.6 | 673.0 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Living Spring Home Health Inc. | (#,^) | 18350 Kedzie Ave Suite 204, Homewood, IL 60430 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/31/2029 | 113.3 | 113.3 | 109.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari | (#,^) | 28940 Golden Lantern, Laguna Niguel, CA 92677 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2029 | 9.6 | 9.6 | 9.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Canyon Lake Kids Academy, LLC | (#,^) | 130 Charter Oak Dr., Canyon Lake, TX 78133 | Social Assistance | Term Loan | Prime plus 2.75% | 7/31/2044 | 94.5 | 94.5 | 104.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| St. Francis Home Health Inc | (#,^) | 5246 SW 8th St 103B, Coral Gables, FL 33134 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/31/2029 | 62.9 | 62.9 | 57.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gray Rock Quarry, LLC and William E Dailey III | (#,^) | 54 West Milton Rd, Milton, VT 05468 | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 7/31/2044 | 433.7 | 433.7 | 444.8 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Mount Group LLC | (#,^) | 3111 Princeton Rd., Hamilton, OH 45011 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2029 | 213.8 | 213.8 | 195.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accord Law, APC | (#,^) | 82555 Grass Flat Lane, Indio, CA 92203 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/2/2029 | 6.3 | 6.3 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Leader Engineering-Fabrication, Inc. | (#,^) | 695 Independence DrIive, Napoleon, OH 43545 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 8/2/2029 | 105.8 | 105.8 | 110.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A & S Services LLC dba Kona Ice of Troy | (#) | 3888 Lightner Rd., Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 8/7/2029 | 10.8 | 10.8 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elixir Enterprises, LLC dba Guilford Renee's | (#,^) | 637 Boston Post Rd., Guilford, CT 06437 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/8/2029 | 16.5 | 16.5 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Love Playing LLC | (#) | 2200 Eastridge Loop, San Jose, CA 95122 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/9/2030 | 153.2 | 153.2 | 146.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KM Electrical Services, Inc | (#,^) | 4348 Waialae Ave Unit 315, HONOLULU, HI 96816 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/12/2029 | 66.4 | 66.4 | 60.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
80
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ranson Excavating, Inc | (#,^) | 8343 Kaula Dr., Fair Oaks, CA 95628 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/13/2029 | 12.5 | 12.5 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accelerate Educational Solutions, LLC dba Tutor My Success | (#,^) | 135 Clove Branch Rd., Hopewell Junction, NY 12533 | Educational Services | Term Loan | Prime plus 2.75% | 8/14/2029 | 14.6 | 14.6 | 13.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City | (#,^) | 7748 Troost Ave., Kansas City, MO 64131 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/15/2029 | 95.0 | 95.0 | 93.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AJN Innovations LLC dba Burgerim | (#) | 6704 Main St., Miami Lakes, FL 33014 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/15/2031 | 114.1 | 114.1 | 106.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Healthy Vending, Inc | (#,^) | 5951 NW 151 St., Hialeah, FL 33014 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/15/2029 | 89.7 | 89.7 | 85.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signature Rooms, Inc. | (#,^) | 2066 Route 112, Medford, NY 11763 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 8/19/2029 | 142.5 | 142.5 | 148.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| William Martinez dba Bad Ass Coffee of Hawaii | (#) | 14101 Main St., Suite 4101, Hesperia, CA 92345 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/20/2029 | 19.5 | 19.5 | 18.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Unique LLC | (#,^) | 305 W Main St., Mayo, FL 32066 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/20/2044 | 11.8 | 11.8 | 13.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MB Nursery LLC dba The Garden Center | (#,^) | 15562 HWY-South, Whitehouse, TX 75791 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/21/2029 | 79.0 | 79.0 | 82.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metro R Services Inc. and Metal & Roof Supplies, Inc. | (#,^) | 20 Universal Place, Carlstadt, NJ 07072 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/21/2029 | 163.6 | 163.6 | 163.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MS Integrated Psychotherapy & Counseling, LLC | (#,^) | 1157 Main St., Clifton, NJ 07011 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/22/2029 | 62.7 | 62.7 | 60.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 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 | 15.3 | 15.3 | 16.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| PJT Logistics, Inc. | (#,^) | 2-4 Commerce Way, Auburn, NY 13021 | Truck Transportation | Term Loan | Prime plus 2.75% | 8/23/2029 | 42.6 | 42.6 | 44.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SRJ construction Corp | (#,^) | 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/23/2029 | 9.5 | 9.5 | 8.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elite Motors LLC | (#,^) | 1046-1050 Orange Ave., West Haven, CT 06516 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/23/2029 | 75.0 | 75.0 | 78.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ADA Internacional Inc | (#,^) | 10891 La Reina Rd., Suite 100, Delray Beach, FL 33446 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/26/2029 | 19.0 | 19.0 | 17.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crystal S. Prado dba Crystal Clear Accounting | (#) | 34099 Tuscan Creek Way, Temecula, CA 92592 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 8/26/2029 | 2.8 | 2.8 | 2.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Hometown Welcome Program, Inc & Fredric Anthony Gushwa | (#,^) | 107 S Nottawa St, Sturgis, MI 49091 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/27/2029 | 82.3 | 82.3 | 79.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maryland Urgent Care, Inc. | (#,^) | 9831 Greenbelt Rd Suite 208 (Unit H-2), Lanham, MD 20706 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/27/2044 | 44.4 | 44.4 | 49.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HRS2, LLC | (#,^) | 5410 Pipers Creek Court, Sugar Land, TX 77479 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/28/2029 | 195.5 | 195.5 | 197.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DB Talak LLC | (#,^) | 2018 SE 6th Ave, Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/28/2029 | 80.1 | 80.1 | 83.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
81
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC | (#,^) | 190 Minerva St., Tonawanda, NY 14150 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/28/2044 | 57.9 | 57.9 | 65.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Linsey Schwertdfeger,, Inc. | (#,^) | 740 Dennery Rd, San Diego, CA 92154 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/28/2029 | 59.9 | 59.9 | 55.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transpor | (#,^) | 377 Boston Post Rd., Milford, CT 06460 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 8/28/2029 | 412.9 | 412.9 | 390.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Double Scoop Ice Cream, LLC | (#,^) | 2970 Stonecrest Pass, Lithonia, GA 30038 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/29/2044 | 93.2 | 93.2 | 102.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Camror LTD dba Jersey Mike's | (#,^) | 5946 Meijer Dr., Cincinnati, OH 45150 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/29/2030 | 76.2 | 76.2 | 79.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3C Consumer Network & Designs LLC | (#,^) | 7676 Hillmont St., Suite 109, Houston, TX 77040 | Real Estate | Term Loan | Prime plus 2.75% | 8/29/2029 | 12.7 | 12.7 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Esquire Mini Mart LLC & Morgan Store Building LLC | (#,^) | 12595 S Somerton Ave, Yuma, AZ 85365 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/29/2029 | 43.3 | 43.3 | 43.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Groton Bowling Center and Entertainment Inc | (#,^) | 27 Kings Hwy, Groton, CT 06340 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/29/2044 | 930.1 | 930.1 | 1,023.3 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC | (#,^) | 361 Troy Ave., Brooklyn, NY 11213 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/29/2029 | 33.8 | 33.8 | 35.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| No Push Backs, LLC | (#) | 5405 Neshaminy Blvd, Bensalem, PA 19020 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 8/30/2029 | 10.5 | 10.5 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dog House Sportfishing Charters Inc | (#) | 83413 Overseas Hwy., Islamorada, FL 33036 | Scenic and Sightseeing Transportation | Term Loan | Prime plus 6.5% | 8/30/2029 | 10.8 | 10.8 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eco Electric LLC | (#,^) | 5380 Cameron St, Las Vegas, NV 89118 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/5/2029 | 55.9 | 55.9 | 51.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SVT Masonry Limited Liability Company | (#,^) | 1208 Houghton Lane, Bennington, VT 05201 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/5/2029 | 63.1 | 63.1 | 64.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Philly Games Inc.dba Queen & Rock Game Cafe | (#,^) | 607-609 S 2nd St., Philadelphia, PA 19147 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/5/2029 | 53.0 | 53.0 | 48.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Body on Cue Health and Fitness LLC | (#,^) | 129 A Orpha Dr., Middlebury, IN 46840 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/6/2029 | 38.3 | 38.3 | 35.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Covert Recordings LLC | (#,^) | 31-65 138th St. Apartment 3K, Flushing, NY 11354 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/11/2029 | 10.1 | 10.1 | 10.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prime Precision Machining, LLC | (#,^) | 845 Mandoline Ave, Madison Heights, MI 48071 | Real Estate | Term Loan | Prime plus 2.75% | 9/11/2044 | 267.9 | 267.9 | 292.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prime Precision Machining, LLC | (#,^) | 845 Mandoline Ave, Madison Heights, MI 48071 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/11/2029 | 200.8 | 200.8 | 190.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Miami Squeeze Inc dba Miami Squeeze, LLC | (#,^) | 18315 W. Dixie Hwy., North Miami Beach, FL 33160 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/11/2029 | 98.3 | 98.3 | 94.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oak Park Social LLC | (#) | 14691 W 11 Mile Rd, Oak Park, MI 48237 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/12/2045 | 130.0 | 130.0 | 141.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Flow Plumbing and Rooter Inc. | (#,^) | 6718 Katherin Ave., Van Nuys, CA 91405 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/12/2029 | 31.6 | 31.6 | 29.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Steel Method LLC dba Sneeze It | (#,^) | 250 Passaic Ave Suite 200, Fairfield, NJ 07004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/12/2029 | 143.6 | 143.6 | 131.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
82
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACSS CPA, LLC | (#,^) | 1016 S Texas Blvd, Weslaco, TX 78599 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/12/2044 | 38.6 | 38.6 | 42.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bay Bowl Inc dba Shasta Lanes | (#,^) | 11093 Black Marble Way, Redding, CA 96003 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/13/2044 | 518.5 | 518.5 | 585.4 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Game Station, Inc. | (#,^) | 2917 1st Ave SE, Cedar Rapids, IA 52402 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/16/2029 | 17.2 | 17.2 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Win Health Institute, LLC | (#,^) | 711 E Valley Rd, Basalt, CO 81621 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/17/2029 | 6.4 | 6.4 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vancole Investments, Inc. dba Smoothie King #913 &;Dream Developmenf G | (#,^) | 876 Virginia Ave., Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/17/2029 | 10.2 | 10.2 | 9.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, dba Que | (#) | 1702 Fawn Gate St, San Antonio, TX 78248 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/17/2029 | 52.2 | 52.2 | 51.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Payne's Enviromental Service, LLC dba Bamaco | (#,^) | 5617 Causeway Blvd., Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/18/2044 | 503.6 | 503.6 | 544.9 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Host Marketing, LLC | (#) | 206 Bell Lane, Suite B, West Monroe, LA 71291 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 9/18/2029 | 10.9 | 10.9 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Standard Real Estate Services LLC | (#) | 500 West Silver Spring Dr., Suite K 200,, Glendale, WI 53217 | Real Estate | Term Loan | Prime plus 6.5% | 9/19/2029 | 10.9 | 10.9 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Unified Utility Services LLC | (#,^) | 206 Frankie Lane, Ladson, SC 29456 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 9/20/2044 | 152.4 | 152.4 | 172.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flamingo Bowl, Inc | (#,^) | 3301 N 23rd St., McAllen, TX 78501 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/24/2029 | 188.5 | 188.5 | 182.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Machine of Iowa, Inc | (#,^) | 1040 4th Ave., Audubon, IA 50025 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/25/2029 | 57.5 | 57.5 | 60.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Byler, Wolfe, Lutsch and Kampfer CPAs, Inc | (#,^) | 360 East State St., Salem, OH 44460 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/25/2044 | 51.5 | 51.5 | 54.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anderson's Outdoor Adventures, LLC | (#,^) | 4060 SW County Rd 232, Bell, FL 32619 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/25/2029 | 19.3 | 19.3 | 19.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Santa Fe Flooring LLC | (#,^) | 3711 Paseo Del Norte NE, Albuquerque, NM 87113 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 9/26/2029 | 434.4 | 434.4 | 409.8 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adam's Construction & General Contracting LLC | (#,^) | 7808 N Custer Rd., Freesoil, MI 49411 | Construction of Buildings | Term Loan | Prime plus 2.75% | 9/26/2029 | 62.7 | 62.7 | 59.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zima Dining Inc. dba Country Kitchen | (#,^) | 1497 N Mt. Vernon Ave., Colton, CA 92324 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/27/2029 | 53.6 | 53.6 | 56.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wagner & Sons Inc | (#,^) | 22365 Alydar Dr., Lexington Park, MO 20653 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/27/2029 | 16.0 | 16.0 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hoagie Barmichaels Inc | (#,^) | 1101 River Rd., New Windsor, NY 12553 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/27/2044 | 109.0 | 109.0 | 116.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Universe Appliance Repairs Inc. | (#,^) | 3790 Merrick Rd., Seaford, NY 11783 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/27/2044 | 566.7 | 566.7 | 606.3 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma | (#,^) | 3721 North 162nd St., Garber, OK 73701 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 9/27/2029 | 953.1 | 953.1 | 919.1 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aztec Machine & Repair Inc, Cranrd & Material | (#,^) | 1715 N 1st St, Bloomfield, NM 87413 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/27/2044 | 687.3 | 687.3 | 744.4 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
83
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Titan Laser Screed Concrete Services, LLC | (#,^) | 8908 Wildlife Lane, Sanford, FL 32771 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/27/2029 | 42.5 | 42.5 | 39.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zmetra Clearspan Structures LLC | (#,^) | 2 Old Worcester Rd., Webster, MA 01571 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 9/27/2044 | 424.2 | 424.2 | 478.9 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stiegelbauer Associates Inc. | (#,^) | 63 Flushing Ave Unit 342, Brooklyn, NY 11205 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/27/2029 | 170.4 | 170.4 | 156.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Universe Appliance Repairs Inc. | (#,^) | 3790 Merrick Rd., Seaford, NY 11783 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/27/2029 | 563.7 | 563.7 | 539.3 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cherry and Candlewood Inc dba Aamco | (#,^) | 3029 South St., Long beach, CA 90805 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/27/2044 | 418.2 | 418.2 | 472.1 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A Child's Dream Educational Center LLC | (#,^) | 4127 NW 34th St., Gainsville, FL 32605 | Social Assistance | Term Loan | Prime plus 2.75% | 9/30/2029 | 173.8 | 173.8 | 159.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heart and Vascular Associates of Tampa, LLC | (#,^) | 17 David Blvd., Tampa, FL 33606 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2044 | 747.3 | 747.3 | 803.0 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DG Business Solutions, Inc | (#,^) | 11008 Rene St., Lenexa, KS 66215 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 200.8 | 200.8 | 185.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A Child's Dream Educational Center LLC | (#,^) | 4127 NW 34th St., Gainesville, FL 32605 | Social Assistance | Term Loan | Prime plus 2.75% | 9/30/2044 | 177.3 | 177.3 | 196.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joseph P Fusco DDS PC | (#,^) | 77 N Centre Ave., Rockville Centre, NY 11570 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 56.5 | 56.5 | 51.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| International Protection Group, LLC | (#,^) | 481 8th Ave. Suite 1130, New York, NY 10001 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 70.2 | 70.2 | 71.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC | (#,^) | 2301 W. Buckeye Rd., Phoenix, AZ 85009 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 9/30/2044 | 602.9 | 602.9 | 655.9 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AV Strategy, Inc | (#,^) | 9468 American Eagle Way Suite 100, Orlando, FL 32837 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 239.5 | 239.5 | 231.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Meldi Maa, Inc dba The River Complex | (#,^) | 74 S Main St., Woonsocket, RI 02895 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2044 | 408.7 | 408.7 | 458.4 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro | (#,^) | 725 Atlantic Blvd, Atlantic Beach, FL 32233 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2029 | 7.5 | 7.5 | 6.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 50 Taps, LLC dba Colorado Taproom & Grill | (#,^) | 19539 Hess Rd. Suite Suite #101, Parker, CO 80134 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2029 | 66.0 | 66.0 | 61.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crown Waste Corp | (#,^) | 1 Plainview Rd., Bethpage, NY 11714 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 42.6 | 42.6 | 41.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paketo LLC dba West Loop UPS Store | (#,^) | 623 W Lake St., Chicago, IL 60661 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 10/4/2029 | 14.1 | 14.1 | 13.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Q2 Ventures, LLC | (#,^) | 2805 W Arimo Rd., Arimo, ID 83214 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 10/8/2029 | 152.2 | 152.2 | 156.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glenda D Brewer dba Bargain Store | (#) | 107 Tabernacle Church Rd., Candor, NC 27229 | General Merchandise Stores | Term Loan | Prime plus 6.5% | 10/11/2029 | 11.0 | 11.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail b | (#,^) | 5604 Slide Rd., Lubbock, TX 79414 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/11/2029 | 145.5 | 145.5 | 135.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Cow Harbor Beer Company LLC dba Sand City Brewing Co. | (#) | 19 Scudder Ave., Northport, NY 11768 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 2/11/2031 | 290.0 | 290.0 | 276.1 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
84
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pine Mountain Residential LLC | (#) | 10240 Cosmopolitan Circle, Parker, CO 80134 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 10/16/2029 | 11.0 | 11.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Powerlift Dumbwaiters, Inc | (#) | 2444 Georgia Slide Rd., Georgetown, CA 95634 | Machinery Manufacturing | Term Loan | Prime plus 6.5% | 10/16/2029 | 10.6 | 10.6 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| UNIQUE PAVER INSTALLATIONS, INC. | (#,^) | 4930 Mars Hill Rd., Bogart, GA 30622 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/17/2029 | 19.9 | 19.9 | 19.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Owens Family and Cosmetic Dentistry PLLC | (#,^) | 403 E College St., Pulaski, TN 38478 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/17/2029 | 232.4 | 232.4 | 219.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roughcut LLC | (#,^) | 41540 National Rd, Belmont, OH 43718 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/17/2029 | 437.1 | 437.1 | 457.5 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Todd's Car Wash, LLC | (#,^) | 5505 Johnston St., Lafayette, LA 70506 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/18/2044 | 332.1 | 332.1 | 375.0 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| James Clark and Company, Inc. | (#) | 8885 Haven Ave., Suite 120, Rancho Cucamonga, CA 91730 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 10/22/2029 | 11.0 | 11.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pyle Garage Doors OKC, INC dba Precision Door Service OKC | (#,^) | 8860 S Sunnylane Rd., Oklahoma City, OK 73135 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/22/2029 | 12.6 | 12.6 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fimac Inc dba American Educational Services | (#,^) | 26300 La Alameda, Suite 200, Mission Viejo, CA 92691 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/23/2029 | 19.3 | 19.3 | 17.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sultan's Palace L.L.C. | (#,^) | 8125 West Sahara Ave., Suite 300, Las Vegas, NV 89117 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/24/2029 | 18.1 | 18.1 | 17.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diamond Solutions LLC | (#,^) | 8321 E Gelding Dr., Scottsdale, AZ 85260 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 10/25/2029 | 10.9 | 10.9 | 10.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jbang LLC, WM Bang LLC, Bang Investments LLC | (#) | 125 Westchester Ave., White Plains, NY 10601 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/25/2029 | 60.2 | 60.2 | 62.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Four Ace Electrical Services Corporation | (#,^) | 3723 Far Niente Way, Sacramento, CA 95834 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/25/2029 | 10.3 | 10.3 | 9.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Landmark Ventures USA, Inc | (#,^) | 475 Park Ave. S, 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 10/25/2029 | 90.0 | 90.0 | 82.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marnon Vending LLC dba Naturals 2 Go San Antonio | (#,^) | 6713 Biscay Hbr, San Antonio, TX 78249 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 10/28/2029 | 6.8 | 6.8 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Proximo Consulting Services Inc | (#,^) | 2500 Plaza 5, Jersey City, NJ 07311 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/28/2029 | 64.3 | 64.3 | 59.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corple Enterprises, Inc | (#,^) | 17887 US-380, Ponder, TX 76259 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/28/2029 | 143.6 | 143.6 | 146.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Perisseia Physicians LLC | (#,^) | 1644 Lebanon Rd., Lawrenceville, GA 30043 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/28/2044 | 386.5 | 386.5 | 419.3 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| OWL Inc, | (#,^) | 5300 S Orange Blossom Trail, Orlando, FL 32839 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 10/28/2029 | 182.2 | 182.2 | 167.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Snac | (#,^) | 9912 Arizona Dr, Mohave Valley, AZ 86440 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 10/30/2029 | 55.7 | 55.7 | 51.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
85
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plastic Depot, Inc | (#,^) | 363 East Alondra Blvd, Gardena, CA 90248 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 10/30/2029 | 135.7 | 135.7 | 124.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BGB Leasing Co. | (#,^) | 50 Industrial Park Rd., Princeton, KY 42445 | Truck Transportation | Term Loan | Prime plus 2.75% | 10/30/2044 | 87.0 | 87.0 | 98.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant and Blu | (#,^) | 905 Savoy Rd., Youngsville, LA 70592 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/30/2029 | 62.5 | 62.5 | 58.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paul Wintner dba P & R Props | (#,^) | 23901 Calabasas Rd., Calabasas, CA 91302 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 10/30/2029 | 48.2 | 48.2 | 44.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BGB Leasing Inc and BGB Leasing Co. | (#,^) | 50 Industrial Park Rd, Princeton, KY 42445 | Truck Transportation | Term Loan | Prime plus 2.75% | 10/30/2029 | 994.6 | 994.6 | 962.2 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Automotive Solutions, LLC | (#,^) | 1910 W. Dupont Rd., Fort Wayne, IN 46818 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/31/2044 | 292.1 | 292.1 | 324.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunburst Trout Farm, LLC | (#,^) | 314 Industrial Park Dr, Waynesville, NC 28786 | Fishing, Hunting and Trapping | Term Loan | Prime plus 2.75% | 10/31/2029 | 57.9 | 57.9 | 60.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Automotive Standard, LLC | (#,^) | 4028 Coldwater Rd., Fort Wayne, IN 46805 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/31/2044 | 135.3 | 135.3 | 150.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D & H Construction Services, Inc. | (#,^) | 711 Hospital St., Richmond, VA 23219 | Construction of Buildings | Term Loan | Prime plus 2.75% | 10/31/2029 | 120.0 | 120.0 | 113.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fave Realty, Inc. | (#,^) | 217-84 Hempstead Ave., Jamaica, NY 11429 | Real Estate | Term Loan | Prime plus 2.75% | 10/31/2044 | 113.0 | 113.0 | 127.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jessie's Radiator and Automotive | (#,^) | 1777 N Ventura Ave., Ventura, CA 93001 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/31/2029 | 14.7 | 14.7 | 14.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mariscos El Oceano, Inc. | (#,^) | 5960 S Archer Ave, Chicago, IL 60638 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/31/2044 | 122.7 | 122.7 | 138.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maine Service Corp | (#,^) | 59-24 55th St., Maspeth, NY 11378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 10/31/2029 | 107.2 | 107.2 | 112.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kerzner Contracting Corp | (#,^) | 1620 Ocean Ave., Bohemia, NY 11716 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/31/2029 | 96.5 | 96.5 | 88.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Committed Pig LLC | (#,^) | 28 West Park Place, Morristown, NJ 07090 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/31/2029 | 255.4 | 255.4 | 267.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| L& F Gullo Service Corp | (#,^) | 520 Main St, Westbury, NY 11590 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 10/31/2029 | 150.0 | 150.0 | 137.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Guru Kirpa, Inc | (#,^) | 3006 New Castle Ave., New Castle, DE 19720 | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/31/2044 | 188.9 | 188.9 | 205.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunburst Trout Farm, LLC | (#,^) | 314 Industrial Park Dr., Waynesville, NC 28786 | Fishing, Hunting and Trapping | Term Loan | Prime plus 2.75% | 10/31/2044 | 224.8 | 224.8 | 253.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MJ Group, Inc | (#,^) | 26691 Loma Verde, Mission Viejo, CA 92691 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2029 | 18.2 | 18.2 | 16.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| C&P Trading and Sales Inc | (#,^) | 950 Peninsula Corporate Circle Suite 3016, Boca Raton, FL 33487 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 10/31/2029 | 214.6 | 214.6 | 196.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 11900 Marshfield Station Inc | (#,^) | 11900 S Marshfield Ave., Calumet Park, IL 60827 | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/31/2044 | 1,229.9 | 1,229.9 | 1,377.2 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Link Recreational, Inc | (#,^) | 304 Business Hwy. 53, Minong, WI 54859 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/7/2044 | 380.9 | 380.9 | 427.3 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Link Recreational, Inc | (#,^) | 304 Business Hwy. 53, Minong, WI 54859 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/7/2029 | 739.6 | 739.6 | 685.7 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
86
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Integrated Vascular Services LLC | (#,^) | 1452 Franklin Ave, Salem, OR 44460 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/8/2029 | 69.1 | 69.1 | 63.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Airbar Inc | (#,^) | 5 N Station Plaza, Great Neck, NY 11021 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/8/2029 | 19.5 | 19.5 | 17.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| East River Plumbing, LLC | (#,^) | 997 E Loop, Priest River, ID 83856 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/8/2044 | 48.4 | 48.4 | 53.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NJ Floats, Inc | (#) | 327 Route 202/206, Bedminster Township, NJ 07921 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 6/12/2046 | 274.0 | 274.0 | 307.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HH Wireless Connect LLC | (#,^) | 48267 Deer Trail Dr., Canton, MI 48187 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 11/12/2029 | 7.1 | 7.1 | 6.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ameen Enterprises, LLC dba Bargain Town | (#,^) | 1111 E Washington St, Stephenville, TX 76401 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/12/2029 | 108.0 | 108.0 | 112.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Steven French dba French Woodworking | (#,^) | 1101 Horizon Dr. Suite 101, Fairfield, CA 94533 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/12/2044 | 60.5 | 60.5 | 68.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adrienne's Gourmet Foods, Imagine Baking Inc | (#,^) | 1034 Hancock St., Sandusky, OH 44870 | Food Manufacturing | Term Loan | Prime plus 2.75% | 11/12/2044 | 393.0 | 393.0 | 443.7 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Potomac Nail Spa Corporation | (#,^) | 14901 Potomac Town Place,, Woodbridge, VA 22191 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/12/2029 | 48.0 | 48.0 | 44.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI | (#,^) | 908 S Jefferson St., Amarillo, TX 79101 | Educational Services | Term Loan | Prime plus 2.75% | 11/12/2029 | 341.2 | 341.2 | 330.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| James Richard Farkas Jr. dba Lil Black Bear Inn | (#,^) | 8072 State Rd. 46 East, Nashville, TN 47448 | Accommodation | Term Loan | Prime plus 2.75% | 11/12/2044 | 105.7 | 105.7 | 115.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSD Designs LLC | (#,^) | 486 Vance St, Forest City, NC 28043 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 1/12/2030 | 326.5 | 326.5 | 316.6 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adrienne's Gourmet Foods, Imagine Baking, Inc | (#,^) | 1034 Hancock St., Sandusky, OH 44870 | Food Manufacturing | Term Loan | Prime plus 2.75% | 11/12/2029 | 457.2 | 457.2 | 462.5 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ninth Avenue, LLC | (#) | Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/14/2030 | 59.4 | 59.4 | 55.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sean McNamara | (#) | 5639 Wood Lane, Allentown, PA 18106 | Nonstore Retailers | Term Loan | Prime plus 6.5% | 11/14/2029 | 11.0 | 11.0 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rockin Robin Music Lessons LLC | (#,^) | 9029 Hwy 6, Suite 160, Missouri City, TX 77459 | Educational Services | Term Loan | Prime plus 2.75% | 11/14/2029 | 8.0 | 8.0 | 7.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Winning Sales Plan Inc | (#,^) | 17811 Fairhaven Gateway, Cypress, TX 77433 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/14/2029 | 43.2 | 43.2 | 45.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Pinnacle Development Group Inc dba The Goddard School | (#) | 105 Springside Dr., Akron, OH 44333 | Social Assistance | Term Loan | Prime plus 6.5% | 11/14/2029 | 11.0 | 11.0 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lindsley Excavating LLC | (#,^) | 92 Town Line Rd., Fulton, NY 13069 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/15/2029 | 166.4 | 166.4 | 165.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MToxins Venom Lab LLC | (#,^) | 717 Oregon St., Oshkosh, WI 54902 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/15/2044 | 98.0 | 98.0 | 106.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSH Princeton LLC dba Stumpy's Hatchet House of Princeton | (#) | 745 Alexander Rd., Suite 1-3, Princeton, NJ 08540 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/15/2030 | 38.5 | 38.5 | 35.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
87
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Champions Of Diversity Media Inc dba Champions of Diversity: Politics | (#,^) | 5100 Transamerica Dr., Columbus, OH 43228 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/15/2044 | 70.1 | 70.1 | 78.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ryan & Selena LLC dba Head of the Class Learning Center | (#,^) | 1836 Kathleen Rd., Lakeland, FL 33805 | Social Assistance | Term Loan | Prime plus 2.75% | 11/18/2044 | 431.1 | 431.1 | 475.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AD Learning Group, LLC dba The Learning Experience & AD Learning NH LL | (#,^) | 181 Shunpike Rd., Cromwell, CT 06416 | Social Assistance | Term Loan | Prime plus 2.75% | 11/18/2029 | 118.8 | 118.8 | 108.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMH Construction, Inc. | (#,^) | 30 South Ivey Lane, Orlando, FL 32811 | Construction of Buildings | Term Loan | Prime plus 2.75% | 11/20/2029 | 64.8 | 64.8 | 65.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMH Construction, Inc. | (#,^) | 30 South Ivey Lane, Orlando, FL 32811 | Construction of Buildings | Term Loan | Prime plus 2.75% | 11/20/2044 | 266.0 | 266.0 | 297.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cable Management LLC | (#,^) | 290 Pratt St., Meriden, CT 06450 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/20/2029 | 118.8 | 118.8 | 113.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Weeping Willow Kennel Inc | (#,^) | 6041 Hammond School Rd., Salisbury, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/21/2029 | 3.9 | 3.9 | 4.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Coral Springs Family Wellness LLC | (#) | 2902 North University Dr., Coral Springs, FL 33065 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/21/2030 | 110.1 | 110.1 | 101.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Semplice Cafe LLC | (#,^) | 209 N Main St., Breckenridge, CO 80424 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/21/2029 | 15.5 | 15.5 | 14.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cobb Roofing LLC | (#,^) | 8101 NW 10th St, Oklahoma City, OK 73127 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/21/2029 | 50.1 | 50.1 | 46.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Rollin' Trapp LLC | (#,^) | 1731 Prevatt Rd, Dothan, AL 36301 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/21/2029 | 6.9 | 6.9 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| S&C Cookies, Inc | (#,^) | 1969 Jericho Turnpike, East Northport, NY 11731 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/22/2029 | 48.6 | 48.6 | 44.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Best Choice Meats, Inc, | (#,^) | 12646 S Springfield Ave, Alsip, IL 60803 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/22/2044 | 1,300.9 | 1,300.9 | 1,447.1 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ZUMI LLC dba Allstate Insurance | (#,^) | 1537 W 79th St, Chicago, IL 60620 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 11/22/2029 | 10.4 | 10.4 | 10.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| A&N Design Studios Inc dba Door3 Business Application | (#) | 370 Lexington Ave. Suite 1806, Manhattan, NY 10007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/22/2029 | 78.1 | 78.1 | 75.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cum Laude Enterprises, LLC | (#) | 15218 Penn Hills Lane, Houston, TX 77062 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 11/22/2029 | 16.6 | 16.6 | 16.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Place Vendome Holding Co. Inc.dba R&F Marketing | (#) | 308 Glenwood Rd., Swainsboro, GA 30401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/22/2044 | 426.8 | 426.8 | 444.7 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co Inc | (#,^) | 119 West 57th St., Suite 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/22/2029 | 161.9 | 161.9 | 148.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Place Vendome Holding Co Inc.dba R&F Marketing | (#) | 610 East Main St., Swainsboro, GA 30401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/22/2029 | 212.5 | 212.5 | 208.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B.S Carrier LLC and United Truck & Trailer Repair LLC | (#) | 3716 Garman Rd., Salem, VA 24153 | Truck Transportation | Term Loan | Prime plus 2.75% | 11/25/2029 | 204.0 | 204.0 | 205.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hurricane Group, Inc.dba Crate Club Group | (#) | 101 San Patricio Ave., Suite 860, Guaynabo, PR 00968 | Other Information Services | Term Loan | Prime plus 2.75% | 11/25/2029 | 46.6 | 46.6 | 42.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fullmer's Landscaping, Inc. | (#) | 9547 W Third St., Dayton, OH 45417 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/26/2029 | 164.9 | 164.9 | 155.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
88
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ultra Flow Dispense, LLC | (#) | 820 Prospect Hill Rd., Windsor, CT 06095 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/26/2029 | 89.8 | 89.8 | 82.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ford Custom Renovation LLC | (#,^) | 405 BRd.way St., Muncy, PA 17756 | Construction of Buildings | Term Loan | Prime plus 2.75% | 11/26/2029 | 7.1 | 7.1 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Bio Source, LLC dba Dieselgreen Fuels | (#) | 2522 N Hwy. 287, Decatur, TX 76234 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 11/27/2029 | 52.8 | 52.8 | 55.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Codorado, Inc. dba Dentalmart | (#,^) | 10 Glorieta Rd., Sante Fe, NM 87508 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/27/2029 | 9.1 | 9.1 | 8.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Loading Arms Plus Inc | (#) | 5401 Mitchelldale St., Suite B4, Houston, TX 77092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/27/2029 | 68.4 | 68.4 | 63.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Behind the Scenes Chicago, LLC dba Paramount Events | (#) | 1750 W Lake St., Chicago, IL 60612 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/27/2029 | 321.0 | 321.0 | 307.8 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alice's Tea Cup, ATC !! LLC and ATC 111, LLC | (#) | 102 W 73rd St., New York, NY 10023 | Food Manufacturing | Term Loan | Prime plus 2.75% | 11/27/2029 | 254.6 | 254.6 | 235.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Haversack Holdings LLC | (#) | 7930 W Kenton Circle, Suite 260, Huntersville, NC 28078 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/27/2029 | 108.0 | 108.0 | 99.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roots'n Shoots, LLC | (#) | 86 Boston Rd, Chelmsford, MA 01824 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/27/2029 | 9.2 | 9.2 | 8.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports | (#) | 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/27/2029 | 142.4 | 142.4 | 131.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mega Sales Detergent Distributor, LLC | (#,^) | 1 Ackerman Ave., Clifton, NJ 07011 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/29/2029 | 43.2 | 43.2 | 39.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Soto Injury Law Firm, PA and My Attorney Inc | (#) | 2050 Capital Circle NE Suite B, Tallahassee, FL 32308 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/3/2029 | 56.1 | 56.1 | 51.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hook Line and Schooner Vinings LLC | (#) | 400 West Village Way #3009, Smyrna, GA 30008 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/4/2029 | 19.6 | 19.6 | 18.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clearwater Engineering Inc | (#) | 301 N River St., Derby, KS 67037 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 12/5/2029 | 513.3 | 513.3 | 492.5 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Used Tire Express 1, Corp | (#) | 437 N. Battlefield, Chesapeake, VA 23320 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/5/2029 | 75.0 | 75.0 | 70.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Standard Capital Corp | (#) | 2349 Wessington Dr., Virginia Beach, VA 23456 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 12/5/2029 | 11.2 | 11.2 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| DB Talak LLC | (#) | 2018 SE 6th Ave., Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/6/2044 | 151.5 | 151.5 | 171.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Stout Group LLC | (#) | 10850 NW 138th St, Hialeah Gardens, FL 33018 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/6/2029 | 203.8 | 203.8 | 195.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC | (#) | 560 56th St SW, Grand Rapids, MI 49548 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/6/2029 | 958.4 | 958.4 | 889.2 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bay Area Metal Fabricarion LLC | (#) | 510 -512 Stone Rd., Benicia, CA 94510 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/6/2029 | 119.0 | 119.0 | 114.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Scott's Hardware, Inc., dba Medford Inc | (#) | 200 Tuckerton Rd., Medford, NJ 08055 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 6.5% | 12/6/2029 | 11.1 | 11.1 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glen Lamb dba Lambs Tree And Plant Health Care | (#) | 413 Pond Meadow Rd., Westbrook, CT 06498 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/6/2029 | 16.3 | 16.3 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
89
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Natalie Enterprise Inc | (#) | 2500 Grand Ave., Billings, MT 59102 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/6/2029 | 17.6 | 17.6 | 18.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mazhar Family, Inc dba Edible Arrangements | (#) | 601 Portion Rd., Store #17, Lake Ronkonkoma, NY 11779 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/6/2029 | 58.7 | 58.7 | 54.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wolf Pack, LLC | (#) | 939 South 25th East, Ste. 115, Ammon, ID 83406 | Management of Companies and Enterprises | Term Loan | Prime plus 2.75% | 3/6/2030 | 198.4 | 198.4 | 188.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elita 7, LLC and Behavioral Nutrition Inc. | (#) | 16 Marble St., Worchester, MA 01603 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 12/9/2029 | 282.5 | 282.5 | 279.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ciel Du Mel LLC dba Lala's Creamery | (#) | 134 Petaluma Blvd North, Petalumaca, CA 94952 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/10/2029 | 14.4 | 14.4 | 13.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care L | (#) | 10 Tremont Rd., Tremont, PA 17981 | Social Assistance | Term Loan | Prime plus 2.75% | 12/10/2044 | 37.8 | 37.8 | 42.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SLCP Transport, LLC dba Aamco | (#) | 1407 Lomaland Dr., El Paso, TX 79935 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/10/2029 | 54.4 | 54.4 | 53.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Professional Plumbing Services of Nela, LLC | (#) | 99 Plum St, West Monroe, LA 71292 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/11/2029 | 15.7 | 15.7 | 15.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC | (#) | 5801 Cleveland Ave., Riverdale, MD 20737 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/11/2044 | 290.6 | 290.6 | 328.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca | (#) | 175 W Borgfeld Dr., San Antonio, TX 78260 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/11/2044 | 109.0 | 109.0 | 120.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab | (#) | 10904 Baltimore St NE, Blaine, MN 55449 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/11/2029 | 36.1 | 36.1 | 33.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joyner5, Inc.dba British Swim School | (#) | 1000 Settlers Landing Court, Wake Forest, NC 27587 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/12/2029 | 19.6 | 19.6 | 18.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stockton TRI Industries, LLC | (#) | 2141 E Anderson St, Stockton, CA 95205 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/12/2044 | 1,073.0 | 1,073.0 | 1,190.5 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Belle Properties Northwest, Inc. | (#) | 223 Ave. B, Snohomish, WA 98290 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/12/2044 | 127.1 | 127.1 | 141.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abylex, Inc and Worpex LLC | (#) | 7473 Reese Rd #2, Sacramento, CA 95828 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/12/2044 | 93.8 | 93.8 | 95.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nulane Entertainment LLC | (#) | 4100 W. Alameda Ave # 300, Burbank, CA 91505 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 6.6 | 6.6 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Math Enrichment, LLC | (#) | 1009 E Capitol Expressway, San Jose, CA 95121 | Educational Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 182.4 | 182.4 | 167.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jen Macias LLC dba Duende | (#) | 2301 NW Thurman St., Portland, OR 97210 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 7.0 | 7.0 | 6.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Essex Indoor Golf Center LLC | (#) | 23 Saybrook Rd., Essex, CT 06426 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/13/2029 | 68.5 | 68.5 | 66.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Floor Covering Warehouse, Inc | (#) | 112 Orchard St., Stamford, CT 06902 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/13/2044 | 232.5 | 232.5 | 262.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Crane Guys, LLC | (#) | 14480 Alondra Blvd, La Mirada, CA 90638 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 1,168.3 | 1,168.3 | 1,125.5 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
90
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dr Steven J Seidel | (#) | 42 Campeau Place, Bergenfield, NJ 07621 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 70.7 | 70.7 | 64.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WURA LLC dba Dickey's Barbecue Pit | (#) | 4325 E. University Dr., Suite 40, Prosper, TX 75078 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/13/2029 | 83.2 | 83.2 | 77.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signco America LP & Sparkle corporation Inc. | (#) | 7938 Wright Rd, Houston, TX 77041 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/16/2044 | 1,185.3 | 1,185.3 | 1,338.2 | 0.37 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J and K Project Management Consultants LLC | (#) | 350 Mc Donnell St, Lewisville, TX 75057 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/16/2044 | 303.6 | 303.6 | 342.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J and K Project Management Consultants dba A. C. T. Construction | (#) | 350 Mc Donnell St, Lewisville, TX 75057 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/16/2029 | 180.7 | 180.7 | 189.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Farain Saremi dba USA Produce | (#) | 461 G St., Los Banos, CA 93635 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/16/2044 | 460.1 | 460.1 | 509.0 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HADD Corp | (#) | 364 Rugby Rd., Cedarhurst, NY 11516 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/17/2029 | 11.1 | 11.1 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premier Gaming Solutions Inc | (#) | 17 South Grand Ave, Pasadena, CA 91105 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/18/2029 | 9.8 | 9.8 | 10.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skyfall LLC dba EZ Self Storage | (#) | 2705 US Hwy. 45 North, Henderson, TN 38340 | Real Estate | Term Loan | Prime plus 2.75% | 12/18/2044 | 141.7 | 141.7 | 159.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Burlington Academy of Learning LLC | (#) | 10 Covey Rd, Burlington, CT 06013 | Social Assistance | Term Loan | Prime plus 2.75% | 12/18/2029 | 46.4 | 46.4 | 48.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MBK IT Services Inc. | (#) | 626 Trailwood Ct., Garland, TX 75043 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/19/2029 | 18.8 | 18.8 | 19.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kuros, LLC | (#) | 21221 Baron Lake Dr., Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus 2.75% | 11/19/2045 | 85.8 | 85.8 | 96.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kuros, LLC | (#) | 21221 Baron Lake Dr., Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus 2.75% | 12/19/2044 | 385.7 | 385.7 | 435.4 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| United Capital Group LLC | (#) | 23022 La Cadena Dr, Laguna Hills, CA 92653 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/19/2029 | 280.5 | 280.5 | 266.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nebulos, LLC | (#) | 5428 Twilight Way, Parker, CO 80134 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/19/2029 | 54.4 | 54.4 | 53.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Casa Technologies, LLC | (#) | 7928 S 70th Lane, Laveen, AZ 85339 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/19/2029 | 7.1 | 7.1 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shaddai Aesthetics Inc | (#) | 706 W. 34th St., Austin, TX 78705 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/20/2029 | 16.4 | 16.4 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Romain Tower Inc. | (#) | 215 S Persimmon St, Tomball, TX 77375 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/20/2044 | 888.1 | 888.1 | 947.8 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chris Farley DVM PA. dba Farley Veterinary Clinic | (#) | 6487 Taft St., Hollywood, FL 33024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/20/2029 | 11.7 | 11.7 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Freedom Enterprises, Inc | (#) | 2431 14th Ave. SE, Watertown, SD 57201 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/20/2029 | 293.0 | 293.0 | 275.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ACC International LLC | (#) | 200 N Furnace St, Birdsboro, PA 19508 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/20/2044 | 312.4 | 312.4 | 336.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Tradicion Cubana Inc | (#) | 9357 S.W. 40th St., Miami, FL 33165 | Miscellaneous Store Retailers | Term Loan | Prime plus 6.5% | 12/20/2029 | 11.2 | 11.2 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Macon Arts Center LLC | (#) | 4570 Pio Nono Ave, Macon, GA 31206 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/20/2044 | 617.8 | 617.8 | 691.3 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
91
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Freedom Enterprises, Inc - New RE company to be formed | (#) | 2431 14th Ave. SE, Watertown, SD 57201 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/20/2044 | 203.3 | 203.3 | 226.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. | (#) | 2301 N Marginal Rd, Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus 2.75% | 12/23/2029 | 427.2 | 427.2 | 404.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Food Civilization Services LLC and 1701 W 15th St LLC | (#) | 512 E 11th St., Houston, TX 77008 | Real Estate | Term Loan | Prime plus 2.75% | 12/23/2044 | 145.5 | 145.5 | 164.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Lamkin Group LLC and National Championship Enterprises LLC | (#) | 901 Lily Creek Rd., Suite 102, Louisville, KY 40243 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/23/2029 | 581.7 | 581.7 | 533.9 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 512 E 11th Street LLC and Big Brand Management Ltd. Co. | (#) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus 2.75% | 12/23/2044 | 323.8 | 323.8 | 363.3 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Synergistic-Designs, LLC | (#) | 493 Wilson Mill Rd., New Wilmington, PA 16142 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/24/2029 | 6.5 | 6.5 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport | (#) | 2564 Branch St., Middleton, WI 53562 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 12/24/2029 | 307.1 | 307.1 | 296.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ink! Coffee Company | (#) | 2851 Larimer St., Denver, CO 80205 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/24/2029 | 483.1 | 483.1 | 443.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Icebox Cafe L.C. and Icebox Pantry, LLC | (#) | 219 NE 3rd St., Hallendale Beach, FL 33009 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/26/2030 | 415.3 | 415.3 | 393.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bhatti LLC 2, Bhatti LLC | (#) | 1451 Coral Ridge Ave., Coralville, IA 52241 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/26/2029 | 98.0 | 98.0 | 91.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC | (#) | 7302 Kirby Ave., Lubbock, TX 79424 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/27/2029 | 119.6 | 119.6 | 118.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation | (#) | 8712 60th Terrace South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 162.0 | 162.0 | 153.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Irony LLC dba Mulberry’s Garment Care | (#) | 2579 Fairview Ave. North, Roseville, MN 55113 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 977.4 | 977.4 | 900.8 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Landscaping Company and Ground Effects Landscaping, LLC | (#) | 6151 A St., Anchorage, AK 99518 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 626.4 | 626.4 | 706.7 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Landscaping Company | (#) | 6151 S St., Anchorage, AK 99518 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 267.9 | 267.9 | 271.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge | (#) | 25150 W Warren Ave., Dearborn Heights, MI 48127 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 217.9 | 217.9 | 243.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge | (#) | 25150 W Warren Ave., Dearborn Heights, MI 48127 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 141.0 | 141.0 | 135.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tatoo Tony's Under My Skin LLC | (#) | 73 Memorial Pkwy., Atlantic Highlands, NJ 07716 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 96.9 | 96.9 | 109.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| QXC Communications, Inc | (#) | 4541 N Dixie Hwy, Boca Raton, FL 33431 | Telecommunications | Term Loan | Prime plus 2.75% | 12/27/2029 | 456.0 | 456.0 | 418.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
92
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| K&S Hardware LLC dba Gopher Ace | (#) | 1865 Wayzata Blvd, Long Lake, MN 55356 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/27/2029 | 54.4 | 54.4 | 54.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Watearth Inc | (#) | 3371 Glendale Blvd Suite 208, Los Angeles, CA 90039 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 40.7 | 40.7 | 37.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A Family Member Homecare Group Inc, A Family Member Homecare Holdings, | (#) | 11788 Sample Rd., Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 117.0 | 117.0 | 127.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation | (#) | 8712 60TH TER South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 138.0 | 138.0 | 155.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kiddie Garden Child Development Center, LLC | (#) | 2809 W. Atkinson Ave., Milwaukee, WI 53209 | Social Assistance | Term Loan | Prime plus 2.75% | 12/30/2044 | 41.6 | 41.6 | 46.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spinnaker Vero Inc. | (#) | 983 12th St., Vero Beach, FL 32960 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 12/30/2044 | 764.1 | 764.1 | 819.6 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dilpreet Hundal dba Kwik Stop | (#) | 1001 Sacramento Ave., West Sacramento, CA 95605 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/30/2044 | 234.4 | 234.4 | 255.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design;J&M S | (#) | 524 Sackett St., Brooklyn, NY 11217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/30/2029 | 239.3 | 239.3 | 236.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vance Ewing LLC | (#) | 22940 Harlan Ln, St. Robert, MO 65584 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/30/2029 | 97.9 | 97.9 | 102.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress | (#) | 8780 Pershall Rd, Hazelwood, MO 63042 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/30/2029 | 930.6 | 930.6 | 874.5 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Larry J. Frick dba L & S Trucking | (#) | 157571 E Wausau Ave., Wausau, WI 54403 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/30/2029 | 43.1 | 43.1 | 41.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Global Information Technology, Inc | (#) | 1 Cragwood Rd, Suite 101, South Plainfield, NJ 07080 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/31/2029 | 493.7 | 493.7 | 453.6 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bearwaters Brewing Company | (#) | 101 Park St, Canton, NC 28716 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2044 | 247.8 | 247.8 | 277.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pecos Entertainment LLC dba State Theater | (#) | 421 South Oak St, Pecos, TX 79772 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/31/2029 | 123.4 | 123.4 | 129.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nick's Country Kitchen, LLC | (#) | 3 Flanders Rd., Bethlehem, CT 06751 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2044 | 278.5 | 278.5 | 307.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CV Flores LLC dba A All Animal Control | (#) | 2140 E Southlake Blvd L-503, Southlake, TX 76092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/9/2030 | 4.3 | 4.3 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jordi X Kellogg, M.D.,P.C | (#) | 9200 SE 91st Ave. STE 340, Happy Valley, OR 97086 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/10/2030 | 54.8 | 54.8 | 50.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luster Custom Homes LLC | (#) | 18801 North Thompson Peak Pkwy., Suite 240, Scottsdale, AZ 85255 | Construction of Buildings | Term Loan | Prime plus 2.75% | 1/10/2030 | 32.2 | 32.2 | 29.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VetMed LLC | (#) | 908 4th Ave., Decatur, AL 35601 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/10/2030 | 76.7 | 76.7 | 70.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lyon Cubs LLC dba Dayton Valley Learning Center | (#) | 357 Dayton Valley Rd., Dayton, NV 89403 | Social Assistance | Term Loan | Prime plus 2.75% | 1/16/2045 | 162.8 | 162.8 | 178.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
93
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Motorsport Imagery, Inc | (#) | 16362 Cherokee Rd, Brooksville, FL 34601 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 1/17/2030 | 19.7 | 19.7 | 18.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Emmalina LLC | (#) | 3602 Rock Bay Dr., Louisville, KY 40245 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/21/2030 | 8.2 | 8.2 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Align Sports Management, LLC | (#) | 15822 Caminito Cantaras, Del Mar, CA 92014 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 1/22/2030 | 19.7 | 19.7 | 18.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Affinity Integrated Solutions Inc | (#) | 115 Pomona Dr., Greensboro, NC 27407 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/23/2030 | 197.2 | 197.2 | 181.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Affinity Integrated Solutions Inc. | (#) | 115 Pomona Dr., Greensboro, NC 27402 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/23/2045 | 291.0 | 291.0 | 317.6 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Amina Financial Solutions LLC dba Expat Tax Solutions | (#) | 1433 Chestnut St., Macon, GA 31201 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/24/2030 | 18.4 | 18.4 | 16.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Havana Knights LLC | (#) | 65 Lindsey Lane, Havana, FL 32333 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/27/2030 | 34.6 | 34.6 | 33.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Codame Enterprises LLC dba Firehouse Subs | (#) | 1547 Main St., Dunedin, FL 34698 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/29/2030 | 92.7 | 92.7 | 85.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thisaflycloset, LC | (#) | 12408 Kingsview St., Bowie, MD 20721 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 6.5% | 1/30/2030 | 11.5 | 11.5 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daftarnow Inc dba Venture X Parsippany | (#) | 8 Campus Dr.. Suite 105, Parsippany, NJ 07054 | Real Estate | Term Loan | Prime plus 2.75% | 7/30/2030 | 169.8 | 169.8 | 156.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc | (#) | 6967 Hancock Dr., Port St Lucie, FL 34952 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 1/30/2045 | 307.5 | 307.5 | 332.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adorable Home Heath Care LLC | (#) | 6110 W Capitol Dr., Milwaukee, WI 53216 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/30/2030 | 36.8 | 36.8 | 33.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3 Fat Labs Inc. and Energy Conservation Solution Inc. | (#) | 2001 S County Rd. 400 W, Greencastle, IN 46135 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 1/30/2045 | 271.0 | 271.0 | 296.1 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A1 Radon Services, LLC | (#) | 9980 Dell Rd., Eden Prairie, MN 55347 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 1/31/2030 | 78.7 | 78.7 | 72.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2'N1 Home and lawn LLC dba N1 Home an Lawn LLC | (#) | 1300 Ridenour Blvd., Kennesaw, GA 30152 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 2/3/2030 | 11.2 | 11.2 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fortson Janitorial Inc | (#) | 462-482 Chattahoochee St., Cornelia, GA 30531 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 2/5/2045 | 104.4 | 104.4 | 117.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Damiano Global Corp. | (#) | 333 Birch Hills Dr, Rochester, NY 14622 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/10/2030 | 44.1 | 44.1 | 40.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shaw, Ltd dba Fitness 1440 North Coventry | (#) | 54-58 Glocker Way, Pottstown, PA 19465 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/13/2030 | 53.7 | 53.7 | 51.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Red Rock Government Serviice, LLC | (#) | 45240 Business Court, Sterling, VA 20166 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/13/2030 | 59.1 | 59.1 | 62.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Romo Medical Equiptment LLC | (#) | 3453 North Panam Expressway, San Antonio, TX 78219 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 2/14/2030 | 441.4 | 441.4 | 405.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Modes Transportation & Logistics LLC | (#) | 4313 Collingtree Dr., Rockledge, FL 32955 | Support Activities for Transportation | Term Loan | Prime plus 6.5% | 2/14/2030 | 11.2 | 11.2 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Feet Academy of Jacksonville, LLC | (#) | 10265 Normandy Blvd, Jacksonville, FL 32221 | Social Assistance | Term Loan | Prime plus 2.75% | 2/17/2045 | 45.9 | 45.9 | 49.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
94
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alex Roit Chiropractic, P. C | (#) | 55 Northern Blvd., Suite 103, Great Neck, NY 11021 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/19/2030 | 17.6 | 17.6 | 16.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bora Enterprises, LLC | (#) | 44255-B Fremont Blvd,, Fremont, CA 94538 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/21/2030 | 11.3 | 11.3 | 10.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skimino Enterprises LLC | (#) | 197 Ewell Rd., Williamsburg, VA 23188 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 2/21/2030 | 66.2 | 66.2 | 60.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC | (#) | 7215 Waelti Dr., Melbourne, FL 32940 | Social Assistance | Term Loan | Prime plus 2.75% | 2/21/2045 | 374.1 | 374.1 | 401.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sherwood Sporthorses Inc. | (#) | 20502 Forestview, Magnolia, TX 77355 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/21/2046 | 396.7 | 396.7 | 435.6 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abe Chahrour Investment, LLC | (#) | 4001 S Wayne Rd., Wayne, MI 48154 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/25/2045 | 21.6 | 21.6 | 24.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Feras Alshadaida dba Allura Dairy | (#) | 8809 N Grove Ave., Rancho Cucamonga, CA 91730 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/26/2030 | 53.4 | 53.4 | 50.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M & L ENTERPRIZES, LLC | (#) | 2401 Wrightsville Ave., Wilmington, NC 28403 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/26/2030 | 44.1 | 44.1 | 46.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Breakers Electric, LLC dba Merrill Sports | (#) | 13600 Mustang Dr., Mead, CO 80542 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/27/2030 | 9.3 | 9.3 | 8.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crux Solutions LLC dba Waddell's Riverside Funeral Directors | (#) | 6938 Westover St., Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/27/2045 | 78.7 | 78.7 | 87.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GRSC, Inc. | (#) | 1643 NW Dove Ct, Stuart, FL 34994 | Construction of Buildings | Term Loan | Prime plus 2.75% | 2/27/2030 | 19.9 | 19.9 | 19.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LCSM Logistics Inc | (#) | 15735 Spectrum Dr., Addison, TX 75001 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 2/28/2030 | 75.0 | 75.0 | 68.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Toju Bay Inc. dba Fiesta Americana Restaurand and Club | (#) | 1622-1624 N. Mannheim Rd., Stone Park, IL 60165 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2045 | 443.2 | 443.2 | 498.4 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 14th State Learning, LLC dba Sylvan Learning, LLC | (#) | 1 Market Pl #10, Essex Junction, VA 05452 | Educational Services | Term Loan | Prime plus 2.75% | 3/2/2030 | 45.9 | 45.9 | 42.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chet Lemon Enterprises, Inc. dba All American Sports | (#) | 1544 Lane Park Cut off, Tavares, FL 32778 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/3/2031 | 265.4 | 265.4 | 280.1 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn | (#) | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/4/2030 | 21.6 | 21.6 | 22.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Minifox Inc. dba Pho Hoa and Jazen Tea | (#) | 10624 South Eastern Ave. Suites R & S, Hendersen, NV 89502 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/5/2030 | 66.9 | 66.9 | 62.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan | (#) | 2342 NY- 37, Port Covington, NY 12937 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/6/2030 | 124.8 | 124.8 | 127.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Advans IT Services, Inc. | (#) | 65 Boston Post Rd W Ste 390, Marlborough, MA 01752 | Other Information Services | Term Loan | Prime plus 2.75% | 3/6/2030 | 111.4 | 111.4 | 102.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security | (#) | 974 Commercial St, Palo Alto, CA 94303 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/6/2030 | 345.3 | 345.3 | 317.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
95
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Big Brand Management LTD. CO. dba Ivox Media | (#) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus 2.75% | 3/6/2030 | 59.1 | 59.1 | 58.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KR Enterprises, Inc. dba Carriage Inn | (#) | 1065 Tower Hill Rd., North Kingstown, RI 02852 | Accommodation | Term Loan | Prime plus 2.75% | 3/6/2045 | 311.6 | 311.6 | 340.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Ugly Mug's Coffee and Tea Inc. | (#) | 1390 BRd.way Suite C, Placerville, CA 95667 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/9/2030 | 32.7 | 32.7 | 30.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quarles Service Systems, Inc. | (#) | 1740 September Ave, Memphis, TN 38116 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/10/2045 | 93.6 | 93.6 | 103.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Dot Trading Inc | (#) | 3100 NW 72nd Ave., Miami, FL 33122 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/10/2030 | 50.1 | 50.1 | 46.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| C3 Capital, Inc | (#) | 10010 North Hampton Cove Lane, Indianapolis, IN 46236 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/11/2030 | 504.7 | 504.7 | 516.4 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GQ Investments LLC | (#) | 5772 Miami Lakes Dr., Miami Lakes, FL 33014 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus 2.75% | 3/12/2030 | 133.7 | 133.7 | 122.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Integrated Equipment Inc; Intergrated Elastomers Inc | (#) | 5701 Brittmoore Rd, Houston, TX 77041 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/13/2045 | 1,235.0 | 1,235.0 | 1,394.4 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signet Media dba Signet Media inc. | (#) | 630 S 1st St, San Jose, CA 95113 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/13/2030 | 313.2 | 313.2 | 328.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Astoria-Pacific Inc | (#) | 15130 SE 82nd Dr, Clackamas, OR 97015 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 3/13/2030 | 111.4 | 111.4 | 116.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rapid Trucking and | (#) | 4225 W Capitol Ave, West Sacramento, CA 95691 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/13/2045 | 742.4 | 742.4 | 838.1 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Native Fields Landscaping LLC and My Two Girls LLC | (#) | 73 Taylor Rd., Wharton, NJ 07885 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/13/2045 | 515.8 | 515.8 | 563.0 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mark Allen Taylor dba Taylor Auction | (#) | 20 & 68 Westfield Rd., Nicholls, GA 31554 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/13/2030 | 123.9 | 123.9 | 118.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stretch of NW Georgia, LLC dba Stretch Zone | (#) | 1430 Towne Lake Pkwy., Suite 26100, Woodstock, GA 30189 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/13/2030 | 13.1 | 13.1 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kanga Lean, Inc. dba F45 Training Trinity | (#) | 8900 Strengh Ave, New Port Richie, FL 34655 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/16/2030 | 51.2 | 51.2 | 48.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Coffeestamp LLC | (#) | 2511 S Jefferson Ave., St. Louis, MO 63104 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/17/2030 | 4.0 | 4.0 | 3.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mid Ohio Hospitality, LLC dba Bucks Bar and Grill | (#) | 192 E Main St, Mansfield, OH 44904 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/17/2045 | 223.2 | 223.2 | 252.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Forest Scientific Corporation | (#) | 668 Elm St., Tionesta, PA 16353 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/17/2030 | 66.8 | 66.8 | 70.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Firefly Developement LLC dba Firefly Earthworks | (#) | 4810 Vicksburg St., Dallas, TX 75207 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/19/2045 | 292.5 | 292.5 | 315.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Patoruzu Inc dba Sharkey's Cuts for Kids | (#) | 18121 Tuckerton Rd., Suite 130, Cypress, TX 77433 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/20/2030 | 12.1 | 12.1 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kris-Leigh Catered Living at Severna Park,LLC | (#) | 831 Richie Hwy., Severna Park, MD 21146 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 3/20/2030 | 477.9 | 477.9 | 501.0 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dunaway and Hart, Inc | (#) | 575 Harkrider St., Conway, AR 72032 | Real Estate | Term Loan | Prime plus 2.75% | 3/26/2030 | 44.6 | 44.6 | 40.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suburban Transmission of Northern Illinois, Inc. | (#) | 1714 E Oakton St, Des Plaines, IL 60018 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/27/2045 | 146.0 | 146.0 | 164.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
96
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tomco Inc. dba Rental City dba Tomco Equiptment Sales | (#) | 6470 State St., Saginaw, MI 48603 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/27/2030 | 20.1 | 20.1 | 18.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blackwater Diving LLC | (#) | 112 Forrest Rd, Morgan City, LA 70380 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 3/30/2030 | 334.2 | 334.2 | 319.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Montana Custom Log Homes, Inc. | (#) | 2036 US Hwy. 93 North, Victor, MT 59875 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 3/31/2045 | 356.6 | 356.6 | 402.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Caplan Home Care, LLC | (#) | 6029 Berkshire Lane, Dallas, TX 75225 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/1/2045 | 848.6 | 848.6 | 882.7 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Profit Stewards, LLC | (#) | 458 Schuylkill Rd., Phoenixville, PA 19460 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/2/2030 | 38.9 | 38.9 | 33.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Terry and Tammy Jacobsen, Inc dba Appliance Recycling | (#) | 10105 Airport Way, Snohomish, WA 98296 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 4/3/2030 | 302.6 | 302.6 | 250.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet | (#) | 10105 Airport Way, Snohomish, WA 98296 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 4/3/2045 | 820.0 | 820.0 | 839.3 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alliance Heating & Air Conditioning, Inc. | (#) | 10 Brookfield Ave., Bridgeport, CT 06610 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/6/2030 | 674.2 | 674.2 | 560.3 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heriz Gallery Inc dba Pineville Rug Gallery | (#) | 312 Main St., Pineville, NC 28134 | Textile Product Mills | Term Loan | Prime plus 2.75% | 4/6/2045 | 96.3 | 96.3 | 103.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mister Dexters LTD dba Shuga's | (#) | 702 S. Cascade Ave., Colorado Springs, CO 80903 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/28/2045 | 56.5 | 56.5 | 59.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mister Dexters LTD dba Shuga's | (#) | 702 S Cascade Ave., Colorado Springs, CO 80903 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/28/2030 | 169.9 | 169.9 | 140.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BulkMore LLC | (#) | 12741 Ocean Gateway, Ocean City, MD 21842 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/18/2030 | 140.6 | 140.6 | 121.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC | (#) | 200 North Branford Rd., Branford, CT 06405 | Construction of Buildings | Term Loan | Prime plus 2.75% | 9/24/2030 | 349.2 | 349.2 | 336.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| South Park Hardware, LLC | (#) | 16074 South Park Ave, South Holland, IL 60473 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 9/25/2045 | 73.8 | 73.8 | 82.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Babys on Broadway LLC | (#) | 47 East BRd.way, Little Falls, MN 56345 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 9/25/2030 | 69.8 | 69.8 | 59.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hazleton Oil & Environmental, Inc | (#) | 300 Tamaqua St., Hazleton, PA 18201 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/25/2045 | 1,069.0 | 1,069.0 | 1,179.1 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 7PSolutions, LLC | (#) | 136 North Van Buren St., Nashville, IN 47448 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/25/2030 | 46.6 | 46.6 | 38.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Hall at the Yard LLC dba The Hall on the Yard | (#) | 1412 Alden Rd., Orlando, FL 32803 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/2/2031 | 680.3 | 680.3 | 570.6 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KTF Consulting Corp | (#) | 2471 N Geneva Terrace, Chicago, IL 60614 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/6/2030 | 70.3 | 70.3 | 73.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Snow Lodge, LLC | (#) | 115 County Rd 725, Sweeny, TX 77480 | Accommodation | Term Loan | Prime plus 2.75% | 10/8/2045 | 49.3 | 49.3 | 53.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VIP Lawn Care Services LLC dba VIP Services | (#) | 3875 Fay Blvd., Cocoa, FL 32927 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/8/2030 | 17.9 | 17.9 | 15.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shades of U, Inc. dba Diva by Cindy | (#) | 15212 Hanover Pike, Upperco, MD 21155 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 10/9/2045 | 88.7 | 88.7 | 94.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
97
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marcus Horn dba Versatile Styles and Cuts | (#) | 2018 24th Ave., Meridian, MS 39301 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/15/2045 | 10.3 | 10.3 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Third Day Lubes, Inc. | (#) | 450 GA- 53, Calhoun, GA 30701 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/28/2030 | 21.1 | 21.1 | 21.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Supersonic Cleaning Services Inc | (#) | 36 Seitz Terrace, Arlington, NY 12603 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/29/2030 | 36.3 | 36.3 | 30.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys | (#) | 1071 Serpentine Lane, Pleasanton, CA 94566 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/4/2030 | 249.0 | 249.0 | 258.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC | (#) | 8712 60th Terrace South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/4/2030 | 49.6 | 49.6 | 43.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modutech Marine Inc | (#) | 2218 Marine View Dr., Tacoma, WA 98422 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 11/9/2030 | 377.6 | 377.6 | 391.8 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Master Printing and Signs Corp & Artishirt Co. | (#) | 386 Squire Rd., Revere, MA 02151 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/10/2045 | 198.3 | 198.3 | 213.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| T.S.I.-VA, LLC and Alpha Business Services Inc. | (#) | 2525 Pointe Center Court, Suite 200, Dumfries, VA 22026 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/17/2030 | 103.4 | 103.4 | 85.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Number Masters | (#) | 3325 Highland St., Grove City, OH 43123 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/18/2030 | 16.4 | 16.4 | 13.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Italian Heritage Tile and Stone Inc | (#) | 4725 Morgan Territory Rd., Clayton, CA 94517 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/18/2030 | 74.3 | 74.3 | 61.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prosperity Tool, Inc | (#) | 2006 National Guard Dr., Plant City, FL 33563 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/19/2045 | 296.0 | 296.0 | 328.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Green Farm Inc dba Farmers Outlet | (#) | 1018 W SR 424 Suite 100, Longwood, FL 32750 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 11/19/2030 | 11.9 | 11.9 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT | (#) | 14543 SW 5th St., Pembroke Pines, FL 33027 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/20/2030 | 13.9 | 13.9 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ellis Apex LLC dba Inage360 Marietta | (#) | 2060 Franklin Way SE, Suite 150, Marietta, GA 30067 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/24/2030 | 87.2 | 87.2 | 72.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flex Beauty Labs, LLC | (#) | 7512 Dr. Phillip Blvd., Orlando, FL 32819 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 6.5% | 11/24/2030 | 11.9 | 11.9 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dearly LOved Counseling, L.L.C | (#) | 14052 N Dale Mabry Hwy., Suite 215, Tampa, FL 33618 | Social Assistance | Term Loan | Prime plus 6.5% | 11/24/2030 | 11.9 | 11.9 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Next Level Detailing, LLC | (#) | 3235 Odeon Way, Suite 201-203, Acworth, GA 30102 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/24/2030 | 7.1 | 7.1 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| LIAISON STAINLESS INC | (#) | 630 James Lee Dr NW, Suwanee, GA 30024 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/25/2030 | 70.8 | 70.8 | 58.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Alder SmokeHouse LLC | (#) | 1055 Virginia Ave, North Bend, OR 97459 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/25/2030 | 10.6 | 10.6 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Segreti Law Office, A Professional Corporation | (#) | 350 10th Ave.,Suite 1000, San Diego, CA 92101 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/27/2030 | 17.7 | 17.7 | 14.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea | (#) | 14a Craig Rd., Acton, MA 01720 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/27/2030 | 37.8 | 37.8 | 31.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
98
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jonathan J Klaczik LLC dba Veterans Fence Company | (#) | 7417 Dover Lane, Parma, OH 44130 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/27/2030 | 21.2 | 21.2 | 18.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Retail Properties, Inc. | (#) | 125 Main St. 2nd Floor, Reading, MA 01867 | Real Estate | Term Loan | Prime plus 2.75% | 11/30/2030 | 21.2 | 21.2 | 17.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moxie Marketing, LLC | (#) | 51 Lee Dr, Palm Coast, FL 32137 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/3/2030 | 118.8 | 118.8 | 98.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tina D. Coker DBA Diane's Accounting Service | (#) | 119 E Haywood St, England, AR 72046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/3/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Staffhink Limited dba Barn Owl Drone Services | (#) | 4283 Deerfield Hills Rd, Colorado Springs, CO 80916 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 12/3/2030 | 5.0 | 5.0 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SME Business Services LLC | (#) | 930 Chesaco Ave., Rosedale, MD 21237 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/3/2030 | 21.4 | 21.4 | 17.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Combs Creative LLC | (#) | 157 Antler Ridge Circle,, Nashville, TN 37214 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/4/2030 | 5.3 | 5.3 | 5.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paradise RV Sales and Rentals LLC | (#) | 7960 Dorchester Rd., North Charleston, SC 29418 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/4/2030 | 6.6 | 6.6 | 5.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Perez Law Office, PLLC | (#) | 80 N McClintock Dr, Chandler,, AZ 85226 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/4/2045 | 66.7 | 66.7 | 74.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Travel with Love, LLC dba Style & The Storyteller | (#) | 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/4/2030 | 4.8 | 4.8 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Indecon Builders Inc | (#) | 1382 Valencia Ave., Tustin, CA 92780 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/4/2030 | 47.5 | 47.5 | 39.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pacific Contours Corp | (#) | 5340 E Hunter Ave, Anaheim, CA 92807 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 12/4/2030 | 679.1 | 679.1 | 704.6 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northeast Coverages Inc. and Southeast Coverages Inc. | (#) | 910 Franklin Ave, Suite 210, Garden City, NY 11530 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 12/7/2030 | 161.6 | 161.6 | 167.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CashLine Solutions, LLC | (#) | 467741 E 1050 Rd, Sallisaw, OK 74955 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/7/2030 | 11.4 | 11.4 | 9.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tortuga Backpacks LLC | (#) | 340 South Lemon Ave., Walnut, CA 91789 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/8/2030 | 47.5 | 47.5 | 39.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HWH Unlimited, Inc. | (#) | 43386 Business Park Dr., Temecula, CA 92590 | Real Estate | Term Loan | Prime plus 2.75% | 12/9/2030 | 71.3 | 71.3 | 74.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zebra House Coffee, LLC | (#) | 1001 S El Camino Real, San Clemente, CA 92672 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/9/2030 | 42.8 | 42.8 | 35.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LBR Partners LLC dba Techy | (#) | 16430 Good Hearth Blouvard, Clermont, FL 34711 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/9/2030 | 42.8 | 42.8 | 35.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Just In Time Refrigeration LLC | (#) | 6400 EDNA TAYLOR PKWY, MONONA, WI 53716 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/10/2045 | 230.3 | 230.3 | 234.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inner Beauty Salon and Suite LLC | (#) | 825 Beecher St SW, Atlanta, GA 30310 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/10/2045 | 64.2 | 64.2 | 71.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LTD Broadband, LLC | (#) | 69 Teahouse St, Las Vegas, NV 89138 | Telecommunications | Term Loan | Prime plus 2.75% | 12/10/2030 | 1,187.9 | 1,187.9 | 1,072.3 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M-Den, Inc | (#) | 315 Main St., Ann Arbor, MI 48104 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 12/10/2030 | 1,093.6 | 1,093.6 | 1,046.9 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
99
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TJ Pant LLC and Tailored Cartage LLC | (#) | 25993 US 12, Sturgis, MI 49091 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/11/2030 | 82.0 | 82.0 | 79.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shattered Prism LLC | (#) | 3333 BRd.way, New York, NY 10031 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/11/2030 | 7.1 | 7.1 | 7.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Donald W. Harris dba Bowman Creek Mini Storage | (#) | 1625 US-59 N, Linden, TX 75563 | Warehousing and Storage | Term Loan | Prime plus 6.5% | 12/11/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premium Marketing Co. Inc. dba Vera Moore Cosmetics | (#) | 4 Shadow Lane, Woodbury, NY 11797 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 12/11/2030 | 21.4 | 21.4 | 18.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jamali LLC dba Saahten | (#) | 2741 Raceway Fairfield West, Pensacola, FL 32503 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 12/11/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accommodating Financial & Tax Services, LLC | (#) | 1642 Ralston Circle, Toledo, OH 43623 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/14/2045 | 41.8 | 41.8 | 45.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aeromax Industries Inc | (#) | 1310 Ranchers Legacy Trail, Fort Worth, TX 76126 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2030 | 166.3 | 166.3 | 137.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vector Utilities LLC | (#) | 8501 San Gabriel Dr., Laredo, TX 78045 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/14/2030 | 356.4 | 356.4 | 339.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Droplette Marketing Co | (#) | 6481 Orangethorpe Ave., Buena Park, CA 90620 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/14/2030 | 6.4 | 6.4 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corple Enterprisees Inc | (#) | 17887 US Hwy. 380 West, Ponder, TX 76259 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/14/2030 | 59.4 | 59.4 | 49.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Efficient, Fast & Good Cleaning Services Inc | (#) | 2444 NW 177th Terrace, Miami Gardens, FL 33056 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/14/2030 | 7.1 | 7.1 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Last Minute Effects Inc. | (#) | 1016 Hamline Place, Burbank, CA 91504 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/15/2030 | 14.3 | 14.3 | 12.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Savannah Area Language & Culture Exchange, LLC | (#) | 6 Dovetail Crossing, Savannah, GA 31419 | Educational Services | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| David M. Benson LLC | (#) | 1422 Euclid Ave, Cleveland, OH 44115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vege Investments, LLC dba Sunoco Homestead | (#) | 26400 SW 177th Ave, Homestead, FL 33031 | Gasoline Stations | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Highstar Travel Group, LLC | (#) | 2869 Wilshire Dr., Suite 204, Orlando, FL 32835 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/16/2030 | 21.4 | 21.4 | 17.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| McFarlin, LLP | (#) | 4 Park Plz Ste 1025, Irvine, CA 92614 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/16/2030 | 166.3 | 166.3 | 137.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signature Graphic LLC | (#) | 14425 N 79th St, Suite B, Scottsdale, AZ 85260 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/16/2030 | 80.8 | 80.8 | 67.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Carolina Roofing Siding Painting LLC | (#) | 204 Depot St., Camponbello, SC 29322 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/17/2045 | 14.8 | 14.8 | 15.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anthony Connelly Holdings LLC | (#) | 7260 Dean Martin Dr., Suite 800, Las Vegas, NV 89118 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/17/2030 | 237.6 | 237.6 | 196.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flower City Customs Inc. | (#) | 1805 Tebor Rd, Unit 4, Webster, NY 14580 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2030 | 10.0 | 10.0 | 8.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Yu Chun Chic Naeng Myun Restaurant Inc. | (#) | 1159 Kapiolani Blvd, Honolulu, HI 96814 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/17/2030 | 7.3 | 7.3 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AccountPics, LLC | (#) | 903 S WW White Rd, San Antonio, TX 78220 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2045 | 79.1 | 79.1 | 85.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Giant Development Inc and Crabtree Development Corp | (#) | 509 Pylon Dr, Ste 110, Raleigh, NC 27606 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/18/2030 | 1,187.9 | 1,187.9 | 1,034.6 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
100
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Yinlink International Inc | (#) | 2 Corporate Dr., Suiite A, East Windsor, NJ 08512 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/18/2030 | 118.8 | 118.8 | 107.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RJL Texas International Corporation | (#) | 17401 Triton,, Schertz, TX 78154 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/18/2030 | 258.4 | 258.4 | 230.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neeld Rentals Inc dba Mills True Value Hardware | (#) | 205 Clinton Blvd, Clinton, MS 39056 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/18/2030 | 11.4 | 11.4 | 9.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pumpkin Patch Child Care and Early Education Center, LLC | (#) | 310 Grove Beach Rd. N, Westbrook, CT 06498 | Social Assistance | Term Loan | Prime plus 2.75% | 12/18/2045 | 113.6 | 113.6 | 120.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Katie Cox & Co. LLC | (#) | 6605 Longshore ST, Ste 240, Dublin, OH 43017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 7.1 | 7.1 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Code 3 Apps LLC. | (#) | 843 Tempted Ways Dr, Longmont, CO 80504 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 12/18/2030 | 7.1 | 7.1 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| People United of Louisiana LLC | (#) | 1401 Hudson Lane, Monroe, LA 71201 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 142.5 | 142.5 | 124.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Edgar E. Herrera Garcia, Rocio L. D. Herrera dba Integral Delivery Ser | (#) | 3100 Delaware Ave., Des Moines, IA 50313 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/18/2045 | 222.4 | 222.4 | 236.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Horne Chiropractic Center, P.A | (#) | 3820 Mountain Rd., Suites B & C, Pasadena, MD 21122 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 95.0 | 95.0 | 78.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| REST Enterprises Inc dba Upstyled Properties | (#) | 1440 W Taylor St Unit 595, Chicago, IL 60607 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 14.3 | 14.3 | 14.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tahzoo LLC | (#) | 1015 7th St. NW, Washington, DC 20001 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 736.5 | 736.5 | 612.1 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Splashlight Photographic & Digital Studios LLC ,Splashlight Technologi | (#) | 75 Varick St, 3rd Floor, New York, NY 10013 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 1,187.9 | 1,187.9 | 984.7 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC | (#) | 1145 13th Ave. East, Palmetto, FL 34221 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/18/2030 | 199.2 | 199.2 | 165.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Last Touch LLC | (#) | 927 E 10th St, Fairmont, MN 56031 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/18/2045 | 51.1 | 51.1 | 56.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Price Educational Services, LLC dba Mathnasium of South OKC | (#) | 10740 S May Ave, Oklahoma City, OK 73170 | Educational Services | Term Loan | Prime plus 2.75% | 12/21/2030 | 8.0 | 8.0 | 6.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lynch Mining LLC | (#) | 7262 West Hunt Hwy., Queen Creek, AZ 85142 | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 12/21/2045 | 360.2 | 360.2 | 374.5 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| N.W.F.F., Inc. and Environmental Contracting Solutions, Inc. | (#) | 687 E Central Ave., Sutherlin, OR 97479 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2030 | 736.5 | 736.5 | 643.1 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| N.W.F.F., Inc. | (#) | 687 E. Central Ave., Sutherlin, OR 97479 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2045 | 43.2 | 43.2 | 46.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Dedicated LLC | (#) | 13410 SE 26th Cir, Vancouver, WA 98683 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/22/2030 | 207.9 | 207.9 | 172.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ASIL Ventures, LLC | (#) | 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/22/2030 | 4.1 | 4.1 | 3.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
101
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NetLevel5 LLC dba Moutain Air Duct | (#) | 4724 Poleplant Dr., Colorado Springs, CO 80918 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/23/2030 | 15.4 | 15.4 | 13.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spectrum Dynamics, Inc dba Clean Water Works | (#) | 27727 Dalton Bluff Court, Katy, TX 77494 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Summerfield Farm, Inc | (#) | 24 Baker Rd, Pittstown, NJ 08867 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 12/23/2045 | 58.1 | 58.1 | 64.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Terry A. Humphreys dba Tiki Torch Liquors | (#) | 101 Dallas St., Talihima, OK 74571 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Title2Land,LLC | (#) | 11851 Wentling Ave., Baton Rouge, LA 70816 | Real Estate | Term Loan | Prime plus 2.75% | 12/23/2045 | 111.2 | 111.2 | 123.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SLCP Transport, LLC | (#) | 111 Brentwood Dr., College Station, TX 77840 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/23/2030 | 58.1 | 58.1 | 50.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| UBIF 86 CO dba UBREAKIFIX | (#) | 1539 Town Center Dr., Lakeland, FL 33803 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/23/2030 | 54.4 | 54.4 | 45.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC | (#) | 1644 Main St. Suite 1, Columbia, SC 29201 | Educational Services | Term Loan | Prime plus 2.75% | 12/23/2030 | 552.8 | 552.8 | 485.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KCL Business Service Inc. | (#) | 1042 San Fernando Rd., San Fernando, CA 91340 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chris' Angels Cleaning Service LLC | (#) | 2090 Dunwoody Club Dr., Sandy Springs, GA 30350 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.0 | 12.0 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sondra Gayle Insurance Agency Inc. | (#) | 2107 Veterans Memorial Blvd, Metaire, LA 70002 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 12/24/2030 | 7.1 | 7.1 | 7.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| E R Kilpatrick, LLC dba Jefferson Street True Value | (#) | 212 Greenwood St., La Grande, OR 97850 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/28/2030 | 136.6 | 136.6 | 118.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Litchy Electric L.L.C. | (#) | 4035 E Post Rd, Las Vegas, NV 89120 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/29/2030 | 95.0 | 95.0 | 80.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Khangri Sourcing Inc. | (#) | 6021 129th. Ave SE, Bellevue, WA 98006 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/29/2030 | 178.3 | 178.3 | 148.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bojax Auto Collision Inc | (#) | 4706 Fenlee Ave., Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/29/2045 | 339.7 | 339.7 | 340.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc, Pref | (#) | 501 N Wymore Rd, Winter Park, FL 32789 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 380.1 | 380.1 | 395.0 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| George Family Cremation and Burial LLC | (#) | 1260 W Mission Ave, Escondido, CA 92029 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/30/2031 | 98.6 | 98.6 | 87.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Educare Early Intervention, Corporation | (#) | 4557 S Calumet Ave, Chicago, IL 60653 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 42.2 | 42.2 | 35.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Petroleum Equipment & Services, Inc. | (#) | 5631 Silverado Way, Anchorage, AK 99518 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 400.3 | 400.3 | 338.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bourque Sales and Service Inc. | (#) | 9160 Linwood Ave., Shevport, LA 71106 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2045 | 141.3 | 141.3 | 157.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| United Security Specialists, Inc. | (#) | 275 Saratoga Ave. Suite 200, Santa Clara, CA 95050 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 110.7 | 110.7 | 92.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Performance Online, Inc | (#) | 1550 Melissa Ct, Corona, CA 92879 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/30/2030 | 249.9 | 249.9 | 208.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
102
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Center of New England Primary Care Inc | (#) | 775 Center of New New England Blvd, Coventry, RI 02816 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2045 | 416.9 | 416.9 | 464.4 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NDRS Construction Inc.dba Disaster | (#) | 18730 Cortez Blvd, Brooksville, FL 34601 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/30/2030 | 83.2 | 83.2 | 69.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shlama Two LLC dba Village Park Daycare | (#) | 7440 BRd.way, Merrillville, IN 46410 | Social Assistance | Term Loan | Prime plus 2.75% | 12/30/2045 | 247.1 | 247.1 | 261.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trident E&P, LLC | (#) | 320 Circle of Progress Dr., Pottstown, PA 19464 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 1,187.9 | 1,187.9 | 1,065.0 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lightstat Inc. | (#) | 22 W West Hill Rd., Barkhamsted, CT 06063 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/30/2030 | 356.4 | 356.4 | 351.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eppy's Tool & Equipment Warehouse, Inc | (#) | 809 East 42nd St., Brooklyn, NY 11210 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2030 | 248.0 | 248.0 | 206.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Personnel, Inc., Tara Matta and Sara Pierce | (#) | 1758 Emerson St., Denver, CO 80218 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 950.3 | 950.3 | 789.4 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Center of New England Primary Care Inc, North Providence Urgent Care I | (#) | 775 Centre of New England Blvd, Coventry, RI 02816 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2045 | 449.3 | 449.3 | 500.6 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Perfect Game Incorporated | (#) | 850 Twixt Town Rd NE, Cedar Rapids, IA 52402 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/30/2030 | 1,187.9 | 1,187.9 | 1,096.0 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SDI Black 011, LLC | (#) | 1091 YONKERS AVE, YONKERS, NY 10704 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/30/2030 | 950.3 | 950.3 | 804.5 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bourque Sales and Service Inc | (#) | 9160 Linwood Ave., Shreveport, LA 71106 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2045 | 144.0 | 144.0 | 160.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moran Tax & Accounting LLC | (#) | 128 N Franklin St, Brazil, IN 47834 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/31/2045 | 17.3 | 17.3 | 18.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M2 Lumber LLC | (#) | 110 Brick House Rd., Laurens, SC 29360 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2030 | 10.7 | 10.7 | 9.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC | (#) | 1491 Hammond St., Bangor, ME 04401 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/31/2045 | 346.4 | 346.4 | 385.9 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inter-Insurance Agency Services, Ltd. and Universal Casualty Risk Rete | (#) | 380 N BRd.way, Jericho, NY 11753 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 12/31/2030 | 657.1 | 657.1 | 545.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LV Nails & SPA, LLC | (#) | 10050 S Eastern Ave., Henderson, NV 89052 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/31/2030 | 64.1 | 64.1 | 53.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hawthorne Food Company dba Eastern Standard Provis | (#) | 117 Beaver St., Waltham, MA 02452 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2030 | 831.5 | 831.5 | 691.8 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Spot Bar & Restaurant LLC | (#) | 10540 State Route 195, Killeen, TX 76542 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2045 | 86.5 | 86.5 | 89.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seven C's Manufacturing, Inc | (#) | 3895 Corsair St., Reno, NV 89502 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2030 | 522.7 | 522.7 | 479.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TNJ Products, Inc. | (#) | 4912 N Lincoln Ave, Suite 101, Chicago, IL 60625 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/31/2030 | 204.3 | 204.3 | 169.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Leila Zamiri, DDS, Inc | (#) | 3317 E 10th St., Long Beach, CA 90804 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/31/2045 | 154.4 | 154.4 | 172.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LEILA ZAMIRI, DDS, INC. | (#) | 3317 East 10th St., Long Beach, CA 90804 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/31/2030 | 71.3 | 71.3 | 72.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
103
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Westby Grocery LLC | (#) | 212 Main St., Westby, MT 59275 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 1/8/2046 | 43.3 | 43.3 | 42.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Athletic Performance Training Center, LLC | (#) | 12855 York-Delta Dr., North Royalton, OH 44133 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/8/2031 | 14.4 | 14.4 | 11.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| White Pine Logistics, Inc. | (#) | 1281 Cobble Pond Way, Vienna, VA 22182 | Truck Transportation | Term Loan | Prime plus 2.75% | 1/11/2031 | 379.5 | 379.5 | 320.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash | (#) | 2 Center Rd., Old Saybrook, CT 06475 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 1/12/2031 | 124.4 | 124.4 | 113.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Silx LLC | (#) | 4120 3rd Ave., Timnath, CO 80525 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/12/2031 | 4.3 | 4.3 | 3.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SAS Integrated, LLC | (#) | 4012 S Rainbow Blvd, Las Vegas, NV 89103 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/12/2031 | 21.5 | 21.5 | 17.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spring Tavern Inc,Daryn Ray Steinert and Beau Daniel Ritz | (#) | 24401 Aldine Westfield Rd, Spring, TX 77373 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/12/2031 | 54.2 | 54.2 | 45.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Brand Management Ltd. Co and Food Civilization LLC | (#) | 68700 Dinah Shore Dr., Cathedral, CA 92234 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 1/14/2046 | 242.9 | 242.9 | 246.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Retro Rangers LLC and Retro 1951, Inc | (#) | 750 International Pkwy. #105, Richardson, TX 75081 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 1/15/2031 | 189.6 | 189.6 | 157.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metropolitan Neuro Behavioral Institute PLLC | (#) | 4055 W. Chandler Blvd. Suite 5, Chandler, AZ 85226 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/15/2031 | 169.6 | 169.6 | 141.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Austen Felder Holdings LLC dba Austin R Styling | (#) | 23642 Hwy. 25, Franklinton, LA 70438 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 1/18/2031 | 12.1 | 12.1 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Valley Towing & Sons, Inc | (#) | 16 NY-6N, Mahopac, NY 10541 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/19/2031 | 11.2 | 11.2 | 9.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diamond Ridge Professionals LLC, | (#) | 8629 Mesquite Circle, Magna, UT 84044 | Construction of Buildings | Term Loan | Prime plus 6.5% | 1/19/2031 | 6.0 | 6.0 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & L Timber, Inc | (#) | 524 Callen Crabb Rd., Sagle, ID 83860 | Forestry and Logging | Term Loan | Prime plus 2.75% | 1/20/2031 | 227.2 | 227.2 | 200.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Centre for Autism Treatment LLC | (#) | 13090 Sundown Rd., Victorville, CA 92392 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 1/20/2031 | 6.0 | 6.0 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| LONDERPASS, INC. | (#) | 108 N Fiore Pkwy., Vernon Hills, IL 60061 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 1/21/2031 | 6.0 | 6.0 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nex Computer LLC and Kosmaz Technologies LLC | (#) | 1201 Alta Vista Court, Walnut Creek, CA 94596 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/22/2031 | 33.5 | 33.5 | 27.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Andrew's Spotless Cleaning, LLC | (#) | 1604 Marcella Dr., Covington, KY 41011 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 1/22/2031 | 6.0 | 6.0 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greater Vision Healthcare Services, LLC | (#) | 788 Montgomery Ave., Ocoee, FL 34761 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/22/2046 | 917.0 | 917.0 | 967.1 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WILD THING ACCOUNTING & TAX LLC | (#) | 805 NE 190th Ave., Portland, OR 97230 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 1/22/2031 | 6.0 | 6.0 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Travis D. Long dba Pasture Clearing Fencing | (#) | 1205 N St., Belleville, KS 66935 | Construction of Buildings | Term Loan | Prime plus 6.5% | 1/22/2031 | 5.5 | 5.5 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wild Wellness LLC | (#) | 151 Lake St., Lancaster, OH 43130 | Ambulatory Health Care Services | Term Loan | Prime plus 6.5% | 1/22/2031 | 2.7 | 2.7 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
104
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VIIXVII Sewing Studio, LLC | (#) | 277 E Girard Ave., Philadelphia, PA 19125 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 6.5% | 1/22/2031 | 4.5 | 4.5 | 4.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skypie Studio & Crafts LLC | (#) | 933 Mary Ave, Opelousas, LA 70570 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 1/22/2031 | 5.8 | 5.8 | 5.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inland Empire Spine and Disc Laser, Inc. | (#) | 802 Magnolia Ave, Ste 103, Corona, CA 92879 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/22/2031 | 47.8 | 47.8 | 41.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chrysalis MSP LLC | (#) | 14550 Torrey Chase Blvd, Suite 110, Houston, TX 77014 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/26/2031 | 11.0 | 11.0 | 9.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Payne's Environmental Services LLC | (#) | 5617 Causeway Blvd., Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/28/2031 | 176.9 | 176.9 | 156.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jazma Deaungilae Wise | (#) | 110 Golden Pine Rd SW, Austell, GA 30168 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 1/28/2031 | 3.9 | 3.9 | 3.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CULTIVA Solutions, LLC | (#) | 8000 Towers Crescent Dr.,, Vienna, VA 22182 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/29/2031 | 3.8 | 3.8 | 3.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dexter Lillie dba Kreative Kutz Barber Shop | (#) | 865 Cassat Ave., Jacksonville, FL 32205 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/29/2046 | 17.8 | 17.8 | 19.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TC3, LLC | (#) | 1036 Country St. 2945, Tuttle, OK 73089 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/29/2031 | 5.1 | 5.1 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Davis Laboratories, Inc. | (#) | 611 Lunar Ave., Brea, CA 92821 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/1/2031 | 60.2 | 60.2 | 55.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ernest Construction Inc. | (#) | 358 W 44th St., New York, NY 10036 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/2/2031 | 21.7 | 21.7 | 18.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Angels Daycare and Learning Center LLC | (#) | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus 2.75% | 10/3/2046 | 57.1 | 57.1 | 57.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael Miller dba Affordable Paint and Auto Body | (#) | 4738 Randleman Rd., Greensboro, NC 27406 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 2/9/2046 | 22.0 | 22.0 | 23.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hybrid Drive Batteries LLC | (#) | 22607 E La Palma Ave., Suite 406, Yorba Linda, CA 92887 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 2/10/2031 | 14.5 | 14.5 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paramount General Contracting LLC | (#) | 4705 Roosevelt St., Gary, IN 46408 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/10/2046 | 121.9 | 121.9 | 135.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A-One Refrigeration and Heating, Inc | (#) | 910 N 20th Ave., Pasco, WA 99301 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/11/2031 | 159.4 | 159.4 | 138.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Swimmers Inc. | (#) | 2395 Monument Blvd., Concord, CA 94520 | Educational Services | Term Loan | Prime plus 2.75% | 2/11/2031 | 48.1 | 48.1 | 40.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A-One Refrigeration and Heating, Inc. | (#) | 910 N 20th Ave., Pasco, WA 99301 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/11/2046 | 287.5 | 287.5 | 302.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Telescope Inc | (#) | 70 Burnet St., Maplewood, NJ 07040 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/11/2031 | 2.5 | 2.5 | 2.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| UniGuide Media,LLC | (#) | 105 Pearl St., Sausalito, CA 94965 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 2/11/2031 | 6.1 | 6.1 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ryan Spataro dba The Minty Goat | (#) | 6801 N Crystal Ave., Kansas City, MO 64119 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/16/2031 | 4.8 | 4.8 | 4.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| White Pine Logistics Inc | (#) | 1281 Cobble Pond Way, Vienna, VA 22182 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/16/2031 | 63.8 | 63.8 | 53.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
105
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Design Moves LLC | (#) | 3235 North Dixie Hwy., Oakland, FL 33334 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/16/2046 | 84.3 | 84.3 | 89.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alima Mandiang, dba Mandiang Hair Braiding | (#) | 242 E. Claremont Rd, Philadelphia, PA 19120 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 2/17/2031 | 2.4 | 2.4 | 2.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SBRnet, Inc | (#) | 10185 Spyglass Way, Boca Raton, FL 33498 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/17/2031 | 20.2 | 20.2 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Commonwealth Warehouse, Inc. | (#) | 400-500 Murray Rd., Cincinnati, OH 45217 | Warehousing and Storage | Term Loan | Prime plus 2.75% | 2/17/2031 | 55.4 | 55.4 | 46.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ReenBoog Natural Hair Care, LLC | (#) | 4051 Stone Mountain Hwy., Suite E106, Lilburn, GA 30047 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 2/17/2031 | 19.3 | 19.3 | 16.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Surgeon & Associates, Inc | (#) | 733 Bargain St., Fayetteville, NC 28303 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/17/2031 | 28.9 | 28.9 | 28.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eddy Auto Service Inc | (#) | 901 NY-109, West Babylon, NY 11704 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 2/18/2046 | 86.7 | 86.7 | 96.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ben Anderson 365 | (#) | 1567 E Valley Rd, Montecito, CA 93108 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/18/2031 | 48.2 | 48.2 | 40.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TELAVERGE COMMUNICATIONS, LLC | (#) | 8229 Foutain Ridge Dr., Plano, TX 75025 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/19/2031 | 33.7 | 33.7 | 28.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eagle Creek Landscape & Design | (#) | 7574 Eagle Creek Rd., Cincinnati, OH 45247 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/19/2031 | 45.7 | 45.7 | 38.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KOLOA KAI LLC and Stay Beach Cities, Inc | (#) | 2-2514 Kaumualii Hwy., Kalaheo, HI 96741 | Real Estate | Term Loan | Prime plus 2.75% | 2/22/2031 | 7.2 | 7.2 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Medissage Integrative Therapies, LLC | (#) | 103 Twinridge Lane, Richmond, VA 23235 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/23/2046 | 7.4 | 7.4 | 8.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovative Dental of Hannibal LLC | (#) | 515 Clinic Rd., Hannibal, MO 63401 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/24/2031 | 48.2 | 48.2 | 40.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Goodsell/Wilkins, Inc | (#) | 28175 Bluebell Dr., Laguna Niguel, CA 92677 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/25/2031 | 96.3 | 96.3 | 80.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anne M Prior LLC | (#) | 5933 NW Wins Sivers Dr., Portland, OR 97220 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/25/2031 | 17.1 | 17.1 | 14.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Miss Academy, LLC dba Miss Houston Pageant | (#) | 1111 Uptown Park Blvd #12, Houston, TX 77056 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/26/2031 | 9.7 | 9.7 | 8.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metroguard Security & Risk Mgmt Inc. | (#) | 338 Commerce Dr., Fairfield, CT 06825 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/2/2031 | 200.4 | 200.4 | 166.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ambrose Cubed LLC | (#) | 6780 Hudspeth Rd., Harrisburg, NC 28075 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus 2.75% | 3/3/2046 | 198.8 | 198.8 | 221.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Reginald L McClain dba McClain's Auto Detailing and Paint Refinish | (#) | 2753 N 29th St., Milwaukee, WI 53210 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/3/2046 | 7.1 | 7.1 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Giles Title and Escrow Services, LLC and Morgan Andrew Hoover | (#) | 203 North 1st St., Pulaski, TN 38478 | Real Estate | Term Loan | Prime plus 2.75% | 3/4/2031 | 30.0 | 30.0 | 27.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nadal Company LLC | (#) | 5923 Robindale Rd., Catonsville, MD 21228 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/5/2031 | 4.8 | 4.8 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3 A Ideas, LLC dba Bizzy Kids Learning Center | (#) | 1401 Caplin Dr., Arlington, TX 76018 | Social Assistance | Term Loan | Prime plus 2.75% | 3/5/2046 | 119.1 | 119.1 | 127.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
106
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| True Electrical Services LLC dba True Breaker Services | (#) | 3773 Dinosaur St., Castle Rock, CO 80109 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/5/2031 | 5.8 | 5.8 | 4.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Charlie Chedda's LLC | (#) | 1867 Academy Blvd, Colorado Springs, CO 80916 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/5/2031 | 29.1 | 29.1 | 28.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ACTIVE FACILITY MONITORING, LLC | (#) | 702 Ernest Dr, Port Orange, FL 32127 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/9/2031 | 9.6 | 9.6 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| INTERNETZONE I, INC. | (#) | 3131 Laurel Ave., Fullerton, CA 92835 | Other Information Services | Term Loan | Prime plus 2.75% | 3/10/2031 | 9.7 | 9.7 | 8.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Monark, LLC | (#) | 26050 Acero, Suite 411, Mission Viejo, CA 92691 | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/10/2031 | 34.0 | 34.0 | 28.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clean Energyz LLC | (#) | 881 Alma Real Dr., Suites T-16, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/11/2031 | 58.4 | 58.4 | 48.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Motus Inc. dba Stage Your Home San Diego | (#) | 7557 Convoy Ct, San Diego, CA 92111 | Real Estate | Term Loan | Prime plus 2.75% | 3/11/2031 | 51.1 | 51.1 | 42.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clean Energyz LLC | (#) | 881 Alma Real Dr. Suite T-16, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/11/2031 | 18.3 | 18.3 | 18.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hany and Associates LLC dba Integrity Tax Group | (#) | 2020 S Oneida St., Denver, CO 80224 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/12/2031 | 54.5 | 54.5 | 45.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Torchlight Academy Schools, LLC | (#) | 116 County Farm Rd., Windsor, NC 27983 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/12/2046 | 224.1 | 224.1 | 249.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Craftworks NW, LLC | (#) | 12421 NE 117th Ave, Vancouver, WA 98662 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/12/2031 | 14.6 | 14.6 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kris-Leigh Catered Living at Severna Park LLC | (#) | 831 Ritchie Hwy., Severna Park, MD 21146 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 3/12/2031 | 701.3 | 701.3 | 728.7 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swick & Son Enterprises, Inc. | (#) | 108 Mashell Ave. North, Eatonville, WA 98328 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/12/2031 | 70.3 | 70.3 | 59.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Benevolent Family Services LLC, | (#) | 522 S Independence Blvd., Suite 201, Virginia Beach, VA 23452 | Ambulatory Health Care Services | Term Loan | Prime plus 6.5% | 3/15/2031 | 6.1 | 6.1 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pavesh, LLC | (#) | 9576 Potranco Rd., San Antonio, TX 78251 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/15/2046 | 166.7 | 166.7 | 173.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| INB Enterprise LLC | (#) | 7761 Diamondback Dr., College Park, MD 20742 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 3/15/2031 | 6.1 | 6.1 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| DTJ Enterprises, Inc dba West Falmouth Market | (#) | 623 W Falmouth hwy, West Falmouth, MA 02540 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/15/2046 | 179.2 | 179.2 | 184.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crispeno Realty, Inc | (#) | 9812 235th Pl SW, Edmonds, WA 98020 | Real Estate | Term Loan | Prime plus 2.75% | 3/16/2031 | 29.2 | 29.2 | 24.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EXAGEN SOLUTIONS INC | (#) | 32 Waverly Cir, Waverly, NY 12189 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/16/2031 | 51.5 | 51.5 | 42.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 274 Construction Group, Inc | (#) | 420 Raleigh St., Suite F, Wilmington, NC 28412 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 3/16/2031 | 179.8 | 179.8 | 161.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ryan Doyle Enterprises, LLC dba Earthworkers Landscaping | (#) | 802 Klinger Ln, Lebanon, PA 17042 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/17/2031 | 14.6 | 14.6 | 13.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Battle Forged Fitness, LLC dba CrossFit 1976 | (#) | 3251 East Stone Court, Eagle Mountain, UT 84005 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/17/2046 | 55.0 | 55.0 | 49.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
107
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AZ Dropship LLC dba A-Z Trading Co | (#) | 735 Crofton St SE, Grand Rapids, MI 49507 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/18/2031 | 48.6 | 48.6 | 40.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crystal H Thompson dba Advertise IT | (#) | 718 N Main St., Norwood, CT 28128 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/18/2031 | 31.1 | 31.1 | 27.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zmetra Clear Span Structures, LLC | (#) | 2 Old Worcester Rd., Dudley, MA 01571 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 3/18/2031 | 121.4 | 121.4 | 117.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WSCL, Inc | (#) | 176 Rosa Court, Colton, CA 92324 | Construction of Buildings | Term Loan | Prime plus 2.75% | 3/18/2031 | 48.6 | 48.6 | 40.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northern Services Inc | (#) | 2266 Central St., Suite6, Richmond, CA 94801 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/18/2031 | 48.6 | 48.6 | 40.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LT Johnson DDS PLLC dba Brueggen Dental Implant Center | (#) | 14626 Bellaire Blvd., Houston, TX 77083 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/18/2031 | 326.1 | 326.1 | 270.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tripark LLC | (#) | 12630 Haynes Rd., Houston, TX 77066 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/19/2046 | 149.2 | 149.2 | 150.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JEJ LLC dba Hawaii Jerky Shop; DE.HI Foods | (#) | 111 Sand Island Access Rd., Honolulu, HI 96819 | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/19/2046 | 149.2 | 149.2 | 155.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jemas, LLC Dba Medicine Shoppe St Charles | (#) | 488 S 5th St., St Charles, MO 63301 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 3/19/2031 | 87.4 | 87.4 | 72.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Richard Keith Robison Jr. Enterprises, Inc. dba R & R Restoration | (#) | 1539 Apache Dr., Montgomery, TX 77316 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/19/2031 | 14.6 | 14.6 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Natalie Dress Designers, LLC DBA Azaria Bridal | (#) | 3710 US Hwy. 9, Space D218, Freehold, NJ 07728 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 3/19/2031 | 315.6 | 315.6 | 265.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| David Edwin Harries | (#) | 5506 Riverside Dr, Chino, CA 91710 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 3/19/2031 | 14.6 | 14.6 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spartan Technology Solutions, Inc. | (#) | 125 Venture Blvd, Spartanburg, SC 29306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/22/2031 | 48.5 | 48.5 | 40.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clear Impact LLC and Clear Impact Inc | (#) | 11300 Rockville Pike, #1001, Rockville, MD 20852 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/22/2031 | 150.8 | 150.8 | 127.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| S.B. Southern Welding, L.L.C | (#) | 300 Howard Rd., Waxahachie, TX 75165 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 3/23/2031 | 273.3 | 273.3 | 236.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bottles on Broadway, LLC | (#) | 1083 N Boradway, Massapequa, NY 11758 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/23/2031 | 34.0 | 34.0 | 28.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blasco Tire LLC | (#) | 960 Memorial Dr., Griffin, GA 30223 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 6.5% | 3/24/2031 | 6.1 | 6.1 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oscar Rene Guzman and American United Construction LLC | (#) | 12520 Taylor Rd., Houston, TX 77041 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/24/2031 | 174.7 | 174.7 | 147.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sundown Audio, LLC | (#) | 514 W 21st St., Newton, NC 28658 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 3/24/2031 | 97.0 | 97.0 | 80.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Icebox Cafe, L.C and Icebox Pantry, LLC | (#) | 219 NE 3rd St., Hallandale Beach, FL 33009 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/24/2031 | 142.9 | 142.9 | 122.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Capco Swimming Pools LLC and. Capco Industries, LLC dba Premier Pools | (#) | 5115 Savannah Green, Voy Omy, TX 78073 | Construction of Buildings | Term Loan | Prime plus 2.75% | 3/24/2031 | 34.0 | 34.0 | 32.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Malik Dough L.L.C. and Steven L. Malik II | (#) | 3347 Riverside Dr., North Tazewell, VA 24630 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/24/2031 | 10.2 | 10.2 | 8.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
108
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Linh Luong and Loc Luong | (#) | 1209 W Main St., Peroria, IL 61606 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/24/2031 | 84.9 | 84.9 | 83.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Millennium Family Practice LLC | (#) | 6310 Steven Forest Rd., Columbia, MD 21045 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/25/2031 | 93.1 | 93.1 | 96.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Companion Plus Care, LLC | (#) | 19849 Middlebelt Rd., Livonia, MI 48152 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 3/25/2046 | 131.2 | 131.2 | 129.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Party Town Chico LLC | (#) | 1937 East 20th St. #B6, Chico, CA 95928 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/25/2031 | 14.4 | 14.4 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allan Gilbert dba Allan Gilbert Builders | (#) | 50 Jodi Dr., Belmont, NH 03220 | Construction of Buildings | Term Loan | Prime plus 2.75% | 3/25/2031 | 24.3 | 24.3 | 20.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Leo Marketing LLC | (#) | 1127 E Rio Grande Ave, El Paso, TX 79902 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/26/2031 | 14.6 | 14.6 | 13.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diversified Electric, LLC | (#) | 1571 Mapledale St, Ferndale, MI 48220 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/26/2031 | 24.0 | 24.0 | 19.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Image Window & Doors Inc | (#) | 705 Hennis Rd., Winter Garden, FL 34787 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/26/2031 | 25.6 | 25.6 | 26.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Johnson Diversified, Inc dba Plumbing Solutions | (#) | 29802 Avenida De Las Banderas, Rancho Santa Margarita, CA 92688 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/26/2031 | 84.9 | 84.9 | 83.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ground Breakers Construction, Inc. | (#) | 2292 a/k/a 2274 Hayride Rd., Lebec, CA 93243 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 3/26/2031 | 62.5 | 62.5 | 60.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rob Smith dba Laundry Land | (#) | 8913 Sierra Ave., Fontana, CA 92335 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/26/2031 | 18.9 | 18.9 | 16.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zebra Enterprises, LLC dba Shanty | (#) | 213 3rd St., Eureka, CA 95501 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/26/2046 | 33.8 | 33.8 | 37.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AUBURN ANALYTICAL LABS, INC | (#) | 210 Bay City Rd., Midland, MI 48642 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/26/2031 | 24.3 | 24.3 | 20.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ALG-Health LLC and Axis LED Group, LLC | (#) | 520 West Mulberry St., Bryon, OH 43506 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 6/29/2031 | 1,108.6 | 1,108.6 | 990.5 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jason Watts Pictures, LLC | (#) | 110 BRd.way #507, Brooklyn, NY 11249 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 3/29/2031 | 17.9 | 17.9 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kidz Choice Service Inc and Kidz Choice Holdings Inc | (#) | 14-34 110th St., Flushing, NY 11356 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2031 | 203.6 | 203.6 | 169.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signet Media Inc | (#) | 630 S.1st St., San Jose, CA 95113 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/29/2031 | 77.6 | 77.6 | 74.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| QXC Communications, Inc | (#) | 3785 North Federal Hwy., Suite 205, Boca Raton, FL 33431 | Telecommunications | Term Loan | Prime plus 2.75% | 3/29/2031 | 101.8 | 101.8 | 88.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Markell Construction Inc | (#) | 6248 N Woodstock St., Philadelphia, PA 19138 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/29/2031 | 23.1 | 23.1 | 19.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Empire State Adjuster's Corp.DBA Frankie M’s Auto Body East | (#) | 419 West Main St., Smithtown, NY 11787 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/30/2046 | 174.3 | 174.3 | 174.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bojax Auto Collision, Inc. dba Bojax Auto Body Repair | (#) | 4712 Fernlee Ave., Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/30/2031 | 37.0 | 37.0 | 33.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Drake Dance Academy LLC | (#) | 5790 Marble Creek Stree, Dublin, OH 43016 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 7/30/2046 | 137.2 | 137.2 | 143.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
109
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Sign Company of Wilmington, Inc. | (#) | 428 Landmark Dr., Wilmington, NC 28412 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 3/30/2046 | 101.9 | 101.9 | 110.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RH All Around Repair, LLC | (#) | 2008 Coahuila Rd, Odessa, TX 79763 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/30/2046 | 51.4 | 51.4 | 53.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bojax Auto Collision, Inc dba Bojax Auto Body Repair and Seman Real Es | (#) | 4712 Fernlee Ave., Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/30/2046 | 23.6 | 23.6 | 23.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Underground Toys USA, LLC dba Seven 20 and Wozniak Distribution, | (#) | 7626 Miramar Rd, San Diego, CA 92126 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/30/2031 | 302.8 | 302.8 | 251.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tober Building Company, LLC | (#) | 3351 Brecksville Rd., Richfield, OH 44286 | Construction of Buildings | Term Loan | Prime plus 2.75% | 3/31/2031 | 623.9 | 623.9 | 538.3 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thomson Holdings Enterprises LLC dba Volusia County Towing | (#) | 345 8th St., Daytona Beach, FL 32117 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 3/31/2046 | 109.8 | 109.8 | 108.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Statewide Health Care, Inc | (#) | 102 Oglethorpe Professional Court, Savannah, GA 31406 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2031 | 60.1 | 60.1 | 50.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Triple B's, Inc dba Crews Door Company | (#) | 12189 Livingston Rd., Manassas, VA 20109 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/31/2046 | 92.2 | 92.2 | 94.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Barrett Enterprises, LLC | (#) | 920 N Columbia St, Milledgeville, GA 31061 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/31/2031 | 20.4 | 20.4 | 17.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Barrett Enterprises, LLC dba Barrett and Sons Used Cars | (#) | 920 N Columbia St, Milledgeville, GA 31061 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/31/2046 | 44.2 | 44.2 | 42.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Knight Settlement Sand & Gravel, LLC | (#) | 7291 Knight Settlement Rd, Bath, NY 14810 | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 3/31/2031 | 161.1 | 161.1 | 138.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Batteries in a Flash.com, Inc. | (#) | 720 W Cheyenne Ave, North Las Vegas, NV 89030 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/31/2046 | 102.1 | 102.1 | 105.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TK Cleaning and Lawn Service LLC | (#) | 4449 Beechaven Dr., Rock Hill, SC 29732 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/31/2046 | 24.8 | 24.8 | 27.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Sound Communications, Inc dba Technology Source | (#) | 1551 North Tustin Ave., Suite 125, Santa Ana, CA 92705 | Telecommunications | Term Loan | Prime plus 2.75% | 3/31/2031 | 129.9 | 129.9 | 108.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trailer Marketing Services Inc | (#) | 4560 State Route 233, Clinton, NY 13323 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/31/2046 | 67.0 | 67.0 | 74.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TK Cleaning and Lawn Service LLC | (#) | 4449 Beechaven Dr., Rock Hill, SC 29732 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/31/2031 | 116.3 | 116.3 | 103.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Dolce Vita Water Sports LLC,LDV GOLF CART & BIKE RENTALS LLC | (#) | 408 Kelly Plantation Dr, Destin, FL 32541 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/31/2031 | 346.5 | 346.5 | 358.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suncoast Premier Medical, LLC and Mario R Perez MD PA | (#) | 1239 US-27, Clermont, FL 34714 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2046 | 100.8 | 100.8 | 102.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Walking Urgent Care Inc | (#) | 10308 West Sample Rd., Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2031 | 242.3 | 242.3 | 219.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Motor City Bakery Inc dba Mexi bake | (#) | 8100 Radcliffe St., Detroit, MI 48210 | Food Manufacturing | Term Loan | Prime plus 2.75% | 4/7/2046 | 103.9 | 103.9 | 111.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gerald Scott Lyda dba Edneyville Wood Products | (#) | 3555 Chimney Rock Rd., Hendersonville, NC 28792 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 4/9/2046 | 32.6 | 32.6 | 36.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
110
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| College Economy Inc | (#) | 679 Wedgewood Dr., Hanover Park, IL 60133 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/13/2031 | 34.1 | 34.1 | 28.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stephanie Ann Doty | (#) | 82 Diggins Dr., Folsom, CA 95630 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 4/14/2031 | 3.6 | 3.6 | 3.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lockett Trucking and Transport LLC | (#) | 612 Colebridge Dr., Blacklick, OH 43004 | Truck Transportation | Term Loan | Prime plus 6.5% | 4/14/2031 | 6.1 | 6.1 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| RV Solar LLC | (#) | 3442 E Bulk Lane, Oak Creek, WI 53154 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 4/14/2031 | 6.1 | 6.1 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gateway Veterinary Services P.C. dba Liberty Animal Clinic | (#) | 9212 Liberty Ave., Ozone Park, NY 11417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/15/2031 | 43.9 | 43.9 | 41.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tierra Corrosion Control, Incorporated | (#) | 1608 Schofield Lane, Farmington, NM 87401 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/16/2031 | 24.4 | 24.4 | 25.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oregon Glass Repair, LLC dba SuperGlass Windshield Repair; SuperGla | (#) | 2972 SE 38th Court, Hillsboro, OR 97123 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2031 | 16.8 | 16.8 | 14.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMERICAN CINEMA INSPIRES, INC and CEO Multimedia, Inc | (#) | 15363 Victory Blvd, Van Nuys, CA 91406 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 4/20/2031 | 34.1 | 34.1 | 28.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Twenty Ten Agency, LLC | (#) | 340 S Lemon Avnue, Walnut, CA 91789 | Educational Services | Term Loan | Prime plus 2.75% | 4/21/2031 | 3.9 | 3.9 | 3.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Acra Cast, Inc. | (#) | 1837 First St., Bay City, MI 48708 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 4/22/2031 | 20.6 | 20.6 | 19.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wells Cutting Edge, LLC | (#) | 4201 North Cochrane Lane, Erda, UT 84074 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 4/22/2031 | 34.1 | 34.1 | 29.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J-Tech Industries Inc | (#) | 232 Alexandria Dr, Mooresville, NC 28115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/23/2031 | 6.3 | 6.3 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Max Rosin & Associates, Inc | (#) | 37-43 West 14th St., Suite 304, New York, NY 10011 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/23/2031 | 56.0 | 56.0 | 46.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Janie Lacy & Associates, LLC dba Life Counseling Solutions | (#) | 670 N Orlando Ave, #103, Maitland, FL 32751 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/26/2046 | 33.8 | 33.8 | 36.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| G.A.P. Mechanical Inc. | (#) | 2500 North Forsyth Rd., C29, Orlando, FL 32807 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/28/2031 | 21.9 | 21.9 | 18.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 822 GROUP LLC | (#) | 136 Treehaven St., Gaitherburg, MD 20878 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/28/2031 | 48.8 | 48.8 | 40.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cajun Made Charters, L.L.C | (#) | 27900 Hwy. 1, Golden Meadow, LA 70357 | Fishing, Hunting and Trapping | Term Loan | Prime plus 2.75% | 4/28/2031 | 43.0 | 43.0 | 41.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thomas Wayne Belcher Jr dba Area 51 Tattoo Body Piercing & Supply | (#) | 230 BRd.way St., Jackson, OH 45640 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/29/2046 | 11.9 | 11.9 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 5 Star Renovations, Inc. and Five Star Group, Inc. | (#) | 2997 US-29, Moreland, GA 30259 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/29/2031 | 21.4 | 21.4 | 20.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grover Jackson Engineering, LLC | (#) | 1880 Campbellsville Rd., Pulaski, TN 38478 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 4/30/2046 | 53.7 | 53.7 | 56.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3G Graphix LLC dba Elemento Graphics | (#) | 7160 Zionsville Rd, Zionsville Rd, IN 46268 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2031 | 14.0 | 14.0 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| NebulOS, Inc | (#) | 5428 Twilight Way, Parker, CO 80237 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2031 | 58.5 | 58.5 | 50.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
111
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Boyd's Cardinal Hollow Winery dba Boyd's Cardinal Hollow Winery | (#) | 1830 West Point Pike, West Point, PA 19486 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 5/4/2046 | 90.0 | 90.0 | 99.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hank Thomas Performance | (#) | 917 Dixie Club Rd., Winston-Salem, NC 27107 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 5/5/2031 | 34.5 | 34.5 | 34.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Foy Commerce LLC | (#) | 1725 Park Lane S, Suite 2,, Jupiter, FL 33458 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 5/5/2031 | 6.2 | 6.2 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clavismen LLC dba Katy Wines and Spirits | (#) | 5901 B Hwy. Blvd., Katy, TX 77494 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 5/7/2031 | 8.4 | 8.4 | 7.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Silverado Sales Inc dba Husker Sit N Sleep | (#) | 2120 Central Ave., Kearney, NE 68847 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 5/11/2031 | 18.7 | 18.7 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abatement Pro n Demo, Inc | (#) | 468 North Canal St., Lawrence, MA 01841 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 5/12/2031 | 34.5 | 34.5 | 30.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rev Motorsports, LLC dba Speed Concept | (#) | 20745 SW Tualatin Valley Hwy., Ste 120, Aloha, OR 97003 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 5/13/2031 | 25.3 | 25.3 | 21.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sure Business Group LLC dbaKasada Beauty Supply | (#) | 5601 Rivers Ave., North Charleston, SC 29406 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/14/2031 | 4.2 | 4.2 | 3.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Earth Analytical Sciences, Inc. | (#) | 4825 Ward Dr, Beaumont, TX 77705 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/17/2031 | 93.4 | 93.4 | 83.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| THE LAW OFFICES OF LAWRENCE A. BECKENSTEIN P.C | (#) | 320 E 65th St., Suite #619, New York, NY 10065 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/17/2031 | 14.8 | 14.8 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Motor Messenger NYC Inc | (#) | 81-36 Baxter Ave., Queens, NY 11373 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 5/18/2031 | 173.5 | 173.5 | 151.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vernon Alexander dba Southern Ohio Hunting Preserve | (#) | 31625 Goosecreek Rd., McArthur, OH 45651 | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 5/19/2031 | 23.2 | 23.2 | 24.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Woodzzy LLC dba Dba Woodzzy Bar & Resturant | (#) | 1133 Clarkson Ave., Brooklyn, NY 11212 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/19/2046 | 179.7 | 179.7 | 196.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Compass CFO Holdings, LLC | (#) | 4400 Rt 9 Suite 1000, Freehold, NJ 07728 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/19/2031 | 19.2 | 19.2 | 16.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Foreclosure Excess Proceeds, LLC | (#) | 2415 E Camelback Rd., Suite 700, Phoenix, AZ 85016 | Real Estate | Term Loan | Prime plus 2.75% | 5/19/2031 | 34.5 | 34.5 | 28.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hankemeier Holdings LLC dba Grow Salon | (#) | 205 W 6th St., Suite 105 & 110, Georgetown, TX 78626 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/20/2031 | 18.7 | 18.7 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| League One Logistics, LLC | (#) | 150 Hiram Industrial Dr., Hiram, GA 30141 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/21/2046 | 75.0 | 75.0 | 80.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JJBM LLC dba Alumni Grill | (#) | 3316 Pacific Ave., Wildwood, NJ 08260 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/21/2046 | 20.5 | 20.5 | 22.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LEX-MAR SERVICE INC | (#) | 12278 NW 106th Court, Medley, FL 33178 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/21/2046 | 20.0 | 20.0 | 21.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tropics LLC | (#) | 6453 Chupp Rd., Lithonia, GA 30058 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/24/2031 | 11.1 | 11.1 | 9.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ecru Designs LLC | (#) | 275 North Wyoming Ave., South Orange, NJ 07079 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 5/24/2031 | 62.1 | 62.1 | 52.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BGS Consulting LLC dba Your Digital Canvas | (#) | 5608 Malvey Ave., Fort Worth, TX 76107 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/25/2031 | 7.4 | 7.4 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
112
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bock Technologies Inc. | (#) | 11496 Luna Rd. Ste 1200, Dallas, TX 75234 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/25/2031 | 34.5 | 34.5 | 28.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hotel California Salon LLC dba Beverly Hills Lashes | (#) | 872 Huntley Dr., West Hollywood, CA 90069 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/25/2031 | 27.1 | 27.1 | 22.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MPI Automotive Corp | (#) | 19925 Stevens Creek Blvd., Suite 100, Cupertino, CA 95014 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 5/26/2031 | 49.3 | 49.3 | 41.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dr. Karissa Walton, PLLC dba The Mobile Health Doc | (#) | 140 N Granite St., Prescott, AZ 86301 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/26/2031 | 47.8 | 47.8 | 42.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eckles Generation Heating & Air Service, Inc | (#) | 6000 Poplar Ave., Memphis, TN 38119 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/26/2031 | 13.3 | 13.3 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| ELIOT'S ADULT NUT BUTTERS LLC | (#) | 1140 SE 7th, Suite 190, Portland, OR 97214 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 5/26/2031 | 11.1 | 11.1 | 9.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rachel Reyes-Bergano, D.O. Inc dba Contempo Aesthetics | (#) | 708 E Colorado Blvd., Pasadena, CA 91101 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/26/2031 | 66.1 | 66.1 | 55.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neuline Health Management LLC | (#) | 1402 S Custer Rd., McKinney, TX 75070 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/27/2031 | 79.4 | 79.4 | 66.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shericka Newsome dba Little Sunshine's Academy | (#) | 474 N Chew Rd., Hammonton, NJ 08037 | Social Assistance | Term Loan | Prime plus 2.75% | 5/27/2031 | 4.9 | 4.9 | 4.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Keystone Contracting, LLC dba Keystone Roofing and Siding, LLC | (#) | 205 Route 9 N, freehold, NJ 07728 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/27/2046 | 187.0 | 187.0 | 190.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Compass Technical Services, Inc. | (#) | 2600 Gravel Dr., Building 7, Fort Worth, TX 76118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/27/2031 | 24.7 | 24.7 | 20.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Amazing G, LLC and Victoria Armstrong-Mensah | (#) | 3030 N Saranac, Mesa, AZ 85207 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 5/28/2031 | 26.1 | 26.1 | 25.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aeffect, Inc | (#) | 5600 N River Rd., Suite 800, Rosemont, IL 60018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/28/2031 | 39.4 | 39.4 | 33.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tec-Com Low Voltage Solutions Inc | (#) | 2045 Live Oak Blvd, Yuba City, CA 95991 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/2/2031 | 34.7 | 34.7 | 29.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Taqueria, Inc. | (#) | 10 Greenwich Ave., Greenwich, CT 06830 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/3/2031 | 24.8 | 24.8 | 20.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Center for Jewish Addiction Rehabilitation, LLC dba Tikvah Lake Recove | (#) | 6549 Rajol Dr., Sebring, FL 33875 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 6/3/2031 | 34.7 | 34.7 | 36.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swantown Inn & Spa LLC | (#) | 1431 11th Ave. SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus 2.75% | 6/8/2046 | 35.0 | 35.0 | 39.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tri-Span Construction LLC dba Lawrence County Sand and Stone | (#) | 136 Southland Dr., Louisa, KY 41230 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 6/8/2031 | 44.7 | 44.7 | 45.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 899 Toscanini, LLC | (#) | 899 Main St., Cambridge, MA 02139 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/9/2031 | 16.3 | 16.3 | 17.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dulceria NYC Inc | (#) | 2220 Frederick Douglass Blvd, New York, NY 10026 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/10/2031 | 9.9 | 9.9 | 8.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| LVM Constructiion LLC | (#) | 194 N Grove St., East Orange, NJ 07017 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/10/2031 | 14.9 | 14.9 | 12.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| FRSSE Inc dba Foote's Rest Rental | (#) | 510/512 East Main St. Unit 1-4, Frisco, CO 80443 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/10/2031 | 48.1 | 48.1 | 40.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
113
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Halikamai Inc dba Neighborhood Beer and Wine | (#) | 510 Farm Market Rd. 718, Unit A, Newark, TX 76071 | Gasoline Stations | Term Loan | Prime plus 2.75% | 6/10/2031 | 19.8 | 19.8 | 20.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BearWaters Brewing Company | (#) | 101 Park St., Canton, NC 28716 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/11/2046 | 65.0 | 65.0 | 71.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Ogden Group of Rochester, Inc | (#) | 78 Brunswick St, Rochester, NY 14607 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/11/2031 | 10.9 | 10.9 | 9.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 21st Century Living LLC dba 21st Century Concierge | (#) | 33 Fitchett St., Poughkeepsie, NY 12601 | Construction of Buildings | Term Loan | Prime plus 2.75% | 6/11/2031 | 24.8 | 24.8 | 25.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 360 Cloud Solutions, LLC and 360 Cloud Apps, LLC | (#) | 299 S Main St., Salt Lake City, UT 84111 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2031 | 349.9 | 349.9 | 293.2 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Edgar I Cordoba dba Edgar Cordoba Insurance Agency | (#) | 9201 Dyer St., El Paso, TX 79924 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 6/14/2031 | 15.9 | 15.9 | 13.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AAAK Investments LLC | (#) | 19595 15 Mile Rd, Clinton Twp, MI 48035 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/14/2046 | 41.2 | 41.2 | 45.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Integrated Rehabiilitation Inc | (#) | 10340 SE Division St., Portland, OR 97266 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/15/2031 | 148.8 | 148.8 | 137.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Semper Foods, LLC | (#) | 7000 W. Palmetto Park Rd,, Boca Raton, FL 33433 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus 2.75% | 6/15/2031 | 49.6 | 49.6 | 41.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bolton Construction, LLC and Meeker Stone Company, LLC | (#) | 73544 CO-64, Meeker, CO 81641 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 6/16/2031 | 148.4 | 148.4 | 128.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Subhash Joshi LLC dba Mata Hardware | (#) | 6370 Mae Anne Ave., Suites 1 and 2, Reno, NV 89523 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 9/18/2031 | 33.7 | 33.7 | 28.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K&R Enterprises III Inc dba The Frozen Cow | (#) | 6710 Post Rd., North Kingstown, RI 02852 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/18/2046 | 36.1 | 36.1 | 38.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ellerman Engineerting & Innovations, Inc and R & S Properties and Hold | (#) | 4444 Forest St., Leonard, MI 48367 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 6/21/2031 | 46.1 | 46.1 | 42.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Butcher Block of Woodland Park, LLC | (#) | 320 S Baldwin St, Woodland Park, CO 80863 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/21/2031 | 14.9 | 14.9 | 12.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bluewater Laundry & Linen, LLC | (#) | 2315 Main St., Loris, SC 29569 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/21/2031 | 119.8 | 119.8 | 109.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Francis L Bailey Jr dba Carolina GPS Services | (#) | 1545 Langston Dr, Johns Island, SC 29455 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/21/2031 | 20.2 | 20.2 | 16.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Two Mean Beans, LLC dba Coffee and Crepes | (#) | 315 CrossRd.s Blvd., Floor G, Cary, NC 27518 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/21/2031 | 11.5 | 11.5 | 10.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vancole Investments, Inc | (#) | 876 Virginia Ave., Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/21/2031 | 70.9 | 70.9 | 59.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bluewater Laundry & Linen, llc | (#) | 2315 Main St., Loris, SC 29569 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/21/2046 | 71.7 | 71.7 | 80.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vance Ewing LLC dba The Bow & Barrel Sportsmen Center | (#) | 22940 Harlan Lane, St Robert, MO 65584 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/22/2046 | 50.0 | 50.0 | 54.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prestige Nationwide, LLC dba Eastern Standard | (#) | 1131 Burke St., Winston-Salem, NC 27101 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/22/2046 | 50.0 | 50.0 | 51.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
114
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2B St. Marks, Inc dba Duetto | (#) | 540 Greene St., Unit 1, Key West, FL 33040 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/22/2031 | 20.8 | 20.8 | 17.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JC's Tall Glass Inc | (#) | 2810 Hypoluxo Rd., Lantana, FL 33462 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/23/2046 | 209.8 | 209.8 | 225.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The AAC Speech Clinic, LLC and Red Rock Neurorehabilitation Center | (#) | 9260 West Sunset Rd., Suite 204, Las Vegas, NV 89148 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/23/2031 | 34.7 | 34.7 | 29.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pampanguena Market Place Corp | (#) | 18623 SW 107th Ave, Miami, FL 33157 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/23/2046 | 48.6 | 48.6 | 48.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DAVIS WINES LLC and BRICK & MORTAR WINES, LLC | (#) | 25 Healdsburg Ave Bld 20, Healdsburg, CA 95448 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 6/24/2031 | 93.4 | 93.4 | 84.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northwest Evergreen Innovations, LLC and James Hamilton Gregersen | (#) | 6791 Bethel Rd. SE, Port Orchard, WA 98367 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/24/2046 | 52.6 | 52.6 | 58.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Craftwork Carpentry and Millwork Inc | (#) | 2777 S Financial Ct., Sandford, FL 32773 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/24/2046 | 180.0 | 180.0 | 189.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kevin Head Agency, LLC | (#) | 941 Moores Ferry Rd., Villa Rica, GA 30180 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 6/25/2046 | 76.4 | 76.4 | 85.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CURVE MART C-STORE AND CAJUN DELI LLC dba Curve Mart | (#) | 44063 Hwy. 431, Saint Amant, LA 70774 | Gasoline Stations | Term Loan | Prime plus 2.75% | 6/25/2046 | 185.0 | 185.0 | 196.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| T.A.L.E.N.T. Leadership LLC dba T.A.L.E.N.T. Leadership Napoli's Itali | (#) | 4280 Lavon Dr., Garland, TX 75040 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/25/2031 | 28.8 | 28.8 | 24.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nevada Adult Day healthcare Centers Inc | (#) | 2008 S Jones Blvd., Las Vegas, NV 89146 | Social Assistance | Term Loan | Prime plus 2.75% | 6/25/2031 | 44.7 | 44.7 | 46.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J & J Rocket Fizz General Partnership | (#) | 3155 Outlet Dr. Space E020, Edinburgh, IN 46124 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/25/2031 | 14.8 | 14.8 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KDKB Properties, LLC and US Press, LLC | (#) | 1628-A James P. Rodgers Dr., Valdosta, GA 31601 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 6/25/2031 | 702.8 | 702.8 | 612.2 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Buckeye Health Group, LLC | (#) | 8120 Walcot Ln, Cincinnati, OH 45249 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/25/2031 | 49.6 | 49.6 | 42.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Variance Solutions, LLC | (#) | 48 Western Dr., Ardsley, NY 10502 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/25/2031 | 74.4 | 74.4 | 63.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Press, LLC | (#) | 1628-A James P. Rodgers Dr., Valdosta, GA 31601 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 6/25/2046 | 541.8 | 541.8 | 561.9 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Troung Enterprises Inc | (#) | 1305 SW 107th Ave, Miami, FL 33174 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/28/2031 | 9.9 | 9.9 | 8.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| HTE Acquisition, LLC dba Hi Tech Engineering | (#) | 4610 Calle Quetza, Camarillo, CA 93012 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2031 | 52.1 | 52.1 | 46.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| O.P.P. Presents LLC | (#) | 15927 Pioneer Blvd, Norwalk, CA 90650 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/29/2031 | 14.3 | 14.3 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Yogi's Logistics Inc and 9371 Truck Yard LLC | (#) | 9371 Jackson Rd, Sacramento, CA 95826 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/29/2046 | 142.0 | 142.0 | 159.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 360 Concepts Group, LLC dba Bowl 360 Astoria | (#) | 19-45 49th St., Astoria, NY 11105 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/29/2031 | 116.1 | 116.1 | 97.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Imaginations Learning Center Inc | (#) | 189 toll Gate Rd,, Warwick, RI 02886 | Social Assistance | Term Loan | Prime plus 2.75% | 6/29/2046 | 114.4 | 114.4 | 116.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
115
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Seema Aijaz Enterprises Inc dba Edible Arrangements | (#) | 1040 South BRd.way, Unit 6, Hicksville, NY 11801 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/29/2031 | 28.7 | 28.7 | 24.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CALTEL, INC. | (#) | 2309 Acie Ave., Conway, SC 29528 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 6/29/2031 | 89.7 | 89.7 | 84.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Favorita Radio Network | (#) | 4043 Geer Rd., Hughson, CA 95326 | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 6/29/2046 | 180.0 | 180.0 | 198.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eagle's Eye Comfort Care Miramar LLC | (#) | 6308 SW 27th St, Miramar, FL 33023 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 6/30/2046 | 65.5 | 65.5 | 69.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Martin C. Liu & Associates, PLLC | (#) | 135 Bowery St., New York, NY 10002 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/30/2031 | 49.6 | 49.6 | 51.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neil Hoss, D.M.D., LLC. | (#) | 115 Hartford Turnpike, Tolland, CT 06084 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/30/2031 | 27.9 | 27.9 | 23.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ata&Ana LLC dba Ata Ana Home Health Agency | (#) | 8304 Old Courthouse Rd. Unit D, Vienna, VA 22182 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/30/2031 | 158.8 | 158.8 | 141.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Craftwork Carpentry and Millwork Inc. | (#) | 2777 S Financial Ct., Sanford, FL 32773 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/30/2031 | 115.1 | 115.1 | 97.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New York Equestrian Center Ltd | (#) | 633 EAGLE AVE, WEST HEMPSTEAD, NY 11552 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/30/2046 | 1,248.6 | 1,248.6 | 1,398.8 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kings Autoshow Inc dba Brooklyn Mitsubishi and Grand Auto Group LLC | (#) | 5815 Church Ave, Brooklyn, NY 11203 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/30/2031 | 38.2 | 38.2 | 38.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tidal Commerce Inc | (#) | 2100 Clearwater Dr, Oak Brook, IL 60523 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 6/30/2031 | 324.4 | 324.4 | 272.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VILLELA CPA PLLC | (#) | 3877 SE 5th Ave, Ocala, FL 34480 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/30/2031 | 14.9 | 14.9 | 12.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Superior Coach Interiors, Inc | (#) | 211 Babb Dr, Lebanon, TN 37087 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 6/30/2031 | 379.9 | 379.9 | 397.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sheldon T Banks LLC | (#) | 2340 W Carpenter Rd., Flint, MI 48505 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/30/2046 | 57.8 | 57.8 | 64.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Holland Holdings LLC | (#) | 1102 Blackbriar Cir Ne, Hartselle, AL 35640 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/30/2031 | 198.4 | 198.4 | 172.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zollner Enterprises, Inc | (#) | 221 Hulls Chapel Rd, Fredericksburg, VA 22406 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/30/2031 | 49.6 | 49.6 | 41.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royal Restaurants, LLC | (#) | 138 Griffin Rd., Ruston, LA 71270 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2031 | 247.4 | 247.4 | 232.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gene Properties LLC,4 Winnapaug Rd LLC and,144 Atlantic Ave LLC | (#) | 149 Atlantic Ave, Westerly, RI 02891 | Accommodation | Term Loan | Prime plus 2.75% | 6/30/2046 | 1,124.0 | 1,124.0 | 1,259.2 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Afrodisiac Enterprises LLC dba Afrodisiac Nola | (#) | 5363 Franklin Ave, New Orleans, LA 70122 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/1/2046 | 30.0 | 30.0 | 32.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jason M. Eberhart dba Stae Farm | (#) | 600 Allegheny St., Jersey Shore, PA 17740 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/2/2046 | 25.9 | 25.9 | 26.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 156 W. Salon & Boutique, llc dba Shabby Shek Salon and Boutique | (#) | 156 West Tioga St., Tunkhannock, PA 18657 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/2/2046 | 40.1 | 40.1 | 40.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Iron Smith LLC dba Anytime Fitness Nevada | (#) | 1818 Fawcett Pkwy, Nevada, IA 50201 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/8/2031 | 30.2 | 30.2 | 25.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
116
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accommodating Financial & Tax Services, LLC | (#) | 5151 Monroe St., Toledo, OH 43623 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/8/2031 | 12.9 | 12.9 | 12.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rymax Electronics Inc | (#) | 1805 5th Ave. Suite F, Bay Shore, NY 11706 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/8/2046 | 51.2 | 51.2 | 57.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Colorado Travel Solutions LLC | (#) | 2895 Queen St, Colorado Springs, CO 80904 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 7/16/2031 | 70.0 | 70.0 | 58.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Monarch Construction and Roofing LLC | (#) | 700 Corporate Circle, Golden, CO 80401 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/16/2031 | 44.9 | 44.9 | 37.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K-M-P Auto Group LLC | (#) | 1788 Austin Hwy, San Antonio, TX 78218 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 7/19/2046 | 33.1 | 33.1 | 36.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sparta Athletic Campus, LLC | (#) | 115 Sparta Ave., Sparta, NJ 07871 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/20/2046 | 216.0 | 216.0 | 239.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jeragardens Wedding Rentals LLC, | (#) | 5842 South 1150 West, Ogden, UT 84405 | Rental and Leasing Services | Term Loan | Prime plus 6.5% | 7/20/2031 | 6.3 | 6.3 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 110 Enterprises, LLC dba Boomerang Bar and Grill | (#) | 110 Limekiln Rd., Unit 2, New Cumberland, PA 17070 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/20/2046 | 279.0 | 279.0 | 303.4 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ecos Consulting, LLC | (#) | 1519 Roller Rd, Ocean Township, NJ 07712 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/20/2031 | 20.9 | 20.9 | 17.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TDI Global Solutions Inc | (#) | 1 Riverfront Plaza, Suite 12, Lawrence, KS 66044 | Paper Manufacturing | Term Loan | Prime plus 2.75% | 7/21/2031 | 199.7 | 199.7 | 175.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Basha Home Improvement LLC | (#) | 41 Van Houten Ave., Jersey City, NJ 07305 | Construction of Buildings | Term Loan | Prime plus 6.5% | 7/21/2031 | 2.6 | 2.6 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Profit Stewards LLC dba AAMCO Transmissions of Phoenixville | (#) | 458 Schuylkill Rd., Phoenixville, PA 19460 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/21/2031 | 5.5 | 5.5 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Regional Recyclers of Wood LLC and Superior Carting & Waste System | (#) | 104 Wooster St., Bethel, CT 06801 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 7/22/2031 | 54.9 | 54.9 | 50.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ever Prosperous Realty Inc | (#) | 430 S Chandler Ave., Monterey Park, CA 91754 | Real Estate | Term Loan | Prime plus 2.75% | 7/22/2031 | 15.0 | 15.0 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mattress and Rug outlet LLC | (#) | 1818 State St., Schenectady, NY 12304 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 7/23/2031 | 59.9 | 59.9 | 61.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tarun LLC, dba Signature Wine & Liquor | (#) | 325 South Limestone, Lexington, KY 40508 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 7/23/2031 | 6.3 | 6.3 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| GSK Industries Inc dba Quality One Pool Management | (#) | 3217 W Tompkins Ave., Las Vegas, NV 89103 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 7/23/2031 | 15.0 | 15.0 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 52 Tran, LLC | (#) | 773 South MacArthur Blvd., Suite 205, Coppell, TX 75019 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/23/2031 | 18.0 | 18.0 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premier Tech Security, LLC | (#) | 1616 Westgate Circle, Suite 111, Brentwood, TN 37027 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 7/23/2031 | 17.5 | 17.5 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| L.A. Crescent LLC dba Aamco Car Care Center | (#) | 1010 East 6th Ave., Stillwater, OK 74074 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/23/2031 | 30.0 | 30.0 | 25.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Biig Brand Management Ltd. Co. | (#) | 512 East 11th St., Houston, TX 77008 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 7/23/2046 | 80.0 | 80.0 | 89.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Delbello Enterprises LLC dba Il Portico | (#) | 273 West Route 130 South, Burlington, NJ 08016 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/23/2031 | 49.9 | 49.9 | 52.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
117
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| K Wallace, LLC dba Fit Learning Columbus | (#) | 6631 Commerce Pkwy Suite G, Dublin, OH 43085 | Educational Services | Term Loan | Prime plus 2.75% | 7/26/2031 | 3.5 | 3.5 | 2.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| WLG Inc | (#) | 6257 West Ave. J9, Lancaster, CA 93536 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 7/27/2046 | 182.0 | 182.0 | 189.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clinically Speaking, LLC | (#) | 207 N Davies Rd., Lake Stevens, WA 98258 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/27/2031 | 358.7 | 358.7 | 301.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jaime Gervasi & Associates LLC | (#) | 3243 Eastern Ave., Baltimore, MD 21224 | Real Estate | Term Loan | Prime plus 2.75% | 7/27/2031 | 15.5 | 15.5 | 13.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Five Rivers 1938 Enterprises, Inc dba The Hummus Republic | (#) | 3032 W Jack London Blvd., Livermore, CA 94551 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/28/2032 | 5.2 | 5.2 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Travis Construction Company, LLC | (#) | 11258 Bayou Bernard Rd., Gulfport, MS 39503 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/28/2031 | 30.0 | 30.0 | 26.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| On Spot Techs Ltd dba Wi-Fi Surveyors | (#) | 4732 Dixie Dr. South, Dayton, OH 45439 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/29/2046 | 17.1 | 17.1 | 17.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dream Splash International LLC | (#) | 650 S Cherry St., Denver, CO 80246 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/29/2031 | 84.9 | 84.9 | 71.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Global Packaging Solutions, Inc | (#) | 6259 Progressive Ave, San Diego, CA 92154 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 7/29/2031 | 237.8 | 237.8 | 207.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kamboj Investments Inc dba Chicago's Pizza with Twist | (#) | 1156 South Main St., Manteca, CA 95337 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/29/2031 | 15.0 | 15.0 | 12.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| GN Enterprises LLC | (#) | 4507 SE Ramona St., Portland, OR 97206 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 7/29/2046 | 85.5 | 85.5 | 92.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Karson A Schepp | (#) | 8715 Hwy 14, Kramer, ND 58748 | Crop Production | Term Loan | Prime plus 2.75% | 7/29/2031 | 34.9 | 34.9 | 30.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cherich Enterprises dba Yogasix Pasadena | (#) | 277 W Green St. Suite 110, Pasadena, CA 91105 | Educational Services | Term Loan | Prime plus 2.75% | 10/29/2031 | 26.6 | 26.6 | 22.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tiny Tots Kingdom Inc | (#) | 4961 N Dixie Hwy Suites 2-6, Oakland Park, FL 33334 | Social Assistance | Term Loan | Prime plus 2.75% | 7/29/2031 | 20.0 | 20.0 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rocky Mountain Concrete, Inc | (#) | 6674 MALTESE LN A, Bozeman, MT 59718 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/29/2031 | 249.8 | 249.8 | 227.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Melissa S. Scharf | (#) | 14313 Califa St., Sherman Oaks, CA 91401 | Social Assistance | Term Loan | Prime plus 2.75% | 7/30/2031 | 9.0 | 9.0 | 7.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kings Autoshow Inc and Grand Auto Group LLC | (#) | 5815 Church Ave, Brooklyn, NY 11203 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 7/30/2031 | 119.8 | 119.8 | 103.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Patriot Services Group Inc | (#) | 108 Phillips Circle, Columbiana, AL 35051 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/30/2031 | 22.5 | 22.5 | 18.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crux Solutions LLC dba Waddell's Riverside Funeral Directors | (#) | 6938 Westover St., Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/30/2031 | 11.6 | 11.6 | 12.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| GLH delivering services Inc and Paisley Logistics Inc | (#) | 121 Pine Rd., Easley, SC 29642 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 7/30/2031 | 271.3 | 271.3 | 227.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Water Dynamics, LLC dba Dougherty Manufacturing & Solace Boats, L | (#) | 308 South Old County Rd., Edgewater, FL 32132 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 7/30/2046 | 1,250.0 | 1,250.0 | 1,400.4 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||||
118
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Travel Society LLC;Religious Travel International LLC | (#) | 650 S Cherry St., Denver, CO 80246 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 7/30/2031 | 87.1 | 87.1 | 73.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J &C May Properties, LLC. | (#) | 315 Sylamore Ave., Mountain View, AR 72560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 7/30/2031 | 20.0 | 20.0 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 100% Permanent Inc. | (#) | 1315 N. Larrabee St., Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/30/2046 | 33.0 | 33.0 | 34.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CIRLABS, INC,Outcome Driven Innovation and Spracht Inc | (#) | 974 Commercial St., Palo Alto, CA 94043 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 7/30/2031 | 51.9 | 51.9 | 43.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AA Power Equipment, Inc | (#) | 999 Mansell Rd., Suite B, C, & D, Roswell, GA 30076 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 7/30/2031 | 79.9 | 79.9 | 67.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Charles P Carpenter dba All-Ways Pumping | (#) | 5701 Beckford Ave, Tarzana, CA 91356 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/30/2031 | 112.2 | 112.2 | 108.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| P.O.P Enterprises LLC | (#) | 860 Constellation Dr., Decatur, GA 30033 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/3/2031 | 4.5 | 4.5 | 3.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| C&J General Engineering | (#) | 3060 Thorntree Dr #10, Chico, CA 95973 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/4/2046 | 27.5 | 27.5 | 25.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ronald L. McFarlain dba Cajun Connection | (#) | 2958 IL-178, North Utica, IL 61373 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/5/2046 | 33.5 | 33.5 | 35.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dara, Inc. | (#) | 29 Old Planters Rd, Beverly, MA 01915 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/5/2031 | 33.0 | 33.0 | 27.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Hiccup Inc | (#) | 158 Humphrey St., Swampscott, MA 01907 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 8/6/2031 | 20.7 | 20.7 | 17.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| C4 Technologies Inc. | (#) | 171 C Ave., Suite C, Coronado, CA 92118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 8/6/2031 | 6.3 | 6.3 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KBO Investment and Sterling HTS KBO Investments LLC | (#) | 748 West Big Beaver Rd., Troy, MI 48084 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/10/2031 | 46.0 | 46.0 | 39.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Game Time Vending, LLC | (#) | 10105 Amberwood Rd. Suites #1 and #5, Fort Myers, FL 33913 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/11/2031 | 1,250.0 | 1,250.0 | 1,142.2 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lovely Moments Iowa Photography, LLC | (#) | 313 South Logan St., Roland, IA 50236 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/11/2031 | 3.0 | 3.0 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Montauk Donut Group, Inc dba Dunkin Donuts | (#) | 1669 Montauk Hwy., Bellport, NY 11713 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/12/2031 | 40.4 | 40.4 | 42.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bird's Nest Florist & Gifts, LLC | (#) | 549-E College Park Rd., Ladson, SC 29456 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 8/12/2031 | 5.9 | 5.9 | 5.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| DTT ENTERPRISES, LLC | (#) | 6565 Austin Hope Ave, Las Vegas, NV 89118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/16/2031 | 35.0 | 35.0 | 29.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Revive Aesthetics & Wellness, LLC | (#) | 404 Roosevelt AVE, Central Falls, RI 02863 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/13/2031 | 27.5 | 27.5 | 24.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baite Auto Sales LLC | (#) | 2865 Suwanee Rd., Columbus, OH 43224 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/13/2046 | 11.5 | 11.5 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Transatlantic Translations Company, LLC | (#) | 411 Theodore Fremd Ave, Rye, NY 10580 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/16/2031 | 25.0 | 25.0 | 21.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hartwood Inn | (#) | 1312 GILBERT ST, CHARLES CITY, IA 50616 | Accommodation | Term Loan | Prime plus 2.75% | 8/17/2046 | 40.0 | 40.0 | 44.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
119
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cezary A. Lapa dba Globe Polska Ksiazka | (#) | 5747 West Irving Park Rd., Chicago, IL 60634 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 8/17/2031 | 7.0 | 7.0 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luxury Tree Services LLC | (#) | 5925 SW 69th St., Miami, FL 33413 | Forestry and Logging | Term Loan | Prime plus 2.75% | 8/18/2031 | 99.9 | 99.9 | 84.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glorious Training Group Inc dba F45 Training Murabella | (#) | 185 Murabella Pkwy, St. Augustine, FL 32092 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/18/2031 | 15.0 | 15.0 | 13.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kiwi Vision, LLC | (#) | 27518 Portsmouth Ave, Hayward, CA 94545 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 8/19/2031 | 10.0 | 10.0 | 8.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vida Meat Company LLC | (#) | 1370 West Cheyenne Ave., North Las Vegas, NV 89030 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/19/2031 | 47.5 | 47.5 | 43.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elizabeth K. Little and dba Mrs. Little's Tea and Toys | (#) | 108 North Davis St., Hamilton, MO 64644 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/19/2031 | 2.7 | 2.7 | 2.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Derheim, Inc | (#) | 601 Main Ave, West Fargo, ND 58078 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/19/2046 | 163.0 | 163.0 | 166.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Power Enterprise LLC | (#) | 119 East 710 South Circle, Ivins, UT 84738 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/20/2031 | 3.2 | 3.2 | 2.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michelle Rodriguez, PT PLLC dba MPG One Wellness Center | (#) | 130 West 56th St., Third Floor Office, New York, NY 10019 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/20/2031 | 35.0 | 35.0 | 29.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Patoruzu, Inc. dba Sharkey's Cuts For Kids | (#) | 18121 Tuckerton Rd., Suite 130, Cypress, TX 77433 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/20/2031 | 10.0 | 10.0 | 8.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| PCH Ventures, LLC dba Chop Stop | (#) | 18515 Brookhurst St., Fountain valley, CA 92618 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/20/2031 | 25.3 | 25.3 | 26.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Jar Circle, Inc dba Frida's Mexican Grill | (#) | 3545 Merrick Rd., Seaford, NY 11783 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/20/2031 | 13.9 | 13.9 | 11.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royal Home Care and Staffing LLC | (#) | 453 Oakton Rd, Odenton, MD 21113 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/20/2031 | 32.3 | 32.3 | 33.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dallas MTV, LLC | (#) | 2911 Turtle Creek Blvd., Suite 300, Dallas, TX 75219 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/20/2031 | 18.7 | 18.7 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CJNR LLC dba Parkhurst Motel | (#) | 208 East Main St., Elma, WA 98541 | Accommodation | Term Loan | Prime plus 2.75% | 8/24/2046 | 40.0 | 40.0 | 44.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Christopher John Looney Agency Inc. | (#) | 426 South Atlanta St., Unit 110, Roswell, GA 30075 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 8/25/2031 | 2.7 | 2.7 | 2.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premiere Inc | (#) | 615 N Landry Dr., New Iberia, LA 70563 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 8/25/2031 | 390.0 | 390.0 | 407.8 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gralyn Fabrication & Machining LLC | (#) | 1119 Bluff Ridge Rd., Waynesburg, PA 15370 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 8/25/2031 | 9.0 | 9.0 | 7.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tiny's Gumbo Bar NYC LLC | (#) | 275 Church St., New York, NY 10013 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/25/2031 | 16.9 | 16.9 | 15.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MA Allen LLC dba Premier Martial Arts | (#) | 380 East Bethany Dr., Allen, TX 75002 | Educational Services | Term Loan | Prime plus 2.75% | 3/25/2031 | 7.5 | 7.5 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swick & Son Enterprises, Inc | (#) | 108 Mashell Ave. North, Eatonville, WA 98328 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/25/2031 | 18.0 | 18.0 | 15.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Force3 Enterprises, LLLP | (#) | 240 Hathway Dr., Stratford, CT 06615 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 8/25/2046 | 195.7 | 195.7 | 207.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
120
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trinity Lumber and Building Supply, Inc and Merritt and Sarah Goodyear | (#) | 230 Washington St., Weaverville, CA 96093 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 8/25/2046 | 70.0 | 70.0 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tapuya Brands Corporation | (#) | 23 Leroy St., New York, NY 10014 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/26/2031 | 67.0 | 67.0 | 56.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hair and Beauty Market Place, LLC dba LABOR | (#) | 7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 5/26/2047 | 172.3 | 172.3 | 192.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HHD Aviation, LLC dba Great Milwaukee Training and Testing Center | (#) | 2820 Bobmeyer Rd., Hanger C-7, Hamilton, OH 45015 | Real Estate | Term Loan | Prime plus 2.75% | 8/26/2046 | 46.7 | 46.7 | 52.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Island Kaii & Company dba Island Kaii | (#) | 20140 Livemois, Detroit, MI 48221 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 8/26/2031 | 7.5 | 7.5 | 7.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Debut Solutions LLC | (#) | 2000 Frankfort St, Laredo, TX 78040 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 8/27/2031 | 275.7 | 275.7 | 236.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3D Printed Tabletop, LLC | (#) | 2870 Sonata Court, St. Cloud, FL 34772 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 8/27/2031 | 3.0 | 3.0 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 7 BRANCHES CORPORATION dba Nikos | (#) | 410 Pearl St., Lake Wales, FL 33853 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/27/2031 | 4.0 | 4.0 | 3.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| DEBUT SOLUTIONS LLC | (#) | 2000 Frankfurt St., Laredo, TX 78040 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 8/27/2046 | 65.0 | 65.0 | 69.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Downtown Dance Academy Limited Liability Company | (#) | 1204 Hooper Ave., Toms River, NJ 08753 | Educational Services | Term Loan | Prime plus 2.75% | 8/27/2031 | 5.5 | 5.5 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Willow Falls Venue LLC | (#) | 23122 S North Carolina Hwy. 109, Denton, NC 27239 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/27/2046 | 20.7 | 20.7 | 22.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 25 Dials LLC | (#) | 875 North High St., Suite 300, Columbus, OH 43215 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 8/27/2031 | 9.5 | 9.5 | 9.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kadence Consulting Inc | (#) | 13315 Bishops Ct, Roswell, GA 30075 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/30/2031 | 18.6 | 18.6 | 15.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Barbara Acupuncture LLC | (#) | 268 US-206, Flanders, NJ 07836 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/30/2046 | 24.5 | 24.5 | 26.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K's Salon 1 LLC dba Gerard Anthony Salon | (#) | 580 Amsterdam Ave, New York, NY 10024 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/30/2031 | 14.7 | 14.7 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rosy Rings, Inc | (#) | 2400 Industrial Lane, Suite 700, Broomfield, CO 80020 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 8/31/2031 | 166.8 | 166.8 | 140.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shrijee LLC dba Econo Lodge | (#) | 908 Washington St., Manitowoc, WI 54220 | Accommodation | Term Loan | Prime plus 2.75% | 12/31/2046 | 119.2 | 119.2 | 133.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kenbenco, Inc.dba Benson Steel Fabricators | (#) | 437 Route 212, Saugerties, NY 12477 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 8/31/2031 | 163.7 | 163.7 | 158.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| paws Boarding LLC dba paws DayCamp and Boarding | (#) | 2449 Breanna Way, Little Elm, TX 75068 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/31/2031 | 2.7 | 2.7 | 2.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tactical Integrated Systems Inc | (#) | 16430 Good Hearth Blvd, Clermont, FL 34711 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/31/2031 | 18.0 | 18.0 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Heart LLC dba Chick'n Cone | (#) | 1158 W San Marcos Blvd, San Marcos, CA 92078 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2031 | 8.6 | 8.6 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
121
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JeanAnn Schwark, MS, FNP-C PLLC dba Serenity Women's Care | (#) | 10615 N Hayden Rd C100, Scottsdale, AZ 85260 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/31/2031 | 166.0 | 166.0 | 145.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| IT Quality Solutions, Inc | (#) | 6522 Creekview Circle, Duluth, GA 30097 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/31/2031 | 8.0 | 8.0 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| RM Interiors Inc.dba House of Moseley | (#) | 8200 Stockdale HWY D-6, Bakersfield, CA 93311 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 8/31/2031 | 30.0 | 30.0 | 25.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cadena Co. | (#) | 2133 Southend Dr. #301, Charlotte, NC 28213 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/31/2031 | 10.5 | 10.5 | 8.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 4 Points Towing & Roadside Service LLC | (#) | 5425 Willow Grove Rd., Camden Wyoming, DE 19934 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 9/2/2031 | 35.0 | 35.0 | 31.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RGV Poke LLC dba Pokeworks | (#) | 5401 North 10 St. Unit 126, McAllen, TX 78504 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/2/2032 | 5.6 | 5.6 | 5.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 331 Foley Sound Inc | (#) | 19355 Business Center Dr., Unit #9, Northridge, CA 91324 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 1/2/2032 | 25.0 | 25.0 | 21.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sheryl's Candy Apple Creations, LLC | (#) | 131 Piney Green Rd., Suite 300, Jacksonville, NC 28546 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/2/2031 | 6.0 | 6.0 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JD Hunt Custom Homes Incorporated dba JD Hunt Construction | (#) | 5515 Parkcrest Dr., Austin, TX 78731 | Construction of Buildings | Term Loan | Prime plus 2.75% | 9/3/2031 | 916.0 | 916.0 | 768.7 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| XL Auto Group LLC dba Autos Wholesale | (#) | 28900 Mission Blvd., Hayward, CA 94544 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 9/3/2031 | 18.5 | 18.5 | 15.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oak North LLC, & Constantinos Constantinou | (#) | 94 Union St., Vernon, CT 06066 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/7/2031 | 52.0 | 52.0 | 54.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Almina Concept, Inc. | (#) | 5042 Willshire Blvd., Los Angeles, CA 90036 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/7/2031 | 2.5 | 2.5 | 2.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sassy Sista's Boutique LLC | (#) | 499 N State RD 434, Suite 2001, Altamonte Springs, FL 32779 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 9/7/2031 | 6.5 | 6.5 | 5.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grand Portage LLC | (#) | 3306 Chelsea Cir, Ann Arbor, MI 48108 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/7/2031 | 33.4 | 33.4 | 28.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Industrial Paint, LLC dba Alaska Fleet and Collision Specialist | (#) | 1301 North Post Rd., Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/8/2032 | 11.5 | 11.5 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Le Bajec Le LLC | (#) | 810 N Alamo St,, San Antonio, TX 78215 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/8/2046 | 79.4 | 79.4 | 83.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Queen Oxygen Co. dba Quest Cylinder Co. | (#) | 239 Lafayette St., London, OH 43140 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/9/2031 | 45.3 | 45.3 | 43.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B & W Towing, LLC | (#) | 701 Addison Rd., Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 2/9/2047 | 49.4 | 49.4 | 55.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Y & C Company INC dba Miji-Mura Hibachi & Sushi | (#) | 1850 N University Dr,, Coral Springs, FL 33071 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/9/2046 | 246.8 | 246.8 | 276.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Essex Trade, Inc.dba Artesano's | (#) | 33 Bearskin Neck, Rockport, MA 01966 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/10/2031 | 6.2 | 6.2 | 5.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Panditos LLC dba White Lotus Home | (#) | 745 Joyce Kilmer Ave, New Brunswick, NJ 08901 | General Merchandise Stores | Term Loan | Prime plus 2.75% | 9/10/2031 | 20.0 | 20.0 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
122
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Remsund Group Inc dba Remsund Group | (#) | 6581 Westland Dr., Brownsburg, IN 46112 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 9/10/2031 | 55.0 | 55.0 | 46.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tri T. Le dba AN Company | (#) | 1431 Amro Way, South El Monte, CA 91733 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 9/10/2031 | 15.8 | 15.8 | 14.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kyle Keiper LLC | (#) | 3408 Spring St #1, Pompano Beach, FL 33062 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 9/10/2031 | 12.2 | 12.2 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trash Can Rescue LLC | (#) | 1096 Nast Chapel Rd, Martinsville, IN 46151 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/10/2031 | 18.9 | 18.9 | 17.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MattCole Construction and Roofing, LLC | (#) | 2529 Boxford Lane, Cordova, TN 38016 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/13/2031 | 55.0 | 55.0 | 49.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Touch of Therapy Massage, LLC | (#) | 8510 Warner Rd., Suite 300, Plain City, OH 43064 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/13/2031 | 15.0 | 15.0 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dennis Hair Studio Inc | (#) | 1566 Union Turnpike, New Hyde Park, NY 11040 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 9/13/2031 | 6.3 | 6.3 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Octopus Records LLC | (#) | 72-05 72nd Place, 2B, Glendale, NY 11385 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/13/2031 | 4.5 | 4.5 | 3.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| O&O Welding Zone Corp | (#) | 2100 4th St., Orlando, FL 32824 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/13/2046 | 48.0 | 48.0 | 51.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Amado Trader LLC dba Amado Games LLC | (#) | 5545 Bulls Bay D, Virginia Beach, VA 23462 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/13/2031 | 4.5 | 4.5 | 3.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MTR Designs LLC | (#) | 205 North 12th St., Opelika, AL 36801 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/14/2031 | 7.5 | 7.5 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| For The Love Athletics LLC | (#) | 225 N Downing St, Davidson, Davidson, NC 28036 | Educational Services | Term Loan | Prime plus 2.75% | 9/14/2031 | 5.0 | 5.0 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & S Chroniger Enterprises, LLC | (#) | 1681 Beech Ln, Hanover, PA 17331 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/14/2031 | 17.9 | 17.9 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JEMS Transportation & Logistics LLC | (#) | 30715 Basil Trace Dr., Spring, TX 77386 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/14/2031 | 15.0 | 15.0 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aaron Mahoney dba Alaska Gulf Coast Expeditions | (#) | 16347 Deerfield St,, Ninilchik, AK 99639 | Scenic and Sightseeing Transportation | Term Loan | Prime plus 2.75% | 9/14/2031 | 29.0 | 29.0 | 24.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SkyEstate LLC dba Vango's Drive Thru | (#) | 4000 Leap Rd, Hilliard, OH 43026 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/14/2031 | 30.6 | 30.6 | 25.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Radiator Fans Unlimited LLC and Gros Holdings Unlimited Inc | (#) | 6179 Alameda Ave., El Paso, TX 79905 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/15/2046 | 45.4 | 45.4 | 49.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Radiator Fans Unlimited LLC and Gros Holdings Unlimited, Inc | (#) | 6179 Alameda Ave, El Paso, TX 79905 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/15/2031 | 55.0 | 55.0 | 46.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Phillips Diesel Service LLC | (#) | 4150 S 32nd St W, Muskogee, OK 74401 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2046 | 30.5 | 30.5 | 31.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Preston E. Jones dba Tiny Homer | (#) | 62361 Mary Miller Ave., Homer, AK 99603 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 48108 | $ | 5.5 | $ | 5.5 | $ | 5.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Hurricane Beauty LLC | (#) | 1110 vandon loop, Berlin, NJ 08009 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 48108 | $ | 10.0 | $ | 10.0 | $ | 8.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Goode Tax and Resolution, LLC | (#) | 2527 Standifer Place, Lanham, MD 20706 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 48108 | $ | 3.2 | $ | 3.2 | $ | 2.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||
123
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oui Pastry LLC | (#) | 1905 Scenic Hwy N #10000b, Snellville, GA 30078 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 48108 | $ | 5.0 | $ | 5.0 | $ | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Udder Free Only, LLC | (#) | 3603 Vinton Ave Unit 205, Los Angeles, CA 90034 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 48112 | $ | 18.0 | $ | 18.0 | $ | 15.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| MDJ Chiropractic PC | (#) | 18009 Jamaica Ave, Jamaica, NY 11432 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 48113 | $ | 5.0 | $ | 5.0 | $ | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Vincent Remodeling, LLC | (#) | 4667 Riverbend RdTrussville, Trussville, AL 35173 | Construction of Buildings | Term Loan | Prime plus 2.75% | 48114 | $ | 15.0 | $ | 15.0 | $ | 12.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Quinn da Matta Productions LLC | (#) | 2155 Outpost Dr, Los Angeles, CA 90068 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 48114 | $ | 4.2 | $ | 4.2 | $ | 3.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| D&M Properties, LLC | (#) | 2600 Coon Rapids Blvd. Nortwest, Coon Rapids, MN 55433 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 48115 | $ | 25.6 | $ | 25.6 | $ | 21.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Rightworks Staffing Inc. | (#) | 1201 Kenwood Ave, Austin, TX 78704 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 48115 | $ | 150.0 | $ | 150.0 | $ | 125.9 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||
| Gateway Auto Service and Collision #2 Inc | (#) | 1205 South 8th Ave., Maywood, IL 60153 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 53594 | $ | 29.8 | $ | 29.8 | $ | 33.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Great Dog Products for Great People LLC dba Royal Frenchel | (#) | 13207 Squawwood Lane SE, Rainier, WA 98576 | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 48115 | $ | 12.5 | $ | 12.5 | $ | 10.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Forays, Ltd dba Northern Comfort | (#) | 2800 N. Lagoon Dr., Wasilla, AK 99654 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 53594 | $ | 172.5 | $ | 172.5 | $ | 182.4 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||
| Taurus Legacy, LLC dba Papas Diner | (#) | 626 FL-50, Clermont, FL 34711 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 48115 | $ | 9.5 | $ | 9.5 | $ | 7.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Mag Auto Group Inc dba MAG Motor Company | (#) | 1890 North Main St., Walnut Creek, CA 94596 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 48115 | $ | 221.0 | $ | 221.0 | $ | 185.5 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||
| 3-2-1 Go LLC dba Burgerz and Ballz | (#) | 868 Fulda Ave NW, Palm Bay, FL 32907 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 48115 | $ | 5.4 | $ | 5.4 | $ | 4.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Teach 2 Teach Music Lessons, LLC | (#) | 184 Marshall Hill Rd., West Milford, NJ 07480 | Educational Services | Term Loan | Prime plus 2.75% | 48115 | $ | 10.5 | $ | 10.5 | $ | 8.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| RightTalents LLC | (#) | 639 Passaic Ave., Nutley, NJ 07110 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 48115 | $ | 10.0 | $ | 10.0 | $ | 8.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| USA Security Services Corporation | (#) | 844 Hebron Ave., Glastonbury, CT 06033 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 48115 | $ | 100.0 | $ | 100.0 | $ | 83.9 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| Black Market Restaurant Group Inc. dba Black Market Meal Prep | (#) | 29941 Aventura, Suite K, Rancho Santa Margarita, CA 92688 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 48297 | $ | 9.2 | $ | 9.2 | $ | 8.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Strong Tower 10933, Inc. | (#) | 15530 NW US Hwy 441, Alachua, FL 32615 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 48118 | $ | 8.3 | $ | 8.3 | $ | 7.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Coast to Coast Carmel Corporation dba Coast To Coast Collection | (#) | 9450 N Aronson Rd., Indianapolis, IN 46240 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 48118 | $ | 305.0 | $ | 305.0 | $ | 257.2 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||
| C.D.A. Serviceability Trust Inc (Co-Borrower) | (#) | 4501 6th Ave, Tacoma, WA 98406 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 53597 | $ | 69.3 | $ | 69.3 | $ | 76.6 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| Coast to Coast Auto Sales Incorporated | (#) | 9200 E 131 St St., Indianapolis, IN 46240 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 48118 | $ | 150.0 | $ | 150.0 | $ | 125.9 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||
124
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Momentum Metal Finishing Inc. | (#) | 1286 Anvilwood Ave, Sunnyvale, CA 94089 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 53597 | $ | 1,058.3 | $ | 1,058.3 | $ | 1,155.1 | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||
| Ben Anderson 365 | (#) | 9920 Research Dr., Irvine, CA 93108 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 48118 | $ | 50.0 | $ | 50.0 | $ | 42.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Daisi Inc. | (#) | 10300 West Charleston Blvd., Las Vegas, NV 89135 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 48118 | $ | 110.0 | $ | 110.0 | $ | 92.3 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||
| Michael Risoldi's Auto Repair Inc. | (#) | 1435 Woodlane Rd., Eastampton, NJ 08060 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 48118 | $ | 126.5 | $ | 126.5 | $ | 128.6 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||
| JRB Inc dba Bulger True Value | (#) | 1185 W Santa Fe St, Olathe, KS 66061 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 48119 | $ | 25.8 | $ | 25.8 | $ | 21.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Cj Real Estate Partners LLC | (#) | 1800 E Palm Ave, Tampa, FL 33605 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 53751 | $ | 213.7 | $ | 213.7 | $ | 232.6 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||
| Art Food Attitude Inc. dba Bamboo Leaf Thai Eatery | (#) | 724 Main St., Bradley Beach, NJ 07720 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 48119 | $ | 26.0 | $ | 26.0 | $ | 22.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Catching Fish LLC dba Man Overboard Bait and Tackle | (#) | 1825 S. Patrick Dr., Suite B, Harbour Beach, FL 32937 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 48119 | $ | 5.4 | $ | 5.4 | $ | 4.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| LuLu Kingdom LLC | (#) | 18 S. 20th St., Philadelphia, PA 19103 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 48272 | $ | 15.5 | $ | 15.5 | $ | 13.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Teaghlach Firearms LLC dba TFirearms | (#) | 117 S. Main St., Altus, OK 73526 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 48119 | $ | 2.8 | $ | 2.8 | $ | 2.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Pueblo Canyon, LLC, Matthew Benjamin Allen and Elizabeth Kelly Allen | (#) | 199 SAN ILDEFONSO Rd., LOS ALAMOS, NM 87544 | Accommodation | Term Loan | Prime plus 2.75% | 53599 | $ | 102.2 | $ | 102.2 | $ | 105.4 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||
| Nidal Radwan, M.D., P.A | (#) | 18100 N.E. 19th Ave., North Miami Beach, FL 33162 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 48120 | $ | 82.7 | $ | 82.7 | $ | 72.6 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| ARO Financial, Inc | (#) | 12020 Sunrise Valley Dr., Reston, VA 20191 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 48120 | $ | 63.0 | $ | 63.0 | $ | 53.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Daring Business Strategies Inc. | (#) | 600 Front St., Lynden, WA 98264 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 48120 | $ | 35.0 | $ | 35.0 | $ | 29.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Agerton Timber LLC and Agerton Transportation, LLC | (#) | 3166 Aurelle Rd., Strong, AR 71765 | Forestry and Logging | Term Loan | Prime plus 2.75% | 48120 | $ | 30.0 | $ | 30.0 | $ | 26.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| TRI-COUNTY SERVICES, INC. and Andrew M Chehata | (#) | 4900 SW 51st St., Davie, FL 33314 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 48120 | $ | 338.5 | $ | 338.5 | $ | 284.5 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||
| NMFM Consulting, LLC | (#) | 3636 Lake Ave., Wilmette, IL 60091 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 53599 | $ | 267.2 | $ | 267.2 | $ | 273.9 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||
| Creche N Crew, LLC | (#) | 3185 West Ward Rd., Dunkirk, MD 20754 | Social Assistance | Term Loan | Prime plus 2.75% | 53599 | $ | 257.3 | $ | 257.3 | $ | 285.9 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||
| Group Vertical, LLC dba Group Vertical | (#) | 678 Front Ave. Northwest, Grand Rapids, MI 49504 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 48120 | $ | 179.6 | $ | 179.6 | $ | 151.0 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||
| SoCal Propane LLC | (#) | 220 N San Jacinto St, Hemet, CA 92543 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 53599 | $ | 302.9 | $ | 302.9 | $ | 339.7 | 0.09 | % | ||||||||||||||||||||||||||||||||||||||||||
| Norma Skin Care and SPA LLC | (#) | 3364 Coral Way, Miami, FL 33145 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 48120 | $ | 14.0 | $ | 14.0 | $ | 11.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Jafar and Jamal, Inc dba Foodland ; IMAD Corporation | (#) | 11 Highland Ave., Malden, MA 02148 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 48302 | $ | 13.0 | $ | 13.0 | $ | 11.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||
125
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chris Landscaping Inc dba New England Tree Co. | (#) | 1139 Washington St., Stoughton, MA 02072 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 48120 | $ | 79.0 | $ | 79.0 | $ | 69.0 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| Prestige Products of Central Florida, Inc dba Milcarsky's Appliances | (#) | 1180 Emma Oaks Trail, Lake Mary, FL 32746 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 48120 | $ | 250.0 | $ | 250.0 | $ | 210.1 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||
| Metro of Livernois Inc | (#) | 17149 Livernois, Detroit, MI 48221 | Telecommunications | Term Loan | Prime plus 2.75% | 53721 | $ | 136.0 | $ | 136.0 | $ | 148.5 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||
| Great II, LLC | (#) | 142 WA-150, Chelan, WA 98816 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 48121 | $ | 1,037.5 | $ | 1,037.5 | $ | 883.2 | 0.24 | % | ||||||||||||||||||||||||||||||||||||||||||
| WALKING URGENT CARE, INC | (#) | 10308 W Sample Rd, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 48121 | $ | 65.4 | $ | 65.4 | $ | 57.2 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| Tony D's Hooked, LLC ( | (#) | 378 Rope Ferry Rd. aka Mago Point Way, Waterford, CT 06385 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 53600 | $ | 135.0 | $ | 135.0 | $ | 139.8 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||
| Orchard Collision, Inc | (#) | 14898 Telegraph Rd., Redford, MI 48239 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 53600 | $ | 61.0 | $ | 61.0 | $ | 63.7 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| New Greater Generation Family Funeral Group, LLC | (#) | 1400 N Hampton Rd, DeSoto, TX 75115 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 53600 | $ | 24.4 | $ | 24.4 | $ | 25.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Faxon Enterprises Inc | (#) | 3107 Nichols Ave., Bay City, TX 78259 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 53600 | $ | 1,035.0 | $ | 1,035.0 | $ | 1,041.4 | 0.28 | % | ||||||||||||||||||||||||||||||||||||||||||
| Centre Storage and Matthew Wayne Vines | (#) | 1650 Clarence E Chesnut Jr Bypass, Centre, AL 35960 | Real Estate | Term Loan | Prime plus 2.75% | 53600 | $ | 69.4 | $ | 69.4 | $ | 77.8 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| Great II, LLC | (#) | 4390 Commerce Circle, Idaho Falls, ID 83401 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 53600 | $ | 212.5 | $ | 212.5 | $ | 236.2 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||||
| Skaggs RV Outlet, LLC | (#) | 301 Commerce Dr., Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 48121 | $ | 50.0 | $ | 50.0 | $ | 52.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||
| Motion Physical Medicine & Wellness, PLLC | (#) | 13100 Wortham Center Dr., Houston, TX 77065 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 48212 | $ | 14.4 | $ | 14.4 | $ | 12.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Champion's Florida LLC & Market Vision Holdings, LLC | (#) | 1360 NW 88th Ave., Doral, FL 33172 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 53600 | $ | 1,221.3 | $ | 1,221.3 | $ | 1,369.3 | 0.37 | % | ||||||||||||||||||||||||||||||||||||||||||
| Lively's Collision, Center LLC | (#) | 5115 Jefferson Davis Hwy., North Augusta, SC 29841 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 53600 | $ | 147.2 | $ | 147.2 | $ | 150.8 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||
| OSSA LLC | (#) | 300 Iberia St., Youngsville, LA 70503 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 48121 | $ | 80.0 | $ | 80.0 | $ | 80.0 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| Timothy A Chapamn dba Tim's Auto Tech | (#) | 62 North Canal St., Oxford, NY 13830 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 48121 | $ | 15.5 | $ | 15.5 | $ | 15.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Aitheras Aviation Group, LLC, a Florida Liimited Liability Company & A | (#) | 2301 N Marginal Rd., Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus 2.75% | 48121 | $ | 75.0 | $ | 75.0 | $ | 63.8 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| Garage Floor Coating of MN.com, LLC | (#) | 6701 W 23rd St, Minneapolis, MN 55426 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 48121 | $ | 67.5 | $ | 67.5 | $ | 56.8 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| Coast 2 Coast Restoration LLC,Coast 2 Coast Real Estate LLC &Coast 2 | (#) | 3505 Veterans Memorial Hwy, Ronkonkoma, NY 11779 | Construction of Buildings | Term Loan | Prime plus 2.75% | 53600 | $ | 377.3 | $ | 377.3 | $ | 410.1 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total SBA Unguaranteed Accrual Investments | $ | 365,817.5 | $ | 365,817.5 | $ | 379,958.4 | 103.81 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
126
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
127
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 200 North 8th Street Associates LLC and Enchanted Acres Fa | (*,#) | 200 North 8th St., Reading, PA 19601 | Food Manufacturing | Term Loan | 6.25% | 5/4/2028 | $ | 95.5 | $ | 95.5 | $ | 69.0 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||
| 3SIXO Motorsports LLC dba 3SIXO Motorsports Shop | (*,#,^) | 217 W Main St., Centralia, WA 98531 | Motor Vehicle and Parts Dealers | Term Loan | 7.75% | 1/6/2029 | 94.6 | 94.6 | 50.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ABC Sandblasting, LLC | (*,#,^) | 14029 56th St. NW, Williston, ND 58801 | Specialty Trade Contractors | Term Loan | Prime plus 0% | 10/31/2029 | 204.8 | 204.8 | 56.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Acton Hardware LLC and Mark Allgood & Jamie Allgood | (*,#,^) | 31814 Crown Valley Rd, Acton, CA 93510 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 8% | 3/24/2041 | 117.1 | 117.1 | 39.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Advance Case Parts RE Holdings LLC and Advance Case Parts Inc | (*,#) | 12485-12489 NW 44th St., Coral Springs, FL 33071 | Repair and Maintenance | Term Loan | 7.75% | 3/31/2040 | 318.3 | 318.3 | 12.1 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Albas Bar & Grill LLC | (*,#,^) | 221 Self Main St., Homer City, PA 15748 | Food Services and Drinking Places | Term Loan | 6% | 10/13/2042 | 43.9 | 43.9 | 7.7 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alive Design, LLC | (*,#) | 1906 NE 23 rd Ave., Cape Coral, FL 33909 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/13/2027 | 9.9 | 9.9 | 9.0 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All About Kids and Families Medical Center, Inc. | (*,#,^) | 12086 FT Caroline Rd, Ste. 102,103,401,402,403, 501,502, Jacksonville, FL 32225 | Ambulatory Health Care Services | Term Loan | 8.25% | 1/13/2029 | 311.0 | 311.0 | 157.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Printing Solutions, Inc. dba Pryntcomm | (*,#,^) | 303 E. Sioux Ave., Pierre, SD 57501 | Printing and Related Support Activities | Term Loan | 7.75% | 6/27/2041 | 491.8 | 491.8 | 80.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allied Welding Inc. | (*,#,^) | 1820 N. Santa Fe Ave., Chillicothe, IL 61523 | Fabricated Metal Product Manufacturing | Term Loan | 5.25% | 12/15/2041 | 686.6 | 686.6 | 686.6 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Amboy Group, LLC dba Tommy Moloney's | (*,#) | 1 Amboy Ave., Woodbridge, NJ 07095 | Food Manufacturing | Term Loan | 7% | 6/14/2024 | 1,458.1 | 1,458.1 | 1,458.1 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anderson Companies LLC | (*,#,^) | 3015 S White Horse Pike, Hammonton, NJ 08037 | Administrative and Support Services | Term Loan | Prime plus 0% | 6/28/2044 | 201.8 | 201.8 | 193.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anglin Cultured Stone Products LLC | (*,#,^) | 877 Salem Church Rd., Newark, DE 19702 | Construction of Buildings | Term Loan | 8.25% | 12/27/2042 | 630.5 | 630.5 | 181.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anglin Cultured Stone Products LLC dba Anglin Construction | (*,#) | 877 Salem Church Rd., Newark, DE 19702 | Specialty Trade Contractors | Term Loan | 8.25% | 6/30/2025 | 185.8 | 185.8 | 153.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anurag, LLC dba Oakwood Package Store | (*,#,^) | 191-195 Oakwood Ave., West Hartford, CT 06107 | Food and Beverage Stores | Term Loan | Prime plus 0% | 6/6/2043 | 132.7 | 132.7 | 90.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Arclay ,LLC | (*,#,^) | 49 Geyser Rd. Suite 100, Saratoga Springs, NY 12866 | Nonmetallic Mineral Product Manufacturing | Term Loan | 8% | 5/5/2030 | 137.1 | 137.1 | 37.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Arrow Freight Inc | (*,#,^) | 1000 Jorie Blvd. Suite 250, Oak Brook, IL 60523 | Truck Transportation | Term Loan | 8.25% | 3/30/2028 | 652.9 | 652.9 | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud | (*,#) | 2646 South Rd., Poughkeepsie, NY 12601 | Gasoline Stations | Term Loan | 7.75% | 9/26/2024 | 15.7 | 15.7 | 15.3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AWA Fabrication & Construction, L.L.C. | (*,#) | 811 Country Rd. #99, Headland, AL 36345 | Fabricated Metal Product Manufacturing | Term Loan | 6% | 4/30/2025 | 34.4 | 34.4 | 1.3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B&B Fitness and Barbell, Inc. dba Elevations Health Club | (*,#) | Route 611 North, Scotrun, PA 18355 | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 6/22/2035 | 1,385.8 | 1,385.8 | 183.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
128
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B for Brunette dba Blo | (*,#,^) | 50 Glen Cove Rd, Greenvale, NY 11548 | Personal and Laundry Services | Term Loan | 6% | 9/10/2023 | 20.5 | 20.5 | 19.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B for Blonde, LLC dba Blo Blow Dry Bar | (*,#,^) | 142 East 49th St., New York, NY 10017 | Personal and Laundry Services | Term Loan | 6% | 2/12/2026 | 39.7 | 39.7 | 38.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D for Dream LLC dba Blo Blow Dry Bar Inc | (*,#,^) | 460 East 3rd Ave., New York, NY 10016 | Personal and Laundry Services | Term Loan | 6% | 5/13/2029 | 66.7 | 66.7 | 31.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B4 Fitness LLC dba The Zoo Health Club | (*,#,^) | 4 Beehive Dr, Epping, NH 03042 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 9/23/2026 | 13.0 | 13.0 | 9.7 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baker Sales, Inc. d/b/a Baker Sales, Inc. | (*,#) | 60207 Camp Villere Rd., Slidell, LA 70460 | Nonstore Retailers | Term Loan | 6% | 3/29/2036 | 177.4 | 177.4 | 90.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Band Sawn Lumber,LLC and Nathan Ryan Adams | (*,#,^) | 1873 State Hwy. 29, Johnstown, NY 12095 | Wood Product Manufacturing | Term Loan | 7.75% | 5/15/2042 | 90.0 | 90.0 | 25.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BC Bishop Enterprises LLC dba 9Round Pooler | (*,#,^) | 105-107 Grand Central Blvd, Pooler, GA 31322 | Educational Services | Term Loan | Prime plus 2.75% | 3/2/2028 | 6.3 | 6.3 | 6.1 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B&C Texas Leasing Inc and M&W Hot Oil, Inc. | (*,#,^) | 8124 Sprague Rd., Odessa, TX 73764 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 3/30/2028 | 748.3 | 748.3 | 717.6 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B&C Texas Leasing Inc.,M & W Hot Oill, Inc | (*,#,^) | 8124 Sprague Rd., Odessa, TX 79764 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 3/30/2043 | 256.1 | 256.1 | 245.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bear Creek Entertainment LLC dba The Woods at Bear Creek | (*,#,^) | 3510 Bear Creek Rd., Franklinville, NY 14737 | Accommodation | Term Loan | Prime plus 2.75% | 8/12/2041 | 1,608.1 | 1,608.1 | 321.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bear Creek Entertainment, LLC dba The Woods at Bear Creek | (*,#) | 3510 Bear Creek Rd., Franklinville, NY 14737 | Accommodation | Term Loan | 7.25% | 12/30/2024 | 85.4 | 85.4 | 81.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bebos Inc dba Pizza Hut & Sunoco | (*,#) | 2003 West 5th St., Clifton, TX 76634 | Gasoline Stations | Term Loan | 7.75% | 3/28/2028 | 126.6 | 126.6 | 18.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bev's Sweets LLC | (*,#,^) | 3778 Hwy. 254, Cleveland, GA 30528 | Administrative and Support Services | Term Loan | 6% | 9/30/2044 | 210.5 | 210.5 | 176.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Picture Group LLC | (*,#,^) | 935 N La Jolla, Los Angeles, CA 90046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 0% | 12/12/2027 | 295.4 | 295.4 | 289.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Picture Group LLC | (*,#,^) | 935 N La Jolla, Los Angeles, CA 90046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 0% | 6/28/2029 | 135.5 | 135.5 | 132.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bone Bar & Grill LLC | (*,#) | 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 | Food Services and Drinking Places | Term Loan | 7% | 6/30/2042 | 73.4 | 73.4 | 36.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. | (*,#) | 201 Highland Ave, East Syracuse, NY 13057 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 3/13/2039 | 201.2 | 201.2 | 194.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps | (*,#) | 690 South Creek Rd., West Chester, PA 19382 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 3/30/2031 | 145.7 | 145.7 | 134.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Calhoun Satellite Communications, Inc. | (*,#) | 1914 Tigertail Blvd., Dania Beach, FL 33004 | Telecommunications | Term Loan | 7% | 12/2/2026 | 333.8 | 333.8 | 237.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Capital Containers LLC | (*,#,^) | 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 | Truck Transportation | Term Loan | Prime plus 0% | 12/15/2027 | 10.4 | 10.4 | 10.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC | (*,#) | 310 25th Ave N. St. Ste. 201, Nashville, TN 37203 | Ambulatory Health Care Services | Term Loan | 7.75% | 5/15/2025 | 556.4 | 556.4 | 55.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
129
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber | (*,#) | 320 Fair St., Kutztown, PA 19530 | Transit and Ground Passenger Transportation | Term Loan | 7.5% | 9/30/2027 | 366.2 | 366.2 | 149.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Central Medical Clinic, PLLC- Clinica Central | (*,#) | 393 North Dunlap St. Suite LL26, LL34, LL38, St Paul, MN 55104 | Ambulatory Health Care Services | Term Loan | 8.25% | 6/7/2029 | 46.6 | 46.6 | 46.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chickamauga Properties, Inc., MSW Enterprises, LLP | (*,#) | 214 Sutherland Way, Rocky Face, GA 30740 | Amusement, Gambling, and Recreation Industries | Term Loan | 6.25% | 12/22/2035 | 59.0 | 59.0 | 57.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Children First Home Health Care Inc | (*,#,^) | 1220 BRd.casting Rd Ste 202, Wyomissing, PA 19610 | Ambulatory Health Care Services | Term Loan | 7.5% | 12/27/2028 | 282.4 | 282.4 | 44.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clark Realty LLC | (*,#,^) | 4 Walker Way, Albany, NY 12205 | Real Estate | Term Loan | 8% | 8/29/2041 | 73.3 | 73.3 | 30.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cleland Pharmacy LLC | (*,#,^) | 202 S First St., Wakeeney, KS 67672 | Health and Personal Care Stores | Term Loan | Prime plus 0% | 3/28/2029 | 18.9 | 18.9 | 18.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royal Blue Investments, Inc. and Cleland Pharmacy LLC | (*,#,^) | 202 S. 1st St., Wakeeny, KS 67672 | Health and Personal Care Stores | Term Loan | Prime plus 0% | 7/31/2042 | 49.5 | 49.5 | 36.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai | (*,#) | 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 | Repair and Maintenance | Term Loan | 6.75% | 9/26/2039 | 553.3 | 553.3 | 430.1 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Commonwealth Diagnostics International, Inc | (*,#,^) | 39 Norman St. a/k/a 1 Holyoke Square, Salem, MA 01970 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 0% | 9/20/2027 | 982.5 | 982.5 | 942.2 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Conference Services International ETC LLC | (*,#,^) | 4802 West Van Buren St., Phoenix, AZ 85007 | Administrative and Support Services | Term Loan | 8% | 8/14/2028 | 559.5 | 559.5 | 59.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crystal D. Walls dba Crystal's Cleaning Service | (*,#) | 26 Cooper Rd, Byhalia, MS 38611 | Administrative and Support Services | Term Loan | Prime plus 0% | 5/9/2029 | 8.9 | 8.9 | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Custom Software, Inc. a Colorado Corporation dba M-33 Access | (*,#) | 380 E. Borden Rd., Rose City, MI 48654 | Professional, Scientific, and Technical Services | Term Loan | 6.25% | 6/17/2021 | 185.4 | 185.4 | 94.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CZAR Industries, Inc. | (*,#,^) | 1424 Heath Ave., Ewing, NJ 08638 | Machinery Manufacturing | Term Loan | 8.25% | 12/19/2027 | 141.3 | 141.3 | 54.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D&G Capital LLC dba Miami Grill 277 | (*,#,^) | 2521 North Federal Hwy., Unit C, Boca Raton, FL 33431 | Food Services and Drinking Places | Term Loan | 6.5% | 12/16/2025 | 43.0 | 43.0 | 12.0 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac | (*,#) | 6555 NW 9th Ave, Fort Lauderdale, FL 33309 | Ambulatory Health Care Services | Term Loan | Prime plus 0% | 12/30/2029 | 37.9 | 37.9 | 37.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown | (*,#,^) | 2685 US Hwy 41, Calhoun, GA 30701 | Support Activities for Transportation | Term Loan | 5.25% | 12/28/2035 | 1,316.8 | 1,316.8 | 558.5 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Doxa Deo Inc dba Luv 2 Play | (*,#,^) | 1600 Village Market Blvd, Leesburg, VA 20175 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 2/28/2026 | 80.8 | 80.8 | 78.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Driven Warehouse/Distribution LLC | (*,#) | 271 East North Ave., Glendale, IL 60139 | Truck Transportation | Term Loan | 8% | 12/22/2027 | 726.2 | 726.2 | 325.6 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dynamic Dental Corporation | (*,#,^) | 3760 NW 126th Ave., Coral Springs, FL 33065 | Merchant Wholesalers, Durable Goods | Term Loan | 7.5% | 5/31/2029 | 60.4 | 60.4 | 55.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E & I Holdings, LP & PA Farm Products, LLC | (*,#) | 1095 Mt Airy Rd., Stevens, PA 17578 | Food Manufacturing | Term Loan | 6% | 4/30/2030 | 4,705.2 | 4,705.2 | 3,146.1 | 0.86 | % | |||||||||||||||||||||||||||||||||||||||||||||
130
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC | (*,#,^) | 4401 N I-35 #113, Denton, TX 76207 | Truck Transportation | Term Loan | Prime plus 0% | 3/31/2024 | 155.7 | 155.7 | 23.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Earth First Recycling, LLC and 191 Clark Road, LLC | (*,#,^) | 400 Island Park Rd., Easton, PA 18040 | Merchant Wholesalers, Durable Goods | Term Loan | 8% | 6/5/2027 | 338.0 | 338.0 | 312.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels | (*,#,^) | 11949 Borden Ave., San Fernando, CA 91340 | Specialty Trade Contractors | Term Loan | 8.25% | 12/31/2022 | 43.9 | 43.9 | 43.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ericon, Inc. | (*,#,^) | 740 Davenport Ave., Fremont, NE 68025 | Gasoline Stations | Term Loan | 8.25% | 12/1/2041 | 705.6 | 705.6 | 565.3 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ERT Group Inc and Curt's Tools Inspection Inc | (*,#,^) | 5229 142nd Dr. NW, Williston, ND 58801 | Support Activities for Mining | Term Loan | 6% | 3/18/2041 | 769.9 | 769.9 | 505.4 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Evergreen Pallet LLC and Evergreen Recycle LLC | (*,#,^) | 302 W 53rd St N., Wichita, KS 67204 | Wood Product Manufacturing | Term Loan | 7.25% | 3/16/2026 | 854.0 | 854.0 | 301.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Magill Truck Line LLC and Jeff J. Ralls | (*,#,^) | 211 West 53rd St. N., Park City, KS 67204 | Truck Transportation | Term Loan | 7.25% | 2/23/2026 | 178.4 | 178.4 | 37.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Evernook Valley Milk LLC | (*,#,^) | 7448 Emmerson Rd., Everson, WA 98247 | Animal Production and Aquaculture | Term Loan | 7.5% | 8/31/2042 | 637.5 | 637.5 | 442.5 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Excel RP Inc | (*,#,^) | 6531 Park Ave., Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | 8.25% | 8/30/2023 | 66.8 | 66.8 | 65.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Excel RP Inc | (*,#,^) | 6531 Park Ave., Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | 8.25% | 3/25/2026 | 95.2 | 95.2 | 24.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Excel RP, Inc./Kevin and Joann Foley | (*,#) | 6531 Park Ave., Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | 8.25% | 7/8/2028 | 32.4 | 32.4 | 31.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Florida Apnea Diagnostics LLC | (*,#,^) | 2664 Cypress Ridge Blvd. Ste. 101 & 102 A, Wesley Chapel, FL 33544 | Ambulatory Health Care Services | Term Loan | 8.25% | 10/20/2027 | 134.2 | 134.2 | 34.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Frontier Sand LLC | (*,#,^) | 305 Country Hwy. AA, New Auburn, WI 54757 | Mining (except Oil and Gas) | Term Loan | 8.25% | 11/30/2027 | 463.6 | 463.6 | 238.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GDIM Enterprises Inc dba AAMCO | (*,#) | 1657 Whiskey Rd., Aiken, SC 29803 | Repair and Maintenance | Term Loan | Prime plus 0% | 12/19/2029 | 18.1 | 18.1 | 9.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GEM2K, LLC dba Precision Precast Group | (*,#,^) | 4150 E Magnolia St., Phoenix, AZ 85034 | Miscellaneous Manufacturing | Term Loan | 8.25% | 5/19/2027 | 140.4 | 140.4 | 64.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grand Manor Realty, Inc. & Kevin LaRoe | (*,#) | 318 S. Halsted St., Chicago, IL 60661 | Real Estate | Term Loan | 6% | 2/20/2023 | 19.0 | 19.0 | 18.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GT Performance Plus Inc | (*,#,^) | 4210 College St., Beaumont, TX 77707 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 0% | 6/11/2044 | 96.3 | 96.3 | 71.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GT Performance Plus Inc | (*,#,^) | 4210 College St., Beaumont, TX 77707 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 0% | 6/11/2029 | 66.8 | 66.8 | 64.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| H.M.C, Incorporated | (*,#,^) | 7190 Oakland Mills Rd Suite 10, Columbia, MD 21046 | Furniture and Related Product Manufacturing | Term Loan | 8.25% | 7/3/2028 | 183.8 | 183.8 | 180.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hackensack Steel Corporation and Luzerne Ironworks Inc | (*,#,^) | 300 Sly St., Swoyersville, PA 18709 | Specialty Trade Contractors | Term Loan | 6% | 11/10/2026 | 170.1 | 170.1 | 164.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hackstaff Restaurants LLC | (*,#,^) | 248 W 1st. St. Ste 201, Reno, NV 89501 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 7/15/2029 | 137.6 | 137.6 | 63.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
131
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d | (*,#,^) | 34 35th St., Brooklyn, NY 11232 | Food Manufacturing | Term Loan | 6% | 12/14/2027 | 77.2 | 77.2 | 28.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HDD Solutions, LLC | (*,#) | 6550 Progress Pkwy., Cedar Hill, MO 63016 | Heavy and Civil Engineering Construction | Term Loan | 8.25% | 12/31/2028 | 552.8 | 552.8 | 372.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HG Ventures, Inc. dba Diamond Head Trucking | (*,#,^) | 100 Phoenix Dr., Finleyville, PA 15332 | Truck Transportation | Term Loan | 7.5% | 6/29/2030 | 794.6 | 794.6 | 91.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Humd, LLC dba La Rosa Chicken and Grill | (*,#) | 3111 N. University Dr., Coral Springs, FL 33065 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 1/31/2030 | 124.6 | 124.6 | 122.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| IHC Hardware Inc. | (*,#,^) | 614 BRd. St., Story City, IA 50248 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 6% | 12/6/2042 | 95.7 | 95.7 | 60.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc | (*,#,^) | 4899 Griggs Rd., Houston, TX 77021 | Ambulatory Health Care Services | Term Loan | 7.75% | 12/27/2043 | 967.7 | 967.7 | 239.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery | (*,#,^) | 229 Medical Park Rd., Suite 310, Mooresville, NC 28117 | Ambulatory Health Care Services | Term Loan | Prime plus 0% | 3/29/2044 | 820.8 | 820.8 | 651.9 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J&K Fitness, LLC dba Physiques Womens Fitness Center | (*,#) | 2505 Verot School Rd., Lafayette, LA 70508 | Amusement, Gambling, and Recreation Industries | Term Loan | 8% | 6/8/2036 | 14.6 | 14.6 | 14.5 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J Olson Enterprises LLC and Olson Trucking Direct, Inc. | (*,#) | 311 Ryan St, Holmen, WI 54636 | Truck Transportation | Term Loan | 6% | 6/28/2025 | 592.6 | 592.6 | 28.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value | (*,#,^) | 640 Dubois St., Du Bois, PA 15801 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 6% | 11/10/2026 | 33.1 | 33.1 | 32.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value | (*,#,^) | 640 Dubois St., Dubois, PA 15801 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 6% | 11/10/2041 | 426.4 | 426.4 | 417.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill | (*,#,^) | 24480 W 10 Mile RD, Southfield, MI 48033 | Food Services and Drinking Places | Term Loan | 6% | 1/4/2029 | 34.8 | 34.8 | 25.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JMD Aviation Holdings, LLC | (*,#,^) | 8050 North West 90th St., Medley, FL 33166 | Rental and Leasing Services | Term Loan | Prime plus 0% | 12/15/2027 | 397.5 | 397.5 | 389.3 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto | (*,#) | 200 West Adams St, Cochranton, PA 16314 | Motor Vehicle and Parts Dealers | Term Loan | 6.25% | 10/29/2039 | 11.1 | 11.1 | 3.1 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kids at Heart,LLC dba Monster Mini Golf | (*,#,^) | 10 Newbury St., Danvers, MA 01923 | Amusement, Gambling, and Recreation Industries | Term Loan | 6.75% | 9/22/2026 | 18.1 | 18.1 | 16.5 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kidtastic LLC dba The Little Gym of Audubon | (*,#,^) | 2850 Audubon Dr., Audubon, PA 19403 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 7/27/2026 | 44.9 | 44.9 | 43.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KR Calvert & Co, LLC | (*,#,^) | 1620 Westgate Circle Suite 100, Brentwood, TN 37027 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 12/14/2027 | 393.7 | 393.7 | 302.4 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kostekos Inc dba New York Style Pizza | (*,#) | 10 South King St., Gloucester, NJ 08030 | Food Services and Drinking Places | Term Loan | 8% | 2/6/2040 | 61.9 | 61.9 | 27.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LAN Doctors Inc | (*,#) | 14 Pierson Court, Mahwah, NJ 07430 | Professional, Scientific, and Technical Services | Term Loan | 8.25% | 8/28/2025 | 56.7 | 56.7 | 55.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LAN Doctors Inc | (*,#,^) | 14 Pierson Court, Mahwah, NJ 07430 | Professional, Scientific, and Technical Services | Term Loan | 8.25% | 3/16/2026 | 43.4 | 43.4 | 42.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
132
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Legacy Roof Contractors LLC | (*,#,^) | 32091 Broken Branch Circle, Spanish Fort, AL 36527 | Specialty Trade Contractors | Term Loan | 6% | 2/28/2044 | 294.0 | 294.0 | 195.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Linqserv Inc. | (*,#,^) | 1555 Lyell Ave., Rochester, NY 14606 | Transit and Ground Passenger Transportation | Term Loan | 7.5% | 11/9/2027 | 261.2 | 261.2 | 22.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luv 2 Play Nor Cal, LLC dba Luv 2 Play | (*,#,^) | 82 Clarksville Rd., Folsom, CA 95630 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 0% | 9/27/2026 | 34.4 | 34.4 | 33.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luv 2 Play Nor Cal, LLC | (*,#,^) | 82 Clarksville Rd., Folsom, CA 95682 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 0% | 9/25/2029 | 101.8 | 101.8 | 58.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luv 2 Play Temecula, LLC | (*,#,^) | 26469 Ynez Rd., Temecula, CA 92591 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 0% | 8/15/2026 | 36.8 | 36.8 | 36.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Malhame & Company Publishers & Importers Inc. | (*,#,^) | 180 Orville Rd., Bohemia, NY 11780 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 0% | 6/29/2027 | 67.8 | 67.8 | 65.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mariam Diner Inc dba Country Kitchen Restaurant | (*,#,^) | 17393 Main St., Hesperia, CA 92345 | Food Services and Drinking Places | Term Loan | 8% | 3/18/2026 | 42.8 | 42.8 | 12.3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marlin Lighting LLC | (*,#,^) | 7207 B Lockport Pl, Lorton, VA 22079 | Specialty Trade Contractors | Term Loan | 6% | 12/19/2028 | 80.2 | 80.2 | 79.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matchless Transportation LLC dba First Class Limo | (*,#) | 31525 Aurora Rd. # 5, Solon, OH 44139 | Transit and Ground Passenger Transportation | Term Loan | 6.25% | 5/31/2020 | 119.2 | 119.2 | 29.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MB Xpress Inc | (*,#,^) | 159 D'Arcy Pkwy., Lathrop, CA 95330 | Truck Transportation | Term Loan | 8.25% | 9/19/2028 | 1,035.1 | 1,035.1 | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad | (*,#,^) | 780 S Peace Haven Rd., Winston Salem, NC 27103 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | 7% | 11/25/2025 | 10.5 | 10.5 | 6.6 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MIT LLC | (*,#,^) | 11 North Peach ST., Medford, OR 97504 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/31/2042 | 84.9 | 84.9 | 69.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mojo Brands Media, LLC | (*,#) | 3260 University Blvd., Suite 100, Winter Park, FL 32792 | Broadcasting (except Internet) | Term Loan | 6% | 8/28/2023 | 725.0 | 725.0 | 112.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morris Glass and Construction Inc | (*,#) | 40058 Hwy. 30, Astoria, OR 97103 | Specialty Trade Contractors | Term Loan | 15% | 10/1/2023 | 330.3 | 330.3 | 156.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Murf & Sons LLC | (*,#,^) | 3821 Pleasant Hill Rd., Store #B-107, Kissimmee, FL 34746 | Food Services and Drinking Places | Term Loan | 6% | 11/16/2027 | 44.9 | 44.9 | 44.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| N Transport LLC | (*,#,^) | 5348 W Brown Ave., Fresno, CA 93722 | Truck Transportation | Term Loan | 8% | 11/20/2027 | 365.8 | 365.8 | 33.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| N Transport LLC | (*,#,^) | 294 N. Fruit Ave., Fresno, CA 93706 | Truck Transportation | Term Loan | 8.25% | 11/20/2042 | 31.1 | 31.1 | 30.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC | (*,#,^) | 2520 Pennsylvania Ave., Ogden, UT 84401 | Truck Transportation | Term Loan | 8.25% | 6/20/2028 | 513.2 | 513.2 | 38.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Panther Ironworks and Rigging Solutions LLC | (*,#,^) | 1028 Washburn Switch Rd., Shelby, NC 28150 | Specialty Trade Contractors | Term Loan | 6% | 11/10/2026 | 112.7 | 112.7 | 86.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa | (*,#) | 412 and 500 Main St., La Marque, TX 77568 | Heavy and Civil Engineering Construction | Term Loan | 7% | 9/28/2026 | 570.6 | 570.6 | 3.0 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv | (*,#,^) | 412 and 500 Main St., La Marque, TX 77568 | Heavy and Civil Engineering Construction | Term Loan | 7% | 9/28/2041 | 110.1 | 110.1 | 37.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peter K Lee MD, PC dba Atlanta Primary Care | (*,#,^) | 211 Roberson Mill Rd., Milledgeville, GA 31061 | Ambulatory Health Care Services | Term Loan | 8.25% | 9/13/2043 | 859.6 | 859.6 | 805.5 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
133
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peter K Lee MD, PC dba Atlanta Primary Care LLC | (*,#,^) | 5 Ashford Way, Hawkinsville, GA 31061 | Ambulatory Health Care Services | Term Loan | 8.25% | 9/13/2028 | 381.0 | 381.0 | 369.3 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Picon Motors LLC dba The New Young's Motors | (*,#,^) | 199-211 Central Ave., Orange, NJ 07080 | Motor Vehicle and Parts Dealers | Term Loan | 6% | 6/12/2029 | 213.8 | 213.8 | 107.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Play4Fun dba Luv 2 Play | (*,#,^) | 13722 Jamboree Rd., Irvine, CA 92602 | Amusement, Gambling, and Recreation Industries | Term Loan | 7.5% | 3/7/2028 | 148.1 | 148.1 | 146.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T | (*,#,^) | 2040 Dowdy Ferry, Dallas, TX 75218 | Specialty Trade Contractors | Term Loan | 8.25% | 12/19/2038 | 425.6 | 425.6 | 416.8 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and | (*,#,^) | 13851 S State HWY 34, Scurry, TX 75158 | Specialty Trade Contractors | Term Loan | 8.25% | 10/28/2025 | 435.4 | 435.4 | 280.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Alba Financial Group, Inc. | (*,#,^) | 1420 Spring Hill Rd., McLain, VA 22102 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | 6% | 3/10/2021 | 0.1 | 0.1 | 0.1 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prestige Construction of Florida, LLC | (*,#,^) | 1404 Yorktown St. Suite E, Deland, FL 34944 | Construction of Buildings | Term Loan | 6% | 5/23/2042 | 302.7 | 302.7 | 271.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Providence Management Environmental, LLC, Tindol Energy Group, LLC | (*,#,^) | 6570 W Hwy. 67, Cleburne, TX 76033 | Waste Management and Remediation Services | Term Loan | 6% | 6/19/2029 | 70.0 | 70.0 | 68.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ramjay Inc. | (*,#,^) | 85 S. Bragg St. Suite 303, Alexandria, VA 22312 | Transit and Ground Passenger Transportation | Term Loan | 8.25% | 1/13/2027 | 323.9 | 323.9 | 5.0 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC | (*,#,^) | 85 SW 5th Ave, Delray Beach, FL 33444 | Ambulatory Health Care Services | Term Loan | 7.75% | 12/28/2028 | 107.1 | 107.1 | 9.0 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RG Productions LLC | (*,#,^) | 2414 W Battlefield Suite H, Springfield, MO 65807 | Rental and Leasing Services | Term Loan | 6% | 3/28/2029 | 102.5 | 102.5 | 13.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert F. Johnson, Jr., dba R. Johnson Craftsmanship | (*,#) | 346 Spring Garden Rd., Milford, NJ 08848 | Specialty Trade Contractors | Term Loan | Prime plus 0% | 12/4/2030 | 10.0 | 10.0 | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rich's Food Stores LLC dba Hwy 55 of Wallace | (*,#,^) | 611 East Southerland St., Wallace, NC 28466 | Food Services and Drinking Places | Term Loan | 8.25% | 9/14/2026 | 99.3 | 99.3 | 24.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d | (*,#) | 423-429 Route 156, Trenton, NJ 08620 | Food Services and Drinking Places | Term Loan | 6.25% | 9/30/2039 | 279.5 | 279.5 | 34.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RWBB LLC | (*,#,^) | 4120 7th Ave, Kenosha, WI 53140 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 6/26/2044 | 74.3 | 74.3 | 59.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RWBB LLC | (*,#) | 4120 7th Ave., Kenosha, WI 53140 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 12/19/2029 | 15.2 | 15.2 | 14.6 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sambella Holdings, LLC and Strike Zone Entertainment Center LLC | (*,#,^) | 726-740 South Fleming St., Sebastian, FL 32958 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 11/23/2040 | 738.3 | 738.3 | 650.9 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sambella Holdings, LLC and Strike Zone Entertainment Center LLC | (*,#,^) | 726-740 South Fleming St., Sebastian, FL 32958 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 0% | 12/24/2041 | 492.0 | 492.0 | 476.8 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sanabi Investment, LLC dba Oscar's Moving and Storage | (*,#,^) | 11421 N W 107th St., #13, Miami, FL 33178 | Truck Transportation | Term Loan | 7.5% | 6/20/2027 | 83.4 | 83.4 | 10.8 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sandlot Ventures LLC and Sandbox Ventures LLC | (*,#,^) | 1857A Elmdale Ave, Glenview, IL 60025 | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 9/25/2040 | 88.1 | 88.1 | 62.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
134
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Select Propane & Fuel Inc. and Select Fuel & Convenience LLC | (*,#) | 3822 State Route 3, Red Bud, IL 62278 | Merchant Wholesalers, Nondurable Goods | Term Loan | 7.5% | 2/10/2030 | 522.6 | 522.6 | 26.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shining Star Kids, Inc. dba Brain Balance | (*,#,^) | 17323 Ventura Blvd, Encino, CA 91316 | Educational Services | Term Loan | Prime plus 0% | 1/7/2029 | 77.2 | 77.2 | 76.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Space Express, LLC | (*,#,^) | 2775 Burris Rd., Davie, FL 33314 | Truck Transportation | Term Loan | 6% | 3/12/2029 | 123.5 | 123.5 | 42.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sovereign Communications LLC | (*,#) | 26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783 | Broadcasting (except Internet) | Term Loan | 6.75% | 2/7/2024 | 627.4 | 627.4 | 112.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Specialty Surgery Center, Inc. | (*,#,^) | 5505 Peachtree Dunwoody Rd. Suites 640,645, Atlanta, GA 30342 | Ambulatory Health Care Services | Term Loan | 6% | 6/28/2029 | 1,007.9 | 1,007.9 | 143.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| StillBasi Holdings, Inc. dba Buxton Auto Transport | (*,#,^) | 9371 Jackson Rd, Sacramento, CA 95826 | Truck Transportation | Term Loan | 6% | 3/29/2029 | 267.0 | 267.0 | 225.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suncrest Stone Products LLC | (*,#,^) | 341 County Farm Rd., Ashburn, GA 31714 | Nonmetallic Mineral Product Manufacturing | Term Loan | 7.25% | 8/29/2041 | 493.3 | 493.3 | 67.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suncrest Stone Products LLC | (*,#,^) | 341 County Farm Rd., Ashburn, GA 31714 | Nonmetallic Mineral Product Manufacturing | Term Loan | 7.5% | 8/29/2026 | 531.9 | 531.9 | 101.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| T and B Boots Inc dba Takken's Shoes | (*,#) | 72 South Main St., Templeton, CA 93465 | Clothing and Clothing Accessories Stores | Term Loan | 7.25% | 12/7/2026 | 380.7 | 380.7 | 317.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tarver-Henley Inc. and Tar-Hen LLC | (*,#,^) | 2125 College Ave., Jackson, AL 36545 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 7.75% | 6/21/2042 | 97.8 | 97.8 | 39.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites | (*,#,^) | 29291 Amerihost Dr., Dowagiac, MI 49047 | Accommodation | Term Loan | 8.25% | 12/5/2041 | 335.1 | 335.1 | 328.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Shipping Trans Inc, Esteem Trucking Inc | (*,#,^) | 16102 Sweetwater Court, Lathrop, CA 95330 | Truck Transportation | Term Loan | Prime plus 0% | 9/26/2028 | 614.4 | 614.4 | 562.9 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Webb Eye Associates, PA | (*,#,^) | 1720 S W W White Rd., San Antonio, TX 78220 | Ambulatory Health Care Services | Term Loan | 7.25% | 7/19/2027 | 71.2 | 71.2 | 54.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| White Hawk Inc. | (*,#,^) | 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 | Truck Transportation | Term Loan | 8.25% | 12/15/2026 | 917.5 | 917.5 | 54.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wilban LLC | (*,#,^) | 454 US Hwy. 22, Whitehouse Station, NJ 08889 | Food Services and Drinking Places | Term Loan | 7.5% | 3/11/2026 | 19.2 | 19.2 | 18.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wilban LLC | (*,#) | 454 US Hwy. 22, Whitehouse Station, NJ 08889 | Food Services and Drinking Places | Term Loan | 7.25% | 3/28/2039 | 238.6 | 238.6 | 79.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LA Diner Inc dba Loukas L A Diner | (*,#) | 3205 Route 22 East, Branchburg, NJ 08876 | Food Services and Drinking Places | Term Loan | 7.25% | 9/28/2037 | 92.8 | 92.8 | 63.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Xela Pack, Inc. and Aliseo and Catherine Gentile | (*,#,^) | 8300 Boettner Rd., Saline, MI 48176 | Paper Manufacturing | Term Loan | Prime plus 0% | 3/27/2028 | 166.2 | 166.2 | 159.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van | (*,#,^) | 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010 | Transit and Ground Passenger Transportation | Term Loan | 7.75% | 9/27/2028 | 376.5 | 376.5 | 343.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan | (*,#,^) | 33-51 11th St., Astoria, NY 11106 | Merchant Wholesalers, Nondurable Goods | Term Loan | 8.25% | 4/28/2027 | 75.8 | 75.8 | 71.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
135
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 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 Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Unguaranteed Non-Accrual SBA Investments | 50,834.2 | 50,834.2 | $ | 26,622.5 | 7.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Unguaranteed SBA Investments | $ | 416,651.7 | $ | 416,651.7 | $ | 406,580.9 | 111.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
136
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Hall at the Yard | 1412 Alden Rd., Orlando, FL 32803 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/2/2031 | $ | 2,041.0 | $ | 2,041.0 | $ | 2,300.2 | 0.63 | % | |||||||||||||||||||||||||||||||||||||||||||
| Little Angels Daycare | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus 2.75% | 10/3/2046 | 171.2 | 171.2 | 196.4 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Clean Energyz LLC | 881 Alma Real Dr. Suite T-16, Pacific Palisades, CA 90272 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/11/2031 | 165.0 | 165.0 | 186.0 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Woodzzy LLC | 1133 Clarkson Ave., Brooklyn, NY 11212 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/19/2046 | 1,617.4 | 1,617.4 | 1,822.7 | 0.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 899 Toscanini LLC | 899 Main St., Cambridge, MA 02139 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/9/2031 | 146.8 | 146.8 | 165.4 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Five Rivers 1938 Enterprise Inc. | 3032 W Jack London Blvd., Livermore, CA 94551 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/28/2032 | 46.8 | 46.8 | 52.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kamboj Investments Inc. dba Chicago's Pizza | 1156 South Main St., Manteca, CA 95337 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/29/2031 | 135.4 | 135.4 | 152.6 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Cherich Enterprises | 277 W Green St. Suite 110, Pasadena, CA 91105 | Educational Services | Term Loan | Prime plus 2.75% | 10/29/2031 | 239.3 | 239.3 | 269.6 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Crux Solutions, LLC | 6938 Westover St., Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/30/2031 | 104.8 | 104.8 | 118.1 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Montauk Donut Group Inc. | 1669 Montauk Hwy., Bellport, NY 11713 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/12/2031 | 363.7 | 363.7 | 409.9 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| THE JAR CIRCLE INC | 3545 Merrick Rd., Seaford, NY 11783 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/20/2031 | 125.0 | 125.0 | 140.9 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PCH Ventures, LLC | 18515 Brookhurst St., Fountain valley, CA 92618 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/20/2031 | 227.7 | 227.7 | 256.6 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MA Allen LLC dba Premier Martial Arts | 380 East Bethany Dr., Allen, TX 75002 | Educational Services | Term Loan | Prime plus 2.75% | 3/25/2031 | 67.3 | 67.3 | 75.9 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tiny's Gumbo Bar NYC LLC | 275 Church St., New York, NY 10013 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/25/2031 | 152.5 | 152.5 | 171.9 | 0.05 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 7 BRANCHES Corp | 410 Pearl St., Lake Wales, FL 33853 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/27/2031 | 36.3 | 36.3 | 40.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| K’s Salon 1 | 580 Amsterdam Ave, New York, NY 10024 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/30/2031 | 132.4 | 132.4 | 149.2 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Shrijee LLC | 908 Washington St., Manitowoc, WI 54220 | Accommodation | Term Loan | Prime plus 2.75% | 12/31/2046 | 1,072.4 | 1,072.4 | 1,230.5 | 0.34 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Big Heart LLC | 1158 W San Marcos Blvd, San Marcos, CA 92078 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2031 | 77.5 | 77.5 | 87.3 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| LAOR | 7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 5/26/2047 | 1,550.4 | 1,550.4 | 1,779.0 | 0.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| RGV Poke LLC | 5401 North 10 St. Unit 126, McAllen, TX 78504 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/2/2032 | 50.4 | 50.4 | 56.8 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Alaska Industrial Paint LLC | 1301 North Post Rd., Anchorage, AK 99501 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/8/2032 | 103.5 | 103.5 | 116.6 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| B & W Towing LLC | 701 Addison Rd., Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 2/9/2047 | 444.2 | 444.2 | 509.7 | 0.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||
137
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Black Market Meal Prep | 29941 Aventura, Suite K, Rancho Santa Margarita, CA 92688 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/24/2032 | 82.5 | 82.5 | 93.0 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| C.D.A. Serviceability Trust Inc. | 4501 6th Ave, Tacoma, WA 98406 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/27/2046 | 624.0 | 624.0 | 716.0 | 0.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Coco Wood Grill | 1800 E Palm Ave, Tampa, FL 33605 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2047 | 1,923.3 | 1,923.3 | 2,206.9 | 0.60 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jafar & Jamal Inc. | 11 Highland Ave., Malden, MA 02148 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/29/2032 | 117.0 | 117.0 | 131.9 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Metro of Livernois | 17149 Livernois, Detroit, MI 48221 | Telecommunications | Term Loan | Prime plus 2.75% | 1/29/2047 | 1,224.0 | 1,224.0 | 1,379.4 | 0.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Moon Group, Inc. | 145 Moon Rd, Chesapeake City, MD 21915 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/27/2029 | 3,254.8 | 3,254.8 | 3,417.5 | 0.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade | 100 Village Rd., Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/16/2029 | 105.3 | 105.3 | 111.3 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lulubelle's Mountain Banana Bread LLC | 1063 Carousel Rd, Lake Arrowhead, CA 92352 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/21/2045 | 746.0 | 746.0 | 828.0 | 0.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| NJ Floats Inc | 327 Route 202/206, Bedminster Township, NJ 07921 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 6/12/2046 | 822.0 | 822.0 | 912.4 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Great II, LLC | 142 WA-150, Chelan, WA 98816 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/30/2031 | 3,112.5 | 3,112.5 | 3,439.3 | 0.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| New Greater Generation Family Funeral Group, LLC | 1400 N Hampton Rd, DeSoto, TX 75115 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/30/2046 | 219.2 | 219.2 | 250.7 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Faxon Enterprises | 3107 Nichols Ave., Bay City, TX 78259 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2046 | 3,105.0 | 3,105.0 | 3,516.4 | 0.96 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Champion's Florida LLC | 1360 NW 88th Ave., Doral, FL 33172 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/30/2046 | 3,663.8 | 3,663.8 | 4,149.2 | 1.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jones Roger Shermann Inn Inc. | 195 Oenoke Ridge, New Canaan, CT 06840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/4/2030 | 64.7 | 64.7 | 64.7 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Matrix Z LLC | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 6.5% | 2/27/2029 | 10.4 | 10.4 | 10.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rello Inc. | 8063 Jericho Turnpike, Woodbury, NY 11797 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 4/17/2029 | 5.1 | 5.1 | 5.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 2Choice2Friends LLC | 901 W Braker Lane, Austin, TX 78758 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 4/17/2029 | 10.6 | 10.6 | 10.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| NYM Solutions Inc. | 12150 SW 128th St. CT Suite 209, Miami, FL 33186 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 5/6/2029 | 10.6 | 10.6 | 10.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Clowers Trucking by Faith LLC | 705 E Brookwood PL, Valdosta, GA 31601 | Truck Transportation | Term Loan | Prime plus 6.5% | 5/23/2029 | 10.6 | 10.6 | 10.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MCM Design LLC | 5926 Vinings Vintage Way, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 5/23/2029 | 8.2 | 8.2 | 8.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Still Photography | 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 6/6/2029 | 10.7 | 10.7 | 10.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Archer Cleaners Inc. | 1514 W. 33rd St., Chicago, IL 60608 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/10/2029 | 10.7 | 10.7 | 10.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
138
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Law Office of Paula Padilla PLLC | 2211 E Highland Ave Suite 130, Phoenix, AZ 85016 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 6/13/2029 | 4.3 | 4.3 | 4.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Campuscuts LLC | 930 Robtrice Ct, Edmond, OK 73430 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/21/2029 | 6.4 | 6.4 | 6.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Port Diesel LLC | 3212 Alex Trask Dr., Castle Hayne, NC 28429 | Repair and Maintenance | Term Loan | Prime plus 6.5% | 6/21/2029 | 10.7 | 10.7 | 10.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Menshka Inc. | 88 High St., Mountclair, NJ 07042 | Ambulatory Health Care Services | Term Loan | Prime plus 6.5% | 7/10/2029 | 10.8 | 10.8 | 10.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lawrence Adeyemo & Co LLC | 209-34 112 Ave, Queens Village, NY 11429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 7/19/2029 | 8.7 | 8.7 | 8.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gradstreet LLC | 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 | Nonstore Retailers | Term Loan | Prime plus 6.5% | 7/30/2029 | 6.3 | 6.3 | 6.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| A&S Services LLC | 3888 Lightner Rd., Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 8/7/2029 | 10.8 | 10.8 | 10.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Crystal Clear Accounting | 34099 Tuscan Creek Way, Temecula, CA 92592 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 8/26/2029 | 2.8 | 2.8 | 2.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Doghouse Sport Fishing Charters Inc. | 83413 Overseas Hwy., Islamorada, FL 33036 | Scenic and Sightseeing Transportation | Term Loan | Prime plus 6.5% | 8/30/2029 | 10.8 | 10.8 | 10.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| No Push Back LLC | 5405 Neshaminy Blvd, Bensalem, PA 19020 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 8/30/2029 | 10.5 | 10.5 | 10.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Host Marketing LLC | 206 Bell Lane, Suite B, West Monroe, LA 71291 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 9/18/2029 | 10.9 | 10.9 | 10.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Standard Real Estate Services LLC | 500 West Silver Spring Dr., Suite K 200,, Glendale, WI 53217 | Real Estate | Term Loan | Prime plus 6.5% | 9/19/2029 | 10.9 | 10.9 | 10.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bargain Store | 107 Tabernacle Church Rd., Candor, NC 27229 | General Merchandise Stores | Term Loan | Prime plus 6.5% | 10/11/2029 | 11.0 | 11.0 | 11.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Powerlift Dumbwaiters Inc. | 2444 Georgia Slide Rd., Georgetown, CA 95634 | Machinery Manufacturing | Term Loan | Prime plus 6.5% | 10/16/2029 | 10.6 | 10.6 | 10.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pine Mountain Residential LLC | 10240 Cosmopolitan Circle, Parker, CO 80134 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 10/16/2029 | 11.0 | 11.0 | 11.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| James Clark and Company Inc. | 8885 Haven Ave., Suite 120, Rancho Cucamonga, CA 91730 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 10/22/2029 | 11.0 | 11.0 | 11.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sean McNamara | 5639 Wood Lane, Allentown, PA 18106 | Nonstore Retailers | Term Loan | Prime plus 6.5% | 11/14/2029 | 11.0 | 11.0 | 11.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Pinnacle Group | 105 Springside Dr., Akron, OH 44333 | Social Assistance | Term Loan | Prime plus 6.5% | 11/14/2029 | 11.0 | 11.0 | 11.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Standard Capital Corp. | 2349 Wessington Dr., Virginia Beach, VA 23456 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 12/5/2029 | 11.2 | 11.2 | 11.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Scott’s Hardware Inc | 200 Tuckerton Rd., Medford, NJ 08055 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 6.5% | 12/6/2029 | 11.1 | 11.1 | 11.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HADD Corp | 364 Rugby Rd., Cedarhurst, NY 11516 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/17/2029 | 11.1 | 11.1 | 11.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| La Tradicion Cubana Inc. | 9357 S.W. 40th St., Miami, FL 33165 | Miscellaneous Store Retailers | Term Loan | Prime plus 6.5% | 12/20/2029 | 11.2 | 11.2 | 11.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
139
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| This is a Fly Closet LLC | 12408 Kingsview St., Bowie, MD 20721 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 6.5% | 1/30/2030 | 11.5 | 11.5 | 11.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 2 N 1 Home and Lawn LLC | 1300 Ridenour Blvd., Kennesaw, GA 30152 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 2/3/2030 | 11.2 | 11.2 | 11.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| All Modes Transportation and Logistics | 4313 Collingtree Dr., Rockledge, FL 32955 | Support Activities for Transportation | Term Loan | Prime plus 6.5% | 2/14/2030 | 11.2 | 11.2 | 11.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Green Farm Inc. | 1018 W SR 424 Suite 100, Longwood, FL 32750 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 11/19/2030 | 11.9 | 11.9 | 11.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Flex Beauty Labs LLC | 7512 Dr. Phillip Blvd., Orlando, FL 32819 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 6.5% | 11/24/2030 | 11.9 | 11.9 | 11.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dearly Loved Counseling LLC | 14052 N Dale Mabry Hwy., Suite 215, Tampa, FL 33618 | Social Assistance | Term Loan | Prime plus 6.5% | 11/24/2030 | 11.9 | 11.9 | 11.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Diane's Accounting Service | 119 E Haywood St, England, AR 72046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/3/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Combs Creative LLC | 157 Antler Ridge Circle,, Nashville, TN 37214 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/4/2030 | 5.3 | 5.3 | 5.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Travel with Love, LLC | 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/4/2030 | 4.8 | 4.8 | 4.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jamali LLC | 2741 Raceway Fairfield West, Pensacola, FL 32503 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 12/11/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Donald W. Harris | 1625 US-59 N, Linden, TX 75563 | Warehousing and Storage | Term Loan | Prime plus 6.5% | 12/11/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| David Benson LLC | 1422 Euclid Ave, Cleveland, OH 44115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Savannah Area Language & Culture Exchange, LLC | 6 Dovetail Crossing, Savannah, GA 31419 | Educational Services | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Vege Investments, LLC | 26400 SW 177th Ave, Homestead, FL 33031 | Gasoline Stations | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| ASIL Ventures, LLC | 4354 N Bell Ave, Apt G2,, Chicago, IL 60618 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/22/2030 | 4.1 | 4.1 | 4.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SPECTRUM DYNAMICS, INC | 27727 Dalton Bluff Court, Katy, TX 77494 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KCL Business Service Inc | 1042 San Fernando Rd., San Fernando, CA 91340 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chris' Angels Cleanning Service LLC | 2090 Dunwoody Club Dr., Sandy Springs, GA 30350 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tiki Torch Liquors | 101 Dallas St., Talihima, OK 74571 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Austen Felder Holdings | 23642 Hwy. 25, Franklinton, LA 70438 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 1/18/2031 | 12.1 | 12.1 | 12.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Diamond Ridge Professionals | 8629 Mesquite Circle, Magna, UT 84044 | Construction of Buildings | Term Loan | Prime plus 6.5% | 1/19/2031 | 18.1 | 18.1 | 18.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Centre for Autism Treatment | 13090 Sundown Rd., Victorville, CA 92392 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 1/20/2031 | 18.1 | 18.1 | 18.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
140
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Londerpass Inc. | 108 N Fiore Pkwy., Vernon Hills, IL 60061 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 1/21/2031 | 18.1 | 18.1 | 18.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Andrew’s Spotless Cleaning LLC | 1604 Marcella Dr., Covington, KY 41011 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 1/22/2031 | 18.1 | 18.1 | 18.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Wild Thing Accounting & Tax LLC | 805 NE 190th Ave., Portland, OR 97230 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 1/22/2031 | 18.1 | 18.1 | 18.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pasture Clearing Fencing LLC | 1205 N St., Belleville, KS 66935 | Construction of Buildings | Term Loan | Prime plus 6.5% | 1/22/2031 | 16.6 | 16.6 | 16.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Wild Wellness LLC | 151 Lake St., Lancaster, OH 43130 | Ambulatory Health Care Services | Term Loan | Prime plus 6.5% | 1/22/2031 | 8.0 | 8.0 | 8.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| VIIXVII Sewing Studio LLC | 277 E Girard Ave., Philadelphia, PA 19125 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 6.5% | 1/22/2031 | 13.4 | 13.4 | 13.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Skypie Studio and Crafts LLC | 933 Mary Ave, Opelousas, LA 70570 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 1/22/2031 | 17.4 | 17.4 | 17.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jazma Wise | 110 Golden Pine Rd SW, Austell, GA 30168 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 1/28/2031 | 11.6 | 11.6 | 11.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| uniguide Media LLC | 105 Pearl St., Sausalito, CA 94965 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 2/11/2031 | 18.2 | 18.2 | 18.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Alima Mandiang | 242 E. Claremont Rd, Philadelphia, PA 19120 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 2/17/2031 | 7.3 | 7.3 | 7.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Benevolent Family Services LLC | 522 S Independence Blvd., Suite 201, Virginia Beach, VA 23452 | Ambulatory Health Care Services | Term Loan | Prime plus 6.5% | 3/15/2031 | 18.4 | 18.4 | 18.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| INB Enterprise LLC | 7761 Diamondback Dr., College Park, MD 20742 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 3/15/2031 | 18.4 | 18.4 | 18.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Blasco Tire | 960 Memorial Dr., Griffin, GA 30223 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 6.5% | 3/24/2031 | 18.3 | 18.3 | 18.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stephanie Doty | 82 Diggins Dr., Folsom, CA 95630 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 4/14/2031 | 10.9 | 10.9 | 10.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lockett Trucking and Transport LLC | 612 Colebridge Dr., Blacklick, OH 43004 | Truck Transportation | Term Loan | Prime plus 6.5% | 4/14/2031 | 18.4 | 18.4 | 18.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| RV Solar LLC | 3442 E Bulk Lane, Oak Creek, WI 53154 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 4/14/2031 | 18.4 | 18.4 | 18.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Foy Commerce LLC | 1725 Park Lane S, Suite 2,, Jupiter, FL 33458 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 5/5/2031 | 18.6 | 18.6 | 18.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JERAGARDENS WEDDING RENTALS LLC | 5842 South 1150 West, Ogden, UT 84405 | Rental and Leasing Services | Term Loan | Prime plus 6.5% | 7/20/2031 | 18.8 | 18.8 | 18.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Basha Home Improvements LLC | 41 Van Houten Ave., Jersey City, NJ 07305 | Construction of Buildings | Term Loan | Prime plus 6.5% | 7/21/2031 | 7.7 | 7.7 | 7.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tarun LLC DBA signature wine and liquor | 325 South Limestone, Lexington, KY 40508 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 7/23/2031 | 18.8 | 18.8 | 18.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| C4 Technologies Inc | 171 C Ave., Suite C, Coronado, CA 92118 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 8/6/2031 | 18.8 | 18.8 | 18.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dennis Hair Studio Inc. | 1566 Union Turnpike, New Hyde Park, NY 11040 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 9/13/2031 | 18.8 | 18.8 | 18.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
141
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Edel Family Management Corp | 2207 Coney Island Ave, Brooklyn, NY 11223 | PPP | Term Loan | 1.0% | 4/30/2022 | 39.2 | 39.2 | 39.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Surf Cup Sports | 2037 Park Dale Ln, Encinitas, CA 92024 | PPP | Term Loan | 1.0% | 4/30/2022 | 19.0 | 19.0 | 19.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Asthma & Allergy Medical Care, P.C. | 68 Nassau Rd, Huntington, NY 11743 | PPP | Term Loan | 1.0% | 5/4/2022 | 16.1 | 16.1 | 16.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Provino's South, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 5/5/2022 | 18.2 | 18.2 | 18.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kore Surgical Inc | 26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275 | PPP | Term Loan | 1.0% | 5/5/2022 | 8.0 | 8.0 | 8.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| GMS Racing LLC | 1980 Festival Plaza Dr, Suite 770, Las Vegas, NV 89135 | PPP | Term Loan | 1.0% | 5/6/2022 | 130.0 | 130.0 | 130.0 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Basic L Corporation dba Action Industries | 1120 Olympic Dr, Corona, CA 92881 | PPP | Term Loan | 1.0% | 5/7/2022 | 43.1 | 43.1 | 43.1 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Allergy & Asthma Associates of Murray Hill, P.C. | 35 E 35th St, Suite 202, New York, NY 10016 | PPP | Term Loan | 1.0% | 5/8/2022 | 17.1 | 17.1 | 17.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Temple Emanu-El | 2100 Highland Ave, Birmingham, AL 35205 | PPP | Term Loan | 1.0% | 5/12/2022 | 28.0 | 28.0 | 28.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dental Designs of Fort Myers, LLC | 3220 Forum Blvd, #104, Fort Myers, FL 33905 | PPP | Term Loan | 1.0% | 5/12/2022 | 34.8 | 34.8 | 34.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| RX Psychological Services, LLC | 5300 McNutt Rd., Suite 12, Santa Teresa, NM 88008 | PPP | Term Loan | 1.0% | 5/12/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HL Group Inc. | 16690 Swingley Ridge Rd., Suite 100, Chesterfield, MO 63017 | PPP | Term Loan | 1.0% | 5/13/2022 | 16.0 | 16.0 | 16.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Child Welfare League of America Inc. | 727 15th St NW, Suite 1200, Washington, DC 20005 | PPP | Term Loan | 1.0% | 5/13/2022 | 20.0 | 20.0 | 20.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Quality Pool Management | 161 Rombout Rd, Poughkeepsie, NY 12603 | PPP | Term Loan | 1.0% | 5/13/2022 | 6.4 | 6.4 | 6.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stress Analysis Services, Inc. | 3920 Ira Rd, Akron, OH 44333 | PPP | Term Loan | 1.0% | 5/14/2022 | 19.0 | 19.0 | 19.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dominic Orfitelli, LLC | 7101 Elizabeth Dr, McLean, VA 22101 | PPP | Term Loan | 1.0% | 5/15/2022 | 3.1 | 3.1 | 3.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ranco Construction LLC | 2 Coleman Ct, Southampton, NJ 08088 | PPP | Term Loan | 1.0% | 5/15/2022 | 52.9 | 52.9 | 52.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rumi K. Lakha D.O., Inc. | 7136 Pacific Blvd, Suite 225, Huntington Park, CA 90255 | PPP | Term Loan | 1.0% | 5/15/2022 | 21.7 | 21.7 | 21.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lisa Stransky Real Estate LLC | 10000 Falls Rd, Suite 300, Potomac, MD 20854 | PPP | Term Loan | 1.0% | 5/18/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chophouse 13 | 11362 San Jose Blvd, Suite 1, Jacksonville, FL 32223 | PPP | Term Loan | 1.0% | 5/19/2022 | 20.4 | 20.4 | 20.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Doctors Medical Center of Walton County, PA | 21 W Main Ave, Defuniak Springs, FL 32435 | PPP | Term Loan | 1.0% | 5/19/2022 | 21.9 | 21.9 | 21.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| CCG Advisors | 817 W Peachtree St., Suite 205, Atlanta, GA 30308 | PPP | Term Loan | 1.0% | 5/19/2022 | 21.5 | 21.5 | 21.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
142
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Laura Billon | 1286 El Mercado Way,, Unit C, Oceanside, CA 92057 | PPP | Term Loan | 1.0% | 5/19/2022 | 0.1 | 0.1 | 0.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Caveonix | 7777 Leesburg Pike, Suite 303 South, Falls Church, VA 22043 | PPP | Term Loan | 1.0% | 5/20/2022 | 31.0 | 31.0 | 31.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Direct Resources Group | 1520 4th Ave., Suite 500, Seattle, WA 98101 | PPP | Term Loan | 1.0% | 5/21/2022 | 31.3 | 31.3 | 31.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gwendolyn Luce | 4065 Laguna Way, Palo Alto, CA 94306 | PPP | Term Loan | 1.0% | 5/21/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hamilton Technology Services | 14115 West 59th Place, Arvada, CO 80004 | PPP | Term Loan | 1.0% | 5/21/2022 | 15.3 | 15.3 | 15.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| North Carolina Baptist Foundation, Inc. | 201 Convention Dr., Cary, NC 27511 | PPP | Term Loan | 1.0% | 5/21/2022 | 27.6 | 27.6 | 27.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Carrie Risatti | 307 Montana Ave, #201, Santa Monica, CA 90403 | PPP | Term Loan | 1.0% | 5/21/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| South Florida Imaging Consultants LLC | 10754 Versailles Blvd, Wellington, FL 33449 | PPP | Term Loan | 1.0% | 5/22/2022 | 4.4 | 4.4 | 4.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Cinema Vehicles | 12580 Saticoy St, North Hollywood, CA 91605 | PPP | Term Loan | 1.0% | 5/22/2022 | 59.0 | 59.0 | 59.0 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Provino's Italian Restaurant, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 5/26/2022 | 25.8 | 25.8 | 25.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Easy Content Media LLC | 706 Van Nest Dr., Martinsville, NJ 08836 | PPP | Term Loan | 1.0% | 5/26/2022 | 5.8 | 5.8 | 5.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 163rd Avenue Investors, LLC | 1435 163rd Ave, San Leandro, CA 94578 | PPP | Term Loan | 1.0% | 5/26/2022 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| TK Food Concepts LLC | 107 North 3rd St, Suite 3D, Brooklyn, NY 11249 | PPP | Term Loan | 1.0% | 5/26/2022 | 15.4 | 15.4 | 15.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jennie Kwon Designs | 643 S Olive St, Los Angeles, CA 90014 | PPP | Term Loan | 1.0% | 5/26/2022 | 5.4 | 5.4 | 5.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pacific CCI, Inc | 880 W 1st St, #520, Los Angeles, CA 90012 | PPP | Term Loan | 1.0% | 5/27/2022 | 36.4 | 36.4 | 36.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Scalini's, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 5/27/2022 | 17.7 | 17.7 | 17.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sports Academy Integrated Sports Medicine, LLC | 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 | PPP | Term Loan | 1.0% | 5/27/2022 | 31.4 | 31.4 | 31.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Frenchy's | 1460 3rd St S, Jacksonville Beach, FL 32250 | PPP | Term Loan | 1.0% | 5/28/2022 | 8.6 | 8.6 | 8.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Yoga Connection of Pembroke Pines, Inc | 12592 Pines Blvd, #103, Pembroke Pines, FL 33027 | PPP | Term Loan | 1.0% | 5/28/2022 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Shalik, Morris & Company, LLC | 80 Crossways Park Dr W, Woodbury, NY 11797 | PPP | Term Loan | 1.0% | 5/29/2022 | 108.3 | 108.3 | 108.3 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hawk Management LLC | 2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052 | PPP | Term Loan | 1.0% | 5/29/2022 | 18.9 | 18.9 | 18.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Headhunter Inc | 3380 SW 11th AVE, FT LAUDERDALE, FL 33315 | PPP | Term Loan | 1.0% | 5/29/2022 | 78.2 | 78.2 | 78.2 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Raidah Hudson Dentistry | 4374 S Laburnum Ave, Richmond, VA 23231 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
143
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Haley Glazer Geriatric Care Management, LLC | 40 Bradway Ave, Ewing Township, NJ 08618 | PPP | Term Loan | 1.0% | 6/1/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Snipers Lacrosse Inc | 1024 W Heritage Club Cir, Delray Beach, FL 33483 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.6 | 2.6 | 2.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michael A Friedman, MD | 2675 N Decatur Rd, Decatur, GA 30033 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bonsecours Productions Inc. | 420 Riverside Dr., New York, NY 10025 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| VCSC | 11627 Versailles Lakes Ln, Houston, TX 77082 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.4 | 2.4 | 2.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lubin & Meyer, PC | 100 City Hall Plaza, Boston, MA 02108 | PPP | Term Loan | 1.0% | 6/1/2022 | 63.0 | 63.0 | 63.0 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Special Events Staffing | 1015 N Lake Ave, Suite 205, Pasadena, CA 91104 | PPP | Term Loan | 1.0% | 6/1/2022 | 54.6 | 54.6 | 54.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Get Wired Tec, Inc. | 2192 Lysander Ave, Simi Valley, CA 93065 | PPP | Term Loan | 1.0% | 6/1/2022 | 4.0 | 4.0 | 4.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bailey and Owens Construction | 2649 Valleydale Rd, Birmingham, AL 35244 | PPP | Term Loan | 1.0% | 6/1/2022 | 17.5 | 17.5 | 17.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Levin's Crosstown Supply Corp. | 1347 Boston Rd, Bronx, NY 10456 | PPP | Term Loan | 1.0% | 6/1/2022 | 6.5 | 6.5 | 6.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The On The Line Company, Inc | 101 Arch St, Suite 225, Boston, MA 02110 | PPP | Term Loan | 1.0% | 6/1/2022 | 9.7 | 9.7 | 9.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| LG Networks Inc | 8111 Lyndon B Johnson Fwy, Suite 700, Dallas, TX 75251 | PPP | Term Loan | 1.0% | 6/1/2022 | 15.1 | 15.1 | 15.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Trapwire Inc. | 1818 Library St, Reston, VA 20190 | PPP | Term Loan | 1.0% | 6/2/2022 | 24.4 | 24.4 | 24.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Innervision Technology Relocation Company | 3780 Kilroy Airport Way, Suite 200-300, Long Beach, CA 90806 | PPP | Term Loan | 1.0% | 6/2/2022 | 7.4 | 7.4 | 7.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Provino's of North Gwinnett, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 6/2/2022 | 24.0 | 24.0 | 24.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Zola Electric Labs, Inc. | 555 De Haro St, San Francisco, CA 94107 | PPP | Term Loan | 1.0% | 6/2/2022 | 50.0 | 50.0 | 50.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| St. Jude Emergency Medical Group Inc. | 9930 Research Dr, Irvine, CA 92618 | PPP | Term Loan | 1.0% | 6/2/2022 | 24.5 | 24.5 | 24.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Wavecrest Sales LLC | 501 NE Wavecrest Way, Boca Raton, FL 33432 | PPP | Term Loan | 1.0% | 6/2/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Flynn Gallagher Associates LLC | 1980 Festival Plaza Dr, Suite 770, Las Vegas, NV 89135 | PPP | Term Loan | 1.0% | 6/2/2022 | 23.2 | 23.2 | 23.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Law Offices of Rajiv S Khanna PC | 5225 N. Wilson Blvd, Arlington, VA 22205 | PPP | Term Loan | 1.0% | 6/3/2022 | 31.3 | 31.3 | 31.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Princeton Van Service | 92 north main St. bldg 4, WINDSOR, NJ 08561 | PPP | Term Loan | 1.0% | 6/3/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Renuart Enterprises Inc. (REI) | 16950 SW 90th Ave, Palmetto Bay, FL 33157 | PPP | Term Loan | 1.0% | 6/3/2022 | 7.3 | 7.3 | 7.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Subterranean Hair | 263 W 7th St, San Pedro, CA 90731 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
144
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Apache Behavioral Health Services, Inc. | 249 W Ponderosa St, Whiteriver, AZ 85941 | PPP | Term Loan | 1.0% | 6/3/2022 | 241.1 | 241.1 | 241.1 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mazco Ventures LLC | 3410 Montrose Blvd, Houston, TX 77006 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Parenteau Guidance | 132 E 35th St, Apt 3J, New York, NY 10016 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Vreeke & Associates | 845 E Easy St., Suite 101, Simi Valley, CA 93065 | PPP | Term Loan | 1.0% | 6/4/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MAYATEX, INC. | 5015 S IH 35, Georgetown, TX 78626 | PPP | Term Loan | 1.0% | 6/4/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Aircel LLC | 3033 Riviera Dr, Suite 101, Naples, FL 34103 | PPP | Term Loan | 1.0% | 6/4/2022 | 35.0 | 35.0 | 35.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Unity Worldwide Ministries Eastern Region | 800 Blanton Ave, Richmond, VA 23221 | PPP | Term Loan | 1.0% | 6/4/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Amanda Lopez | 23411 aliso viejo Pkwy., Aliso Viejo, CA 92656 | PPP | Term Loan | 1.0% | 6/4/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Moody Creek Farms LLC | 31257 VIA MARIA ELENA, Bonsall, CA 92003 | PPP | Term Loan | 1.0% | 6/5/2022 | 35.4 | 35.4 | 35.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| YMCA of West San Gabriel Valley | 401 East Corto St., Alhambra, CA 91801 | PPP | Term Loan | 1.0% | 6/5/2022 | 15.7 | 15.7 | 15.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PDT LLC | 2812 Rivers Edge Rd, Louisville, KY 40222 | PPP | Term Loan | 1.0% | 6/5/2022 | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Seattle Ventures LLC | 2215 3rd Ave W, Seattle, WA 98119 | PPP | Term Loan | 1.0% | 6/5/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Precision Landscape Management Inc | 3130 Carter Jones Rd, Groveland, FL 34736 | PPP | Term Loan | 1.0% | 6/5/2022 | 19.0 | 19.0 | 19.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stonecrop Gardens Inc | 81 Stonecrop Ln, Cold Spring, NY 10516 | PPP | Term Loan | 1.0% | 6/5/2022 | 16.7 | 16.7 | 16.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Andrew S. Gaffney Foundation | 245 South St, Morristown, NJ 07960 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SDG Engineering PC | 121 Huntington Rd, Port Washington, NY 11050 | PPP | Term Loan | 1.0% | 6/5/2022 | 8.5 | 8.5 | 8.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| LaFlower Construction, Inc. | 23888 Madison St, Torrance, CA 90505 | PPP | Term Loan | 1.0% | 6/5/2022 | 0.1 | 0.1 | 0.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sea-Est Incorporated | 1741 W Beaver St, Jacksonville, FL 32209 | PPP | Term Loan | 1.0% | 6/8/2022 | 25.6 | 25.6 | 25.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gwinnett Cemeteries, LLC | 103 Crestview Church Rd, Warner Robins, GA 31088 | PPP | Term Loan | 1.0% | 6/8/2022 | 16.5 | 16.5 | 16.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Music Center Inc. dba Haight Ashbury Music Center; dba Gelb Music | 722 El Camino Real, Redwood City, CA 94063 | PPP | Term Loan | 1.0% | 6/8/2022 | 9.5 | 9.5 | 9.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Camfed U.S.A. Foundation | 466 Geary St, Suite 400, San Francisco, CA 94102 | PPP | Term Loan | 1.0% | 6/8/2022 | 18.2 | 18.2 | 18.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| National Roofing | 1237 Circle Ave, Forest Park, IL 60130 | PPP | Term Loan | 1.0% | 6/8/2022 | 52.5 | 52.5 | 52.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dental Designs of Naples | 5048 Tamiami Trail N, Naples, FL 34103 | PPP | Term Loan | 1.0% | 6/9/2022 | 21.1 | 21.1 | 21.1 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
145
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| G&A Rehab, Inc | 3333 Skypark Dr., Suite 220, Torrance, CA 90505 | PPP | Term Loan | 1.0% | 6/9/2022 | 15.8 | 15.8 | 15.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| OCC installations | 12102 Manley St, Garden Grove, CA 92845 | PPP | Term Loan | 1.0% | 6/9/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Intrepid | 7 Quail Ridge Rd S, Rolling Hills, CA 90274 | PPP | Term Loan | 1.0% | 6/10/2022 | 6.9 | 6.9 | 6.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mora Investment Management | 9 W Star Island Dr, Miami Beach, FL 33139 | PPP | Term Loan | 1.0% | 6/10/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Birdie Golf Ball Company | 208 Margate Ct, Margate, FL 33063 | PPP | Term Loan | 1.0% | 6/11/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Amanda Reynal Interiors | 1417 Walnut St, Suite D, Des Moines, IA 50309 | PPP | Term Loan | 1.0% | 6/11/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Clark A Miller Sales LTD | 1205 Tuscany Ct, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 6/11/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Copperfield Investment & Development Company | 1721 Crystal Ann Ave, Las Vegas, NV 89106 | PPP | Term Loan | 1.0% | 6/12/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dan Counts & Associates, Inc. | 1780 Prescott Ave, Monterey, CA 93940 | PPP | Term Loan | 1.0% | 6/12/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| DEAFLINK INC | 57 Ludlow Ln, Palisades, NY 10964 | PPP | Term Loan | 1.0% | 6/15/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Propel A Charter Management Group Inc | 5200 Irwindale Ave, Irwindale, CA 91706 | PPP | Term Loan | 1.0% | 6/16/2022 | 29.8 | 29.8 | 29.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sunburst Decorative Rock, Inc | 282 Live Oak Ave, Irwindale, CA 91706 | PPP | Term Loan | 1.0% | 6/16/2022 | 18.3 | 18.3 | 18.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Daydream Reels LLC | 3615 N Kenilworth St, Arlington, VA 22207 | PPP | Term Loan | 1.0% | 6/16/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PR Realty Management LLC | 2207 Coney Island Ave, Brooklyn, NY 11223 | PPP | Term Loan | 1.0% | 6/18/2022 | 19.2 | 19.2 | 19.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Joel Diaz Training Camp, LLC. | 40795 Adriatico Ct, Indio, CA 92203 | PPP | Term Loan | 1.0% | 6/23/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| John Berry Turbidy | 1501 Silver King Dr, Aspen, CO 81611 | PPP | Term Loan | 1.0% | 6/29/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PPS UTICA LLC | 251 Utica Ave, Brooklyn, NY 11213 | PPP | Term Loan | 1.0% | 5/7/2022 | 15.2 | 15.2 | 15.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| BARRYVILLE MANAGEMENT 1 CORP | 299 South St, New York, NY 10002 | PPP | Term Loan | 1.0% | 3/18/2026 | 20.0 | 20.0 | 20.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| DANIELLE|TATE | 347 Bianco Ridge Ave, Las Vegas, NV 89183 | PPP | Term Loan | 1.0% | 3/31/2026 | 20.8 | 20.8 | 20.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| David|Ortiz | 4004 Waterview Cir, Palm Springs, FL 33461 | PPP | Term Loan | 1.0% | 4/26/2026 | 18.7 | 18.7 | 18.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Montalban Featherstone | 13513 7 Mile Rd, Detroit, MI 48205 | PPP | Term Loan | 1.0% | 5/24/2026 | 20.8 | 20.8 | 20.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Guaranteed Accrual Investments | $ | 31,227.7 | $ | 31,227.7 | $ | 34,598.2 | 9.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
146
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Non-Accrual Investments (4b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hackstaff Restaurants | (*) | 248 W 1st. St. Ste 201, Reno, NV 89501 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 7/15/2029 | 412.7 | 412.7 | 437.4 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MIT LLC | (*) | 11 North Peach ST., Medford, OR 97504 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/31/2042 | 254.7 | 254.7 | 254.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neville Galvanizing, Inc | (*) | 2983 Grand Ave., Pittsburgh, PA 15225 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 6.00% | 12/15/2042 | 707.1 | 707.1 | 707.1 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chavero's Auto Mart LLC | (*) | 1364 E Palma Vista Dr., Palmview, TX 78572 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 9.75% | 10/11/2029 | 12.5 | 12.5 | 12.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crystal Cleaning Service | (*) | 26 Cooper Rd, Byhalia, MS 38611 | Administrative and Support Services | Term Loan | Prime plus 0% | 5/9/2029 | 8.9 | 8.9 | 8.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pen’s Electric Company, Inc | (*) | 504 Fairfax Ave., Nashville, TN 37212 | Specialty Trade Contractors | Term Loan | Prime plus 9.75% | 11/21/2029 | 11.9 | 11.9 | 11.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| R. JOHNSON CRAFTSMANSHIP | (*) | 346 Spring Garden Rd., Milford, NJ 08848 | Specialty Trade Contractors | Term Loan | Prime plus 0% | 12/4/2030 | 10.0 | 10.0 | 10.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Guaranteed Non-Accrual Investments | $ | 1,417.8 | $ | 1,417.8 | $ | 1,442.5 | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Guaranteed Investments | $ | 32,645.5 | $ | 32,645.5 | $ | 36,040.7 | 9.85 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Unguaranteed and Guaranteed Investments | $ | 449,297.2 | $ | 449,297.2 | $ | 442,621.6 | 120.93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
147
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| Controlled Investments (5) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Automated Merchant Services, Inc. | (*,#) (7) (21) | 12230 Forest Hill Blvd., Wellington, FL 33414 | Data processing, Hosting, and Related Services | 100% Common Stock | —% | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CDS Business Services, Inc. | (*,#) (8) | 1985 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Common Stock | —% | — | — | 4,428.0 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit | 10% | Dec 2021 | 20,000.0 | 20,000.0 | 9,800.0 | 2.68 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Newtek Technology Solutions, Inc. | (#) (24) | 1904 W. Parkside Lane Phoenix, AZ 85027 | Data processing, Hosting, and Related Services | 100% Common Stock | —% | — | — | 19,503.7 | 36,000.0 | 9.84 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit | 10% | Nov 2028 | 10,361.0 | 10,821.0 | 10,821.0 | 2.96 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit | Prime plus 0.5% | April 2022 | 750.0 | 750.0 | 750.0 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit | Prime plus 0.5% | July 2022 | 100.0 | 225.0 | 225.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Newtek Insurance Agency, LLC | (*,#) (13) | 1981 Marcus Ave., Lake Success, NY 11042 | Insurance Carriers and Related Activities | 100% Membership Interest | —% | — | — | 1,085.0 | 2,150.0 | 0.59 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PMTWorks Payroll, LLC | (*,#) (9) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | 100% Membership Interest | —% | — | — | 2,378.1 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 10% | Oct 2021 | 435.0 | 435.0 | 324.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 10% | May 2022 | 750.0 | 750.0 | 558.6 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 12% | May 2022 | 500.0 | 500.0 | 372.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 10% | July 2022 | 1,000.0 | 1,000.0 | 745.0 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Small Business Lending, LLC | (*,#) (12) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Membership Interest | —% | — | — | 598.0 | 4,000.0 | 1.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 10% | June 2023 | 400.0 | 400.0 | 400.0 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| ADR Partners, LLC dba banc-serv Partners, LLC | (*,#) (19) | 8777 Purdue Rd, Indianapolis, IN 46268 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Membership Interest | —% | — | — | 7,085.2 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Newtek Merchant Solutions, LLC | (#) (11) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | 100% Membership Interest | —% | — | — | 16,438.0 | 111,500.0 | 30.46 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mobil Money, LLC | (#) (17) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | 100% Membership Interest | —% | — | — | 2,980.0 | 3,500.0 | 0.96 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Newtek Business Lending, LLC | (#) (10) | 14 East Washington St., Orlando, FL 32801 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Membership Interest | —% | — | — | 49,962.0 | 59,462.0 | 16.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
148
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| Controlled Investments (5) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Newtek Conventional Lending, LLC | (#) (18) (23) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 50% Membership Interest | —% | — | — | 19,047.0 | 20,600.1 | 5.63 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Titanium Asset Management, LLC | (*,#) (14) | 1981 Marcus Ave., Lake Success, NY 11042 | Administrative and Support Services | Term Loan | 10% | March 2023 | 900.0 | 900.0 | 658.0 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 100% Membership Interest | —% | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Excel WebSolutions, LLC | (*,#) (15) | 888 East Brighton Ave. Syracuse, NY 13205 | Data processing, Hosting, and Related Services | Term Loan | 10% | June 2023 | 159.2 | 159.2 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 100% Membership Interest | — | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| POS on Cloud, LLC | (#) (20) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Term Loan | 10% | Sept 2023 | 850.0 | 1,050.0 | 1,050.0 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 50.14% Membership Interest | — | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Controlled Investments | $ | 36,205.2 | $ | 160,495.0 | $ | 262,916.1 | 71.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
149
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2021
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| Non-Control Investments (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EMCAP Loan Holdings, LLC | (+,#) (16) | 1140 Reservoir Ave., Cranston, RI 02920 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 4.67% Membership Interest | —% | — | $ | — | $ | 1,000.0 | $ | 1,000.0 | 0.27 | % | ||||||||||||||||||||||||||||||||||||||||||
| ARC Metal Stamping, LLC | (#) | 4111 Munson Hwy, Hudson, MI 49247 | Machinery Manufacturing | Term Loan | 5 Yr Tr plus 7.43% | 1/1/2045 | 5,399.7 | 5,399.7 | 5,920.7 | 1.62 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Non-Control Investments | $ | 5,399.7 | $ | 6,399.7 | $ | 6,920.7 | 1.89 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total Investments | $ | 490,902.1 | $ | 616,191.9 | $ | 712,458.4 | 194.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
^ 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 September 30, 2021 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.08025%, 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 nine months ended September 30, 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.
150
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.
151
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 September 30, 2021, 6.8% 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 September 30, 2021, the federal tax cost of investments was $616.2 million resulting in estimated gross unrealized gains and losses of $162.4 million and $57.3 million, respectively.
152
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| M2 Lumber LLC | (#) | 110 Brick House Rd, Laurens, SC 29360 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2030 | $ | 11.3 | $ | 11.3 | $ | 10.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||
| Inter-Insurance Agency Services, Ltd. and Universal Casualty Risk Ret | (#) | 380 N Broadway, Jericho, NY 11753 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 12/31/2030 | 691.5 | 691.5 | 583.2 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LV Nails & SPA, LLC | (#) | 10050 S Eastern Ave, Henderson, NV 89052 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/31/2030 | 67.5 | 67.5 | 56.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TNJ Products, Inc. | (#) | 4912 N Lincoln Ave, Ste 101, Chicago, IL 60625 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/31/2030 | 215.0 | 215.0 | 187.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LEILA ZAMIRI, DDS, INC. | (#) | 5828 Cherry Ave., Long Beach, CA 90805 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/31/2030 | 75.0 | 75.0 | 76.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moran Tax & Accounting LLC | (#) | 128 N Franklin St, Brazil, IN 47834 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/31/2045 | 18.0 | 18.0 | 19.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC | (#) | 491 Hammond St, Bangor, ME 4401 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/31/2045 | 350.0 | 350.0 | 393.9 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seven C's Manufacturing, Inc | (#) | 3895 Corsair St, Reno, NV 89502 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2030 | 550.0 | 550.0 | 508.1 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Spot Bar & Restaurant LLC | (#) | 10540 State Rte 195, Killeen, TX 76542 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2045 | 87.5 | 87.5 | 91.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hawthorne Food Company dba Eastern Standard Provis | (#) | 117 Beaver St, Waltham, MA 2452 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2030 | 875.0 | 875.0 | 739.1 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Leila Zamiri, DDS, Inc | (#) | 5828 Cherry Ave, Long Beach, CA 90805 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/31/2045 | 156.3 | 156.3 | 175.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Performance Online, Inc | (#) | 1550 Melissa Ct, Corona, CA 92879 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/30/2030 | 262.5 | 262.5 | 222.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| George Family Cremation and Burial LLC | (#) | 1260 W Mission Ave, Escondido, CA 92029 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/30/2031 | 102.3 | 102.3 | 91.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lightstat Inc. | (#) | 22 W West Hill Rd, Barkhamsted, CT 6063 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/30/2030 | 375.0 | 375.0 | 370.8 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eppy's Tool & Equipment Warehouse, Inc | (#) | 809 East 42nd St, Brooklyn, NY 11210 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2030 | 261.0 | 261.0 | 220.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trident E&P, LLC | (#) | 320 Circle of Progress, Pottstown, PA 19464 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 1,250.0 | 1,250.0 | 1,131.4 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NDRS Construction Inc.dba Disaster | (#) | 18730 Cortez Blvd, Brooksville, FL 34601 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/30/2030 | 87.5 | 87.5 | 74.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shlama Two LLC dba Village Park Daycare | (#) | 7440 Broadway, Merrillville, IN 46410 | Social Assistance | Term Loan | Prime plus 2.75% | 12/30/2045 | 250.0 | 250.0 | 267.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Educare Early Intervention, Corporation | (#) | 4557 S Calumet Ave, Chicago, IL 60653 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 58.8 | 58.8 | 49.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bourque Sales and Service Inc. | (#) | 9160 Linwood Ave, Shevport, LA 71106 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2045 | 143.0 | 143.0 | 160.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc | (#) | 501 N Wymore Rd, Winter Park, FL 32789 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 400.0 | 400.0 | 419.5 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Petroleum Equipment & Services, Inc. | (#) | 5631 Silverado Way, Anchorage, AK 99518 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 421.3 | 421.3 | 361.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| United Security Specialists, Inc. | (#) | 275 Saratoga Ave. Ste 200, Santa Clara, CA 95050 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 116.5 | 116.5 | 98.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
153
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bourque Sales and Service Inc | (#) | 9160 Linwood Ave, Shreveport, LA 71106 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/30/2045 | 145.8 | 145.8 | 164.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Center of New England Primary Care Inc | (#) | 775 Center of New New England Blvd, Coventry, RI 2816 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2045 | 421.8 | 421.8 | 474.8 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Perfect Game Incorporated | (#) | 850 Twixt Town Rd NE, Cedar Rapids, IA 52402 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/30/2030 | 1,250.0 | 1,250.0 | 1,161.9 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Personnel, Inc., Tara Matta and Sara Pierce | (#) | 1758 Emerson St, Denver, CO 80218 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/30/2030 | 1,000.0 | 1,000.0 | 843.5 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Center of New England Primary Care Inc, North Providence Urgent Care | (#) | 775 Centre of New England Blvd, Coventry, RI 2816 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2045 | 454.7 | 454.7 | 511.7 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SDI Black 011, LLC | (#) | 1091 YONKERS AVE, YONKERS, NY 10704 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/30/2030 | 1,000.0 | 1,000.0 | 858.4 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bojax Auto Collision Inc | (#) | 4706 Fernlee Ave., Royal Oak, MI 48073 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/29/2045 | 343.8 | 343.8 | 348.9 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Khangri Sourcing Inc. | (#) | 6021 129th. Ave SE, Bellevue, WA 98006 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/29/2030 | 187.5 | 187.5 | 157.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Litchy Electric L.L.C. | (#) | 4495 W Hacienda Ave, #2, Las Vegas, NV 89118 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/29/2030 | 100.0 | 100.0 | 86.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Mattress Center "LLC" | (#) | 960 Los Vallecitos Blvd, San Marcos, CA 92069 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/29/2030 | 22.5 | 22.5 | 18.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E R Kilpatrick, LLC dba Jefferson Street True Value | (#) | 212 Greenwood St, La Grande, OR 97850 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/28/2030 | 143.8 | 143.8 | 126.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sondra Gayle Insurance Agency Inc. | (#) | 2107 Veterans Memorial Blvd, Metaire, LA 70002 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 12/24/2030 | 7.5 | 7.5 | 7.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pittman Holdings LLC DBA Maple Bourbon | (#) | 1116 E Main St, Richmond, VA 23219 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Title2Land,LLC | (#) | 11851 Wentling Ave, Baton Rouge, LA 70816 | Real Estate | Term Loan | Prime plus 2.75% | 12/23/2045 | 112.5 | 112.5 | 126.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spectrum Dynamics, Inc dba Clean Water Works | (#) | 27727 Dalton Bluff Court, Katy, TX 77494 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Summerfield Farm, Inc | (#) | 24 Baker Rd, Pittstown, NJ 8867 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 12/23/2045 | 58.8 | 58.8 | 66.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SLCP Transport, LLC | (#) | 111 Brentwood Drive, College Station, TX 77840 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/23/2030 | 61.1 | 61.1 | 53.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Terry A. Humphreys dba Tiki Torch Liquors | (#) | 101 Dallas St., Talihima, OK 74571 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| NetLevel5 LLC dba Moutain Air Duct | (#) | 4724 Poleplant Drive, Colorado Springs, CO 80918 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/23/2030 | 16.2 | 16.2 | 14.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KCL Business Service Inc. | (#) | 1042 San Fernando Rd., San Fernando, CA 91340 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC | (#) | 1644 Main St Ste 1, Columbia, SC 29201 | Educational Services | Term Loan | Prime plus 2.75% | 12/23/2030 | 581.3 | 581.3 | 515.6 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| UBIF 86 CO dba UBREAKIFIX | (#) | 1539 Town Center Drive, Lakeland, FL 33803 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/23/2030 | 57.3 | 57.3 | 48.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
154
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chris' Angels Cleaning Service LLC | (#) | 2090 Dunwoody Club Drive, Sandy Springs, GA 30350 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| ASIL Ventures, LLC | (#) | 444 N Michigan Ave, Ste 1200, Chicago, IL 60611 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/22/2030 | 4.3 | 4.3 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Dedicated LLC | (#) | 13410 SE 26th Cir, Vancouver, WA 98683 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/22/2030 | 218.8 | 218.8 | 184.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Price Educational Services, LLC dba Manthnasium of South OKC | (#) | 10740 S May Ave, Oklahoma City, OK 73170 | Educational Services | Term Loan | Prime plus 2.75% | 12/21/2030 | 8.4 | 8.4 | 7.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lynch Mining LLC | (#) | 7262 West Hunt Hwy, Queen Creek, AZ 85142 | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 12/21/2045 | 364.5 | 364.5 | 383.0 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| N.W.F.F., Inc. | (#) | 687 E. Central Ave, Sutherlin, OR 97479 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2045 | 43.8 | 43.8 | 47.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| N.W.F.F., Inc. and Environmental Contracting Solutions, Inc. | (#) | 687 E Central Ave, Sutherlin, OR 97479 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2030 | 775.0 | 775.0 | 684.4 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tahzoo LLC | (#) | 1015 7th St NW, Washington, DC 20001 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 775.0 | 775.0 | 653.9 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| REST Enterprises Inc dba Upstyled Properties | (#) | 1440 W Taylor St Unit 595, Chicago, IL 60607 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 15.0 | 15.0 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC | (#) | 1145 13th Ave East, Palmetto, FL 34221 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/18/2030 | 204.3 | 204.3 | 171.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Code 3 Apps LLC. | (#) | 843 Tempted Ways Dr, Longmont, CO 80504 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 12/18/2030 | 7.5 | 7.5 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Katie Cox & Co. LLC | (#) | 6605 Longshore ST, Ste 240, Dublin, OH 43017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 7.5 | 7.5 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| RJL Texas International Corporation | (#) | 17401 Triton,, Schertz, TX 78154 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/18/2030 | 275.0 | 275.0 | 247.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neeld Rentals Inc dba Mills True Value Hardware | (#) | 205 Clinton Blvd, Clinton, MS 39056 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/18/2030 | 12.0 | 12.0 | 10.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AccountPics, LLC | (#) | 903 S WW White Rd, San Antonio, TX 78220 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2045 | 80.0 | 80.0 | 87.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Yu Chun Chic Naeng Myun Restaurant Inc. | (#) | 1159 Kapiolani Blvd, Honolulu, HI 96814 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/18/2030 | 15.0 | 15.0 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Giant Development Inc and Crabtree Development Corp | (#) | 509 Pylon Dr, Ste 110, Raleigh, NC 27606 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/18/2030 | 1,250.0 | 1,250.0 | 1,101.2 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pumpkin Patch Child Care and Early Education Center, LLC | (#) | 310 Grove Beach Rd N, Westbrook, CT 6498 | Social Assistance | Term Loan | Prime plus 2.75% | 12/18/2045 | 115.0 | 115.0 | 123.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Yinlink International Inc | (#) | 2 Corporate Drive, Suiite A, East Windsor, NJ 8512 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/18/2030 | 125.0 | 125.0 | 113.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R. LInda D. Herrera and Edgar E Herrera dba Integral Delivery | (#) | 3100 Delaware Ave, Des Moines, IA 50313 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/18/2045 | 225.0 | 225.0 | 241.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Horne Chiropractic Center, P.A | (#) | 3820 Mountain Rd, Stes B & C, Pasadena, MD 21122 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 100.0 | 100.0 | 84.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
155
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Last Touch LLC | (#) | 927 E 10th St, Fairmont, MN 56031 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/18/2045 | 51.8 | 51.8 | 58.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Splashlight Photographic & Digital Studios LLC ,Splashlight Technologies | (#) | 75 Varick St, 3rd Floor, New York, NY 10013 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 1,250.0 | 1,250.0 | 1,060.4 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
| People United of Louisiana LLC | (#) | 1401 Hudson Lane, Monroe, LA 71201 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/18/2030 | 150.0 | 150.0 | 132.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flower City Customs Inc. | (#) | 1805 Tebor Rd, Unit 4, Webster, NY 14580 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2030 | 10.5 | 10.5 | 8.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anthony Connelly Holdings LLC | (#) | 7260 Dean Martin Drive, Ste 800, Las Vegas, NV 89118 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/17/2030 | 250.0 | 250.0 | 210.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Carolina Roofing Siding Painting LLC | (#) | 204 Depot St, Camponbello, SC 29322 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/17/2045 | 15.0 | 15.0 | 15.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Savannah Area Language & Culture Exchange, LLC | (#) | 6 Dovetail Crossing, Savannah, GA 31419 | Educational Services | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| David M. Benson LLC | (#) | 1422 Euclid Ave, Cleveland, OH 44115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signature Graphic LLC | (#) | 14425 N 79th St, Ste B, Scottsdale, AZ 85260 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/16/2030 | 85.0 | 85.0 | 71.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| McFarlin, LLP | (#) | 4 Park Plz Ste 1025, Irvine, CA 92614 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/16/2030 | 175.0 | 175.0 | 147.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Highstar Travel Group, LLC | (#) | 2869 Wilshire Drive, Ste 204, Orlando, FL 32835 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/16/2030 | 22.5 | 22.5 | 18.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vege Investments, LLC dba Sunoco Homestead | (#) | 26400 SW 177th Ave, Homestead, FL 33031 | Gasoline Stations | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Last Minute Effects Inc. | (#) | 1016 Hamline Place, Burbank, CA 91504 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/15/2030 | 15.0 | 15.0 | 13.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Droplette Marketing Co | (#) | 6481 Orangethorpe Ave. Ste. 12, Buena Park, CA 90620 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/14/2030 | 6.8 | 6.8 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vector Utilities LLC | (#) | 8501 San Gabriel Drive, Laredo, TX 78045 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/14/2030 | 375.0 | 375.0 | 358.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Efficient, Fast & Good Cleaning Services Inc | (#) | 2444 NW 177th Terrace, Miami Gardens, FL 33056 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/14/2030 | 7.5 | 7.5 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corple Enterprisees Inc | (#) | 17887 US Hwy 380 West, Ponder, TX 76259 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/14/2030 | 62.5 | 62.5 | 53.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accommodating Financial & Tax Services, LLC | (#) | 1642 Ralston Circle, Toledo, OH 43623 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/14/2045 | 42.3 | 42.3 | 46.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aeromax Industries Inc | (#) | 1310 Ranchers Legacy Trail, Fort Worth, TX 76126 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2030 | 175.0 | 175.0 | 147.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jamali LLC dba Saahten | (#) | 2741 Raceway Fairfield West, Pensacola, FL 32505 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 12/11/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TJ Pant LLC and Tailored Cartage LLC | (#) | 25993 US 12, Sturgis, MI 49091 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/11/2030 | 86.3 | 86.3 | 84.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premium Marketing Co. Inc. dba Vera Moore Cosmetics | (#) | 4 Shadow Lane, Woodbury, NY 11797 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 12/11/2030 | 22.5 | 22.5 | 19.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
156
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shattered Prism LLC | (#) | 3333 Broadway, New York, NY 10031 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/11/2030 | 7.5 | 7.5 | 7.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Donald W. Harris dba Bowman Creek Mini Storage | (#) | 1625 US-59 N, Linden, TX 75563 | Warehousing and Storage | Term Loan | Prime plus 6.5% | 12/11/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| LTD Broadband, LLC | (#) | 69 Teahouse St, Las Vegas, NV 89138 | Telecommunications | Term Loan | Prime plus 2.75% | 12/10/2030 | 1,250.0 | 1,250.0 | 1,138.4 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Just In Time Refrigeration LLC | (#) | 6400 EDNA TAYLOR PKWY, MONONA, WI 53716 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/10/2045 | 233.0 | 233.0 | 239.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inner Beauty Salon and Suite LLC | (#) | 825 Beecher St SW, Atlanta, GA 30310 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/10/2045 | 65.0 | 65.0 | 73.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M-Den, Inc | (#) | 315 S. Main St, Ann Arbor, MI 48104 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 12/10/2030 | 1,150.0 | 1,150.0 | 1,106.1 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LBR Partners LLC dba Techy | (#) | 16430 Good Hearth Blouvard, Clermont, FL 34711 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/9/2030 | 45.0 | 45.0 | 38.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HWH Unlimited, Inc. | (#) | 43386 Business Park Drive, Temecula, CA 92590 | Real Estate | Term Loan | Prime plus 2.75% | 12/9/2030 | 75.0 | 75.0 | 78.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zebra House Coffee, LLC | (#) | 1001 S El Camino Real, San Clemente, CA 92672 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/9/2030 | 45.0 | 45.0 | 37.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tortuga Backpacks LLC | (#) | 340 South Lemon Ave, 7616, Walnut, CA 91789 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/8/2030 | 50.0 | 50.0 | 42.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CashLine Solutions, LLC | (#) | 467741 E 1050 Rd, Sallisaw, OK 74955 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/7/2030 | 12.0 | 12.0 | 10.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northeast Coverages Inc. and Southeast Coverages Inc. | (#) | 910 Franklin Ave, Ste 210, Garden City, NY 11530 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 12/7/2030 | 170.0 | 170.0 | 178.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Travel with Love, LLC dba Style & The Storyteller | (#) | 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/4/2030 | 5.0 | 5.0 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert F. Johnson, Jr., dba R. Johnson Craftsmanship | (#) | 346 Spring Garden Rd, Milford, NJ 8848 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 12/4/2030 | 10.0 | 10.0 | 9.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paradise RV Sales and Rentals LLC | (#) | 7960 Dorchester Rd, North Charleston, SC 29418 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/4/2030 | 6.9 | 6.9 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Combs Creative LLC | (#) | 157 Antler Ridge Circle,, Nashville, TN 37214 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/4/2030 | 5.5 | 5.5 | 5.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Perez Law Office, PLLC | (#) | 80 N McClintock Dr, Chandler,, AZ 85226 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/4/2045 | 67.5 | 67.5 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Indecon Builders Inc | (#) | 1382 Valencia Ave, Ste N, Tustin, CA 92780 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/4/2030 | 50.0 | 50.0 | 42.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pacific Contours Corp | (#) | 5340 E Hunter Ave, Anaheim, CA 92807 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 12/4/2030 | 975.0 | 975.0 | 988.5 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SME Business Services LLC | (#) | 930 Chesaco Ave, Rosedale, MD 21237 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/3/2030 | 22.5 | 22.5 | 18.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tina D. Coker DBA Diane's Accounting Service | (#) | 119 E Haywood St, England, AR 72046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/3/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moxie Marketing, LLC | (#) | 51 Lee Dr, Palm Coast, FL 32137 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/3/2030 | 125.0 | 125.0 | 105.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
157
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Staffhink Limited dba Owl Drone Services | (#) | 4283 Deerfield Hills Rd, Colorado Springs, CO 80916 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 12/3/2030 | 5.3 | 5.3 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Retail Properties, Inc. | (#) | 125 Main St 2nd Floor, Reading, MA 1867 | Real Estate | Term Loan | Prime plus 2.75% | 11/30/2030 | 22.5 | 22.5 | 19.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jonathan J Klaczik LLC dba Veterans Fence Company | (#) | 7417 Dover Lane, Parma, OH 44130 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/27/2030 | 22.5 | 22.5 | 20.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Segreti Law Office, A Professional Corporation | (#) | 350 10th Ave,Ste 1000, San Diego, CA 92101 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/27/2030 | 18.8 | 18.8 | 15.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea | (#) | 14a Craig Rd, Acton, MA 1720 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/27/2030 | 40.0 | 40.0 | 34.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LIAISON STAINLESS INC | (#) | 630 James Lee Dr NW, Suwanee, GA 30024 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/25/2030 | 75.0 | 75.0 | 63.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Alder SmokeHouse LLC | (#) | 1055 Virginia Ave, North Bend, OR 97459 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/25/2030 | 11.3 | 11.3 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flex Beauty Labs, LLC | (#) | 7512 Dr. Phillip Blvd, Orlando, FL 32819 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 6.5% | 11/24/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ellis Apex LLC dba Inage360 Marietta | (#) | 2060 Franklin Way SE, Ste 150, Marietta, GA 30067 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/24/2030 | 92.3 | 92.3 | 78.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Next Level Detailing, LLC | (#) | 3235 Odeon Way, Ste 201-203, Acworth, GA 30102 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/24/2030 | 7.5 | 7.5 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dearly LOved Counseling, L.L.C | (#) | 14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618 | Social Assistance | Term Loan | Prime plus 6.5% | 11/24/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kendra Leigh Boyer, CPA | (#) | 5068 Dupont Court E, Santa Rosa, CA 95409 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 11/20/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Craniologie, LLC | (#) | 225 Wall St, Ste 102A, Vail, CO 81657 | General Merchandise Stores | Term Loan | Prime plus 6.5% | 11/20/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT | (#) | 14543 SW 5th St, Pembroke Pines, FL 33027 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/20/2030 | 14.7 | 14.7 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prosperity Tool, Inc | (#) | 2006 National Guard Drive, Plant City, FL 33563 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/19/2045 | 300.0 | 300.0 | 335.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Green Farm Inc dba Farmers Outlet | (#) | 1018 W SR 424 Ste 100, Longwood, FL 32750 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 11/19/2030 | 12.5 | 12.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Number Masters | (#) | 3325 Highland St, Grove City, OH 43123 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/18/2030 | 17.4 | 17.4 | 14.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Italian Heritage Tile and Stone Inc | (#) | 4725 Morgan Territory Rd, Clayton, CA 94517 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/18/2030 | 78.8 | 78.8 | 66.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| T.S.I.-VA, LLC and Alpha Business Services Inc. | (#) | 2525 Pointe Center Court, Ste 200, Dumfries, VA 22026 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/17/2030 | 109.5 | 109.5 | 92.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Master Printing and Signs Corp & Artishirt Co. | (#) | 386 Squire Rd, Revere, MA 2151 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/10/2045 | 200.9 | 200.9 | 218.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modutech Marine Inc | (#) | 2218 Marine View Drive, Tacoma, WA 98422 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 11/9/2030 | 400.0 | 400.0 | 418.9 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paws For Health of Florida LLC | (#) | 4588 Ashton Rd, Sarasota, FL 34233 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/5/2030 | 57.5 | 57.5 | 48.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
158
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC | (#) | 8712 60th Terrace South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/4/2030 | 52.5 | 52.5 | 46.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys | (#) | 1071 Serpentine Lane, Pleasanton, CA 94566 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/4/2030 | 500.0 | 500.0 | 523.6 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Supersonic Cleaning Services Inc | (#) | 36 Seitz Terrace, Arlington, NY 12603 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/29/2030 | 38.5 | 38.5 | 33.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Third Day Lubes, Inc. | (#) | 450 GA- 53, Calhoun, GA 30701 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/28/2030 | 22.4 | 22.4 | 23.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marcus Horn dba Versatile Styles and Cuts | (#) | 2018 24th Ave, Meridian, MS 39301 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/15/2045 | 10.5 | 10.5 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| RYAN & CONLON, LLP | (#) | 2 Wall St, Apt 710, New York, NY 10005 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/14/2030 | 521.8 | 521.8 | 439.2 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shades of U, Inc. dba Diva by Cindy | (#) | 15212 Hanover Pike, Upperco, MD 21155 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 10/9/2045 | 89.9 | 89.9 | 96.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Snow Lodge, LLC | (#) | 115 County Rd 725, Sweeny, TX 77480 | Accommodation | Term Loan | Prime plus 2.75% | 10/8/2045 | 49.9 | 49.9 | 55.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VIP Lawn Care Services LLC dba VIP Services | (#) | 3875 Fay Blvd, Cocoa, FL 32927 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/8/2030 | 18.9 | 18.9 | 16.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KTF Consulting Corp | (#) | 2471 N Geneva Terrace, Chicago, IL 60614 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/6/2030 | 74.5 | 74.5 | 78.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Hall at the Yard LLC dba The Hall on the Yard | (#) | 1412 Alden Rd, Orlando, FL 32803 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/2/2031 | 253.9 | 253.9 | 218.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hazleton Oil & Environmental, Inc | (#) | 300 Tamaqua St, Hazleton, PA 18201 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/25/2045 | 1,081.9 | 1,081.9 | 1,203.3 | 0.35 | % | |||||||||||||||||||||||||||||||||||||||||||||
| South Park Hardware, LLC | (#) | 16074 South Park Ave, South Holland, IL 60473 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 9/25/2045 | 73.8 | 73.8 | 83.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 7PSolutions, LLC | (#) | 136 North Van Buren St, Nashville, IN 47448 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/25/2030 | 49.4 | 49.4 | 41.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Babys on Broadway LLC | (#) | 47 East Broadway, Little Falls, MN 56345 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 9/25/2030 | 74.1 | 74.1 | 63.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC | (#) | 200 North Branford Rd, Branford, CT 6405 | Construction of Buildings | Term Loan | Prime plus 2.75% | 9/24/2030 | 370.4 | 370.4 | 358.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Resolve Tech Solutions Inc | (#) | 15851 Dallas Pkwy, Ste 1103, Addison, TX 75001 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/24/2030 | 741.0 | 741.0 | 674.5 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BulkMore LLC | (#) | 12741 Ocean Gateway, Ocean City, MD 21842 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/18/2030 | 149.1 | 149.1 | 130.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mister Dexters LTD dba Shuga's | (#) | 702 S. Cascade Ave, Colorado Springs, CO 80903 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/28/2045 | 57.3 | 57.3 | 60.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mister Dexters LTD dba Shuga's | (#) | 702 S Cascade Ave, Colorado Springs, CO 80903 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/28/2030 | 180.4 | 180.4 | 151.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heriz Gallery Inc dba Pineville Rug Gallery | (#) | 312 Main St, Pineville, NC 28134 | Textile Product Mills | Term Loan | Prime plus 2.75% | 4/6/2045 | 98.6 | 98.6 | 105.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alliance Heating & Air Conditioning, Inc. | (#) | 10 Brookfield Ave, Bridgeport, CT 6610 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/6/2030 | 726.1 | 726.1 | 607.0 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
159
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Terry and Tammy Jacobsen, Inc dba Appliance Recycling | (#) | 10105 Airport Way, Snohomish, WA 98296 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 4/3/2030 | 325.1 | 325.1 | 270.4 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet | (#) | 10105 Airport Way, Snohomish, WA 98296 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 4/3/2045 | 839.8 | 839.8 | 863.0 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Profit Stewards, LLC | (#) | 458 Schuylkill Rd, Phoenixville, PA 19460 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/2/2030 | 41.7 | 41.7 | 35.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AOC Key Solutions, Inc | (#) | 14420 Albemarle Point Place, Ste 200, Chantilly, VA 20151 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/2/2030 | 722.5 | 722.5 | 670.3 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Caplan Home Care, LLC | (#) | 6029 Berkshire Lane, Dallas, TX 75225 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/1/2045 | 868.5 | 868.5 | 906.8 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JS Randhawa, Inc. dba Deli Delicious 34, SK Randhawa Inc. HSR Inc | (#) | 570 W Olive Ave,, Merced, CA 95348 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/31/2030 | 95.0 | 95.0 | 85.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Montana Custom Log Homes, Inc. | (#) | 2036 US Hwy 93 North, Victor, MT 59875 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 3/31/2045 | 361.8 | 361.8 | 397.7 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blackwater Diving LLC | (#) | 112 Forrest Rd, Morgan City, LA 70380 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 3/30/2030 | 352.0 | 352.0 | 311.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suburban Transmission of Northern Illinois, Inc. | (#) | 1714 E Oakton St, Des Plaines, IL 60018 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/27/2045 | 148.2 | 148.2 | 163.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tomco Inc. dba Rental City dba Tomco Equiptment Sales | (#) | 6470 State St, Saginaw, MI 48603 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/27/2030 | 21.4 | 21.4 | 17.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dunaway and Hart, Inc | (#) | 575 Harkrider St, Conway, AR 72032 | Real Estate | Term Loan | Prime plus 2.75% | 3/26/2030 | 47.5 | 47.5 | 39.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Supermarket Source, Inc | (#) | 2741 West 76th St, Hialeah, FL 33016 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/24/2030 | 201.9 | 201.9 | 209.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kris-Leigh Catered Living at Severna Park,LLC | (#) | 831 Richie Hwy, Severna Park, MD 21146 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 3/20/2030 | 504.3 | 504.3 | 523.9 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Patoruzu Inc dba Sharkey's Cuts for Kids | (#) | 18121 Tuckerton Rd, Ste 130, Cypress, TX 77433 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/20/2030 | 12.9 | 12.9 | 10.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Firefly Developement LLC dba Firefly Earthworks | (#) | 4810 Vicksburg St, Dallas, TX 75207 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/19/2045 | 294.9 | 294.9 | 299.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Coffeestamp LLC | (#) | 2511 S Jefferson Ave, St. Louis, MO 63104 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/17/2030 | 4.3 | 4.3 | 3.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mid Ohio Hospitality, LLC dba Bucks Bar and Grill | (#) | 192 E Main St, Mansfield, OH 44904 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/17/2045 | 226.5 | 226.5 | 252.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Forest Scientific Corporation | (#) | 668 Elm St, Tionesta, PA 16353 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/17/2030 | 71.2 | 71.2 | 74.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kanga Lean, Inc. dba F45 Training Trinity | (#) | 3139 Little Rd Space A-5, Trinity, FL 34655 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/16/2030 | 55.0 | 55.0 | 48.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Integrated Equipment Inc; Intergrated Elastomers Inc | (#) | 5701 Brittmoore Rd, Houston, TX 77041 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/13/2045 | 1,238.7 | 1,238.7 | 1,383.1 | 0.41 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stretch of NW Georgia, LLC dba Stretch Zone | (#) | 1430 Towne Lake Parkway, Ste 26100, Woodstock, GA 30189 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/13/2030 | 14.0 | 14.0 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signet Media dba Signet Media inc. | (#) | 630 S 1st St, San Jose, CA 95113 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/13/2030 | 327.5 | 327.5 | 340.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
160
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Astoria-Pacific Inc | (#) | 15130 SE 82nd Dr, Clackamas, OR 97015 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 3/13/2030 | 118.7 | 118.7 | 123.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mark Allen Taylor dba Taylor Auction | (#) | 20 & 68 Westfield Rd, Nicholls, GA 31554 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/13/2030 | 132.0 | 132.0 | 116.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rapid Trucking and | (#) | 4225 W Capitol Ave, West Sacramento, CA 95691 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/13/2045 | 753.2 | 753.2 | 841.1 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Native Fields Landscaping LLC and My Two Girls LLC | (#) | 73 Taylor Rd, Wharton, NJ 7885 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/13/2045 | 531.3 | 531.3 | 547.7 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GQ Investments LLC | (#) | 5772 Miami Lakes Drive, Miami Lakes, FL 33014 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus 2.75% | 3/12/2030 | 142.5 | 142.5 | 118.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| C3 Capital, Inc | (#) | 10010 North Hampton Cove Lane, Indianapolis, IN 46236 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/11/2030 | 537.9 | 537.9 | 531.4 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quarles Service Systems, Inc. | (#) | 1740 September Ave, Memphis, TN 38116 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/10/2045 | 95.0 | 95.0 | 99.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Dot Trading Inc | (#) | 3100 NW 72nd Ave, Miami, FL 33122 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/10/2030 | 53.4 | 53.4 | 44.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Ugly Mug's Coffee and Tea Inc. | (#) | 1390 Broadway Ste C, Placerville, CA 95667 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/9/2030 | 36.2 | 36.2 | 30.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan | (#) | 2342 NY- 37, Port Covington, NY 12937 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/6/2030 | 133.0 | 133.0 | 130.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KR Enterprises, Inc. dba Carriage Inn | (#) | 1065 Tower Hill Rd, North Kingstown, RI 2852 | Accommodation | Term Loan | Prime plus 2.75% | 3/6/2045 | 316.1 | 316.1 | 328.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security | (#) | 974 Commercial St, Palo Alto, CA 94303 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/6/2030 | 364.3 | 364.3 | 302.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Advans IT Services, Inc. | (#) | 65 Boston Post Rd W Ste 390, Marlborough, MA 1752 | Other Information Services | Term Loan | Prime plus 2.75% | 3/6/2030 | 118.1 | 118.1 | 98.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Brand Management LTD. CO. dba Ivox Media | (#) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus 2.75% | 3/6/2030 | 63.0 | 63.0 | 59.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Minifox Inc. dba Pho Hoa and Jazen Tea | (#) | 10624 South Eastern Ave Stes R & S, Hendersen, NV 89502 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/5/2030 | 71.2 | 71.2 | 60.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn | (#) | 195 Oenoke Ridge, New Canaan, CT 6840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/4/2030 | 28.8 | 28.8 | 29.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chet Lemon Enterprises, Inc. dba All American Sports | (#) | 1544 Lane Park Cut off, Tavares, FL 32778 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/3/2031 | 207.3 | 207.3 | 216.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 14th State Learning, LLC dba Sylvan Learning, LLC | (#) | 1 Market Pl #10, Essex Junction, VA 5452 | Educational Services | Term Loan | Prime plus 2.75% | 3/2/2030 | 48.3 | 48.3 | 40.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LCSM Logistics Inc | (#) | 15735 Spectrum Drive, Addison, TX 75001 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 2/28/2030 | 80.2 | 80.2 | 66.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Toju Bay Inc. dba Fiesta Americana Restaurand and Club | (#) | 1622-1624 N. Mannheim Rd, Stone Park, IL 60165 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2045 | 450.0 | 450.0 | 489.2 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Custom Garages | (#) | 110 2nd Ave South, Pacheco, CA 94553 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/28/2030 | 131.0 | 131.0 | 113.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
161
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Breakers Electric, LLC dba Merrill Sports | (#) | 13600 Mustang Drive, Mead, CO 80542 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/27/2030 | 9.9 | 9.9 | 8.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crux Solutions LLC dba Waddell's Riverside Funeral Directors | (#) | 6938 Westover St, Houston, TX 77087 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/27/2045 | 79.9 | 79.9 | 85.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GRSC, Inc. | (#) | 1643 NW Dove Ct, Stuart, FL 34994 | Construction of Buildings | Term Loan | Prime plus 2.75% | 2/27/2030 | 21.2 | 21.2 | 19.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Feras Alshadaida dba Allura Dairy | (#) | 8809 N Grove Ave, Rancho Cucamonga, CA 91730 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/26/2030 | 57.1 | 57.1 | 49.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M & L ENTERPRIZES, LLC | (#) | 2401 Wrightsville Ave, Wilmington, NC 28403 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/26/2030 | 47.1 | 47.1 | 49.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abe Chahrour Investment, LLC | (#) | 4001 S Wayne Rd, Wayne, MI 48154 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/25/2045 | 21.9 | 21.9 | 24.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bora Enterprises, LLC | (#) | 44255-B Fremont Blvd,, Fremont, CA 94538 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/21/2030 | 12.0 | 12.0 | 10.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skimino Enterprises LLC | (#) | 197 Ewell Rd, Williamsburg, VA 23188 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 2/21/2030 | 70.7 | 70.7 | 58.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC | (#) | 7215 Waelti Drive, Melbourne, FL 32940 | Social Assistance | Term Loan | Prime plus 2.75% | 2/21/2045 | 374.1 | 374.1 | 376.7 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sherwood Sporthorses Inc. | (#) | 20502 Forestview, Magnolia, TX 77355 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/21/2046 | 205.3 | 205.3 | 229.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alex Roit Chiropractic, P. C | (#) | 55 Northern Blvd, Ste 103, Great Neck, NY 11021 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/19/2030 | 18.8 | 18.8 | 15.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Feet Academy of Jacksonville, LLC | (#) | 10265 Normandy Blvd, Jacksonville, FL 32221 | Social Assistance | Term Loan | Prime plus 2.75% | 2/17/2045 | 46.6 | 46.6 | 47.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Romo Medical Equiptment LLC | (#) | 3453 North Panam Expressway, San Antonio, TX 78219 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 2/14/2030 | 471.5 | 471.5 | 391.4 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Modes Transportation & Logistics LLC | (#) | 4313 Collingtree Drive, Rockledge, FL 32955 | Support Activities for Transportation | Term Loan | Prime plus 6.5% | 2/14/2030 | 11.9 | 11.9 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lesher Transportation and Shipping, LLC | (#) | 116 North Austin St, Oak Grove, MO 64075 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/13/2030 | 13.5 | 13.5 | 12.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Red Rock Government Serviice, LLC | (#) | 45240 Business Court, Sterling, VA 20166 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/13/2030 | 161.7 | 161.7 | 149.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shaw, Ltd dba Fitness 1440 North Coventry | (#) | 54-58 Glocker Way, Pottstown, PA 19465 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/13/2030 | 57.3 | 57.3 | 50.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Damiano Global Corp. | (#) | 333 Birch Hills Dr, Rochester, NY 14622 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/10/2030 | 47.1 | 47.1 | 39.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fortson Janitorial Inc | (#) | 462-482 Chattahoochee St, Cornelia, GA 30531 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 2/5/2045 | 106.0 | 106.0 | 118.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2'N1 Home and lawn LLC dba N1 Home an Lawn LLC | (#) | 1300 Ridenour Blvd, Kennesaw, GA 30152 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 2/3/2030 | 11.9 | 11.9 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| A1 Radon Services, LLC | (#) | 9980 Dell Rd, Eden Prairie, MN 55347 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 1/31/2030 | 84.1 | 84.1 | 69.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thisaflycloset, LC | (#) | 12408 Kingsview St, Bowie, MD 20721 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 6.5% | 1/30/2030 | 11.8 | 11.8 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
162
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adorable Home Heath Care LLC | (#) | 6110 W Capitol Drive, Milwaukee, WI 53216 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/30/2030 | 39.4 | 39.4 | 32.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3 Fat Labs Inc. and Energy Conservation Solution Inc. | (#) | 2001 S County Rd 400 W, Greencastle, IN 46135 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 1/30/2045 | 277.0 | 277.0 | 286.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AA WST LLC | (#) | 321 White Dogwood Lane, Ocoee, FL 34761 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 1/30/2030 | 20.8 | 20.8 | 19.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daftarnow Inc dba Venture X Parsippany | (#) | 8 Campus Drive. Ste 105, Parsippany, NJ 7054 | Real Estate | Term Loan | Prime plus 2.75% | 7/30/2030 | 181.8 | 181.8 | 151.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc | (#) | 6967 Hancock Drive, Port St Lucie, FL 34952 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 1/30/2045 | 312.2 | 312.2 | 317.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Codame Enterprises LLC dba Firehouse Subs | (#) | 1547 Main St, Dunedin, FL 34698 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/29/2030 | 99.1 | 99.1 | 82.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Havana Knights LLC | (#) | 65 Lindsey Lane, Havana, FL 32333 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/27/2030 | 37.0 | 37.0 | 33.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Amina Financial Solutions LLC dba Expat Tax Solutions | (#) | 1433 Chestnut St, Macon, GA 31201 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/24/2030 | 19.7 | 19.7 | 16.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Affinity Integrated Solutions Inc. | (#) | 115 Pomona Drive, Greensboro, NC 27402 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/23/2045 | 295.5 | 295.5 | 305.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Affinity Integrated Solutions Inc | (#) | 115 Pomona Drive, Greensboro, NC 27407 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/23/2030 | 210.8 | 210.8 | 175.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Align Sports Management, LLC | (#) | 15822 Caminito Cantaras, Del Mar, CA 92014 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 1/22/2030 | 21.1 | 21.1 | 17.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Emmalina LLC | (#) | 3602 Rock Bay Drive, Louisville, KY 40245 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/21/2030 | 6.2 | 6.2 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Motorsport Imagery, Inc | (#) | 16362 Cherokee Rd, Brooksville, FL 34601 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 1/17/2030 | 21.1 | 21.1 | 18.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lyon Cubs LLC dba Dayton Valley Learning Center | (#) | 357 Dayton Valley Rd, Dayton, NV 89403 | Social Assistance | Term Loan | Prime plus 2.75% | 1/16/2045 | 165.3 | 165.3 | 171.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VetMed LLC | (#) | 908 4th Ave, Decatur, AL 35601 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/10/2030 | 82.0 | 82.0 | 68.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jordi X Kellogg, M.D.,P.C | (#) | 9200 SE 91st Ave STE 340, Happy Valley, OR 97086 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/10/2030 | 58.6 | 58.6 | 48.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luster Custom Homes LLC | (#) | 18801 North Thompson Peak Parkway, Ste 240, Scottsdale, AZ 85255 | Construction of Buildings | Term Loan | Prime plus 2.75% | 1/10/2030 | 43.3 | 43.3 | 36.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CV Flores LLC dba A All Animal Control | (#) | 2140 E Southlake Blvd L-503, Southlake, TX 76092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/9/2030 | 5.2 | 5.2 | 4.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Global Information Technology, Inc | (#) | 1 Cragwood Rd, Ste 101, South Plainfield, NJ 7080 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/31/2029 | 528.3 | 528.3 | 438.6 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nick's Country Kitchen, LLC | (#) | 3 Flanders Rd, Bethlehem, CT 6751 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2044 | 282.8 | 282.8 | 298.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bearwaters Brewing Company | (#) | 101 Park St, Canton, NC 28716 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2044 | 253.3 | 253.3 | 273.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pecos Entertainment LLC dba State Theater | (#) | 421 South Oak St, Pecos, TX 79772 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 12/31/2029 | 123.6 | 123.6 | 128.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
163
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kwik Stop dba Dilpreet Hundai | (#) | 1001 Sacramento Ave, West Sacramento, CA 95605 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/30/2044 | 238.0 | 238.0 | 245.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design | (#) | 524 Sackett St, Brooklyn, NY 11217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/30/2029 | 256.0 | 256.0 | 239.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VIP Construction Group Inc. | (#) | 3332 W Mulberry Drive, Mequon, WI 53092 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/30/2029 | 58.2 | 58.2 | 60.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kiddie Garden Child Development Center, LLC | (#) | 2809 W. Atkinson Ave, Milwaukee, WI 53209 | Social Assistance | Term Loan | Prime plus 2.75% | 12/30/2044 | 42.3 | 42.3 | 45.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spinnaker Vero Inc. | (#) | 983 12th St, Vero Beach, FL 32960 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 12/30/2044 | 775.8 | 775.8 | 779.8 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Larry J. Frick dba L & S Trucking | (#) | 157571 E Wausau Ave, Wausau, WI 54403 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/30/2029 | 46.1 | 46.1 | 41.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress | (#) | 8780 Pershall Rd, Hazelwood, MO 63042 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/30/2029 | 930.6 | 930.6 | 804.1 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vance Ewing LLC | (#) | 22940 Harlan Ln, St. Robert, MO 65584 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/30/2029 | 104.7 | 104.7 | 108.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC | (#) | 7302 Kirby Ave, Lubbock, TX 79424 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/27/2029 | 128.0 | 128.0 | 119.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Irony LLC dba Mulberry’s Garment Care | (#) | 2579 Fairview Ave North, Roseville, MN 55113 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 977.4 | 977.4 | 817.3 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| QXC Communications, Inc | (#) | 4541 N Dixie Hwy, Boca Raton, FL 33431 | Telecommunications | Term Loan | Prime plus 2.75% | 12/27/2029 | 488.8 | 488.8 | 405.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tatoo Tony's Under My Skin LLC | (#) | 73 Memorial Parkway, Atlantic Highlands, NJ 7716 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 98.4 | 98.4 | 109.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation | (#) | 8712 60th Terrace South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 173.4 | 173.4 | 151.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge | (#) | 25150 W Warren Ave., Dearborn Heights, MI 48127 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 150.8 | 150.8 | 135.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge | (#) | 25150 W Warren Ave., Dearborn Heights, MI 48127 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 245.9 | 245.9 | 261.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Landscaping Company | (#) | 6151 S St, Anchorage, AK 99518 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 300.4 | 300.4 | 290.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Landscaping Company and Ground Effects Landscaping, LLC | (#) | 6151 A St, Anchorage, AK 99518 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 636.1 | 636.1 | 695.3 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Watearth Inc | (#) | 3371 Glendale Blvd Ste 208, Los Angeles, CA 90039 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/27/2029 | 43.5 | 43.5 | 36.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation | (#) | 8712 60TH TER South, Lake Worth, FL 33467 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 140.2 | 140.2 | 153.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
164
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A Family Member Homecare Group Inc, A Family Member Homecare Holdings | (#) | 11788 Sample Rd, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/27/2044 | 117.0 | 117.0 | 120.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K&S Hardware LLC dba Gopher Ace | (#) | 1865 Wayzata Blvd, Long Lake, MN 55356 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/27/2029 | 58.2 | 58.2 | 55.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Icebox Cafe L.C. and Icebox Pantry, LLC | (#) | 219 NE 3rd St, Hallendale Beach, FL 33009 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/26/2030 | 418.5 | 418.5 | 366.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bhatti LLC 2, Bhatti LLC | (#) | 1451 Coral Ridge Ave, Coralville, IA 52241 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/26/2029 | 105.1 | 105.1 | 89.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ink! Coffee Company | (#) | 2851 Larimer St, Denver, CO 80205 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/24/2029 | 483.1 | 483.1 | 400.3 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Synergistic-Designs, LLC | (#) | 493 Wilson Mill Rd, New Wilmington, PA 16142 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/24/2029 | 7.0 | 7.0 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport | (#) | 2564 Branch St, Middleton, WI 53562 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 12/24/2029 | 328.4 | 328.4 | 295.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. | (#) | 2301 N Marginal Rd, Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus 2.75% | 12/23/2029 | 491.1 | 491.1 | 427.4 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Food Civilization Services LLC and 1701 W 15th St LLC | (#) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus 2.75% | 12/23/2044 | 147.8 | 147.8 | 163.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 512 E 11th Street LLC and Big Brand Management Ltd. Co. | (#) | 512 E 11th St, Houston, TX 77008 | Real Estate | Term Loan | Prime plus 2.75% | 12/23/2044 | 328.8 | 328.8 | 356.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Lamkin Group LLC and National Championship Enterprises LLC | (#) | 901 Lily Creek Rd, Ste 102, Louisville, KY 40243 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/23/2029 | 622.3 | 622.3 | 516.5 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shaddai Aesthetics Inc | (#) | 706 W. 34th St, Austin, TX 78705 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/20/2029 | 17.6 | 17.6 | 14.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Romain Tower Inc. | (#) | 215 S Persimmon St, Tomball, TX 77375 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/20/2044 | 888.1 | 888.1 | 887.2 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chris Farley DVM PA. dba Farley Veterinary Clinic | (#) | 6487 Taft St, Hollywood, FL 33024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/20/2029 | 12.6 | 12.6 | 13.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Freedom Enterprises, Inc | (#) | 2431 14th Ave SE, Watertown, SD 57201 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/20/2029 | 302.7 | 302.7 | 261.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Tradicion Cubana Inc | (#) | 9357 S.W. 40th St, Miami, FL 33165 | Miscellaneous Store Retailers | Term Loan | Prime plus 6.5% | 12/20/2029 | 11.8 | 11.8 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Freedom Enterprises, Inc | (#) | 2431 14th Ave SE, Watertown, SD 57201 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/20/2044 | 204.7 | 204.7 | 220.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Macon Arts Center LLC | (#) | 4570 Pio Nono Ave, Macon, GA 31206 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/20/2044 | 617.8 | 617.8 | 668.6 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ACC International LLC | (#) | 200 N Furnace St, Birdsboro, PA 19508 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/20/2044 | 317.2 | 317.2 | 321.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MBK IT Services Inc. | (#) | 626 Trailwood Ct., Garland, TX 75043 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/19/2029 | 20.1 | 20.1 | 20.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kuros, LLC | (#) | 21221 Baron Lake Drive, Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus 2.75% | 11/19/2045 | 82.3 | 82.3 | 92.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
165
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kuros, LLC | (#) | 21221 Baron Lake Drive, Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus 2.75% | 12/19/2044 | 391.0 | 391.0 | 436.1 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| United Capital Group LLC | (#) | 23022 La Cadena Dr, Laguna Hills, CA 92653 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/19/2029 | 299.7 | 299.7 | 263.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GDIM Enterprises Inc dba AAMCO | (#) | 1657 Whiskey Rd., Aiken, SC 29803 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/19/2029 | 18.5 | 18.5 | 16.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nebulos, LLC | (#) | 5428 Twilight Way, Parker, CO 80134 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/19/2029 | 58.2 | 58.2 | 54.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RWBB LLC | (#) | 4120 7th Ave, Kenosha, WI 53140 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/19/2029 | 15.6 | 15.6 | 14.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Casa Technologies, LLC | (#) | 7928 S 70th Lane, Laveen, AZ 85339 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/19/2029 | 7.6 | 7.6 | 6.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premier Gaming Solutions Inc | (#) | 17 South Grand Ave, Pasadena, CA 91105 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/18/2029 | 10.5 | 10.5 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skyfall LLC dba EZ Self Storage | (#) | 2705 US Hwy 45 North, Henderson, TN 38340 | Real Estate | Term Loan | Prime plus 2.75% | 12/18/2044 | 143.9 | 143.9 | 160.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Burlington Academy of Learning LLC | (#) | 10 Covey Rd, Burlington, CT 6013 | Social Assistance | Term Loan | Prime plus 2.75% | 12/18/2029 | 47.5 | 47.5 | 49.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sago Technologies Inc. dba Jak Ecig | (#) | 785 Woodfern Drive, Hampshire, IL 60140 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/17/2029 | 218.8 | 218.8 | 226.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HADD Corp | (#) | 364 Rugby Rd, Cedarhurst, NY 11516 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/17/2029 | 11.8 | 11.8 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signco America LP & Sparkle corporation Inc. | (#) | 7938 Wright Rd, Houston, TX 77041 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/16/2044 | 1,229.6 | 1,229.6 | 1,371.6 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J and K Project Management Consultants LLC | (#) | 350 Mc Donnell St, Lewisville, TX 75057 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/16/2044 | 308.2 | 308.2 | 342.1 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J and K Project Management Consultants dba A. C. T. Construction | (#) | 350 Mc Donnell St, Lewisville, TX 75057 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/16/2029 | 193.4 | 193.4 | 199.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Farain Saremi dba USA Produce | (#) | 461 G St, Los Banos, CA 93635 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/16/2044 | 467.2 | 467.2 | 495.0 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dr Steven J Seidel | (#) | 42 Campeau Place, Bergenfield, NJ 7621 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 75.6 | 75.6 | 62.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Crane Guys, LLC | (#) | 14480 Alondra Blvd, La Mirada, CA 90638 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 1,174.9 | 1,174.9 | 1,060.9 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Math Enrichment, LLC | (#) | 1009 E Capitol Expressway, San Jose, CA 95121 | Educational Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 187.5 | 187.5 | 155.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jen Macias LLC dba Duende | (#) | 2301 NW Thurman St, Portland, OR 97210 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 7.5 | 7.5 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nulane Entertainment LLC | (#) | 4100 W. Alameda Ave # 300, Burbank, CA 91505 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/13/2029 | 7.0 | 7.0 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Essex Indoor Golf Center LLC | (#) | 23 Saybrook Rd, Essex, CT 6426 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/13/2029 | 73.3 | 73.3 | 65.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Floor Covering Warehouse, Inc | (#) | 112 Orchard St, Stamford, CT 6902 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/13/2044 | 236.1 | 236.1 | 263.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WURA LLC dba Dickey's Barbecue Pit | (#) | 4325 E. University Drive, Ste 40, Prosper, TX 75078 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/13/2029 | 85.7 | 85.7 | 73.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
166
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Belle Properties Northwest, Inc. | (#) | 223 Ave B, Snohomish, WA 98290 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/12/2044 | 129.1 | 129.1 | 138.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abylex, Inc and Worpex LLC | (#) | 7473 Reese Rd #2, Sacramento, CA 95828 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/12/2044 | 93.8 | 93.8 | 85.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joyner5, Inc.dba British Swim School | (#) | 1000 Settlers Landing Court, Wake Forest, NC 27587 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/12/2029 | 20.9 | 20.9 | 17.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stockton TRI Industries, LLC | (#) | 2141 E Anderson St, Stockton, CA 95205 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/12/2044 | 1,089.6 | 1,089.6 | 1,159.9 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CCD Construction Services LLC dba Clearwater Outdoor Design, CCD | (#) | 175 W Borgfeld Drive, San Antonio, TX 78260 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/11/2044 | 110.7 | 110.7 | 117.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Professional Plumbing Services of Nela, LLC | (#) | 99 Plum St, West Monroe, LA 71292 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/11/2029 | 16.8 | 16.8 | 16.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab | (#) | 10904 Baltimore St NE, Blaine, MN 55449 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/11/2029 | 38.6 | 38.6 | 32.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC | (#) | 5801 Cleveland Ave, Riverdale, MD 20737 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/11/2044 | 295.1 | 295.1 | 329.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ciel Du Mel LLC dba Lala's Creamery | (#) | 134 Petaluma Blvd North, Petalumaca, CA 94952 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/10/2029 | 15.4 | 15.4 | 13.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care | (#) | 10 Tremont Rd, Tremont, PA 17981 | Social Assistance | Term Loan | Prime plus 2.75% | 12/10/2044 | 38.4 | 38.4 | 41.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SLCP Transport, LLC dba Aamco | (#) | 1407 Lomaland Drive, El Paso, TX 79935 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/10/2029 | 58.2 | 58.2 | 54.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elita 7, LLC and Behavioral Nutrition Inc. | (#) | 16 Marble St, Worchester, MA 1603 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 12/9/2029 | 285.1 | 285.1 | 269.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DB Talak LLC | (#) | 2018 SE 6th Ave, Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/6/2044 | 151.5 | 151.5 | 169.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Scott's Hardware, Inc., dba Medford Inc | (#) | 200 Tuckerton Rd, Medford, NJ 8055 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 6.5% | 12/6/2029 | 11.8 | 11.8 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bay Area Metal Fabricarion LLC | (#) | 510 -512 Stone Rd, Benicia, CA 94510 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/6/2029 | 127.3 | 127.3 | 113.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Stout Group LLC | (#) | 10850 NW 138th St, Hialeah Gardens, FL 33018 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/6/2029 | 223.4 | 223.4 | 198.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glen Lamb dba Lambs Tree And Plant Health Care | (#) | 413 Pond Meadow Rd, Westbrook, CT 6498 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/6/2029 | 17.5 | 17.5 | 15.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ohanyan LLC dba Nestle Toll House Caf'e By Chip | (#) | 14006 Riverside Drive, Store No. 9270, Sherman Oaks, CA 91423 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/6/2029 | 39.5 | 39.5 | 35.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mazhar Family, Inc dba Edible Arrangements | (#) | 601 Portion Rd, Store #17, Lake Ronkonkoma, NY 11779 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/6/2029 | 62.8 | 62.8 | 52.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wolf Pack, LLC | (#) | 939 South 25th East, Ste. 115, Ammon, ID 83406 | Management of Companies and Enterprises | Term Loan | Prime plus 2.75% | 3/6/2030 | 211.8 | 211.8 | 185.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
167
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC | (#) | 560 56th St SW, Grand Rapids, MI 49548 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/6/2029 | 1,025.4 | 1,025.4 | 866.4 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Natalie Enterprise Inc | (#) | 2500 Grand Ave, Billings, MT 59102 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/6/2029 | 18.9 | 18.9 | 19.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Used Tire Express 1, Corp | (#) | 437 N. Battlefield, Chesapeake, VA 23320 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/5/2029 | 80.3 | 80.3 | 69.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Standard Capital Corp | (#) | 2349 Wessington Drive, Virginia Beach, VA 23456 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 12/5/2029 | 11.8 | 11.8 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clearwater Engineering Inc | (#) | 301 N River St, Derby, KS 67037 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 12/5/2029 | 549.3 | 549.3 | 490.3 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hook Line and Schooner Vinings LLC | (#) | 400 West Village Way #3009, Smyrna, GA 30008 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/4/2029 | 20.9 | 20.9 | 18.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Soto Injury Law Firm, PA and My Attorney Inc | (#) | 2050 Capital Circle NE Ste B, Tallahassee, FL 32308 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/3/2029 | 58.2 | 58.2 | 48.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mega Sales Detergent Distributor, LLC | (#,^) | 1 Ackerman Ave, Clifton, NJ 7011 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/29/2029 | 46.2 | 46.2 | 38.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Loading Arms Plus Inc | (#) | 5401 Mitchelldale St, Ste B4, Houston, TX 77092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/27/2029 | 73.3 | 73.3 | 62.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Behind the Scenes Chicago, LLC dba Paramount Events | (#) | 1750 W Lake St, Chicago, IL 60612 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/27/2029 | 431.5 | 431.5 | 379.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Bio Source, LLC dba Dieselgreen Fuels | (#) | 2522 N Hwy 287, Decatur, TX 76234 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 11/27/2029 | 53.7 | 53.7 | 55.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Codorado, Inc. dba Dentalmart | (#,^) | 10 Glorieta Rd, Sante Fe, NM 87508 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/27/2029 | 9.7 | 9.7 | 8.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alice's Tea Cup, ATC !! LLC and ATC 111, LLC | (#) | 102 W 73rd St, New York, NY 10023 | Food Manufacturing | Term Loan | Prime plus 2.75% | 11/27/2029 | 255.9 | 255.9 | 216.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Haversack Holdings LLC | (#) | 7930 W Kenton Circle, Ste 260, Huntersville, NC 28078 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/27/2029 | 115.6 | 115.6 | 95.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roots'n Shoots, LLC | (#) | 86 Boston Rd, Chelmsford, MA 1824 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/27/2029 | 9.9 | 9.9 | 8.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports | (#) | 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/27/2029 | 142.6 | 142.6 | 120.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ultra Flow Dispense, LLC | (#) | 820 Prospect Hill Rd, Windsor, CT 6095 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/26/2029 | 96.8 | 96.8 | 81.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ford Custom Renovation LLC | (#,^) | 405 Broadway St, Muncy, PA 17756 | Construction of Buildings | Term Loan | Prime plus 2.75% | 11/26/2029 | 7.6 | 7.6 | 6.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fullmer's Landscaping, Inc. | (#) | 9547 W Third St, Dayton, OH 45417 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/26/2029 | 177.7 | 177.7 | 154.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B.S Carrier LLC and United Truck & Trailer Repair LLC | (#) | 3716 Garman Rd, Salem, VA 24153 | Truck Transportation | Term Loan | Prime plus 2.75% | 11/25/2029 | 218.5 | 218.5 | 210.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hurricane Group, Inc.dba Crate Club Group | (#) | 101 San Patricio Ave, Ste 860, Guaynabo, PR 968 | Other Information Services | Term Loan | Prime plus 2.75% | 11/25/2029 | 46.6 | 46.6 | 38.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| S&C Cookies, Inc | (#,^) | 1969 Jericho Turnpike, East Northport, NY 11731 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/22/2029 | 52.2 | 52.2 | 43.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A&N Design Studios Inc dba Door3 Business Application | (#) | 22 Cortlandt St, New York, NY 10007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/22/2029 | 113.3 | 113.3 | 100.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
168
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Best Choice Meats, Inc, | (#,^) | 12646 S Springfield Ave, Alsip, IL 60803 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/22/2044 | 1,321.1 | 1,321.1 | 1,412.3 | 0.42 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ZUMI LLC dba Allstate Insurance | (#,^) | 1537 W 79th St, Chicago, IL 60620 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 11/22/2029 | 11.1 | 11.1 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cum Laude Enterprises, LLC | (#) | 15218 Penn Hills Lane, Houston, TX 77062 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 11/22/2029 | 17.8 | 17.8 | 16.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co Inc | (#,^) | 119 West 57th St, Ste 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/22/2029 | 173.4 | 173.4 | 143.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Place Vendome Holding Co. Inc.dba R&F Marketing | (#) | 308 Glenwood Rd, Swainsboro, GA 30401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/22/2044 | 427.7 | 427.7 | 409.7 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Place Vendome Holding Co Inc.dba R&F Marketing | (#) | 610 East Main St, Swainsboro, GA 30401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/22/2029 | 218.8 | 218.8 | 202.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Weeping Willow Kennel Inc | (#,^) | 6041 Hammond School Rd, Salisbury, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/21/2029 | 4.2 | 4.2 | 4.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Coral Springs Family Wellness LLC | (#) | 2902 North University Drive, Coral Springs, FL 33065 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/21/2030 | 118.3 | 118.3 | 99.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Semplice Cafe LLC | (#,^) | 209 N Main St, Breckenridge, CO 80424 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/21/2029 | 16.6 | 16.6 | 14.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cobb Roofing LLC | (#,^) | 8101 NW 10th St, Oklahoma City, OK 73127 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/21/2029 | 50.7 | 50.7 | 42.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pen's Electric Company | (#) | 504 Fairfax Ave, Nashville, TN 37212 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 11/21/2029 | 11.9 | 11.9 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Rollin' Trapp LLC | (#,^) | 1731 Prevatt Rd, Dothan, AL 36301 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/21/2029 | 7.4 | 7.4 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMH Construction, Inc. | (#,^) | 30 South Ivey Lane, Orlando, FL 32811 | Construction of Buildings | Term Loan | Prime plus 2.75% | 11/20/2044 | 270.2 | 270.2 | 290.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMH Construction, Inc. | (#,^) | 30 South Ivey Lane, Orlando, FL 32811 | Construction of Buildings | Term Loan | Prime plus 2.75% | 11/20/2029 | 69.4 | 69.4 | 67.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cable Management LLC | (#,^) | 290 Pratt St, Meriden, CT 6450 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/20/2029 | 127.2 | 127.2 | 112.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AD Learning Group, LLC dba The Learning Experience & AD Learning NH | (#,^) | 181 Shunpike Rd, Cromwell, CT 6416 | Social Assistance | Term Loan | Prime plus 2.75% | 11/18/2029 | 128.2 | 128.2 | 106.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ryan & Selena LLC dba Head of the Class Learning Center | (#,^) | 1836 Kathleen Rd, Lakeland, FL 33805 | Social Assistance | Term Loan | Prime plus 2.75% | 11/18/2044 | 439.8 | 439.8 | 462.5 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lindsley Excavating LLC | (#,^) | 92 Town Line Rd, Fulton, NY 13069 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/15/2029 | 178.3 | 178.3 | 168.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MToxins Venom Lab LLC | (#,^) | 717 Oregon St, Oshkosh, WI 54902 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/15/2044 | 99.9 | 99.9 | 102.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Champions Of Diversity Media Inc dba Champions of Diversity: Politics | (#,^) | 5100 Transamerica Drive, Columbus, OH 43228 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/15/2044 | 71.3 | 71.3 | 77.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSH Princeton LLC dba Stumpy's Hatchet House of Princeton | (#) | 745 Alexander Rd, Ste 1-3, Princeton, NJ 8540 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/15/2030 | 87.6 | 87.6 | 72.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
169
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Winning Sales Plan Inc | (#,^) | 17811 Fairhaven Gateway, Cypress, TX 77433 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/14/2029 | 46.2 | 46.2 | 48.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ninth Avenue, LLC | (#) | Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/14/2030 | 59.5 | 59.5 | 51.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sean McNamara | (#) | 5639 Wood Lane, Allentown, PA 18106 | Nonstore Retailers | Term Loan | Prime plus 6.5% | 11/14/2029 | 11.7 | 11.7 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rockin Robin Music Lessons LLC | (#,^) | 9029 Hwy 6, Ste 160, Missouri City, TX 77459 | Educational Services | Term Loan | Prime plus 2.75% | 11/14/2029 | 8.6 | 8.6 | 7.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Pinnacle Development Group Inc dba The Goddard School | (#) | 105 Springside Drive, Akron, OH 44333 | Social Assistance | Term Loan | Prime plus 6.5% | 11/14/2029 | 11.7 | 11.7 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| HH Wireless Connect LLC | (#,^) | 48267 Deer Trail Drive, Canton, MI 48187 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 11/12/2029 | 7.6 | 7.6 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| NJ Floats, Inc | (#) | 327 Route 202/206, Bedminster Township, NJ 7921 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 2/12/2046 | 145.7 | 145.7 | 163.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSD Designs LLC | (#,^) | 486 Vance St, Forest City, NC 28043 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 1/12/2030 | 328.8 | 328.8 | 299.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adrienne's Gourmet Foods, Imagine Baking, Inc | (#,^) | 1034 Hancock St, Sandusky, OH 44870 | Food Manufacturing | Term Loan | Prime plus 2.75% | 11/12/2029 | 489.6 | 489.6 | 475.4 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| James Richard Farkas Jr. dba Lil Black Bear Inn | (#,^) | 8072 State Rd 46 East, Nashville, TN 47448 | Accommodation | Term Loan | Prime plus 2.75% | 11/12/2044 | 107.3 | 107.3 | 111.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ameen Enterprises, LLC dba Bargain Town | (#,^) | 1111 E Washington St, Stephenville, TX 76401 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/12/2029 | 115.6 | 115.6 | 117.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Steven French dba French Woodworking | (#,^) | 1101 Horizon Drive Ste 101, Fairfield, CA 94533 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/12/2044 | 61.4 | 61.4 | 68.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adrienne's Gourmet Foods, Imagine Baking Inc | (#,^) | 1034 Hancock St, Sandusky, OH 44870 | Food Manufacturing | Term Loan | Prime plus 2.75% | 11/12/2044 | 399.1 | 399.1 | 445.2 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Potomac Nail Spa Corporation | (#,^) | 14901 Potomac Town Place,, Woodbridge, VA 22191 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/12/2029 | 49.2 | 49.2 | 41.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI | (#,^) | 908 S Jefferson St, Amarillo, TX 79101 | Educational Services | Term Loan | Prime plus 2.75% | 11/12/2029 | 365.3 | 365.3 | 330.9 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Airbar Inc | (#,^) | 5 N Station Plaza, Great Neck, NY 11021 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/8/2029 | 20.4 | 20.4 | 16.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Integrated Vascular Services LLC | (#,^) | 1452 Franklin Ave, Salem, OR 44460 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/8/2029 | 74.0 | 74.0 | 61.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| East River Plumbing, LLC | (#,^) | 997 E Loop, Priest River, ID 83856 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/8/2044 | 49.1 | 49.1 | 52.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Link Recreational, Inc | (#,^) | 304 Business Hwy 53, Minong, WI 54859 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/7/2044 | 386.8 | 386.8 | 419.2 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Link Recreational, Inc | (#,^) | 304 Business Hwy 53, Minong, WI 54859 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/7/2029 | 792.0 | 792.0 | 668.5 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WE MAKE DIFFERENCES, LLC | (#,^) | 1380 Main St, Waltham, MA 2451 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/7/2029 | 5.9 | 5.9 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lake Pontchartrain Properties, LLC | (#,^) | 6001-6201 France Rd, New Orleans, LA 70126 | Accommodation | Term Loan | Prime plus 2.75% | 11/7/2044 | 1,133.7 | 1,133.7 | 1,264.6 | 0.37 | % | |||||||||||||||||||||||||||||||||||||||||||||
170
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 21 Air, LLC, 21 Cargo Inc, JW Aviation LLC, Freighter 27044 LLC | (#,^) | 3650 NW 82 Ave, Doral, FL 33166 | Air Transportation | Term Loan | Prime plus 2.75% | 11/6/2029 | 961.7 | 961.7 | 797.0 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunburst Trout Farm, LLC | (#,^) | 314 Industrial Park Drive, Waynesville, NC 28786 | Fishing, Hunting and Trapping | Term Loan | Prime plus 2.75% | 10/31/2044 | 228.3 | 228.3 | 251.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| C&P Trading and Sales Inc | (#,^) | 950 Peninsula Corporate Circle Ste 3016, Boca Raton, FL 33487 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 10/31/2029 | 230.0 | 230.0 | 190.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 11900 Marshfield Station Inc | (#,^) | 11900 S Marshfield Ave, Calumet Park, IL 60827 | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/31/2044 | 1,229.9 | 1,229.9 | 1,332.6 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Guru Kirpa, Inc | (#,^) | 3006 New Castle Ave, New Castle, DE 19720 | Gasoline Stations | Term Loan | Prime plus 2.75% | 10/31/2044 | 191.8 | 191.8 | 198.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jessie's Radiator and Automotive | (#,^) | 1777 N Ventura Ave, Ventura, CA 93001 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/31/2029 | 14.9 | 14.9 | 13.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fave Realty, Inc. | (#,^) | 217-84 Hempstead Ave, Jamaica, NY 11429 | Real Estate | Term Loan | Prime plus 2.75% | 10/31/2044 | 114.8 | 114.8 | 128.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kerzner Contracting Corp | (#,^) | 1620 Ocean Ave, Bohemia, NY 11716 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/31/2029 | 103.4 | 103.4 | 85.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ABC Sandblasting, LLC | (#,^) | 14029 56th St NW, Williston, ND 58801 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/31/2029 | 226.8 | 226.8 | 194.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dub Industries LLC | (#,^) | 4112 Veiled Falls Drive, Pflugerville, TX 78660 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 10/31/2029 | 65.2 | 65.2 | 61.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Committed Pig LLC | (#,^) | 28 West Park Place, Morristown, NJ 7090 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/31/2029 | 261.7 | 261.7 | 271.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| L& F Gullo Service Corp | (#,^) | 520 Main St, Westbury, NY 11590 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 10/31/2029 | 160.8 | 160.8 | 133.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D & H Construction Services, Inc. | (#,^) | 711 Hospital St, Richmond, VA 23219 | Construction of Buildings | Term Loan | Prime plus 2.75% | 10/31/2029 | 128.7 | 128.7 | 112.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Automotive Solutions, LLC | (#,^) | 1910 W. Dupont Rd, Fort Wayne, IN 46818 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/31/2044 | 292.7 | 292.7 | 312.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunburst Trout Farm, LLC | (#,^) | 314 Industrial Park Dr, Waynesville, NC 28786 | Fishing, Hunting and Trapping | Term Loan | Prime plus 2.75% | 10/31/2029 | 62.0 | 62.0 | 64.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Automotive Standard, LLC | (#,^) | 4028 Coldwater Rd, Fort Wayne, IN 46805 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/31/2044 | 135.3 | 135.3 | 145.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MJ Group, Inc | (#,^) | 26691 Loma Verde, Mission Viejo, CA 92691 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2029 | 19.6 | 19.6 | 16.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maine Service Corp | (#,^) | 59-24 55th St, Maspeth, NY 11378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 10/31/2029 | 114.9 | 114.9 | 119.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mariscos El Oceano, Inc. | (#,^) | 5960 S Archer Ave, Chicago, IL 60638 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/31/2044 | 123.3 | 123.3 | 134.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BGB Leasing Inc and BGB Leasing Co. | (#,^) | 50 Industrial Park Rd, Princeton, KY 42445 | Truck Transportation | Term Loan | Prime plus 2.75% | 10/30/2029 | 1,066.1 | 1,066.1 | 964.2 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paul Wintner dba P & R Props | (#,^) | 23901 Calabasas Rd, Calabasas, CA 91302 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 10/30/2029 | 51.7 | 51.7 | 42.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant | (#,^) | 905 Savoy Rd, Youngsville, LA 70592 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/30/2029 | 80.4 | 80.4 | 68.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
171
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gourmet Snack | (#,^) | 9912 Arizona Dr, Mohave Valley, AZ 86440 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 10/30/2029 | 59.7 | 59.7 | 50.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BGB Leasing Co. | (#,^) | 50 Industrial Park Rd, Princeton, KY 42445 | Truck Transportation | Term Loan | Prime plus 2.75% | 10/30/2044 | 88.3 | 88.3 | 98.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Plastic Depot, Inc | (#,^) | 363 East Alondra Blvd, Gardena, CA 90248 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 10/30/2029 | 145.4 | 145.4 | 120.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| OWL Inc, | (#,^) | 5300 S Orange Blossom Trail, Orlando, FL 32839 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 10/28/2029 | 198.2 | 198.2 | 164.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corple Enterprises, Inc | (#,^) | 17887 US-380, Ponder, TX 76259 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/28/2029 | 147.2 | 147.2 | 145.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Perisseia Physicians LLC | (#,^) | 1644 Lebanon Rd, Lawrenceville, GA 30043 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/28/2044 | 392.5 | 392.5 | 402.5 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Proximo Consulting Services Inc | (#,^) | 2500 Plaza 5, Jersey City, NJ 7311 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/28/2029 | 68.9 | 68.9 | 57.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marnon Vending LLC dba Naturals 2 Go San Antonio | (#,^) | 6713 Biscay Hbr, San Antonio, TX 78249 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 10/28/2029 | 7.3 | 7.3 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Landmark Ventures USA, Inc | (#,^) | 475 Park Ave S, 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 10/25/2029 | 96.5 | 96.5 | 80.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| iLoka Inc. dba NewCloud Networks | (#,^) | 160 Inverness Drive W, Ste 150, Englewood, CO 80112 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 10/25/2029 | 91.9 | 91.9 | 95.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Four Ace Electrical Services Corporation | (#,^) | 3723 Far Niente Way, Sacramento, CA 95834 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/25/2029 | 11.0 | 11.0 | 9.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diamond Solutions LLC | (#,^) | 8321 E Gelding Drive, Scottsdale, AZ 85260 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 10/25/2029 | 11.7 | 11.7 | 9.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jbang LLC, WM Bang LLC, Bang Investments LLC | (#) | 125 Westchester Ave, White Plains, NY 10601 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/25/2029 | 69.6 | 69.6 | 68.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| IV Purpose Inc | (#) | 1489 Fulton St, Brooklyn, NY 11216 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/25/2029 | 35.4 | 35.4 | 31.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sultan's Palace L.L.C. | (#,^) | 8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/24/2029 | 19.6 | 19.6 | 17.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fimac Inc dba American Educational Services | (#,^) | 26300 La Alameda, Ste 200, Mission Viejo, CA 92691 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/23/2029 | 20.7 | 20.7 | 17.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| James Clark and Company, Inc. | (#) | 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 10/22/2029 | 11.6 | 11.6 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pyle Garage Doors OKC, INC dba Precision Door Service OKC | (#,^) | 8860 S Sunnylane Rd, Oklahoma City, OK 73135 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/22/2029 | 13.5 | 13.5 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Todd's Car Wash, LLC | (#,^) | 5505 Johnston St, Lafayette, LA 70506 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/18/2044 | 337.3 | 337.3 | 376.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roughcut LLC | (#,^) | 41540 National Rd, Belmont, OH 43718 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/17/2029 | 442.5 | 442.5 | 459.0 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| UNIQUE PAVER INSTALLATIONS, INC. | (#,^) | 4930 Mars Hill Rd, Bogart, GA 30622 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/17/2029 | 20.8 | 20.8 | 18.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
172
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Owens Family and Cosmetic Dentistry PLLC | (#,^) | 403 E College St, Pulaski, TN 38478 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/17/2029 | 249.1 | 249.1 | 216.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pine Mountain Residential LLC | (#) | 10240 Cosmopolitan Circle, Parker, CO 80134 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 10/16/2029 | 11.6 | 11.6 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Powerlift Dumbwaiters, Inc | (#) | 2444 Georgia Slide Rd, Georgetown, CA 95634 | Machinery Manufacturing | Term Loan | Prime plus 6.5% | 10/16/2029 | 11.3 | 11.3 | 10.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Cow Harbor Beer Company LLC dba Sand City Brewing Co. | (#) | 19 Scudder Ave, Northport, NY 11768 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 2/11/2031 | 292.7 | 292.7 | 257.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glenda D Brewer dba Bargain Store | (#) | 107 Tabernacle Church Rd, Candor, NC 27229 | General Merchandise Stores | Term Loan | Prime plus 6.5% | 10/11/2029 | 11.6 | 11.6 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail | (#,^) | 5604 Slide Rd, Lubbock, TX 79414 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/11/2029 | 145.7 | 145.7 | 123.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Q2 Ventures, LLC | (#,^) | 2805 W Arimo Rd, Arimo, ID 83214 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 10/8/2029 | 163.1 | 163.1 | 162.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paketo LLC dba West Loop UPS Store | (#,^) | 623 W Lake St, Chicago, IL 60661 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 10/4/2029 | 15.2 | 15.2 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heart and Vascular Associates of Tampa, LLC | (#,^) | 17 David Blvd, Tampa, FL 33606 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2044 | 759.1 | 759.1 | 765.9 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A Child's Dream Educational Center LLC | (#,^) | 4127 NW 34th St, Gainsville, FL 32605 | Social Assistance | Term Loan | Prime plus 2.75% | 9/30/2029 | 175.8 | 175.8 | 146.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DG Business Solutions, Inc | (#,^) | 11008 Rene St, Lenexa, KS 66215 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 209.9 | 209.9 | 175.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A Child's Dream Educational Center LLC | (#,^) | 4127 NW 34th St, Gainesville, FL 32605 | Social Assistance | Term Loan | Prime plus 2.75% | 9/30/2044 | 177.3 | 177.3 | 189.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro | (#,^) | 725 Atlantic Blvd, Atlantic Beach, FL 32233 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2029 | 8.6 | 8.6 | 7.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SPIRE Manufacturing Solutions LLC | (#,^) | 1440 Newport Rd, Colorado Springs, CO 80916 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2044 | 996.0 | 996.0 | 1,111.0 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Meldi Maa, Inc dba The River Complex | (#,^) | 74 S Main St, Woonsocket, RI 2895 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2044 | 416.6 | 416.6 | 451.1 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joseph P Fusco DDS PC | (#,^) | 77 N Centre Ave, Rockville Centre, NY 11570 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 60.6 | 60.6 | 50.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC | (#,^) | 2301 W. Buckeye Rd, Phoenix, AZ 85009 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 9/30/2044 | 612.4 | 612.4 | 630.9 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| International Protection Group, LLC | (#,^) | 481 8th Ave Ste 1130, New York, NY 10001 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 75.3 | 75.3 | 73.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AV Strategy, Inc | (#,^) | 9468 American Eagle Way Ste 100, Orlando, FL 32837 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 242.6 | 242.6 | 219.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 50 Taps, LLC dba Colorado Taproom & Grill | (#,^) | 19539 Hess Rd Ste Ste #101, Parker, CO 80134 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2029 | 70.7 | 70.7 | 59.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crown Waste Corp | (#,^) | 1 Plainview Rd, Bethpage, NY 11714 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 9/30/2029 | 45.7 | 45.7 | 41.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zima Dining Inc. dba Country Kitchen | (#,^) | 1497 N Mt. Vernon Ave, Colton, CA 92324 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/27/2029 | 57.5 | 57.5 | 59.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
173
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hoagie Barmichaels Inc | (#,^) | 1101 River Rd, New Windsor, NY 12553 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/27/2044 | 110.7 | 110.7 | 110.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Universe Appliance Repairs Inc. | (#,^) | 3790 Merrick Rd, Seaford, NY 11783 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/27/2044 | 575.7 | 575.7 | 576.6 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wagner & Sons Inc | (#,^) | 22365 Alydar Drive, Lexington Park, MO 20653 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/27/2029 | 17.1 | 17.1 | 14.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aztec Machine & Repair Inc, Cranrd & Material | (#,^) | 1715 N 1st St, Bloomfield, NM 87413 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/27/2044 | 698.1 | 698.1 | 713.8 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma | (#,^) | 3721 North 162nd St, Garber, OK 73701 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 9/27/2029 | 956.2 | 956.2 | 866.3 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Titan Laser Screed Concrete Services, LLC | (#,^) | 8908 Wildlife Lane, Sanford, FL 32771 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/27/2029 | 45.6 | 45.6 | 39.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zmetra Clearspan Structures LLC | (#,^) | 2 Old Worcester Rd, Webster, MA 1571 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 9/27/2044 | 428.7 | 428.7 | 478.2 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Universe Appliance Repairs Inc. | (#,^) | 3790 Merrick Rd, Seaford, NY 11783 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/27/2029 | 604.8 | 604.8 | 537.9 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cherry and Candlewood Inc dba Aamco | (#,^) | 3029 South St, Long beach, CA 90805 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/27/2044 | 424.0 | 424.0 | 473.0 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stiegelbauer Associates Inc. | (#,^) | 63 Flushing Ave Unit 342, Brooklyn, NY 11205 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/27/2029 | 182.8 | 182.8 | 152.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Santa Fe Flooring LLC | (#,^) | 3711 Paseo Del Norte NE, Albuquerque, NM 87113 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 9/26/2029 | 462.5 | 462.5 | 402.3 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adam's Construction & General Contracting LLC | (#,^) | 7808 N Custer Rd, Freesoil, MI 49411 | Construction of Buildings | Term Loan | Prime plus 2.75% | 9/26/2029 | 63.8 | 63.8 | 55.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anderson's Outdoor Adventures, LLC | (#,^) | 4060 SW County Rd 232, Bell, FL 32619 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/25/2029 | 20.5 | 20.5 | 20.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Byler, Wolfe, Lutsch and Kampfer CPAs, Inc | (#,^) | 360 East State St, Salem, OH 44460 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/25/2044 | 52.4 | 52.4 | 51.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Machine of Iowa, Inc | (#,^) | 1040 4th Ave, Audubon, IA 50025 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/25/2029 | 61.7 | 61.7 | 63.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luv 2 Play Nor Cal, LLC | (#,^) | 82 Clarksville Rd, Folsom, CA 95682 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/25/2029 | 105.0 | 105.0 | 89.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flamingo Bowl, Inc | (#,^) | 3301 N 23rd St, McAllen, TX 78501 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/24/2029 | 188.7 | 188.7 | 172.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Unified Utility Services LLC | (#,^) | 206 Frankie Lane, Ladson, SC 29456 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 9/20/2044 | 154.8 | 154.8 | 172.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Standard Real Estate Services LLC | (#) | 500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217 | Real Estate | Term Loan | Prime plus 6.5% | 9/19/2029 | 11.6 | 11.6 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Payne's Enviromental Service, LLC dba Bamaco | (#,^) | 5617 Causeway Blvd, Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/18/2044 | 511.5 | 511.5 | 522.7 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Host Marketing, LLC | (#) | 206 Bell Lane, Ste B, West Monroe, LA 71291 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 9/18/2029 | 11.6 | 11.6 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vancole Investments, Inc. dba Smoothie King #913 &;Dream Development | (#,^) | 876 Virginia Ave, Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/17/2029 | 11.0 | 11.0 | 9.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
174
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Win Health Institute, LLC | (#,^) | 711 E Valley Rd, Basalt, CO 81621 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/17/2029 | 6.8 | 6.8 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events | (#) | 1702 Fawn Gate St, San Antonio, TX 78248 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/17/2029 | 52.8 | 52.8 | 49.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Game Station, Inc. | (#,^) | 2917 1st Ave SE, Cedar Rapids, IA 52402 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/16/2029 | 18.5 | 18.5 | 16.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bay Bowl Inc dba Shasta Lanes | (#,^) | 11093 Black Marble Way, Redding, CA 96003 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/13/2044 | 526.7 | 526.7 | 586.9 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Steel Method LLC dba Sneeze It | (#,^) | 250 Passaic Ave Ste 200, Fairfield, NJ 7004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/12/2029 | 154.0 | 154.0 | 128.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oak Park Social LLC | (#) | 14691 W 11 Mile Rd, Oak Park, MI 48237 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/12/2045 | 133.5 | 133.5 | 137.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Flow Plumbing and Rooter Inc. | (#,^) | 6718 Katherin Ave, Van Nuys, CA 91405 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/12/2029 | 43.6 | 43.6 | 36.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ACSS CPA, LLC | (#,^) | 1016 S Texas Blvd, Weslaco, TX 78599 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/12/2044 | 39.2 | 39.2 | 41.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prime Precision Machining, LLC | (#,^) | 845 Mandoline Ave, Madison Heights, MI 48071 | Real Estate | Term Loan | Prime plus 2.75% | 9/11/2044 | 267.9 | 267.9 | 278.8 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prime Precision Machining, LLC | (#,^) | 845 Mandoline Ave, Madison Heights, MI 48071 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/11/2029 | 200.8 | 200.8 | 176.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Family Insight, P.C. | (#,^) | 3433 Brambleton Ave, Ste 104A, Roanoke, VA 24018 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/11/2029 | 226.6 | 226.6 | 226.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Miami Squeeze Inc dba Miami Squeeze, LLC | (#,^) | 18315 W. Dixie Hwy, North Miami Beach, FL 33160 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/11/2029 | 105.4 | 105.4 | 94.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Covert Recordings LLC | (#,^) | 31-65 138th St Apartment 3K, Flushing, NY 11354 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/11/2029 | 10.8 | 10.8 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Body on Cue Health and Fitness LLC | (#,^) | 129 A Orpha Drive, Middlebury, IN 46840 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/6/2029 | 41.1 | 41.1 | 34.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eco Electric LLC | (#,^) | 5380 Cameron St, Las Vegas, NV 89118 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/5/2029 | 60.7 | 60.7 | 50.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Philly Games Inc.dba Queen & Rock Game Cafe | (#,^) | 607-609 S 2nd St, Philadelphia, PA 19147 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/5/2029 | 57.0 | 57.0 | 47.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SVT Masonry Limited Liability Company | (#,^) | 1208 Houghton Lane, Bennington, VT 5201 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/5/2029 | 63.5 | 63.5 | 62.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thawk LLC | (#,^) | 1110 Willow Glen Drive, Yuba City, CA 95991 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/30/2029 | 7.5 | 7.5 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| No Push Backs, LLC | (#) | 2223 Dungan Ave, Bensalem, PA 19020 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 8/30/2029 | 11.2 | 11.2 | 10.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dog House Sportfishing Charters Inc | (#) | 83413 Overseas Hwy, Islamorada, FL 33036 | Scenic and Sightseeing Transportation | Term Loan | Prime plus 6.5% | 8/30/2029 | 11.5 | 11.5 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3C Consumer Network & Designs LLC | (#,^) | 7676 Hillmont St, Ste 109, Houston, TX 77040 | Real Estate | Term Loan | Prime plus 2.75% | 8/29/2029 | 13.6 | 13.6 | 11.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Double Scoop Ice Cream, LLC | (#,^) | 2970 Stonecrest Pass, Lithonia, GA 30038 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/29/2044 | 94.7 | 94.7 | 98.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Camror LTD dba Jersey Mike's | (#,^) | 5946 Meijer Drive, Cincinnati, OH 45150 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/29/2030 | 81.5 | 81.5 | 84.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
175
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The BMF Media Group LLC | (#,^) | 50 West 23rd St, 7th floor, New York, NY 10010 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/29/2029 | 340.6 | 340.6 | 281.8 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC | (#,^) | 361 Troy Ave, Brooklyn, NY 11213 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/29/2029 | 36.3 | 36.3 | 37.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Esquire Mini Mart LLC & Morgan Store Building LLC | (#,^) | 12595 S Somerton Ave, Yuma, AZ 85365 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/29/2029 | 46.5 | 46.5 | 44.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Groton Bowling Center and Entertainment Inc | (#,^) | 27 Kings Hwy, Groton, CT 6340 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/29/2044 | 930.1 | 930.1 | 979.4 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HRS2, LLC | (#,^) | 5410 Pipers Creek Court, Sugar Land, TX 77479 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/28/2029 | 209.9 | 209.9 | 203.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DB Talak LLC | (#,^) | 2018 SE 6th Ave, Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/28/2029 | 80.1 | 80.1 | 82.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC | (#,^) | 190 Minerva St, Tonawanda, NY 14150 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/28/2044 | 58.8 | 58.8 | 65.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Linsey Schwertdfeger,, Inc. | (#,^) | 740 Dennery Rd, San Diego, CA 92154 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/28/2029 | 64.3 | 64.3 | 54.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transport | (#,^) | 377 Boston Post Rd, Milford, CT 6460 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 8/28/2029 | 416.9 | 416.9 | 365.3 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Hometown Welcome Program, Inc & Fredric Anthony Gushwa | (#,^) | 107 S Nottawa St, Sturgis, MI 49091 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/27/2029 | 88.4 | 88.4 | 80.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maryland Urgent Care, Inc. | (#,^) | 9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 20706 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/27/2044 | 45.1 | 45.1 | 48.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ADA Internacional Inc | (#,^) | 10891 La Reina Rd, Ste 100, Delray Beach, FL 33446 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/26/2029 | 20.4 | 20.4 | 16.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crystal S. Prado dba Crystal Clear Accounting | (#) | 34099 Tuscan Creek Way, Temecula, CA 92592 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 8/26/2029 | 2.9 | 2.9 | 2.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Pet Stop, LLC | (#,^) | 106 South Washington St, Pleasantville, IA 50225 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/23/2029 | 6.8 | 6.8 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elite Motors LLC | (#,^) | 1046-1050 Orange Ave, West Haven, CT 6516 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/23/2029 | 79.4 | 79.4 | 82.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PJT Logistics, Inc. | (#,^) | 2-4 Commerce Way, Auburn, NY 13021 | Truck Transportation | Term Loan | Prime plus 2.75% | 8/23/2029 | 45.3 | 45.3 | 47.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JLT Foods, LLC | (#,^) | 3294 Long Meadow Court, West Bloomfield Township, MI 48324 | Food Manufacturing | Term Loan | Prime plus 2.75% | 8/23/2029 | 19.5 | 19.5 | 16.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SRJ construction Corp | (#,^) | 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/23/2029 | 10.4 | 10.4 | 8.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MS Integrated Psychotherapy & Counseling, LLC | (#,^) | 1157 Main St, Clifton, NJ 7011 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/22/2029 | 67.3 | 67.3 | 61.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 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 | 16.5 | 16.5 | 17.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MB Nursery LLC dba The Garden Center | (#,^) | 15562 HWY-South, Whitehouse, TX 75791 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/21/2029 | 84.0 | 84.0 | 87.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
176
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metro R Services Inc. and Metal & Roof Supplies, Inc. | (#,^) | 20 Universal Place, Carlstadt, NJ 7072 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/21/2029 | 175.7 | 175.7 | 166.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Unique LLC | (#,^) | 305 W Main St, Mayo, FL 32066 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/20/2044 | 12.0 | 12.0 | 13.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| William Martinez dba Bad Ass Coffee of Hawaii | (#) | 14101 Main St, Ste 4101, Hesperia, CA 92345 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/20/2029 | 20.8 | 20.8 | 17.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Signature Rooms, Inc. | (#,^) | 2066 Route 112, Medford, NY 11763 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 8/19/2029 | 153.0 | 153.0 | 158.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City | (#,^) | 7748 Troost Ave, Kansas City, MO 64131 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/15/2029 | 102.0 | 102.0 | 95.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AJN Innovations LLC dba Burgerim | (#) | 6704 Main St, Miami Lakes, FL 33014 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/15/2031 | 109.8 | 109.8 | 93.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Healthy Vending, Inc | (#,^) | 5951 NW 151 St, Hialeah, FL 33014 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/15/2029 | 96.4 | 96.4 | 85.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accelerate Educational Solutions, LLC dba Tutor My Success | (#,^) | 135 Clove Branch Rd, Hopewell Junction, NY 12533 | Educational Services | Term Loan | Prime plus 2.75% | 8/14/2029 | 15.6 | 15.6 | 13.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ranson Excavating, Inc | (#,^) | 8343 Kaula Drive, Fair Oaks, CA 95628 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/13/2029 | 13.6 | 13.6 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KM Electrical Services, Inc | (#,^) | 4348 Waialae Ave Unit 315, HONOLULU, HI 96816 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/12/2029 | 70.3 | 70.3 | 58.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Love Playing LLC | (#) | 2200 Eastridge Loop, San Jose, CA 95122 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/9/2030 | 165.4 | 165.4 | 145.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elixir Enterprises, LLC dba Guilford Renee's | (#,^) | 637 Boston Post Rd, Guilford, CT 6437 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/8/2029 | 17.7 | 17.7 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| A & S Services LLC dba Kona Ice of Troy | (#) | 3888 Lightner Rd, Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 8/7/2029 | 11.5 | 11.5 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accord Law, APC | (#,^) | 82555 Grass Flat Lane, Indio, CA 92203 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/2/2029 | 6.8 | 6.8 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Leader Engineering-Fabrication, Inc. | (#,^) | 695 Independence DrIive, Napoleon, OH 43545 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 8/2/2029 | 113.5 | 113.5 | 117.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Billy Auto Inc | (#,^) | 632 N Broadway, Amityville, NY 11701 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/31/2044 | 317.7 | 317.7 | 320.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| East Coast Flight Services, Inc and Aviation Consulting Enterprise | (#,^) | 27603 Parkway Rd, Easton, MD 21601 | Air Transportation | Term Loan | Prime plus 2.75% | 7/31/2029 | 518.1 | 518.1 | 454.8 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Genecco Produce, Inc. & Leo Genecco & Sons, Inc. | (#,^) | 1850 Rochester Rd, Canadaigua, NY 14424 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 7/31/2029 | 707.5 | 707.5 | 667.4 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joseph Centonze dba Off Kilter Kilts | (#,^) | 27720 Ave Scott, Santa Clarita, CA 91355 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 7/31/2029 | 4.7 | 4.7 | 3.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| St. Francis Home Health Inc | (#,^) | 5246 SW 8th St 103B, Coral Gables, FL 33134 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/31/2029 | 67.6 | 67.6 | 55.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Humd, LLC dba La Rosa Chicken and Grill | (#) | 3111 N. University Drive, Coral Springs, FL 33065 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/31/2030 | 128.3 | 128.3 | 111.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gray Rock Quarry, LLC and William E Dailey III | (#,^) | 54 West Milton Rd, Milton, VT 5468 | Mining (except Oil and Gas) | Term Loan | Prime plus 2.75% | 7/31/2044 | 440.6 | 440.6 | 410.9 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
177
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| La Mount Group LLC | (#,^) | 3111 Princeton Rd, Hamilton, OH 45011 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2029 | 229.8 | 229.8 | 190.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Living Spring Home Health Inc. | (#,^) | 18350 Kedzie Ave Ste 204, Homewood, IL 60430 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/31/2029 | 121.7 | 121.7 | 110.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Canyon Lake Kids Academy, LLC | (#,^) | 130 Charter Oak Drive, Canyon Lake, TX 78133 | Social Assistance | Term Loan | Prime plus 2.75% | 7/31/2044 | 96.0 | 96.0 | 101.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad | (#,^) | 28940 Golden Lantern, Laguna Niguel, CA 92677 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2029 | 10.3 | 10.3 | 9.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dant A Sandras, D.D.S. LLC | (#,^) | 13373 Hwy 3235, Larose, LA 70373 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/30/2029 | 197.1 | 197.1 | 169.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jbelis Stop N' Go, LLC dba Planet Smoothie | (#,^) | 2565 E 17th St, Ammons, ID 83406 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2029 | 17.7 | 17.7 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL | (#,^) | 288 North Industrial Park Drive, Liberty, MS 39645 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 7/30/2044 | 55.0 | 55.0 | 60.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grad Street LLC | (#) | 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 | Nonstore Retailers | Term Loan | Prime plus 6.5% | 7/30/2029 | 7.3 | 7.3 | 6.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aeromax Industries, Inc, HITM, Inc and TMCB LLC | (#,^) | 9027 Canoga Ave, Canoga Park, CA 91301 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 7/30/2044 | 770.8 | 770.8 | 775.2 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Micheal Birch and Tracy M. Pierce | (#,^) | E 2947 H-44, Traunik, MI 49891 | Gasoline Stations | Term Loan | Prime plus 2.75% | 7/29/2044 | 53.1 | 53.1 | 57.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moore Chiropractic Center, P.A. | (#,^) | 936 Roosevelt Trail Unit 1 & 2, Windham, ME 4062 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/26/2029 | 8.2 | 8.2 | 8.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sou's LLC | (#,^) | 739 NE MLK Blvd, Portland, OR 97221 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/26/2029 | 5.4 | 5.4 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Power Associates Inc. | (#,^) | 2766 West Good CT, Boise, ID 83702 | Real Estate | Term Loan | Prime plus 2.75% | 7/26/2029 | 13.5 | 13.5 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dan Dahlin Inc. | (#,^) | 16465 MN-65, Ham Lake, MN 55304 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/26/2044 | 399.7 | 399.7 | 445.4 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Franklin Care Pharmacy Incorporated | (#,^) | 520 N Franklintown Rd, Baltimore, MD 21223 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 7/25/2029 | 48.9 | 48.9 | 50.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A&W ALF, LLC dba A & W Assisted Living Facility | (#,^) | 6600 Liberty Rd, Gwynn Oak, MD 21207 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 7/24/2044 | 98.1 | 98.1 | 107.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hardrock Alpha Enterprises, LLC | (#,^) | 5101 Stine Rd, Bakersfield, CA 93313 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/19/2029 | 14.2 | 14.2 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 700 Services Inc.dba 700 Credit Repair | (#,^) | 1201 N Goliad St, Rockwall, TX 75087 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 7/19/2029 | 6.8 | 6.8 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lawrence Adeyemo & Co LLC | (#) | 209-34 112 Ave, Queens Village, NY 11429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 7/19/2029 | 9.2 | 9.2 | 8.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ameritube, LLC | (#,^) | 1000 North Hwy 77, Hillsboro, TX 76645 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 7/18/2029 | 108.9 | 108.9 | 112.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JDM2 Water Station LLC | (#,^) | 125 Chestnut Hill Drive, York, PA 17408 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 7/18/2029 | 188.5 | 188.5 | 173.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bonfire Hot Yoga LLC | (#,^) | 3665 SW Hall Blvd, Beaverton, OR 97005 | Educational Services | Term Loan | Prime plus 2.75% | 7/18/2029 | 7.4 | 7.4 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baton Rouge Cargo Services Inc | (#,^) | 6013 McRaven Rd, Jackson, MS 39209 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 7/17/2044 | 286.4 | 286.4 | 296.9 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
178
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Bean Coffee Co. LLC | (#) | 112 South Main St, Spring Hill, KS 66083 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 7/17/2029 | 11.5 | 11.5 | 10.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Garage Floor Coating of MN.com,LLC | (#,^) | 6701 West 23rd St, St. Louis Park, MN 55426 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/16/2044 | 976.1 | 976.1 | 992.6 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bouquet Canyon Kennels | (#,^) | 29973 Bouquet Canyon Rd, Santa Clarita, CA 91390 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/16/2044 | 294.5 | 294.5 | 294.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adam Family Bowl Inc | (#,^) | 1504 Chestnut St, Mishawaka, IN 46545 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/16/2044 | 130.0 | 130.0 | 137.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beacon Metal Fabricators, Inc. | (#,^) | 5425-D Hamilton Ave, Cleveland, OH 44114 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 7/12/2029 | 63.1 | 63.1 | 58.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Last Touch, LLC | (#,^) | 1612 Jackson St, Spirit Lake, IA 51360 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 7/11/2044 | 99.4 | 99.4 | 101.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D DeGregoria LLC dba The UPS Store 4235 Massapequa | (#,^) | 4940 Merrick Rd, Massapequa Park, NY 11762 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 7/10/2029 | 71.4 | 71.4 | 60.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Menskha Inc | (#) | 88 High St, Mountclair, NJ 7042 | Ambulatory Health Care Services | Term Loan | Prime plus 6.5% | 7/10/2029 | 11.5 | 11.5 | 10.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nash-Delphia LLC | (#,^) | 2135 Gallatin Pike N, Store 4, Madison, TN 37115 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 7/2/2029 | 13.4 | 13.4 | 12.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Advance Transit LLC | (#,^) | 574-614 Tonnelle Ave, Jersey City, NJ 7307 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 6/28/2044 | 746.0 | 746.0 | 827.9 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anderson Companies LLC | (#,^) | 3015 S White Horse Pike, Hammonton, NJ 8037 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/28/2044 | 203.1 | 203.1 | 222.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Port Huron Ophthalmology, PLLC dba Black River Optical | (#,^) | 1033 River St, Port Huron, MI 48060 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/28/2029 | 13.4 | 13.4 | 12.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kim Howard Corp dba NPN Machine Tools | (#,^) | 9130 Wayfarer Ln, Houston, TX 77075 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2029 | 197.2 | 197.2 | 206.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jian Yang and Kanger House LLC | (#,^) | 48 Horse Hill Rd, Cedar Knolls, NJ 7927 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 6/27/2029 | 107.5 | 107.5 | 97.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nevada Recycling and Salvage LTD, AMCB LLC | (#,^) | 1085 Telegraph St, Reno, NV 89502 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/28/2044 | 1,222.1 | 1,222.1 | 1,308.9 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sundown Audio, LLC | (#,^) | 514 West 21St St, Newton, NC 28658 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2044 | 887.4 | 887.4 | 955.0 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Balboa Fashion LLC | (#,^) | 1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2029 | 6.7 | 6.7 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baobab Asset Management LLC | (#,^) | 2 Greenwich Office Park, Ste 260, Greenwich, CT 6831 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/28/2029 | 45.8 | 45.8 | 41.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Specialties Transportation LLC | (#,^) | 116 Toledo Drive, Lafayette, LA 70506 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/28/2029 | 131.0 | 131.0 | 134.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Richmond Street Partners, LLC | (#,^) | 200 E Chestnut St, Chicago, IL 60611 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 6/28/2029 | 87.4 | 87.4 | 79.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crestview Ridge Farms LLC | (#,^) | 1172 Co Rd 956, Ashland, OH 44805 | Crop Production | Term Loan | Prime plus 2.75% | 6/28/2044 | 526.0 | 526.0 | 579.3 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K & K Restaurant LLC | (#,^) | 6607 S Central Ave, Phoenix, AZ 85042 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/28/2044 | 131.8 | 131.8 | 148.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Picture Group LLC | (#,^) | 935 N La Jolla, Los Angeles, CA 90046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/28/2029 | 137.2 | 137.2 | 124.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
179
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5161 LLC | (#,^) | 1478 E Mountain Drive, Santa Barbara, CA 93108 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 6/28/2029 | 566.7 | 566.7 | 584.4 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Upul's Travel Service & Tours Inc | (#,^) | 654 Shoppers Lane, Covina, CA 91723 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/28/2029 | 251.7 | 251.7 | 228.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Upul's Travel Service & Tours Inc | (#,^) | 654 Shopping Lane, Covina, CA 91723 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/28/2044 | 343.5 | 343.5 | 358.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Good News Cafe, LLC | (#,^) | 694 Main St South, Woodbury, CT 6798 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/28/2044 | 244.1 | 244.1 | 262.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NJ Floats Inc | (#,^) | 66 Twin Oaks Rd, Bridgewater, NJ 8807 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/28/2044 | 172.6 | 172.6 | 197.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ailky Corporation & Wyspen | (#,^) | 352 Bedford St, Lakeville, MA 2347 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/27/2029 | 43.6 | 43.6 | 39.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pawfection Pet Services LLC | (#,^) | 177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 85122 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/27/2029 | 9.4 | 9.4 | 8.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Boucherie US Inc | (#,^) | 251 Little Falls Drive, Wilmington, DE 19807 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2029 | 1,077.8 | 1,077.8 | 978.7 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tim's Truck Capital & Auto Sales, Inc | (#,^) | 904 Suncook Valley Hwy, Epsom, NH 3234 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/27/2029 | 190.2 | 190.2 | 199.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| S & T Hardware Inc | (#,^) | 2300 Nooseneck Hill, Coventry, RI 2816 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/27/2044 | 196.7 | 196.7 | 224.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site | (#,^) | 145 Moon Rd, Chesapeake City, MD 21915 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/27/2029 | 1,128.4 | 1,128.4 | 1,125.1 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shooter's Gun Club, LLC | (#) | 2429 Iowa St Stes B, C and D, Lawrence, KS 66046 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/27/2030 | 174.0 | 174.0 | 162.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BB Services, LLC | (#,^) | 580 39 Rd, Palisade, CO 81526 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/27/2029 | 103.7 | 103.7 | 96.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crescent Event Productions, Inc | (#,^) | 1327 Wood Branch Drive, Charlotte, NC 28273 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/27/2029 | 313.3 | 313.3 | 292.6 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Selective Automotive & Accessories Group, Inc | (#,^) | 2221 Pelham Parkway, Pelham, AL 35124 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/26/2029 | 223.7 | 223.7 | 214.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tekoa Enterpises, Inc | (#,^) | 1033 Cannon Bridge Rd, Cordova, SC 29039 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/26/2029 | 51.7 | 51.7 | 49.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Soft Touch Tissue & Paper LLC | (#,^) | 1491 Hammond St, Bangor, ME 4401 | Paper Manufacturing | Term Loan | Prime plus 2.75% | 6/26/2044 | 229.9 | 229.9 | 262.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RWBB Enterprises, LLC | (#,^) | 4120 7th Ave, Kenosha, WI 53140 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/26/2044 | 74.3 | 74.3 | 82.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lynx Inspection Technologies LLC | (#,^) | 8101 Miller Rd 2, Houston, TX 77049 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 6/26/2044 | 564.1 | 564.1 | 644.5 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JFK Transportation Inc | (#,^) | 4 Mechanic St, Natick, MA 1760 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 6/26/2029 | 93.0 | 93.0 | 87.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Child Care Ventures LLC dba Childcare Adventures ELC | (#,^) | 3542 Glendale Ave, Toledo, OH 43614 | Social Assistance | Term Loan | Prime plus 2.75% | 6/26/2044 | 144.0 | 144.0 | 152.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All-City Towing LLC, Jeffrey James Piller | (#,^) | 1213 W Mallory Ave, Milwaukee, WI 53221 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 6/26/2029 | 362.3 | 362.3 | 356.3 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
180
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Soft Touch Tissue & Paper LLC | (#) | 1491 Hammond, Bangor, MA 4401 | Paper Manufacturing | Term Loan | Prime plus 2.75% | 12/26/2029 | 104.9 | 104.9 | 110.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paradise Towing & Recovery Inc | (#,^) | 1115 S Homer Blvd, Sanford, NC 27330 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2029 | 95.1 | 95.1 | 94.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vanchoc Transport Inc | (#,^) | 137 3rd St, Brooklyn, NY 11231 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/25/2029 | 39.0 | 39.0 | 37.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spartan Technology Solutions, Inc | (#,^) | 125 Venture Blvd, Spartanburg, SC 29306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/25/2044 | 477.0 | 477.0 | 511.3 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Worldwide Capital Management Inc. | (#,^) | 6 Venture Ste 305, Irvine, CA 92618 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/25/2029 | 129.8 | 129.8 | 117.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Professional Tire Limited Liability Company | (#,^) | 6655 Country Rd 32, Norwich, NY 13815 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2044 | 136.2 | 136.2 | 147.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 567 Logistics, LLC | (#,^) | 1924 Ruffin Mill Rd, Colonial Heights, VA 23834 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 6/25/2029 | 44.7 | 44.7 | 42.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paradise Towing & Recovery Inc | (#,^) | 1115 S. Horner Blvd, Sanford, NC 27330 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2044 | 71.7 | 71.7 | 81.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Krsto, LLC dba Italian Butter Breadsticks | (#,^) | 34683 Nova Dr, Clinton Twp, MI 48035 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/24/2044 | 186.3 | 186.3 | 205.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sweets By Karla LLC | (#,^) | 3273 South John Young Parkway, Kissimmee, FL 34746 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/24/2029 | 11.5 | 11.5 | 10.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Scissor Kids Inc | (#,^) | 63 Hebron Ave, Ste F, Glastonbury, CT 6033 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/24/2029 | 14.5 | 14.5 | 13.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peninsula Self Defense LLC | (#,^) | 2766 Bay Rd, Redwood City, CA 94063 | Educational Services | Term Loan | Prime plus 2.75% | 6/21/2029 | 4.7 | 4.7 | 4.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Small Batch Creations Inc. dba The Office Bar & Grill | (#,^) | 295 E WASHINGTON AVE, SUNNYVALE, CA 94086 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/21/2029 | 54.3 | 54.3 | 49.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Port Diesel L.L.C. | (#) | 3212 Alex Trask Drive, Castle Hayne, NC 28429 | Repair and Maintenance | Term Loan | Prime plus 6.5% | 6/21/2029 | 11.4 | 11.4 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| LuLuBelle's Mountain Banana Bread LLC | (#) | 1063 Carousel Rd, Lake Arrowhead, CA 92352 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/21/2045 | 250.0 | 250.0 | 272.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| William Rose Inc | (#,^) | 1 Grace Cove Rd, New Shoreham, RI 2807 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/21/2044 | 85.4 | 85.4 | 85.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Campuscuts LLC | (#) | 930 Robtrice Ct, Edmond, OK 73430 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/21/2029 | 6.8 | 6.8 | 7.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Central Texas Hygiene, LLC. | (#,^) | 10201 McKalla Place, Austin, TX 78758 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/20/2029 | 77.5 | 77.5 | 70.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| International Institute for Learning Inc. | (#,^) | 110 E 59th St ,31st floor, New York, NY 10022 | Educational Services | Term Loan | Prime plus 2.75% | 6/19/2029 | 268.5 | 268.5 | 243.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beck's Pub & Grill LLC | (#,^) | N6630 WI-49, Weyauwega, WI 54983 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/19/2044 | 68.4 | 68.4 | 76.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zion Motors Inc | (#,^) | 6949 Wall Triana Hwy, Madison, AL 35757 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/19/2044 | 59.3 | 59.3 | 64.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bader Furniture Company Inc. | (#,^) | 704 N Liberty St, Shamokin, PA 17872 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 6/19/2029 | 6.7 | 6.7 | 7.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bonadi Inc. dba Polished Salon | (#) | 9858 W Sample Rd, Coral Springs, FL 33065 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/17/2029 | 11.4 | 11.4 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
181
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| American Demolition, Inc | (#,^) | 401 N Kuner Rd, Brighton, CO 80601 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/17/2029 | 174.0 | 174.0 | 182.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JLM Consulting LP | (#,^) | 3981 E Dunrobin Dr., Springfield, MO 65809 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/17/2029 | 17.7 | 17.7 | 16.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC | (#,^) | 501 Jackson St, Camden, NJ 8104 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/14/2029 | 277.7 | 277.7 | 267.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kego 2 LLC dba Jon Smith Subs 80025 | (#,^) | 2001 W. Southlake Blvd Ste 143, Southlake, TX 76092 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/14/2029 | 98.4 | 98.4 | 91.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A & S Services LLC dba Kona Ice of Troy | (#,^) | 3888 Lightner Rd, Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/14/2044 | 43.9 | 43.9 | 48.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Law Office of Paula Padilla PLLC | (#) | 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 6/13/2029 | 4.6 | 4.6 | 4.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Picon Motors LLC dba The New Young's Motors | (#,^) | 199-211 Central Ave, Orange, NJ 7080 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/12/2029 | 213.8 | 213.8 | 217.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GT Performance Plus Inc | (#,^) | 4210 College St, Beaumont, TX 77707 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/11/2044 | 96.8 | 96.8 | 107.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ivesters Transportation, Inc | (#,^) | 4299 South 2675 West, Roy, UT 84067 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/11/2029 | 223.5 | 223.5 | 208.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GT Performance Plus Inc | (#,^) | 4210 College St, Beaumont, TX 77707 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/11/2029 | 68.2 | 68.2 | 62.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Independent Transport, LLC dba Independent Water | (#,^) | 3739 E Ridgeway Rd, Orange, CA 92867 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 6/10/2029 | 182.8 | 182.8 | 177.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Archer Cleaners Inc | (#) | 1514 W. 33rd St, Chicago, IL 60608 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/10/2029 | 11.4 | 11.4 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| J&A Elliott Company | (#,^) | 1118 Thornberry Dr, Clarksville, TN 37043 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 6/7/2029 | 9.4 | 9.4 | 9.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing | (#,^) | 15825-15827 Hawthorne Blve, Lawndale, CA 90260 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/7/2044 | 236.4 | 236.4 | 260.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Throop Family Holding Inc dba Klamath Basin Metals and Supply | (#,^) | 7130 Crater Lake Hwy, White City, OR 97503 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/7/2029 | 35.8 | 35.8 | 34.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Johnny's Boy LLC | (#,^) | 127 East King St, Martinsburg, WV 25401 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/7/2044 | 99.4 | 99.4 | 108.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allison K. Chipak dba Still Photography | (#) | 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 6/6/2029 | 11.4 | 11.4 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skin Beauty Bar Inc | (#,^) | 749 8th St, Washington, DC 20003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/6/2029 | 4.7 | 4.7 | 4.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jamestown Quick Stop LLC | (#,^) | 3097 24th Ave, Hudsonville, MI 49426 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/5/2044 | 68.2 | 68.2 | 73.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Preferred Manufacturing Services Inc | (#,^) | 4261 Business Drive, Cameron Park, CA 95682 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/5/2029 | 425.1 | 425.1 | 445.4 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oasis Senior Advisors Franchise Systems, LLC | (#,^) | 24870 Burnt Pine Drive, Bonita Springs, FL 34134 | Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) | Term Loan | Prime plus 2.75% | 6/4/2029 | 272.5 | 272.5 | 281.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Evoke Growth Advisory LLC | (#,^) | 2600 Brookwood Way Drive, Unit 311, Rolling Meadows, IL 60008 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/3/2029 | 6.7 | 6.7 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
182
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling | (#,^) | 1450 Oakbrook Dr, Norcross, GA 30093 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/31/2029 | 104.5 | 104.5 | 97.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| V & M Transportation LLC | (#,^) | 1307 27th St Apt B, North Bergen, NJ 7047 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/31/2029 | 11.7 | 11.7 | 10.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Martin Inventory Management, LLC | (#,^) | 304 1/2 Main St, Edgefield, SC 29824 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/31/2029 | 44.4 | 44.4 | 46.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morey Publishing LLC | (#,^) | 575 Underhill Blvd, Ste 216, Syosset, NY 11791 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/31/2029 | 55.6 | 55.6 | 50.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSD Designs, LLC | (#,^) | 486 Vance St, Forest City, NC 28043 | Chemical Manufacturing | Term Loan | Prime plus 2.75% | 5/30/2044 | 415.8 | 415.8 | 470.4 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aspen Welding LLC | (#,^) | 28803 US-6, Rifle, CO 81650 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 5/30/2044 | 399.4 | 399.4 | 439.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inside & Out Maintenance LLC | (#,^) | 1698 SW Pancoast St, Port St Lucie, FL 34987 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 5/30/2029 | 89.0 | 89.0 | 81.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AGR, Inc | (#,^) | 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2044 | 770.8 | 770.8 | 868.4 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brooklyn Breakfast Shop LLC | (#,^) | 7707 S IH 35 Frontage Rd #730, Austin, TX 78744 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2029 | 4.4 | 4.4 | 4.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Canela Media Inc | (#,^) | 2715 Palomino Circle, La Jolla, CA 92037 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/29/2029 | 105.6 | 105.6 | 99.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PD Financial LLC | (#,^) | 364 Parsippany Rd, Unit 7-B, Parsippany, NJ 7054 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 5/28/2044 | 35.7 | 35.7 | 40.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SV Enterprise LLC dba Haagen-Dazs | (#,^) | 1885 Briargate Pkwy, Space D-413, Colorado Springs, CO 80920 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/24/2029 | 82.5 | 82.5 | 75.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MCM Design LLC | (#) | 5926 Vinings Vintage Way, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 5/23/2029 | 8.8 | 8.8 | 9.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Top Notch Roofing, Inc | (#,^) | 46 Cherry St, Milton, VT 5468 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/23/2029 | 109.3 | 109.3 | 101.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2820 US HWY 98 N LLC dba Total Package Car Wash | (#) | 2820 US Hwy 98 N, Lakeland, FL 33805 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/23/2029 | 118.6 | 118.6 | 123.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| McGuckin & Pyle Inc | (#,^) | 120 Corporate Ln, New Bern, NC 28562 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 5/23/2044 | 301.1 | 301.1 | 331.1 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clowers Trucking By Faith LLC | (#) | 705 E Brookwood PL, Valdosta, GA 31601 | Truck Transportation | Term Loan | Prime plus 6.5% | 5/23/2029 | 11.2 | 11.2 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gratitude Training, LLC | (#,^) | 1901 N Federal Hwy, Ste 212, Pompano Beach, FL 33062 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 5/22/2029 | 68.2 | 68.2 | 62.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ES&A, INC., A LAW CORPORATION | (#,^) | 1003 Bishop St, Honolulu, HI 96813 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/22/2029 | 100.0 | 100.0 | 91.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bloomquist Communications Inc. dba FastSigns | (#,^) | 131 East Trinity Place, Decatur, GA 30030 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 5/22/2029 | 13.3 | 13.3 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anchor Up Fitness and Nutrition, LLC | (#,^) | 2464 US-29, Pensacola, FL 32505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/21/2029 | 18.0 | 18.0 | 17.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kappa Investments LLC dba Buddy's Home Furnishings | (#,^) | 365 Lowe's Drive, Ste H, Danville, VA 24540 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 5/17/2029 | 385.6 | 385.6 | 351.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
183
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Covalent Holding LLC | (#,^) | 18 West Chestnut St,Unit 2F, Chicago, IL 60610 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 5/17/2029 | 219.8 | 219.8 | 214.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BD Branson Victorian LLC dba Branson Surrey Inn | (#,^) | 430 a/k/a 450 South Hwy 165, Branson, MO 65616 | Accommodation | Term Loan | Prime plus 2.75% | 5/17/2029 | 227.0 | 227.0 | 237.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel | (#,^) | 208 East Main St, Elma, WA 98541 | Accommodation | Term Loan | Prime plus 2.75% | 5/16/2029 | 16.7 | 16.7 | 17.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cut To The Chase 502 LLC | (#,^) | 6903 Lakegreen Ct, Louisville, KY 40291 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/16/2029 | 3.0 | 3.0 | 2.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMP Trucking Inc | (#,^) | 1030 Gettysburg Ave, Clovis, CA 93161 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/16/2029 | 231.9 | 231.9 | 210.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Two Pie Lovers LLC dba Pizza Outpost | (#,^) | 302 E. Millitary Hwy U1122, Brackettville, TX 78832 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/10/2044 | 42.7 | 42.7 | 47.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Lobster Pot Inc | (#,^) | 119 Hope St, Bristol, RI 2809 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/10/2044 | 360.6 | 360.6 | 401.9 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aloha To Go LLC | (#,^) | 5903 Seminole Blvd, Seminole, FL 33772 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/9/2029 | 13.8 | 13.8 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crystal D. Walls dba Crystal's Cleaning Service | (#) | 26 Cooper Rd, Byhalia, MS 38611 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 5/9/2029 | 9.1 | 9.1 | 9.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Country Firearms LLC | (#,^) | 221 N Main St, Kingsfisher, OK 73750 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/8/2044 | 20.5 | 20.5 | 21.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NYM Solutions Inc.dba NYM Solutions, Inc | (#) | 12150 SW 128th St CT Ste 209, Miami, FL 33186 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 5/6/2029 | 11.3 | 11.3 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Folklore Music Exchange LLC | (#,^) | 617 Tennessee Ave, Charleston, WV 25302 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 5/6/2029 | 4.6 | 4.6 | 4.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| EPIFAB,LLC | (#,^) | 1341 Brooks St Unit D, Ontario, CA 91762 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 5/3/2029 | 18.9 | 18.9 | 18.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Global Enterprises LLC dba Verdi Pizza | (#,^) | 3111 S Valley View Blvd, Las Vegas, NV 89102 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/3/2029 | 18.5 | 18.5 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Life View Prenatal Imagery, LLC | (#,^) | 312 79th Ave North, Myrtle Beach, SC 29572 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/3/2029 | 5.4 | 5.4 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mark Garvin dba Tipsy Canyon Winery | (#,^) | 150 Upper Joe Creek Rd, Manson, WA 98831 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 5/3/2044 | 103.6 | 103.6 | 118.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Art Amore Studios, LLC | (#,^) | 6507 Jester Blvd, Ste #107, Austin, TX 78750 | Educational Services | Term Loan | Prime plus 2.75% | 5/3/2029 | 4.9 | 4.9 | 4.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modern Trousseau, LLC | (#,^) | 125 Bradley Rd, Woodbridge, CT 6525 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 5/1/2029 | 277.8 | 277.8 | 279.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry | (#,^) | 1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2029 | 57.0 | 57.0 | 58.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Midlothian Hardware, Inc dba Grills True Value | (#,^) | 475 West 147th St, Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 4/29/2029 | 35.3 | 35.3 | 37.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sona USA, Inc | (#,^) | 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 | Telecommunications | Term Loan | Prime plus 2.75% | 4/26/2029 | 145.7 | 145.7 | 139.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pellegrin Marine Transportation, LLC | (#,^) | 117 Country Village Drive, Raceland, LA 70394 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 4/26/2029 | 116.8 | 116.8 | 111.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
184
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ASM Partners LLC | (#,^) | 1619 Roberts Drive SE, Mableton, GA 30126 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/26/2029 | 215.6 | 215.6 | 209.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jones Roger Sherman Inn, Inc. | (#,^) | 195 Oenoke Ridge, New Canaan, CT 6840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/25/2029 | 132.1 | 132.1 | 138.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Dolce Vita LLC. | (#,^) | 196 N. Holiday Rd, Miramar Beach, FL 32550 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/25/2044 | 459.1 | 459.1 | 514.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart | (#,^) | 196 N. Holiday Rd, Miramar Beach, FL 32550 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/25/2029 | 441.5 | 441.5 | 419.4 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Living Medical Alert, LLC | (#,^) | 1882 Capital Circle NE, Ste 104, Tallahassee, FL 32308 | Social Assistance | Term Loan | Prime plus 2.75% | 4/24/2029 | 48.6 | 48.6 | 47.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ER & DC McPherson Holdings, LLC | (#,^) | 6957 W Broward Blvd., Plantation, FL 33317 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/19/2029 | 42.9 | 42.9 | 39.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All My Best Inc. | (#,^) | 4320 Anthony Court Stes 1,2,3, Rocklin, CA 95677 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 4/19/2029 | 55.3 | 55.3 | 51.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2Choice2Friends dba 2 N 1 Salad Bar and Grill | (#) | 901 W Braker Lane, Austin, TX 78758 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 4/17/2029 | 11.3 | 11.3 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modern Demo & Services LLC | (#,^) | 10161 W Park Run Drive, Las Vegas, NV 89145 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2029 | 110.4 | 110.4 | 101.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Expert Building Services LLC | (#,^) | 74 Roosevelt St, Pequannock Township, NJ 7440 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 4/17/2029 | 18.0 | 18.0 | 16.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bottles on Broadway, LLC | (#,^) | 1083 North Broadway, North Massapequa, NY 11758 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/17/2029 | 113.7 | 113.7 | 104.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rello, Inc. dba ID Salon | (#) | 8063 Jericho Turnpike, Woodbury, NY 11797 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 4/17/2029 | 5.4 | 5.4 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cormac Enterprises, Inc | (#,^) | 1205 38th Ave North, Myrtle Beach, SC 29577 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 4/16/2029 | 19.9 | 19.9 | 18.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pranamji Inc dba Ohara's Beverage Spot | (#,^) | 2300 Levit Rd, Lorain, OH 44052 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/16/2044 | 46.0 | 46.0 | 49.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bill Berger LLC | (#,^) | 8728 Tireman Ave, Detroit, MI 48204 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 4/12/2029 | 7.9 | 7.9 | 7.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Samco Food Corp dba C-Town Supermarket | (#,^) | 1761 Nostrand Ave, Brooklyn, NY 11226 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/12/2029 | 88.3 | 88.3 | 80.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic | (#,^) | 3563 South River Terrace, Edgewater, MD 21037 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/12/2029 | 38.8 | 38.8 | 36.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gilpin Enterprises, LLC dba Jon Smith Subs | (#,^) | 17790 State Rd 54, Lutz, FL 33458 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/12/2029 | 70.2 | 70.2 | 65.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Gulf Construction, Inc. | (#,^) | 367 Pine Island Rd, North Fort Myers, FL 33903 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/12/2029 | 98.2 | 98.2 | 97.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J.T. ONeill Company, LLC | (#,^) | 19972 Willowin Farm Lane, Purceville, VA 20132 | Real Estate | Term Loan | Prime plus 2.75% | 4/12/2029 | 8.6 | 8.6 | 7.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maxiflex LLC | (#,^) | 512 Verret St, New Orleans, LA 70114 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 4/11/2029 | 55.2 | 55.2 | 57.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VRGE Strategies LLC | (#,^) | 1155 15th St NW, Washington, DC 20005 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/10/2029 | 87.5 | 87.5 | 79.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
185
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Georgetown Milling Co, LLC | (#,^) | 9001 Wentworth Springs Rd, Georgetown, CA 95634 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 4/9/2029 | 11.3 | 11.3 | 10.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park | (#,^) | 1256 Indian Head Rd, Toms River, NJ 8755 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 1/8/2030 | 535.0 | 535.0 | 553.9 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bose and Avinder, Inc.and Carmel and Preet Inc | (#,^) | 28201 Date Palm Drive, Cathedral City, CA 92234 | Gasoline Stations | Term Loan | Prime plus 2.75% | 4/5/2029 | 52.0 | 52.0 | 54.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marnon Enterprise LLC | (#,^) | 6713 Biscay Hbr, San Antonio, TX 78249 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 4/5/2029 | 4.2 | 4.2 | 3.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ren Investment Group Inc dba True Positon Manufacturing | (#,^) | 40 Sandra Drive, South Windsor, CT 6074 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 3/29/2029 | 702.9 | 702.9 | 647.6 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J Brothers Enterprises, LLC | (#,^) | 1101 NW 12TH Ave, Ava, MO 65608 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/29/2044 | 627.6 | 627.6 | 666.5 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Favorita Radio Network | (#,^) | 4043 Geer Rd, Hughson, CA 95326 | Broadcasting (except Internet) | Term Loan | Prime plus 2.75% | 3/29/2029 | 329.3 | 329.3 | 307.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royalty Freight Inc. | (#,^) | 3728 W McKinley Ave, Fresno, CA 93772 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/29/2029 | 375.1 | 375.1 | 361.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Key HR Associates, Inc dba Parents Choice for Kids | (#,^) | 3150 West Park Drive, Burnsville, MN 55306 | Social Assistance | Term Loan | Prime plus 2.75% | 3/29/2044 | 443.8 | 443.8 | 475.8 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hamsons Inc. | (#,^) | 4900 Hopyard Rd, Pleasanton, CA 94588 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/29/2029 | 164.4 | 164.4 | 149.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EJ & James Transport LLC | (#,^) | 3100 Drewsky Lane Unit 108, Fort Mills, SC 29715 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/29/2029 | 8.3 | 8.3 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 | (#,^) | 7219 Silver Mist Ave, North Chesterfield, VA 23237 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/29/2029 | 145.0 | 145.0 | 131.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Reliable Power Group Inc. dba Batteries & bulbs Pensacola | (#,^) | 6895 N. 9th Ave Ste B, Pensacola, FL 32504 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/29/2029 | 87.7 | 87.7 | 79.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bright Freight Solution, LLC | (#,^) | 1112 N Main St, Manteca, CA 95336 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/29/2029 | 1,039.9 | 1,039.9 | 985.5 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pizzaplex L3C | (#,^) | 4458 West Vernor Hwy, Detroit, MI 48209 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/29/2029 | 39.2 | 39.2 | 36.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Raven's Place LLC | (#,^) | 13031 S Western Ave, Blue Island, IL 60406 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/29/2044 | 672.4 | 672.4 | 727.6 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bayco Enterprises, Inc | (#,^) | 128 Cowesett Ave, West Warwick, RI 2893 | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/29/2044 | 193.4 | 193.4 | 220.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stillwater Ventures, LLC | (#,^) | 8272 W. Sunset Blvd, Los Angeles, CA 90048 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/29/2029 | 339.8 | 339.8 | 333.1 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NuBe Business Group LLC | (#,^) | 2140 44th St SE, Ste 201, Grand Rapids, MI 49508 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/29/2044 | 39.9 | 39.9 | 45.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery | (#,^) | 229 Medical Park Rd, Ste 310, Mooresville, NC 28117 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2044 | 820.8 | 820.8 | 873.3 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Felipe Antonio Del Valle M.D. P.A. | (#,^) | 7190 SW 87th Ave Ste 203, Miami, FL 33173 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2029 | 13.2 | 13.2 | 11.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| StillBasi Holdings, Inc. dba Buxton Auto Transport | (#,^) | 9371 Jackson Rd, Sacramento, CA 95826 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/29/2029 | 267.2 | 267.2 | 252.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
186
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Knoxville Room Service | (#,^) | 10670 Parkside Drive, Knoxville, TN 37922 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/29/2029 | 5.9 | 5.9 | 5.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Outtasight Careers, LLC dba Gecko Hospitality | (#,^) | 109 W Fern St, Tampa, FL 33604 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/29/2029 | 45.6 | 45.6 | 41.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peak Performance Associates LLC dba Nova Hypnosis and Wellnes | (#,^) | 10420 Hunter View Rd, Vienna, VA 22181 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/29/2029 | 52.6 | 52.6 | 47.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Complete Care IT LLC | (#,^) | 4801 South University Drive Ste 125, Davie, FL 33328 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/29/2029 | 46.0 | 46.0 | 41.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Turtle Shirts, LLC | (#,^) | 10241 Metro Pkwy# 108, Ft Myers, FL 33966 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/29/2029 | 47.6 | 47.6 | 43.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skaggs RV Outlet ,LLC | (#,^) | 301 Commerce Drive, Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/28/2029 | 218.9 | 218.9 | 229.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cleland Pharmacy LLC | (#,^) | 202 S First St, Wakeeney, KS 67672 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 3/28/2029 | 19.7 | 19.7 | 20.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J.C. Pallet Company, Inc. | (#,^) | 18427 New Kent Hwy, Barhamsville, VA 23011 | Wood Product Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2029 | 394.6 | 394.6 | 389.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Planet X Tobacco & Gift, LLC | (#,^) | 900 West Northern Lights Blvd, Anchorage, AK 99503 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/28/2044 | 175.8 | 175.8 | 200.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GS Bath Inc | (#,^) | 5335 E. Kaviland Ave, Fresno, CA 93725 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/28/2029 | 274.2 | 274.2 | 262.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Four Seasons Laser Center Inc. | (#,^) | 4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/28/2029 | 12.9 | 12.9 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Custom Vinyl Products LLC | (#,^) | 260 Enterprise Drive, Newport News, VA 23603 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2044 | 985.2 | 985.2 | 1,075.1 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cocomo Joe's LLC | (#,^) | 3949 New Rd, Youngstown, OH 44515 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/28/2029 | 3.0 | 3.0 | 2.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| PA Sobol Partners LLC dba Sobal | (#,^) | 206 Rohrerstown Rd, Lancaster, PA 17603 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/28/2029 | 45.1 | 45.1 | 42.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cinco Fit LLC dba Cinco Fit | (#,^) | 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/27/2029 | 144.7 | 144.7 | 131.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Trans LLC and Dehal Trucking LLC | (#,^) | 1415 W Anderson St, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/27/2029 | 65.9 | 65.9 | 68.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Danielle Vance LPC, LLC dba Danielle Vance MA, LPC | (#,^) | 2543 Eliot St, Denver, CO 80211 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/27/2029 | 5.0 | 5.0 | 4.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| DC AG, LLC dba Big B Sales | (#,^) | 674 LA- 8, Sicily Island, LA 71368 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/27/2044 | 572.0 | 572.0 | 615.5 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC | (#,^) | 2880 Carol Rd, East York, PA 17402 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/26/2044 | 1,220.5 | 1,220.5 | 1,327.9 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||||
| District 5 Boutique LLC | (#,^) | 317 N Farview Ave, Paramus, NJ 7652 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/26/2029 | 109.6 | 109.6 | 99.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gary Krause dba Gary Krause Landscaping & Design | (#,^) | 489 Hamilton Rd, Jacksonville, OR 97530 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/22/2029 | 5.3 | 5.3 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
187
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Virginia Industrial Plastics, Inc. | (#,^) | 2454 N East Side Hwy,, Elkton, VA 22827 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 3/22/2044 | 290.0 | 290.0 | 330.5 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skyways, LTD | (#,^) | 350 15th St NW, Huron, SD 57350 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 3/22/2029 | 740.7 | 740.7 | 676.2 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J & C May Properties, LLC | (#,^) | 315 Sylamore Ave, Mountain View, AR 72560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/22/2044 | 1,103.2 | 1,103.2 | 1,140.7 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Virginia Industrial Plastics, Inc. | (#,^) | 2454 North East Side Hwy, Elkton, VA 22827 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 3/22/2029 | 243.0 | 243.0 | 254.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dependable Lawn Care, Inc. | (#,^) | 2320 138TH ST, Blue Island, IL 60406 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/21/2029 | 467.2 | 467.2 | 443.6 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dependable Lawn Care, Inc. | (#,^) | 2320 138th St, Blue Island, IL 60406 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/21/2044 | 186.3 | 186.3 | 210.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pitman Holding LLC | (#,^) | 1116 E Main St, Richmond, VA 23219 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/21/2029 | 6.6 | 6.6 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Trails Transport, LLC | (#,^) | 8704 Grand Ave, Billings, MT 59106 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/21/2029 | 48.1 | 48.1 | 45.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michigan Neurosurgical Institute P.C. | (#,^) | 9400 South Saginaw St, Unit 1, Grand Blanc, MI 48439 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/20/2029 | 158.9 | 158.9 | 144.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mega Trucking LLC and Olyimpian Industries LLC | (#,^) | 5979 NW 151st St, Miami Lakes, FL 33014 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/20/2029 | 351.0 | 351.0 | 340.9 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing Inc | (#,^) | 1 Williams Lane, Old Saybrook, CT 6475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/20/2029 | 43.8 | 43.8 | 39.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great | (#,^) | 9400 South Saginaw St, Unit 1, Grand Blanc, MI 48439 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/20/2044 | 345.4 | 345.4 | 369.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marvellous Print & Ship LLC | (#,^) | 605 W Main St, Oxford, KS 67119 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/19/2029 | 3.0 | 3.0 | 2.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Frontline Selling LLC | (#,^) | 6505 Shiloh Rd,Units 300,310 and 320, Alpharetta, GA 30005 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/19/2029 | 274.0 | 274.0 | 286.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Game Station, Inc. | (#,^) | 2917 1st Ave SE, Cedar Rapids, IA 52402 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/19/2029 | 230.2 | 230.2 | 218.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B & W Towing LLC | (#,^) | 701 Addison Rd, Painted Post, NY 14870 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 3/15/2029 | 50.4 | 50.4 | 52.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Panetcarne Inc.dba Jersey Mike's Subs Greenfield | (#,^) | 23077 Greenfield Rd, Southfield, MI 48075 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2029 | 81.7 | 81.7 | 75.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vanchoc Transport Inc | (#,^) | 137 3rd St, Brooklyn, NY 11231 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/15/2029 | 76.7 | 76.7 | 69.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stepping Stones Children's Academy LLC | (#,^) | 1655 E Warm Springs Rd, Las Vegas, NV 89119 | Social Assistance | Term Loan | Prime plus 2.75% | 3/15/2044 | 364.9 | 364.9 | 400.2 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Screening Services Group, LLC | (#,^) | 8670 Wilshire Blvd, Beverly Hills, CA 90211 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 3/14/2029 | 250.7 | 250.7 | 232.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Space Express, LLC | (#,^) | 2775 Burris Rd, Davie, FL 33314 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/12/2029 | 126.6 | 126.6 | 117.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mill Creek Early Childhood Program LLC | (#,^) | 510 South Batavia Ave, Batavia, IL 60510 | Social Assistance | Term Loan | Prime plus 2.75% | 8/11/2029 | 55.8 | 55.8 | 50.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
188
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alpine Remediation, Inc, T & M Holdings, LLC | (#,^) | 14252 W 44th Ave Unit F, Golden, CO 80403 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/8/2029 | 76.8 | 76.8 | 74.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kalloren Provel LLC | (#,^) | 6919 Oak Ridge Commerce Way, Austell, GA 30168 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/8/2044 | 274.0 | 274.0 | 300.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precise Air Systems, Inc | (#,^) | 5467 W San Fernando Rd, Los Angeles, CA 90039 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/8/2029 | 231.0 | 231.0 | 211.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha | (#,^) | 76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/8/2044 | 196.2 | 196.2 | 218.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wildflour Bakery & Cafe LLC | (#,^) | 5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 91301 | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/8/2029 | 76.8 | 76.8 | 69.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SG Welch Inc dba Sparks Auto Service | (#,^) | 19138 Molalla Ave, Oregon City, OR 97045 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/8/2029 | 54.9 | 54.9 | 50.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seeds of Knowledge Creative Learning Center LLC | (#,^) | 15101 West McNichols Rd, Detroit, MI 48235 | Social Assistance | Term Loan | Prime plus 2.75% | 3/7/2044 | 21.9 | 21.9 | 24.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC | (#,^) | 487 Elizabeth Lake Rd, Waterford, MI 48328 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/4/2029 | 138.1 | 138.1 | 125.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC | (#,^) | 20 Silver Fox Lane, Sussex, NJ 7461 | Food Manufacturing | Term Loan | Prime plus 2.75% | 2/28/2029 | 44.0 | 44.0 | 43.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wooter Apparel, Inc | (#,^) | 727 Page Ave., Staten Island, NY 10307 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 2/28/2029 | 43.5 | 43.5 | 40.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Monkey Bones LLC | (#,^) | 3361 Dayton Xenia Rd, Beavercreek, OH 45432 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2044 | 19.0 | 19.0 | 21.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Woodard Electric Services, Inc. | (#,^) | 1600 Carter Cove Rd, Hayesville, NC 28904 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/28/2029 | 18.8 | 18.8 | 17.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shah Medical Center SC & Heeena Shyamani | (#,^) | 484 Summit St, Elgin, IL 60120 | Hospitals | Term Loan | Prime plus 2.75% | 2/28/2044 | 246.6 | 246.6 | 255.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matrix Z LLC | (#) | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 6.5% | 2/27/2029 | 11.1 | 11.1 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Merdad Dentistry PLLC dba Easy Dental Care | (#,^) | 7522 Old Linton Hall Rd, Gainesville, VA 20155 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/26/2029 | 13.7 | 13.7 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Harbor Management Company Inc dba Jamba Juice | (#,^) | 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/22/2029 | 130.6 | 130.6 | 119.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ | (#,^) | 3633 B Hill Rd, Parsippany, NJ 7054 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 2/21/2029 | 35.9 | 35.9 | 33.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe | (#,^) | 12140 Wickchester Ln STE 130, Houston, TX 77079 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/20/2029 | 42.3 | 42.3 | 38.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bowl 360 Inc. | (#,^) | 98-18 Rockaway Blvd, Ozone Park, NY 11417 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/19/2029 | 141.6 | 141.6 | 136.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rob Barletta's Hockey School, Inc | (#,^) | 2130 Providence Hwy, Walpole, MA 2081 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 2/19/2029 | 94.8 | 94.8 | 99.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
189
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bowl 360 Inc. | (#,^) | 98-18 Rockaway Blvd, Far Rockaway, NY 11417 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/19/2029 | 121.4 | 121.4 | 110.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Outler Transportation Services,LLC | (#,^) | 3775 Carriage Downs CT SW, Snellville, GA 30039 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 2/19/2029 | 39.8 | 39.8 | 36.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M & M Burgers Inc dba Checkers | (#,^) | 530 Willis Ave, Bronx, NY 10455 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2029 | 100.8 | 100.8 | 93.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Integris Roofing, Inc | (#,^) | 1174 Yellostone Drive, Lake Arrowhead, CA 92532 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/15/2029 | 19.6 | 19.6 | 17.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tony Herring & Associates, Inc | (#,^) | 211 West Camellia Drive, Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 2/14/2029 | 13.1 | 13.1 | 13.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gateway Veterinary Services, P.C. dba Liberty Animal Clinic | (#,^) | 9212 Liberty Ave, Ozone Park, NY 11417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/14/2044 | 134.4 | 134.4 | 153.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Par-Man, Inc. dba Rockstar Tattoo | (#,^) | 450 Fremont St #109 and 113, Las Vegas, NV 89101 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 2/14/2029 | 54.5 | 54.5 | 49.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KHSE Parks, Inc. | (#,^) | 600 West Charles St, Matthews, NC 28105 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/14/2029 | 69.9 | 69.9 | 63.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precedence Enterprises LLC dba Spartan Junk Removal | (#,^) | 8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 2/8/2029 | 13.8 | 13.8 | 13.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pamletics LLC dba F45 | (#,^) | 22015 IH 10 West, San Antonio, TX 78249 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/8/2029 | 3.3 | 3.3 | 3.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shepherd Fitness, LLC dba Workout Anytime Ooltewah | (#,^) | 9408 Apison Pike, Ste 11, Ooltewah, TN 37363 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/8/2029 | 147.3 | 147.3 | 140.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EJGR Corp dba Brite Energy Solutions | (#,^) | 87 Main St Upper Level, Hastings-on-Hudson, NY 10706 | Utilities | Term Loan | Prime plus 2.75% | 2/8/2029 | 54.4 | 54.4 | 49.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Creative Counseling Nashville PLLC | (#,^) | 4119 Gallatin Pike, Nashville, TN 37216 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/7/2029 | 1.9 | 1.9 | 1.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| RIHAHN INC dba RDBL, INC. | (#,^) | 1397 McGuire Rd, Lamar, AR 72846 | Forestry and Logging | Term Loan | Prime plus 2.75% | 2/5/2029 | 6.0 | 6.0 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc | (#,^) | 4291 Shoal Line Blvd, Hernando Beach, FL 34607 | Accommodation | Term Loan | Prime plus 2.75% | 2/1/2029 | 13.1 | 13.1 | 13.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jesus and Son's Landscape Contractors, LLC | (#,^) | 4371 Durham Court, Denver, CO 80239 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/1/2029 | 50.1 | 50.1 | 46.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Employer Resource Services LLC dba Data Pool | (#,^) | 500 Research Rd, Richmond, VA 23236 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/31/2029 | 31.3 | 31.3 | 28.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MYC Motors Inc | (#,^) | 3808 Vegas Drive, Las Vegas, NV 89108 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 1/30/2044 | 72.9 | 72.9 | 83.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| FNF LLC dba WineStyles | (#,^) | 11109 Old Seward Hwy, Anchorage, AK 99515 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 1/22/2029 | 214.1 | 214.1 | 194.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| IGWT Coffee, LLC dba PJ's Coffee of New Orleans | (#,^) | 414 Union St, Nashville, TN 37219 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/18/2029 | 71.4 | 71.4 | 64.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MMC Investors, LLC dba Clean Juice | (#,^) | 2879 W 95th St Ste 195, Naperville, IL 60564 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/18/2029 | 76.9 | 76.9 | 71.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hilco Athletics & Graphics Inc | (#,^) | 55 Green Hill St, West Warwick, RI 2816 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 1/16/2044 | 66.9 | 66.9 | 76.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
190
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fluid Connections LLC dba BurgerIM | (#,^) | 174 El Cerrito Plaza, El Cerrito, CA 94530 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/11/2029 | 54.1 | 54.1 | 51.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster | (#,^) | 309 Coronado Drive, Clearwater Beach, FL 33767 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/11/2029 | 78.1 | 78.1 | 71.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HSR Tacos LLC dba California Tortilla | (#,^) | 11694 Sudley Manor Drive, Manassas, VA 20109 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/11/2029 | 47.2 | 47.2 | 42.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rashed and Shabila LLC | (#,^) | 14865 Hwy 92, Woodstock, GA 30188 | Gasoline Stations | Term Loan | Prime plus 2.75% | 1/4/2029 | 19.5 | 19.5 | 18.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC | (#,^) | 215 S Persimmon St,, Tomball, TX 77375 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/31/2028 | 210.6 | 210.6 | 190.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Chop House Inc. | (#,^) | 191 Old Tower Hill Rd., South Kingstown, RI 2879 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/31/2043 | 541.6 | 541.6 | 584.0 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Capitol Fitness Inc. dba Anytime Fitness Shelby | (#,^) | 49045 Van Dyke Ave, Shelby Charter Township, MI 48317 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/28/2028 | 10.1 | 10.1 | 9.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut | (#,^) | 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 12/28/2043 | 18.2 | 18.2 | 20.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Superior Concepts Acquisition Corp | (#,^) | 1710 Tiles Court, Grand Haven, MI 49417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/28/2043 | 497.4 | 497.4 | 525.1 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nix and Nix Funeral Home North Inc, | (#,^) | 1621 W. Dauphin St, Philadelphia, PA 8065 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/28/2043 | 556.7 | 556.7 | 622.4 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Superior Concepts Acquisition Corp | (#,^) | 1710 Tiles Ct, Grand Haven, MI 49417 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/28/2028 | 105.5 | 105.5 | 99.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Rewinding of NC Inc dba MTS | (#,^) | 1825 N Rocky River Rd, Monroe, NC 28110 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/28/2028 | 376.5 | 376.5 | 356.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Omega Funeral and Cremation Services,LLC | (#,^) | 9503 Kenwood Rd, Cincinnati, OH 45242 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/28/2043 | 331.9 | 331.9 | 359.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Medworxs Inc. | (#,^) | 6857 Timbers Drive, Evergreen, CO 80439 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/27/2028 | 9.0 | 9.0 | 8.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| East Breeze LLC dba Historic Springdale Pub and Eatery | (#,^) | 32302 East Historic Columbia River Hwy, Corbett, OR 97019 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/27/2043 | 124.5 | 124.5 | 137.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fave Realty Inc. | (#,^) | 74 Larkfield Rd, East Northport, NY 11731 | Real Estate | Term Loan | Prime plus 2.75% | 12/27/2043 | 119.9 | 119.9 | 136.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Green Valley Landscape Management Inc. dba Apopka Mower and Equipment | (#,^) | 2975 W Orange Blossom Trail, Apopka, FL 32712 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/27/2043 | 450.7 | 450.7 | 483.5 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Reservations Unlimited LLC | (#) | 312 W Main St, Red River, NM 87558 | Real Estate | Term Loan | Prime plus 2.75% | 12/26/2043 | 138.1 | 138.1 | 152.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BD Branson Victorian LLC dba Branson Victorian Inn | (#,^) | 450 South Hwy 165, Branson, MO 65616 | Accommodation | Term Loan | Prime plus 2.75% | 12/24/2043 | 483.3 | 483.3 | 536.9 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RM Hawkins LLC | (#,^) | 5141 Topaz Drive, Colorado Springs, CO 80918 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/24/2028 | 257.6 | 257.6 | 246.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
191
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Timios Enterprises Corp dba Palm Court | (#,^) | 1912 N Arlington Heights Rd., Arlington Heights, IL 60004 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/24/2043 | 688.3 | 688.3 | 752.4 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LP Industries, Inc and Playground Packages, LLC | (#,^) | 2040 Norwood, Lenoir, NC 28645 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/21/2028 | 83.1 | 83.1 | 75.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D.A.F.S Transport, LLC | (#,^) | 207 S. Teresa St, Monahans, TX 79756 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/21/2028 | 564.1 | 564.1 | 571.3 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sesolinc GRP, Inc. | (#,^) | 806 Randy Lowery Rd, Statesboro, GA 30461 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/21/2028 | 322.2 | 322.2 | 311.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Law Office of Jared E. Shapiro, P.A | (#,^) | 7777 Glades Rd, Ste 100, Boca Raton, FL 33434 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 9.7 | 9.7 | 8.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royalty Freight Inc | (#,^) | 3728 W McKinley Ave, Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/21/2028 | 83.8 | 83.8 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fifth Wheel Truck Stop 001, Inc. | (#,^) | 3767 South Golden State Blvd, Fresno, CA 93725 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/21/2028 | 88.5 | 88.5 | 80.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Burgess and Dudley, Incorporated | (#,^) | 24462 NW 9th Place, Newberry, FL 32669 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/21/2028 | 204.3 | 204.3 | 192.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diamond Estates LLC | (#,^) | 110 Court St Ste 1, Cromwell, CT 6416 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/21/2028 | 64.4 | 64.4 | 58.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kyle M Walker DDS, PC | (#,^) | 1402 W Park Ave, Orange, TX 77630 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 98.6 | 98.6 | 89.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baseline Health, LLC & Baseline Health Management, LLC | (#,^) | 1101 Stewart Ave Ste 104, Garden City, NY 11530 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 102.2 | 102.2 | 94.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precision Bytes LLC dba Tower Connect | (#,^) | 607 West Magnolia Ave, Fort Worth, TX 76104 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 112.0 | 112.0 | 101.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cammarata Associates LLC | (#,^) | 5 Greentree Center, Marlton, NJ 8053 | Credit Intermediation and Related Activities | Term Loan | Prime plus 2.75% | 12/21/2028 | 64.4 | 64.4 | 58.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool | (#,^) | 4500 S Country Rd, Odessa, TX 79768 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/21/2044 | 166.2 | 166.2 | 189.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| C&D Trucking & Equipment Service, Inc. | (#,^) | 4015 Jennings Rd, Cleveland, OH 44109 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/21/2043 | 113.6 | 113.6 | 129.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ETS Tree Service Inc and Eastern Tree Service, Inc | (#,^) | 4813 Pinson Valley Parkway, Birmingham, AL 35215 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 197.6 | 197.6 | 189.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Local Liberty Inc dba The Wardsboro Country Store | (#,^) | 23 Main St, Wardsboro, VT 5355 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/20/2043 | 150.7 | 150.7 | 166.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Graff Excavating, Inc | (#,^) | 803 E State St, Toledo, IA 52342 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/20/2028 | 168.0 | 168.0 | 154.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Motor Home Inc | (#,^) | 6633 Brayton Drive, Anchorage, AK 99507 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 259.0 | 259.0 | 250.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Flashii App, Inc. | (#,^) | 75 E Santa Clara St, San Jose, CA 95113 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 53.7 | 53.7 | 56.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CK Green Partners, LLC dba Reis and Irvy"s Columbus | (#,^) | 5010 Augusta Drive, Westerville, OH 43082 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/20/2029 | 167.5 | 167.5 | 162.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hotel Compete, LLC | (#,^) | 223 W Jackson Blvd, Chicago, IL 60606 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 53.7 | 53.7 | 48.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
192
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Healthy and Fresco LLC | (#,^) | 1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 29464 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/20/2029 | 39.6 | 39.6 | 37.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC | (#,^) | 2043 Coteau Rd, Houma, LA 70364 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 401.9 | 401.9 | 417.5 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roots N Shoots, LLC & Yardplus LLC | (#,^) | 86 Boston Rd, Chelmsford, MA 1824 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/20/2028 | 46.4 | 46.4 | 42.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Comfort Services, LLC | (#,^) | 5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/19/2028 | 59.1 | 59.1 | 53.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Cromer Company | (#,^) | 9800 NW 78th Ave, Hialeah Gardens, FL 33016 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 12/19/2028 | 440.2 | 440.2 | 399.5 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo | (#,^) | 316 NW 24th St, Miami, FL 33180 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/19/2029 | 64.5 | 64.5 | 61.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll | (#) | G-2340 West Carpenter Rd, Flint, MI 48505 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/19/2044 | 410.7 | 410.7 | 455.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ventures TBD LLC dba The Bottle Tree | (#,^) | 102 Davis St, Belmont, NC 28012 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/14/2043 | 95.9 | 95.9 | 103.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena | (#,^) | 4477 E 11th Ave, Hialeah, FL 33013 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2028 | 272.8 | 272.8 | 257.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Omega Trucking LLC | (#,^) | 14432-14452 Stateline Rd, Brookings, OR 97415 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/14/2028 | 60.2 | 60.2 | 62.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| YBL Restaurant Group LLC dba Tropisueno | (#,^) | 75 Yerba Buena Lane, San Francisco, CA 94103 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/14/2029 | 336.5 | 336.5 | 307.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Healthy Human, LLC | (#,^) | 1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/14/2028 | 107.3 | 107.3 | 97.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fitness Orlando LLC & Fitness Orlando Oviedo, LLC | (#,^) | 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/14/2028 | 236.5 | 236.5 | 222.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aero Consulting and Engineering Inc | (#,^) | 7941 NW 3rd St, Plantation, FL 33324 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/14/2028 | 13.2 | 13.2 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co., Inc. | (#,^) | 119 West 57th St, Ste 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/14/2028 | 214.8 | 214.8 | 194.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Landscape Contractors, Inc | (#,^) | 2823 Fllintstone Rd, Millers, MD 21102 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/14/2029 | 286.8 | 286.8 | 272.2 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 | (#,^) | 196-15 Northern Blvd, Flushing, NY 11318 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/14/2028 | 13.5 | 13.5 | 12.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| L&M Services, LLC | (#,^) | 560 Main St, Milford, UT 84751 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/14/2043 | 194.2 | 194.2 | 211.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Contracting LLC | (#,^) | 148 Holmgren Place, Girdwood, AK 99587 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2043 | 191.5 | 191.5 | 207.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Contracting LLC | (#,^) | 148 Holmgren Place, Girdwood, AK 99587 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/14/2028 | 35.9 | 35.9 | 34.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
193
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stony Creek Wellness Group, LLC | (#,^) | 264 Church St, Guilford, CT 6437 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/14/2043 | 95.9 | 95.9 | 106.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Miller Center for Esthetic Excellence, | (#,^) | 22 Old Short Hills Rd,, Livingston, NJ 7039 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/13/2043 | 378.2 | 378.2 | 391.2 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| OC Helicopters LLC | (#,^) | 19711 Campus Drive Ste 260, Santa Ana, CA 92707 | Air Transportation | Term Loan | Prime plus 2.75% | 12/13/2028 | 77.1 | 77.1 | 80.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Plan B Burger LLC | (#,^) | 484 Farmington Ave, Hartford, CT 6105 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/13/2029 | 903.4 | 903.4 | 854.1 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Burton Realty Co., Inc dba Anchor Realty, Northeast | (#,^) | 2200 Michener St, Ste 12, Philadelphia, PA 19115 | Real Estate | Term Loan | Prime plus 2.75% | 12/13/2028 | 260.4 | 260.4 | 235.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D for Dream LLC dba Blo Blow Dry Bar Inc | (#,^) | 460 East 3rd Ave, New York, NY 10016 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/13/2029 | 66.7 | 66.7 | 60.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash | (#,^) | 2 Center Rd,, Old Saybrook, CT 6475 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/13/2043 | 948.9 | 948.9 | 1,014.3 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd, Ste 111, Joliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/12/2029 | 8.8 | 8.8 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mateo Enterprise Inc dba El Milagro Market | (#,^) | 575 Panama Lane, Bakersfield, CA 93307 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/12/2043 | 116.5 | 116.5 | 125.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Behind The Scenes Chicago, LLC dba Paramount Events | (#,^) | 1750 W Lake St, Chicago, IL 60612 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/12/2029 | 221.4 | 221.4 | 221.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ashwood Food Services Inc. dba Jake Rooney's | (#,^) | 119 Brooks Rd, Harwich Port, MA 2646 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/12/2043 | 208.8 | 208.8 | 233.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Airstrike Firefighters LLC | (#,^) | 18115 62nd Ave NE, Kenmore, WA 98028 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 12/12/2028 | 1,074.1 | 1,074.1 | 1,047.9 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mateo Enterprise Inc dba El Milagro Market | (#,^) | 575 Panama Lane, Bakerfield, CA 93307 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 1/12/2029 | 51.6 | 51.6 | 46.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ashwood Food Services, Incorporated dba Jake Rooney's | (#,^) | 119 Brooks Rd, Harwich Port, MA 2646 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/12/2029 | 58.1 | 58.1 | 55.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EMES Supply, LLC | (#,^) | 35622 Vine St, EastLake, OH 44095 | General Merchandise Stores | Term Loan | Prime plus 2.75% | 1/11/2029 | 107.4 | 107.4 | 99.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| White Wilson & Associates LLC | (#,^) | 16238 Louis Ave., South Holland, IL 60473 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/11/2043 | 41.3 | 41.3 | 44.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B&B Bodega of Delray LLC | (#,^) | 190 NE 2nd Ave, Delray Beach, FL 33444 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 1/11/2029 | 13.0 | 13.0 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Googlyoogly, LLC dba Bi-Rite Supermarket | (#,^) | 10867 W Jefferson Ave, River Rouge, MI 46218 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/11/2043 | 197.1 | 197.1 | 211.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hilltop Wine Shop, Inc dba Hiltop Wine Shop | (#,^) | 7505 Highland Rd, White Lake, MI 48383 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/11/2043 | 124.3 | 124.3 | 135.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Duck's Nuts Inc dba Pet Place Market | (#,^) | 212 Bendigo Blvd. N, North Bend, WA 98045 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 1/11/2029 | 37.3 | 37.3 | 35.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TFE Resources ,LTD | (#,^) | 11 Easter Court Ste G, Owings Mills, MD 21117 | Utilities | Term Loan | Prime plus 2.75% | 1/11/2029 | 514.1 | 514.1 | 479.5 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oregon Medical Training Private Career School Inc. | (#,^) | 1126 Gateway Loop, Ste 108, Springfield, OR 97702 | Educational Services | Term Loan | Prime plus 2.75% | 1/11/2029 | 34.4 | 34.4 | 31.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ZLM Services LLC | (#,^) | 51343 Oro Rd, Shelby Township, MI 33444 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/10/2029 | 34.4 | 34.4 | 31.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
194
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Team Henry, LLC dba Kelly Automotive of Deltona | (#,^) | 1290 Doyle Rd, Deltona, FL 32725 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/10/2043 | 379.9 | 379.9 | 407.1 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Food Service Industry Consultants Inc. | (#,^) | 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/7/2029 | 62.0 | 62.0 | 56.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CET Inc | (#,^) | 4709 N El Capitan Ave. Ste 205, Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus 2.75% | 1/6/2029 | 1,057.3 | 1,057.3 | 993.2 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metro R Services Inc. and Metal & Roof Supplies Inc. | (#,^) | 20 Universal Place, Carlstadt, NJ 7072 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/6/2029 | 178.5 | 178.5 | 186.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Unique Home Solutions Inc. and Unique Home Solutions of Ohio | (#,^) | 5550 Progress Rd, Indianapolis, IN 46241 | Construction of Buildings | Term Loan | Prime plus 2.75% | 1/5/2029 | 218.6 | 218.6 | 228.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Consulting Solutions, Inc and Mark Luciani | (#,^) | 3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/5/2029 | 50.4 | 50.4 | 45.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker | (#,^) | 342 South La Brea Ave, Los Angeles, CA 90036 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/5/2029 | 77.1 | 77.1 | 70.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Levine Daycare Inc dba Kids R Kids | (#,^) | 415 Woodbury Rd, Orlando, FL 32828 | Social Assistance | Term Loan | Prime plus 2.75% | 1/5/2029 | 232.3 | 232.3 | 221.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Altitude Group LLC | (#,^) | 949 A Clint Moore Rd, Boca Raton, FL 33487 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/4/2029 | 122.5 | 122.5 | 111.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Access Staffing, LLC | (#,^) | 360 Lexington Ave 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/4/2029 | 167.1 | 167.1 | 151.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| York Concrete Corp | (#,^) | 1 Plumb CT., Huntington Station, NY 11746 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/3/2043 | 194.2 | 194.2 | 219.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swantown Inn and Spa, LLC | (#,^) | 1431 11th Ave SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus 2.75% | 1/3/2029 | 11.6 | 11.6 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. | (#,^) | 4291 Shoal Line Blvd, Hernando Beach, FL 34607 | Accommodation | Term Loan | Prime plus 2.75% | 11/30/2043 | 218.2 | 218.2 | 248.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Water Station Holdings LLC | (#,^) | 1104 N Keystone Ave, Indianapolis, IN 46201 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/30/2028 | 592.1 | 592.1 | 578.2 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cabrera's Auto Services LLC | (#,^) | 2206 N Central Ave, Chicago, IL 60639 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/30/2043 | 78.7 | 78.7 | 86.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Microplex Co, Third Market LLC | (#,^) | 244 Spokane Ave, Whitefish, MT 59937 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/30/2028 | 140.9 | 140.9 | 127.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors | (#,^) | 13762 W State Rd 84, Davie, FL 33325 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/30/2028 | 106.8 | 106.8 | 108.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tammy's Place LLC | (#,^) | 235 North Mosby Ave, Littleton, NC 27850 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/30/2044 | 426.6 | 426.6 | 483.9 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JJB Production LLC | (#,^) | 458 N 7th St, Newark, NJ 7107 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/29/2028 | 6.3 | 6.3 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Albert M Quashie, DDS, PC | (#,^) | 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/29/2028 | 74.8 | 74.8 | 73.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Albert M. Quashie, DDS, PC | (#,^) | 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/29/2043 | 63.1 | 63.1 | 68.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up | (#,^) | 3626 CR 203, Liverpool, TX 77577 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/28/2043 | 419.9 | 419.9 | 477.9 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
195
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Extreme Granite Corp | (#,^) | 251 NW 1st St, Deerfield Beach, FL 33441 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/28/2043 | 181.9 | 181.9 | 204.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| True Love Christian Academy LLC | (#,^) | 466 E Raines Rd, Memphis, TN 38109 | Social Assistance | Term Loan | Prime plus 2.75% | 12/28/2043 | 40.7 | 40.7 | 45.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Level Up Gaming, Inc | (#,^) | 1132 Creighton Rd, Pensacola, FL 32504 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 11/28/2043 | 87.3 | 87.3 | 92.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC | (#,^) | 12930 Worldgate Drive, Herndon, VA 20170 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 1,109.5 | 1,109.5 | 1,158.1 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Best Global Alternative North, LLC | (#,^) | 69 Lewis Ave, Atlantic Beach, NY 11509 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/21/2028 | 75.0 | 75.0 | 67.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M.A.W. Enterprises LLC dbaY-Not Pizza | (#,^) | 45 E Main St, New Palestine, IN 46163 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/21/2028 | 19.2 | 19.2 | 18.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thames Aquatic Club, LLC | (#,^) | 14 Iron St, Ledyard, CT 6339 | Educational Services | Term Loan | Prime plus 2.75% | 10/21/2029 | 39.6 | 39.6 | 41.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| On Call Electrical of Georgia LLC | (#,^) | 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/20/2043 | 644.4 | 644.4 | 695.7 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Commonwealth Warehouse Inc | (#,^) | 11013 Kenwood Rd., Cincinnati, OH 45242 | Warehousing and Storage | Term Loan | Prime plus 2.75% | 12/20/2028 | 361.7 | 361.7 | 350.1 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K & A Automotive Inc | (#,^) | 2070 Nooseneck Hill Rd, Coventry, RI 2816 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/19/2043 | 118.5 | 118.5 | 132.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| High Desert Transport, Inc. | (#,^) | 2015 Woodspring Terrace, Henderson, NV 89012 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/19/2028 | 66.5 | 66.5 | 62.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Saunders Management LLC dba Northern Light Espresso Bar and Cafe | (#,^) | 536 Spruce St, Scranton, PA 18503 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/16/2028 | 34.6 | 34.6 | 36.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cali Fit Meals | (#,^) | 3450 East Orangethrope Ave, Anaheim, CA 92806 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/16/2028 | 53.4 | 53.4 | 48.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cocomo Joe's LLC | (#,^) | 3949 New Rd, Youngstown, OH 44515 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/16/2028 | 0.6 | 0.6 | 0.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beau & HB Inc dba Beau's Billiard, Bowling & Arcade | (#,^) | 100 Village Rd, Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/16/2029 | 37.6 | 37.6 | 38.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beau & HB Inc dba Beau's Billard, Bowling & Arcade | (#,^) | 100 Village RD, Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/16/2043 | 68.4 | 68.4 | 74.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allegro Assisted Living Services of Texas LLC | (#,^) | 3400 Remington Dr, Plano, TX 75023 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 11/15/2043 | 58.9 | 58.9 | 67.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schafer Fisheries Inc. | (#,^) | 21985 Waller Rd, Fulton, IL 61252 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 11/14/2028 | 43.7 | 43.7 | 45.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Dedicated LLC | (#,^) | 13410 SE 26th Circle, Vancouver, WA 98683 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/9/2028 | 374.3 | 374.3 | 344.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Salon Femi LLC | (#,^) | 1107 BRd St, Bloomfield, NJ 7003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/9/2028 | 6.4 | 6.4 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| McNeill Stokes | (#,^) | 5372 Whitehall Pl SE, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/8/2028 | 5.8 | 5.8 | 5.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vancole Investments, Inc. dba Smoothie King #913 | (#,^) | 876 Virginia Ave, Hapeville, GA 30354 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/7/2044 | 406.1 | 406.1 | 436.5 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
196
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC | (#,^) | 460 Park Ave, Floor 16, New York, NY 10022 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/1/2028 | 277.6 | 277.6 | 251.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modutech Marine Inc | (#,^) | 2218 Marine View Drive, Tacoma, WA 98422 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 12/1/2028 | 320.5 | 320.5 | 334.6 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Steele Security, LLC dba Signal 88 Security of San Antonio | (#,^) | 11230 West Ave, Ste 2210, San Antonio, TX 78213 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/31/2028 | 94.2 | 94.2 | 86.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abington Caregivers, LLC | (#,^) | 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 | Social Assistance | Term Loan | Prime plus 2.75% | 11/30/2043 | 121.9 | 121.9 | 134.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| C.A.T.I. Armor, LLC | (#,^) | 435 Packard Hwy, Charlotte, MI 48813 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 10/30/2043 | 203.9 | 203.9 | 220.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" | (#,^) | 1500 Village Run Rd, Wexford, PA 15090 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/30/2029 | 70.0 | 70.0 | 64.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| UK, LLC dba Pita Pit | (#,^) | 20038 West Valley HWY, Kent, WA 98032 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/30/2029 | 53.2 | 53.2 | 49.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer | (#,^) | 3970 Everhard Rd, NW, Canton, OH 44709 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 10/26/2028 | 124.8 | 124.8 | 130.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Face Place, LLC dba Classic Aesthetics | (#,^) | 4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/25/2028 | 8.5 | 8.5 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bellas Sports Pub, Inc dba Brewmasters Tavern | (#,^) | 1152 Main St, Coventry, RI 2816 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/24/2043 | 67.2 | 67.2 | 76.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shovels and Whiskey LLC | (#,^) | 446 SE Washington St, Hillsboro, OR 97123 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 10/16/2043 | 74.2 | 74.2 | 82.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hackstaff Restaurants LLC | (#,^) | 248 W 1st. St Ste 201, Reno, NV 89501 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2029 | 141.9 | 141.9 | 131.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TA Coleman, LLC dba Tom's Truck Shop | (#,^) | 2101 Route 610, Woodbine, NJ 8270 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/12/2028 | 5.0 | 5.0 | 4.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cater To You Agency, LLC, dba Cater To You | (#,^) | 1319 Sherrick Rd SE, Canton, OH 44707 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/11/2043 | 21.8 | 21.8 | 23.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faydon, Inc | (#,^) | 1905 W Baker St, Ste A, Plant City, FL 33567 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 10/10/2028 | 63.7 | 63.7 | 66.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MB Click It Photography, LLC | (#,^) | 100 Manchester Ranch Place, Aynor, SC 29511 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/10/2043 | 37.1 | 37.1 | 41.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wellfleet Consulting Inc. | (#,^) | 2275 Research Blvd Ste # 500, Rockville, MD 20850 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/9/2028 | 12.7 | 12.7 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Apps Inc and Market Share Inc. | (#,^) | 80 Main St, Old Saybrook, CT 6475 | Telecommunications | Term Loan | Prime plus 2.75% | 10/5/2028 | 75.8 | 75.8 | 68.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moore Care LLC | (#,^) | 8550 United Plaza Blvd., Baton Rouge, LA 79809 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/4/2028 | 44.0 | 44.0 | 39.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JAM Media Solutions LLC | (#,^) | 11 Netherwood Terrace, East Orange, NJ 7017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/28/2028 | 768.2 | 768.2 | 714.2 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Throop Family Holdings, Inc | (#,^) | 7130 Crater Lake, White City, OR 97603 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/28/2043 | 621.5 | 621.5 | 672.2 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A-1 Van Sevices, Inc. | (#,^) | 154 Sandy Creek Rd, Verona, PA 15147 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/28/2028 | 90.7 | 90.7 | 90.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
197
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SwabCo Inc. | (#,^) | 2341 East Ellis St, Leveland, TX 79336 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 9/28/2043 | 908.2 | 908.2 | 991.4 | 0.29 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rami Technology USA, LLC | (#,^) | 10400 NW 33rd St, Miami, FL 33172 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 9/28/2028 | 151.2 | 151.2 | 137.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Burd Brothers Inc. | (#,^) | 4005 Borman Drive, Batavia, OH 45103 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/28/2028 | 450.5 | 450.5 | 441.7 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge | (#,^) | 4646 SE 11th Place, Cape Coral, FL 33904 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/28/2043 | 320.1 | 320.1 | 353.8 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blackwater Diving, LLC | (#,^) | 112 Forrest Rd, Morgan City, LA 70380 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 9/27/2028 | 670.7 | 670.7 | 622.2 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Electric & Data | (#,^) | 85 Franklin Rd Unit 9B, Dover, NJ 7801 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/27/2028 | 83.8 | 83.8 | 82.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Seven, LLC | (#,^) | 11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 1/27/2029 | 50.9 | 50.9 | 48.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Electric & Data Inc. | (#,^) | 85 Franklin RD Unit 9B, Dover, NJ 7801 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/27/2043 | 125.3 | 125.3 | 134.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Action Barricade Company, LLC and Barricade Holding LLC | (#,^) | 1802 N 27th Ave, Phoenix, AZ 85009 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/27/2028 | 259.0 | 259.0 | 255.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LG Law Center, Inc | (#,^) | 15452 Amar Rd, La Puente, CA 91744 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/27/2028 | 12.6 | 12.6 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A | (#,^) | 777 South Flagler Drive Ste 800W, West Palm Beach, FL 33401 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/27/2028 | 104.8 | 104.8 | 101.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Assoc | (#,^) | 35888 Center Ridge Rd, Ste 5 & 6, North Ridgeville, OH 44039 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2028 | 99.3 | 99.3 | 90.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Shipping Trans Inc, Esteem Trucking Inc | (#,^) | 16102 Sweetwater Court, Lathrop, CA 95330 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/26/2028 | 706.6 | 706.6 | 709.3 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dentistry By Design, P.C | (#,^) | 315 Walt Whitman Rd Ste 204-205, South Huntington, NY 11746 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/26/2028 | 12.6 | 12.6 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ace Auto Recovery, Inc. | (#,^) | 1209 North Lane Ave, Jacksonville, FL 32254 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/26/2043 | 154.1 | 154.1 | 170.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LTS School, Inc. | (#,^) | 3731 NW 9th Ave, Deerfield Beach, FL 33064 | Educational Services | Term Loan | Prime plus 2.75% | 9/26/2043 | 97.7 | 97.7 | 111.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Above and Beyond Preschool LLC | (#,^) | 672-678 Camellia Drive, Royal Palm Beach, FL 33411 | Social Assistance | Term Loan | Prime plus 2.75% | 9/26/2043 | 533.8 | 533.8 | 593.3 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Newsome Mobile Notary LLC | (#,^) | 8153 12th Ave SW, Seattle, WA 98106 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/25/2028 | 4.4 | 4.4 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes | (#,^) | 7219 Silver Mist Ave, North Chesterfield, VA 23237 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/25/2028 | 105.1 | 105.1 | 98.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Phillip Ramos Upholstery Inc. | (#,^) | 3835 Elm St, Denver, CO 80207 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/24/2028 | 13.0 | 13.0 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| D & D Optics Inc dba Sterling Optical | (#,^) | 1487 East LaSalle Drive, Bismark, ND 58503 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2028 | 45.4 | 45.4 | 41.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
198
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DC Lofty, LLC, | (#,^) | 301 I St NW, Washington, DC 20001 | Accommodation | Term Loan | Prime plus 2.75% | 9/21/2028 | 18.9 | 18.9 | 17.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Services and Equipment, Inc | (#,^) | 321 Bayou Rd, Saint Bernard, LA 70085 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/21/2028 | 357.3 | 357.3 | 349.3 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Services and Equipment, Inc. | (#,^) | 321 Bayou Rd, Saint Bernard, LA 70085 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/21/2043 | 202.3 | 202.3 | 214.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MillClem Corporation & Monticello Corporation | (#,^) | 16660 Oak St, Dillwyn, VA 22936 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 9/21/2043 | 319.6 | 319.6 | 363.3 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Garden Club, LLC | (#,^) | 125 South DuBuque St, Iowa City, IA 52240 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/21/2028 | 5.7 | 5.7 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tables and Bars Services, Inc and Tables and Bars Rentals, LLC | (#,^) | 5051 Peachtree Corners Circle Ste #200, Norcross, GA 30092 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/20/2028 | 15.5 | 15.5 | 14.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Watearth Inc | (#,^) | 445 South Figuerora Ste 3128, Los Angeles, CA 90071 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/19/2028 | 18.9 | 18.9 | 17.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lewis River Golf Course, Inc. | (#,^) | 3209 Lewis River Rd, Woodland, WA 98674 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/19/2043 | 482.4 | 482.4 | 548.5 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Super Station Inc | (#,^) | 8855 N Country Rd 25A, Pique, OH 45356 | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/19/2043 | 202.1 | 202.1 | 229.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal | (#,^) | 35000 Pacific Hwy, Federal Way, WA 98003 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/19/2028 | 406.5 | 406.5 | 367.2 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| C3 Capital, Inc | (#,^) | 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 9/19/2028 | 535.8 | 535.8 | 533.0 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M&P RV LLC dba M&P RV | (#,^) | 10 Century Lane, Dillsburg, PA 17019 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 9/19/2043 | 105.4 | 105.4 | 119.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DB Talak LLC | (#,^) | 2018 SE 6th Ave, Portland, OR 97214 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/18/2043 | 147.2 | 147.2 | 160.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E & G Enterprises LLC dba Comfort Keepers | (#,^) | 220 Middle St, Franklin, VA 23851 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/18/2028 | 5.0 | 5.0 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pastel de Feira LLC dba Original Pastel De Feira | (#,^) | 4244 Pine Ridge CT, Weston, FL 33331 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/17/2028 | 5.1 | 5.1 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko | (#,^) | 65 Glendale St, Easthampton, MA 1027 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/17/2043 | 168.9 | 168.9 | 184.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Culmination Motorsports, Inc. | (#,^) | 160 W 91st Ave, Unit B, Anchorage, AK 99515 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2043 | 539.9 | 539.9 | 611.7 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| L&M Equipment, Inc | (#,^) | Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/14/2043 | 1,206.1 | 1,206.1 | 1,330.7 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J & C Garcia LLC | (#,^) | 26 BRd St, Alexander City, AL 35010 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/14/2028 | 62.0 | 62.0 | 57.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baby's on Broadway LLC | (#,^) | 47 East Broadway, Little Falls, MN 56345 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 9/14/2028 | 41.9 | 41.9 | 40.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rihahn Inc. dba RDBL, Inc | (#,^) | 1397 McGuire Rd, Lamar, AR 72846 | Forestry and Logging | Term Loan | Prime plus 2.75% | 9/14/2028 | 117.4 | 117.4 | 112.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| QBS, LLC dba Sterling Optical Exton | (#,^) | 211 W Lincoln Hwy, Exton, PA 19341 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/14/2028 | 68.1 | 68.1 | 62.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
199
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Innovim LLC | (#,^) | 6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/14/2028 | 95.4 | 95.4 | 86.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovative Network Solutions Inc | (#,^) | 31567 West 10 Mile Rd, Farmington Hills, MI 48336 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/13/2028 | 105.1 | 105.1 | 97.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Underground Productions LLC dba 31 Escape | (#,^) | 1731 Decatur Hwy, Fultandale, AL 35068 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/13/2043 | 95.4 | 95.4 | 108.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rancho Paving, Inc | (#,^) | 339 Cypress Lane, El Cajon, CA 92020 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/10/2028 | 157.2 | 157.2 | 159.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pool Guard of LA | (#,^) | 10866 Washington Blvd, Apartment #24, Culver City, CA 90232 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/7/2028 | 18.8 | 18.8 | 17.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MurlinComputerCompany LLC dba Murlin Computer, | (#,^) | 1014 Thompson Blvd Ste 38B, Sedalia, MO 65301 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/7/2028 | 13.1 | 13.1 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pelican Executives Suites, LLC | (#,^) | 2200 Colorado Ave Sutie 131, Santa Monica, CA 90404 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/7/2028 | 268.9 | 268.9 | 242.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC | (#,^) | 140141 Lakeland Ave, Bohemia, NY 11716 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/7/2028 | 270.2 | 270.2 | 263.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dr. G's Urgent Care LLC | (#,^) | 1425 S Congress Ave, Delray Beach, FL 33445 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/7/2028 | 18.8 | 18.8 | 17.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Asheville Spine and Nerve Institute PC | (#,^) | 190 Broadway St Ste 205, Asheville, NC 28801 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/7/2043 | 87.2 | 87.2 | 98.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation | (#,^) | 3401 Market St Ste 200, Philadelphia, PA 19104 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 9/6/2028 | 7.6 | 7.6 | 7.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Living Centers Inc. dba Veranda House Senior Living | (#,^) | 5129 E 5th St, Katy, TX 77493 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 8/31/2043 | 406.4 | 406.4 | 462.0 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LACCRB LLC dba PostNet | (#,^) | 3250 Retail Dr Ste 120, Carson City, NV 89706 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/30/2028 | 12.7 | 12.7 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World | (#,^) | 825 Courtland St., Orlando, FL 32804 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/30/2043 | 433.5 | 433.5 | 492.9 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stat Constructor L.P | (#,^) | 9573 US Hwy 220, Stoneville, NC 27048 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/30/2028 | 88.1 | 88.1 | 91.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ARVAmethod LLC | (#,^) | 516 N Ogden Ave # 150, Chicago, IL 60642 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/29/2028 | 2.0 | 2.0 | 1.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greenfield Hill Wines & Spirits, LLC | (#,^) | 65 Hillside Rd, Fairfield, CT 6824 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 8/29/2028 | 76.5 | 76.5 | 69.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Extreme Engineering, Inc. | (#,^) | 598 Oliver Dr, Troy, MI 48084 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/29/2028 | 103.9 | 103.9 | 94.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kotyark LLC dba Gibsonton Motel | (#,^) | 11545 US Hwy 41S, Gibsonton, FL 33534 | Accommodation | Term Loan | Prime plus 2.75% | 8/29/2043 | 79.5 | 79.5 | 90.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Graphish Studio, Inc. | (#,^) | 231 Main St, Stamford, CT 6901 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/28/2028 | 6.2 | 6.2 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JFK Transportation Inc | (#,^) | 4 Mechanic St, Natick, MA 1760 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 8/28/2028 | 129.3 | 129.3 | 119.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
200
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Atlas Geo-Constructors LLC | (#,^) | 3466 Thomasville Rd Winston, Winston-Salem, NC 27107 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/24/2028 | 62.9 | 62.9 | 64.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Montana Life Group, LLC | (#,^) | 8 N 9th Ave, Bozeman, MT 59715 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 8/24/2028 | 6.2 | 6.2 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Finn & Emma LLC | (#,^) | 1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 7004 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 8/24/2028 | 101.7 | 101.7 | 91.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wearware Inc dba FlyWire Cameras | (#,^) | 2204 Blackmoor Park Lane, Lexington, KY 40509 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 8/24/2028 | 18.7 | 18.7 | 17.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zash LLC dba Papa Murphy's take 'N' Bake Pizza | (#,^) | 2303 White Bear Ave, Maplewood, MN 55025 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/23/2028 | 35.1 | 35.1 | 33.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Buffalo Biodiesel Inc. | (#,^) | 225 Sawyer Ave, Tonawanda, NY 14150 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/21/2028 | 1,053.1 | 1,053.1 | 1,066.9 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ginekis Enterprises, Inc dba Locanda Veneta | (#,^) | 8638 W Third St, Los Angeles, CA 90048 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/20/2028 | 72.0 | 72.0 | 65.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Geo Tek Alaska, Inc | (#,^) | 2756 Commercial Drive, Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/17/2044 | 123.4 | 123.4 | 135.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ATI Jet, Inc. | (#,^) | 7007 Boeing Drive, El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus 2.75% | 8/16/2028 | 169.6 | 169.6 | 167.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lewins Law, P.C. | (#,^) | 7920 Belt Line Rd Ste 650, Dallas, TX 75254 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/16/2028 | 15.0 | 15.0 | 13.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| GS Bath Inc | (#,^) | 5335 E Kaviland Ave, Fresno, CA 93725 | Truck Transportation | Term Loan | Prime plus 2.75% | 8/15/2028 | 478.2 | 478.2 | 485.1 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pamletics LLC dba F45 | (#,^) | 22015 IH 10 West, San Antonio, TX 78257 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/14/2028 | 36.7 | 36.7 | 34.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| L.A. Insurance Agency GA 10 LLC | (#,^) | 6655 Tara Blvd. Ste 401, Jonesboro, GA 30236 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 8/10/2028 | 9.4 | 9.4 | 8.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crystal Shores Inc. dba Shorewood Laundromat | (#,^) | 700 West Jefferson St, Shorewood, IL 60404 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/9/2028 | 18.6 | 18.6 | 17.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Palanuk & Associates, Inc.dba Wolfpk | (#,^) | 28110 SE Fern Drive, Boring, OR 97009 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/8/2028 | 85.2 | 85.2 | 77.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CJNR, LLC | (#,^) | 208 East Main St, Elma, WA 98541 | Accommodation | Term Loan | Prime plus 2.75% | 8/7/2043 | 117.3 | 117.3 | 133.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mercedes Cab Company, Inc | (#,^) | 35 Alden St, Province Town, MA 2657 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 8/7/2028 | 108.1 | 108.1 | 100.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ron's Pool and Spa Services LLC | (#,^) | 1419 NE 30th St., Pompano, FL 33064 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/3/2028 | 3.1 | 3.1 | 2.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC | (#,^) | 1700 Nottingham Way Ste 12A, Hamilton, NJ 8619 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 8/3/2028 | 50.1 | 50.1 | 45.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 20th Century Lanes, Inc dba West Seattle Bowl | (#,^) | 4505 39 Ave SW, Seattle, WA 98116 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/3/2028 | 96.0 | 96.0 | 96.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Millwork Unlimited, Incorporated | (#,^) | 8264 Pine Cay Rd, Wellington, FL 33414 | Wholesale Electronic Markets and Agents and Brokers | Term Loan | Prime plus 2.75% | 8/2/2028 | 6.2 | 6.2 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accel Compression Inc., Accel Workover Services, Inc | (#,^) | 4500 S Country Rd, Odessa, TX 79765 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 8/1/2043 | 289.6 | 289.6 | 312.5 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
201
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool | (#,^) | 4500 S. Country Rd 1310, Odessa, TX 79765 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 8/1/2028 | 388.8 | 388.8 | 386.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Samy Optical LLC dba Site for Sore Eyes | (#,^) | 1350 Travis Blvd Ste 1507A, Fairfield, CA 94533 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/1/2028 | 88.6 | 88.6 | 80.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CSL Services Inc | (#,^) | 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 8109 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/27/2028 | 451.8 | 451.8 | 432.3 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nunez Enterprises Corporation dba La Casa | (#,^) | 3330 Piedmont RD NE, Atlanta, GA 30305 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 7/26/2028 | 6.3 | 6.3 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Relevant Elephant ,LLC | (#,^) | ON320 Woodvale St, Winfield, IL 60190 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/25/2028 | 4.9 | 4.9 | 4.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TR Nails, LLC dba Simple Nails | (#,^) | 158 Great Rd, Bedford, MA 1730 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 7/20/2028 | 52.0 | 52.0 | 46.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ZA Trucking LLC | (#,^) | 5945 York Way, East Lansing, MI 48823 | Truck Transportation | Term Loan | Prime plus 2.75% | 7/17/2028 | 8.5 | 8.5 | 8.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 674 Club LLC | (#,^) | 674 N Orleans, Chicago, IL 60654 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/17/2043 | 253.2 | 253.2 | 287.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mother's Cantina LLC dba Mother's Cantina | (#,^) | 2810 Philadephia Ave Unit #10, Ocean City, MD 21842 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/13/2028 | 56.7 | 56.7 | 52.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Smart-tel Communications LLC | (#,^) | 9720 W. Colfax Ave Ste 100, Lakewood, CO 80215 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 7/13/2028 | 17.4 | 17.4 | 18.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HQTRONICS LLC | (#,^) | 10135 South Roberts Rd Ste 209, Palos Hills, IL 60465 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 7/13/2028 | 51.6 | 51.6 | 46.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Smoove Move Productions, LLC dba Smoove Move Productions | (#,^) | 3932 North 16th St, Omaha, NE 68110 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 7/12/2028 | 8.9 | 8.9 | 9.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC | (#,^) | 6350 Shadeland Ave, Indianpolis, IN 46220 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 7/3/2028 | 51.6 | 51.6 | 48.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vital Inspection Professionals, Inc. dba VIP | (#,^) | 180 Airpark Industrial Rd, Alabaster, AL 35007 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/3/2028 | 256.8 | 256.8 | 254.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| US Cargo Express, LLC | (#,^) | 4735 22 Mile Rd, Utica, MI 48317 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 7/2/2043 | 81.5 | 81.5 | 94.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bio-Haz Solutions, Inc | (#,^) | 23 Tonolli Rd, Nesquehoning, PA 18240 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/29/2029 | 217.3 | 217.3 | 226.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bio-Haz Solutions, Inc. | (#,^) | 23 Tonoli Rd, Nesquehoning, PA 18240 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 5/29/2044 | 358.2 | 358.2 | 399.3 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M J Losito Electrical Contractor's, Inc | (#,^) | 98 Wooster St, Bethel, CT 6801 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/29/2028 | 18.8 | 18.8 | 18.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corptek Solutions LLC | (#,^) | 2363 N. Hwy # 287 Ste # 111, Mansfield, TX 76063 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/28/2028 | 38.9 | 38.9 | 37.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Critter Cabana, LLC dba Critter Cabana | (#,^) | 516 East Main St, Newberg, OR 97132 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/28/2028 | 56.9 | 56.9 | 55.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| National Dredging Services of North Florida, Inc. | (#,^) | 1537 Northwest Main Blvd., Lake City, FL 32055 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/27/2043 | 27.6 | 27.6 | 32.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| National Dredging Services of North Florida, Inc. | (#,^) | 1537 Northwest Main Blvd., Lake City, FL 32055 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/27/2028 | 43.5 | 43.5 | 45.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
202
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Julie Cooper-Bierman dba Forever Shopper | (#,^) | 7435 Piute Creek Dr, Corona, CA 92881 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 6/27/2028 | 13.1 | 13.1 | 12.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery | (#,^) | 299 Utica Ave, Brooklyn, NY 11203 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/27/2043 | 341.7 | 341.7 | 392.8 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| InUSA Ventures, Inc | (#,^) | 508 Hyacinthus Court, San Ramon, CA 94582 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/27/2028 | 40.9 | 40.9 | 39.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nick's Country Kitchen, LLC | (#,^) | 3 Flanders RD, Building #1, Bethlehem, CT 6751 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/27/2028 | 18.4 | 18.4 | 18.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bengals, Inc. dba Royal Liquor Mart | (#,^) | 3714 E State St, Rockford, IL 61108 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/26/2043 | 102.1 | 102.1 | 115.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, | (#,^) | 460 Park Ave, Floor 16, New York, NY 10022 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 6/26/2028 | 757.1 | 757.1 | 750.0 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sun Pools, Inc | (#,^) | 130 Holiday LN, Albany, KY 42602 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/25/2043 | 294.0 | 294.0 | 323.5 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sun Pools, Inc dba Sun Fiberglass Pools | (#,^) | 130 Holiday Lane, Albany, KY 42602 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/25/2028 | 639.6 | 639.6 | 635.8 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DPF Filters Inc. | (#,^) | 2832 Golden State Blvd., Madera, CA 93637 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/25/2028 | 56.3 | 56.3 | 55.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Martha Beauty Supply And Braiding, Inc. | (#,^) | 538 E Boughton Rd, Bolingbrook, IL 60440 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/22/2043 | 134.1 | 134.1 | 155.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sushi Prime, LLC and Vasilia Investments | (#,^) | 32 SE 2nd Ave, Delray Beach, FL 33444 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/22/2028 | 224.9 | 224.9 | 226.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mr. Lube, Inc | (#,^) | 721 E Westpoint Drive., Wasilla, AK 99654 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/22/2043 | 654.6 | 654.6 | 734.9 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mr. Lube, Inc. | (#,^) | 721 E. West Point Drive, Wasilla, AK 99654 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/22/2028 | 516.8 | 516.8 | 526.1 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Desert House Assisted Living ,LLC dba The Desert House Assisted | (#,^) | 11055 E Grove St, Mesa, AZ 85208 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 6/22/2043 | 75.6 | 75.6 | 86.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| York Woods Tree Service, LLC dba York Woods Tree and Products, LLC | (#,^) | 300 Harold Dow Hwy, Eliot, ME 3903 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/21/2028 | 116.6 | 116.6 | 120.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Independent Life LLC | (#,^) | 4955 S Durango Drive, Ste124, Las Vegas, NV 89113 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/21/2028 | 100.7 | 100.7 | 98.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| York Woods Tree Service, LLC dba York Woods Tree and Products, LLC | (#,^) | 300 Harold Dow Hwy, Elliot, ME 3903 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/21/2043 | 233.9 | 233.9 | 264.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mid America Motorworks, Inc and Yager Holdings L.P | (#,^) | 2900 North 3rd St, Effingham, IL 62401 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/19/2043 | 273.3 | 273.3 | 317.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Colovic Hackettstown Dairy LLC | (#,^) | 22 Route 57, Hackettstown, NJ 7840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/19/2043 | 264.0 | 264.0 | 306.6 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jones Roger Sherman Inn, Inc. | (#,^) | 195 Oenoke Ridge, New Canaan, CT 6840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/19/2028 | 369.0 | 369.0 | 388.5 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
203
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allen Theatre and Back Stage Cafe LLC | (#,^) | 36 East. Main St, Annville, PA 17003 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 6/18/2043 | 121.1 | 121.1 | 139.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schumacker Recreation, LLC | (#,^) | 5325 S University Drive, Davie, FL 33328 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/18/2028 | 122.9 | 122.9 | 129.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Softrol Systems Inc dba Softrol Systems | (#,^) | 1100 Northpoint Pkwy SE, Acworth, GA 30102 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 6/15/2028 | 721.6 | 721.6 | 709.0 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks | (#,^) | 4035 Blue Ridge Rd, North Hudson, NY 12855 | Accommodation | Term Loan | Prime plus 2.75% | 6/15/2043 | 207.8 | 207.8 | 241.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oil Palace Inc. | (#,^) | 10408 Hwy 64 East, Tyler, TX 75707 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 9/15/2043 | 139.5 | 139.5 | 162.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Venzix Ventures Inc. dba Venzix | (#,^) | 750 Legend Oak Drive, Fountain, CO 80817 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 6/15/2028 | 10.8 | 10.8 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dianne Williams and Louis Williams dba Sweetlips Store | (#,^) | 3870 Sweet Lips Rd, Henderson, TN 38340 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/15/2043 | 44.4 | 44.4 | 50.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tele Tax Express Inc | (#,^) | 166 Getty Ave, Paterson, NJ 7503 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2028 | 18.4 | 18.4 | 19.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Team Sandy Blanton Realty, Inc | (#,^) | 1225 West Gregory St, Pensacola, FL 32502 | Real Estate | Term Loan | Prime plus 2.75% | 6/14/2043 | 93.1 | 93.1 | 104.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E & J Sims Co. LLC | (#,^) | 28 BRd St, Bloomfield, NJ 7003 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/14/2028 | 40.9 | 40.9 | 40.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mastiff Studios LLC | (#,^) | 2919 West Colorado Ave, Colorado Springs, CO 80904 | Educational Services | Term Loan | Prime plus 2.75% | 6/13/2043 | 41.1 | 41.1 | 47.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ciasom LLC dba Mosaic | (#,^) | 1040-1042 Richard Ave, Santa Clara, CA 95050 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/11/2028 | 147.3 | 147.3 | 144.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beyond Grooming LLC and Michelle McWatters | (#,^) | 1200 Old Martindale Rd, San Marcos, TX 78666 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/8/2043 | 41.3 | 41.3 | 47.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Camp K-9 Pet Resort & Spa, Inc. | (#,^) | 18501 Le Claire Ave, Tinley Park, IL 60478 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/8/2028 | 6.8 | 6.8 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men | (#,^) | 426 15th St NW, Huron, SD 57350 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 6/8/2043 | 365.3 | 365.3 | 411.3 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC | (#,^) | 1855 Purdy Ave, Miami Beach, FL 33139 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/8/2028 | 665.1 | 665.1 | 655.4 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Applied Behavioral Consulting, Inc | (#,^) | 422 Blooming Grove Tpke, New Windsor, NY 12553 | Social Assistance | Term Loan | Prime plus 2.75% | 6/7/2043 | 48.0 | 48.0 | 55.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| H S Corporation dba Lake Anna Lodge | (#,^) | 5152 Courthouse Rd, Spotsylvania, VA 22551 | Accommodation | Term Loan | Prime plus 2.75% | 6/7/2043 | 126.1 | 126.1 | 146.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anurag, LLC dba Oakwood Package Store | (#,^) | 191-195 Oakwood Ave, West Hartford, CT 6107 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/6/2043 | 132.7 | 132.7 | 149.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hardway Inc and A F C Leasing, Inc | (#,^) | 12533 S. 73rd East Place, Bixby, OK 74008 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/6/2028 | 246.8 | 246.8 | 240.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sowells Consulting Engineers, LLC | (#,^) | 13430 Northwest Freeway #260, Houston, TX 77040 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/6/2028 | 18.4 | 18.4 | 18.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
204
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funtime ,LLC dba Indoor Playgrounds International | (#,^) | 13200 West Foxfire Drive Ste 144, Surprise, AZ 85378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/5/2028 | 211.2 | 211.2 | 206.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSD Designs LLC | (#,^) | 10840 Bay Hill Club Drive, Charlotte, NC 28277 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 6/5/2028 | 61.4 | 61.4 | 60.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mastrocinque Restaurant Management Company LLC dba Santionii's | (#,^) | 3535 Hwy 17 Unit 14 &15, Fleming Island, FL 32003 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/1/2028 | 51.3 | 51.3 | 53.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire | (#,^) | 943 South Main St, Cheshire, CT 6410 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/1/2028 | 39.4 | 39.4 | 38.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Awan Business Management Group LLC, Awan Sign Company LLC | (#,^) | 14429 South Wallin Drive, Plainfield, IL 60544 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/31/2043 | 264.8 | 264.8 | 303.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seraj Wireless, LLC | (#,^) | 132 Madison Ave, Albany, NY 12202 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 5/31/2028 | 101.5 | 101.5 | 106.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eagle Aggregate Transportation, LLC | (#,^) | 4401 N I-35 Ste #113, Denton, TX 76207 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/30/2028 | 72.9 | 72.9 | 72.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crowley Ventures, LLC | (#,^) | 665 Worthington Rd, Westerville, OH 43082 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2028 | 60.6 | 60.6 | 59.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Iloka, Inc dba New Cloud Networks | (#,^) | 160 Inverness Drive. W Ste 150, Englewood, CO 80112 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/25/2028 | 202.9 | 202.9 | 204.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adow Pools LLC | (#,^) | 393 Glenbrook Rd, Stamford, CT 6906 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/25/2028 | 141.9 | 141.9 | 140.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze | (#,^) | 3 Williams Ave, Mystic, CT 6355 | Accommodation | Term Loan | Prime plus 2.75% | 5/25/2043 | 1,245.1 | 1,245.1 | 1,447.4 | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery | (#,^) | 59 West Main St, Broadalbin, NY 12025 | Accommodation | Term Loan | Prime plus 2.75% | 10/25/2043 | 195.5 | 195.5 | 228.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dream Spa LLC and Dream Spa Greenwich LLC | (#,^) | 1220 Post Rd East, Westport, CT 6880 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/25/2028 | 83.5 | 83.5 | 81.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Starship, LLC dba Tint World Smyrna | (#,^) | 2274 S Atlanta Rd SE, Smyrna, GA 30080 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/25/2043 | 94.5 | 94.5 | 109.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DMA Equipment LLC | (#,^) | 700 Lee St, Elk Grove Village, IL 60007 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/24/2043 | 251.5 | 251.5 | 284.2 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chem-Flotronics, Inc. | (#,^) | 195 Paterson Ave, Little Falls, NJ 7424 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 5/22/2028 | 81.2 | 81.2 | 80.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Yakov Levy M.D., P.C. | (#,^) | 70-31 108th St, Forest Hills, NY 11375 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/18/2028 | 27.4 | 27.4 | 26.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mark A Espinoza, DDS PLLC dba Central Dental Care | (#,^) | 9315 N Central Ave, Phoenix, AZ 85020 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/18/2028 | 51.0 | 51.0 | 49.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage | (#,^) | 4570 W Post Rd Ste #100, Las Vegas, NV 89118 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 5/17/2028 | 205.2 | 205.2 | 200.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JVLS LLC dba Vaccines 2 Go | (#,^) | 4060 Johns Creek Parkway, Ste H,, Suwanee, GA 30024 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/17/2028 | 6.9 | 6.9 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
205
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Joshua One Limited Liability Company dba Genesis Personal Fitness | (#,^) | 28 North State St Unit 100, Newtown, PA 18940 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/16/2043 | 308.0 | 308.0 | 346.7 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clore Construction LLC | (#,^) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 5/16/2028 | 121.5 | 121.5 | 122.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| James T. Hendel dba Autotexx Mobile Auto Repair | (#,^) | 5857 Hwy101 North, Rockmart, GA 30153 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/15/2028 | 6.1 | 6.1 | 6.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fireplace Outlet Inc | (#,^) | 8216 Main St, Williamsville, NY 14221 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 5/15/2028 | 14.8 | 14.8 | 15.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes | (#,^) | 5714 Edmondson Pike Ste 24, Nashville, TN 37211 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/14/2028 | 3.7 | 3.7 | 3.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Circle and Square, Inc dba Stamford Kumon | (#,^) | 50 Forest St Ste 902, Stamford, CT 6901 | Educational Services | Term Loan | Prime plus 2.75% | 5/11/2028 | 35.4 | 35.4 | 34.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bote Virginia Beach, Inc. dba Bote Virginia Beach | (#,^) | 1080 Nimmo Pkwy, Ste 104, Virginia Beach, VA 23454 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 5/11/2028 | 9.1 | 9.1 | 8.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daniel Woodward, DC PLLC dba Doc's Body Shop | (#,^) | 3084 N Goliad St, Ste 114, Rockwall, TX 75087 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/11/2028 | 28.4 | 28.4 | 27.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Adhara, LLC | (#,^) | 18123 E Appleway Ave, Spokane Valley, WA 99016 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/11/2043 | 41.9 | 41.9 | 47.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baby Gentry's Childcare & Learning Academy | (#,^) | 4203 Shenandoah Drive, Dayton, OH 45417 | Social Assistance | Term Loan | Prime plus 2.75% | 5/10/2028 | 9.1 | 9.1 | 8.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer | (#,^) | 310 Arlington Ave Unit 329, Charlotte, NC 28203 | Educational Services | Term Loan | Prime plus 2.75% | 5/9/2043 | 696.7 | 696.7 | 809.9 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schmaltz Operations LLC dba Companion Camp | (#,^) | 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/7/2028 | 48.7 | 48.7 | 49.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Container Shipping, LLC | (#,^) | 533 Nova Rd Ste 213B, Ormond Beach, FL 32174 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 5/4/2028 | 40.6 | 40.6 | 39.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wilbur Standford Jr Trucking and Excavating, LLC | (#,^) | 7505 North Chases Lake Rd, Watson, NY 13343 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/3/2028 | 194.8 | 194.8 | 201.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Olmsted LLC and 626 Van LLC dba Maison Yaki | (#,^) | 659 Vanderbilt Ave, Brooklyn, NY 11238 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/1/2029 | 202.0 | 202.0 | 200.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metropolitan Solutions Inc. | (#,^) | 1420 Chestnut St, Portsmouth, VA 23704 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2043 | 169.8 | 169.8 | 187.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brenden Kehren Development LLC | (#,^) | 14689 Gemara Rd, Sparta, WI 54656 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2028 | 2.4 | 2.4 | 2.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunlinc Inc | (#,^) | 170 Canterbury Court, East Windsor, NJ 8520 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/30/2028 | 7.8 | 7.8 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corona Dance, LLC dba Huracan Dance Studio | (#,^) | 480 West Main St, Stamford, CT 6902 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 4/30/2028 | 9.6 | 9.6 | 9.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Saltamontes Tire Company, LLC | (#,^) | 1955 Boston Ave, Brodgeport, CT 6604 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/30/2043 | 98.2 | 98.2 | 112.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rory James Contracting LLC | (#,^) | 33 Bennett Place, Amityville, NY 11701 | Construction of Buildings | Term Loan | Prime plus 2.75% | 4/27/2028 | 12.9 | 12.9 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
206
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kastoria Inc. dba Bantam Pizza | (#,^) | 768 Bantam Rd, Bantam, CT 6750 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/27/2028 | 12.1 | 12.1 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suraj Enterprises, Inc. | (#,^) | 11720 W. Airport Rd, Meadows Place, TX 77477 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/27/2028 | 251.1 | 251.1 | 255.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Angels Daycare and Learning Center LLC | (#,^) | 4551 Summit Blvd, West Palm Beach, FL 33415 | Social Assistance | Term Loan | Prime plus 2.75% | 4/27/2043 | 153.9 | 153.9 | 179.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RWT Corporation dba Welding Works | (#,^) | 32 New Rd, Madison, CT 6443 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 4/26/2028 | 343.5 | 343.5 | 344.8 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pledge 4 Hope LLC | (#,^) | 53 Bayberry Loop South, Purvis, MS 39475 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 4/26/2028 | 12.1 | 12.1 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| LMH Optics LLC dba Sterling Optical | (#,^) | 1272 Smallwood Dr West, Waldorf, MD 20603 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/26/2028 | 40.2 | 40.2 | 39.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K&S Hardware LLC | (#,^) | 1865 W Wayzata Blvd, Long Lake, MN 55356 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 4/26/2028 | 18.1 | 18.1 | 17.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matrix Z, LLC | (#,^) | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 4/26/2028 | 65.3 | 65.3 | 67.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RWT Corporation dba Welding Works | (#,^) | 32 New Rd, Madison, CT 6443 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 4/26/2043 | 204.0 | 204.0 | 225.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joe & Sons Service, Inc | (#,^) | 855 Atwood Ave, Cranston, RI 2920 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/24/2028 | 84.2 | 84.2 | 88.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Just for Boats LLC | (#,^) | 459 Dupre Rd, McClellanville, SC 29458 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2043 | 16.8 | 16.8 | 19.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spitnale's Garage LLC | (#,^) | 3761 Mahoning Ave, Youngstown, OH 44515 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2043 | 57.8 | 57.8 | 65.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rosemarie Products Company LLC | (#,^) | 5400 Crooked Tree Drive, Mason, OH 45040 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 4/18/2028 | 12.1 | 12.1 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Means Enterprises LLC | (#,^) | 4150 Legacy Drive N Ste # 412, Frisco, TX 75034 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 4/18/2028 | 5.7 | 5.7 | 5.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| James L Shoemaker APCC | (#,^) | 221 W Judge Perez Drive, Chalmette, LA 70043 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/18/2028 | 12.9 | 12.9 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Veterinary Preventive Care, LLC | (#,^) | 945 Riverview Ct, Xenia, OH 45385 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/18/2028 | 37.7 | 37.7 | 37.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A New Dawn Psychotherapy Associates, LLC | (#,^) | 308 E BRd St, Bethlehem, PA 18018 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/18/2043 | 83.8 | 83.8 | 94.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern HVAC LLC | (#,^) | 119 Ouachita 212, Camden, AZ 71701 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2043 | 21.6 | 21.6 | 24.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Oaks Athletic Club, LLC | (#,^) | 15253 Shenandoah Ave, BATON ROUGE, LA 70817 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/17/2043 | 351.2 | 351.2 | 405.2 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern HVAC LLC | (#,^) | 119 Ouachita 212, Camden, AR 71701 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2028 | 31.8 | 31.8 | 32.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza | (#,^) | 35 E Main St, Pekin, IN 47165 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/13/2043 | 40.2 | 40.2 | 45.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precision Components Group Inc | (#,^) | 190 Doty Circle, West Springfield, MA 1089 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 4/11/2028 | 18.1 | 18.1 | 18.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sexy Nails Center LLC | (#,^) | 57 Passaic St, Garfield, NJ 7026 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/10/2043 | 194.0 | 194.0 | 224.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
207
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mark Baker | (#,^) | 1653 Evalie Dr, Fairfield, OH 45014 | Truck Transportation | Term Loan | Prime plus 2.75% | 4/9/2028 | 7.9 | 7.9 | 7.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovation Transport LLC | (#,^) | 1 International Blvd, Ste 400, Mahwah, NJ 7495 | Truck Transportation | Term Loan | Prime plus 2.75% | 4/6/2028 | 41.2 | 41.2 | 42.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Newsome Mobile Notary LLC | (#,^) | 8153 12th Ave SW, Seattle, WA 98106 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/5/2028 | 4.2 | 4.2 | 4.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shree Lakshminarayyn Grocery Stores LLC | (#,^) | 3307 Charles St, Rockford, IL 61108 | Gasoline Stations | Term Loan | Prime plus 2.75% | 4/5/2043 | 114.9 | 114.9 | 131.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bean City Bar and Grill LLC | (#,^) | N 2505 Bean City Rd, New London, WI 54961 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/4/2043 | 71.6 | 71.6 | 83.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B&C Texas Leasing Inc.,M & W Hot Oill, Inc | (#,^) | 8124 Sprague Rd, Odessa, TX 79764 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/30/2043 | 259.7 | 259.7 | 291.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Master Roofing and Siding Inc. | (#,^) | 25 Robert Pitt Dr Ste 213, Monsey, NY 10952 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/30/2028 | 211.5 | 211.5 | 205.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fifth Wheel Truck Stop 001 | (#,^) | 3767 S Golden State Blvd, Fresno, CA 93725 | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/30/2043 | 1,094.4 | 1,094.4 | 1,221.9 | 0.36 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael S Brown Physical Therapy, P.C | (#,^) | 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/30/2028 | 78.0 | 78.0 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Industrial Paint LLC | (#,^) | 229 Whitney Rd, Unit B, Anchorage, AK 99501 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/30/2028 | 99.6 | 99.6 | 103.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Romancing the Stone | (#,^) | 140 Centre of New England Blvd, Coventry, RI 2816 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/30/2043 | 333.7 | 333.7 | 378.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| America's Little Leaders Academy, Inc | (#,^) | 2570 NW 152nd Terrace, Opa-Locka, FL 33054 | Social Assistance | Term Loan | Prime plus 2.75% | 3/30/2043 | 21.5 | 21.5 | 24.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Payne's Environmental Services LLC | (#,^) | 5617 Causeway Blvd, Tampa, FL 33619 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/30/2028 | 180.9 | 180.9 | 183.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Technical Ordnance Solutions,LLC | (#,^) | 9950 Business Circle, Ste 13, Naples, FL 34112 | Fabricated Metal Product Manufacturing | Term Loan | 7.75% | 3/30/2028 | 1,060.0 | 1,060.0 | 946.7 | 0.28 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GQ Investments,LLC | (#,^) | 5772 Miami Lakes Drive East, Miami, FL 33014 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | Prime plus 2.75% | 3/30/2028 | 168.0 | 168.0 | 165.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Industrial Paint LLC | (#,^) | 229 Whitney Rd Unit B, Anchorage, AK 99501 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/30/2043 | 213.3 | 213.3 | 243.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B&C Texas Leasing Inc and M&W Hot Oil, Inc. | (#,^) | 8124 Sprague Rd, Odessa, TX 73764 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/30/2028 | 780.9 | 780.9 | 796.9 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kaz Wellness, LLC dba Grounded Wellness Center | (#,^) | 104 Clover Court, Bartlett, IL 60103 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2028 | 12.7 | 12.7 | 12.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lou & Choo Enterprises Inc. | (#,^) | 2101 West Hunting Park Ave, Philadelphia, PA 19140 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/28/2044 | 104.0 | 104.0 | 117.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co | (#,^) | 1376 Broadway, El Cajon, CA 92021 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/28/2028 | 178.2 | 178.2 | 180.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clancy 15 LLC and Allied Molded Products LLC | (#,^) | 1145 13th Ave East, Palmetto, FL 34221 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2043 | 207.0 | 207.0 | 232.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley | (#,^) | 111 E. Laurel St, Willows, CA 95988 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/28/2028 | 69.8 | 69.8 | 73.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
208
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Montage Mountain Resorts, LP | (#,^) | 1000 Montage Mountain Rd, Scranton, PA 18505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/28/2043 | 1,195.6 | 1,195.6 | 1,389.8 | 0.41 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clancy 15 LLC and Allied Molded Products LLC | (#,^) | 1145 13th Ave East, Palmetto, FL 34221 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2028 | 126.3 | 126.3 | 128.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K.C. Communications, Inc. | (#,^) | 2715 Saturn St, Brea, CA 92821 | Telecommunications | Term Loan | Prime plus 2.75% | 3/27/2028 | 49.9 | 49.9 | 52.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley | (#,^) | 2801 W Osborn Rd, Phoenix, AZ 85017 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 3/26/2043 | 515.3 | 515.3 | 568.0 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cable Management, LLC | (#,^) | 200 Pratt St, Meriden, CT 6450 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/23/2028 | 64.1 | 64.1 | 66.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aque Investment Group LLC | (#,^) | 3838 N. Sam Houston Parkway E, Houston, TX 77032 | Real Estate | Term Loan | Prime plus 2.75% | 3/23/2028 | 211.9 | 211.9 | 222.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shweiki Media Inc dba Study Breaks Magazine | (#,^) | 4954 Space Center Drive, San Antonio, TX 78218 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/23/2028 | 59.9 | 59.9 | 62.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Denton BioFuels LLC and Amercian BioSource, LLC | (#,^) | 624 W. University Drive.#359, Denton, TX 76201 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/23/2028 | 72.5 | 72.5 | 73.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Regional Recyclers of Wood LLC dba ARROW | (#,^) | 104 Wooster St, Bethal, CT 6801 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/23/2028 | 104.7 | 104.7 | 106.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunshine Tents and Event Rentals LLC | (#,^) | 2322 SW 58th Terrace, West Park, FL 33023 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 3/23/2028 | 49.5 | 49.5 | 52.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kajun Martial Arts LLC | (#,^) | 36546 Mission St, Prairieville, LA 70769 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/23/2028 | 18.0 | 18.0 | 17.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sofasco, Inc | (#,^) | 182 Garber Lane, Winchester, VA 22602 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 3/23/2043 | 95.6 | 95.6 | 106.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New York Label & Box Corp | (#,^) | 50 Oval Drive, Islandia, NY 11749 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/23/2043 | 1,197.8 | 1,197.8 | 1,362.0 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GeoTek Alaska, Inc | (#,^) | 2756 Commercial Drive, Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/21/2043 | 813.0 | 813.0 | 925.8 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rexco Foods LLC dba Papa John's | (#,^) | 18640 Fm 1488 Ste C, Magnolia, TX 77354 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/20/2028 | 33.9 | 33.9 | 33.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RTSP Union LLC | (#,^) | 2438 Route 22 East, Union, NJ 7083 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 9/20/2028 | 1,009.2 | 1,009.2 | 1,019.4 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cest Chic Concepts, LLC dba Salon Cest Chic | (#,^) | 15231 Hall Station Rd Unit 104, Bowie, MD 20721 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/19/2028 | 9.0 | 9.0 | 8.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Camerabots Media, LLC | (#,^) | 4501 Ford Ave Ste 207, Alexandria, VA 22302 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 3/16/2028 | 12.0 | 12.0 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Petroleum Equipment & Services, Inc | (#,^) | 5631 Silverado Way Unit G, Anchorage, AK 99518 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 3/16/2028 | 199.8 | 199.8 | 210.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rojenco II,Inc. | (#,^) | 4357 Shore Drive, Virginia Beach, VA 23455 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/15/2043 | 73.8 | 73.8 | 84.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bear Bones, Inc. | (#,^) | 43 Libson St, Lewiston, ME 4240 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 3/15/2043 | 21.5 | 21.5 | 24.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CTD Operations Inc | (#,^) | 219 Saint Nazaire Rd STE G, Broussard, LA 70518 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2028 | 53.3 | 53.3 | 52.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
209
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe | (#,^) | 2217 Richmond Rd, Williamsburg, VA 23188 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/15/2043 | 496.4 | 496.4 | 568.5 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe | (#,^) | 2217 Richmond Rd, Williamsburg, VA 23188 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/15/2043 | 73.8 | 73.8 | 84.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rojenco II, Inc. | (#,^) | 4357 Shore Drive, Virginia Beach, VA 23455 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/15/2043 | 384.9 | 384.9 | 440.8 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Summit Insights Group LLC | (#,^) | 19 Briant Parkway, Summit, NJ 7901 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 3/14/2028 | 36.2 | 36.2 | 35.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dante Ultimate Cleaning Service LLC | (#,^) | 16969 River Park Dr, Covington, LA 70345 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/9/2028 | 8.1 | 8.1 | 8.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SRG Waterfront LLC | (#,^) | 88 District Square SW, Washington, DC 20005 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/9/2028 | 232.0 | 232.0 | 227.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2b Mom Inc dba Mom's the Word Maternity | (#,^) | 3150 18th St, Ste 435, San Francisco, CA 94110 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 3/9/2028 | 26.2 | 26.2 | 25.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Treft Systems Inc | (#,^) | 1050 Kings Hwy North Ste #107, Cherry HIll, NJ 8034 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/8/2028 | 12.0 | 12.0 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Unpainted Arizona, LLC dba Westside Bowl | (#,^) | 2617 Mahoning Ave, Youngstown, OH 44509 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/7/2043 | 100.3 | 100.3 | 113.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Espinoza & Salinas Group Ltd dba Credit 360 Consulting | (#,^) | 17806 IH 10Ste 300, SAN ANTONIO, TX 78257 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/2/2028 | 3.9 | 3.9 | 3.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stepping Stones Childrens Academy | (#,^) | 720 Rancho Del Norte Drive, Las Vegas, NV 89031 | Social Assistance | Term Loan | Prime plus 2.75% | 3/2/2043 | 243.4 | 243.4 | 279.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BC Bishop Enterprises LLC dba 9Round Pooler | (#,^) | 105-107 Grand Central Blvd, Pooler, GA 31322 | Educational Services | Term Loan | Prime plus 2.75% | 3/2/2028 | 6.7 | 6.7 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Connie Engelbrecht | (#,^) | 20640 Raven Drive, Eagle River, AK 99577 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 2/28/2028 | 2.4 | 2.4 | 2.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Law Offices of Samuel R Miller LLC | (#,^) | 7405 Lake Worth Rd, Lake Worth, FL 33467 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/28/2043 | 113.6 | 113.6 | 131.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Merciful Heavenly Homes, LLC | (#,^) | 401 Dillar's Mill Rd, Tyner, NC 27980 | Nursing and Residential Care Facilities | Term Loan | 8% | 2/28/2043 | 62.9 | 62.9 | 58.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Urban Fitness Group LLC dba Crunch Fitness Group LLC | (#,^) | 2800 S IH-35, Ste 220, Round Rock, TX 78681 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2028 | 177.2 | 177.2 | 186.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Carey Collision Repairs Inc. | (#,^) | 295 D Bucheimer Rd, Fredrick, MD 21701 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 2/27/2028 | 59.3 | 59.3 | 58.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. | (#,^) | 94-33 Corona Ave, Corona, NY 11373 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/26/2043 | 340.0 | 340.0 | 394.7 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections | (#,^) | 4308 Holland Rd, Virginia Beach, VA 23452 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/23/2028 | 3.8 | 3.8 | 3.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jackpine Technologies Corporation | (#,^) | 1 Mill & Main Pl., Ste 330, Maynard, MA 1754 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 2/22/2028 | 29.3 | 29.3 | 30.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
210
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crossfit iQ LLC | (#,^) | 346 Pike Rd, Bay 8 & 9, West Palm Beach, FL 33411 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/21/2028 | 33.6 | 33.6 | 33.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wellfleet Consulting Inc. | (#,^) | 2275 Research Blvd Ste 500, Rockville, MD 20850 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/21/2028 | 11.9 | 11.9 | 11.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| New View Media Group LLC | (#,^) | 1 Old Wolfe Rd Ste 205, Budd Lake, NJ 7828 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 2/16/2028 | 65.3 | 65.3 | 68.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Town & Country Transportation Co. | (#,^) | 191-193 Arch St, New Britain, CT 6051 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 2/16/2028 | 52.3 | 52.3 | 54.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lulinjett LLC dba All American Printing & Design | (#,^) | 4621 Bayshore Rd, Fort Myers, FL 33917 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 2/14/2043 | 101.5 | 101.5 | 117.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Margab Inc dba Smoothie King | (#,^) | 14200 SW 8th St Unit #102, Miami, FL 33184 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/13/2028 | 10.1 | 10.1 | 10.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| JumboMarkets, Inc. | (#,^) | 15500 SW Trail Drive, Indiantown, FL 34956 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/13/2028 | 164.2 | 164.2 | 163.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tony Herring & Associates, Inc. | (#,^) | 211 West Camellia Drive, Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 2/9/2028 | 6.5 | 6.5 | 6.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Construct | (#,^) | 30521 134th St SE, Sultan, WA 98294 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/9/2028 | 58.9 | 58.9 | 59.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quality Machine of Iowa, Inc | (#,^) | 1040 4th Ave, Audubon, IA 50025 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 2/9/2028 | 1,107.1 | 1,107.1 | 1,127.0 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Apps Inc., Market Share, and Singular Leaseholdings LLC | (#,^) | 800 Village Walk #159, Guilford, CT 6437 | Telecommunications | Term Loan | Prime plus 2.75% | 2/8/2028 | 413.6 | 413.6 | 402.4 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| De La Vega LLC dba De La Vega Deland and De La Vega Oviedo | (#,^) | 128 North Woodland Blvd, Deland, FL 32720 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/7/2028 | 64.1 | 64.1 | 63.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Macrotech Integrated Management Solutions dba Extreme Lawn Care | (#,^) | 2425 Durrance LN, Ormond Beach, FL 32174 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 2/5/2028 | 9.5 | 9.5 | 10.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Midlothian Hardware Inc dba Grills True Value | (#,^) | 4751 West 147th St, Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 2/2/2028 | 11.9 | 11.9 | 12.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chace Building Supply of CT Inc., | (#,^) | 90 Route 171, Woodstock, CT 6281 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 1/31/2043 | 286.1 | 286.1 | 332.1 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| USA General Investment LLC dba Braniff Paint and Body Shop | (#,^) | 2290 NW 21st Terrace, Miami, FL 33142 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 1/31/2028 | 11.8 | 11.8 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rocco'sLandscaping LLC | (#,^) | 151 Kitts Lane, Newington, CT 6111 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 1/31/2043 | 71.5 | 71.5 | 83.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WydeBodi, LLC dba Wyde Bodi Auto Tags | (#,^) | 706 North 37th St, Philadelphia, PA 19104 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/30/2043 | 45.3 | 45.3 | 51.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Phaze Packaging Inc | (#,^) | 9533 Irondale Ave, Los Angeles, CA 91311 | Paper Manufacturing | Term Loan | Prime plus 2.75% | 1/26/2043 | 914.6 | 914.6 | 1,061.0 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Concrete Services LLC and James Ward | (#,^) | 24 County Rd 901, Jemison, AL 35085 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/25/2028 | 78.4 | 78.4 | 78.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Parati USA Inc | (#,^) | 1018 Wilt Ave, Ridgefield, NJ 7657 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 1/25/2028 | 13.3 | 13.3 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
211
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Flair Interiors, Inc dba Giant Don's Flooring America | (#,^) | 7725 Old Seward Hwy, Anchorage, AK 99502 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 1/24/2028 | 107.8 | 107.8 | 113.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd, Juliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/23/2028 | 5.9 | 5.9 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Friend Contractors, LLC | (#,^) | 1950 Mill Bay Rd, Kodiak, AK 99615 | Construction of Buildings | Term Loan | Prime plus 2.75% | 1/19/2043 | 221.7 | 221.7 | 251.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Weeping Willow Kennels, Inc. | (#,^) | 6041 Hammond School Rd, Salisbury,, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/19/2028 | 8.2 | 8.2 | 8.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lavish Specs Inc | (#,^) | 262 Glen St, Glen Cove, NY 11542 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 1/19/2028 | 5.9 | 5.9 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MedWorxs Inc. | (#,^) | 6857 Timbers Dr., Evergreen, CO 80439 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/18/2028 | 61.7 | 61.7 | 60.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lou & Choo Enterprises Inc dba Lou & Choo Lounge | (#,^) | 2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/18/2043 | 109.8 | 109.8 | 124.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Specialized Dairy Processors LLC and Nathaly Zapata | (#,^) | 2200 N Commerce Parkway, Weston, FL 33326 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/16/2028 | 51.0 | 51.0 | 49.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Work of Heart Inc dba Little Nest Portraits | (#) | 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 | Professional, Scientific, and Technical Services | Term Loan | 7.5% | 1/10/2028 | 5.0 | 5.0 | 4.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Human Resource Time Manager LLC | (#,^) | 2737 Humphrey St, East Elmhurst, NY 11369 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/8/2028 | 12.1 | 12.1 | 12.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sandfree Systems LLC | (#,^) | 116 Cricket Ave Ste B, Ardmore, PA 19003 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 1/5/2028 | 5.9 | 5.9 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crad Holding LLC dba Neighborhood Laundry of Bloomfield | (#,^) | 60 Dodd St, Bloomfield, NJ 7003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/5/2028 | 49.0 | 49.0 | 47.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Social Link LLC | (#,^) | 41Peabody St, Nashville, TN 37210 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/29/2027 | 8.7 | 8.7 | 8.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Farec, Inc | (#) | 30250 W Nine Mile Rd, Farmington, MI 48336 | Amusement, Gambling, and Recreation Industries | Term Loan | 7.5% | 12/29/2042 | 242.4 | 242.4 | 223.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morrocco Method, Inc | (#,^) | 800 Farroll Rd, Grover Beach, CA 93433 | Chemical Manufacturing | Term Loan | Prime plus 2.75% | 12/27/2042 | 692.8 | 692.8 | 796.1 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Salida Family Chiropractic-PPLC dba Salida Sport and Spine | (#,^) | 203 G St, Salida, CO 81201 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/22/2027 | 9.3 | 9.3 | 9.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| O'Rourke's Diner, LLC | (#,^) | 728 Main St, Middleton, CT 6457 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/22/2027 | 3.0 | 3.0 | 3.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Medical Plaza of Boro Park PC | (#,^) | 1266 51St 1st Floor, Brooklyn, NY 11219 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/22/2027 | 29.7 | 29.7 | 28.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anderson Farms Inc | (#) | 271 West Hwy 30, Burley, ID 83318 | Truck Transportation | Term Loan | 7.5% | 12/22/2027 | 4,214.0 | 4,214.0 | 3,770.6 | 1.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Landmark Ventures USA Inc | (#,^) | 475 Park Ave South 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 12/22/2027 | 48.6 | 48.6 | 47.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood | (#,^) | 12351 Gateway Park Place, Draper, UT 84020 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/22/2027 | 604.8 | 604.8 | 591.8 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
212
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Muckamuck Trucks, Inc. | (#,^) | 510 S Spring St, Ukiah, CA 95482 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/22/2027 | 10.7 | 10.7 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CT Auto Spa LLC | (#,^) | 39 Albany Turnpike, West Simsbury, CT 6092 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/21/2027 | 167.2 | 167.2 | 175.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DHD Enterprise LLC dba Edible Arrangements #1699 | (#,^) | 828 Washington Ave, Miami Beach, FL 33139 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 12/21/2027 | 17.8 | 17.8 | 17.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Lagoon Resort, LLC dba Hill View Cottages | (#,^) | 3670 Lake Shore Drive, Lake George, NY 12845 | Accommodation | Term Loan | Prime plus 2.75% | 12/21/2042 | 179.3 | 179.3 | 207.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DBMS Consulting, Inc. | (#,^) | 164 West 83rd St- Units CF1 and CF2, New York, NY 10024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/20/2027 | 58.3 | 58.3 | 59.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Best Quality Home Care LLC | (#,^) | 317 S Berry St, Centralia, WA 98531 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 12/19/2027 | 5.2 | 5.2 | 5.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Excellance of Fort Myers Inc. | (#,^) | 3105 Fowler St, Fort Myers, FL 33901 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 12/19/2042 | 101.1 | 101.1 | 117.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Trans LLC & Dehal Trucking LLC | (#,^) | 1415 W. Anderson St, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/15/2042 | 595.7 | 595.7 | 661.8 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JMD Aviation Holdings, LLC | (#,^) | 8050 North West 90th St, Medley, FL 33166 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/15/2027 | 399.8 | 399.8 | 419.3 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Capital Containers LLC | (#,^) | 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/15/2027 | 11.8 | 11.8 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co., Inc | (#,^) | 119 West 57th St, Ste 300, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/15/2027 | 174.8 | 174.8 | 169.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1-0 Granny's Helpful Hands, LLC | (#,^) | 705 East Lake St, Minneapolis, MN 55407 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 12/15/2027 | 17.5 | 17.5 | 17.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Legion Bowl, Inc & Legion Pub Inc | (#,^) | 661 Park St, Cranston, RI 2910 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/15/2042 | 318.4 | 318.4 | 369.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LP Industries Inc. dba Childforms | (#,^) | 2040 Norwood St. SW, Lenoir, NC 28645 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2027 | 60.3 | 60.3 | 62.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. | (#,^) | 34 35th St, Brooklyn, NY 11232 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/14/2027 | 77.2 | 77.2 | 80.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beale Street Blues Company Inc.dba B.B. King's Club-Memphis | (#,^) | 149 Monroe Ave, Memphis, TN 38103 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/14/2027 | 782.9 | 782.9 | 763.8 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC | (#,^) | 148 West 24th St, New York, NY 10011 | Management of Companies and Enterprises | Term Loan | Prime plus 2.75% | 12/14/2027 | 46.3 | 46.3 | 45.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royalty Freight Inc | (#,^) | 3728 W Mckinley Ave, Fresno, CA 93722 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/14/2027 | 518.2 | 518.2 | 503.2 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Atlas Geo-Constructors, LLC | (#,^) | 3466 Thomasville Rd, Winston Salem, NC 27107 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/14/2027 | 238.6 | 238.6 | 244.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KR Calvert & Co, LLC | (#,^) | 113 Seaboard Lane #C-270, Franklin, TN 37067 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 12/14/2027 | 406.8 | 406.8 | 395.9 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AADJ Empire Inc and AADJ Galaxy Inc. | (#,^) | 1599 Post Rd, Warwick, RI 2888 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/14/2042 | 172.5 | 172.5 | 193.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heung Kyun Im | (#,^) | 6235 Conlan Bay Drive, Houston, TX 77041 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 12/14/2027 | 12.0 | 12.0 | 11.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
213
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hardway Inc & AFC Leasing Inc | (#,^) | 12533 S. 73rd E. Place, Bixby, OK 74008 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/13/2027 | 720.9 | 720.9 | 700.0 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nichols Fire and Security LLC | (#,^) | 1906 Vanderhorn Drive, Memphis, TN 38134 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/13/2042 | 83.3 | 83.3 | 94.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay | (#,^) | 498 Wilderness View, Chatsworth, GA 30705 | Real Estate | Term Loan | Prime plus 2.75% | 12/12/2042 | 95.1 | 95.1 | 110.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC | (#,^) | 1120 Wren School Rd, Piedmont, SC 29673 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/12/2027 | 38.7 | 38.7 | 37.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation | (#,^) | 3031 Patrick St, Kissimmee, FL 34741 | Air Transportation | Term Loan | 8.25% | 12/12/2027 | 430.9 | 430.9 | 383.4 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clore Construction LLC | (#,^) | 21220 FM 1420, Harlingen, TX 78550 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 12/12/2027 | 358.5 | 358.5 | 366.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A-1 Van Services Inc | (#,^) | 154 Sandy Creek Rd, Verona, PA 15147 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 12/12/2027 | 575.1 | 575.1 | 589.3 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Picture Group LLC | (#,^) | 935 N La Jolla, Los Angeles, CA 90046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/12/2027 | 299.7 | 299.7 | 298.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clear Sound Communications, Inc | (#,^) | 680 Old Medford Ave, Medford, NY 11763 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 12/8/2027 | 2.9 | 2.9 | 2.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| AV Strategy Inc | (#,^) | 9468 American Eagle Way Ste 100, Orlando, FL 32837 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 12/8/2027 | 353.8 | 353.8 | 356.7 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JVLS LLC dba Vaccines 2 Go | (#,^) | 4060 Johns Creek Parkway, Ste H, Suwanee, GA 30024 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/7/2027 | 12.0 | 12.0 | 11.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kim Howard Corp dba NPN Machine Tools | (#,^) | 9130 Wayfarer Lane, Houston, TX 77075 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/7/2042 | 562.5 | 562.5 | 651.5 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| IHC Hardware Inc. | (#,^) | 614 BRd St, Story City, IA 50248 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/6/2042 | 95.7 | 95.7 | 106.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ODS Inc | (#,^) | 626 N Delsea Drive, Glassboro, NJ 8028 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/6/2027 | 38.1 | 38.1 | 38.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Healthcare Interventions, Inc dba Brightstar Healthcare | (#,^) | 5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/4/2027 | 11.7 | 11.7 | 11.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oil Palace, Inc. | (#,^) | 10408 Hwy 64 East, Tyler, TX 75707 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/4/2042 | 945.4 | 945.4 | 1,095.9 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Linda Jean Howard Riley dba The Rusty Bolt | (#,^) | 22345 W. Rt 66, Seligman, AZ 86337 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 12/1/2042 | 20.0 | 20.0 | 23.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Salud Bar & Grill LLC | (#,^) | 1413 Bushwick Ave, Brooklyn, NY 11207 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/1/2027 | 43.7 | 43.7 | 42.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Utara LLC | (#,^) | 214 Pine St, Sandpoint, ID 83864 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/1/2027 | 18.1 | 18.1 | 18.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Square1 Partners, LLC | (#,^) | 1088 Greenbriar Lane, Northbrook, IL 60062 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 12/1/2027 | 48.4 | 48.4 | 47.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
214
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| WTI Distribution Inc | (#,^) | 5491 E Francis St, Ontario, CA 91761 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 11/30/2027 | 30.8 | 30.8 | 31.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard | (#,^) | 1 Jackson St, Troy, NY 12180 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/30/2027 | 80.8 | 80.8 | 84.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skin Beauty Bar Inc. and Tameka J. Mathis | (#,^) | 749 8th St SE 2nd Floor, Washington, DC 20003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/30/2027 | 6.9 | 6.9 | 6.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. Venture Holdings, LLC | (#,^) | 2285 St. Andrews Ave, Zachary, LA 70791 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/30/2027 | 9.6 | 9.6 | 10.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Our Playhouse Preschool, LLC | (#,^) | 3501 NC Hwy 54 W, Chapel hill, NC 27516 | Social Assistance | Term Loan | Prime plus 2.75% | 11/29/2042 | 223.1 | 223.1 | 258.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| OPH Lexington, Inc | (#,^) | 235 Walton Ave, Lexington, KY 40502 | Social Assistance | Term Loan | Prime plus 2.75% | 11/29/2042 | 181.5 | 181.5 | 210.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beacon Brewing LLC and C' Sons, LLC | (#,^) | 700 Lincoln St, Lagrange, GA 30204 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/27/2042 | 120.6 | 120.6 | 139.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JMD Corporation dba Dart's True Value | (#,^) | 121 South Main St, Payette, ID 83661 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/22/2027 | 14.4 | 14.4 | 14.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Webtez Inc dba Mod Vans | (#,^) | 1673 Donlon St, Ste 202, Ventura, CA 93003 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/22/2027 | 53.9 | 53.9 | 52.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Step Up Academy of the Arts, LLC | (#,^) | 2258A Wigwam Parkway, Henderson, NV 89074 | Educational Services | Term Loan | Prime plus 2.75% | 11/22/2027 | 12.1 | 12.1 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grumpy's Restaurant Company, LLC | (#,^) | 834 Kingsley Ave, Orange Park, FL 32073 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/21/2027 | 54.7 | 54.7 | 53.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PB Market LLC dba Pure Barre | (#,^) | 164-C Market St, Charleston, SC 29401 | Educational Services | Term Loan | Prime plus 2.75% | 11/21/2027 | 83.5 | 83.5 | 81.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cali Fit Meals | (#,^) | 3450 East Orangethrope Ave, Anaheim, CA 92806 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/21/2027 | 17.3 | 17.3 | 17.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B Lam LLC | (#,^) | 9419 Kenwood Rd, Cincinnati, OH 45242 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/20/2042 | 172.3 | 172.3 | 197.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maya Motel, LLC dba Town House Motel | (#,^) | 1701 Washington Ave, Waco, TX 76701 | Accommodation | Term Loan | Prime plus 2.75% | 11/17/2042 | 54.3 | 54.3 | 62.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. | (#,^) | 1990 Flippen Rd, Stockbridge, GA 30281 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/17/2027 | 40.8 | 40.8 | 39.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSI Refrigerated Express Inc. and Robert M Stallone | (#,^) | 1001 E. Cooley Drive Ste 102, Colton, CA 92324 | Truck Transportation | Term Loan | Prime plus 2.75% | 11/17/2027 | 48.4 | 48.4 | 47.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| H & H Hotshot Services, Inc. | (#,^) | 5455 N. 51st Ave Ste 30, Glendale, AZ 85301 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 11/16/2027 | 53.9 | 53.9 | 53.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J R Wholesale Tires & Auto Center, LLC | (#,^) | 822 Cameron Lane, Lugoff, SC 29078 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/15/2042 | 12.8 | 12.8 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Rx LLC,J&P Auto Repair Inc | (#,^) | 91 & 95 Woodbury Rd, Hicksville, NY 11801 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/15/2042 | 186.5 | 186.5 | 216.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marcaco LLC | (#,^) | 124 Lincoln Ave, Colonie, NY 12205 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 11/15/2042 | 498.6 | 498.6 | 578.0 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paramount Dance Studios Inc. and Homestead Dance Supply | (#,^) | 112 N Krome Ave, Homestead, FL 33030 | Educational Services | Term Loan | Prime plus 2.75% | 10/14/2043 | 448.5 | 448.5 | 512.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
215
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wing King at the Gardens LLC | (#,^) | 4235 South Fort Apache Rd, Ste 250, Las Vegas, NV 89147 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/10/2027 | 7.5 | 7.5 | 7.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hofgard & Co, Inc dba Hofgard Benefits and James Marsh | (#,^) | 400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 11/8/2027 | 11.5 | 11.5 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| His Loving Hands Christian Academy, Inc. | (#,^) | 15020 Harrison St, Miami, FL 33176 | Social Assistance | Term Loan | Prime plus 2.75% | 11/6/2042 | 87.2 | 87.2 | 100.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| S & S Auto Body Shop Inc. | (#,^) | 5001 W. Clay St, Richmond, VA 23230 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/3/2042 | 146.6 | 146.6 | 170.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sterling Campbell Insurance Agency, Inc | (#,^) | 36359 North Gantzel Rd Ste 102, San Tan Valley, AZ 85140 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 11/3/2027 | 5.8 | 5.8 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Top Quality Dent Service LLC | (#,^) | 1541 Vapor Trail, Colorado Springs, CO 80905 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/2/2027 | 4.6 | 4.6 | 4.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Edge Studios Inc Radiant Yoga LLC | (#,^) | 448 Howe Ave, Sacramento, CA 95825 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/1/2027 | 52.4 | 52.4 | 51.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rachael Reel dba Rachel Reel Insurance Age | (#,^) | 208 Bank St, Lenoir, TN 37771 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 10/31/2027 | 5.7 | 5.7 | 5.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Berza TLG,LLC dba The Little Gym of Lake Charles | (#,^) | 1301 E McNeese St, Ste 201, Lake Charles, LA 70607 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/31/2027 | 32.4 | 32.4 | 31.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Die Hard Used Car Sales | (#,^) | 1668 West Grand Ave, Phoenix, AZ 85007 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/30/2042 | 53.6 | 53.6 | 62.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Five Lakes LLC | (#,^) | 13705 Holmes Rd, Kansas City, MO 64154 | Educational Services | Term Loan | Prime plus 2.75% | 10/30/2042 | 450.7 | 450.7 | 522.5 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle | (#,^) | 377 Boston Post Rd Unit B, Milford, CT 6460 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 10/27/2027 | 29.2 | 29.2 | 28.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sage Oil LLC | (#,^) | 8913 Egyptian Ave, Las Vegas, NV 89143 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 10/27/2027 | 7.6 | 7.6 | 7.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ashore Ventures Inc dba PuroClean Professional Restoration | (#,^) | 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/27/2027 | 11.1 | 11.1 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suzie LLC dba Tony D's Restaurant | (#,^) | 92 Huntington St, New London, CT 6320 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/25/2042 | 83.0 | 83.0 | 95.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grand Blanc Lanes, Inc. | (#,^) | 5301 S. Saginaw Rd, Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/25/2027 | 11.4 | 11.4 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schafer Fisheries Inc | (#,^) | 21985 Waller Rd, Fulton, IL 61252 | Food Manufacturing | Term Loan | Prime plus 2.75% | 10/25/2027 | 27.4 | 27.4 | 28.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Island Refrigeration & AC Inc | (#,^) | 3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/18/2042 | 125.7 | 125.7 | 143.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Looky Enterprises, LLC | (#,^) | 1175 Surlington Ave, Ste 101, Leland, NC 28451 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/18/2027 | 50.7 | 50.7 | 50.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blueridge Armor LLC | (#,^) | 1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 10/17/2027 | 6.3 | 6.3 | 6.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry | (#,^) | 1227 Burnside Ave, East Hartford, CT 6108 | Electronics and Appliance Stores | Term Loan | 7.5% | 10/17/2042 | 61.3 | 61.3 | 57.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
216
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cortez Landscaping, LLC | (#,^) | 4 Powder Rd, Norwalk, CT 6854 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/13/2027 | 14.6 | 14.6 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| On Call Services LLC | (#,^) | 15060 281St Ave NW, Zimmerman, MN 55398 | Construction of Buildings | Term Loan | Prime plus 2.75% | 10/13/2027 | 13.7 | 13.7 | 14.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pro Anderson, LLC | (#,^) | 1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/11/2027 | 41.2 | 41.2 | 40.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sandbox Ventures LLC | (#,^) | 1857 A Elmdale Ave, Glenview, IL 60026 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 10/11/2027 | 15.4 | 15.4 | 15.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eye Optique Inc. | (#,^) | 10800 Alpharetta Hwy, Ste 220, Roswell, GA 30076 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 10/5/2027 | 11.4 | 11.4 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ains Holding Company LLC | (#,^) | 121 Fulton St, New York, NY 10038 | Management of Companies and Enterprises | Term Loan | Prime plus 2.75% | 10/2/2027 | 69.2 | 69.2 | 68.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Becky Lou Corp dba Rent A Center | (#,^) | 3578 Route 611, Ste 210, Bartonsville, PA 18321 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 10/2/2027 | 69.3 | 69.3 | 69.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dan Cline Transport Inc. | (#,^) | 501 State Drive, Mount Vernon, MO 65712 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/29/2030 | 823.9 | 823.9 | 829.2 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Harco Metal Products Inc | (#,^) | 7895 East Acoma Drive Ste 102, Scottsdale, AZ 85260 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 9/29/2042 | 466.7 | 466.7 | 518.0 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC | (#,^) | 4500 W 47th St, Chicago, IL 60632 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/29/2042 | 1,174.4 | 1,174.4 | 1,339.6 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sashshel Corporation | (#,^) | 676 Franklin Blvd, Somerset, NJ 8873 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/29/2042 | 201.4 | 201.4 | 233.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Miechella Suzette Decker | (#,^) | 3515 Main St, Exmore, VA 23350 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/29/2042 | 93.9 | 93.9 | 108.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Threads of Time LLC | (#,^) | 207 S Buchanan St, Danville, IL 61832 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 9/29/2042 | 130.3 | 130.3 | 147.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rhode Island Tennis Management LLC | (#,^) | 636 Centerville Rd, Warwick, RI 2886 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/28/2042 | 524.0 | 524.0 | 591.7 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| National Media Services, Inc | (#,^) | 5091 Lexington Blvd, Fort Meyers, FL 33919 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/28/2027 | 14.2 | 14.2 | 13.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pets A Go Go LLC | (#,^) | 589 North State Rd, Briarcliff Manor, NY 10510 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/28/2042 | 188.1 | 188.1 | 215.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rhode Island Tennis Management LLC | (#,^) | 636 Centerville Rd, Warwick, RI 2886 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/28/2042 | 364.9 | 364.9 | 412.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nicholson Lumber Co Inc. | (#,^) | 377 Main St, Nicholson, PA 18446 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 9/28/2030 | 178.9 | 178.9 | 189.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Complete Care IT LLC | (#,^) | 4801 South University Drive, Ste 125, Davie, FL 33328 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/27/2027 | 11.1 | 11.1 | 10.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Technologist Inc | (#,^) | 3120 Farview Drive, Ste 610, Falls Church, VA 22042 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 9/27/2027 | 187.1 | 187.1 | 195.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inspirations Food Design, Inc | (#,^) | 1338 Memorial Ave, West Springfield, MA 1089 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/26/2042 | 443.3 | 443.3 | 503.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
217
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn | (#,^) | 4864 Arthur Kill Rd Units 102,103,104 & 105, Staten Island, NY 10309 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/22/2027 | 16.9 | 16.9 | 16.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KB Waterjet Cutting LLC | (#,^) | 4330 Parker Lane, Addis, LA 70710 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/22/2027 | 7.7 | 7.7 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sallee Pro-Custom Fabrication Shop LLC | (#,^) | 8865 North County Rd 600 W, Scipio, IN 47273 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/21/2027 | 6.8 | 6.8 | 7.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Insight Diagnostic Technologist Services | (#,^) | 2030 Forest Ave, Ste 110, San Jose, CA 95128 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/20/2027 | 245.5 | 245.5 | 243.3 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Commonwealth Diagnostics International, Inc | (#,^) | 39 Norman St a/k/a 1 Holyoke Square, Salem, MA 1970 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/20/2027 | 982.5 | 982.5 | 1,028.4 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York | (#,^) | 1401 Lakeland Ave, Bohemia, NY 11716 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/20/2027 | 776.8 | 776.8 | 799.3 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Imagine By Carleen, Inc. | (#,^) | 1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 33904 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/20/2027 | 5.7 | 5.7 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CR Park Incorporated dba Define Body and Mind | (#,^) | 49 W. Allandale Ave, Allendale, NJ 7401 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/20/2027 | 50.3 | 50.3 | 50.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Denek Contracting Inc and Denek Leasing LLC | (#,^) | 451 E. Wilson Ave, Pontiac, MI 48341 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/20/2042 | 198.7 | 198.7 | 230.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Montessori Community School | (#,^) | 123 South Navarra Drive, Scotts Valley, CA 95066 | Social Assistance | Term Loan | Prime plus 2.75% | 9/20/2042 | 259.1 | 259.1 | 293.9 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing, Inc. & Monster Power Equipment, Inc. | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 6475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/20/2027 | 150.4 | 150.4 | 154.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CIS BIG DOG, LLC | (#,^) | 8920 US HWY, 62 WEST, Cynthiana, KY 41031 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/19/2027 | 49.5 | 49.5 | 51.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stone's Construction and Remodeling, LLC | (#,^) | 5210 Kaylin Drive, Akron, OH 44319 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/19/2027 | 4.0 | 4.0 | 3.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Party By Design Inc. | (#,^) | 61 Strafello Drive, Avon, MA 2322 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/18/2042 | 1,142.2 | 1,142.2 | 1,284.8 | 0.38 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Li Family Spokane LLC | (#,^) | 21 E. Lincoln Rd, Spokane, WA 99208 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/15/2042 | 364.3 | 364.3 | 418.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clinton Food Market LLC | (#,^) | 196 East Main St, Clinton, CT 6413 | Gasoline Stations | Term Loan | Prime plus 2.75% | 9/15/2042 | 242.3 | 242.3 | 274.4 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tarleton & Family Landscaping, LLC | (#,^) | 125 E Center St, Midland Park, NJ 7432 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/15/2027 | 62.9 | 62.9 | 62.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alaska Motor Home Inc | (#,^) | 6633 Brayton Dr, Anchorage, AK 99507 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 9/13/2027 | 251.6 | 251.6 | 243.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fox Valley Rentals & Investments, LLC | (#,^) | 2906 E. Newberry St, Appleton, WI 54915 | Food Services and Drinking Places | Term Loan | Prime plus 3.75% | 9/13/2027 | 5.7 | 5.7 | 6.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nails By Mercede LLC | (#,^) | 2994 and 2996 Edgewater Drive, Orlando, FL 32804 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/13/2027 | 10.8 | 10.8 | 10.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Town & Country Transportation Co. and Popco, LLC. | (#,^) | 191 Arch St, New Britain, CT 6051 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/12/2042 | 159.8 | 159.8 | 185.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
218
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rajbai Maa Inc. dba Nara Lounge | (#,^) | 244-252 Atwells Ave, Providence, RI 2903 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/12/2042 | 369.1 | 369.1 | 411.5 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morgan Lynn Kerstetter dba Catherine School of Dance | (#,^) | 315 Mill St 3rd Floor, Danville, PA 17821 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 9/11/2027 | 5.7 | 5.7 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Health & Performance Center, LLC | (#,^) | 1862 Craigshire Rd, Saint Louis, MO 63146 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/11/2027 | 15.4 | 15.4 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Foxtail, LLC and Tottly New Services Corp | (#,^) | 1481 Highland Ave, Cheshire, CT 6410 | Social Assistance | Term Loan | Prime plus 2.75% | 9/8/2042 | 275.9 | 275.9 | 312.7 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Echelon Planning Group, LLC dba Echelon Financial Services and Echelon | (#,^) | 5 Greenleaf Drive, Unit 201, Portsmouth, NH 3801 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 9/8/2027 | 5.7 | 5.7 | 5.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Crazy Beatz Productions LLC | (#,^) | 20014 NE 138th St, Kearney, MO 64060 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 3.75% | 9/7/2027 | 4.1 | 4.1 | 4.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| South Fulton Landscape & Nursery, Inc. | (#,^) | 3415 Enon Rd, College Park, GA 30349 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 9/7/2042 | 94.8 | 94.8 | 109.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dreaming Big Learning Center Inc | (#,^) | 3301 W Oak St, Kissimmee, FL 34741 | Social Assistance | Term Loan | Prime plus 2.75% | 9/5/2042 | 359.9 | 359.9 | 407.2 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Coop's Trucking LLC | (#,^) | 3066 Misty Creek Drive., Swartz, MI 48473 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/1/2027 | 75.5 | 75.5 | 77.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran | (#,^) | 377 Boston Post Rd, Milford, CT 6460 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 8/31/2027 | 293.3 | 293.3 | 289.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Parlay Disributors LLC | (#,^) | 20 Medford Ave, Ste 104, Patchogue, NY 11772 | Educational Services | Term Loan | Prime plus 2.75% | 8/25/2027 | 83.2 | 83.2 | 81.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lake County Tow LLC | (#,^) | 15409 Country Rd 565A, Clermont, FL 34711 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 8/25/2042 | 82.8 | 82.8 | 93.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| InUSA Ventures Inc dba InUSA Services | (#,^) | 3015 San Pablo Ave, Ste 511, Berkeley, CA 94702 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 8/24/2027 | 18.7 | 18.7 | 18.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Genuine Ventures LLC and Seaweed Ventures LLC | (#,^) | 432 S Franklin St, Juneau, AK 99801 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/24/2030 | 469.9 | 469.9 | 484.4 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Delicias de Minas Restaurant, LLC | (#,^) | 168-170 McWhorter St, Newark, NJ 7105 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/22/2027 | 151.9 | 151.9 | 158.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Damiano Global Corp | (#,^) | 333 Birch Hills Drive, Rochester, NY 14622 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/21/2027 | 16.8 | 16.8 | 17.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| L&V Auto Sales, Inc. | (#,^) | 1504 West Franklin Blvd., Gastonia, NC 28052 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 8/21/2027 | 13.5 | 13.5 | 14.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tier1 Solutions LLC | (#,^) | 1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/18/2027 | 14.0 | 14.0 | 13.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tony Herring & Associates, Inc | (#,^) | 211 West Camellia Drive, Slidell, LA 70458 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 8/17/2027 | 5.6 | 5.6 | 5.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chester's World Enterprise LLC | (#,^) | 140 W Alameda Drive, Ste 104, Tempe, AZ 85282 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/16/2027 | 16.9 | 16.9 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| D'Amato & Sons Construction, Inc. | (#,^) | 117 Oak St, Amityville, NY 11701 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 8/11/2027 | 6.2 | 6.2 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
219
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| L & J Corporate Services Inc | (#,^) | 866 NW 110th Ave, Coral Springs, FL 33071 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/4/2027 | 4.7 | 4.7 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| HMG Strategy LLC, | (#,^) | 191 Post Rd W., Westport, CT 6880 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/2/2027 | 35.5 | 35.5 | 34.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royal Blue Investments, Inc. and Cleland Pharmacy LLC | (#,^) | 202 S. 1st St, Wakeeny, KS 67672 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 7/31/2042 | 50.0 | 50.0 | 57.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sharon G McMillen, MA Psychologist, Inc. | (#,^) | 216 West Main St, Kingwood, WV 26537 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 7/28/2027 | 13.8 | 13.8 | 13.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Work of Heart Inc dba Little Nest Portraits | (#,^) | 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 | Professional, Scientific, and Technical Services | Term Loan | 7.5% | 7/28/2027 | 43.5 | 43.5 | 38.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HQTRONIC LLC | (#,^) | 10135 S. Roberts Rd, Ste. 209, Palos Hills, IL 60465 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 7/27/2027 | 16.7 | 16.7 | 16.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Oberon IT, Inc. | (#,^) | 1404 W. Walnut Hill Lane, Irving, TX 75038 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/26/2027 | 162.1 | 162.1 | 162.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gilles Peress Studio LLC | (#,^) | 76 Lafayette Ave, Brooklyn, NY 11217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/25/2027 | 46.0 | 46.0 | 44.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Obok LLC | (#,^) | 2720 S. Havana St., Unit H, Aurora, CO 80014 | Food Manufacturing | Term Loan | Prime plus 2.75% | 7/21/2027 | 8.9 | 8.9 | 9.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lil Tots' Learning Center LLC | (#,^) | 3042 S 78th St, Tampa, FL 33619 | Social Assistance | Term Loan | Prime plus 2.75% | 7/21/2042 | 28.3 | 28.3 | 32.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Trans LLC | (#,^) | 1415 W Andersonr Way, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus 2.75% | 7/21/2027 | 29.1 | 29.1 | 28.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matrix Z LLC | (#,^) | 800 SW 21st Terrace, Fort Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 3.75% | 7/19/2027 | 5.8 | 5.8 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aitheras Aviation Group, LLC , Aitheras Aviation Group, LLC | (#,^) | 2301 N Marginal Rd, Cleveland, OH 44114 | Air Transportation | Term Loan | Prime plus 2.75% | 7/18/2027 | 611.0 | 611.0 | 594.5 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wildflour Bakery & Cafe, LLC | (#,^) | 5137 Clareton Drive, Ste 100,110 & 120, Agoura Hills, CA 91301 | Food Manufacturing | Term Loan | Prime plus 2.75% | 7/17/2027 | 16.7 | 16.7 | 17.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Koep Companies dba Pipestone True value | (#,^) | 207 East Main St, Pipestone, MN 56164 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 7/14/2042 | 308.3 | 308.3 | 345.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| McCord Holdings, Inc. dba Fast Signs 176101 | (#,^) | 7640 N. Wickham Rd, Melbourne, FL 32940 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 7/7/2027 | 13.9 | 13.9 | 13.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thrifty Market Inc dba Thrifty Foods | (#,^) | 702 10th St, Wheatland, WY 82201 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 7/6/2027 | 79.6 | 79.6 | 79.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hamilton & Associates Real Estate and Investments Firm LLC | (#,^) | 11776 West Sample Rd, Coral Springs, FL 33065 | Real Estate | Term Loan | Prime plus 2.75% | 6/30/2042 | 51.0 | 51.0 | 59.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Country House Restaurant, LLC and Pelton Real Estate, LLC | (#,^) | 677 US Route 7, Pittsford, VT 5763 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2042 | 48.1 | 48.1 | 56.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J&M Civil Construction Services LLC | (#,^) | 1221 County Rd 4371, Decatur, TX 76234 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/30/2027 | 72.5 | 72.5 | 73.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. T. O'Neill Company, L.L.C | (#,^) | 19972 Willowin Farm Lane, Purcellville, VA 20132 | Real Estate | Term Loan | Prime plus 2.75% | 6/30/2027 | 11.0 | 11.0 | 11.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Chicago Wholesale Bakery Inc. | (#,^) | 795 Touhy Ave, Elk Grove Village, IL 60007 | Food Manufacturing | Term Loan | Prime plus 2.75% | 6/30/2027 | 11.3 | 11.3 | 11.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
220
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oakhill Farms, LLC | (#,^) | 15 Carl St, Johnston, RI 2919 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/29/2030 | 81.8 | 81.8 | 88.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Best Bees Company | (#,^) | 839 Albany St, Boston, MA 2119 | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 6/29/2027 | 16.5 | 16.5 | 16.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stiegelbauer Associates Inc. | (#,^) | 63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 11205 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/29/2027 | 226.2 | 226.2 | 238.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Intellixion LLC | (#,^) | 7447 Egan Dr, Ste 110 A, Savage, MN 55378 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/29/2027 | 2.7 | 2.7 | 2.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Malhame & Company Publishers & Importers Inc. | (#,^) | 180 Orville Rd, Bohemia, NY 11780 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/29/2027 | 68.4 | 68.4 | 69.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greensboro Plastic Surgical Associates, PA | (#,^) | 2716 Henry St, Greensboro, NC 27405 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/29/2042 | 545.4 | 545.4 | 632.9 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ocean Trans LLC and Dehal Trucking LLC | (#,^) | 760 W. Charter Way, Stockton, CA 95206 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/29/2027 | 452.3 | 452.3 | 458.3 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Foxhop Fitness, LLC | (#,^) | 4211 NW Federal Hwy, Jensen Beach, FL 34957 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/28/2027 | 66.8 | 66.8 | 67.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Old Dominion Transportation Group, Inc. | (#,^) | 1308 Devils Reach Rd, Woodbridge, VA 22192 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 6/28/2027 | 765.1 | 765.1 | 780.7 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Akal Express Inc. dba Truck Trailer Service Stop | (#,^) | 2901 I 40 West, Vega, TX 79092 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/28/2042 | 26.4 | 26.4 | 31.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Citibin, Inc. | (#,^) | 254 36th St, Ste B519, Brooklyn, NY 11232 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 6/27/2027 | 91.7 | 91.7 | 92.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC | (#,^) | 211 East 25th St, Norfolk, VA 23504 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 6/27/2030 | 201.0 | 201.0 | 216.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Four Seasons Laser Center Inc. | (#,^) | 4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 33498 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/26/2042 | 211.4 | 211.4 | 245.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ains Holding Company, LLC | (#,^) | 122 West 26th St, New York, NY 10011 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/26/2027 | 841.7 | 841.7 | 858.7 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northern Industries, LLC | (#,^) | W 5585 Dehart Drive, Tomahawk, WI 54484 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/23/2042 | 54.4 | 54.4 | 63.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vella Construction Enterprises, Inc. dba Vella Construction | (#,^) | 318 28th Ave, San Mateo, CA 94403 | Construction of Buildings | Term Loan | Prime plus 2.75% | 6/23/2027 | 16.5 | 16.5 | 16.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Birches Group, LLC | (#,^) | 228 East 45th St. 12th FL South, New York, NY 10017 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/22/2027 | 36.7 | 36.7 | 37.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Scarlet Spartan Inc.dba FastSigns of Brighton | (#,^) | 533 W. Grand River Ave, Brighton, MI 48116 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/19/2027 | 16.0 | 16.0 | 16.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC | (#,^) | 11535 Carmel Commons Blvd. Ste 200, Charlotte, NC 28226 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/16/2042 | 377.5 | 377.5 | 434.3 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC | (#,^) | 104 Wooster St, Bethel, CT 6801 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 6/15/2042 | 292.7 | 292.7 | 338.8 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JAM Media Solutions, LLC | (#,^) | 4744 Tackawanna St, Philadelphia, PA 19124 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/15/2027 | 24.5 | 24.5 | 24.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
221
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ESA 365 Corp and Lucathor Realty LLC | (#,^) | 2420 Grand Ave, Baldwin, NY 11520 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/14/2042 | 21.2 | 21.2 | 24.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hull's Kitchen, LLC and HK Too, LLC | (#,^) | 19 Hull Shore Dr, Hull, MA 2045 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/14/2042 | 91.3 | 91.3 | 107.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero | (#,^) | 577 Main Ave, Paterson, NJ 7055 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2042 | 87.2 | 87.2 | 101.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Susan Hughes dba Aloha Junction B and B | (#,^) | 19-4037 Olapalapa Rd, Volcano, HI 96785 | Accommodation | Term Loan | Prime plus 2.75% | 6/14/2042 | 58.9 | 58.9 | 69.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Refoleen Inc dba Spice and Tea Exchange | (#,^) | 849 E Commerce St Ste 121, San Antonio, TX 78205 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/8/2027 | 2.6 | 2.6 | 2.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skydive California, LLC | (#,^) | 25001 S Kasson Rd, Tracy, CA 95301 | Educational Services | Term Loan | Prime plus 2.75% | 6/2/2027 | 40.3 | 40.3 | 42.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SCW, LLC dba Arthur Murray Dance Studio | (#,^) | 2383 Old Dixwell Ave, Hamden, CT 6518 | Educational Services | Term Loan | Prime plus 2.75% | 6/2/2042 | 137.6 | 137.6 | 159.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder | (#,^) | 246 East Belt Blvd, Richmond, VA 23224 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/1/2042 | 43.0 | 43.0 | 50.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sage Oil LLC | (#,^) | 8913 Egyptian Ave, Las Vegas, NV 89143 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 5/31/2027 | 16.3 | 16.3 | 16.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ricnet III, Inc. dba Edible Arrangements | (#,^) | 716 Foxcroft Ave, Martinsburg, WV 25401 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 5/31/2027 | 10.9 | 10.9 | 11.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Funtime, LLC and Universal Entertainment Group LLC | (#,^) | 13200 W. Foxfire Dr #144, Surprise, AZ 85387 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/31/2027 | 50.0 | 50.0 | 50.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Haroon Baig,Inc.dba US1 Petrol | (#,^) | 1280-1290 Dixwell Ave, Hamden, CT 6514 | Gasoline Stations | Term Loan | Prime plus 2.75% | 5/31/2042 | 248.4 | 248.4 | 291.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chet Lemon Enterprises LLC dba All American Sports | (#,^) | 1544 Lane Park Cutoff, Tavares, FL 32778 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/26/2042 | 746.7 | 746.7 | 876.1 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eagle Wood Works LLC | (#,^) | 1448 Horsehead Rd, Lugoff, SC 29078 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 5/26/2027 | 8.7 | 8.7 | 9.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hurricane Group, Inc. | (#,^) | 312 West Fourth St, Carson City, NV 89703 | Other Information Services | Term Loan | Prime plus 2.75% | 5/26/2027 | 55.1 | 55.1 | 55.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swantown Inn & Spa LLC | (#,^) | 1431 11th Ave SE, Olympia, WI 98501 | Accommodation | Term Loan | Prime plus 2.75% | 5/26/2042 | 119.6 | 119.6 | 140.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beyond Waves A Unique Salon LLC and Lori Ann Carlson | (#,^) | 2290 Foxon Rd Route 80, North Branford, CT 6471 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/25/2027 | 9.1 | 9.1 | 9.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jung Design Inc. | (#,^) | 10857 Pine Bluff Drive, Fisher, IN 46037 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/25/2027 | 6.5 | 6.5 | 6.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abdul Naushad MD PC dba Advanced Pain Centers | (#,^) | 2865 James Blvd, Poplar Bluff, MO 63901 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/25/2042 | 372.3 | 372.3 | 434.9 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Locavore LLC dba Paloma Restaurant | (#,^) | 401 S. Guadalupe St, Santa Fe, NM 87501 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/25/2027 | 36.3 | 36.3 | 37.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovim, LLC | (#,^) | 6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/24/2027 | 219.9 | 219.9 | 222.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
222
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Prestige Construction of Florida, LLC | (#,^) | 1404 Yorktown St Ste E, Deland, FL 34944 | Construction of Buildings | Term Loan | Prime plus 2.75% | 5/23/2042 | 317.0 | 317.0 | 365.7 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hayden Trucking LLC | (#,^) | 11540 Eagle Vista Drive, Fort Worth, TX 76179 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/19/2027 | 99.9 | 99.9 | 105.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tres K Deli,Grocery,Fruit and Meat Inc. | (#,^) | 125 West Tremont Ave, Bronx, NY 10453 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 5/19/2027 | 6.0 | 6.0 | 6.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. | (#,^) | 132 North Wellwood Ave, Lindenhurst, NY 11757 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/19/2042 | 548.0 | 548.0 | 637.5 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Waterford Plumbing Co, Inc. | (#,^) | 2425 W. Cuyler Ave, Chicago, IL 60618 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/18/2027 | 36.3 | 36.3 | 37.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mr. B's Bicycles & Mopeds, Inc. | (#,^) | 1870 S. 4th Ave, Yuma, AZ 85364 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 5/18/2042 | 138.1 | 138.1 | 160.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bay Car Wash LLC | (#,^) | 952 South Commercial St and West Magnolia, Aransas Pass, TX 78336 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/18/2042 | 113.9 | 113.9 | 132.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Computech Computers Inc. | (#,^) | 40-24 76th St, Office #2B, Elmhurst, NY 11373 | Educational Services | Term Loan | Prime plus 2.75% | 5/17/2027 | 36.3 | 36.3 | 36.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 5 Stars Learning Center Inc | (#,^) | 14 Paine Ave, Irvington, NJ 7111 | Social Assistance | Term Loan | Prime plus 2.75% | 5/16/2042 | 58.1 | 58.1 | 67.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Arco Electrical Contractors Inc. dba Arco Construction Group | (#,^) | 22-24 South Seventh St, Elizabeth, NJ 7202 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 5/16/2027 | 262.0 | 262.0 | 270.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sanderson Distribution Inc. | (#,^) | 100 Daniel Drive, Alamo, CA 94507 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/12/2027 | 7.6 | 7.6 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| B G F Bobby Q's Inc | (#,^) | 447 N. Main St, Freeport, NY 11520 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/11/2027 | 5.4 | 5.4 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Estelle Finkel Educational Associates,LLC | (#,^) | 125 West Mount Pleasant Ave, Livingston, NJ 7039 | Educational Services | Term Loan | Prime plus 2.75% | 5/11/2027 | 88.6 | 88.6 | 89.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Labmates,LLC | (#,^) | 141 Watertown Rd, Thomaston, CT 6787 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 5/10/2027 | 72.6 | 72.6 | 75.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NHS, LLC | (#,^) | 212 N Douglas Ave, Ellsworth, KS 67439 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/9/2027 | 64.3 | 64.3 | 66.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NHS, LLC | (#,^) | 212 N Douglas Ave, Ellsworth, KS 67439 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/9/2042 | 20.6 | 20.6 | 23.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Innovation Transport, LLC | (#,^) | 1 International Blvd, Mahwah, NJ 7495 | Truck Transportation | Term Loan | Prime plus 2.75% | 5/9/2027 | 56.8 | 56.8 | 59.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Benchmark Building, Inc. | (#,^) | 1439 Stargazer Terrace, Sanford, FL 32771 | Construction of Buildings | Term Loan | Prime plus 2.75% | 5/5/2027 | 16.3 | 16.3 | 16.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cable Management LLC | (#,^) | 290 Pratt St, Meriden, CT 6450 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 5/3/2027 | 41.6 | 41.6 | 43.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fine Arts Center of Easley, Inc. dba Midtown Music | (#,^) | 117 S. Pendleton St, Easley, SC 29640 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 5/2/2042 | 112.5 | 112.5 | 132.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Love and Glory Learning Center, Inc. | (#,^) | 4911 N. 42nd St., Tampa, FL 33610 | Social Assistance | Term Loan | Prime plus 2.75% | 4/28/2042 | 73.3 | 73.3 | 84.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
223
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sneads Ferry Foods, Inc. dba DQ Grill & Chill | (#,^) | 920 Hwy 210, Sneads Ferry, NC 28460 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/27/2042 | 611.4 | 611.4 | 707.7 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JMA Inc. dba Primecut and Mezzo; Primecut at Marquee | (#,^) | 393 Charles St, Providence, RI 2904 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/27/2042 | 208.3 | 208.3 | 244.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Resident Research, LLC | (#,^) | 4400 Morris Park Drive Ste M, Charlotte, NC 28277 | Other Information Services | Term Loan | Prime plus 2.75% | 4/24/2027 | 63.5 | 63.5 | 64.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Getting Even LLC dba The Zoo Health Club | (#,^) | 377 South Willow St, Ste B 2-1, Manchester, NH 3103 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/21/2027 | 5.4 | 5.4 | 5.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ralph's Hair Salon, Inc. | (#,^) | 175 NW 14th St, Homestead, FL 33030 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/21/2042 | 47.0 | 47.0 | 54.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Condron Brothers LLC DBA Luv 2 Play | (#,^) | 4790 La Sierra Ave, Riverside, CA 92505 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/19/2027 | 85.9 | 85.9 | 88.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Butternuts Beer and Ale LLC | (#,^) | 4021 Hwy 51, Garrattsville, NY 13342 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 4/12/2027 | 53.1 | 53.1 | 55.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Altitude Group, LLC and Core Home Security, LLC | (#,^) | 949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/31/2027 | 31.7 | 31.7 | 32.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bear Trail Lodge LLC | (#,^) | Mile 1 Bear Trail Rd, King Salmon, AK 99613 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/31/2042 | 519.4 | 519.4 | 608.9 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Citizens Lanes, LLC | (#,^) | 5100 Goodson Connector Rd, Union City, GA 30291 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 3/31/2042 | 607.2 | 607.2 | 568.7 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Applied Integrated Technologies, Inc. | (#,^) | 7120 Samuel Morse Drive #150, Columbia, MD 21046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/31/2027 | 89.1 | 89.1 | 90.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Landmark Ventures USA, Inc. | (#,^) | 475 Park Ave South 25th Floor, New York, NY 10016 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 3/31/2027 | 133.6 | 133.6 | 135.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Golden Hen Inc. dba Cafe | (#,^) | 468 W. Cheltenham Ave, Philadelphia, PA 19126 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/31/2027 | 46.1 | 46.1 | 46.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KWG Industries LLC dba Peterson & Marsh Metal Industries | (#,^) | 330 Roycefield Rd Unit B, Hillsborough, NJ 8844 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/30/2027 | 21.4 | 21.4 | 22.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sea Smoke Barbeque, Corp and Danwen LLC | (#,^) | 20 Island Farm Rd, Oak Bluffs, MA 2557 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/30/2042 | 222.3 | 222.3 | 258.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schafer Fisheries Inc. | (#,^) | 21985 Waller Rd, Fulton, IL 61252 | Food Manufacturing | Term Loan | Prime plus 2.75% | 3/30/2042 | 233.9 | 233.9 | 274.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Discount Price, LLC dba Robert's Market | (#,^) | 2 Hill Rd, Franklin, NH 3235 | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/29/2042 | 193.9 | 193.9 | 226.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Douglas K. Soderblom . dba Loma Linda Optometry | (#,^) | 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/29/2027 | 71.2 | 71.2 | 73.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham | (#,^) | 1221 Kentucky Mills Drive, Louisville, KY 40299 | Accommodation | Term Loan | Prime plus 2.75% | 3/29/2042 | 993.0 | 993.0 | 1,165.0 | 0.34 | % | |||||||||||||||||||||||||||||||||||||||||||||
| H and H Hotshot Services, Inc. dba AA Hotshot & Logistics | (#,^) | 5455 N 51st St, # 30, Glendale, AZ 85301 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 3/29/2030 | 78.5 | 78.5 | 81.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
224
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New England Country Day School, Inc. and Thomas D. Walker | (#,^) | 27 Kenosia Ave, Danbury, CT 6810 | Social Assistance | Term Loan | Prime plus 2.75% | 3/28/2042 | 356.3 | 356.3 | 414.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Pharmaceutical Innovation Company, LLC | (#,^) | 1425 Centre Circle, Downers Grove, IL 60515 | Chemical Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2027 | 5.0 | 5.0 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo | (#,^) | 421 S. Oak St, Pecos, TX 79772 | Motion Picture and Sound Recording Industries | Term Loan | Prime plus 2.75% | 3/27/2042 | 388.0 | 388.0 | 454.5 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heil & Hornik LLC dba Elysium Tennis | (#,^) | 7637 C. Commerce Place, Plain City, OH 43064 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/27/2042 | 873.1 | 873.1 | 1,012.3 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Color Graphic Press, Inc. | (#,^) | 42 Main St, Nyack, NY 10960 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 3/23/2027 | 85.5 | 85.5 | 89.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JBK Truck Trailer and Bus Inc. | (#,^) | 8669 South State Rd 67, Camby, IN 46113 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/23/2042 | 83.6 | 83.6 | 96.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Denton Bio Fuels LLC and American Bio Source LLC | (#,^) | 624 W. University Dr. Ste 359, TX, TX 76201 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 3/23/2027 | 43.3 | 43.3 | 44.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Executive Fitness & Nutrition Inc. | (#,^) | 8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/23/2027 | 14.3 | 14.3 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baton Rouge Cargo Services Inc. and 6507 Westport, LLC | (#,^) | 6507 Westport Ave, Shreveport, LA 71129 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/22/2042 | 605.5 | 605.5 | 706.6 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vehicle Safety Supply LLC | (#,^) | 707 Femimore Rd, Mamaroneck, NY 10543 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/21/2027 | 16.0 | 16.0 | 16.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Purple Cow House of Pancake Inc | (#,^) | 6 & 10 Skowhegan Rd, Fairfield, ME 4937 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/16/2042 | 150.9 | 150.9 | 176.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of | (#,^) | 5880 US Hwy6, Portage, IN 46368 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/16/2027 | 220.6 | 220.6 | 231.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M | (#,^) | 6510 North Broadway, Saint Louis, MO 63147 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/13/2027 | 468.9 | 468.9 | 474.1 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dwayne Bernard Tate | (#,^) | 1238 Woodcliff Court SW, Lilburn, GA 30047 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/10/2027 | 7.5 | 7.5 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elegant Occasions, LLC dba E Productions | (#,^) | 3650 Coral Ridge Drive Units 103-104, Coral Springs, FL 33065 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/10/2042 | 555.1 | 555.1 | 644.3 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anthony LLC dba Star of Woodward Market | (#,^) | 5730 Woodward Ave, Detroit, MI 48202 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/9/2042 | 108.4 | 108.4 | 127.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allegro Assisted Living Of Texas | (#,^) | 3400 Remington Drive, Plano, TX 75023 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 3/6/2027 | 68.4 | 68.4 | 71.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Podium Auto Sales Inc and RRS Property, LLC | (#,^) | 246 S. Dixie Hwy, Pompano Beach, FL 33060 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/3/2042 | 85.3 | 85.3 | 98.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express | (#,^) | 1001 E. Cooley Drive Ste 102, Colton, CA 92324 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/28/2027 | 166.3 | 166.3 | 168.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Weeping Willow Kennels, Inc and Aileen N Black | (#,^) | 6041 Hammond School Rd, Salisbury, MD 21804 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2042 | 131.4 | 131.4 | 153.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Getting Even LLC dba The Zoo Health Club | (#,^) | 377 South Willow St Unit B2-1, Manchester, NH 3103 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/28/2027 | 67.9 | 67.9 | 69.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
225
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Document Solutions Inc and,TDS Services, LLC | (#,^) | 2515 North Shiloh Drive, Fayetteville, AR 72704 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 2/27/2030 | 249.2 | 249.2 | 262.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| McNally Enterprises Inc. | (#,^) | 1010 N. Grove St, Anaheim, CA 92806 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 2/27/2027 | 45.4 | 45.4 | 46.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Teracore Inc. | (#,^) | 3300 Holcomb Bridge Rd, Ste 226, Norcross, GA 30092 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/27/2027 | 115.4 | 115.4 | 116.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B & J Bicycle Shop Inc. | (#,^) | 1620 E. Sample Rd, Pompano Beach, FL 33064 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 2/24/2027 | 4.4 | 4.4 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant | (#,^) | 2235 S. Power Rd Ste 118, Mesa, AZ 85209 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/24/2027 | 53.0 | 53.0 | 55.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3W Enterprises LLC | (#,^) | 2727 Industrial Parkway, Elkhart, IN 46516 | Textile Product Mills | Term Loan | Prime plus 2.75% | 2/24/2042 | 60.9 | 60.9 | 71.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ameritube, LLC and Ravone Properties, LLC | (#,^) | 1000 North State. Hwy 77, Hillsboro, TX 76645 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 2/14/2042 | 173.1 | 173.1 | 202.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC | (#,^) | 2808 Court St, Port Allen, LA 70767 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/10/2042 | 232.6 | 232.6 | 271.5 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sushiya Inc. | (#,^) | 72 S. Main St, Hanover, NH 3755 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/10/2027 | 13.2 | 13.2 | 13.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maximo Canot dba Wash and Dry Laundrymat | (#,^) | 34 Morningside Ave, Yonkers, NY 10703 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/10/2042 | 129.2 | 129.2 | 150.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marvic Enterprises Inc dba Jordan's Liquor | (#,^) | 199 Taunton Ave, East Providence, RI 2914 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/10/2042 | 205.6 | 205.6 | 239.5 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Harrison Logging Company LLC | (#,^) | 255 Ray Crain Rd, Indian Mound, TN 37079 | Forestry and Logging | Term Loan | Prime plus 2.75% | 2/9/2027 | 74.9 | 74.9 | 77.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. | (#,^) | 174-176 Mountain Ave, Springfield, NJ 7081 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 2/7/2042 | 307.8 | 307.8 | 355.7 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DBMS Consulting, Inc. | (#,^) | 164 West 83rd St. Units CF1 and CF2, New York, NY 10024 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/1/2042 | 173.8 | 173.8 | 200.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chidlren's House Learning, Inc and Tarps Investment Group | (#,^) | 720 Wilbraham Rd, Springfield, MA 1109 | Social Assistance | Term Loan | Prime plus 2.75% | 1/31/2042 | 301.1 | 301.1 | 349.5 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brandco, LLC | (#,^) | 2151 Consulate Drive Ste 21, Orlando, FL 32837 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/31/2027 | 30.5 | 30.5 | 30.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fave Realty Inc. | (#,^) | 1875 Grand Ave, Baldwin, NY 11510 | Real Estate | Term Loan | Prime plus 2.75% | 1/30/2042 | 51.1 | 51.1 | 59.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SRC Publishing LLC | (#,^) | 8690 Waterford Bend St, Las Vegas, NV 89123 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 1/27/2027 | 15.7 | 15.7 | 15.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fox Valley Rentals & Investments LLC and Brian M Tomaszewski | (#,^) | 2906 E. Newberry St., Appleton, WI 54915 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/20/2042 | 39.8 | 39.8 | 46.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jolibe LLC and Jolibe Atelier LLC | (#,^) | 357 w 36th #401, New York, NY 10018 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/18/2027 | 7.3 | 7.3 | 7.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
226
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eickmann Management Group LLC dba Jimmy Johns of Dundee | (#,^) | 568 Techumseh St, Dundee, MI 48131 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/17/2027 | 69.5 | 69.5 | 73.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fullbro Trust dba Menemsha Blues | (#,^) | 2 Basin Rd, Chilmark, MA 2535 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 1/13/2027 | 15.7 | 15.7 | 16.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Echelon Enterprises, Inc | (#,^) | 16701 E. Iliff Ave, Aurora, CO 80013 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 1/10/2027 | 34.1 | 34.1 | 35.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metropolitan Solutions Group Inc. | (#,^) | 1420 Chestnut St, Portsmouth, VA 23704 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/19/2041 | 257.0 | 257.0 | 295.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Means Enterprises LLC dba FastFrame Frisco | (#,^) | 4112-4150 Legacy Drive/5729 Leabanon Rd Unit 412, Frisco, TX 75034 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/16/2026 | 14.4 | 14.4 | 14.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Soon Im. Chin dba Stan C-Store | (#,^) | 4014 E Stan Schlueter Loop, Killeen, TX 76542 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/15/2041 | 198.6 | 198.6 | 231.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sempco, Inc. | (#,^) | 51 -55 Lake St Unit #2-6, Nashua, NH 3060 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2041 | 39.2 | 39.2 | 45.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Chicago Wholesale Bakery, Inc. | (#,^) | 795 Touhy Ave, Elk Grove Village, IL 60007 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2041 | 426.1 | 426.1 | 492.2 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Techni-Pro Institute LLC | (#,^) | 414 NW 35th St, Boca Raton, FL 33431 | Educational Services | Term Loan | Prime plus 2.75% | 12/15/2026 | 130.8 | 130.8 | 133.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elita 7, LLC | (#,^) | 16 Marble St, Worcester, MA 1603 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 12/15/2041 | 669.9 | 669.9 | 779.3 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HMG Strategy, LLC | (#,^) | 191 Post Rd West, Westport, CT 6880 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/14/2026 | 32.6 | 32.6 | 32.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trison Enterprises Inc.dba Lee's Automotive | (#,^) | 13281 Aurora Ave N, Seattle, WA 98311 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/14/2041 | 380.8 | 380.8 | 442.2 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AGG Management Team LLC dba Chevron | (#,^) | 2615 S Dixie Hwy, West Palm Beach, FL 33401 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/14/2041 | 267.8 | 267.8 | 313.2 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roast Beef Levittown LLC dba Arby's | (#,^) | 2080 Hempstead Turnpike, East Meadow, NY 11554 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/13/2026 | 146.3 | 146.3 | 153.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Success Advertising Inc. dba Success Communivstion Gr | (#,^) | 26 Eastmans Rd, Parsippany, NJ 7054 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/13/2041 | 435.9 | 435.9 | 509.1 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wayfarer Bicycle LLC | (#,^) | 118-120 Ocean Ave, New London, CT 6320 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 12/13/2041 | 86.4 | 86.4 | 99.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mack Team Enterprises Inc.dba The UPS Store #6815 | (#,^) | 38200 Ave of the States, Fort Gordon, GA 30905 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 12/9/2026 | 14.1 | 14.1 | 14.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Recycling Revolution,LLC | (#,^) | 4190 Collins Rd, Unadilla, GA 31091 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/9/2041 | 85.3 | 85.3 | 98.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| eCommerce Direct, LLC | (#,^) | 3440 Gannett Ave, Des Moines, IA 50321 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/9/2026 | 534.4 | 534.4 | 546.0 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New Life Hospital LLC | (#,^) | 17400 Red Oak Drive, Houston, TX 77090 | Hospitals | Term Loan | Prime plus 2.75% | 12/8/2041 | 1,139.8 | 1,139.8 | 1,333.1 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Imagine By Carleen Inc. | (#,^) | 1404 Del Prado Blvd. Units 100 & 105, Cape Coral, FL 33990 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/8/2041 | 49.1 | 49.1 | 56.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
227
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hanson's Greeks LLC | (#,^) | 8132 N. 87th Place, Ste A, Scottsdale, AZ 85258 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/8/2026 | 7.7 | 7.7 | 8.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Noso Development LLC | (#,^) | 4 Walker Way, Albany, NY 12205 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/1/2026 | 53.5 | 53.5 | 54.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Quick Ship, LLC | (#,^) | 448 W. 19th St, Houston, TX 77008 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 11/30/2026 | 7.2 | 7.2 | 7.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Imaginarium Foods LLC, | (#,^) | 751 N. Cable Rd, Lima, OH 45805 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2042 | 349.1 | 349.1 | 406.5 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RD Management, LLC | (#,^) | 2302 N. Kings Hwy, Myrtle Beach, SC 29572 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/30/2026 | 145.7 | 145.7 | 147.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC | (#,^) | 1 Pebble Wood Lane, Palm Coast, FL 32164 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 11/30/2041 | 63.4 | 63.4 | 74.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Usman Jalil, LLC dba Food Mart | (#,^) | 147 N Washington St, Plainville, CT 6062 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/29/2041 | 217.9 | 217.9 | 250.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Access Staffing, LLC | (#,^) | 360 Lexington Ave 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/29/2026 | 841.0 | 841.0 | 848.6 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CRK Mens, LLC dba Spiff for Men | (#,^) | 750 Third Ave, New York, NY 10017 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/23/2026 | 71.1 | 71.1 | 72.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WPN Recycling Company LLC | (#,^) | 5101 Andard Ave, Baltimore, MD 21226 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 11/23/2026 | 15.3 | 15.3 | 16.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn | (#,^) | 1835 Auburn Way N Ste B, Auburn, WA 98002 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/23/2026 | 40.9 | 40.9 | 41.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bouquet Restaurant LLC | (#,^) | 519 Main St, Covington, KY 41011 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/22/2041 | 90.6 | 90.6 | 105.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JBK Truck Trailer and Bus Inc. | (#,^) | 8669 S. State Rd 67, Camby, IN 46113 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/22/2041 | 388.2 | 388.2 | 449.9 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 6E Technologies LLC | (#,^) | 11001 West 120th Ave, Ste 400, Broomfield, CO 80020 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/22/2026 | 105.4 | 105.4 | 109.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Broms Asset Management LLC | (#,^) | 215 East 79th St Apt 9E, New York, NY 10075 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 11/22/2026 | 84.8 | 84.8 | 85.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Skaggs RV Outlet LLC | (#,^) | 301 Commerce Drive, Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 11/21/2026 | 68.2 | 68.2 | 71.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Catherine Christine Morin dba Purr-Fect Pets | (#,^) | 1915 North Austin Ave, Georgetown, TX 78626 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/17/2026 | 12.8 | 12.8 | 12.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stratmar Systems Inc dba Stratmar Retail Services | (#,^) | 109 Willett Ave, Port Chester, NY 10573 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/16/2026 | 46.8 | 46.8 | 49.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hoosier Health Plus, LLC | (#,^) | 520 East 8th St, Anderson, IN 46012 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/15/2026 | 63.1 | 63.1 | 66.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hackensack Steel Corporation and Luzerne Ironworks Inc | (#,^) | 300 Sly St, Swoyersville, PA 18709 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 11/10/2026 | 176.0 | 176.0 | 184.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dyer Properties, LLC and Bayview Pharmacy, Inc. | (#,^) | 3844 Post Rd, Warwick, RI 2886 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 11/9/2041 | 224.3 | 224.3 | 259.1 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MIK LLC dba Firehouse Subs | (#,^) | 17250 Royalton Rd, Strongsville, OH 44136 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/9/2026 | 151.9 | 151.9 | 153.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
228
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fine Line Interiors, Inc. | (#,^) | 2530 SW 30th Ave, Hallandale Beach, FL 33009 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/4/2041 | 60.3 | 60.3 | 70.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero | (#,^) | 13215 Miles Ave, Cleveland, OH 44105 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/3/2041 | 111.5 | 111.5 | 130.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Veracruz Shabo, LLC Waterfalls Quick Lube LLC | (#,^) | 1325 BRd St, Central Falls, RI 2863 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/1/2041 | 110.8 | 110.8 | 128.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Glocecol LLC | (#,^) | 10302 NW South River Drive, Bay #18, Miami, FL 33178 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/1/2026 | 51.1 | 51.1 | 53.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bloomquist Communications Inc. | (#,^) | 131 East Trinity Place, Decatur, GA 30030 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2026 | 40.4 | 40.4 | 40.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moolchan Enterprises LLC dba Staying Green | (#,^) | 2650 S.W. 154 Ave, Davie, FL 33331 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2026 | 7.4 | 7.4 | 7.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Woodstock Enterprises Corp dba True Scent Candle Co | (#,^) | 191 2nd Ave, Warwick, RI 2888 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 10/31/2041 | 82.6 | 82.6 | 95.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elite Structures Inc | (#,^) | 401 Old Quitman Rd, Abel, GA 31620 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 10/27/2029 | 176.7 | 176.7 | 188.8 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC | (#,^) | 200 North Branford Rd, Branford, CT 6405 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 10/24/2026 | 286.4 | 286.4 | 300.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Worldwide Estate, Inc. dba Washington Heights Manor | (#,^) | 10620 W. Greenwood Terrace, Milwaukee, WI 53224 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 10/21/2041 | 208.9 | 208.9 | 244.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gold Wind Logistics LLC | (#,^) | 2830 Beech Daly Rd, Inkster, MI 48141 | Truck Transportation | Term Loan | Prime plus 2.75% | 10/20/2041 | 162.9 | 162.9 | 190.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Speaker City, Inc. dba Rollin Thunder | (#,^) | 246 East Belt Blvd, Richmond, VA 23224 | Electronics and Appliance Stores | Term Loan | Prime plus 2.75% | 10/14/2041 | 116.4 | 116.4 | 135.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maine Service Corp | (#,^) | 59-22 55th St, Maspeth, NY 11378 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 10/13/2026 | 110.7 | 110.7 | 115.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Justin Partlow | (#,^) | 100 Independence Place, Ste 414, Tyler, TX 75703 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 10/13/2026 | 13.1 | 13.1 | 13.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Reliable Recovery Services LLC | (#,^) | 2401 West Mcdowell Rd, Phoenix, AZ 85009 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 10/7/2026 | 75.8 | 75.8 | 78.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wyspen Corporation dba Charlestown Ace | (#,^) | 5 Austin St, Charlestown, MA 2129 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 10/3/2026 | 24.3 | 24.3 | 24.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ailky Corporation | (#,^) | 352 Beford St, Lakeville, MA 2347 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 10/3/2026 | 159.6 | 159.6 | 162.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JJA Transportation Management Inc. | (#,^) | 15 Church St, Upland, PA 19015 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 9/30/2026 | 33.6 | 33.6 | 33.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seaway LLC and Reklaw LLC dba Allure Lounge | (#,^) | 415 -417 Halsey Drive, Newark, NJ 7102 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2041 | 127.4 | 127.4 | 149.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beadon Inc | (#,^) | 2601 Old Ocean City Rd, Salisbury, MD 21804 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 9/28/2026 | 14.9 | 14.9 | 15.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CNC Precision Machine, Inc. | (#,^) | 18360 Industrial Circle, Burton, OH 44021 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/28/2041 | 1,188.7 | 1,188.7 | 1,376.8 | 0.41 | % | |||||||||||||||||||||||||||||||||||||||||||||
229
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reynolds Fence & Guardrail Inc. | (#,^) | 9320 Machado Drive, Indian Trail, NC 28079 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 9/27/2026 | 418.4 | 418.4 | 435.8 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kyle M Walker DDS, PC | (#,^) | 1402 West Park Ave, Orange, TX 77630 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2026 | 157.1 | 157.1 | 159.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luv 2 Play Nor Cal, LLC dba Luv 2 Play | (#,^) | 82 Clarksville Rd, Folsom, CA 95630 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/27/2026 | 36.2 | 36.2 | 36.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TPFC,LLC dbaThe Picture Frame Company | (#,^) | 5957 Glenway Ave, Cincinnati, OH 45238 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/26/2041 | 54.5 | 54.5 | 63.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ridge Road Equestrian LLC dba Ricochet Ridge Ranch | (#,^) | 24201 North Hwy 1, Fort Bragg, CA 95437 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 9/26/2026 | 6.0 | 6.0 | 6.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| PeopleBest Inc. | (#,^) | 19442 Mesa Drive, Villa Park, CA 92861 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/26/2026 | 10.0 | 10.0 | 10.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cuppiecakes LLC | (#,^) | 313 S Main St, McGregor, TX 76557 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/21/2041 | 20.9 | 20.9 | 24.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wrecking Crew Media LLC | (#,^) | 229 Commercial Ave, Pittsburgh, PA 15212 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 9/21/2026 | 33.2 | 33.2 | 33.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Consulting Solutions Inc. and Mark Luciani | (#,^) | 3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 33306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/20/2026 | 16.2 | 16.2 | 16.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Benoit's Towing and Recovery LLC | (#,^) | 301 Tabor Rd, Swanton, VT 5488 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 9/20/2026 | 5.6 | 5.6 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marquis Cattle Company | (#,^) | 805 US Hwy 87, Belt, MT 59412 | Animal Production and Aquaculture | Term Loan | Prime plus 2.75% | 9/13/2026 | 33.5 | 33.5 | 35.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Metropet Dog Center, Inc | (#,^) | 2057 West Shore Rd, Warwick, RI 2889 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/13/2041 | 101.3 | 101.3 | 117.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C | (#,^) | 1362-1366 W. Carrier Parkway, Grand Prairie, TX 75050 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/30/2026 | 89.8 | 89.8 | 91.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Raem Corporation dba Dryclean Express | (#,^) | 557 West Whitney Rd, Fairport, NY 14450 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/29/2041 | 67.1 | 67.1 | 78.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Warren Dale Warrington dba Custom Paint and Body | (#,^) | 705 S Market Ave, Fort Pierce, FL 34982 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/26/2041 | 93.7 | 93.7 | 108.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Albert Basse Associates Inc | (#,^) | 175 Campanelli Parkway, Stoughton, MA 2072 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 8/25/2026 | 40.6 | 40.6 | 42.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rosmel Pools Inc | (#,^) | 9300 NW 25th St Ste 103, Miami, FL 33172 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/25/2026 | 14.8 | 14.8 | 15.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Avery Management Inc. dba Whetstone Upholstery | (#,^) | 1122 N Bloulevard, Richmond, VA 23230 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/25/2026 | 6.7 | 6.7 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| TR Companies LLC dba Liberty Rental 4 U | (#,^) | 410 N Church Rd, Liberty, MO 64068 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 8/25/2026 | 32.6 | 32.6 | 32.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sambella Holdings, LLC and Strike Zone Entertainment Center LLC | (#,^) | 726-740 South Fleming St, Sebastian, FL 32958 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/24/2041 | 492.0 | 492.0 | 574.4 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luv 2 Play Temecula, LLC | (#,^) | 26469 Ynez Rd, Temecula, CA 92591 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 8/15/2026 | 40.9 | 40.9 | 41.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grayson O Company | (#,^) | 6509 Newell Ave, Kannapolis, NC 28082 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 8/10/2041 | 578.2 | 578.2 | 675.1 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
230
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paul Belanger dba Paul Belanger Landscaping | (#,^) | 2595 Military Ave, Los Angeles, CA 90064 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 8/9/2026 | 9.8 | 9.8 | 9.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Hungry Rhino LLC | (#,^) | 47 South Main St, Windsor Locks, CT 6096 | Real Estate | Term Loan | Prime plus 2.75% | 7/29/2041 | 70.4 | 70.4 | 81.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little Tree Huggers Child Care LLC | (#,^) | 38620 9 Mile Rd, Farmington Hills, MI 48335 | Social Assistance | Term Loan | Prime plus 2.75% | 7/29/2041 | 129.3 | 129.3 | 150.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 303 Tower Drive LLC | (#,^) | 303 Tower Drive, Ste A, Middletown, NY 10941 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/29/2041 | 369.5 | 369.5 | 430.3 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| USA General Investment LLC dba Braniff Paint and Body Shop | (#,^) | 2290 NW 21st Terrace, Miami, FL 33142 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 7/29/2026 | 14.6 | 14.6 | 14.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 676 Club LP dba The Green Door Tavern/The Drifter | (#,^) | 676 and 678 North Orleans ST, Chicago, IL 60654 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/28/2041 | 622.6 | 622.6 | 726.2 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Apple Tree NC Inc dba Williams Farm & Garden Center | (#,^) | 1309 Old Cherry Point Rd, New Bern, NC 28560 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 7/28/2041 | 319.9 | 319.9 | 369.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Intrepid Trinity LLC | (#,^) | 680 Douglas Ave, Providence, RI 2908 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 7/28/2041 | 57.7 | 57.7 | 67.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| EPEC Juice LLC dba Jamba Juice | (#,^) | 810 Ninth St, Ste 128, Durham, NC 27705 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/27/2026 | 54.2 | 54.2 | 54.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pinco Pizza LLC dba Jet's Pizza | (#,^) | 10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/27/2026 | 47.7 | 47.7 | 49.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar | (#,^) | 1 West Main St, Patchogue, NY 11772 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/27/2026 | 82.1 | 82.1 | 82.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert G Larson State Farm Insurance | (#,^) | 7922 Jamaica Ave, Woodhaven, NY 11421 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/22/2026 | 14.6 | 14.6 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| My Sainath Inc dba Motel 6 | (#,^) | 1008 E Crest Drive, Waco, TX 76705 | Accommodation | Term Loan | Prime plus 2.75% | 7/22/2041 | 282.9 | 282.9 | 329.6 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho | (#,^) | 1502 Hwy 157, Mansfield, TX 76063 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 7/18/2026 | 10.2 | 10.2 | 10.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Franklin Firm LLC dba Luv 2 Play | (#,^) | 1310 East Stan Schleuter Loop, Killeen, TX 76542 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/15/2041 | 149.5 | 149.5 | 173.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RM Hawkins LLC dba Pure Water Tech West | (#,^) | 5140 Topaz Drive, Colorado Springs, CO 80918 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 7/7/2026 | 32.3 | 32.3 | 33.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nevey's LLC dba Stark Food III | (#,^) | 6315 W. Fond Du Lac Ave, Milwaukee, WI 53218 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/30/2041 | 271.8 | 271.8 | 320.9 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai | (#,^) | 1314 Sixth St, Orland, CA 95963 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/30/2029 | 147.5 | 147.5 | 159.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| VMA Technologies LLC | (#,^) | 120 South Serenata Drive Unit 332, Ponte Vedra Beach, FL 32082 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/30/2026 | 14.3 | 14.3 | 14.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| P L H Pharmaco Inc dba Farmacia San Jose | (#,^) | 149 48th St, Union City, NJ 7087 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 6/30/2026 | 106.7 | 106.7 | 111.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Martin Inventory Management LLC | (#,^) | 304 1/2 Main St, Edgefield, SC 29824 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 6/30/2026 | 15.8 | 15.8 | 16.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
231
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Desert Tacos LLC | (#,^) | 245 East Bell Rd Ste A-2, Phoenix, AZ 85022 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2026 | 64.9 | 64.9 | 67.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| WGI, LLC dba Williams Grant Inn | (#,^) | 154 High St, Bristol, RI 2809 | Accommodation | Term Loan | Prime plus 2.75% | 6/29/2041 | 113.3 | 113.3 | 133.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc | (#,^) | 626 Delsea Drive N, Glassboro, NJ 8028 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/29/2026 | 89.8 | 89.8 | 93.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KWG Industries, LLC dba Peterson & Marsh Metal Industries | (#,^) | 330 Roycefield Rd, Unit B, Hillsborough, NJ 8844 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/29/2041 | 280.6 | 280.6 | 331.0 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JumboMarkets Inc dba Rines Jumbomarkets | (#,^) | 15500 SW Trail Drive, Indiantown, FL 34956 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/24/2026 | 32.0 | 32.0 | 33.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Island Time Investments, LLC dba Swantown Inn Bed & Breakfast | (#,^) | 1431 11th Ave SE, Olympia, WA 98501 | Accommodation | Term Loan | Prime plus 2.75% | 6/24/2041 | 93.3 | 93.3 | 110.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy | (#,^) | 27 Main St, Monroe, CT 6468 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/23/2041 | 459.2 | 459.2 | 538.4 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Visual Advantage LLC dba Signs Now Perryberg | (#,^) | 23248 Dunbridge Rd, Perrysburg, OH 43443 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/23/2041 | 84.1 | 84.1 | 98.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Long Island Comedy LLC dba Governors and New York Comedy, LLC | (#,^) | 90 A Division Ave, Levittown, NY 11756 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/23/2041 | 173.5 | 173.5 | 204.0 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bagelicious, LLC | (#,^) | 945 S Main St, Cheshire, CT 6410 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/17/2026 | 34.9 | 34.9 | 36.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr | (#,^) | 377 Boston Post Rd, Milford, CT 6460 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 6/16/2026 | 352.9 | 352.9 | 364.1 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| NKJ Lusby Donuts LLC | (#,^) | 174 Village Center Drive, Lusby, MD 20657 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/16/2026 | 14.4 | 14.4 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jai-Alexia Consulting, Inc. | (#,^) | 14660 Paddock Drive, Wellington, FL 33414 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 6/15/2026 | 7.6 | 7.6 | 7.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares | (#,^) | 1137 West St, Southington, CT 6489 | Social Assistance | Term Loan | Prime plus 2% | 6/15/2041 | 470.9 | 470.9 | 521.8 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luv 2 Play AZ LLC | (#,^) | 15495 Bell Rd, Surprise, AZ 85374 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/10/2026 | 41.9 | 41.9 | 43.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Refoleen Inc dba Spice and Tea Exchange | (#,^) | 849 East Commerce St, Ste 121, San Antonio, TX 78205 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/10/2026 | 55.4 | 55.4 | 57.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Larry H. Patterson and Rainbow Movers, Inc | (#,^) | 2325 Hollers Ave, Bronx, NY 10475 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/6/2026 | 14.4 | 14.4 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Solvit Inc and Solvit North Inc | (#,^) | 65 Farmington Valley Drive, Plainville, CT 6062 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/3/2026 | 158.5 | 158.5 | 164.6 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AP5 LLC dba Krauser's Food Store | (#,^) | 5 Pond Point Rd, Milford, CT 6460 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/2/2041 | 178.5 | 178.5 | 210.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ATI Jet Inc | (#,^) | 7007 Boeing Drive, El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus 2.75% | 5/31/2026 | 370.7 | 370.7 | 384.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Angelo Faia dba AVF Construction | (#,^) | 55 Arbour Lane, Sewell, NJ 8080 | Construction of Buildings | Term Loan | Prime plus 2.75% | 5/27/2041 | 91.5 | 91.5 | 107.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
232
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premier Athletic Center of Ohio, Inc | (#,^) | 8957 Kingsridge Drive, Centerville, OH 45459 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 5/27/2026 | 55.3 | 55.3 | 58.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jack Frost Firewood Inc. and David Dubinsky | (#,^) | 3168 Holland Rd, Virginia Beach, VA 23453 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/26/2041 | 189.7 | 189.7 | 222.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southwest Division Inc | (#,^) | 2103 NE 3rd Terrace, Cape Coral, FL 33909 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 5/26/2026 | 5.2 | 5.2 | 5.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| International Kitchen Supply LLC | (#,^) | 3466 North Hwy 11, West Union, SC 29696 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 5/25/2026 | 119.9 | 119.9 | 124.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Groth Lumber Co. Inc. dba True Value | (#,^) | 6747 Pacific Ave, Wright, MN 55798 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/25/2026 | 14.2 | 14.2 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Island Life Graphics Inc dba FASTSIGNS #576 | (#,^) | 1925 S 14th St No. 7, Amelia Island, FL 32034 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 5/24/2026 | 14.2 | 14.2 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Powerspec Inc | (#,^) | 1 Linsley Place, Metuchen, NJ 8840 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/24/2026 | 55.0 | 55.0 | 56.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Horseshoe Barbecue, LLC | (#,^) | 6555, 6565, 6575 N. Sandario Rd, Tucson, AZ 85743 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/23/2029 | 6.8 | 6.8 | 7.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pro Auto Repair LLC | (#,^) | 204 F St SW, Quincy, WA 98848 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/20/2026 | 4.6 | 4.6 | 4.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| National Air Cargo Holdings Inc | (#,^) | 5955 TG Lee Blvd., Ste 500, Orlando, FL 32822 | Air Transportation | Term Loan | Prime plus 2.75% | 5/20/2026 | 71.5 | 71.5 | 75.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elderfriend Inc dba Granny Nannies dba GN Live Scan | (#,^) | 1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 33486 | Social Assistance | Term Loan | Prime plus 2.75% | 5/20/2026 | 8.1 | 8.1 | 8.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dedicated Incorporated | (#,^) | 2916 North 39th St, Phoenix, AZ 85019 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 5/18/2041 | 42.8 | 42.8 | 50.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J&A Laundromat Inc. | (#,^) | 225 East Park Ave, Long Beach, NY 11561 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/18/2026 | 42.7 | 42.7 | 44.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HBA LLC dba Palmetto Twist-Vista | (#,^) | 1225-1229 Lincoln St, Columbia, SC 29201 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/18/2026 | 12.3 | 12.3 | 12.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| FJN Catering Inc | (#,^) | 106 Main St, Mineola, NY 11951 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/13/2041 | 243.1 | 243.1 | 286.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano | (#,^) | 11 Kirby Rd, Cromwell, CT 6419 | Social Assistance | Term Loan | Prime plus 2.75% | 5/12/2041 | 121.9 | 121.9 | 143.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sabir Inc. dba Bear Diner | (#,^) | 603 Pulaski Hwy, Bear, DE 19701 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/11/2041 | 113.8 | 113.8 | 134.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Keller, Fishback & Jackson LLP | (#,^) | 28720 Canwood St, Agoura Hills, CA 91301 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/29/2026 | 80.8 | 80.8 | 84.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Loriet LLC | (#,^) | 5001 Vivienda Way, Sarasota, FL 34235 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 4/29/2026 | 4.7 | 4.7 | 4.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hard Exercise Works Winter Park LLC | (#,^) | 11551 University Blvd, Ste. 4C Building 1, Orlando, FL 32817 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 4/29/2026 | 25.4 | 25.4 | 26.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marc S. Rosenberg P.C. dba Mammuth and Rosenberg | (#,^) | 401 East City Ave Ste 122, Bala Cynwyd, PA 19004 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 4/29/2026 | 14.0 | 14.0 | 14.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
233
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warner Home Comfort, LLC dba Smith Piping | (#,^) | 1571 Canton Rd., NW, Carrollton, OH 44615 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/29/2041 | 75.7 | 75.7 | 89.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Omega Trucking LLC | (#,^) | 14432-52 State Line Rd, Brookings, OR 97415 | Truck Transportation | Term Loan | Prime plus 2.75% | 4/29/2041 | 161.2 | 161.2 | 190.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| May-Craft Fiberglass Products Inc | (#,^) | 96 Hillsboro Rd, Four Oaks, NC 27524 | Transportation Equipment Manufacturing | Term Loan | Prime plus 2.75% | 4/29/2041 | 227.2 | 227.2 | 267.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Empowerschool LLC and Empower Autism Academy, LLC | (#,^) | 1250 South A. W. Grimes Rd, Round Rock, TX 78665 | Social Assistance | Term Loan | Prime plus 2.75% | 4/29/2041 | 139.4 | 139.4 | 164.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pecos Inn LLC dba Econo Lodge | (#,^) | 2207 W Third St, Pecos, TX 79772 | Accommodation | Term Loan | Prime plus 2.75% | 4/28/2041 | 621.9 | 621.9 | 732.8 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Costume World Inc | (#,^) | 950 South Federal Hwy, Deerfield Beach, FL 33441 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 4/28/2041 | 1,153.3 | 1,153.3 | 1,360.3 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Comfort Services, LLC | (#,^) | 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/26/2026 | 56.2 | 56.2 | 58.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Automotive Core Recycling, LLC and 828 Old Colony Road, LLC | (#,^) | 27-29 Cooper St, Meriden, CT 6053 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 4/22/2041 | 229.5 | 229.5 | 268.6 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AAA Mill Direct, Inc. dba Carpet Mill Outlets | (#,^) | 1 North Armistead Ave, Hampton, VA 23669 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 4/21/2026 | 4.9 | 4.9 | 5.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sushiya Inc | (#,^) | 72 South Main St, Hanover, NH 3755 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/12/2026 | 54.7 | 54.7 | 56.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Waterfalls Quick Lube LLC and Veracruz Shabo LLC | (#,^) | 1325 BRd St, Central Falls, RI 2863 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/6/2041 | 249.9 | 249.9 | 294.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KNS Early Learning Academy LLC | (#,^) | 57 Merritt St SE, Marietta, GA 30060 | Social Assistance | Term Loan | Prime plus 2.75% | 4/6/2041 | 46.9 | 46.9 | 55.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Christian Soderquist dba Soderquist Plumbing and Heating LLC | (#,^) | 7 Oak Drive, Sandy Hook, CT 6482 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/31/2041 | 52.0 | 52.0 | 61.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vehicle Safety Supply LLC | (#,^) | 15 East 72nd St, Ste 14-H, New York, NY 10021 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/31/2026 | 13.9 | 13.9 | 14.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dana A. Farley dba Independent Cabinets | (#,^) | 5805 NE Minder Rd, Poulsbo, WA 98370 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 3/31/2041 | 59.5 | 59.5 | 70.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cameo Carter, MD A Professional Corporation dba The Garden Pediatric G | (#,^) | 101 East Redlands Blvd., Ste 106, Redlands, CA 92373 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/31/2026 | 46.2 | 46.2 | 47.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Men of Steel Enterprises LLC and Vogelbacher Properties LLC | (#,^) | 2039 US Route 130, Burlington, NJ 8016 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/31/2041 | 360.4 | 360.4 | 421.4 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MTS Car Service LLC | (#,^) | 9 Gibson Court Apt# 1, Norwalk, CT 6854 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 3/30/2026 | 6.5 | 6.5 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West P | (#,^) | 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33410 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 3/30/2026 | 57.8 | 57.8 | 59.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tom Sawyer Country Restaurant LLC and AM 3208 LLC | (#,^) | 3208 Forest Hills Blvd, Palm Springs, FL 33406 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/30/2041 | 236.1 | 236.1 | 278.4 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wyldewood Cellars, Inc. | (#,^) | 951 East 119th St, Mulvane, KS 67120 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 3/30/2041 | 960.1 | 960.1 | 1,124.2 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
234
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOSO Development, LLC | (#,^) | 4 Walker Way, Albany, NY 12205 | Construction of Buildings | Term Loan | Prime plus 2.75% | 3/30/2026 | 120.2 | 120.2 | 123.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gordon Rogers and Heidi Rogers dba Stone House Motor Inn | (#,^) | 162 Danielson Pike, Foster, RI 2825 | Accommodation | Term Loan | Prime plus 2.75% | 3/30/2026 | 14.0 | 14.0 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Barrocas Gym LLC dba Snap Fitness | (#,^) | 260 West Main St, Avon, CT 6001 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/29/2026 | 11.6 | 11.6 | 12.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marathon Engineering Corporation | (#,^) | 5615 2nd St W, Lehigh Acres, FL 33971 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2041 | 41.2 | 41.2 | 48.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PHCDC1 LLC dba Quarter & Glory and Public House Collective, Corp. | (#,^) | 2017 14th St NW, Washington, DC 20009 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/28/2026 | 31.6 | 31.6 | 32.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Revolution Physical Therapy LLC dba Apex Network Physical Therapy | (#,^) | 2705 Dougherty Ferry Rd Ste 104, St. Louis, MO 63122 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/25/2026 | 14.0 | 14.0 | 14.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| International Construction Inc | (#,^) | 53955 Gratiot Ave, Chesterfield, MI 48051 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 3/24/2041 | 43.5 | 43.5 | 51.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ActKnowledge, Inc | (#,^) | 365 5th Ave, New York, NY 10016 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/24/2026 | 77.0 | 77.0 | 80.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Precious Care LLC and Precious Care Management LLC | (#,^) | 186-06 Union Turnpike, Fresh Meadows, NY 11364 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/21/2026 | 342.2 | 342.2 | 352.6 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Taylors Zinn Enterprises Inc dba Eons Auto Care Inc | (#,^) | 330 West Harden St, Graham, NC 27253 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/18/2041 | 74.0 | 74.0 | 87.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kekoa Enterprises Inc dba Signarama Sandy | (#,^) | 8942 South 700 East, Sandy, UT 84070 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/18/2026 | 30.5 | 30.5 | 31.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brian T Rice dba BD Logging | (#,^) | 800 3rd St Apt B, St Marys, WV 26170 | Forestry and Logging | Term Loan | Prime plus 2.75% | 3/17/2026 | 1.1 | 1.1 | 1.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & D Enterprises Inc dba My Pool Man | (#,^) | 291 North Texas Ave., Orlando, FL 32805 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/15/2026 | 30.8 | 30.8 | 31.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HEWZ, LLC dba Hard Exercise Works | (#,^) | 5684 West Sample Rd, Coral Springs, FL 33071 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/14/2026 | 13.8 | 13.8 | 14.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mustafa Inc and Raouf Properties LLC | (#,^) | 3538 Pin Oak Dr, San Antonio, TX 78229 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/14/2041 | 68.5 | 68.5 | 80.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dupre Capital LLC dba Fastsigns | (#,^) | 215 Quartermaster Court, Jeffersonville, IN 47130 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 3/11/2026 | 36.0 | 36.0 | 37.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ABCs & 123s Infant and Child Care Center LP | (#,^) | 13419 Hwy 290E., Bldg 5, Manor, TX 78653 | Social Assistance | Term Loan | Prime plus 2.75% | 3/11/2026 | 6.9 | 6.9 | 7.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Step Up Academy of the Arts LLC | (#,^) | 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 | Educational Services | Term Loan | Prime plus 2.75% | 3/9/2026 | 4.9 | 4.9 | 5.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faith Summit Supply Inc dba Summit Supply and Summit True Value | (#,^) | 8584 US Business Hwy 277, Haskell, TX 79521 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 3/9/2026 | 13.9 | 13.9 | 14.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swerve Salon LLC | (#,^) | 1419 N Wells St, Chicago, IL 60610 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/8/2026 | 48.7 | 48.7 | 50.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J & W Hardwood Flooring Inc | (#,^) | 14967 Madison St, Brighton, CO 80602 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/7/2026 | 4.6 | 4.6 | 4.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Labmates LLC and POV Holdings LLC | (#,^) | 141 Watertown Rd, Thomaston, CT 6787 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/4/2041 | 100.1 | 100.1 | 117.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
235
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hueston and Company CPA LLC | (#,^) | 8792 East State Rd 70, Ste B, Bradenton, FL 34202 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/4/2026 | 5.0 | 5.0 | 5.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Almost Home Daycare LLC | (#,^) | 35 Copps Hill Rd, Ridgefield, CT 6877 | Social Assistance | Term Loan | Prime plus 2.75% | 3/3/2026 | 34.5 | 34.5 | 36.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The River Beas, LLC dba Subway and Punam Singh | (#,^) | 5516 Baltimore Ave, Hyattsville, MD 20781 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2041 | 124.2 | 124.2 | 146.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Consulting Solutions, Inc. and Mark Luciani | (#,^) | 3000 N Federal Hwy, STE 1, Fort Lauderdale, FL 33306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/28/2026 | 7.5 | 7.5 | 7.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Living Essentials HVAC Corp | (#,^) | 42 West St, Apt 24, Randolph, MA 2368 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/28/2026 | 9.1 | 9.1 | 9.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Powerpits CS1, LLC dba Pita Pit | (#,^) | 2008 S Texas Ave, College Station, TX 77840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2026 | 1.4 | 1.4 | 1.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Drug Detection Laboratories, Inc. and Minh Tran | (#,^) | 9700 Business Park Drive, Sacramento, CA 95827 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/28/2026 | 12.0 | 12.0 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Aaradhya LLC dba Market Square Laundry | (#,^) | 7727 Crittenden St, Philadelphia, PA 19118 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/23/2026 | 47.1 | 47.1 | 48.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blackstones Hairdressing LLC | (#,^) | 2 Ave of the Americas, New York, NY 10013 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/23/2026 | 31.8 | 31.8 | 32.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & K Contracting Inc | (#,^) | 3605 NW 31st Ave, Fort Lauderdale, FL 33309 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 2/18/2026 | 9.6 | 9.6 | 10.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jersey Shore Marina & Boat Sales, Inc. | (#,^) | 841 Route 70 East, Brick, NJ 8724 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 2/12/2041 | 572.4 | 572.4 | 674.0 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ei3 Corporation | (#,^) | 136 Summit Ave, Montvale, NJ 7645 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/12/2026 | 198.7 | 198.7 | 207.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gilmore Heights Dental Holdings, LTD and Chas Rob LLC | (#,^) | 2250 Warrensville Center Rd, University Heights, OH 44118 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 2/12/2029 | 227.3 | 227.3 | 242.4 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B for Blonde, LLC dba Blo Blow Dry Bar | (#,^) | 142 East 49th St, New York, NY 10017 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/12/2026 | 39.7 | 39.7 | 40.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Base USA, Inc. | (#,^) | 2215 NW 2nd Ave, Miami, FL 33127 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 2/2/2026 | 30.4 | 30.4 | 31.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zouk Ltd dba Palma | (#,^) | 28 Cornelia St, New York, NY 10014 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/29/2026 | 13.5 | 13.5 | 14.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SuzyQue's LLC dba SuzyQue's | (#,^) | 34 South Valley Rd, West Orange, NJ 7052 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/28/2026 | 13.4 | 13.4 | 14.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wildflour Bakery & Cafe LLC | (#,^) | 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 | Social Assistance | Term Loan | Prime plus 2.75% | 1/28/2026 | 37.5 | 37.5 | 39.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tammy Lavertue | (#,^) | 24 Wakefield St, Rochester, NH 3867 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 1/28/2026 | 6.7 | 6.7 | 7.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gendron Funeral and Cremation Services, Inc. | (#,^) | 135 North Lime Ave, Sarasota, FL 34237 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/11/2041 | 102.8 | 102.8 | 121.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dolarian Realty LLC and OV's Restaurant Inc | (#,^) | 34 Old Colony Ave, East Taunton, MA 2718 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/5/2041 | 61.8 | 61.8 | 72.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt | (#,^) | 1196 Inverness Lane, Stow, OH 44224 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/29/2025 | 66.6 | 66.6 | 68.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
236
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MCF Forte LLC | (#,^) | 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/29/2025 | 11.1 | 11.1 | 11.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Panditos LLC dba White Lotus Home | (#,^) | 431 Raritan Ave, Highland Park, NJ 8904 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 12/28/2025 | 9.4 | 9.4 | 9.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc | (#,^) | 24201 North Hwy 1, Fort Bragg, CA 95437 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/23/2040 | 93.3 | 93.3 | 109.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 800 on the Trax LLC and Matrix Z LLC | (#,^) | 800 SW 21st Terrace, Fort Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 2.75% | 12/23/2040 | 228.7 | 228.7 | 268.0 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga | (#,^) | 8957 Kingsridge Drive, Centerville, OH 45459 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/22/2028 | 635.3 | 635.3 | 681.1 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joyce Outdoor Advertising Chicago LLC | (#,^) | 2443 West 16th St, Chicago, IL 60608 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/22/2040 | 274.3 | 274.3 | 321.4 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hattingh Incorporated dba Prosthetic Care Facility | (#,^) | 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/21/2025 | 10.6 | 10.6 | 11.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Trip Consultants U.S.A. Inc. | (#,^) | 311 85th St, Brooklyn, NY 11209 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/18/2025 | 98.4 | 98.4 | 101.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Tag and Label Inc | (#,^) | 2201 Rittenhouse St, Des Moines, IA 50321 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 12/18/2040 | 603.3 | 603.3 | 707.4 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Labmates LLC | (#,^) | 141 Watertown Rd, Thomaston, CT 6787 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 12/18/2040 | 147.9 | 147.9 | 173.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sourceco Limited Liability Company | (#,^) | 17 Palmer Ave, West Long Branch, NJ 7764 | Merchant Wholesalers, Nondurable Goods | Term Loan | 6.5% | 12/17/2025 | 24.5 | 24.5 | 23.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moments to Remember USA LLC dba Retain Loyalty | (#,^) | 1250 Sanders Ave SW, Massillon, OH 44646 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 12/16/2025 | 51.3 | 51.3 | 53.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| New York Home Health Care Equipment, LLC | (#,^) | 30 Hopper St, Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/16/2025 | 610.4 | 610.4 | 637.0 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Swalm Street LLC and New York Home Health Care Equipment LLC | (#,^) | 30 Hopper St, Westbury, NY 11590 | Ambulatory Health Care Services | Term Loan | 7.5% | 12/16/2040 | 363.0 | 363.0 | 340.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Abitino's JFK LLC dba Abitino's | (#,^) | Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/16/2022 | 46.3 | 46.3 | 46.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JAG Unit 1, LLC | (#,^) | 1 West Main St, Patchogue, NY 11772 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/16/2025 | 150.1 | 150.1 | 154.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DC Enterprises Ltd. dba Lakeview True Value | (#,^) | 318 North F St, Lakeview, OR 97630 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 12/14/2025 | 13.3 | 13.3 | 13.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Basista Family Limited Partnership and UPE, Inc. | (#,^) | 3401 Brecksville Rd, Richfield, OH 44286 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 12/14/2040 | 311.6 | 311.6 | 365.3 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cares, Inc dba Dumpling Grounds Day Care Center | (#,^) | 4508 Blakiston St, Philadelphia, PA 19136 | Social Assistance | Term Loan | Prime plus 2.75% | 12/10/2025 | 4.4 | 4.4 | 4.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Custom Exteriors, Inc. | (#,^) | 2142 Rheem Drive, Ste E, Pleasanton, CA 94588 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/9/2025 | 59.2 | 59.2 | 61.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sushiya, Inc. | (#,^) | 72-74 South Main St, Hanover, NH 3755 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/8/2025 | 64.3 | 64.3 | 66.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
237
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC | (#,^) | 880 Lowcountry Blvd, Mount Pleasant, SC 29464 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/4/2040 | 457.4 | 457.4 | 536.9 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Japp Business Inc dba Pick and Eat and Japp Drink Corp. | (#,^) | 4179 Broadway, New York, NY 10033 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/30/2025 | 75.7 | 75.7 | 78.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DWeb Studio, Inc. | (#,^) | 10800 E. Bethany Drive, Ste 275, Aurora, CO 80014 | Educational Services | Term Loan | Prime plus 2.75% | 11/25/2025 | 6.6 | 6.6 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sambella Holdings, LLC and Strike Zone Entertainment Center LLC | (#,^) | 726-740 South Fleming St, Sebastian, FL 32958 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 11/23/2040 | 738.3 | 738.3 | 692.8 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy | (#,^) | 3105 107th Ave, Doral, FL 33178 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 11/20/2025 | 52.5 | 52.5 | 54.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| S.B.B. Enterprises Inc dba Williamston Hardware | (#,^) | 139 S Putnam St, Williamston, MI 48895 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/19/2040 | 98.5 | 98.5 | 114.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Key Pix Productions Inc. dba Air Bud Entertainment | (#,^) | 22525 Pacific Coast Hwy, Malibu, CA 90265 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 11/18/2040 | 499.7 | 499.7 | 587.4 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Green Life Lawnscapes LLC dba Green Life Lawn Care | (#,^) | 1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 11/6/2025 | 80.1 | 80.1 | 83.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JumboMarkets Inc dba Rines Jumbomarkets | (#,^) | 15500 SW Trail Drive, Indiantown, FL 34956 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/4/2025 | 178.6 | 178.6 | 186.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Financial Network Recovery Inc | (#,^) | 250 E Easy St Ste 1, Simi Valley, CA 93065 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/26/2025 | 23.0 | 23.0 | 23.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ADMO Inc dba Mid States Equipment | (#,^) | 16180 Westwoods Business Park, Ellisville, MO 63021 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 10/8/2025 | 12.9 | 12.9 | 13.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SCJEN Management Inc dba Bowl of Heaven | (#,^) | 43958 Pacific Common Blvd, Fremont, CA 94538 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2025 | 40.8 | 40.8 | 41.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas Cit | (#,^) | 7748 Troost Ave, Kansas City, MO 64131 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 9/30/2028 | 46.7 | 46.7 | 50.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Binky's Vapes LLC | (#,^) | 10539 Greenbelt Rd Ste 102, Lanham, MD 20706 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/30/2025 | 12.7 | 12.7 | 13.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Barub Realty LLC and Barub LLC dba Woodlawn Cabinets | (#,^) | 1838 Adee Ave, Baychester, NY 10469 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 9/30/2040 | 129.1 | 129.1 | 151.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R.H. Hummer Jr., Inc. | (#,^) | 2141 P Ave, Williamsburg, IA 52361 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/30/2025 | 230.8 | 230.8 | 240.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RIM Investments LLC and RIM Architects LLC | (#,^) | 645 G St Ste 400, Anchorage, AK 99501 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/28/2040 | 360.7 | 360.7 | 422.4 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greensward of Marco Inc. | (#,^) | 54 Marco Lake Drive, Marco Island, FL 34146 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/28/2040 | 79.6 | 79.6 | 93.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sandlot Ventures LLC and Sandbox Ventures LLC | (#,^) | 1857A Elmdale Ave, Glenview, IL 60025 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/25/2040 | 413.0 | 413.0 | 482.0 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prestigious LifeCare for Seniors LLC | (#,^) | 5701 North Pine Island Rd, Tamarac, FL 33321 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/25/2025 | 5.6 | 5.6 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
238
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Daniel W. Stark dba Mountain Valley Lodge and RV Park | (#,^) | 223 Hwy 80, Rodeo, NM 88056 | Accommodation | Term Loan | Prime plus 2.75% | 9/25/2040 | 12.2 | 12.2 | 14.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn | (#,^) | 10 West Orvis St, Massena, NY 13662 | Accommodation | Term Loan | Prime plus 2.75% | 9/24/2040 | 565.1 | 565.1 | 661.5 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Finish Strong Inc dba FASTSIGNS St Peters | (#,^) | 98 North Hillview Drive, St Peters, MO 63376 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 9/23/2025 | 28.3 | 28.3 | 29.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 6475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/21/2025 | 28.1 | 28.1 | 29.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| IIoka Inc dba New Cloud Networks | (#,^) | 160 Inverness Drive W Ste 150, Englewood, CO 80112 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/21/2025 | 378.5 | 378.5 | 387.8 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Vanderhoof LLC dba Soxfords | (#,^) | 11 Sellecks Walk, Pound Ridge, NY 10576 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 9/18/2025 | 8.6 | 8.6 | 8.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| MiJoy Inc dba Imo's Pizza | (#,^) | 215 South Kirkwood Rd, Kirkwood, MO 63122 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/18/2025 | 4.7 | 4.7 | 4.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Naeem Khan LTD | (#,^) | 260 West 36h St, New York, NY 10018 | Apparel Manufacturing | Term Loan | Prime plus 2.75% | 9/17/2025 | 70.8 | 70.8 | 72.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| FirstVitals Health and Wellness Inc | (#,^) | 1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/15/2025 | 87.6 | 87.6 | 89.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Almost Home Daycare LLC | (#,^) | 35 Copps Hill Rd, Ridgefield, CT 6877 | Social Assistance | Term Loan | Prime plus 2.75% | 9/11/2025 | 6.4 | 6.4 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc | (#,^) | 170 Main St, North Kingstown, RI 2852 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 9/8/2040 | 126.7 | 126.7 | 148.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Empower Autism Academy | (#,^) | 1250 South A. W. Grimes Rd, Round Rock, TX 78665 | Social Assistance | Term Loan | Prime plus 2.75% | 9/4/2040 | 619.3 | 619.3 | 726.8 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elite Institute LLC dba Huntington Learning Center | (#,^) | 13526 Village Park Drive Ste 214, Orlando, FL 32837 | Educational Services | Term Loan | Prime plus 2.75% | 8/28/2025 | 8.5 | 8.5 | 8.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3000 CSI Property LLC and Consulting Solutions Inc | (#,^) | 3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/20/2040 | 127.8 | 127.8 | 149.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| God Be Glorified Inc dba GBG Inc | (#,^) | 40 West. 162nd St, South Holland, IL 60473 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 8/20/2025 | 29.6 | 29.6 | 30.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GDP Gourmet LLC dba Joe and John's Pizza Restaurant | (#,^) | 136 New Jersey Ave, Absecon, NJ 8201 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/19/2040 | 130.9 | 130.9 | 153.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gold Jet Corp. | (#,^) | 2472 Broadway, New York, NY 10025 | Couriers and Messengers | Term Loan | Prime plus 2.75% | 8/14/2025 | 39.9 | 39.9 | 41.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SKJ Inc dba Subway | (#,^) | 401 S Woodlawn Ave, Bloomington, IN 47401 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/13/2025 | 48.4 | 48.4 | 49.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LP Industries Inc dba Childforms | (#,^) | 110 Charleston Drive, Mooresville, NC 28117 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 7/29/2025 | 72.3 | 72.3 | 75.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Pa | (#,^) | 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 7/24/2025 | 36.4 | 36.4 | 37.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Free Ion Advisors LLC | (#,^) | 322 Evandale Rd, Scarsdale, NY 10583 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 7/21/2025 | 35.3 | 35.3 | 36.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Murrayville Donuts, Inc dba Dunkin' Donuts | (#,^) | 2304 N College Rd, Wilmington, NC 28405 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 7/15/2040 | 330.7 | 330.7 | 385.9 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
239
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Union 2 LLC dba The Standard | (#,^) | 1520 Broadway, Fort Myers, FL 33901 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/10/2025 | 61.1 | 61.1 | 63.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jonathan E Nichols and Nichols Fire and Security LLC | (#,^) | 1906 Vanderhorn Drive, Memphis, TN 38134 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/30/2025 | 40.6 | 40.6 | 42.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thrifty Market, Inc. dba Thrifty Foods | (#,^) | 702 10th St, Wheatland, WY 82201 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/30/2030 | 210.1 | 210.1 | 228.6 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Summit Beverage Group LLC | (#,^) | 211 Washington Ave, Marion, VA 24354 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 8/29/2030 | 219.4 | 219.4 | 238.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SofRep, Inc dba Force 12 Media | (#,^) | 930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451 | Other Information Services | Term Loan | Prime plus 2.75% | 6/26/2025 | 35.7 | 35.7 | 37.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TJU-DGT Inc dba The Lorenz Cafe | (#,^) | 714-718 Lorenz Ave, Pittsburgh, PA 15220 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/26/2029 | 14.8 | 14.8 | 16.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling | (#,^) | 13886 Campo Rd, Jamul, CA 91935 | Gasoline Stations | Term Loan | Prime plus 2.75% | 6/26/2040 | 341.3 | 341.3 | 401.7 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CEM Autobody LLC dba Dawn's Autobody | (#,^) | 7 Division St, Keyport, NJ 7735 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/26/2040 | 121.7 | 121.7 | 143.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E & G Enterprises LLC dba Comfort Keepers | (#,^) | 220 Middle St, Franklin, VA 23851 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/26/2025 | 12.1 | 12.1 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ohs Auto Body, Inc. dba Ohs Body Shop | (#,^) | 3560 Hwy 93 South, Kalispell, MT 59901 | Repair and Maintenance | Term Loan | 7.22% | 6/25/2040 | 1,097.8 | 1,097.8 | 1,029.7 | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wolf Enviro Interests, LLC and Enviromax Services Inc | (#,^) | 18002 Mueschke Rd, Cypress, TX 77433 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/25/2040 | 221.6 | 221.6 | 260.3 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Evinger PA One, Inc. dba Postal Annex, Falcon | (#,^) | 7661 McLaughlin Rd, Falcon, CO 80831 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 6/24/2025 | 12.2 | 12.2 | 12.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| RJI Services, Inc. | (#,^) | 353 E Angeleno Ste G, Burbank, CA 91502 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/23/2025 | 12.0 | 12.0 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Real Help LLC dba Real Help Decorative Concrete | (#,^) | 2221 Broadway St, Buffalo, NY 14212 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 6/22/2025 | 28.7 | 28.7 | 29.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PM Cassidy Enterprises, Inc. dba Junk King | (#,^) | 960 Matley Lane, Ste 20 & 21, Bldg B, Reno, NV 89502 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 6/19/2025 | 6.8 | 6.8 | 7.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| KRN Logistics, LLC and Newsome Trucking, Inc | (#) | 2262 Hwy 53 W, Jasper, GA 30143 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/19/2025 | 279.4 | 279.4 | 290.6 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra | (#,^) | 111 N Pompano Beach Blvd., Pompano Beach, FL 33062 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/18/2025 | 25.2 | 25.2 | 26.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AM PM Properties, LLC and AM PM Willington, LLC | (#,^) | 1308 Stafford Rd, Storrs Mansfield, CT 6268 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/17/2040 | 78.0 | 78.0 | 91.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mirage Plastering Inc and Mpire LLC and Mpire II LLC | (#,^) | 1802 W Grant Rd Ste 114, Tucson, AZ 85745 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 6/12/2040 | 124.6 | 124.6 | 146.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eldredge Tavern LLC dba Gonyea's Tavern | (#,^) | 150 Main St, Pascoag, RI 2859 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/8/2040 | 50.8 | 50.8 | 59.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ViAr Visual Communications, Inc. dba Fastsigns 281701 | (#,^) | 4721 University Way NE, Seattle, WA 98105 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/5/2025 | 33.5 | 33.5 | 34.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Video Vault & Tanning LLC and Mosaic Salon LLC | (#) | W7003 Parkview Dr, Ste A & B, Greenville, WI 54942 | Rental and Leasing Services | Term Loan | Prime plus 2.75% | 6/4/2040 | 60.5 | 60.5 | 71.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
240
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Medworxs LLC | (#,^) | 10901 W. Toller Drive, Littleton, CO 80127 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/3/2025 | 67.6 | 67.6 | 70.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| XCESSIVE THROTTLE, INC dba Jake's Roadhouse | (#,^) | 5980 Lamar St, Arvada, CO 80003 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/29/2025 | 4.4 | 4.4 | 4.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Villela CPA PL | (#,^) | 777 Brickell Ave, Ste 500, Miami, FL 33131 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 5/27/2025 | 4.8 | 4.8 | 5.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Douglas Posey and Sally Watkinson dba Audrey's Farmhouse | (#,^) | 2188 Brunswyck Rd, Wallkill, NY 12589 | Accommodation | Term Loan | Prime plus 2.75% | 5/20/2040 | 156.1 | 156.1 | 183.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 15 McArdle LLC and No Other Impressions Inc | (#,^) | 15 McArdle St, Rochester, NY 14611 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/15/2040 | 165.1 | 165.1 | 194.3 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Guard Dogs MFS LLC | (#,^) | 9460 Mistwater Close, Roswell, GA 30076 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/8/2025 | 33.1 | 33.1 | 34.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| South Park Properties LLC and Midlothian Hardware LLC | (#,^) | 4751 147th St, Midlothian, IL 60445 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 5/6/2040 | 42.8 | 42.8 | 50.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matthew Taylor and Landon Farm LLC | (#,^) | 6103 N Church St, Greensboro, NC 27455 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/4/2040 | 90.1 | 90.1 | 105.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cares Inc dba Dumpling Grounds Day Care Center | (#,^) | 4508 Blakiston St, Philadelphia, PA 19136 | Social Assistance | Term Loan | Prime plus 2.75% | 5/1/2040 | 72.6 | 72.6 | 85.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diamond Solutions LLC | (#,^) | 7655 E Gelding Drive, Ste B2, Scottsdale, AZ 85260 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 4/21/2025 | 10.1 | 10.1 | 10.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Giacchino Maritime Consultants Inc | (#,^) | 5219 Tamiami Court, Cape Coral, FL 33904 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 4/17/2025 | 11.8 | 11.8 | 12.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Coaching Inc | (#,^) | 4749 Main St Ste 3, Bridgeport, CT 6606 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 4/14/2025 | 23.3 | 23.3 | 24.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faramarz Nikourazm dba Car Clinic Center | (#,^) | 10707 Shady Trail, Dallas, TX 75220 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/3/2040 | 65.7 | 65.7 | 77.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Copper Beech Financial Group LLC | (#,^) | 1223 North Church St, Moorestown, NJ 8057 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 3/30/2025 | 64.3 | 64.3 | 66.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac | (#,^) | 40 Buzzard Ridge Rd, Sequim, WA 98382 | Accommodation | Term Loan | Prime plus 2.75% | 3/27/2040 | 269.2 | 269.2 | 316.6 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC | (#,^) | 5600 N. River Rd #925, Rosemont, IL 60018 | Real Estate | Term Loan | Prime plus 2.75% | 3/27/2025 | 637.4 | 637.4 | 658.8 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shellhorn and Hill Inc dba Total Fleet Service | (#,^) | 501 South Market St, Wilmington, DE 19801 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 3/27/2040 | 924.3 | 924.3 | 1,084.1 | 0.32 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shorr Enterprises Inc dba New Design Furniture Manufacturers | (#,^) | 3033 NW 28 St, Lauderdale Lakes, FL 33311 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 3/27/2025 | 54.9 | 54.9 | 57.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC | (#,^) | 800 James Ave, Scranton, PA 18510 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/26/2040 | 48.2 | 48.2 | 56.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zero-In Media Inc | (#,^) | 1123 Broadway Ste 704, New York, NY 10010 | Data Processing, Hosting, and Related Services | Term Loan | Prime plus 2.75% | 3/25/2025 | 11.6 | 11.6 | 12.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
241
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loriet LLC | (#,^) | 5001 Vivienda Way, Sarasota, FL 34235 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 3/24/2025 | 6.2 | 6.2 | 6.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shelton Incorporated dba Mrs. Winners | (#,^) | 4509 N. Henry Blvd., Stockbridge, GA 30281 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/20/2040 | 100.4 | 100.4 | 118.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jaymie Hazard dba Indigo Hair Studio and Day Spa | (#,^) | 2016 Warwick Ave, Warwick, RI 2889 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/20/2040 | 38.4 | 38.4 | 45.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & R Security and Investigations Inc dba Pardners Lake Buchanan | (#,^) | 15615 State Route 29, Buchanan Dam, TX 78609 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/19/2040 | 76.1 | 76.1 | 89.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MMS Realty, LLC and Molecular MS Diagnostics LLC | (#,^) | 1224 Greenwich Ave, Warwick, RI 2886 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/18/2040 | 143.4 | 143.4 | 168.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Royal Crest Motors LLC | (#,^) | 769 Amesbury Rd, Haverhill, MA 1830 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 3/16/2040 | 81.4 | 81.4 | 95.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Luigi's on Main LLC and Luigi's Main Street Pizza Inc | (#,^) | 491 Montauk Hwy, Eastport, NY 11941 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 3/4/2025 | 5.8 | 5.8 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baystate Firearms and Training, LLC | (#) | 215 Newbury St, Peabody, MA 1960 | Educational Services | Term Loan | Prime plus 2.75% | 2/27/2025 | 30.3 | 30.3 | 31.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pace Motor Lines, Inc. | (#,^) | 1425 Honeyspot Rd Extension, Stratford, CT 6615 | Truck Transportation | Term Loan | Prime plus 2.75% | 2/26/2025 | 33.1 | 33.1 | 34.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kingseal LLC dba Desoto Health and Rehab Center | (#,^) | 475 Nursing Home Drive, Arcadia, FL 34266 | Nursing and Residential Care Facilities | Term Loan | Prime plus 2.75% | 2/26/2040 | 1,137.8 | 1,137.8 | 1,338.1 | 0.39 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nelson Financial Services LLC | (#,^) | 20015 N 83rd Place, Scottsdale, AZ 85255 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 2/24/2025 | 6.3 | 6.3 | 6.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kiddie Steps 4 You Inc. | (#,^) | 1700 West 63rd St., Chicago, IL 60636 | Social Assistance | Term Loan | Prime plus 2.75% | 2/19/2040 | 55.1 | 55.1 | 64.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Triangle Trash LLC dba Bin There Dump That | (#,^) | 188 Northbend Drive, Youngsville, NC 27596 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 2/18/2025 | 37.6 | 37.6 | 39.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dean 1021 LLC dba Pure Pita | (#,^) | 106 Central Ave, Westfield, NJ 7090 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/29/2025 | 44.4 | 44.4 | 46.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Limameno LLC dba Sal's Italian Ristorante | (#,^) | 861 Yamato Rd, Bay #2, Boca Raton, FL 33431 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/23/2025 | 41.4 | 41.4 | 42.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Palmabak Inc dba Mami Nora's | (#,^) | 4614 Capital Blvd, Raleigh, NC 27604 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/22/2025 | 2.1 | 2.1 | 2.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jung Design Inc | (#,^) | 10857 Pine Bluff Drive, Fishers, IN 46037 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 1/20/2022 | 1.6 | 1.6 | 1.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grand Blanc Lanes, Inc. and H, H and H, LLC | (#,^) | 5301 S Saginaw Rd, Flint, MI 48507 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/31/2039 | 117.8 | 117.8 | 138.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| First Prevention and Dialysis Center, LLC | (#) | 17940 NW 27th Ave, Miami Gardens, FL 33056 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/30/2024 | 133.9 | 133.9 | 138.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bowlerama Inc | (#,^) | 3031 New Castle Ave, New Castle, DE 19720 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 12/24/2039 | 1,072.3 | 1,072.3 | 1,258.8 | 0.37 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast | (#,^) | 114-115 Medical Center Ave, Sebring, FL 33870 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/23/2039 | 473.3 | 473.3 | 554.2 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Thermoplastic Services Inc and Paragon Plastic Sheet, Inc | (#,^) | 1700 W 4th St, Dequincy, LA 70633 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 12/23/2039 | 443.1 | 443.1 | 520.1 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
242
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha | (#,^) | 550 South Rosemary Ave Ste 236, West Palm Beach, FL 33401 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 12/22/2024 | 91.6 | 91.6 | 94.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MM and M Management Inc dba Pizza Artista | (#,^) | 5409 Johnston St, Lafayette, LA 70503 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/19/2025 | 24.1 | 24.1 | 24.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B.S. Ventures LLC dba Dink's Market | (#,^) | 48649 Hwy 58, Oakridge, OR 97463 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/19/2039 | 47.6 | 47.6 | 55.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Jewelers Inc. dba The Jewelers of Las Vegas | (#,^) | 2400 Western Ave, Las Vegas, NV 89102 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 12/19/2024 | 605.3 | 605.3 | 624.5 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Will Zac Management LLC dba Papa John's | (#) | 2410 West Jefferson St, Ste B, Joliet, IL 60435 | Food Services and Drinking Places | Term Loan | 6.25% | 12/19/2024 | 63.3 | 63.3 | 62.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B & W Towing, LLC and Boychucks Fuel LLC | (#,^) | 701 Addison Rd, Painted Post, NY 14870 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/17/2039 | 140.8 | 140.8 | 165.0 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kemmer LLC and Apples Tree Top Liquors LLC | (#) | 1300 S Jackson St, Salem, IN 47167 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 12/4/2039 | 122.2 | 122.2 | 143.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman | (#,^) | 988 Hemlock St, Cannon Beach, OR 97110 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/25/2039 | 105.0 | 105.0 | 123.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Legacy Estate Planning Inc dba American Casket Enterprises | (#,^) | 2176 Route 119 North, Greensburg, PA 15601 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/21/2024 | 20.1 | 20.1 | 20.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DC Real LLC and DC Enterprises LTD dba Lakeview True Value | (#,^) | 318 North F St, Lakeview, OR 97630 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 11/20/2039 | 106.0 | 106.0 | 124.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Heartland American Properties LLC and Skaggs RV Outlet LLC | (#,^) | 301 Commerce Drive, Elizabethtown, KY 42701 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 10/31/2039 | 422.3 | 422.3 | 495.4 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DNT Storage and Properties LLC | (#,^) | 38 Old National Pike, West Alexander, PA 15376 | Real Estate | Term Loan | Prime plus 2.75% | 10/10/2039 | 89.7 | 89.7 | 105.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 6475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 10/10/2024 | 86.9 | 86.9 | 89.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Doctors Express Management of Central Texas LLC | (#,^) | 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/8/2024 | 3.0 | 3.0 | 3.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Smith Spinal Care Center P.C. and James C. Smith | (#,^) | 1103 Russell Parkway, Warner Robins, GA 31088 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 10/8/2039 | 25.4 | 25.4 | 29.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory | (#,^) | 900 Alpine Rd, Bridgeville, PA 15017 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 10/3/2039 | 108.5 | 108.5 | 127.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sumad LLC dba BrightStar Care of Encinitas | (#,^) | 680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 10/2/2024 | 25.0 | 25.0 | 25.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roccos LLC and Sullo Pantalone Inc dba Rocco's | (#,^) | 79 Beach Rd Units B13 and B14, Vineyard Haven, MA 2568 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/30/2039 | 225.0 | 225.0 | 263.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gordon E Rogers dba Stonehouse Motor Inn | (#,^) | 162 Danielson Pike, Foster, RI 2825 | Accommodation | Term Loan | Prime plus 2.75% | 9/26/2039 | 50.6 | 50.6 | 59.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out | (#,^) | 308 Kennedy St NW, Washington, DC 20011 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/23/2024 | 12.0 | 12.0 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
243
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ryan Crick and Pamela J. Crick and Crick Enterprises Inc | (#,^) | 3390 W. Andrew Johnson Hwy, Greeneville, TN 37743 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2039 | 128.1 | 128.1 | 150.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Modern Leather Goods Repair Shop Inc | (#,^) | 2 West 32nd St, Ste 401, New York, NY 10001 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/17/2024 | 26.1 | 26.1 | 26.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Animal Intrusion Prevention Systems Holding Company, LLC | (#,^) | 3330 N Beach St, Fort Worth, TX 76111 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 9/15/2024 | 140.9 | 140.9 | 145.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tavern Properties LLC and Wildwood Tavern LLC | (#,^) | 6480 West Touhy Ave, Niles, IL 60714 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/15/2039 | 376.9 | 376.9 | 441.4 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Indy East Smiles Youth Dentistry LLC dba Prime Smile East | (#,^) | 5430 E. Washington St, Indianapolis, IN 46219 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/11/2024 | 290.8 | 290.8 | 299.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B&P Diners LLC dba Engine House Restaurant | (#,^) | 71 Lafayette St,, Salem, MA 1970 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/10/2024 | 36.9 | 36.9 | 38.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lamjam LLC Goldsmith Lambros Inc | (#) | 7137 Little River Turnpike, Annandale, VA 22003 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 2.75% | 8/27/2024 | 57.7 | 57.7 | 59.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Atlas Auto Body Inc dba Atlas Auto Sales | (#,^) | 20 Providence St, West Warwick, RI 2893 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 8/22/2039 | 45.2 | 45.2 | 53.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alpha Preparatory Academy LLC | (#,^) | 4462 Mink Livsey Rd, Snellville, GA 30039 | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2039 | 128.0 | 128.0 | 150.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Katie Senior Care LLC dba Home Instead Senior Care | (#,^) | 222E Eufaula St Ste 220, Norman, OK 73069 | Social Assistance | Term Loan | Prime plus 2.75% | 8/15/2024 | 48.2 | 48.2 | 49.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook | (#,^) | 10463 Hamer Rd, Georgetown, OH 45121 | Motor Vehicle and Parts Dealers | Term Loan | 6% | 8/8/2039 | 121.6 | 121.6 | 114.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Almost Home Property LLC and Almost Home Daycare LLC | (#,^) | 35 Copps Hill Rd, Ridgefield, CT 6877 | Social Assistance | Term Loan | Prime plus 2.75% | 8/7/2039 | 659.5 | 659.5 | 772.7 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| iFood, Inc. dba Steak N Shake | (#,^) | 5900 Duraleigh Rd, Raleigh, NC 27612 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/31/2024 | 174.7 | 174.7 | 180.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST | (#,^) | 575 Columbus Ave, New Haven, CT 6519 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2039 | 17.8 | 17.8 | 20.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Honeyspot Investors LLP and Pace Motor Lines Inc | (#,^) | 1425 Honeyspot Rd Extension, Stratford, CT 6615 | Truck Transportation | Term Loan | Prime plus 2.75% | 7/24/2039 | 131.1 | 131.1 | 153.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC | (#,^) | 15 Stonebridge, Cranston, RI 2921 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/17/2039 | 85.7 | 85.7 | 100.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AMG Holding, LLC and Stetson Automotive, Inc | (#,^) | 309 Route 9, Waretown, NJ 8758 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/30/2039 | 179.8 | 179.8 | 211.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | (#,^) | 4920 Lincoln Ave Route 53, Lisle, IL 60532 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/30/2024 | 43.0 | 43.0 | 44.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| iFood, Inc. dba Steak N Shake | (#,^) | 2840 E Millbrook Rd, Raleigh, NC 27604 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/30/2039 | 550.6 | 550.6 | 646.4 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
244
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Honeyspot Investors LLP and Pace Motor Lines Inc | (#,^) | 1425 Honeyspot Rd Extension, Stratford, CT 6615 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/30/2039 | 764.5 | 764.5 | 898.4 | 0.26 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zinger Hardware and General Merchant Inc | (#) | 4001 North Lamar Blvd Ste 300, Austin, TX 78756 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 7.25% | 6/26/2024 | 35.7 | 35.7 | 35.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nikobella Properties LLC and JPO Inc dba Village Car Wash | (#) | 1372 South US Route 12, Fox Lake, IL 60020 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/25/2039 | 444.1 | 444.1 | 520.7 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val | (#,^) | 1313 West Park St #1, Livingston, MT 59047 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 2.75% | 6/20/2039 | 203.9 | 203.9 | 239.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sico & Walsh Insurance Agency Inc and The AMS Trust | (#) | 106 Concord Ave, Belmont, MA 2478 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 6/6/2039 | 80.9 | 80.9 | 94.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel | (#,^) | 15637 St Clair Ave, Cleveland, OH 44110 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 6/3/2024 | 7.2 | 7.2 | 7.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Long Island Barber Institute Inc | (#,^) | 266 Greenwich St, Hempstead, NY 11550 | Educational Services | Term Loan | Prime plus 2.75% | 6/2/2039 | 48.5 | 48.5 | 56.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pocono Coated Products, LLC | (#,^) | 100 Sweetree St, Cherryville, NC 28021 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 5/30/2024 | 9.6 | 9.6 | 9.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jonesboro Health Food Center LLC | (#,^) | 1321 Stone St, Jonesboro, AR 72401 | Health and Personal Care Stores | Term Loan | Prime plus 2.75% | 5/27/2024 | 26.9 | 26.9 | 27.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The River Beas LLC and Punam Singh | (#,^) | 11704 Centurion Way, Potomac, MD 20854 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/8/2039 | 78.7 | 78.7 | 92.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AS Boyals LLC dba Towne Liquors | (#,^) | 117 South BRd St, Woodbury City, NJ 8096 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 4/29/2039 | 94.6 | 94.6 | 111.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gerami Realty, LC Sherrill Universal City Corral, LP dba Golden | (#,^) | 2301 Pat Booker Rd, Universal City, TX 78148 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/23/2027 | 48.7 | 48.7 | 51.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Complete Body & Paint, Inc. | (#,^) | 32220 Michigan Ave, Wayne, MI 48184 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/23/2039 | 18.1 | 18.1 | 21.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu | (#,^) | 201-203-205 West Merrick Rd, Valley Stream, NY 11580 | Real Estate | Term Loan | Prime plus 2.75% | 4/22/2039 | 90.1 | 90.1 | 105.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wilshire Media Systems Inc | (#,^) | 2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/17/2024 | 75.8 | 75.8 | 78.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC | (#,^) | 1899 State Route 35, South Amboy, NJ 8879 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/9/2039 | 97.4 | 97.4 | 114.3 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little People's Village II LLC and Iliopoulos Realty LLC | (#,^) | 6522 Haverford Ave, Philadelphia, PA 19151 | Social Assistance | Term Loan | Prime plus 2.75% | 3/31/2039 | 80.3 | 80.3 | 94.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle | (#,^) | 16701 E. Iliff Ave, Aurora, CO 80013 | Sporting Goods, Hobby, Musical Instrument, and Book Stores | Term Loan | Prime plus 2.75% | 3/31/2039 | 389.4 | 389.4 | 456.7 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kemmer, LLC and Pitts Package Store, Inc. | (#,^) | 201 S. Main St, Salem, IN 47167 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/31/2039 | 101.5 | 101.5 | 118.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
245
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Little People's Village II LLC and Iliopoulos Realty LLC | (#,^) | 6522 Haverford Ave, Philadelphia, PA 19151 | Social Assistance | Term Loan | Prime plus 2.75% | 3/31/2039 | 88.5 | 88.5 | 103.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC | (#,^) | 4401 N I-35 #113, Denton, TX 76207 | Truck Transportation | Term Loan | Prime plus 2.75% | 3/31/2024 | 305.8 | 305.8 | 314.9 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co | (#) | 636 South Center St, New Washington, OH 44854 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 3/20/2039 | 68.1 | 68.1 | 79.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cormac Enterprises and Wyoming Valley Beverage Incorporated | (#,^) | 63 S Wyoming Ave, Edwardsville, PA 18704 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 3/20/2039 | 96.0 | 96.0 | 112.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kinisi, Inc. dba The River North UPS Store | (#,^) | 301 West Grand Ave, Chicago, IL 60654 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/18/2024 | 3.2 | 3.2 | 3.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern | (#,^) | 3111 and 3135 Delsea Drive, Franklinville, NJ 8322 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/28/2039 | 361.3 | 361.3 | 422.9 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Summit Beverage Group LLC | (#,^) | 211 Washington Ave, Marion, VA 24354 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 2/28/2024 | 139.3 | 139.3 | 143.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faith Memorial Chapel LLC | (#,^) | 600 9th Ave North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2039 | 185.3 | 185.3 | 216.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 952 Boston Post Road Realty, LLC and HNA LLC dba Styles International | (#,^) | 952 Boston Post Rd, Milford, CT 6460 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 2/28/2039 | 179.0 | 179.0 | 209.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki | (#,^) | 96 Mill St, Berlin, CT 6037 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/12/2039 | 122.0 | 122.0 | 142.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JWB Industries, Inc. dba Carteret Die Casting | (#,^) | 74 Veronica Ave, Somerset, NJ 8875 | Primary Metal Manufacturing | Term Loan | Prime plus 2.75% | 2/11/2024 | 111.2 | 111.2 | 114.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC | (#,^) | 986 Dixwell Ave, Hamden, CT 6510 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/7/2039 | 86.1 | 86.1 | 100.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sarah Sibadan dba Sibadan Agency | (#,^) | 102-05 101st Ave, Ozone Park, NY 11416 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 1/27/2039 | 111.6 | 111.6 | 130.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Icore Enterprises Inc dba Air Flow Filters Inc | (#,^) | 151 W 24th St, Hialeah, FL 33010 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 1/15/2024 | 8.4 | 8.4 | 8.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Nutmeg North Associates LLC Steeltech Building Products Inc | (#,^) | 636 Nutmeg Rd North, South Windsor, CT 6074 | Construction of Buildings | Term Loan | Prime plus 2.75% | 12/31/2038 | 788.2 | 788.2 | 922.3 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Amboy Woodbridge Realty LLC and United Premium Foods LLC | (#) | One Amboy Ave, Woodbridge, NJ 7095 | Food Manufacturing | Term Loan | 6% | 6/14/2024 | 1,813.7 | 1,813.7 | 1,782.3 | 0.53 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KK International Trading Corporation | (#,^) | 219 Lafayette Drive, Syosset, NY 11791 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 12/23/2028 | 124.8 | 124.8 | 134.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kurtis Sniezek dba Wolfe's Foreign Auto | (#,^) | 712 5th St, New Brighton, PA 15066 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 12/20/2038 | 76.5 | 76.5 | 89.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TAK Properties LLC and Kinderland Inc | (#,^) | 1157 Commerce Ave, Longview, WA 98632 | Social Assistance | Term Loan | Prime plus 2.75% | 12/18/2038 | 348.5 | 348.5 | 407.1 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
246
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 920 CHR Realty LLC V. Garofalo Carting Inc | (#,^) | 920 Crooked Hill, Brentwood, NY 11717 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 12/10/2038 | 359.7 | 359.7 | 420.3 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DKB Transport Corp | (#,^) | 555 Water Works Rd, Old Bridge, NJ 8857 | Truck Transportation | Term Loan | Prime plus 2.75% | 12/5/2038 | 119.5 | 119.5 | 139.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle | (#,^) | 1455 S Richland Creek Rd, Sugar HIll, GA 30518 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/3/2038 | 89.5 | 89.5 | 104.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Spectrum Development LLC and Solvit Inc & Solvit North, Inc | (#,^) | 65 Farmington Valley Drive, Plainville, CT 6062 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 12/2/2023 | 142.1 | 142.1 | 145.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BVIP Limousine Service LTD | (#,^) | 887 W Liberty, Medina, OH 44256 | Transit and Ground Passenger Transportation | Term Loan | Prime plus 2.75% | 11/27/2038 | 65.8 | 65.8 | 76.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AcuCall LLC | (#,^) | 824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 11/21/2023 | 5.8 | 5.8 | 6.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL | (#,^) | 3039-3043 Hedley, Springfield, IL 62704 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 11/18/2023 | 16.7 | 16.7 | 17.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Polpo Realty, LLC Polpo Restaurant, LLC | (#,^) | 554 Old Post Rd #3, Greenwich, CT 6830 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/6/2038 | 54.8 | 54.8 | 64.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mid-Land Sheet Metal Inc | (#,^) | 125 E Fesler St, Santa Maria, CA 93454 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/31/2038 | 117.8 | 117.8 | 137.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1 North Restaurant Corp dba 1 North Steakhouse | (#,^) | 322 W. Montauk Hwy, Hampton Bays, NY 11946 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/31/2038 | 180.2 | 180.2 | 210.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Master CNC Inc & Master Properties LLC | (#,^) | 11825 29 Mile Rd, Washington, MI 48095 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 10/31/2038 | 511.0 | 511.0 | 596.7 | 0.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Janice B. McShan and The Metropolitan Day School, LLC | (#,^) | 2817 Lomb Ave, Birmingham, AL 35208 | Social Assistance | Term Loan | Prime plus 2.75% | 10/31/2023 | 15.6 | 15.6 | 16.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Greenbrier Technical Services, Inc | (#,^) | 407 E. Edgar Ave, Ronceverte, WV 24970 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 10/24/2023 | 44.7 | 44.7 | 45.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd | (#,^) | 77 Mill Rd, Freeport, NY 11520 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 10/24/2038 | 126.9 | 126.9 | 148.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Discount Wheel and Tire of Broken Bow Inc | (#,^) | 1202 S Park Drive, Broken Bow, OK 74728 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 9/30/2038 | 191.0 | 191.0 | 223.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lenoir Business Partners LLC LP Industries, Inc dba Childforms | (#,^) | 2040 Norwood, Lenoir, NC 28645 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 254.0 | 254.0 | 296.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LP Industries, Inc dba Childforms | (#,^) | 110 Charleston Drive, Ste 105-107, Morresville, NC 28117 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 9/30/2038 | 103.5 | 103.5 | 121.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Cencon Properties LLC and Central Connecticut Warehousing Company, In | (#,^) | 37 Commons Court, Waterbury, CT 6704 | Warehousing and Storage | Term Loan | Prime plus 2.75% | 9/30/2038 | 294.6 | 294.6 | 344.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC | (#,^) | 12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/27/2038 | 286.0 | 286.0 | 334.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Ho | (#,^) | 17 Pearl St, Mystic, CT 6355 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/26/2038 | 85.4 | 85.4 | 99.6 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
247
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Eastside Soccer Dome, Inc . | (#,^) | 11919 S Ave O, Chicago, IL 60617 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/26/2038 | 395.9 | 395.9 | 461.8 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southeast Chicago Soccer, Inc. | (#,^) | 10232 S Ave N, Chicago, IL 60617 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/26/2038 | 43.7 | 43.7 | 51.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kiddie Steps 4 You Inc. | (#,^) | 1700 West 63rd St., Chicago, IL 60636 | Social Assistance | Term Loan | Prime plus 2.75% | 9/25/2038 | 77.5 | 77.5 | 90.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Diamond Memorials Incorporated | (#,^) | 800 BRd St, Clifton, NJ 7013 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 9/25/2023 | 0.9 | 0.9 | 1.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Faith Memorial Chapel LLC | (#,^) | 600 9th Ave North, Bessemer, AL 35020 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/20/2038 | 228.9 | 228.9 | 266.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta | (#,^) | 11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022 | Educational Services | Term Loan | Prime plus 2.75% | 9/20/2023 | 16.3 | 16.3 | 16.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maynard Enterprises Inc dba Fastsigns of Texarkana | (#,^) | 3735 Mall Drive, Texarkana, TX 75501 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 9/18/2023 | 5.7 | 5.7 | 5.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grafio Inc dba Omega Learning Center-Acworth | (#,^) | 5330 Brookstone Drive, Ste 320, Acworth, GA 30101 | Educational Services | Term Loan | Prime plus 2.75% | 9/13/2023 | 58.1 | 58.1 | 59.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Berlerro Group, LLC dba Sky Zone | (#,^) | 111 Rodeo Drive, Edgewood, NY 11717 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 9/12/2023 | 162.7 | 162.7 | 166.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing Inc | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 6475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 9/12/2028 | 34.9 | 34.9 | 37.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Prospect Kids Academy Inc | (#,^) | 532 St Johns Place, Brooklyn, NY 11238 | Educational Services | Term Loan | Prime plus 2.75% | 9/11/2038 | 106.1 | 106.1 | 123.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B for Brunette dba Blo | (#,^) | 50 Glen Cove Rd, Greenvale, NY 11548 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/10/2023 | 20.5 | 20.5 | 21.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio | (#,^) | 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/4/2038 | 190.2 | 190.2 | 221.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ACI Northwest Inc. | (#,^) | 6600 N Government Way, Coeur D Alene, ID 83815 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 8/30/2023 | 183.9 | 183.9 | 188.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis | (#,^) | 15150 Evans St, Gulfport, MS 39503 | Social Assistance | Term Loan | Prime plus 2.75% | 8/30/2023 | 14.7 | 14.7 | 15.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| IlOKA Inc dba Microtech Tel and NewCloud Networks | (#,^) | 160 Inverness Dr W Ste 100, Englewood, CO 80112 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 8/30/2023 | 221.3 | 221.3 | 226.7 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ramard Inc and Advanced Health Sciences Inc | (#,^) | 4561 Ironworks Pike, Ste 161, Lexington, KY 40511 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 8/28/2023 | 63.9 | 63.9 | 65.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins | (#,^) | 1815 De Paul St, Colorado Springs, CO 80909 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 8/26/2023 | 27.2 | 27.2 | 27.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JSIL LLC dba Blackstones Hairdressing | (#,^) | 19 East 7th St, New York, NY 10003 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 8/16/2023 | 6.6 | 6.6 | 6.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Caribbean Concepts, Inc. dba Quick Bleach | (#,^) | 120 East 56th St, St.#730, New York, NY 10022 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 8/12/2023 | 7.6 | 7.6 | 7.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC | (#,^) | 38 Carmen Lane, Monroe, CT 6468 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 7/24/2023 | 3.9 | 3.9 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Harbor Ventilation Inc and Estes Investment, LLC | (#,^) | 509 East Park St., Livingston, MT 59047 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/19/2038 | 2.0 | 2.0 | 2.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
248
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Angkor Restaurant Inc | (#,^) | 10 Traverse St, Providence, RI 2903 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/19/2038 | 79.0 | 79.0 | 92.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tri County Heating and Cooling Inc. | (#,^) | 509 East Park St., Livingston, MT 59047 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 7/19/2023 | 29.0 | 29.0 | 29.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC | (#,^) | 1 Poppy Ave, Neptune, NJ 7753 | Truck Transportation | Term Loan | Prime plus 2.75% | 7/17/2023 | 17.8 | 17.8 | 18.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat | (#,^) | 411 Sharp St, Millville, NJ 8332 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 6/28/2038 | 82.4 | 82.4 | 96.2 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Maxiflex LLC | (#,^) | 512 Verret St, New Orleans, LA 70114 | Miscellaneous Manufacturing | Term Loan | Prime plus 2.75% | 6/28/2023 | 14.3 | 14.3 | 14.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc. | (#,^) | 2141 P Ave, Williamsburg, IA 52361 | Truck Transportation | Term Loan | Prime plus 2.75% | 6/19/2026 | 352.6 | 352.6 | 371.3 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services | (#,^) | 200 North Branford Rd, Branford, CT 6405 | Heavy and Civil Engineering Construction | Term Loan | Prime plus 2.75% | 6/18/2028 | 546.5 | 546.5 | 586.2 | 0.17 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc | (#,^) | 24 Elm St, Montpelier, VT 5602 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/14/2023 | 110.4 | 110.4 | 112.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elite Structures Inc | (#,^) | 401 Old Quitman Rd, Adel, GA 31620 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 6/12/2038 | 735.7 | 735.7 | 857.2 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Absolute Desire LLC and Mark H. Szierer Sophisticated Smile | (#,^) | 85 Reaville Ave, Flemington, NJ 8822 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/5/2038 | 159.4 | 159.4 | 185.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and | (#,^) | 4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 5/28/2023 | 19.3 | 19.3 | 19.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ryan D. Thornton and Thornton & Associates LLC | (#,^) | 800 Bethel St, Ste 200, Honolulu, HI 96813 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 5/24/2023 | 15.6 | 15.6 | 15.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co., Inc. | (#,^) | 250 West 54th St, New York, NY 10019 | Food Manufacturing | Term Loan | Prime plus 2.75% | 4/30/2023 | 30.0 | 30.0 | 30.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1258 Hartford TPKE, LLC and Phelps and Sons, Inc | (#,^) | 1258 Hartford Turnpike, Vernon, CT 6066 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/29/2038 | 104.7 | 104.7 | 122.0 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Xela Pack, Inc. and Aliseo and Catherine Gentile | (#,^) | 8300 Boettner Rd, Saline, MI 48176 | Paper Manufacturing | Term Loan | Prime plus 2.75% | 3/27/2028 | 174.5 | 174.5 | 186.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| A & M Commerce, Inc. dba Cranberry Sunoco | (#,^) | 398 Baltimore Blvd, Westminster, MD 21157 | Gasoline Stations | Term Loan | Prime plus 2.75% | 3/27/2038 | 273.4 | 273.4 | 318.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center | (#,^) | 3937 Sherman Ave, Saint Joseph, MO 64506 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 3/25/2038 | 455.5 | 455.5 | 529.7 | 0.16 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael A.and HeatherR. Welsch dba Art & FrameEtc. | (#,^) | 2819 West T C Jester Blvd., Houston, TX 77018 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 3/22/2038 | 56.7 | 56.7 | 66.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Truth Technologies Inc dba Truth Technologies Inc. | (#,^) | 2341 Cheshire Lane, Naples, FL 34109 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/21/2023 | 25.2 | 25.2 | 25.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sound Manufacturing, Inc. and Monster Power Equipment Inc. | (#,^) | 51 Donnelley Rd, Old Saybrook, CT 6475 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 3/15/2023 | 140.6 | 140.6 | 143.5 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
249
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bakhtar Group LLC dba Malmaison | (#,^) | 3401 K St NW, Washington, DC 20007 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/28/2023 | 27.0 | 27.0 | 27.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Osceola River Mill, LLC Ironman Machine, Inc. | (#,^) | 27 Hungerford St, Pittsfield, MA 1201 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 2/20/2038 | 72.3 | 72.3 | 84.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Retain Loyalty LLC | (#,^) | 1250 Sanders Ave SW, Massillon, OH 44647 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 2/15/2038 | 93.7 | 93.7 | 109.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sherill Universal City dba Golden Corral LP | (#,^) | 2301 Pat Booker Rd, Universal City, TX 78148 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/28/2038 | 372.8 | 372.8 | 433.6 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Macho LLC Madelaine Chocolate Novelties Inc dba The Madelai | (#,^) | 96-03 Beach Channel Drive, Rockaway Beach, NY 11693 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/31/2037 | 418.9 | 418.9 | 487.3 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Babie Bunnie Enterprises Inc dba Triangle Mothercare | (#,^) | 8516 Swarthmore Drive, Raleigh, NC 27615 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/28/2027 | 24.8 | 24.8 | 26.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restauran | (#,^) | 554 Old Post Rd #3, Greenwich, CT 6830 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/27/2037 | 442.4 | 442.4 | 513.6 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC | (#,^) | 38 Carmen Lane, Monroe, CT 6468 | Support Activities for Agriculture and Forestry | Term Loan | Prime plus 2.75% | 11/28/2037 | 190.2 | 190.2 | 220.8 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D&L Rescources, Inc. dba The UPS Store | (#,^) | 8958 W State Rd # 84, Davie, FL 33324 | Miscellaneous Store Retailers | Term Loan | Prime plus 2.75% | 11/27/2022 | 2.5 | 2.5 | 2.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Richmond Hill Mini Market, LLC | (#,^) | 101 Richmond Hill Ave, Stamford, CT 6902 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 11/27/2037 | 153.8 | 153.8 | 178.5 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DRV Enterprise, Inc. dba Cici's Pizza # 339 | (#,^) | 5771 East Fowler Ave, Temple Terrace, FL 33617 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/26/2022 | 15.2 | 15.2 | 15.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| U & A Food and Fuel, Inc. dba Express Gas & Food Mart | (#,^) | 1345 Wampanoag Trail, East Providence, RI 2915 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/21/2037 | 80.0 | 80.0 | 92.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| R & J Petroleum LLC Manar USA, Inc. | (#,^) | 305 Quincy Shore Drive, Quincy, MA 2107 | Gasoline Stations | Term Loan | Prime plus 2.75% | 11/20/2037 | 149.6 | 149.6 | 173.7 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| St Judes Physical Therapy P.C. | (#,^) | 7712 Fourth Ave, Brooklyn, NY 11209 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 11/19/2022 | 5.2 | 5.2 | 5.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hi-Def Imaging, Inc. dba SpeedPro Imaging | (#,^) | 3580 Progress Drive, Unit Q, Bensalem, PA 19020 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 11/9/2022 | 5.6 | 5.6 | 5.7 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Reidville Hydraulics Mfg Inc dba Summit | (#,^) | 175 Industrial Lane, Torrington, CT 6790 | Machinery Manufacturing | Term Loan | Prime plus 2.75% | 11/2/2037 | 219.0 | 219.0 | 254.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| University Park Retreat, LLC dba Massage Heights | (#,^) | 5275 University Parkway # 110, Bradenton, FL 34201 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 9/27/2022 | 20.0 | 20.0 | 20.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| O'Rourkes Diner LLC dba O'Rourke's Diner | (#,^) | 728 Main St, Middletown, CT 6457 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 9/19/2037 | 54.6 | 54.6 | 63.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AJK Enterprise LLC dba AJK Enterprise LLC | (#) | 1901 Naylor Rd, SE, Washington, DC 20020 | Truck Transportation | Term Loan | Prime plus 2.75% | 8/27/2022 | 3.5 | 3.5 | 3.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suncoast Aluminum Furniture, Inc | (#,^) | 6291 Thomas Rd, Fort Myers, FL 33912 | Furniture and Related Product Manufacturing | Term Loan | Prime plus 2.75% | 8/17/2037 | 297.3 | 297.3 | 344.5 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Hofgard & Co., Inc. dba HofgardBenefits | (#,^) | 400 S McCaslin Blvd Ste 201, Louisville, CO 80027 | Insurance Carriers and Related Activities | Term Loan | Prime plus 2.75% | 7/27/2022 | 22.6 | 22.6 | 23.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Central Tire, Inc. dba Cooper Tire & Auto Services | (#,^) | 1111 S Tillotson Ave, Muncie, IN 47304 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 6/29/2037 | 236.1 | 236.1 | 273.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
250
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KIND-ER-ZZ Inc dba Kidville | (#,^) | 30 Maple St, Summit, NJ 7901 | Educational Services | Term Loan | Prime plus 2.75% | 6/15/2022 | 9.9 | 9.9 | 10.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Graphish Studio, Inc. and Scott Fishoff | (#,^) | 231 Main St, Stanford, CT 6901 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 6/14/2022 | 3.9 | 3.9 | 4.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| ALF, LLC Mulit-Service Eagle Tires | (#,^) | 1985 B St, Colorado Springs, CO 80906 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 5/31/2037 | 51.3 | 51.3 | 59.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tracey Vita-Morris dba Tracey Vita's School of Dance | (#,^) | 4181 9th Ave West, Bradenton, FL 34025 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 5/10/2022 | 4.3 | 4.3 | 4.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tanner Optical, Inc. dba Murphy Eye Care | (#,^) | 305 Shirley Ave, Douglas, GA 31533 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 4/27/2022 | 1.4 | 1.4 | 1.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Access Staffing, LLC | (#,^) | 360 Lexington Ave, 8th Floor, New York, NY 10017 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/30/2022 | 38.5 | 38.5 | 39.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Manuel P. Barrera and Accura Electrical Contractor, Inc. | (#,^) | 6187 NW 167th St Unit H3, Miami, FL 33015 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 3/23/2028 | 60.2 | 60.2 | 64.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shweiki Media, Inc. dba Study Breaks Magazine | (#,^) | 4954 Space Center Drive, San Antonio, TX 78218 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/22/2027 | 660.6 | 660.6 | 700.6 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ATI Jet, Inc. | (#) | 7007 Boeing Drive, El Paso, TX 79925 | Air Transportation | Term Loan | Prime plus 2.75% | 12/28/2026 | 292.3 | 292.3 | 309.3 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company | (#,^) | 2900 South 20th St, Philadelphia, PA 19145 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 12/22/2036 | 136.4 | 136.4 | 157.3 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K's Salon, LLC d/b/a K's Salon | (#,^) | 162 West 84th St, New York, NY 10024 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 12/20/2021 | 10.1 | 10.1 | 10.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc | (#) | 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 10/26/2021 | 11.8 | 11.8 | 11.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma | (#,^) | 28-28 1/2 Cornelia St, New York, NY 10014 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 10/25/2021 | 2.4 | 2.4 | 2.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 39581 Garfield, LLC and Tricounty Neurological Associates, P.C. | (#,^) | 39581 Garfield Rd, Clinton Township, MI 48038 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2036 | 21.9 | 21.9 | 25.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert E. Caves, Sr. and American Plank dba Caves Enterprises | (#,^) | 40515 Pumpkin Center Rd, Hammond, LA 70403 | Merchant Wholesalers, Durable Goods | Term Loan | Prime plus 2.75% | 9/30/2021 | 40.1 | 40.1 | 40.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 39581 Garfield, LLC and Tri County Neurological Associates, P.C. | (#,^) | 39581 Garfield Rd, Clinton Township, MI 48038 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 9/30/2036 | 64.3 | 64.3 | 74.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael S. Decker & Janet Decker dba The Hen House Cafe | (#) | 401 Caribou St, Simla, CO 80835 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/30/2036 | 13.0 | 13.0 | 14.9 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Valiev Ballet Academy, Inc | (#,^) | 635 - 637 Londonderry Lane, Denton, TX 76205 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 2.75% | 8/12/2036 | 33.7 | 33.7 | 38.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LaHoBa, LLC d/b/a Papa John's | (#,^) | 3001 Pontchartrain Drive, Slidell, LA 70458 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/3/2036 | 61.1 | 61.1 | 70.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
251
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lavertue Properties LLP dba Lavertue Properties | (#,^) | 24 Wakefield St, Rochester, NH 13867 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | Prime plus 2.75% | 6/29/2036 | 35.4 | 35.4 | 40.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lisle Lincoln II Limited Partnership dba Lisle Lanes LP | (#,^) | 4920 Lincoln Ave Route 53, Lisle, IL 60532 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 6/29/2036 | 277.3 | 277.3 | 319.1 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. | (#,^) | 1790 Broadway Ste 716, New York, NY 10019 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/3/2021 | 3.1 | 3.1 | 3.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Profile Performance, Inc. and Eidak Real Estate, L.L.C. | (#,^) | 44600 Michigan Ave, Canton, MI 48188 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 4/20/2036 | 99.7 | 99.7 | 114.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store | (#,^) | 2267 Fernberg Trail, Ely, MN 55731 | Nonstore Retailers | Term Loan | Prime plus 2.75% | 4/18/2036 | 112.5 | 112.5 | 129.2 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Michael S. Korfe dba North Valley Auto Repair | (#,^) | 7516 B 2nd St, NW, Albuquerque, NM 87107 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 3/24/2036 | 12.1 | 12.1 | 13.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Actknowledge, Inc dba Actknowledge | (#,^) | 365 Fifth Ave, New York, NY 10016 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/21/2021 | 2.1 | 2.1 | 2.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| SuzyQue’s LLC dba Suzy Que’s | (#,^) | 34 South Valley Rd, West Orange, NJ 7052 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/11/2036 | 47.5 | 47.5 | 54.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Little People’s Village, LLC dba Little People’s Village | (#,^) | 904 North 66th St, Philadelphia, PA 19151 | Social Assistance | Term Loan | Prime plus 2.75% | 1/31/2036 | 24.1 | 24.1 | 27.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. | (#,^) | 64-68 North Central Ave, Valley Stream, NY 11580 | Support Activities for Transportation | Term Loan | Prime plus 2.75% | 1/28/2036 | 87.9 | 87.9 | 100.8 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lodin Medical Imaging, LLC dba Watson Imaging Center | (#,^) | 3915 Watson Rd, St. Louis, MO 63109 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 12/1/2020 | 1.2 | 1.2 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center | (#,^) | 2879 Limekiln Pike, Glenside, PA 19038 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 11/30/2035 | 26.2 | 26.2 | 30.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elan Realty, LLC and Albert Basse Asociates, Inc. | (#,^) | 175 Campanelli Park Way, Stroughton, MA 2072 | Printing and Related Support Activities | Term Loan | Prime plus 2.75% | 9/30/2035 | 173.4 | 173.4 | 198.4 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Newsome Trucking Inc and Kevin Newsome | (#,^) | 2262 HWY 53W, Jasper, GA 30143 | Truck Transportation | Term Loan | Prime plus 2.75% | 9/2/2035 | 187.6 | 187.6 | 214.1 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery | (#,^) | 2320 2nd St, Albuquerque, NM 87107 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 9/2/2035 | 38.1 | 38.1 | 43.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| I-90 RV & Auto Supercenter | (#,^) | 4505 South I-90 Service Rd, Rapid City, SD 57703 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 2.75% | 6/29/2035 | 56.5 | 56.5 | 64.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tanner Optical Inc. dba Murphy Eye Care | (#,^) | 305 Shirley Ave, Douglas, GA 31533 | Ambulatory Health Care Services | Term Loan | Prime plus 2.75% | 6/22/2035 | 68.9 | 68.9 | 78.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lahoba,LLC dba Papa John's Pizza | (#,^) | 620 W. Judge Perez Drive, Chalmette, LA 70163 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 12/30/2034 | 31.6 | 31.6 | 35.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Animal Intrusion Prevention Systems Holding Company, LLC | (#,^) | 3330 North Beach St, Haltom City, TX 76111 | Administrative and Support Services | Term Loan | Prime plus 2.75% | 3/29/2024 | 16.9 | 16.9 | 17.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| KMC RE, LLC & B&B Kennels | (#,^) | 6004 City Park Rd, Austin, TX 78730 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 11/19/2034 | 43.0 | 43.0 | 48.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
252
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROVER REPAIRS | (#,^) | 301 MACDADE BLVD, COLLINGDALE, PA 19023 | Repair and Maintenance | Term Loan | Prime plus 2.5% | 11/28/2029 | 42.0 | 42.0 | 45.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Alba Financial Group, Inc. | (#,^) | 1420 Spring Hill Rd, McLain, VA 22102 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | Term Loan | 6% | 3/10/2021 | 1.2 | 1.2 | 1.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| D & D's Divine Beauty School of Esther, LLC | (#,^) | 5524 Germantown Ave, Philadelphia, PA 19144 | Educational Services | Term Loan | 6% | 8/1/2031 | 41.2 | 41.2 | 39.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bliss Coffee and Wine Bar, LLC | (#) | 1402-A Handlir Drive, Bel Air, MD 21015 | Food Services and Drinking Places | Term Loan | 6% | 11/30/2022 | 61.8 | 61.8 | 61.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Connect Litigation Technology, Inc. | (#,^) | 1101 Ivy Hill Rd, #4, Philadelphia, PA 19150 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2% | 10/18/2025 | 17.0 | 17.0 | 17.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 1911 East Main Street Holdings, Corp | (#,^) | 1911 East Main St, Endicott, NY 13760 | Repair and Maintenance | Term Loan | Prime plus 2.75% | 5/18/2032 | 9.5 | 9.5 | 10.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Water Works Laundromat, LLC | (#) | 968-970 Bergen St, Newark, NJ 7104 | Personal and Laundry Services | Term Loan | Prime plus 2.25% | 9/7/2027 | 126.0 | 126.0 | 132.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dave Kris, and MDK Ram Corp. | (#,^) | 15 Elm Park, Groveland, MA 1930 | Food and Beverage Stores | Term Loan | Prime plus 2.75% | 2/5/2026 | 19.2 | 19.2 | 20.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Head To Toe Personalized Pampering, Inc. | (#,^) | 2331 North State Rd 7, Lauderhill, FL 33313 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 1/27/2031 | 7.2 | 7.2 | 8.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Christopher F. Bohon & Pamela D. Bohon | (#,^) | 11600 County Rd 71, Lexington, AL 35648 | Social Assistance | Term Loan | Prime plus 2.75% | 10/28/2026 | 2.2 | 2.2 | 2.3 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mogas Limited | (#,^) | 47 Chestnut St, Elmer, NJ 8318 | Gasoline Stations | Term Loan | Prime plus 2.75% | 5/31/2030 | 53.0 | 53.0 | 57.9 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Moonlight Multi Media Production, Inc. | (#,^) | 2700 West Cypress Creek Rd, Fort Lauderdale, FL 33309 | Other Information Services | Term Loan | 5.3% | 2/1/2025 | 1.0 | 1.0 | 1.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| David M. Goens dba Superior Auto Paint & Body, Inc. | (#) | 1912 Manhattan Ave, Harvey, LA 70058 | Repair and Maintenance | Term Loan | 6% | 8/26/2024 | 9.4 | 9.4 | 9.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| McCallister Venture Group, LLC and Maw's Vittles, Inc. | (#,^) | 511 South BRd St, Brooksville, FL 34601 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/30/2029 | 9.0 | 9.0 | 9.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Whirlwind Car Wash, Inc. | (#) | 1370 Le Anne Marie Circle, Columbus, OH 43026 | Repair and Maintenance | Term Loan | Prime plus 2% | 4/9/2029 | 11.8 | 11.8 | 12.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shuttle Car Wash, Inc. dba Shuttle Car Wash | (#,^) | 745 Cheney Hwy, Ttitusville, FL 32780 | Repair and Maintenance | Term Loan | Prime plus 2.25% | 11/10/2028 | 12.6 | 12.6 | 13.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Min Hui Lin | (#,^) | 1916 BRd St, Lanett, AL 36863 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 1/30/2028 | 12.7 | 12.7 | 13.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Sales, Inc. | (#,^) | 1925 State St, Hamden, CT 6417 | Motor Vehicle and Parts Dealers | Term Loan | 6% | 8/17/2023 | 3.5 | 3.5 | 3.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ralph Werner dba Werner Transmission Inc | (#,^) | 259 East Central Ave, Bangor, PA 18013 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/29/2021 | 0.5 | 0.5 | 0.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC | (#,^) | 3118 Bayshore Ave, Brigantine, NJ 8203 | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 9/14/2023 | 23.1 | 23.1 | 22.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| OrthoQuest, P.C. | (#,^) | 2336 Wisteria Drive, Ste 430, Snellville, GA 30078 | Ambulatory Health Care Services | Term Loan | Prime plus 2% | 3/12/2022 | 0.8 | 0.8 | 0.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Track Side Collision & Tire, Inc. | (#,^) | 98-16 160 Ave, Ozone Park, NY 11414 | Plastics and Rubber Products Manufacturing | Term Loan | Prime plus 2.75% | 6/16/2025 | 3.0 | 3.0 | 3.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
253
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Accrual Investments (1) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deesha Corporation, Inc. dba Best Inn & Suites | (#,^) | 9225 Parkway East, Birmingham, AL 35206 | Accommodation | Term Loan | Prime plus 2.25% | 2/14/2025 | 15.7 | 15.7 | 16.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Randall D. & Patricia D. Casaburi dba Pat's Pizzazz | (#,^) | 386 Winsted Rd, Torrington, CT 6790 | Furniture and Home Furnishings Stores | Term Loan | Prime plus 2.75% | 3/13/2023 | 2.9 | 2.9 | 3.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gain Laxmi, Inc. dba Super 8 Motel | (#,^) | 14341 U.S. Hwy 431 South, Gunterville, AL 35976 | Accommodation | Term Loan | Prime plus 2.25% | 5/31/2023 | 8.6 | 8.6 | 8.8 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Naseeb Corporation | (#,^) | 1696 North BRd St, Meriden, CT 6450 | Accommodation | Term Loan | Prime plus 2.25% | 3/31/2024 | 15.0 | 15.0 | 15.4 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Stillwell Ave Prep School | (#,^) | 1990 Stillwell Ave, Brooklyn, NY 11214 | Social Assistance | Term Loan | Prime plus 2.75% | 1/14/2023 | 2.5 | 2.5 | 2.6 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alyssa Corp dba Knights Inn | (#,^) | 1105 Columbus Parkway, Opelika, AL 36801 | Accommodation | Term Loan | Prime plus 2.25% | 9/30/2023 | 29.1 | 29.1 | 29.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bhailal Patel dba New Falls Motel | (#,^) | 201 Lincoln Hwy, Fairless Hills, PA 19030 | Accommodation | Term Loan | Prime plus 2.75% | 3/27/2023 | 1.0 | 1.0 | 1.0 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pegasus Automotive, Inc. | (#,^) | 3981 Hylan Blvd, Staten Island, NY 10308 | Gasoline Stations | Term Loan | Prime plus 2.75% | 12/23/2022 | 3.0 | 3.0 | 3.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| P. Agrino, Inc. dba Andover Diner | (#,^) | 193 Main St, Andover, NJ 7860 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/18/2021 | 0.1 | 0.1 | 0.1 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Unguaranteed Accrual Investments | $ | 364,957.1 | $ | 364,957.1 | $ | 378,329.4 | 111.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
254
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 200 North 8th Street Associates LLC and Enchanted Acres Fa | (*,#) | 200 North 8th St, Reading, PA 19601 | Food Manufacturing | Term Loan | 6.25% | 5/4/2028 | $ | 445.6 | $ | 445.6 | $ | 311.8 | 0.09 | % | ||||||||||||||||||||||||||||||||||||||||||
| 15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs | (*,#,^) | 3 Expressway Plaza, Ste 221, Roslyn Heights, NY 11577 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 0% | 12/16/2021 | 44.8 | 44.8 | 43.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Pioneer Windows Manufacturing Corp, Pioneer Windows | (*,#,^) | 3 Expressway Plaza, Suuite 221, Roslyn Heights, NY 11577 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 0% | 11/21/2022 | 80.7 | 80.7 | 78.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 2 Cool Beans LLC dba Menchies's Frozen Yogurt | (*,#,^) | 11331 Thienes Ave, South El Monte, CA 91733 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 8/11/2026 | 54.1 | 54.1 | 53.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 3SIXO Motorsports LLC dba 3SIXO Motorsports Shop | (*,#,^) | 217 W Main St, Centralia, WA 98531 | Motor Vehicle and Parts Dealers | Term Loan | 7.75% | 1/6/2029 | 94.6 | 94.6 | 59.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc | (*,#) | 6 Price Ave, Norwalk, CT 6840 | Administrative and Support Services | Term Loan | 8% | 9/24/2039 | 237.3 | 237.3 | 192.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Acton Hardware LLC and Mark Allgood & Jamie Allgood | (*,#,^) | 31814 Crown Valley Rd, Acton, CA 93510 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 8% | 3/24/2041 | 117.1 | 117.1 | 37.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Advance Case Parts RE Holdings LLC and Advance Case Parts Inc | (*,#) | 12485-12489 NW 44th St, Coral Springs, FL 33071 | Repair and Maintenance | Term Loan | 7.75% | 3/31/2040 | 318.3 | 318.3 | 131.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Albas Bar & Grill LLC | (*,#,^) | 221 Self Main St, Homer City, PA 15748 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 10/13/2042 | 43.9 | 43.9 | 17.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Alive Design, LLC | (*,#) | 234 Middle St, Middletown, CT 6457 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 2.75% | 3/13/2027 | 11.4 | 11.4 | 9.7 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All About Kids and Families Medical Center, Inc. | (*,#,^) | 12086 FT Caroline Rd, Ste. 102,103,401,402,403, 501,502, Jacksonville, FL 32225 | Ambulatory Health Care Services | Term Loan | 8.25% | 1/13/2029 | 364.9 | 364.9 | 262.9 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| All Printing Solutions, Inc. dba Pryntcomm | (*,#,^) | 303 E. Sioux Ave., Pierre, SD 57501 | Printing and Related Support Activities | Term Loan | 7.75% | 6/27/2041 | 491.8 | 491.8 | 81.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allied Welding Inc. | (*,#,^) | 1820 N. Santa Fe Ave, Chillicothe, IL 61523 | Fabricated Metal Product Manufacturing | Term Loan | 8.25% | 12/15/2041 | 713.5 | 713.5 | 713.5 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Amboy Group, LLC dba Tommy Moloney's | (*,#) | 1 Amboy Ave, Woodbridge, NJ 7095 | Food Manufacturing | Term Loan | 6% | 6/14/2024 | 1,458.1 | 1,458.1 | 1,458.1 | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anglin Cultured Stone Products LLC | (*,#,^) | 877 Salem Church Rd, Newark, DE 19702 | Construction of Buildings | Term Loan | 8.25% | 12/27/2042 | 630.5 | 630.5 | 324.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Anglin Cultured Stone Products LLC dba Anglin Construction | (*,#) | 877 Salem Church Rd, Newark, DE 19702 | Specialty Trade Contractors | Term Loan | 8.25% | 6/30/2025 | 193.3 | 193.3 | 185.2 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Arclay ,LLC | (*,#,^) | 49 Geyser Rd Ste 100, Saratoga Springs, NY 12866 | Nonmetallic Mineral Product Manufacturing | Term Loan | 8% | 5/5/2030 | 137.1 | 137.1 | 30.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Arrow Freight Inc | (*,#,^) | 1000 Jorie Blvd Ste 250, Oak Brook, IL 60523 | Truck Transportation | Term Loan | 8.25% | 3/30/2028 | 653.0 | 653.0 | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud | (*,#) | 2646 South Rd, Poughkeepsie, NY 12601 | Gasoline Stations | Term Loan | 7.75% | 9/26/2024 | 15.7 | 15.7 | 15.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| AWA Fabrication & Construction, L.L.C. | (*,#) | 811 Country Rd #99, Headland, AL 36345 | Fabricated Metal Product Manufacturing | Term Loan | 6% | 4/30/2025 | 34.4 | 34.4 | 2.5 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
255
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B&B Fitness and Barbell, Inc. dba Elevations Health Club | (*,#) | Route 611 North, Scotrun, PA 18355 | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 6/22/2035 | 1,385.8 | 1,385.8 | 334.3 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| B4 Fitness LLC dba The Zoo Health Club | (*,#,^) | 4 Beehive Dr, Epping, NH 3042 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 9/23/2026 | 59.8 | 59.8 | 31.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Baker Sales, Inc. d/b/a Baker Sales, Inc. | (*,#) | 60207 Camp Villere Rd, Slidell, LA 70460 | Nonstore Retailers | Term Loan | 6% | 3/29/2036 | 177.4 | 177.4 | 62.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Band Sawn Lumber,LLC and Nathan Ryan Adams | (*,#,^) | 1873 State Hwy 29, Johnstown, NY 12095 | Wood Product Manufacturing | Term Loan | 7.75% | 5/15/2042 | 110.8 | 110.8 | 33.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Fieldstone Quick Stop LLC Barber Investments LLC Thadius M B | (*,#) | 190 Route 3, South China, ME 4358 | Gasoline Stations | Term Loan | 6% | 9/30/2038 | 400.4 | 400.4 | 33.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bear Creek Entertainment LLC dba The Woods at Bear Creek | (*,#,^) | 3510 Bear Creek Rd, Franklinville, NY 14737 | Accommodation | Term Loan | Prime plus 2.75% | 8/12/2041 | 1,608.1 | 1,608.1 | 742.4 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bear Creek Entertainment, LLC dba The Woods at Bear Creek | (*,#) | 3510 Bear Creek Rd, Franklinville, NY 14737 | Accommodation | Term Loan | 7.25% | 12/30/2024 | 85.4 | 85.4 | 82.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bebos Inc dba Pizza Hut & Sunoco | (*,#) | 2003 West 5th St, Clifton, TX 76634 | Gasoline Stations | Term Loan | 7.75% | 3/28/2028 | 214.1 | 214.1 | 29.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Benevolent International Inc | (*,#,^) | 2781 Saturn St Ste F, Brea, CA 82821 | Administrative and Support Services | Term Loan | 6% | 4/26/2029 | 71.6 | 71.6 | 68.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bev's Sweets LLC | (*,#,^) | 3778 Hwy 254, Cleveland, GA 30528 | Administrative and Support Services | Term Loan | Prime plus 0% | 9/30/2044 | 210.5 | 210.5 | 201.6 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bone Bar & Grill LLC | (*,#) | 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 | Food Services and Drinking Places | Term Loan | 7% | 6/30/2042 | 73.4 | 73.4 | 62.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. | (*,#) | 201 Highland Ave, East Syracuse, NY 13057 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 3/13/2039 | 201.2 | 201.2 | 148.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| BQRS, Inc. DBA Gresham Meineke Car Care Center | (*,#,^) | 18081 SE Division St, Portland, OR 97236 | Repair and Maintenance | Term Loan | 8.25% | 6/30/2027 | 53.9 | 53.9 | 47.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps | (*,#) | 690 South Creek Rd, West Chester, PA 19382 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 3/30/2031 | 145.7 | 145.7 | 144.1 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Calhoun Satellite Communications, Inc. | (*,#) | 1914 Tigertail Blvd, Dania Beach, FL 33004 | Telecommunications | Term Loan | 7% | 12/2/2026 | 37.2 | 37.2 | 24.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC | (*,#) | 310 25th Ave N. St Ste. 201, Nashville, TN 37203 | Ambulatory Health Care Services | Term Loan | 7.75% | 5/15/2025 | 556.4 | 556.4 | 55.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation | (*,#) | 320 Fair St, Kutztown, PA 19530 | Transit and Ground Passenger Transportation | Term Loan | 7.5% | 9/30/2027 | 366.2 | 366.2 | 354.6 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CD Game Exchange Inc. | (*,#,^) | 3719 N Mississippi, Portland, OR 97227 | Merchant Wholesalers, Durable Goods | Term Loan | 8.25% | 9/28/2026 | 10.4 | 10.4 | 10.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Central Medical Clinic, PLLC- Clinica Central | (*,#) | 393 North Dunlap St Ste LL26, LL34, LL38, St Paul, MN 55104 | Ambulatory Health Care Services | Term Loan | 8.25% | 6/7/2029 | 171.9 | 171.9 | 166.4 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chickamauga Properties, Inc., MSW Enterprises, LLP | (*,#) | 214 Sutherland Way, Rocky Face, GA 30740 | Amusement, Gambling, and Recreation Industries | Term Loan | 6.25% | 12/22/2035 | 59.0 | 59.0 | 56.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
256
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Children First Home Health Care Inc | (*,#,^) | 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 | Ambulatory Health Care Services | Term Loan | 7.5% | 12/27/2028 | 282.4 | 282.4 | 51.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CK Heating and Cooling LLC | (*,#,^) | 10017 Pebble Beach Drive, St. Louis, MO 63114 | Specialty Trade Contractors | Term Loan | Prime plus 2.75% | 4/12/2029 | 18.5 | 18.5 | 1.3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clark Realty LLC | (*,#,^) | 4 Walker Way, Albany, NY 12205 | Real Estate | Term Loan | 8% | 8/29/2041 | 73.3 | 73.3 | 37.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Clearwater Transportation LTD dba Thrifty Car Rental, | (*,#,^) | 8790 Crownhill Blvd, San Antonio, TX 78209 | Rental and Leasing Services | Term Loan | 8.25% | 11/29/2027 | 153.7 | 153.7 | 17.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC | (*,#,^) | 717 Titus Ave, Rochester, NY 14617 | Food Services and Drinking Places | Term Loan | 8.25% | 11/20/2040 | 158.0 | 158.0 | 60.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck | (*,#) | 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 | Repair and Maintenance | Term Loan | 6.75% | 9/26/2039 | 553.3 | 553.3 | 450.0 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Conference Services International ETC LLC | (*,#,^) | 4802 West Van Buren St, Phoenix, AZ 85007 | Administrative and Support Services | Term Loan | 8% | 8/14/2028 | 597.0 | 597.0 | 408.2 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Custom Software, Inc. a Colorado Corporation dba M-33 Access | (*,#) | 380 E. Borden Rd, Rose City, MI 48654 | Professional, Scientific, and Technical Services | Term Loan | 6.25% | 6/17/2021 | 210.6 | 210.6 | 112.7 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| CZAR Industries, Inc. | (*,#,^) | 1424 Heath Ave, Ewing, NJ 8638 | Machinery Manufacturing | Term Loan | 8.25% | 12/19/2027 | 141.3 | 141.3 | 45.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| D&G Capital LLC dba Miami Grill 277 | (*,#,^) | 2521 North Federal Hwy, Unit C, Boca Raton, FL 33431 | Food Services and Drinking Places | Term Loan | 6.5% | 12/16/2025 | 44.1 | 44.1 | 20.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Darian L Hampton DDS PA and Darian L. Hampton | (*,#) | 3610 N Josey Lane Ste 104, Carrollton, TX 75007 | Ambulatory Health Care Services | Term Loan | 8.25% | 12/20/2028 | 292.6 | 292.6 | 3.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| David D. Sullivan dba DMS Construction | (*,#,^) | 6400 Charwood Place, Bakersfield, CA 93306 | Specialty Trade Contractors | Term Loan | Prime plus 0% | 8/9/2028 | 11.5 | 11.5 | 4.3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc | (*,#) | 6555 NW 9th Ave, Fort Lauderdale, FL 33309 | Ambulatory Health Care Services | Term Loan | Prime plus 0% | 12/30/2029 | 345.6 | 345.6 | 338.2 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Destination Hope, Inc. and The Academy for Addiction Professionals | (*,#) | 6555 NW 9th Ave, Fort Lauderdale, FL 33309 | Ambulatory Health Care Services | Term Loan | 6% | 12/30/2044 | 371.2 | 371.2 | 363.3 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown | (*,#,^) | 2685 US Hwy 41, Calhoun, GA 30701 | Support Activities for Transportation | Term Loan | 5.25% | 12/28/2035 | 1,316.8 | 1,316.8 | 522.2 | 0.15 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Douglas Printy Motorsports, Inc. dba Blackburn Trike | (*,#) | 1410 Medina Rd, Medina, OH 44256 | Motor Vehicle and Parts Dealers | Term Loan | 8.25% | 3/9/2040 | 74.2 | 74.2 | 3.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Doxa Deo Inc dba Luv 2 Play | (*,#,^) | 1600 Village Market Blvd, Leesburg, VA 20175 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 2/28/2026 | 81.3 | 81.3 | 79.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC | (*,#,^) | 1515 Shopton Rd, Charlotte, NC 28217 | Ambulatory Health Care Services | Term Loan | 7.5% | 9/29/2042 | 243.0 | 243.0 | 211.2 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Driven Warehouse/Distribution LLC | (*,#) | 271 East North Ave, Glendale, IL 60139 | Truck Transportation | Term Loan | 8% | 12/22/2027 | 726.2 | 726.2 | 371.6 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| DTM Parts Supply Inc. | (*,#) | 31 Sageman St, Mount Vernon, NY 10550 | Merchant Wholesalers, Durable Goods | Term Loan | 7% | 6/2/2025 | 42.6 | 42.6 | 42.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
257
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty | (*,#) | 1717 Hwy 200, Noxon, MT 59853 | Wood Product Manufacturing | Term Loan | 8% | 2/2/2040 | 163.2 | 163.2 | 47.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Dynamic Dental Corporation | (*,#,^) | 3760 NW 126th Ave, Coral Springs, FL 33065 | Merchant Wholesalers, Durable Goods | Term Loan | 7.5% | 5/31/2029 | 60.4 | 60.4 | 22.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E & I Holdings, LP & PA Farm Products, LLC | (*,#) | 1095 Mt Airy Rd, Stevens, PA 17578 | Food Manufacturing | Term Loan | 6% | 4/30/2030 | 4,705.2 | 4,705.2 | 3,746.2 | 1.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| E.S.F.P. LLC dba Volusia Van and Storage | (*,#,^) | 1203 N US 1, Ormond Beach, FL 32174 | Truck Transportation | Term Loan | Prime plus 0% | 11/11/2025 | 54.4 | 54.4 | 46.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Earth First Recycling LLC | (*,#,^) | 400 Island Park Rd, Easton, PA 18040 | Merchant Wholesalers, Durable Goods | Term Loan | 8% | 12/6/2027 | 72.8 | 72.8 | 72.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Earth First Recycling, LLC and 191 Clark Road, LLC | (*,#,^) | 400 Island Park Rd, Easton, PA 18040 | Merchant Wholesalers, Durable Goods | Term Loan | 8% | 6/5/2027 | 338.0 | 338.0 | 334.4 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels | (*,#,^) | 11949 Borden Ave, San Fernando, CA 91340 | Specialty Trade Contractors | Term Loan | 8.25% | 12/31/2022 | 43.9 | 43.9 | 43.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ericon, Inc. | (*,#,^) | 740 Davenport Ave, Fremont, NE 68025 | Gasoline Stations | Term Loan | 8.25% | 12/1/2041 | 705.6 | 705.6 | 652.0 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| ERT Group Inc and Curt's Tools Inspection Inc | (*,#,^) | 5229 142nd Dr. NW, Williston, ND 58801 | Support Activities for Mining | Term Loan | Prime plus 2.75% | 3/18/2041 | 932.4 | 932.4 | 902.7 | 0.27 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Europlast Ltd | (*,#) | 100 Industrial Lane, Endeavor, WI 53930 | Plastics and Rubber Products Manufacturing | Term Loan | 6% | 9/26/2022 | 312.9 | 312.9 | 44.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Evergreen Pallet LLC and Evergreen Recycle LLC | (*,#,^) | 302 W 53rd St N., Wichita, KS 67204 | Wood Product Manufacturing | Term Loan | 7.25% | 3/16/2026 | 898.3 | 898.3 | 409.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Evernook Valley Milk LLC | (*,#,^) | 7448 Emmerson Rd, Everson, WA 98247 | Animal Production and Aquaculture | Term Loan | 7.5% | 8/31/2042 | 637.5 | 637.5 | 446.8 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Excel RP Inc | (*,#,^) | 6531 Park Ave, Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | 8.25% | 8/30/2023 | 66.8 | 66.8 | 64.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Excel RP Inc | (*,#,^) | 6531 Park Ave, Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | 8.25% | 3/25/2026 | 95.2 | 95.2 | 25.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Excel RP, Inc./Kevin and Joann Foley | (*,#) | 6531 Park Ave, Allen Park, MI 48101 | Machinery Manufacturing | Term Loan | 8.25% | 7/8/2028 | 32.4 | 32.4 | 31.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Florida Apnea Diagnostics LLC | (*,#,^) | 2664 Cypress Ridge Blvd Ste. 101 & 102 A, Wesley Chapel, FL 33544 | Ambulatory Health Care Services | Term Loan | 8.25% | 10/20/2027 | 143.4 | 143.4 | 62.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Frontier Sand LLC | (*,#,^) | 305 Country Hwy AA, New Auburn, WI 54757 | Mining (except Oil and Gas) | Term Loan | 8.25% | 11/30/2027 | 463.6 | 463.6 | 319.8 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Galaforo Construction and Companies LLC | (*,#,^) | 1770 Stumpf Blvd, Terrytown, LA 70056 | Construction of Buildings | Term Loan | 7.5% | 12/15/2042 | 12.1 | 12.1 | 11.1 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| GEM2K, LLC dba Precision Precast Group | (*,#,^) | 4150 E Magnolia St, Phoenix, AZ 85034 | Miscellaneous Manufacturing | Term Loan | 8.25% | 5/19/2027 | 140.4 | 140.4 | 23.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Grand Manor Realty, Inc. & Kevin LaRoe | (*,#) | 318 S. Halsted St, Chicago, IL 60661 | Real Estate | Term Loan | 6% | 2/20/2023 | 19.0 | 19.0 | 18.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Graphics,Type and Color Enterprises Inc dba Clubflyers.com | (*,#,^) | 2300 NW 7th Ave, Miami, FL 33127 | Printing and Related Support Activities | Term Loan | 8.25% | 9/28/2041 | 821.5 | 821.5 | 795.3 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| H.M.C, Incorporated | (*,#,^) | 7190 Oakland Mills Rd Ste 10, Columbia, MD 21046 | Furniture and Related Product Manufacturing | Term Loan | 8.25% | 7/3/2028 | 183.8 | 183.8 | 177.9 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
258
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hagerstown Muffler, Inc. and JMS Muffler, Inc | (*,#) | 1390 Dual Hwy, Hagerstown, MD 21740 | Repair and Maintenance | Term Loan | 8% | 9/24/2040 | 58.6 | 58.6 | 37.0 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Harrelson Materials Management,Inc | (*,#) | 1101 Russell Rd, Shreveport, LA 71107 | Waste Management and Remediation Services | Term Loan | 6% | 6/24/2021 | 465.2 | 465.2 | 4.7 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HDD Solutions, LLC | (*,#) | 6550 Progress Parkway, Cedar Hill, MO 63016 | Heavy and Civil Engineering Construction | Term Loan | 8.25% | 12/31/2028 | 552.8 | 552.8 | 336.6 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| HG Ventures, Inc. dba Diamond Head Trucking | (*,#,^) | 100 Phoenix Drive, Finleyville, PA 15332 | Truck Transportation | Term Loan | 7.5% | 6/29/2030 | 807.7 | 807.7 | 47.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Home Again Restaurant LLC | (*,#) | 9524 Camp Lake Rd, Salem, WI 53168 | Food Services and Drinking Places | Term Loan | 6.25% | 6/30/2040 | 0.4 | 0.4 | 0.4 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Insight Vision Care, PC, CRMOD Lubbock, P.C., Vielm Vision Eyecare Inc | (*,#,^) | 4899 Griggs Rd, Houston, TX 77021 | Ambulatory Health Care Services | Term Loan | 7.75% | 12/27/2043 | 1,084.6 | 1,084.6 | 222.9 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J&K Fitness, LLC dba Physiques Womens Fitness Center | (*,#) | 2505 Verot School Rd, Lafayette, LA 70508 | Amusement, Gambling, and Recreation Industries | Term Loan | 8% | 6/8/2036 | 14.6 | 14.6 | 9.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J Olson Enterprises LLC and Olson Trucking Direct, Inc. | (*,#) | 311 Ryan St, Holmen, WI 54636 | Truck Transportation | Term Loan | 6% | 6/28/2025 | 628.4 | 628.4 | 40.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value | (*,#,^) | 640 Dubois St, Du Bois, PA 15801 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 6% | 11/10/2026 | 161.6 | 161.6 | 121.9 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value | (*,#,^) | 640 Dubois St, Dubois, PA 15801 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 6% | 11/10/2041 | 438.5 | 438.5 | 419.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill | (*,#,^) | 24480 W 10 Mile RD, Southfield, MI 48033 | Food Services and Drinking Places | Term Loan | 6% | 1/4/2029 | 34.8 | 34.8 | 22.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JN Thompson Ent,Inc. | (*,#,^) | 400 5th Ave S Ste 100, Naples, FL 34102 | Construction of Buildings | Term Loan | 7.75% | 12/7/2028 | 329.7 | 329.7 | 39.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JNP Delivery Inc | (*,#,^) | 4500 North Providence # 7, Appleton, WI 54913 | Couriers and Messengers | Term Loan | Prime plus 0% | 11/7/2027 | 47.5 | 47.5 | 46.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| JP Dhillon's Foods LLC | (*,#,^) | 840 El Paseo de Saratoga, San Jose, CA 95130 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 6/1/2029 | 86.5 | 86.5 | 1.3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| K Soles Corp dba Max Collections | (*,#,^) | 3208 Oakcliff Industrial St, Doraville, GA 30340 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 0% | 3/16/2026 | 14.4 | 14.4 | 1.5 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto | (*,#) | 200 West Adams St, Cochranton, PA 16314 | Motor Vehicle and Parts Dealers | Term Loan | 6.25% | 10/29/2039 | 11.1 | 11.1 | 2.5 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kids at Heart,LLC dba Monster Mini Golf | (*,#,^) | 10 Newbury St, Danvers, MA 1923 | Amusement, Gambling, and Recreation Industries | Term Loan | 6.75% | 9/22/2026 | 18.8 | 18.8 | 14.7 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kidtastic LLC dba The Little Gym of Audubon | (*,#,^) | 2850 Audubon Drive, Audubon, PA 19403 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 7/27/2026 | 44.9 | 44.9 | 16.4 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle | (*,#) | 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/23/2029 | 17.8 | 17.8 | 17.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kostekos Inc dba New York Style Pizza | (*,#) | 10 South King St, Gloucester, NJ 8030 | Food Services and Drinking Places | Term Loan | 8% | 2/6/2040 | 61.9 | 61.9 | 28.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LA Diner Inc dba Loukas L A Diner | (*,#) | 3205 Route 22 East, Branchburg, NJ 8876 | Food Services and Drinking Places | Term Loan | 7.25% | 9/28/2037 | 92.8 | 92.8 | 67.0 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
259
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LAN Doctors Inc | (*,#) | 14 Pierson Court, Mahwah, NJ 7430 | Professional, Scientific, and Technical Services | Term Loan | 8.25% | 8/28/2025 | 59.8 | 59.8 | 58.5 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| LAN Doctors Inc | (*,#,^) | 14 Pierson Court, Mahwah, NJ 7430 | Professional, Scientific, and Technical Services | Term Loan | 8.25% | 3/16/2026 | 43.4 | 43.4 | 36.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Legacy Roof Contractors LLC | (*,#,^) | 32091 Broken Branch Circle, Spanish Fort, AL 36527 | Specialty Trade Contractors | Term Loan | 6% | 2/28/2044 | 294.0 | 294.0 | 170.8 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lilo Holdings LLC | (*,#,^) | 1000 Roosevelt Ave., Cartaret, NJ 7008 | Food Services and Drinking Places | Term Loan | 6% | 12/5/2026 | 11.6 | 11.6 | 3.7 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Linqserv Inc. | (*,#,^) | 1555 Lyell Ave, Rochester, NY 14606 | Transit and Ground Passenger Transportation | Term Loan | 7.5% | 11/9/2027 | 264.0 | 264.0 | 22.2 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Lowgap Grocery & Grill LLC | (*,#,^) | 8773 West Pine St, Lowgap, NC 27024 | General Merchandise Stores | Term Loan | 7.25% | 3/24/2041 | 48.0 | 48.0 | 20.3 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M & H Pine Straw Inc and Harris L. Maloy | (*,#) | 526 Perry House Rd, Fitzgerald, GA 31750 | Merchant Wholesalers, Nondurable Goods | Term Loan | 7.5% | 3/21/2023 | 197.4 | 197.4 | 59.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M & H Pine Straw, Inc and Harris L. Maloy | (*,#) | 526 Perry House Rd, Fitzgerald, GA 31750 | Support Activities for Agriculture and Forestry | Term Loan | 6% | 4/30/2020 | 44.6 | 44.6 | 43.6 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M & H Pine Straw, Inc.and Harris Maloy | (*,#) | 526 Perry House Rd, Fitzgerald, GA 31750 | Merchant Wholesalers, Nondurable Goods | Term Loan | 7.5% | 7/10/2020 | 27.4 | 27.4 | 26.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| M & H Pinestraw, Inc. and Harris L. Maloy | (*,#) | 526 Perry House Rd, Fitzgerald, GA 31750 | Merchant Wholesalers, Nondurable Goods | Term Loan | 7.5% | 12/15/2021 | 133.8 | 133.8 | 49.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Magill Truck Line LLC and Jeff J. Ralls | (*,#,^) | 211 West 53rd St N., Park City, KS 67204 | Truck Transportation | Term Loan | 7.25% | 3/11/2029 | 183.5 | 183.5 | 82.7 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mariam Diner Inc dba Country Kitchen Restaurant | (*,#,^) | 17393 Main St, Hesperia, CA 92345 | Food Services and Drinking Places | Term Loan | 8% | 3/18/2026 | 42.8 | 42.8 | 16.5 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Marlin Lighting LLC | (*,#,^) | 7207 B Lockport Pl, Lorton, VA 22079 | Specialty Trade Contractors | Term Loan | 6% | 12/19/2028 | 90.9 | 90.9 | 89.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Matchless Transportation LLC dba First Class Limo | (*,#) | 31525 Aurora Rd # 5, Solon, OH 44139 | Transit and Ground Passenger Transportation | Term Loan | 6.25% | 5/31/2020 | 119.2 | 119.2 | 12.4 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MB Xpress Inc | (*,#,^) | 159 D'Arcy Parkway, Lathrop, CA 95330 | Truck Transportation | Term Loan | 8.25% | 9/19/2028 | 1,110.1 | 1,110.1 | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad | (*,#,^) | 780 S Peace Haven Rd, Winston Salem, NC 27103 | Electrical Equipment, Appliance, and Component Manufacturing | Term Loan | 7% | 11/25/2025 | 10.5 | 10.5 | 10.2 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MIT LLC | (*,#,^) | 11 North Peach ST., Medford, OR 97504 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/31/2042 | 84.9 | 84.9 | 63.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mojo Brands Media, LLC | (*,#) | 3260 University Blvd., Ste 100, Winter Park, FL 32792 | Broadcasting (except Internet) | Term Loan | 6% | 8/28/2023 | 725.0 | 725.0 | 114.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Morris Glass and Construction Inc | (*,#) | 40058 Hwy 30, Astoria, OR 97103 | Specialty Trade Contractors | Term Loan | 15% | 10/1/2023 | 365.9 | 365.9 | 188.5 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| MTV Bowl, Inc. dba Legend Lanes | (*,#) | 4190 State Rd, Cuyahoga Falls, OH 44223 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 6/30/2036 | 189.6 | 189.6 | 126.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Murf & Sons LLC | (*,#,^) | 3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 11/16/2027 | 129.3 | 129.3 | 126.6 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| N Transport LLC | (*,#,^) | 5348 W Brown Ave, Fresno, CA 93722 | Truck Transportation | Term Loan | 8% | 11/20/2027 | 385.5 | 385.5 | 79.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| N Transport LLC | (*,#,^) | 294 N. Fruit Ave, Fresno, CA 93706 | Truck Transportation | Term Loan | 8.25% | 11/20/2042 | 175.3 | 175.3 | 143.3 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
260
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nando LLC dba Tall Timbers Banquet and Conference Center | (*,#,^) | 13831 National Rd SW, Reynoldsburg, OH 43068 | Food Services and Drinking Places | Term Loan | 6% | 4/20/2028 | 12.7 | 12.7 | 12.4 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neville Galvanizing, Inc | (*,#) | 2983 Grand Ave, Pittsburgh, PA 15225 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2042 | 235.7 | 235.7 | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| North Country Transport, LLC | (*,#,^) | 10 LaCrosse St, Ste 14, Hudson Falls, NY 12839 | Transit and Ground Passenger Transportation | Term Loan | 6% | 2/6/2023 | 4.9 | 4.9 | 4.8 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC | (*,#,^) | 2520 Pennsylvania Ave, Ogden, UT 84401 | Truck Transportation | Term Loan | 8.25% | 6/20/2028 | 513.2 | 513.2 | 53.3 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| P & M Entertainment, LLC dba Luv 2 Play | (*,#,^) | 35 Lafayette Rd Ste #8, North Hampton, NH 3862 | Amusement, Gambling, and Recreation Industries | Term Loan | 6% | 5/10/2028 | 96.1 | 96.1 | 76.1 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Panther Ironworks and Rigging Solutions LLC | (*,#,^) | 1028 Washburn Switch Rd, Shelby, NC 28150 | Specialty Trade Contractors | Term Loan | 6% | 11/10/2026 | 112.7 | 112.7 | 75.4 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa | (*,#) | 412 and 500 Main St, La Marque, TX 77568 | Heavy and Civil Engineering Construction | Term Loan | 7% | 9/28/2026 | 570.7 | 570.7 | 3.1 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv | (*,#,^) | 412 and 500 Main St, La Marque, TX 77568 | Heavy and Civil Engineering Construction | Term Loan | 7% | 9/28/2041 | 110.1 | 110.1 | 48.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peter K Lee MD, PC dba Atlanta Primary Care | (*,#,^) | 211 Roberson Mill Rd, Milledgeville, GA 31061 | Ambulatory Health Care Services | Term Loan | 8.25% | 9/13/2043 | 859.6 | 859.6 | 823.3 | 0.24 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Peter K Lee MD, PC dba Atlanta Primary Care LLC | (*,#,^) | 5 Ashford Way, Hawkinsville, GA 31061 | Ambulatory Health Care Services | Term Loan | 8.25% | 9/13/2028 | 381.0 | 381.0 | 364.9 | 0.11 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Play4Fun dba Luv 2 Play | (*,#,^) | 13722 Jamboree Rd, Irvine, CA 92602 | Amusement, Gambling, and Recreation Industries | Term Loan | 7.5% | 3/7/2028 | 148.1 | 148.1 | 88.9 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T | (*,#,^) | 2040 Dowdy Ferry, Dallas, TX 75218 | Specialty Trade Contractors | Term Loan | 8.25% | 12/19/2038 | 494.7 | 494.7 | 473.8 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and | (*,#,^) | 13851 S State HWY 34, Scurry, TX 75158 | Specialty Trade Contractors | Term Loan | 8.25% | 10/28/2025 | 479.9 | 479.9 | 314.0 | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Providence Management Environmental, LLC, Tindol Energy Group, LLC | (*,#,^) | 6570 W Hwy 67, Cleburne, TX 76033 | Waste Management and Remediation Services | Term Loan | Prime plus 2.75% | 6/19/2029 | 255.9 | 255.9 | 245.1 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PS Camping Inc. | (*,#,^) | 43595 US Hwy 50, Canon City, CO 81212 | Accommodation | Term Loan | 8.25% | 12/1/2027 | 18.2 | 18.2 | 17.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PS Camping, Inc. dba Prospectors RV Resort | (*,#,^) | 43659&43595 US Hwy 50, Canon City, CO 81212 | Accommodation | Term Loan | 8.25% | 5/19/2042 | 227.3 | 227.3 | 217.7 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Purely Seed LLC | (*,#,^) | 11515 Lake Lane, Ste 102, Chisago, MN 55013 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 0% | 2/26/2028 | 101.7 | 101.7 | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Ramjay Inc. | (*,#,^) | 85 S. Bragg St Ste 303, Alexandria, VA 22312 | Transit and Ground Passenger Transportation | Term Loan | 8.25% | 1/13/2027 | 375.6 | 375.6 | 81.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Randall Miller Company, Inc and Boyz Transportation Services, LLC | (*,#,^) | 256 Blackley Rd, Bristole, TN 37620 | Truck Transportation | Term Loan | 7.75% | 7/31/2029 | 772.8 | 772.8 | 18.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC | (*,#,^) | 85 SW 5th Ave, Delray Beach, FL 33444 | Ambulatory Health Care Services | Term Loan | 7.75% | 12/28/2028 | 112.6 | 112.6 | 9.4 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
261
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Return to Excellence Inc | (*,#,^) | 176 Country Club Drive, Waynesville, NC 28786 | Amusement, Gambling, and Recreation Industries | Term Loan | 8.25% | 1/27/2027 | 15.6 | 15.6 | 15.3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa | (*,#) | 176 Country Club Drive, Waynesville, NC 28786 | Amusement, Gambling, and Recreation Industries | Term Loan | 8% | 10/10/2039 | 1,154.0 | 1,154.0 | 1,129.4 | 0.33 | % | |||||||||||||||||||||||||||||||||||||||||||||
| RG Productions LLC | (*,#,^) | 2414 W Battlefield Ste H, Springfield, MO 65807 | Rental and Leasing Services | Term Loan | Prime plus 0% | 3/28/2029 | 139.5 | 139.5 | 127.4 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. | (*,#,^) | 5245 Bucks Bar Rd, Placerville, CA 95667 | Beverage and Tobacco Product Manufacturing | Term Loan | 8.25% | 1/19/2030 | 230.9 | 230.9 | 221.2 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Roundhay Partners LLC and Roundhay Farming LLC | (*,#,^) | 6160 Granite Spring Rd, Somerset, CA 95684 | Crop Production | Term Loan | 8.25% | 8/8/2042 | 902.1 | 902.1 | 781.4 | 0.23 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Rich's Food Stores LLC dba Hwy 55 of Wallace | (*,#,^) | 611 East Southerland St, Wallace, NC 28466 | Food Services and Drinking Places | Term Loan | 8.25% | 9/14/2026 | 99.3 | 99.3 | 9.8 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d | (*,#) | 423-429 Route 156, Trenton, NJ 8620 | Food Services and Drinking Places | Term Loan | 6.25% | 9/30/2039 | 279.5 | 279.5 | 33.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sanabi Investment, LLC dba Oscar's Moving and Storage | (*,#,^) | 11421 N W 107th St, #13, Miami, FL 33178 | Truck Transportation | Term Loan | 7.5% | 6/20/2027 | 95.9 | 95.9 | 14.0 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point | (*,#,^) | 2 Sand Hill Cove Rd, Narragansett, RI 2882 | Food Services and Drinking Places | Term Loan | 8.25% | 12/27/2041 | 413.0 | 413.0 | 197.9 | 0.06 | % | |||||||||||||||||||||||||||||||||||||||||||||
| SDA Holdings LLC and Les Cheveux Salon Inc | (*,#,^) | 306 McClanahan St, Roanoke, VA 24014 | Personal and Laundry Services | Term Loan | 7.5% | 12/15/2040 | 108.5 | 108.5 | 50.5 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Select Propane & Fuel Inc. and Select Fuel & Convenience LLC | (*,#) | 3822 State Route 3, Red Bud, IL 62278 | Merchant Wholesalers, Nondurable Goods | Term Loan | 7.5% | 2/10/2030 | 524.2 | 524.2 | 28.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shaffer Automotive Repair, LLC | (*,#) | 1485 North McQueen Rd #1, Gilbert, AZ 85233 | Repair and Maintenance | Term Loan | 7% | 5/24/2030 | 132.8 | 132.8 | 38.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shane M. Howell and Buck Hardware and Garden Center, LLC | (*,#) | 1007 Lancaster Pike, Quarryville, PA 17566 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 7.5% | 12/27/2038 | 113.4 | 113.4 | 11.5 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Shining Star Kids, Inc. dba Brain Balance | (*,#,^) | 17323 Ventura Blvd, Encino, CA 91316 | Educational Services | Term Loan | Prime plus 0% | 1/7/2029 | 77.2 | 77.2 | 75.6 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Smith and Son Plumbing, LLC | (*,#,^) | 15922 Eldorado Parkway, Ste 500-1579, Frisco, TX 75035 | Specialty Trade Contractors | Term Loan | 6% | 6/10/2029 | 76.0 | 76.0 | 34.1 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Southside BBQ Corp | (*,#,^) | 16032 South Hwy 16, Cherokee, TX 76832 | Food Services and Drinking Places | Term Loan | Prime plus 0% | 1/25/2028 | 15.7 | 15.7 | 15.4 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Sovereign Communications LLC | (*,#) | 26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783 | Broadcasting (except Internet) | Term Loan | 6.75% | 2/7/2024 | 627.4 | 627.4 | 118.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Specialty Surgery Center, Inc. | (*,#,^) | 5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342 | Ambulatory Health Care Services | Term Loan | Prime plus 0% | 6/28/2029 | 1,158.8 | 1,158.8 | 186.1 | 0.05 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Street Magic Enterprise LLC dba New Lisbon Travel Mart | (*,#,^) | 1700 East Bridge St, New Lisbon, WI 53950 | Gasoline Stations | Term Loan | 7.5% | 11/7/2042 | 419.0 | 419.0 | 139.8 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Studio Find It Georgia Inc | (*,#,^) | 3399 Peachtree Rd NE, Ste 400, Atlanta, GA 30326 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 0% | 5/13/2026 | 14.8 | 14.8 | 5.3 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
262
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Unguaranteed Non-Accrual Investments (3) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Suncrest Stone Products LLC | (*,#,^) | 341 County Farm Rd, Ashburn, GA 31714 | Nonmetallic Mineral Product Manufacturing | Term Loan | 7.25% | 8/29/2041 | 608.6 | 608.6 | 116.1 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Suncrest Stone Products LLC | (*,#,^) | 341 County Farm Rd, Ashburn, GA 31714 | Nonmetallic Mineral Product Manufacturing | Term Loan | 7.5% | 8/29/2026 | 535.4 | 535.4 | 129.7 | 0.04 | % | |||||||||||||||||||||||||||||||||||||||||||||
| T and B Boots Inc dba Takken's Shoes | (*,#) | 72 South Main St, Templeton, CA 93465 | Clothing and Clothing Accessories Stores | Term Loan | 7.25% | 12/7/2026 | 95.2 | 95.2 | 79.8 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Tarver-Henley Inc. and Tar-Hen LLC | (*,#,^) | 2125 College Ave, Jackson, AL 36545 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | 7.75% | 6/21/2042 | 97.8 | 97.8 | 49.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Jig, LLC | (*,#,^) | 3115 Camp Phillips Rd, Wausau, WI 54403 | Food Services and Drinking Places | Term Loan | 8.25% | 10/24/2042 | 25.0 | 25.0 | 24.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites | (*,#,^) | 29291 Amerihost Drive, Dowagiac, MI 49047 | Accommodation | Term Loan | 8.25% | 12/5/2041 | 335.1 | 335.1 | 328.0 | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||||
| The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The | (*,#) | 3510 Bear Creek Rd, Franklinville, NY 14737 | Accommodation | Term Loan | 7% | 9/29/2039 | 489.6 | 489.6 | 474.0 | 0.14 | % | |||||||||||||||||||||||||||||||||||||||||||||
| TX Superior Communications, LLC | (*,#,^) | 6223 Krempen Ave, San Antonio, TX 78233 | Specialty Trade Contractors | Term Loan | 8% | 3/19/2028 | 85.5 | 85.5 | 15.1 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||
| United States Plastic Equipment LLC | (*,#,^) | 4447 OH-303, Mantua, OH 44255 | Merchant Wholesalers, Durable Goods | Term Loan | 8.25% | 12/13/2028 | 110.5 | 110.5 | 26.4 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Victorian Restaurant and Tavern, LLC | (*,#,^) | 226 Maple Ave, Cheshire, CT 6410 | Food Services and Drinking Places | Term Loan | 8.25% | 2/22/2042 | 104.4 | 104.4 | 27.9 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Webb Eye Associates, PA | (*,#,^) | 1720 S W W White Rd, San Antonio, TX 78220 | Ambulatory Health Care Services | Term Loan | 7.25% | 7/19/2027 | 71.2 | 71.2 | 33.8 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| White Hawk Inc. | (*,#,^) | 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 | Truck Transportation | Term Loan | 8.25% | 12/15/2026 | 917.5 | 917.5 | 99.4 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wilban LLC | (*,#,^) | 454 US Hwy 22, Whitehouse Station, NJ 8889 | Food Services and Drinking Places | Term Loan | 7.5% | 3/11/2026 | 44.2 | 44.2 | 43.7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Wilban LLC | (*,#) | 454 US Hwy 22, Whitehouse Station, NJ 8889 | Food Services and Drinking Places | Term Loan | 7.25% | 3/28/2039 | 238.6 | 238.6 | 103.5 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van | (*,#,^) | 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010 | Transit and Ground Passenger Transportation | Term Loan | 7.75% | 9/27/2028 | 638.9 | 638.9 | 450.9 | 0.13 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan | (*,#,^) | 33-51 11th St, Astoria, NY 11106 | Merchant Wholesalers, Nondurable Goods | Term Loan | 8.25% | 4/28/2027 | 75.8 | 75.8 | 74.2 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Unguaranteed Non-Accrual SBA Investments | 55,442.8 | 55,442.8 | $ | 29,418.5 | 8.67 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Unguaranteed SBA Investments | $ | 420,399.9 | $ | 420,399.9 | $ | 407,747.9 | 120.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
263
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lulubelle's Mountain Banana Bread LLC | 1063 Carousel Rd, Lake Arrowhead, CA 92352 | Food Manufacturing | Term Loan | Prime plus 2.75% | 12/21/2045 | $ | 750.0 | $ | 750.0 | $ | 848.0 | 0.25 | % | |||||||||||||||||||||||||||||||||||||||||||
| Moon Group, Inc. | 145 Moon Rd, Chesapeake City, MD 21915 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 2.75% | 6/27/2029 | 3,385.0 | 3,385.0 | 3,634.3 | 1.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade | 100 Village Rd, Port Lavaca, TX 77979 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 2.75% | 3/16/2029 | 113.0 | 113.0 | 122.0 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hackstaff Restaurants | 248 W 1st. St Ste 201, Reno, NV 89501 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 7/15/2029 | 426.0 | 426.0 | 461.0 | 0.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| American Pharmaceutical Innovation Company, LLC | 1425 Centre Circle, Downers Grove, IL 60515 | Chemical Manufacturing | Term Loan | Prime plus 2.75% | 3/28/2027 | 45.2 | 45.2 | 45.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Matrix Z LLC | 800 SW 21st Terrace, Ft Lauderdale, FL 33312 | Nonmetallic Mineral Product Manufacturing | Term Loan | Prime plus 6.5% | 2/27/2029 | 11.1 | 11.1 | 11.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rello Inc. | 8063 Jericho Turnpike, Woodbury, NY 11797 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 4/17/2029 | 5.4 | 5.4 | 5.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 2Choice2Friends LLC | 901 W Braker Lane, Austin, TX 78758 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 4/17/2029 | 11.3 | 11.3 | 11.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| NYM Solutions Inc. | 12150 SW 128th St CT Ste 209, Miami, FL 33186 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 5/6/2029 | 11.3 | 11.3 | 11.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Crystal Cleaning Service | 26 Cooper Rd, Byhalia, MS 38611 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 5/9/2029 | 9.1 | 9.1 | 9.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Clowers Trucking by Faith LLC | 705 E Brookwood PL, Valdosta, GA 31601 | Truck Transportation | Term Loan | Prime plus 6.5% | 5/23/2029 | 11.2 | 11.2 | 11.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MCM Design LLC | 5926 Vinings Vintage Way, Mableton, GA 30126 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 5/23/2029 | 8.8 | 8.8 | 8.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Still Photography | 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 6/6/2029 | 11.4 | 11.4 | 11.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Archer Cleaners Inc. | 1514 W. 33rd St, Chicago, IL 60608 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/10/2029 | 11.4 | 11.4 | 11.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Law Office of Paula Padilla PLLC | 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 6/13/2029 | 4.6 | 4.6 | 4.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bonadi Inc. | 9858 W Sample Rd, Coral Springs, FL 33065 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/17/2029 | 11.4 | 11.4 | 11.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Campuscuts LLC | 930 Robtrice Ct, Edmond, OK 73430 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 6/21/2029 | 6.8 | 6.8 | 6.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Port Diesel LLC | 3212 Alex Trask Drive, Castle Hayne, NC 28429 | Repair and Maintenance | Term Loan | Prime plus 6.5% | 6/21/2029 | 11.4 | 11.4 | 11.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Menshka Inc. | 88 High St, Mountclair, NJ 07042 | Ambulatory Health Care Services | Term Loan | Prime plus 6.5% | 7/10/2029 | 11.5 | 11.5 | 11.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Bean Coffee Company, LLC | 112 South Main St, Spring Hill, KS 66083 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 7/17/2029 | 11.5 | 11.5 | 11.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lawrence Adeyemo & Co LLC | 209-34 112 Ave, Queens Village, NY 11429 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 7/19/2029 | 9.2 | 9.2 | 9.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gradstreet LLC | 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 | Nonstore Retailers | Term Loan | Prime plus 6.5% | 7/30/2029 | 7.3 | 7.3 | 7.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| A&S Services LLC | 3888 Lightner Rd, Vandalia, OH 45377 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 8/7/2029 | 11.5 | 11.5 | 11.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
264
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crystal Clear Accounting | 34099 Tuscan Creek Way, Temecula, CA 92592 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 8/26/2029 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Doghouse Sport Fishing Charters Inc. | 83413 Overseas Hwy, Islamorada, FL 33036 | Scenic and Sightseeing Transportation | Term Loan | Prime plus 6.5% | 8/30/2029 | 11.5 | 11.5 | 11.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| No Push Back LLC | 2223 Dungan Ave, Bensalem, PA 19020 | Personal and Laundry Services | Term Loan | Prime plus 6.5% | 8/30/2029 | 11.2 | 11.2 | 11.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Softcare247 LLC | 4191 Naco Perrin Blvd, San Antonio, TX 78217 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 9/11/2029 | 11.8 | 11.8 | 11.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Host Marketing LLC | 206 Bell Lane, Ste B, West Monroe, LA 71291 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 9/18/2029 | 11.6 | 11.6 | 11.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Standard Real Estate Services LLC | 500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217 | Real Estate | Term Loan | Prime plus 6.5% | 9/19/2029 | 11.6 | 11.6 | 11.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bargain Store | 107 Tabernacle Church Rd, Candor, NC 27229 | General Merchandise Stores | Term Loan | Prime plus 6.5% | 10/11/2029 | 11.6 | 11.6 | 11.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Powerlift Dumbwaiters Inc. | 2444 Georgia Slide Rd, Georgetown, CA 95634 | Machinery Manufacturing | Term Loan | Prime plus 6.5% | 10/16/2029 | 11.3 | 11.3 | 11.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pine Mountain Residential LLC | 10240 Cosmopolitan Circle, Parker, CO 80134 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 10/16/2029 | 11.6 | 11.6 | 11.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| James Clark and Company Inc. | 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 10/22/2029 | 11.6 | 11.6 | 11.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Deer Valley Sport Shop LLC | 507 Bamboo Rd, Boone, NC 28607 | Amusement, Gambling, and Recreation Industries | Term Loan | Prime plus 6.5% | 11/7/2029 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sean McNamara | 5639 Wood Lane, Allentown, PA 18106 | Nonstore Retailers | Term Loan | Prime plus 6.5% | 11/14/2029 | 11.7 | 11.7 | 11.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Pinnacle Group | 105 Springside Drive, Akron, OH 44333 | Social Assistance | Term Loan | Prime plus 6.5% | 11/14/2029 | 11.7 | 11.7 | 11.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pen’s Electric Company, Inc | 504 Fairfax Ave, Nashville, TN 37212 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 11/21/2029 | 11.9 | 11.9 | 11.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Standard Capital Corp. | 2349 Wessington Drive, Virginia Beach, VA 23456 | Insurance Carriers and Related Activities | Term Loan | Prime plus 6.5% | 12/5/2029 | 11.8 | 11.8 | 11.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Scott’s Hardware Inc | 200 Tuckerton Rd, Medford, NJ 8055 | Building Material and Garden Equipment and Supplies Dealers | Term Loan | Prime plus 6.5% | 12/6/2029 | 11.8 | 11.8 | 11.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HADD Corp | 364 Rugby Rd, Cedarhurst, NY 11516 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/17/2029 | 11.8 | 11.8 | 11.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| La Tradicion Cubana Inc. | 9357 S.W. 40th St, Miami, FL 33165 | Miscellaneous Store Retailers | Term Loan | Prime plus 6.5% | 12/20/2029 | 11.8 | 11.8 | 11.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| This is a Fly Closet LLC | 12408 Kingsview St, Bowie, MD 20721 | Clothing and Clothing Accessories Stores | Term Loan | Prime plus 6.5% | 1/30/2030 | 11.8 | 11.8 | 11.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 2 N 1 Home and Lawn LLC | 1300 Ridenour Blvd, Kennesaw, GA 30152 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 2/3/2030 | 11.9 | 11.9 | 11.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| All Modes Transportation and Logistics | 4313 Collingtree Drive, Rockledge, FL 32955 | Support Activities for Transportation | Term Loan | Prime plus 6.5% | 2/14/2030 | 11.9 | 11.9 | 11.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Green Farm Inc. | 1018 W SR 424 Ste 100, Longwood, FL 32750 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 11/19/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
265
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Caraniologie LLC | 225 Wall St, Ste 102A, Vail, CO 81657 | General Merchandise Stores | Term Loan | Prime plus 6.5% | 11/20/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kendra Leigh Boyer CPA | 5068 Dupont Court E, Santa Rosa, CA 95409 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 11/20/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Flex Beauty Labs LLC | 7512 Dr. Phillip Blvd, Orlando, FL 32819 | Merchant Wholesalers, Nondurable Goods | Term Loan | Prime plus 6.5% | 11/24/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dearly Loved Counseling LLC | 14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618 | Social Assistance | Term Loan | Prime plus 6.5% | 11/24/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Diane's Accounting Service | 119 E Haywood St, England, AR 72046 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/3/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Combs Creative LLC | 157 Antler Ridge Circle,, Nashville, TN 37214 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/4/2030 | 5.5 | 5.5 | 5.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Travel with Love, LLC | 8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/4/2030 | 5.0 | 5.0 | 5.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| R. JOHNSON CRAFTSMANSHIP | 346 Spring Garden Rd, Milford, NJ 8848 | Specialty Trade Contractors | Term Loan | Prime plus 6.5% | 12/4/2030 | 10.0 | 10.0 | 10.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jamali LLC | 2741 Raceway Fairfield West, Pensacola, FL 32505 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 12/11/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Donald W. Harris | 1625 US-59 N, Linden, TX 75563 | Warehousing and Storage | Term Loan | Prime plus 6.5% | 12/11/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| David Benson LLC | 1422 Euclid Ave, Cleveland, OH 44115 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Savannah Area Language & Culture Exchange, LLC | 6 Dovetail Crossing, Savannah, GA 31419 | Educational Services | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Vege Investments, LLC | 26400 SW 177th Ave, Homestead, FL 33031 | Gasoline Stations | Term Loan | Prime plus 6.5% | 12/16/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| ASIL Ventures, LLC | 444 N Michigan Ave, Ste 1200, Chicago, IL 60611 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/22/2030 | 4.3 | 4.3 | 4.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SPECTRUM DYNAMICS, INC | 27727 Dalton Bluff Court, Katy, TX 77494 | Professional, Scientific, and Technical Services | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pittman Holdings LLC DBA Maple Bourbon | 1116 E Main St, Richmond, VA 23219 | Food Services and Drinking Places | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KCL Business Service Inc | 1042 San Fernando Rd., San Fernando, CA 91340 | Performing Arts, Spectator Sports, and Related Industries | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chris' Angels Cleanning Service LLC | 2090 Dunwoody Club Drive, Sandy Springs, GA 30350 | Administrative and Support Services | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tiki Torch Liquors | 101 Dallas St., Talihima, OK 74571 | Food and Beverage Stores | Term Loan | Prime plus 6.5% | 12/23/2030 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| AJN Innocations LLC | 6704 Main St, Miami Lakes, FL 33014 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 2/15/2031 | 329.5 | 329.5 | 365.0 | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Cow Harbor Beer Company | 19 Scudder Ave, Northport, NY 11768 | Beverage and Tobacco Product Manufacturing | Term Loan | Prime plus 2.75% | 2/11/2031 | 878.2 | 878.2 | 972.6 | 0.29 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| NJ Floats | 327 Route 202/206, Bedminster Township, NJ 7921 | Computer and Electronic Product Manufacturing | Term Loan | Prime plus 2.75% | 2/12/2046 | 437.0 | 437.0 | 494.9 | 0.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||
266
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kuros LLC dba Alexander Lake Lodge | 21221 Baron Lake Drive, Cedaredge, CO 81413 | Accommodation | Term Loan | Prime plus 2.75% | 11/19/2045 | 246.8 | 246.8 | 279.2 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Emmalina LLC | 3602 Rock Bay Drive, Louisville, KY 40245 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 5/21/2030 | 34.9 | 34.9 | 38.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sherwood Sporthorses Inc. | 20502 Forestview, Magnolia, TX 77355 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 5/21/2046 | 615.9 | 615.9 | 698.3 | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chet Lemon Enterprises | 1544 Lane Park Cut off, Tavares, FL 32778 | Personal and Laundry Services | Term Loan | Prime plus 2.75% | 3/3/2031 | 622.0 | 622.0 | 688.9 | 0.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jones Roger Shermann Inn Inc. | 195 Oenoke Ridge, New Canaan, CT 6840 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 6/4/2030 | 86.3 | 86.3 | 95.3 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Hall at the Yard | 1412 Alden Rd, Orlando, FL 32803 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 4/2/2031 | 761.6 | 761.6 | 846.4 | 0.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Edel Family Management Corp | 2207 Coney Island Ave, Brooklyn, NY 11223 | PPP | Term Loan | 1.0% | 4/30/2022 | 39.2 | 39.2 | 39.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Rabbi Grafman Endowment Fund for Temple Emanu-El | 2100 Highland Ave South, Birmingham, AL 35205 | PPP | Term Loan | 1.0% | 4/30/2022 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Surf Cup Sports | 2037 Park Dale Ln, Encinitas, CA 92024 | PPP | Term Loan | 1.0% | 4/30/2022 | 19.0 | 19.0 | 19.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| AM House | 22322 Burton St, Canoga Park, CA 91304 | PPP | Term Loan | 1.0% | 4/30/2022 | 7.7 | 7.7 | 7.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Eat Here LLC | 500 S Main St, Las Vegas, NV 89101 | PPP | Term Loan | 1.0% | 4/30/2022 | 4.8 | 4.8 | 4.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Masood A. Rizvi, MD. | 900 Pompton Ave, Ste B-1, Cedar Grove, NJ 7009 | PPP | Term Loan | 1.0% | 4/30/2022 | 3.8 | 3.8 | 3.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Casetabs | 3333 Michelson Dr, Ste 240, Irvine, CA 92612 | PPP | Term Loan | 1.0% | 4/30/2022 | 38.5 | 38.5 | 38.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| James D. Paliwoda, A Law Corporation | 1000 Lakes Dr, Ste 230, West Covina, CA 91790 | PPP | Term Loan | 1.0% | 4/30/2022 | 12.3 | 12.3 | 12.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Medical Review Service | 13400 Marsh Landing, West Palm Beach, FL 33418 | PPP | Term Loan | 1.0% | 4/30/2022 | 31.3 | 31.3 | 31.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| North Carolina Custom Modulars, LLC | 1936 US-64, Murphy, NC 27203 | PPP | Term Loan | 1.0% | 4/30/2022 | 7.8 | 7.8 | 7.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Thrive TC LLC | 4888 Town Center Pkwy, Ste 106, Jacksonville, FL 32246 | PPP | Term Loan | 1.0% | 5/4/2022 | 5.5 | 5.5 | 5.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kenco Inc | 774 Mays Blvd, Ste 10-574, Incline Village, NV 89451 | PPP | Term Loan | 1.0% | 5/4/2022 | 2.4 | 2.4 | 2.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Glynwood Center, Inc. | 362 Glynwood Rd, Cold Spring, NY 10516 | PPP | Term Loan | 1.0% | 5/4/2022 | 30.3 | 30.3 | 30.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| San Basilio, LLC | 12305 SW 38th St, Ocala, FL 34481 | PPP | Term Loan | 1.0% | 5/4/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stephen Binder DDS | 3900 W Fullerton Ave, Chicago, IL 60647 | PPP | Term Loan | 1.0% | 5/4/2022 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mto Summerlin | 10970 Rosemary Park Drive, Ste #100, Las Vegas, NV 89135 | PPP | Term Loan | 1.0% | 5/4/2022 | 4.8 | 4.8 | 4.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Asthma & Allergy Medical Care, P.C. | 68 Nassau Rd, Huntington, NY 11743 | PPP | Term Loan | 1.0% | 5/4/2022 | 16.1 | 16.1 | 16.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
267
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SK8CLICK INC | 17062 Westport Dr, Huntington Beach, CA 92649 | PPP | Term Loan | 1.0% | 5/4/2022 | 1.9 | 1.9 | 1.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Provino's South, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 5/5/2022 | 18.2 | 18.2 | 18.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kore Surgical Inc | 26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275 | PPP | Term Loan | 1.0% | 5/5/2022 | 8.0 | 8.0 | 8.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Buddy's Towing | 830 Birch St, Daytona Beach, FL 32117 | PPP | Term Loan | 1.0% | 5/5/2022 | 4.0 | 4.0 | 4.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| EON.AI LLC | 3401 North Miami Ave, Ste 211, Miami, FL 33127 | PPP | Term Loan | 1.0% | 5/5/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Superior Property Solutions | 7009 E Country Highlands Dr, Floral City, FL 34436 | PPP | Term Loan | 1.0% | 5/5/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| WHO Insurance Agency Inc | 708 6th Ave SE #A, Decatur, AL 35601 | PPP | Term Loan | 1.0% | 5/5/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ventum LLC | 2775 South Hwy 40, Ste 4, Heber City, UT 84032 | PPP | Term Loan | 1.0% | 5/5/2022 | 8.1 | 8.1 | 8.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MacLeod and Company | 3161 Michelson Dr, Irvine, CA 92612 | PPP | Term Loan | 1.0% | 5/5/2022 | 7.5 | 7.5 | 7.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dance Daly Studio, LLC | 24000 Alicia Parkway, #33, Mission Viejo, CA 92691 | PPP | Term Loan | 1.0% | 5/5/2022 | 5.2 | 5.2 | 5.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Julius Schwarz LLC | 50 Pascack Rd, Hillsdale, NJ 7642 | PPP | Term Loan | 1.0% | 5/5/2022 | 4.0 | 4.0 | 4.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| West & East Art Group | 9 N Moore St, New York, NY 10013 | PPP | Term Loan | 1.0% | 5/5/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Soudan Metals Co | 319 W 40th Pl, Chicago, IL 60609 | PPP | Term Loan | 1.0% | 5/5/2022 | 64.3 | 64.3 | 64.3 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| American Showcase Modulars, LLC | 6281 US-29, Blairs, VA 24527 | PPP | Term Loan | 1.0% | 5/5/2022 | 6.7 | 6.7 | 6.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Swirnow Capital Management Corp | 500 Harborview Drive, Third Floor, Baltimore, MD 21230 | PPP | Term Loan | 1.0% | 5/5/2022 | 10.0 | 10.0 | 10.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| acaso master fund llc | 6710 Benjamin Rd, Ste 100, Tampa, FL 33634 | PPP | Term Loan | 1.0% | 5/6/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| GMS Racing LLC | 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135 | PPP | Term Loan | 1.0% | 5/6/2022 | 130.0 | 130.0 | 130.0 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| D Bober LLC dba the Public Private Network | 445 Hamilton Ave, Ste 1102, White Plains, NY 10601 | PPP | Term Loan | 1.0% | 5/6/2022 | 2.8 | 2.8 | 2.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ntrepid LLC | 12801 Worldgate Dr, Ste 800, Herndon, VA 20170 | PPP | Term Loan | 1.0% | 5/6/2022 | 720.2 | 720.2 | 720.2 | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| South Bay Cable | 54125 Maranatha Dr, Idyllwild, CA 92549 | PPP | Term Loan | 1.0% | 5/6/2022 | 80.4 | 80.4 | 80.4 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Basic L Corporation dba Action Industries | 1120 Olympic Dr, Corona, CA 92881 | PPP | Term Loan | 1.0% | 5/7/2022 | 43.1 | 43.1 | 43.1 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fernway Solutions Inc. | 34 Tidal Way, San Mateo, CA 94401 | PPP | Term Loan | 1.0% | 5/7/2022 | 3.8 | 3.8 | 3.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KJM Medical, LLC | 3012 Pinehurst Dr., Montgomery, AL 36111 | PPP | Term Loan | 1.0% | 5/7/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
268
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nolan Construction | 10 Fairway Drive, Deerfield Beach, FL 33441 | PPP | Term Loan | 1.0% | 5/7/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Care Values, Inc. | 1905 Woodstock Rd, Ste 1250, Roswell, GA 30075 | PPP | Term Loan | 1.0% | 5/7/2022 | 14.1 | 14.1 | 14.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fried Chicken Kitchen LLC | 1750 Market St, San Francisco, CA 94102 | PPP | Term Loan | 1.0% | 5/7/2022 | 42.7 | 42.7 | 42.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Playback, Inc. | 17 Ridge Ave, Natick, MA 1760 | PPP | Term Loan | 1.0% | 5/7/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Conglomerated Hosts, LTD | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 5/8/2022 | 12.7 | 12.7 | 12.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| David A Beach, DMD, MS, PA | 27605 Cashford Circle, Ste 101, Wesley Chapel, FL 33544 | PPP | Term Loan | 1.0% | 5/8/2022 | 6.6 | 6.6 | 6.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fleming Island Dental Care | 1590 Island Ln, Ste 12, Fleming Island, FL 32003 | PPP | Term Loan | 1.0% | 5/8/2022 | 6.9 | 6.9 | 6.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dominion Glass & Mirror Inc. | 14707-B Willard Rd, Chantilly, VA 20151 | PPP | Term Loan | 1.0% | 5/8/2022 | 20.4 | 20.4 | 20.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Allergy & Asthma Associates of Murray Hill, P.C. | 35 E 35th St, Ste 202, New York, NY 10016 | PPP | Term Loan | 1.0% | 5/8/2022 | 17.1 | 17.1 | 17.1 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jeff O. Gonzalez, M.D., P.A. | 2140 W 68th St, Ste 300, Hialeah, FL 33016 | PPP | Term Loan | 1.0% | 5/11/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| J.P. Makhlouf, M.D., F.A.A.P., & Tiziana Anello, M.D., F.A.A.P., P.A. d/b/a Roseland Pediatrics | 556 Eagle Rock Ave, Ste 106, Roseland, NJ 7068 | PPP | Term Loan | 1.0% | 5/11/2022 | 12.8 | 12.8 | 12.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sweet Dreams | 480 Mondi Dr, Woodstock, GA 30188 | PPP | Term Loan | 1.0% | 5/11/2022 | 5.0 | 5.0 | 5.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Legg's Welding Inc. | 5871 Clay Hwy, Bickmore, WV 25019 | PPP | Term Loan | 1.0% | 5/11/2022 | 9.5 | 9.5 | 9.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Drobu Media | 1010 Brickell Ave Unit 4105, Miami, FL 33131 | PPP | Term Loan | 1.0% | 5/11/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Urban Clarity | 13 S Elliott Pl, Brooklyn, NY 11217 | PPP | Term Loan | 1.0% | 5/11/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Scott Zucker P.A. | 633 S Andrews Ave, #203, Fort Lauderdale, FL 33301 | PPP | Term Loan | 1.0% | 5/11/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Landmark IV Realty Inc. | 3990 Sheridan St, Ste 105, Hollywood, FL 33021 | PPP | Term Loan | 1.0% | 5/11/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Leader, Leader & Zucker, PLLC | 633 S Andrews Ave, #201, Fort Lauderdale, FL 33301 | PPP | Term Loan | 1.0% | 5/11/2022 | 5.0 | 5.0 | 5.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Therapeutic Equestrian Center Inc | 115 Stonecrop Lane, Cold Spring, NY 10516 | PPP | Term Loan | 1.0% | 5/11/2022 | 6.5 | 6.5 | 6.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rodney and Bernstein P.A. | 1925 Brickell Ave, Ste D-207, Miami, FL 33129 | PPP | Term Loan | 1.0% | 5/11/2022 | 17.1 | 17.1 | 17.1 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tyler Pidgeon Sole Proprietor | 10200 Sporting Club Drive, Raleigh, NC 27617 | PPP | Term Loan | 1.0% | 5/11/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Altea Group LLC | 4510 Cheltenham Dr, Bethesda, MD 20814 | PPP | Term Loan | 1.0% | 5/12/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
269
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Temple Emanu-El | 2100 Highland Ave, Birmingham, AL 35205 | PPP | Term Loan | 1.0% | 5/12/2022 | 28.0 | 28.0 | 28.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| American Automotive Aftermarket Inc. | 50 Dunham Rd, Billerica, MA 1821 | PPP | Term Loan | 1.0% | 5/12/2022 | 22.0 | 22.0 | 22.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stanton Schwartz Design Group LLC | 346 Congress St, #201, Boston, MA 2210 | PPP | Term Loan | 1.0% | 5/12/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ernst Architect, PLLC | 177 W Broadway, 3rd Floor, New York, NY 10013 | PPP | Term Loan | 1.0% | 5/12/2022 | 17.6 | 17.6 | 17.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dental Designs of Fort Myers, LLC | 3220 Forum Blvd, #104, Fort Myers, FL 33905 | PPP | Term Loan | 1.0% | 5/12/2022 | 34.8 | 34.8 | 34.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| RX Psychological Services, LLC | 5300 McNutt Rd, Ste 12, Santa Teresa, NM 88008 | PPP | Term Loan | 1.0% | 5/12/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KKAP El Sereno Laundry, LLC | 4899 Huntington Drive North, Los Angeles, CA 90032 | PPP | Term Loan | 1.0% | 5/12/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KTF Consulting | 2471 N Geneva Terrace, Chicago, IL 60614 | PPP | Term Loan | 1.0% | 5/12/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HL Group Inc. | 16690 Swingley Ridge Rd, Ste 100, Chesterfield, MO 63017 | PPP | Term Loan | 1.0% | 5/13/2022 | 16.0 | 16.0 | 16.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Child Welfare League of America Inc. | 727 15th St NW, Ste 1200, Washington, DC 20005 | PPP | Term Loan | 1.0% | 5/13/2022 | 20.0 | 20.0 | 20.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gray Global Advisors, LLC | 300 New Jersey Ave NW, 9th Floor, Washington, DC 20001 | PPP | Term Loan | 1.0% | 5/13/2022 | 8.1 | 8.1 | 8.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| OrtenB Software | 519 Lori Drive, Benicia, CA 94510 | PPP | Term Loan | 1.0% | 5/13/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Z Valet, Inc. | 4221 Wilshire blvd, Ste 170-11, Los Angeles, CA 90010 | PPP | Term Loan | 1.0% | 5/13/2022 | 33.9 | 33.9 | 33.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Quality Pool Management | 161 Rombout Rd, Poughkeepsie, NY 12603 | PPP | Term Loan | 1.0% | 5/13/2022 | 6.4 | 6.4 | 6.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Weisner Steel Products | 77 Moraga Way, Ste F, Orinda, CA 94563 | PPP | Term Loan | 1.0% | 5/13/2022 | 24.2 | 24.2 | 24.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Myrna Casta | 1801 Century Park E, Ste 1100, Los Angeles, CA 90067 | PPP | Term Loan | 1.0% | 5/13/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fairview Ford Sales, Inc. | 292 N G St, San Bernardino, CA 92410 | PPP | Term Loan | 1.0% | 5/13/2022 | 143.9 | 143.9 | 143.9 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Deep Ellum Art Co. | 3200 Commerce St, Dallas, TX 75226 | PPP | Term Loan | 1.0% | 5/14/2022 | 8.0 | 8.0 | 8.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stress Analysis Services, Inc. | 3920 Ira Rd, Akron, OH 44333 | PPP | Term Loan | 1.0% | 5/14/2022 | 19.0 | 19.0 | 19.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sun Cloud Holdings LLC | 65 Hemlock Ln, Highland Park, IL 60035 | PPP | Term Loan | 1.0% | 5/14/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Retrotope, Inc. | 4300 El Camino Real, Ste 201, Los Altos, CA 94022 | PPP | Term Loan | 1.0% | 5/14/2022 | 28.3 | 28.3 | 28.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mastermind Alliance Wealth Solutions Inc. | 5271 Arnica Way, Santa Rosa, CA 95403 | PPP | Term Loan | 1.0% | 5/14/2022 | 0.1 | 0.1 | 0.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
270
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ashford AFH | 15527 Burke Ave N, Shoreline, WA 98133 | PPP | Term Loan | 1.0% | 5/14/2022 | 17.3 | 17.3 | 17.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Meredith Ward Fine Art, Inc. | 44 East 74th St., Ste G, New York, NY 10021 | PPP | Term Loan | 1.0% | 5/14/2022 | 3.2 | 3.2 | 3.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tuckahoe Animal Hospital PLLC | 20 Depot Square, Tuckahoe, NY 10707 | PPP | Term Loan | 1.0% | 5/14/2022 | 14.0 | 14.0 | 14.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Melbourne United Laser Vision | 1478 Highland Ave, Ste A, Melbourne, FL 32935 | PPP | Term Loan | 1.0% | 5/14/2022 | 7.6 | 7.6 | 7.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Martin Medical Group | 4422 N 75th St, Unit 4012, Scottsdale, AZ 85251 | PPP | Term Loan | 1.0% | 5/14/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dalva Bros Inc. | 53 E 77th St, New York, NY 10075 | PPP | Term Loan | 1.0% | 5/14/2022 | 8.5 | 8.5 | 8.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| D. R. Horne & Company | 117 Mercer St, Princeton, NJ 8540 | PPP | Term Loan | 1.0% | 5/14/2022 | 4.1 | 4.1 | 4.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Uniglobal Pension Planning, Inc. | 4114 Legato Rd, Ste 300, Fairfax, VA 22033 | PPP | Term Loan | 1.0% | 5/15/2022 | 14.4 | 14.4 | 14.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dominic Orfitelli, LLC | 7101 Elizabeth Dr, McLean, VA 22101 | PPP | Term Loan | 1.0% | 5/15/2022 | 3.1 | 3.1 | 3.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| James Hundshamer CPA | 223 S Glendora Ave, Glendora, CA 91741 | PPP | Term Loan | 1.0% | 5/15/2022 | 7.0 | 7.0 | 7.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Grossman LLP | 745 5th Ave, Ste 500, New York, NY 10151 | PPP | Term Loan | 1.0% | 5/15/2022 | 7.1 | 7.1 | 7.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Temecula Hot Yoga, LLC DBA Hot Yoga Healthy You | 31773 Temecula Pkwy, Temecula, CA 92592 | PPP | Term Loan | 1.0% | 5/15/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Alpine Metal Products, Inc. | 2000 St John St, Easton, PA 18042 | PPP | Term Loan | 1.0% | 5/15/2022 | 25.0 | 25.0 | 25.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ranco Construction LLC | 2 Coleman Ct, Southampton, NJ 8088 | PPP | Term Loan | 1.0% | 5/15/2022 | 52.9 | 52.9 | 52.9 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rumi K. Lakha D.O., Inc. | 7136 Pacific Blvd, Ste 225, Huntington Park, CA 90255 | PPP | Term Loan | 1.0% | 5/15/2022 | 21.7 | 21.7 | 21.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chatham Pathology and Associates | 5353 Reynolds St, Savannah, GA 31405 | PPP | Term Loan | 1.0% | 5/15/2022 | 16.8 | 16.8 | 16.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kevin C. McWilliams | 225 W 35th St 14th Floor, New York, NY 10001 | PPP | Term Loan | 1.0% | 5/15/2022 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Timothy G Greco, MD A Prof Corp | 1260 Crestview Drive, Fullerton, CA 92833 | PPP | Term Loan | 1.0% | 5/15/2022 | 3.4 | 3.4 | 3.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| F T Brooks Inc. | 1206 Powhatan St, Alexandria, VA 22314 | PPP | Term Loan | 1.0% | 5/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 3 Options Consulting | 2215 Palmer Pl, Tustin, CA 92782 | PPP | Term Loan | 1.0% | 5/15/2022 | 4.9 | 4.9 | 4.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Marti E. Peck PhD | 3990 Old Town Ave, Ste B100, San Diego, CA 92110 | PPP | Term Loan | 1.0% | 5/15/2022 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Brookhollow Management Company | 151 Kalmus Drive, F-1, Costa Mesa, CA 92626 | PPP | Term Loan | 1.0% | 5/15/2022 | 30.6 | 30.6 | 30.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mayer Fayes | 18800 NE 29th Ave., Apt 114, Aventura, FL 33180 | PPP | Term Loan | 1.0% | 5/15/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Richard C. Watts, Inc. | 1602 E 4th St, Santa Ana, CA 92701 | PPP | Term Loan | 1.0% | 5/18/2022 | 6.1 | 6.1 | 6.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
271
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paradise Shutters Inc | 4353 Canton CT, Gulf Breeze, FL 32563 | PPP | Term Loan | 1.0% | 5/18/2022 | 2.4 | 2.4 | 2.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| M&A Services | 320 East 53rd St, New York, NY 10022 | PPP | Term Loan | 1.0% | 5/18/2022 | 12.6 | 12.6 | 12.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| BEACHES JET SET PETS INC | 949 12th Ave South, Jacksonville Beach, FL 32250 | PPP | Term Loan | 1.0% | 5/18/2022 | 9.5 | 9.5 | 9.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hotel Cheval, LLC | 1021 Pine St, Paso Robles, CA 93446 | PPP | Term Loan | 1.0% | 5/18/2022 | 17.5 | 17.5 | 17.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kohcoon LLC | 4060 Woodridge Rd, Miami, FL 33133 | PPP | Term Loan | 1.0% | 5/18/2022 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Leader & Leader P.A. | 633 S Andrews Ave, #201, Fort Lauderdale, FL 33301 | PPP | Term Loan | 1.0% | 5/18/2022 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michael J Scherb DMD PA | 2143 South Us Hwy 1, Jupiter, FL 33477 | PPP | Term Loan | 1.0% | 5/18/2022 | 14.2 | 14.2 | 14.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| McGee Media LLC | 156 Katonah Ave., Ste #202, Katonah, NY 10536 | PPP | Term Loan | 1.0% | 5/18/2022 | 106.0 | 106.0 | 106.0 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| te Neues Publishing Company LP | 350 7th Ave, Ste 301, New York, NY 10001 | PPP | Term Loan | 1.0% | 5/18/2022 | 12.1 | 12.1 | 12.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| South City Construction | 1111 Rancho Conejo Blvd, #205, Newbury Park, CA 91320 | PPP | Term Loan | 1.0% | 5/18/2022 | 24.0 | 24.0 | 24.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Elixir Corporation | 305 Shawnee North Drive, Ste 250, Suwanee, GA 30024 | PPP | Term Loan | 1.0% | 5/18/2022 | 11.3 | 11.3 | 11.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Olivenhain Capital Partners | 3521 Fortuna Ranch Rd, Encinitas, CA 92024 | PPP | Term Loan | 1.0% | 5/18/2022 | 5.4 | 5.4 | 5.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Roselle-Stacy, Inc. | 204 Sinclair Pl, Westfield, NJ 7090 | PPP | Term Loan | 1.0% | 5/18/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lisa Stransky Real Estate LLC | 10000 Falls Rd, Ste 300, Potomac, MD 20854 | PPP | Term Loan | 1.0% | 5/18/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JLR Realty Inc | 119 Circle Dr, Manhasset, NY 11030 | PPP | Term Loan | 1.0% | 5/18/2022 | 3.1 | 3.1 | 3.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Aldene Industrial Park | 204 Sinclair Pl, Westfield, NJ 7090 | PPP | Term Loan | 1.0% | 5/18/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Yu-Song Yen DDS | 5222 Balboa Ave, Ste 71, San Diego, CA 92117 | PPP | Term Loan | 1.0% | 5/18/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Wheelhouse Life Science Advisors | 927 Regalo Way, San Ramon, CA 94583 | PPP | Term Loan | 1.0% | 5/18/2022 | 11.6 | 11.6 | 11.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Keldon Paper Company | 5960 Boxford Ave, Commerce, CA 90040 | PPP | Term Loan | 1.0% | 5/19/2022 | 11.9 | 11.9 | 11.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mark E Goldberg, esq. | 130 North Main St, Port Chester, NY 10573 | PPP | Term Loan | 1.0% | 5/19/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| John Woody Inc. | 754 Harrison St, Jacksonville, FL 32220 | PPP | Term Loan | 1.0% | 5/19/2022 | 27.6 | 27.6 | 27.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chophouse 13 | 11362 San Jose Blvd, Ste 1, Jacksonville, FL 32223 | PPP | Term Loan | 1.0% | 5/19/2022 | 20.4 | 20.4 | 20.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
272
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shorstein & Shorstein PA | 8265 Bayberry Rd, Jacksonville, FL 32256 | PPP | Term Loan | 1.0% | 5/19/2022 | 42.3 | 42.3 | 42.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Doctors Medical Center of Walton County, PA | 21 W Main Ave, Defuniak Springs, FL 32435 | PPP | Term Loan | 1.0% | 5/19/2022 | 21.9 | 21.9 | 21.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stephen Wang & Associates | 950 3rd Ave, New York, NY 10022 | PPP | Term Loan | 1.0% | 5/19/2022 | 12.5 | 12.5 | 12.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mecca Resources Inc | 3033 Riviera Dr, Ste 101, Naples, FL 34103 | PPP | Term Loan | 1.0% | 5/19/2022 | 6.3 | 6.3 | 6.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Susan Surell | 26 Diamond Crest Ct, Baltimore, MD 21209 | PPP | Term Loan | 1.0% | 5/19/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SHAWN KASSMAN ESQ., P.C. | 110 Carleton Ave, Central Islip, NY 11722 | PPP | Term Loan | 1.0% | 5/19/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sybil Hill | 1479 Mossy Branch Way, Mt Pleasant, SC 29464 | PPP | Term Loan | 1.0% | 5/19/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Felica Zwebner Design LLC | 115 W 29th St, New York, NY 10001 | PPP | Term Loan | 1.0% | 5/19/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Robert Giarrusso | 9 Sabine Lane, Hardyston, NJ 7416 | PPP | Term Loan | 1.0% | 5/19/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Susan Iannelli | 26 Court St, Ste 1805, Brooklyn, NY 11242 | PPP | Term Loan | 1.0% | 5/19/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sharrets, Paley, Carter & Blauvelt, PC | 75 BRd St, New York, NY 10004 | PPP | Term Loan | 1.0% | 5/19/2022 | 13.8 | 13.8 | 13.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| CCG Advisors | 817 W Peachtree St, Ste 205, Atlanta, GA 30308 | PPP | Term Loan | 1.0% | 5/19/2022 | 21.5 | 21.5 | 21.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Croft Offshore, LLC | 1030 Bayside Ln, Weston, FL 33326 | PPP | Term Loan | 1.0% | 5/19/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| ABRAHAM J DANIEL | 18851 NE 29th Ave, #700, Aventura, FL 33180 | PPP | Term Loan | 1.0% | 5/19/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sodales Partners LLC | 11 Random Farms Circle, Chappaqua, NY 10514 | PPP | Term Loan | 1.0% | 5/19/2022 | 1.5 | 1.5 | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mark Allen & Company, LLC | 450 W 17th St, Unit 738, New York, NY 10011 | PPP | Term Loan | 1.0% | 5/19/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Susan Giarrusso | 9 Sabine Ln, Franklin, NJ 7416 | PPP | Term Loan | 1.0% | 5/19/2022 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SA Legends Lacrosse LLC | 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 | PPP | Term Loan | 1.0% | 5/19/2022 | 10.1 | 10.1 | 10.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Laura Billon | 1286 El Mercado Way,, Unit C, Oceanside, CA 92057 | PPP | Term Loan | 1.0% | 5/19/2022 | 0.1 | 0.1 | 0.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Serge Loobkoff | 215 S Santa Fe Ave, Ste 15, Los Angeles, CA 90012 | PPP | Term Loan | 1.0% | 5/19/2022 | 0.2 | 0.2 | 0.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Florida Premier Cardiology LLC | 11195 Jog Rd, Ste 6, Boynton Beach, FL 33437 | PPP | Term Loan | 1.0% | 5/19/2022 | 8.0 | 8.0 | 8.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Specialty Coverage Insurance Agency (SPCIA) | 1 Water St, 2nd Floor, Mystic, CT 6355 | PPP | Term Loan | 1.0% | 5/20/2022 | 3.2 | 3.2 | 3.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gregory A. Ebenfeld PA | 11011 Sheridan St, Ste 113, Hollywood, FL 33026 | PPP | Term Loan | 1.0% | 5/20/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
273
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Caveonix | 7777 Leesburg Pike, Ste 303 South, Falls Church, VA 22043 | PPP | Term Loan | 1.0% | 5/20/2022 | 31.0 | 31.0 | 31.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Seamus Henchy and Associates | 145 Hudson St, New York, NY 10013 | PPP | Term Loan | 1.0% | 5/20/2022 | 10.0 | 10.0 | 10.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Drink Here LLC | 6410 S DURANGO DR, Ste 100, Las Vegas, NV 89113 | PPP | Term Loan | 1.0% | 5/20/2022 | 4.6 | 4.6 | 4.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sunren International, LLC | 1141 Orange Ave, Monrovia, CA 91016 | PPP | Term Loan | 1.0% | 5/20/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Melanie L Kemmerer, DMD, PLLC | 110 SW Suwannee Ave, Branford, FL 32008 | PPP | Term Loan | 1.0% | 5/20/2022 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sierra Music Publications, Inc. | 2711 N Idaho Rd, Liberty Lake, WA 99019 | PPP | Term Loan | 1.0% | 5/20/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| AllianceRad LLC | 425 N Ocean Blvd, Unit 4, Boca Raton, FL 33432 | PPP | Term Loan | 1.0% | 5/20/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Testicular Cancer Commons | 5415 SW 149th Ave, Beaverton, OR 97007 | PPP | Term Loan | 1.0% | 5/20/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Krista Saloom | 7210 Corporate Ct, Frederick, MD 21703 | PPP | Term Loan | 1.0% | 5/20/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| GARDEN LTC LLC | 10 EVANS DRIVE, BROOKVILLE, NY 11545 | PPP | Term Loan | 1.0% | 5/20/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| DIXIE CONTRACT CARPET INC | 7523 PHILIPS Hwy, Jacksonville, FL 32256 | PPP | Term Loan | 1.0% | 5/20/2022 | 42.9 | 42.9 | 42.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KKAP Reseda Laundry LLC | 18300 Vanowen St, Unit #5, Reseda, CA 91335 | PPP | Term Loan | 1.0% | 5/20/2022 | 0.4 | 0.4 | 0.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| RTP Corp. | 2832 Center Port Cir, Pompano Beach, FL 33064 | PPP | Term Loan | 1.0% | 5/20/2022 | 39.2 | 39.2 | 39.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KKAP Van Nuys Laundry, LLC | 16105 Victory Blvd, Unit 9I, Van Nuys, CA 91406 | PPP | Term Loan | 1.0% | 5/20/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Brandy Cox, Inc | 11818 Cupworth Ct, Huntersville, NC 28078 | PPP | Term Loan | 1.0% | 5/20/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Steven R Wynn Othidonics | 1901 Westcliff Drive, Ste #1, Newport Beach, CA 92660 | PPP | Term Loan | 1.0% | 5/20/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mark E Haddad MD Inc | PO Box 791507, Paia, HI 96779 | PPP | Term Loan | 1.0% | 5/20/2022 | 1.5 | 1.5 | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Duncraggen Realty Corp | 708 W 192nd St, Ste 1K, New York, NY 10040 | PPP | Term Loan | 1.0% | 5/20/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Direct Resources Group | 1520 4th Ave, Ste 500, Seattle, WA 98101 | PPP | Term Loan | 1.0% | 5/21/2022 | 31.3 | 31.3 | 31.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Patricia Margolin | 551 Spring Valley Rd, Paramus, NJ 7652 | PPP | Term Loan | 1.0% | 5/21/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Herion Productions LLC | 95 Thomas Rd, Valatie, NY 12184 | PPP | Term Loan | 1.0% | 5/21/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fernando Suarez Physical Therapy, PLLC | 72-15 Grand Ave, Maspeth, NY 11378 | PPP | Term Loan | 1.0% | 5/21/2022 | 3.7 | 3.7 | 3.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gwendolyn Luce | 4065 Laguna Way, Palo Alto, CA 94306 | PPP | Term Loan | 1.0% | 5/21/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
274
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hamilton Technology Services | 14115 West 59th Place, Arvada, CO 80004 | PPP | Term Loan | 1.0% | 5/21/2022 | 15.3 | 15.3 | 15.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Routable AI Inc | 32 Chester St, Apt 7, Somerville, MA 2144 | PPP | Term Loan | 1.0% | 5/21/2022 | 3.2 | 3.2 | 3.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michelle Euler | 1709 Forest Bend Lane, Keller, TX 76248 | PPP | Term Loan | 1.0% | 5/21/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lisa R. Drake PC | 3325 Piedmont Rd NE, Unit 3002, Atlanta, GA 30305 | PPP | Term Loan | 1.0% | 5/21/2022 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KKAP ELA Laundry, LLC | 3845 East 3rd St, Los Angeles, CA 90063 | PPP | Term Loan | 1.0% | 5/21/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| North Carolina Baptist Foundation, Inc. | 201 Convention Drive, Cary, NC 27511 | PPP | Term Loan | 1.0% | 5/21/2022 | 27.6 | 27.6 | 27.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Taylor SF Inc | 333 Bush St, Ste 3705, San Francisco, CA 94104 | PPP | Term Loan | 1.0% | 5/21/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Carrie Risatti | 307 Montana Ave, #201, Santa Monica, CA 90403 | PPP | Term Loan | 1.0% | 5/21/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Todd Goodman Productions LLC DBA LA Light Photography | 1112 Montana Ave, #381, Santa Monica, CA 90403 | PPP | Term Loan | 1.0% | 5/21/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| INNERCONX | 641 Ranch Rd, Weston, FL 33326 | PPP | Term Loan | 1.0% | 5/21/2022 | 7.7 | 7.7 | 7.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ultracare of Manhattan Ltd | 800 Second Ave, Ste 905, New York, NY 10017 | PPP | Term Loan | 1.0% | 5/21/2022 | 90.0 | 90.0 | 90.0 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Frank Betz Associates, Inc. | 12045 Hwy 92, Woodstock, GA 30188 | PPP | Term Loan | 1.0% | 5/21/2022 | 20.9 | 20.9 | 20.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lemon Tree Entertainment, LLC | 130 E 94th ST, 9D, New York, NY 10128 | PPP | Term Loan | 1.0% | 5/21/2022 | 1.9 | 1.9 | 1.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hoops 4 Health | 875 Heather Ln, Winnetka, IL 60093 | PPP | Term Loan | 1.0% | 5/21/2022 | 3.4 | 3.4 | 3.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Psychiatry Associates PC | 1736 Oxmoor Rd, Ste 103, Birmingham, AL 35209 | PPP | Term Loan | 1.0% | 5/21/2022 | 5.0 | 5.0 | 5.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| YourHQ | 1592 Union St, #505, San Francisco, CA 94123 | PPP | Term Loan | 1.0% | 5/22/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| EAM Partners L.P. | 3131 Maple Ave, Ste 13B, Dallas, TX 75201 | PPP | Term Loan | 1.0% | 5/22/2022 | 3.2 | 3.2 | 3.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| S & L Paper Corporation | 3500 Hampton Rd, Oceanside, NY 11572 | PPP | Term Loan | 1.0% | 5/22/2022 | 12.9 | 12.9 | 12.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Javalin Group LLC | 9735 Rod Rd, Johns Creek, GA 30022 | PPP | Term Loan | 1.0% | 5/22/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| A & L Films, Inc. | 16105 Meadowcrest Rd, Sherman Oaks, CA 91403 | PPP | Term Loan | 1.0% | 5/22/2022 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Inner Pieces | 171 Vidal Blvd, Decatur, GA 30030 | PPP | Term Loan | 1.0% | 5/22/2022 | 0.4 | 0.4 | 0.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Maselan & Jones, P.C. | One International Place, 8th Floor, Boston, MA 2110 | PPP | Term Loan | 1.0% | 5/22/2022 | 9.4 | 9.4 | 9.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Utility Consulting Group LLC | 23679 Calabasas Rd, #263, Calabasas, CA 91302 | PPP | Term Loan | 1.0% | 5/22/2022 | 53.0 | 53.0 | 53.0 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
275
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Platinum Marketing | 120 Windermere Drive, Blue Bell, PA 19422 | PPP | Term Loan | 1.0% | 5/22/2022 | 3.6 | 3.6 | 3.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fybr LLC | 640 Cepi Dr, Ste C, Chesterfield, MO 63005 | PPP | Term Loan | 1.0% | 5/22/2022 | 27.3 | 27.3 | 27.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Schlemmer Farms LLC | 6167 State Line Rd., Convoy, oh 45832 | PPP | Term Loan | 1.0% | 5/22/2022 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Black Hawk Inc | PO BOX 476, BRISTOL, IN 46507 | PPP | Term Loan | 1.0% | 5/22/2022 | 14.4 | 14.4 | 14.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Steeplechase Amusement Inc | 11540 Clover Ave, Los Angeles, CA 90066 | PPP | Term Loan | 1.0% | 5/22/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Four Paws Animal Hospital PC | 199 Broadway, Amityville, NY 11701 | PPP | Term Loan | 1.0% | 5/22/2022 | 4.4 | 4.4 | 4.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| L Corp | 2190 Talmadge St, Los Angeles, CA 90027 | PPP | Term Loan | 1.0% | 5/22/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JK Belz & Associates Inc | 10580 N McCarran Blvd, #115-222, Reno, NV 89503 | PPP | Term Loan | 1.0% | 5/22/2022 | 4.8 | 4.8 | 4.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| South Florida Imaging Consultants LLC | 10754 Versailles Blvd, Wellington, FL 33449 | PPP | Term Loan | 1.0% | 5/22/2022 | 4.4 | 4.4 | 4.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stoker Construction Inc | 56471 29 PALMS Hwy, YUCCA VALLEY, CA 92284 | PPP | Term Loan | 1.0% | 5/22/2022 | 14.5 | 14.5 | 14.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JB Press LLC | 82 Flamingo Rd, Roslyn, NY 11576 | PPP | Term Loan | 1.0% | 5/22/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| BanzaiFly Inc | 3861 Reklaw Drive, Studio City, CA 91604 | PPP | Term Loan | 1.0% | 5/22/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Anders Environmental LLC | 1315 Hartford Dr, Boulder, CO 80305 | PPP | Term Loan | 1.0% | 5/22/2022 | 4.0 | 4.0 | 4.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| P3s Corp | 21526 Privada Avila, San Antonio, TX 78257 | PPP | Term Loan | 1.0% | 5/22/2022 | 60.8 | 60.8 | 60.8 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Youth Tennis San Diego Foundation | 4490 W Point Loma Blvd, San Diego, CA 92107 | PPP | Term Loan | 1.0% | 5/22/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jewish Community Foundation of the West | 2130 21st St, Sacramento, CA 95818 | PPP | Term Loan | 1.0% | 5/22/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Cinema Vehicles | 12580 Saticoy St, North Hollywood, CA 91605 | PPP | Term Loan | 1.0% | 5/22/2022 | 59.0 | 59.0 | 59.0 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Provino's Italian Restaurant, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 5/26/2022 | 25.8 | 25.8 | 25.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bethany L. LaFlam | 9 Acacia Tree Ln, Irvine, CA 92612 | PPP | Term Loan | 1.0% | 5/26/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Easy Content Media LLC | 706 Van Nest Drive, Martinsville, NJ 8836 | PPP | Term Loan | 1.0% | 5/26/2022 | 5.8 | 5.8 | 5.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bar-Z Anderson LTD Co | 1408 Wathen Ave, Austin, TX 78703 | PPP | Term Loan | 1.0% | 5/26/2022 | 5.0 | 5.0 | 5.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Desai Foundation | 209 Burlington Rd, Ste 217, Bedford, MA 1730 | PPP | Term Loan | 1.0% | 5/26/2022 | 5.3 | 5.3 | 5.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JM Robson LPCCS | 4807 Rockside Rd, Ste 300, Independence, OH 44131 | PPP | Term Loan | 1.0% | 5/26/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
276
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Improving Communications | 105 Haven Ave, Port Washington, NY 11050 | PPP | Term Loan | 1.0% | 5/26/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kenneth R. Hughes | 3620 Mt Diablo Blvd, Ste 203, Lafayette, CA 94549 | PPP | Term Loan | 1.0% | 5/26/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Drosihn Construction, Inc. | 749 Atherton Ave, Novato, CA 94945 | PPP | Term Loan | 1.0% | 5/26/2022 | 2.6 | 2.6 | 2.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 163rd Avenue Investors, LLC | 1435 163rd Ave, San Leandro, CA 94578 | PPP | Term Loan | 1.0% | 5/26/2022 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 2875 Sedgwick Owners Corp | 708 W 192nd St, Ste 1K, New York, NY 10040 | PPP | Term Loan | 1.0% | 5/26/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KN Artist Management, LLC | 3924 Poppyseed Place, Calabasas, CA 91302 | PPP | Term Loan | 1.0% | 5/26/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hunstiger Inc | 9120 Rock Pond Way, Colorado Springs, CO 80924 | PPP | Term Loan | 1.0% | 5/26/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Larry Lawrence Realty, Inc. | PO Box 2365, Olympic Valley, CA 96146 | PPP | Term Loan | 1.0% | 5/26/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Quickway Metal Fabricators | 9 Murran Rd, P.O. Box 1378, Monticello, NY 12701 | PPP | Term Loan | 1.0% | 5/26/2022 | 5.9 | 5.9 | 5.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| DANGOLD, INC. | 138-43 78th Rd, Flushing, NY 11367 | PPP | Term Loan | 1.0% | 5/26/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| TK Food Concepts LLC | 107 North 3rd St, Ste 3D, Brooklyn, NY 11249 | PPP | Term Loan | 1.0% | 5/26/2022 | 15.4 | 15.4 | 15.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jennifer Leigh Cobb | 303 Port Royal Way, Pensacola, FL 32502 | PPP | Term Loan | 1.0% | 5/26/2022 | 0.2 | 0.2 | 0.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 44678 Valley Center LLC | 1417 Antigua Way, Newport Beach, CA 92660 | PPP | Term Loan | 1.0% | 5/26/2022 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jennie Kwon Designs | 643 S Olive St, Los Angeles, CA 90014 | PPP | Term Loan | 1.0% | 5/26/2022 | 5.4 | 5.4 | 5.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pacific CCI, Inc | 880 W 1st St, #520, Los Angeles, CA 90012 | PPP | Term Loan | 1.0% | 5/27/2022 | 36.4 | 36.4 | 36.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Onchip Systems | 1953 O'Toole Way, San Jose, CA 95131 | PPP | Term Loan | 1.0% | 5/27/2022 | 12.8 | 12.8 | 12.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| J Partners LLC | 4885 Rebel Trail, Atlanta, GA 30327 | PPP | Term Loan | 1.0% | 5/27/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Craig Iwai | 848 S Myrtle Ave, Monrovia, CA 91016 | PPP | Term Loan | 1.0% | 5/27/2022 | 3.6 | 3.6 | 3.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Scalini's, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 5/27/2022 | 17.7 | 17.7 | 17.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Phillip Thomas Inc | 210 E 68th St, Ste 9G, New York, NY 10065 | PPP | Term Loan | 1.0% | 5/27/2022 | 8.4 | 8.4 | 8.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| X-Pest | 100 N Hill Dr, #40, Brisbane, CA 94005 | PPP | Term Loan | 1.0% | 5/27/2022 | 5.0 | 5.0 | 5.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Evalyn Mosser Bookkeeping and Consulting | 2436 N Federal Hwy, Ste 474, Lighthouse Point, FL 33064 | PPP | Term Loan | 1.0% | 5/27/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hauser Family Foundation | 10617 Charleston Drive, Vero Beach, FL 32963 | PPP | Term Loan | 1.0% | 5/27/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
277
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paige Management LLC | 254 Corsair Ave, Lauderdale-By-The-Sea, FL 33308 | PPP | Term Loan | 1.0% | 5/27/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| AC Diel | 17 Eton Ct, South Barrington, IL 60010 | PPP | Term Loan | 1.0% | 5/27/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Robert Frantz MD, Inc | 1730 San Ysidro Dr, Beverly Hills, CA 90210 | PPP | Term Loan | 1.0% | 5/27/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sports Academy Integrated Sports Medicine, LLC | 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 | PPP | Term Loan | 1.0% | 5/27/2022 | 31.4 | 31.4 | 31.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jasmine Greenhow | 4848 E Cactus Rd, Ste 505-473, Scottsdale, AZ 85254 | PPP | Term Loan | 1.0% | 5/27/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Butterfly Sunrise Corp | 2261 Market St, #418, San Francisco, CA 94114 | PPP | Term Loan | 1.0% | 5/27/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Aqua Flies LLC | PO Box 2216, Sebastopol, CA 95473 | PPP | Term Loan | 1.0% | 5/27/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bent Tail, Inc. | 824 Brooks Ave, Venice, CA 90291 | PPP | Term Loan | 1.0% | 5/27/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Actors and Others for Animals | 11523 Burbank Blvd, North Hollywood, CA 91601 | PPP | Term Loan | 1.0% | 5/27/2022 | 5.6 | 5.6 | 5.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Cabrillo Capital Group, Inc. | 15404 Highland Valley Rd, Escondido, CA 92025 | PPP | Term Loan | 1.0% | 5/27/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Julie Evans Realtor | 4 Hopscotch Ln, Savannah, GA 31411 | PPP | Term Loan | 1.0% | 5/27/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PlayWorks Counseling, LLC | 4420 NE St Johns Rd, Ste D, Vancouver, WA 98661 | PPP | Term Loan | 1.0% | 5/27/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| AMAN PC | 181 Westfield Ave, Clark, NJ 7066 | PPP | Term Loan | 1.0% | 5/27/2022 | 9.9 | 9.9 | 9.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Joped, Inc. | 1411 SE Indian St, Stuart, FL 34997 | PPP | Term Loan | 1.0% | 5/27/2022 | 14.4 | 14.4 | 14.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Marguarite Clark Public Relations | 2 New Chardon, Laguna Niguel, CA 92677 | PPP | Term Loan | 1.0% | 5/27/2022 | 3.4 | 3.4 | 3.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jenius Solutions | 2772 Lansdowne Ln SE, Atlanta, GA 30339 | PPP | Term Loan | 1.0% | 5/27/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Frenchy's | 1460 3rd St S, Jacksonville Beach, FL 32250 | PPP | Term Loan | 1.0% | 5/28/2022 | 8.6 | 8.6 | 8.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hoaka Property Company LLC | PO Box 670, Kailua Kona, HI 96745 | PPP | Term Loan | 1.0% | 5/28/2022 | 40.0 | 40.0 | 40.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fourth Church | 1270 Silverado St, La Jolla, CA 92037 | PPP | Term Loan | 1.0% | 5/28/2022 | 3.6 | 3.6 | 3.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Daniel I Richman, MD | 429 E 75th St, 6th Floor, New York, NY 10021 | PPP | Term Loan | 1.0% | 5/28/2022 | 16.8 | 16.8 | 16.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SANDLER SEARCH ASSOCIATES, LLC | 132 E 35th St, Apt 5E, New York, NY 10016 | PPP | Term Loan | 1.0% | 5/28/2022 | 8.7 | 8.7 | 8.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Yoga Connection of Pembroke Pines, Inc | 12592 Pines Blvd, #103, Pembroke Pines, FL 33027 | PPP | Term Loan | 1.0% | 5/28/2022 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Studio U&A, LLC | 231 W 29th St, Ste 1402, New York, NY 10001 | PPP | Term Loan | 1.0% | 5/28/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
278
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Studio LBV | 6562 San Vicente Blvd, Los Angeles, CA 90048 | PPP | Term Loan | 1.0% | 5/28/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Naissan O Wesley, MD, Inc - A Medical Corporation | 9201 W Sunset Blvd, Ste 602, Los Angeles, CA 90069 | PPP | Term Loan | 1.0% | 5/28/2022 | 12.3 | 12.3 | 12.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| richard noren llc | 2101 Waukegan Rd, Ste 110, Bannockburn, IL 60015 | PPP | Term Loan | 1.0% | 5/28/2022 | 2.8 | 2.8 | 2.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tinny Corporation | 100 Bradley St, Middletown, CT 6457 | PPP | Term Loan | 1.0% | 5/28/2022 | 50.2 | 50.2 | 50.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PPJ | 2 Carsha Dr, Natick, MA 1760 | PPP | Term Loan | 1.0% | 5/28/2022 | 33.6 | 33.6 | 33.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dr. Tom Gallant DDS | 8906 Colesville Rd, Silver Spring, MD 20910 | PPP | Term Loan | 1.0% | 5/28/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MLN Partners LLC | 550 S Ocean Blvd, Boca Raton, FL 33432 | PPP | Term Loan | 1.0% | 5/28/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tucker Investment Group, LLC | 5010 Parkway Calabasas, Ste 105, Calabasas, CA 91302 | PPP | Term Loan | 1.0% | 5/28/2022 | 3.4 | 3.4 | 3.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| CHANCELLOR CONSULTING GROUP, INC | 749 Atherton Ave, Novato, CA 94945 | PPP | Term Loan | 1.0% | 5/28/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Emeco | 805 W Elm Ave, Hanover, PA 17331 | PPP | Term Loan | 1.0% | 5/28/2022 | 50.7 | 50.7 | 50.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sports Academy Venture Lab, Inc. | 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 | PPP | Term Loan | 1.0% | 5/28/2022 | 11.2 | 11.2 | 11.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| George Chien | 12898 Woodmont Dr, Saratoga, CA 95070 | PPP | Term Loan | 1.0% | 5/28/2022 | 2.6 | 2.6 | 2.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Law Office of Debrah B. Rosenthal, APC | 120 Eucalyptus Ln, Costa Mesa, CA 92627 | PPP | Term Loan | 1.0% | 5/28/2022 | 2.7 | 2.7 | 2.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mamba and Mamacita Sports Foundation | 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 | PPP | Term Loan | 1.0% | 5/28/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| TMCG Marketing Inc. dba The Marcom Group | 1655 N Main St, #390, Walnut Creek, CA 94596 | PPP | Term Loan | 1.0% | 5/28/2022 | 5.5 | 5.5 | 5.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| TrueCustomerSuccess LLC | 921 N Idaho St, San Mateo, CA 94401 | PPP | Term Loan | 1.0% | 5/28/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tectonics Enterprises Inc | 56471 29 PALMS Hwy, YUCCA VALLEY, CA 92284 | PPP | Term Loan | 1.0% | 5/28/2022 | 7.5 | 7.5 | 7.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Julia Obadiah, PC | 6370 SW Borland, Ste 200, Tualatin, OR 97062 | PPP | Term Loan | 1.0% | 5/28/2022 | 3.1 | 3.1 | 3.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jaron Presant, Inc. | 752 Juanita Ave, Santa Barbara, CA 93109 | PPP | Term Loan | 1.0% | 5/28/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pig Will Productions, Inc. | 1957 N Bronson Ave, Los Angeles, CA 90068 | PPP | Term Loan | 1.0% | 5/29/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Construction Details, LLC | 5412 Planting Field Lane, Flowery Branch, GA 30542 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dawn Coleman-Hyman | 2505 E 7 st, Long Beach, CA 90804 | PPP | Term Loan | 1.0% | 5/29/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Benjamin Leshin, M.D. P.C. | 1267 Willis St, Redding, CA 96001 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
279
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Don Dietrich Inc. | 240 Main St, Nyack, NY 10960 | PPP | Term Loan | 1.0% | 5/29/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Shalik, Morris & Company, LLC | 80 Crossways Park Dr W, Woodbury, NY 11797 | PPP | Term Loan | 1.0% | 5/29/2022 | 108.3 | 108.3 | 108.3 | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Strategic Code Solutions LLC | 182 Summer St, Box 355, Kingston, MA 2364 | PPP | Term Loan | 1.0% | 5/29/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Elizabeth W. Shull | 2600 Wamath Drive, Charlotte, NC 28210 | PPP | Term Loan | 1.0% | 5/29/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MANHATTAN RETINA & EYE CONSULTANTS | 67 E 78th St, Unit 1c, New York, NY 10075 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.8 | 2.8 | 2.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| TPR Ent. LTD | 644 Fayette Ave, Mamaroneck, NY 10543 | PPP | Term Loan | 1.0% | 5/29/2022 | 6.0 | 6.0 | 6.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michael E. Cindrich, Attorney At Law | 225 Broadway, Ste 2100, San Diego, CA 92101 | PPP | Term Loan | 1.0% | 5/29/2022 | 5.0 | 5.0 | 5.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HCMA Consultants, Inc. | 1802 Harper Rd, Ste 102, Beckley, WV 25801 | PPP | Term Loan | 1.0% | 5/29/2022 | 14.5 | 14.5 | 14.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Electric Sales Associates, Inc | 2121 N Commerce Pkwy, Weston, FL 33326 | PPP | Term Loan | 1.0% | 5/29/2022 | 20.0 | 20.0 | 20.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Derco Construction, Inc. | 1771 Blount Rd, #509, Pompano Beach, FL 33069 | PPP | Term Loan | 1.0% | 5/29/2022 | 5.3 | 5.3 | 5.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Brink Design LLC | 1088 Longley Ave NW, Atlanta, GA 30318 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 7D Surgical USA Inc. | 2711 Centerville Rd, Ste 400, Wilmington, DE 19808 | PPP | Term Loan | 1.0% | 5/29/2022 | 25.2 | 25.2 | 25.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| BY BABBA Inc | 6 St Johns Ln, New York, NY 10013 | PPP | Term Loan | 1.0% | 5/29/2022 | 6.9 | 6.9 | 6.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Joseph W Robb DDS Inc A Dental Corp | 56 Penny Lane, Ste A, Watsonville, CA 95076 | PPP | Term Loan | 1.0% | 5/29/2022 | 9.5 | 9.5 | 9.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stix,LLC | 7805 NW Beacon Square Blvd, Ste 201, Boca Raton, FL 33487 | PPP | Term Loan | 1.0% | 5/29/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| LB Eatery, LLC | 1781 Village Ln N, Wantagh, NY 11793 | PPP | Term Loan | 1.0% | 5/29/2022 | 3.9 | 3.9 | 3.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| DRAWINGROOM LLC | 73 Milland Dr, Mill Valley, CA 94941 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| NOVA Fisheries, Inc. | 2532 Yale Ave. E, Seattle, WA 98102 | PPP | Term Loan | 1.0% | 5/29/2022 | 3.1 | 3.1 | 3.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| POTOMAC GLEN DAY SCHOOL | 9908 S Glen Rd, Potomac, MD 20854 | PPP | Term Loan | 1.0% | 5/29/2022 | 13.9 | 13.9 | 13.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SLS Partners Inc | 6844 Spyglass Ln, Rancho Santa Fe, CA 92067 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.7 | 2.7 | 2.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Steve Kupfer Consulting | 290 6th Ave, Brooklyn, NY 11215 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dreyfus Advisors, LLC | 448 Springer Rd., Fairfield, CT 6824 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hawk Management LLC | 2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052 | PPP | Term Loan | 1.0% | 5/29/2022 | 18.9 | 18.9 | 18.9 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
280
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lenat & Partners, Inc. | 1633 Old Bayshore Hwy, Ste 220, Burlingame, CA 94010 | PPP | Term Loan | 1.0% | 5/29/2022 | 1.5 | 1.5 | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Knock Out Productions Inc. | 21425 Dumetz Rd, Woodland Hills, CA 91364 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.3 | 2.3 | 2.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Southside Cleaning Service, Inc. | 2969 Riverwood Terrace, Birmingham, AL 35242 | PPP | Term Loan | 1.0% | 5/29/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| DELUCA MASONRY CONSTRUCTION LLC | 4 Stone Cir, Norwood, MA 2062 | PPP | Term Loan | 1.0% | 5/29/2022 | 3.4 | 3.4 | 3.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Atlanta Consulting Engineers, Inc. | 500 Sun Valley Drive, Unit G2, Roswell, GA 30076 | PPP | Term Loan | 1.0% | 5/29/2022 | 9.3 | 9.3 | 9.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sirockman Management LLC | 1600 Northside Dr NW, Ste 100, Atlanta, GA 30318 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Nicholas Thaler PHD | 2950 S Bentley Ave, Unit 10, Los Angeles, CA 90064 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Atlas Compensation Partners , LLC. | 2200 Anna Mae Drive, Coraopolis, PA 15108 | PPP | Term Loan | 1.0% | 5/29/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Scelsi & Associates LLC | 76 E Euclid Ave, Haddonfield, NJ 8033 | PPP | Term Loan | 1.0% | 5/29/2022 | 9.9 | 9.9 | 9.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Headhunter Inc | 3380 SW 11th AVE, FT LAUDERDALE, FL 33315 | PPP | Term Loan | 1.0% | 5/29/2022 | 78.2 | 78.2 | 78.2 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hi Point, LLC | 10798 LONESOME DOVE TRAIL, Waxahachie, TX 77808 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.8 | 2.8 | 2.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Construction Solutions and Services LLC | 7698 Hoffy Cir, Lake Worth, FL 33467 | PPP | Term Loan | 1.0% | 5/29/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Curtis A Mellon, ReMax Anchor, MLS Detectives Group | 3941 Tamiami Trail, Ste 3121, Punta Gorda, FL 33950 | PPP | Term Loan | 1.0% | 5/29/2022 | 4.1 | 4.1 | 4.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Vicarious Music LLC | 70 Berry St, Ste 2C, Brooklyn, NY 11249 | PPP | Term Loan | 1.0% | 5/29/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Raidah Hudson Dentistry | 4374 S Laburnum Ave, Richmond, VA 23231 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Clifton Triplett | 90 S Tranquil Path, Spring, TX 77380 | PPP | Term Loan | 1.0% | 5/29/2022 | 3.7 | 3.7 | 3.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Benton Oil & Gas LLC | 2700 Post Oak Blvd, #2700, Houston, TX 77056 | PPP | Term Loan | 1.0% | 5/29/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| TLM Equities LLC | 8 Saddle Ridge Rd, Old Westbury, NY 11568 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Xtreme Acro and Cheer Inc. | 14702 Southlawn Ln, Rockville, MD 20850 | PPP | Term Loan | 1.0% | 5/29/2022 | 5.0 | 5.0 | 5.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jeffrey Bayer CPA, P.C. | 240 Kent Ave, Brooklyn, NY 11249 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Josefa F Simkin | 266 Green Valley Rd, Freedom, CA 95019 | PPP | Term Loan | 1.0% | 5/29/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Calgo Mfg Inc | 9930 Research Drive, Ste 100, Irvine, CA 92618 | PPP | Term Loan | 1.0% | 5/29/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Haley Glazer Geriatric Care Management, LLC | 40 Bradway Ave, Ewing Township, NJ 8618 | PPP | Term Loan | 1.0% | 6/1/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
281
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Snipers Lacrosse Inc | 1024 W Heritage Club Cir, Delray Beach, FL 33483 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.6 | 2.6 | 2.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Makena Tech Solutions, Inc | 232 N Lone Hill Ave, Glendora, CA 91741 | PPP | Term Loan | 1.0% | 6/1/2022 | 3.9 | 3.9 | 3.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michael A Friedman, MD | 2675 N Decatur Rd, Decatur, GA 30033 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kevin A. Swersey Wine Consultant, Inc. | 612 Pondside Dr, White Plains, NY 10607 | PPP | Term Loan | 1.0% | 6/1/2022 | 0.2 | 0.2 | 0.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Clozd | 2801 N Thanksgiving Way, Ste 190, Lehi, UT 84043 | PPP | Term Loan | 1.0% | 6/1/2022 | 10.6 | 10.6 | 10.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Triple Aught Foundation | 24052 Watergap Rd, Hiko, NV 89017 | PPP | Term Loan | 1.0% | 6/1/2022 | 6.7 | 6.7 | 6.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bonsecours Productions Inc. | 420 Riverside Drive, New York, NY 10025 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tova1 Corp | 21 S Hope Chapel Rd, Jackson Township, NJ 8527 | PPP | Term Loan | 1.0% | 6/1/2022 | 8.4 | 8.4 | 8.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Exclusive 30A Rentals, LLC | 20 Mark Twain lane, Inlet Beach, FL 32461 | PPP | Term Loan | 1.0% | 6/1/2022 | 8.7 | 8.7 | 8.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Eric Fischl | 3724 24th St, #113, Long Island City, NY 11101 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.9 | 1.9 | 1.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Senior Resouces Guide LLC | PO Box 6027, Denver, CO 80206 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.7 | 2.7 | 2.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lori B. Birndorf, D.O., A Medical Corporation | 12139 Riverside Drive, Valley Village, CA 91607 | PPP | Term Loan | 1.0% | 6/1/2022 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| James E. Schad | 260 Hampton Farms Ct NE, Marietta, GA 30068 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| VCSC | 11627 Versailles Lakes Ln, Houston, TX 77082 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.4 | 2.4 | 2.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MRV Associates | 19 Fox Meadow Rd, Scarsdale, NY 10583 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Welles & Montgomery LLC | 770 Wildwood Rd NE, Atlanta, GA 30324 | PPP | Term Loan | 1.0% | 6/1/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lubin & Meyer, PC | 100 City Hall Plaza, Boston, MA 2108 | PPP | Term Loan | 1.0% | 6/1/2022 | 63.0 | 63.0 | 63.0 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Broomstick Productions Inc | 10866 Wilshire Blvd, 10th Floor, Los Angeles, CA 90024 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| LAUREL RACQUET AND HEALTH CLUB INC | 204 Fort Meade Rd, Laurel, MD 20707 | PPP | Term Loan | 1.0% | 6/1/2022 | 5.3 | 5.3 | 5.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Special Events Staffing | 1015 N Lake Ave, Ste 205, Pasadena, CA 91104 | PPP | Term Loan | 1.0% | 6/1/2022 | 54.6 | 54.6 | 54.6 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| BOWIE RACQUET AND FITNESS CLUB, INC | 100 White Marsh Park Dr, Bowie, MD 20715 | PPP | Term Loan | 1.0% | 6/1/2022 | 28.1 | 28.1 | 28.1 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tiny Transformations | 222 N Henry St, Apt 2, Brooklyn, NY 11222 | PPP | Term Loan | 1.0% | 6/1/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JAM Marketing, Inc. | 736 Broadway, 4th Floor, New York, NY 10003 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
282
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schroeder Arts Consulting LLC | 35 W 90th St, Ste 9F, New York, NY 10024 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| CATHY FRANKLIN | 124 EAST 92ND St, NEW YORK, NY 10128 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| R.E. Hazard Contracting Company | 401 B St, Ste 2400, San Diego, CA 92101 | PPP | Term Loan | 1.0% | 6/1/2022 | 6.3 | 6.3 | 6.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sterling Creek Energy LLC | 308 N Colorado St, Ste 200, Midland, TX 79701 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| J. B. GOOD RESOURCES, LLC | 257 Abercorn Circle, Chapel Hill, NC 27516 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bull City Sue | 228 Pineview Rd, Durham, NC 27707 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Get Wired Tec, Inc. | 2192 Lysander Ave, Simi Valley, CA 93065 | PPP | Term Loan | 1.0% | 6/1/2022 | 4.0 | 4.0 | 4.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| A&J Enterprises, Inc. | 250 Columbine Unit 503, Denver, CO 80206 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Steven F. Stratton | 200 E Randolph St, Chicago, IL 60601 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Colgate McCallum Advisors Inc | 5440 Harvest Hill Rd., #253, Dallas, TX 75230 | PPP | Term Loan | 1.0% | 6/1/2022 | 14.6 | 14.6 | 14.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hafner Research Associates LLC | 12 Quarry Ridge Rd, Sandy Hook, CT 6482 | PPP | Term Loan | 1.0% | 6/1/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JD Digital Documentation | 408 E. 4th St, Ste 301A, Bridgeport, PA 19405 | PPP | Term Loan | 1.0% | 6/1/2022 | 3.6 | 3.6 | 3.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Richard A Stevenson DDS | 6851 Belfort Oaks Pl, Jacksonville, FL 32216 | PPP | Term Loan | 1.0% | 6/1/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Eco Tekk | 21136 N Andover Rd, Kildeer, IL 60047 | PPP | Term Loan | 1.0% | 6/1/2022 | 4.5 | 4.5 | 4.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Franz Weber, Inc. | PO Box 34000, Reno, NV 89533 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bailey and Owens Construction | 2649 Valleydale Rd, Birmingham, AL 35244 | PPP | Term Loan | 1.0% | 6/1/2022 | 17.5 | 17.5 | 17.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Levin's Crosstown Supply Corp. | 1347 Boston Rd, Bronx, NY 10456 | PPP | Term Loan | 1.0% | 6/1/2022 | 6.5 | 6.5 | 6.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Egan-Wagner Corporation | 2929 Two Paths Dr, Woodridge, IL 60517 | PPP | Term Loan | 1.0% | 6/1/2022 | 4.4 | 4.4 | 4.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MW Engineering | 2001 W Alameda Dr, Ste 201, Tempe, AZ 85282 | PPP | Term Loan | 1.0% | 6/1/2022 | 6.6 | 6.6 | 6.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| New Soho Gallery Inc., DBA Julie Saul Projects | 1133 Broadway, Ste 733, New York, NY 10010 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Judy DeCanio | 171 E 77th St, New York, NY 10075 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fedbiz Consulting Inc. | 47522 Coldspring Pl, Sterling, VA 20165 | PPP | Term Loan | 1.0% | 6/1/2022 | 4.3 | 4.3 | 4.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Quad Cities Autism Center Inc | 2430 6th Ave, Moline, IL 61265 | PPP | Term Loan | 1.0% | 6/1/2022 | 14.6 | 14.6 | 14.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The On The Line Company, Inc | 101 Arch St, Ste 225, Boston, MA 2110 | PPP | Term Loan | 1.0% | 6/1/2022 | 9.7 | 9.7 | 9.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
283
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FVC Associates Exec.Dev.&Strategy, Inc. | 97 Aldrich St, Boston, MA 2131 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Barnhill Chiropractic Clinic | 5270 Northwest 34th Blvd., Gainesville, FL 32605 | PPP | Term Loan | 1.0% | 6/1/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Guest Associates, Inc. | 2707 Artie St SW, Bldg 300, Ste 2, Huntsville, AL 35805 | PPP | Term Loan | 1.0% | 6/1/2022 | 3.8 | 3.8 | 3.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| LG Networks Inc | 8111 Lyndon B Johnson Fwy, Ste 700, Dallas, TX 75251 | PPP | Term Loan | 1.0% | 6/1/2022 | 15.1 | 15.1 | 15.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Steve Solodoff | 1523 Portola St, Davis, CA 95616 | PPP | Term Loan | 1.0% | 6/1/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Orange Park Travel | 3657 St Johns Ave, Jacksonville, FL 32205 | PPP | Term Loan | 1.0% | 6/2/2022 | 6.3 | 6.3 | 6.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Alessandra Santopietro | 88 Leonard St, Apt 517, New York, NY 10013 | PPP | Term Loan | 1.0% | 6/2/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Pacific Design Directions, Inc. | 8171 E Kaiser Blvd, Anaheim, CA 92808 | PPP | Term Loan | 1.0% | 6/2/2022 | 44.6 | 44.6 | 44.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Paul T.C. Liu MD Inc. | 2233 Huntington Dr, San Marino, CA 91108 | PPP | Term Loan | 1.0% | 6/2/2022 | 7.5 | 7.5 | 7.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JAB Executive Services | 11277 Gravitation Dr, Las Vegas, NV 89135 | PPP | Term Loan | 1.0% | 6/2/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Glyphix Studio Inc. | 6964 Shoup Ave, Canoga Park, CA 91307 | PPP | Term Loan | 1.0% | 6/2/2022 | 4.9 | 4.9 | 4.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| E & J Frankel Limited | 612 Pondside Dr, White Plains, NY 10607 | PPP | Term Loan | 1.0% | 6/2/2022 | 1.5 | 1.5 | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Trapwire Inc. | 1818 Library St, Reston, VA 20190 | PPP | Term Loan | 1.0% | 6/2/2022 | 24.4 | 24.4 | 24.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chitra Kumar MD | 5311 John F. Kennedy Blvd, West New York, NJ 7093 | PPP | Term Loan | 1.0% | 6/2/2022 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Robert M. Worman, P.A | 1200 S Pine Island Rd, Ste 220, Plantation, FL 33324 | PPP | Term Loan | 1.0% | 6/2/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Innervision Technology Relocation Company | 3780 Kilroy Airport Way, Ste 200-300, Long Beach, CA 90806 | PPP | Term Loan | 1.0% | 6/2/2022 | 7.4 | 7.4 | 7.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Marilyn Ontell Management | 14 W 17th St, Ste 5S, New York, NY 10011 | PPP | Term Loan | 1.0% | 6/2/2022 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Residential Origination Capital Mortgage Corp. | 5698 Pirrone Rd, Salida, CA 95368 | PPP | Term Loan | 1.0% | 6/2/2022 | 4.5 | 4.5 | 4.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jessica Weber Design Inc | 305 7th Ave, New York, NY 10001 | PPP | Term Loan | 1.0% | 6/2/2022 | 3.9 | 3.9 | 3.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| TK Digital Corporation | 107 North 3rd St, Ste 3D, Brooklyn, NY 11249 | PPP | Term Loan | 1.0% | 6/2/2022 | 10.8 | 10.8 | 10.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Provino's of North Gwinnett, Inc. | 14485 Hopewell Rd, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 6/2/2022 | 24.0 | 24.0 | 24.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| General Glass | 3646 23rd Ave S, #105, Lake Worth, FL 33461 | PPP | Term Loan | 1.0% | 6/2/2022 | 13.3 | 13.3 | 13.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Zola Electric Labs, Inc. | 555 De Haro St, San Francisco, CA 94107 | PPP | Term Loan | 1.0% | 6/2/2022 | 50.0 | 50.0 | 50.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
284
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Elena Napolitano MD, LLC | 58 Summit Ct, Westfield, NJ 7090 | PPP | Term Loan | 1.0% | 6/2/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| T-Cubed Ventures, LLC | 3317 P St NW, Washington, DC 20007 | PPP | Term Loan | 1.0% | 6/2/2022 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| St. Jude Emergency Medical Group Inc. | 9930 Research Dr, Irvine, CA 92618 | PPP | Term Loan | 1.0% | 6/2/2022 | 24.5 | 24.5 | 24.5 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Breiner Psychological Services LLC | 5825 Glenridge Dr, Bldg 3, Ste 101C, Atlanta, GA 30328 | PPP | Term Loan | 1.0% | 6/2/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Spruce Street Tap | PO Box 1636, Asheville, NC 28802 | PPP | Term Loan | 1.0% | 6/2/2022 | 68.5 | 68.5 | 68.5 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| ICVM Group, INC. | PO Box 761, Mattituck, NY 11952 | PPP | Term Loan | 1.0% | 6/2/2022 | 7.2 | 7.2 | 7.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Black Orchard Studios, LLC | 521 Eayrestown Rd, Southampton, NJ 8088 | PPP | Term Loan | 1.0% | 6/2/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Prime Refrigerant Services, LLC | 511 Gates Creek Rd, Bradenton, FL 34212 | PPP | Term Loan | 1.0% | 6/2/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Swiet411, Inc. | 247 Maxwell St, Decatur, GA 30030 | PPP | Term Loan | 1.0% | 6/2/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Wavecrest Sales LLC | 501 NE Wavecrest Way, Boca Raton, FL 33432 | PPP | Term Loan | 1.0% | 6/2/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Alarm Specialist Inc | 333 Old Tarrytown Rd, White Plains, NY 10603 | PPP | Term Loan | 1.0% | 6/2/2022 | 20.0 | 20.0 | 20.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| CLG LLC | 5108 Baroque Cir NE, Atlanta, GA 30342 | PPP | Term Loan | 1.0% | 6/2/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HIGGINS CONSTRUCTION LLC | 1626 Dunkirk Ln N, Plymouth, MN 55447 | PPP | Term Loan | 1.0% | 6/2/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| RBR Associates, LLC | 11720 Dancliff Trce, Alpharetta, GA 30009 | PPP | Term Loan | 1.0% | 6/2/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Life Without Fear Chiropractic Clinic LLC | 1925 Justice Drive, Ste 170, Lexington, KY 40509 | PPP | Term Loan | 1.0% | 6/2/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Joseph B. Krauss, DDS | 3351 El Camino Real, Ste 235, Atherton, CA 94027 | PPP | Term Loan | 1.0% | 6/2/2022 | 9.4 | 9.4 | 9.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Flynn Gallagher Associates LLC | 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135 | PPP | Term Loan | 1.0% | 6/2/2022 | 23.2 | 23.2 | 23.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| FGR Automation, LLC | 1800 Sunset Harbor, Unit 1202, Miami Beach, FL 33139 | PPP | Term Loan | 1.0% | 6/3/2022 | 7.1 | 7.1 | 7.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Law Offices of Rajiv S Khanna PC | 5225 N. Wilson Blvd, Arlington, VA 22205 | PPP | Term Loan | 1.0% | 6/3/2022 | 31.3 | 31.3 | 31.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Travel Etcetera, Inc. | 1107 S Fair Oaks Ave, Pasadena, CA 91105 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Samantha Hundshamer | 8223 Leucite Ave, Rancho Cucamonga, CA 91730 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Porretta/Westenhagen Living Trust | 6454 Van Nuys Blvd, Ste 150, Van Nuys, CA 91401 | PPP | Term Loan | 1.0% | 6/3/2022 | 6.9 | 6.9 | 6.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Monument Management Systems LLC | 2400 Sisson St, Baltimore, MD 21211 | PPP | Term Loan | 1.0% | 6/3/2022 | 8.8 | 8.8 | 8.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
285
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compass Management Services LLC | 1711 Parklake Village Dr, Katy, TX 77450 | PPP | Term Loan | 1.0% | 6/3/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| El Tigre Productions LLC | 14 West 17th St, New York, NY 10011 | PPP | Term Loan | 1.0% | 6/3/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| UVR Sculpture LLC | 78 Ingraham St, Brooklyn, NY 11237 | PPP | Term Loan | 1.0% | 6/3/2022 | 9.8 | 9.8 | 9.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Solomon Construction Consulting LLC | 38 Turtle Cove Ln, Huntington, NY 11743 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fisher Vista, Inc. | 119 Marina Ave, Ste A, Aptos, CA 95003 | PPP | Term Loan | 1.0% | 6/3/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| New York Construction Associates LLC | 242 West 36th St, Ste 704, New York, NY 10018 | PPP | Term Loan | 1.0% | 6/3/2022 | 9.8 | 9.8 | 9.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ultimate Sports Medicine | 3727 Buchanan St., Ste 203, San Francisco, CA 94123 | PPP | Term Loan | 1.0% | 6/3/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Princeton Van Service | 92 north main St bldg 4, WINDSOR, NJ 8561 | PPP | Term Loan | 1.0% | 6/3/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Crescent Oil and Gas, LLC | 4925 Greenville Ave, Ste 600, Dallas, TX 75206 | PPP | Term Loan | 1.0% | 6/3/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| David H.C. King, M.D., Inc. | 320 Dardanelli Ln, Ste 23B, Los Gatos, CA 95032 | PPP | Term Loan | 1.0% | 6/3/2022 | 3.8 | 3.8 | 3.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Renuart Enterprises Inc. (REI) | 16950 SW 90th Ave, Palmetto Bay, FL 33157 | PPP | Term Loan | 1.0% | 6/3/2022 | 7.3 | 7.3 | 7.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Integrated risk management services, llc | 225 West 34th St, Ste 905, New York, NY 10122 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Subterranean Hair | 263 W 7th St, San Pedro, CA 90731 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Steven R Bateh, DMD, PA | 1305 N Orange Ave, #116, Green Cove Springs, FL 32043 | PPP | Term Loan | 1.0% | 6/3/2022 | 3.7 | 3.7 | 3.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Apache Behavioral Health Services, Inc. | 249 W Ponderosa St, Whiteriver, AZ 85941 | PPP | Term Loan | 1.0% | 6/3/2022 | 241.1 | 241.1 | 241.1 | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Saecularia LLC | 1552 N Cahuenga Blvd, Los Angeles, CA 90028 | PPP | Term Loan | 1.0% | 6/3/2022 | 3.8 | 3.8 | 3.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bennett Elia | 3304 Cole Ave, Ste 171, Dallas, TX 75204 | PPP | Term Loan | 1.0% | 6/3/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HAssan Medical Pain Relief and Wellness Center. DBA: Hassan Spine and Sports Medicine | 316 Tennent Rd, Ste 202A, Morganville, NJ 7751 | PPP | Term Loan | 1.0% | 6/3/2022 | 1.5 | 1.5 | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mazco Ventures LLC | 3410 Montrose Blvd, Houston, TX 77006 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Parenteau Guidance | 132 E 35th St, Apt 3J, New York, NY 10016 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Paul Leitner MD | 8540 S Sepulveda Blvd, Ste 910, Los Angeles, CA 90045 | PPP | Term Loan | 1.0% | 6/3/2022 | 3.9 | 3.9 | 3.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ryan Berman Advisory, LLC | 161 Falcon Rd, Guilford, CT 6437 | PPP | Term Loan | 1.0% | 6/3/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
286
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Linda Lane PR & Marketing | 280 Edgewood Drive, West Palm Beach, FL 33405 | PPP | Term Loan | 1.0% | 6/3/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Heath Tinsley | 1595 Sailing Club Rd, Camden, SC 29020 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.4 | 0.4 | 0.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Innovative Waste Solutions LLC | 10300 W Charleston Blvd, Ste 13-B4, Las Vegas, NV 89135 | PPP | Term Loan | 1.0% | 6/3/2022 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| over the moon | 619 Valley Rd, Montclair, NJ 7043 | PPP | Term Loan | 1.0% | 6/3/2022 | 3.4 | 3.4 | 3.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fiber Connect LLC | 12 Buckingham Lane, Monterey, MA 1245 | PPP | Term Loan | 1.0% | 6/3/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dr. Stuart Schlisserman, MD | 211 Quarry Rd, Ste 203 MC5993, Stanford, CA 94304 | PPP | Term Loan | 1.0% | 6/3/2022 | 4.5 | 4.5 | 4.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Griffin Land Corp. | 115 North St, Ste 40, Litchfield, CT 6759 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mohlar Hurley Partners | 608 Santa Monica Blvd, Santa Monica, CA 90401 | PPP | Term Loan | 1.0% | 6/4/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Avlis Partners LLC | 900 Golf View Ct, Dacula, GA 30019 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.6 | 2.6 | 2.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| G2 Computers LLC | 1116 Taylorsville Rd, Washington Crossing, PA 18977 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.4 | 2.4 | 2.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Children's Dispensary & Hospital Association | 812 E Lasalle Ave, South Bend, IN 46617 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Realign by Randee, Inc. | 730 Crystal Ct, Weston, FL 33326 | PPP | Term Loan | 1.0% | 6/4/2022 | 0.4 | 0.4 | 0.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Breckenridge Technologies, LLC | 2333 San Ramon Valley Blvd, Ste 460, San Ramon, CA 94583 | PPP | Term Loan | 1.0% | 6/4/2022 | 6.9 | 6.9 | 6.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chris Soukas Furs LLC | 1050 Point Seaside Dr, Crystal Beach, FL 34681 | PPP | Term Loan | 1.0% | 6/4/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| BRAS NW INC | 317 NW Gilman Blvd, Ste 44, Issaquah, WA 98027 | PPP | Term Loan | 1.0% | 6/4/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Metal Oxide Technologies LLC | 8807 Emmott Rd, Ste 100, Houston, TX 77040 | PPP | Term Loan | 1.0% | 6/4/2022 | 25.2 | 25.2 | 25.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Social Leadia | 427 Country Ln, Louisville, KY 40207 | PPP | Term Loan | 1.0% | 6/4/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Prime Sales & Marketing, Inc. | 3211 University Blvd SE, Ste A, Albuquerque, NM 87106 | PPP | Term Loan | 1.0% | 6/4/2022 | 24.7 | 24.7 | 24.7 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Vreeke & Associates | 845 E Easy St., Ste 101, Simi Valley, CA 93065 | PPP | Term Loan | 1.0% | 6/4/2022 | 8.8 | 8.8 | 8.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| THE MYOCARDITIS FOUNDATION | 3518 Echo Mountain Dr, Kingwood, TX 77345 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gerald A. Field d/b/a Gerald A. Field, Attorney at Law | 11 Asylum St, Hartford, CT 6103 | PPP | Term Loan | 1.0% | 6/4/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lisa Segmiller | 17211 Bellhaven Walk Ct, Charllote, NC 28277 | PPP | Term Loan | 1.0% | 6/4/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
287
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MAYATEX, INC. | 5015 S IH 35, Georgetown, TX 78626 | PPP | Term Loan | 1.0% | 6/4/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rock Bottom Productions | 1125 E Broadway, #249, Glendale, CA 91205 | PPP | Term Loan | 1.0% | 6/4/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Franciscan Poor Clares | 720 HENRY CLAY AVE, NEW ORLEANS, LA 70118 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SKYMINA LLC | 3105 Cedar Rd, Yorktown Heights, NY 10598 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Guardian Consulting Services, Inc. | 3333 New Hyde Park Rd, Ste 202, New Hyde Park, NY 11042 | PPP | Term Loan | 1.0% | 6/4/2022 | 8.0 | 8.0 | 8.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kitty and Vibe, Inc | 126 13th St, 3rd Floor, Brooklyn, NY 11215 | PPP | Term Loan | 1.0% | 6/4/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Oncology and Hematology Associates of Central Jersey PA | 2177 OAK TREE RD, Ste 104, Edison, NJ 8820 | PPP | Term Loan | 1.0% | 6/4/2022 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Serlin Consulting LLC | 1445 Gordon Terrace, Deerfield, IL 60015 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Amanda Thompson Design | 4676 Dovefield Ln, Kannapolis, NC 28081 | PPP | Term Loan | 1.0% | 6/4/2022 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Cartoon Collections, LLC | 155 E 44th St, 29th Floor, New York, NY 10017 | PPP | Term Loan | 1.0% | 6/4/2022 | 4.4 | 4.4 | 4.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Farrell Remodeling, Inc. | 148 2nd St, Los Altos, CA 94022 | PPP | Term Loan | 1.0% | 6/4/2022 | 15.4 | 15.4 | 15.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Aircel LLC | 3033 Riviera Dr, Ste 101, Naples, FL 34103 | PPP | Term Loan | 1.0% | 6/4/2022 | 35.0 | 35.0 | 35.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Make 3 Architecture | 1075 Brady Ave NW, Atlanta, GA 30318 | PPP | Term Loan | 1.0% | 6/4/2022 | 4.0 | 4.0 | 4.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Edgewater Services Co Ltd | 225 Greenfield Pkwy, Ste 202, Liverpool, NY 13088 | PPP | Term Loan | 1.0% | 6/4/2022 | 3.7 | 3.7 | 3.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Eva Davis | 4403 Chase Ave, Bethesda, MD 20814 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Human Capital Management and Performance, LLC. | 6506 Mebane Oaks Rd, Mebane, NC 27302 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Robert Spransy CPA | 257 Abercorn Cir, Chapel Hill, NC 27516 | PPP | Term Loan | 1.0% | 6/4/2022 | 1.5 | 1.5 | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Unity Worldwide Ministries Eastern Region | 800 Blanton Ave, Richmond, VA 23221 | PPP | Term Loan | 1.0% | 6/4/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Melanie S. Francis, LCSW | 116 W 23rd St., 5th Floor, New York, NY 10011 | PPP | Term Loan | 1.0% | 6/4/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fry Investment Company | 4241 N Winfield Scott Plaza, #201, Scottsdale, AZ 85251 | PPP | Term Loan | 1.0% | 6/4/2022 | 13.9 | 13.9 | 13.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| RAZL LLC | 45 Coldstream Cir, Lincolnshire, IL 60069 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| New Experience | 1029 N Peachtree Parkway 268, Peachtree City, GA 30269 | PPP | Term Loan | 1.0% | 6/4/2022 | 6.9 | 6.9 | 6.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
288
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Enhanced Affordable Management Company, LLC | 4221 Wilshire Blvd, Ste 260, Los Angeles, CA 90010 | PPP | Term Loan | 1.0% | 6/4/2022 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Socorro Corp | 900 Wilshire Blvd, Ste 2400, Los Angeles, CA 90017 | PPP | Term Loan | 1.0% | 6/4/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Amanda Lopez | 23411 aliso viejo parkway, Aliso Viejo, CA 92656 | PPP | Term Loan | 1.0% | 6/4/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Brodeur Kazanjian Beauty & Fashion LLC dba Queen Beauty | 1675 E Morten Ave, #4112, Phoenix, AZ 85020 | PPP | Term Loan | 1.0% | 6/4/2022 | 5.9 | 5.9 | 5.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Charm City Cakes | 2936 Remington Ave, Baltimore, MD 21211 | PPP | Term Loan | 1.0% | 6/4/2022 | 5.5 | 5.5 | 5.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| James Reinish & Associates, Inc. | 25 E 73rd St, New York, NY 10021 | PPP | Term Loan | 1.0% | 6/5/2022 | 3.4 | 3.4 | 3.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Moody Creek Farms LLC | 31257 VIA MARIA ELENA, Bonsall, CA 92003 | PPP | Term Loan | 1.0% | 6/5/2022 | 35.4 | 35.4 | 35.4 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| YMCA of West San Gabriel Valley | 401 East Corto St, Alhambra, CA 91801 | PPP | Term Loan | 1.0% | 6/5/2022 | 15.7 | 15.7 | 15.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| National Postdoctoral Association | 15800 Crabbs Branch Way, Derwood, MD 20855 | PPP | Term Loan | 1.0% | 6/5/2022 | 3.7 | 3.7 | 3.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Laura A. Brevetti | 575 5th Ave, 14th Floor, New York, NY 10017 | PPP | Term Loan | 1.0% | 6/5/2022 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Superius Securities Group Inc | 94 Grand Ave, Englewood, NJ 7631 | PPP | Term Loan | 1.0% | 6/5/2022 | 4.4 | 4.4 | 4.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| CATWALK, LLC fka VITRINE LLC | 4300 Stevens Creek Blvd, Ste 126, San Jose, CA 95129 | PPP | Term Loan | 1.0% | 6/5/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michelle Frost Real Estate Sales | 3113 Roswell Rd, Ste 101, Marietta, GA 30062 | PPP | Term Loan | 1.0% | 6/5/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Nezhat Medical Center P.C. | 5555 Peachtree Dunwoody Rd, Ste #276, Atlanta, GA 30342 | PPP | Term Loan | 1.0% | 6/5/2022 | 8.3 | 8.3 | 8.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MS-IR LLC | 88 Morningside Ave, Ste 7A, New York, NY 10027 | PPP | Term Loan | 1.0% | 6/5/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michael S. Blank Realty | 1870 Baldwin Rd. - Unit 69, Yorktown Heights, NY 10598 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PDT LLC | 2812 Rivers Edge Rd, Louisville, KY 40222 | PPP | Term Loan | 1.0% | 6/5/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hrach Khudatyan MD, Inc | 134 N Glendale Ave, Glendale, CA 91206 | PPP | Term Loan | 1.0% | 6/5/2022 | 3.3 | 3.3 | 3.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Corona Jackson Refrigeration Service, Inc. | 59-6 Central Ave, Farmingdale, NY 11735 | PPP | Term Loan | 1.0% | 6/5/2022 | 2.8 | 2.8 | 2.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hight Accounting Services LLC | 3209 E Wood Valley Rd NW, Atlanta, GA 30327 | PPP | Term Loan | 1.0% | 6/5/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Seattle Ventures LLC | 2215 3rd Ave W, Seattle, WA 98119 | PPP | Term Loan | 1.0% | 6/5/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Nottingham Investment Company LLLP | 1690 Derby Mesa Loop, Burns, CO 80426 | PPP | Term Loan | 1.0% | 6/5/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
289
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CT Business Enterprises | 14703 Lyon Hill Ln, Huntersville, NC 28078 | PPP | Term Loan | 1.0% | 6/5/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sherman Law Group, a Professional Law Corporation | 9454 Wilshire Blvd, Beverly Hills, CA 90212 | PPP | Term Loan | 1.0% | 6/5/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Salon Vivace VA, LLC | 680 Ingomar Rd, Wexford, PA 15090 | PPP | Term Loan | 1.0% | 6/5/2022 | 12.7 | 12.7 | 12.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Statewide Interpreters | 63 Milland Dr, Mill Valley, CA 94941 | PPP | Term Loan | 1.0% | 6/5/2022 | 11.7 | 11.7 | 11.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Fiedler Companies, Inc. | 408 E 134th St, Bronx, NY 10454 | PPP | Term Loan | 1.0% | 6/5/2022 | 5.9 | 5.9 | 5.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Chris Matheos | 13726 Leadwell St, Van Nuys, CA 91405 | PPP | Term Loan | 1.0% | 6/5/2022 | 0.1 | 0.1 | 0.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Custom Trades Company | 129 Stonehedge Dr N, Greenwich, CT 6831 | PPP | Term Loan | 1.0% | 6/5/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The JW Agency LLC | 707 Skokie Blvd, Ste 600, Northbrook, IL 60062 | PPP | Term Loan | 1.0% | 6/5/2022 | 3.6 | 3.6 | 3.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Precision Landscape Management Inc | 3130 Carter Jones Rd, Groveland, FL 34736 | PPP | Term Loan | 1.0% | 6/5/2022 | 19.0 | 19.0 | 19.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Stonecrop Gardens Inc | 81 Stonecrop Ln, Cold Spring, NY 10516 | PPP | Term Loan | 1.0% | 6/5/2022 | 16.7 | 16.7 | 16.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Panache | 639 Pilot House Dr, Newport News, VA 23606 | PPP | Term Loan | 1.0% | 6/5/2022 | 7.1 | 7.1 | 7.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Justin W McClung d/b/a The McClung Group | 55 N Altwood Cir, Spring, TX 77382 | PPP | Term Loan | 1.0% | 6/5/2022 | 4.2 | 4.2 | 4.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Door Four LLC | 508 W 26th St, Ste 11A, New York, NY 10001 | PPP | Term Loan | 1.0% | 6/5/2022 | 13.2 | 13.2 | 13.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Grandview Advisors Inc. | 100 RIVERSIDE LN, Riverside, CT 6878 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.5 | 1.5 | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Andrew S. Gaffney Foundation | 245 South St, Morristown, NJ 7960 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Law Offices of Bob Camors | 1501 The Alameda, Ste 210, San Jose, CA 95126 | PPP | Term Loan | 1.0% | 6/5/2022 | 3.2 | 3.2 | 3.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Ash Health Corp | 316 Tennent Rd, Ste 202A, Morganville, NJ 7751 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Anne T. Carlon M.D. P.C. | 425 E 58th St, #39A, New York, NY 10022 | PPP | Term Loan | 1.0% | 6/5/2022 | 12.4 | 12.4 | 12.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| SDG Engineering PC | 121 Huntington Rd, Port Washington, NY 11050 | PPP | Term Loan | 1.0% | 6/5/2022 | 8.5 | 8.5 | 8.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Active Reading Clinic | 25 Hillcroft Way, Walnut Creek, CA 94597 | PPP | Term Loan | 1.0% | 6/5/2022 | 3.2 | 3.2 | 3.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JD Randall group | 4422 Sea Harbour Dr, Huntington Beach, CA 92649 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.5 | 1.5 | 1.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| American Friends of the Israel Museum | 545 5th Ave, Ste 920, New York, NY 10017 | PPP | Term Loan | 1.0% | 6/5/2022 | 13.2 | 13.2 | 13.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| STSE - DBA Plaza Auto | 359 E Western Reserve Rd, Youngstown, OH 44514 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
290
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Green Rhino Recycling, LLC | 2809 Academy Dr SE, Auburn, WA 98092 | PPP | Term Loan | 1.0% | 6/5/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Landmark Technologies LLC | 4806 S St Andrews Ln, Spokane, WA 99223 | PPP | Term Loan | 1.0% | 6/5/2022 | 2.8 | 2.8 | 2.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Jacqueline R. Moroco, D.D.S., M.S., P.A. | 4600 Linton Blvd, Ste 330, Delray Beach, FL 33445 | PPP | Term Loan | 1.0% | 6/5/2022 | 14.3 | 14.3 | 14.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Compacted Recycling Company LLC | 2809 Academy Dr SE, Auburn, WA 98092 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| LaFlower Construction, Inc. | 23888 Madison St, Torrance, CA 90505 | PPP | Term Loan | 1.0% | 6/5/2022 | 0.1 | 0.1 | 0.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| DC Retina Docs PLLC | 3317 P St NW, Washington, DC 20007 | PPP | Term Loan | 1.0% | 6/5/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Katherine W Luce | 1220 University Dr, Ste 104, Menlo Park, CA 94025 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HYPRLABS INC. | 400 Concar Dr, San Mateo, CA 94402 | PPP | Term Loan | 1.0% | 6/5/2022 | 10.4 | 10.4 | 10.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Tmack Property Maintenance LLC | 14 Knollwood Dr, East Hanover, NJ 7936 | PPP | Term Loan | 1.0% | 6/5/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sea-Est Incorporated | 1741 W Beaver St, Jacksonville, FL 32209 | PPP | Term Loan | 1.0% | 6/8/2022 | 25.6 | 25.6 | 25.6 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gwinnett Cemeteries, LLC | 103 Crestview Church Rd, Warner Robins, GA 31088 | PPP | Term Loan | 1.0% | 6/8/2022 | 16.5 | 16.5 | 16.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Clint Dewey | 155 E 31st St, Apt 4S, New York, NY 10016 | PPP | Term Loan | 1.0% | 6/8/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| KP Auto Repair LLC | 12917 Percheron Ln, Oak Hill, VA 20171 | PPP | Term Loan | 1.0% | 6/8/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michael S Chlopak | 1 Claridge Drive, Apt PH 14, Verona, NJ 7044 | PPP | Term Loan | 1.0% | 6/8/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Morgan Blakeley LLC | 255 Saint Paul St, Apt #220, Denver, CO 80206 | PPP | Term Loan | 1.0% | 6/8/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Frank Nicholson Inc. | 360 Massachusetts Ave, Acton, MA 1720 | PPP | Term Loan | 1.0% | 6/8/2022 | 8.6 | 8.6 | 8.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| John Merrick | 3209 Centenary Ave, Dallas, TX 75225 | PPP | Term Loan | 1.0% | 6/8/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Music Center Inc. dba Haight Ashbury Music Center; dba Gelb Music | 722 El Camino Real, Redwood City, CA 94063 | PPP | Term Loan | 1.0% | 6/8/2022 | 9.5 | 9.5 | 9.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Korhan Beba | 17 Oak Hill Rd, Branchburg, NJ 8853 | PPP | Term Loan | 1.0% | 6/8/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Grenville Owners Corp. | 225 Bennett Ave, Ste 1K, New York, NY 10040 | PPP | Term Loan | 1.0% | 6/8/2022 | 3.2 | 3.2 | 3.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Camfed U.S.A. Foundation | 466 Geary St, Ste 400, San Francisco, CA 94102 | PPP | Term Loan | 1.0% | 6/8/2022 | 18.2 | 18.2 | 18.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| National Roofing | 1237 Circle Ave, Forest Park, IL 60130 | PPP | Term Loan | 1.0% | 6/8/2022 | 52.5 | 52.5 | 52.5 | 0.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dental Designs of Naples | 5048 Tamiami Trail N, Naples, FL 34103 | PPP | Term Loan | 1.0% | 6/9/2022 | 21.1 | 21.1 | 21.1 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
291
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ronald A. Williams Ltd | 5540 Falmouth St Ste 303, Richmond, VA 23230 | PPP | Term Loan | 1.0% | 6/9/2022 | 3.8 | 3.8 | 3.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| National Foundation for Infectious Diseases (NFID) | 7201 Wisconsin Ave, Ste 750, Bethesda, MD 20814 | PPP | Term Loan | 1.0% | 6/9/2022 | 9.9 | 9.9 | 9.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Junior League of Pensacola, Florida, Incorporated | 2016 W. Garden St., Pensacola, FL 32502 | PPP | Term Loan | 1.0% | 6/9/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| David Dee Fine Arts | 1374 E Arlington Drive, Salt Lake City, UT 84108 | PPP | Term Loan | 1.0% | 6/9/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| HERBERT CHARLES SCHWAT | 1940 Biltmore St NW, Apt 32, Washington, DC 20009 | PPP | Term Loan | 1.0% | 6/9/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| ATL Advisory LLC | 76 Bellefair Rd, Rye Brook, NY 10573 | PPP | Term Loan | 1.0% | 6/9/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kushnika, Inc. | 14766 Live Oak Ln, Saratoga, CA 95070 | PPP | Term Loan | 1.0% | 6/9/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Gabriella New York, LLC | 155 Wooster St., Unit 3W, New York, NY 10012 | PPP | Term Loan | 1.0% | 6/9/2022 | 3.1 | 3.1 | 3.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Luxury Destinations | 151 Melius Rd, Warren, CT 6754 | PPP | Term Loan | 1.0% | 6/9/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| G&A Rehab, Inc | 3333 Skypark Drive, Ste 220, Torrance, CA 90505 | PPP | Term Loan | 1.0% | 6/9/2022 | 15.8 | 15.8 | 15.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| CCR Investment Group dba Equity Finance Group | 2271 W. Malvern ave, Ste 424, Fullerton, CA 92833 | PPP | Term Loan | 1.0% | 6/9/2022 | 5.1 | 5.1 | 5.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| OCC installations | 12102 Manley St, Garden Grove, CA 92845 | PPP | Term Loan | 1.0% | 6/9/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Charm City Cakes West | 8302 Melrose Ave, Los Angeles, CA 90069 | PPP | Term Loan | 1.0% | 6/9/2022 | 6.6 | 6.6 | 6.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Cape fear kickboxing inc | 7122 Market St, Ste 120, Wilmington, NC 28411 | PPP | Term Loan | 1.0% | 6/9/2022 | 4.9 | 4.9 | 4.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Solstice Adventure, LLC | 1521 Alton Rd, #802, Miami Beach, FL 33139 | PPP | Term Loan | 1.0% | 6/9/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Standard Wedding Band Co Inc | 951 Franklin Ave, Garden City, NY 11530 | PPP | Term Loan | 1.0% | 6/10/2022 | 3.5 | 3.5 | 3.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michigan Braille Transcribing Fund | 3500 N. Elm, Jackson, MI 49201 | PPP | Term Loan | 1.0% | 6/10/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Joy DiNapoli | 154 Beach Ave, Larchmont, NY 10538 | PPP | Term Loan | 1.0% | 6/10/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PJH Partners LLC | 455 East Paces Ferry Rd NE, Ste 214, Atlanta, GA 30305 | PPP | Term Loan | 1.0% | 6/10/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Christine Yi | 111 E 30th St, Ste 8B, New York, NY 10016 | PPP | Term Loan | 1.0% | 6/10/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Intrepid | 7 Quail Ridge Rd S, Rolling Hills, CA 90274 | PPP | Term Loan | 1.0% | 6/10/2022 | 6.9 | 6.9 | 6.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| J3 Consulting, LLC | 1 Mountain Oaks Park, Glendale, CA 91214 | PPP | Term Loan | 1.0% | 6/10/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Don Marshall CPA Inc | 3427 S Walker Ave, San Pedro, CA 90731 | PPP | Term Loan | 1.0% | 6/10/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
292
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cassidy Holdings, LLC | 7712 Hillside Dr, La Jolla, CA 92037 | PPP | Term Loan | 1.0% | 6/10/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| AUREUS CAPITAL LLC | 216 E Sheridan Pl, Lake Bluff, IL 60044 | PPP | Term Loan | 1.0% | 6/10/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Timothy F. Lester | 8 Forest Dr, Westport, CT 6880 | PPP | Term Loan | 1.0% | 6/10/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hamilton Hill LLC | 905 W Main St, Durham, NC 27701 | PPP | Term Loan | 1.0% | 6/10/2022 | 4.3 | 4.3 | 4.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rain Wine National Corp | 2608 SW River Shore Dr, Port St. Lucie, FL 34984 | PPP | Term Loan | 1.0% | 6/10/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mora Investment Management | 9 W Star Island Dr, Miami Beach, FL 33139 | PPP | Term Loan | 1.0% | 6/10/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mark Friedman | 210 W 101st St, Ste 5E, New York, NY 10025 | PPP | Term Loan | 1.0% | 6/10/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Grunberger Diamonds Incorporated | 98 Cutter Mill Rd, Great Neck Plaza, NY 11021 | PPP | Term Loan | 1.0% | 6/10/2022 | 8.4 | 8.4 | 8.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Examoto LLC | 125 Booth Ln, Haverford, PA 19041 | PPP | Term Loan | 1.0% | 6/10/2022 | 5.3 | 5.3 | 5.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Michael Slayton General Contracting, Inc | 232 N Lonehill Ave, Glendora, CA 91741 | PPP | Term Loan | 1.0% | 6/11/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Joseph Haraszti | 2810 East Del Mar Blvd, Ste 8A, Pasadena, CA 91107 | PPP | Term Loan | 1.0% | 6/11/2022 | 2.9 | 2.9 | 2.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Statement Lawn and Landscape, Inc. | 19520 W 95th St, Lenexa, KS 66220 | PPP | Term Loan | 1.0% | 6/11/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Alexis D. Bodenheimer | 205 East 92nd St, Apt 27A, New York, NY 10128 | PPP | Term Loan | 1.0% | 7/2/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Augusta Grant Travel | 1428 Hemingway Place, Naples, FL 34103 | PPP | Term Loan | 1.0% | 7/9/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| NEUMENTUM, INC. | 250 Colorado Ave, Palo Alto, CA 94301 | PPP | Term Loan | 1.0% | 7/9/2022 | 4.9 | 4.9 | 4.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Paige Hoholik LLC | 210 St Paul St, Denver, CO 80206 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Birdie Golf Ball Company | 208 Margate Ct, Margate, FL 33063 | PPP | Term Loan | 1.0% | 7/15/2022 | 0.9 | 0.9 | 0.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rachel Dack Counseling LLC | 6917 Arlington Rd, #222, Bethesda, MD 20814 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Law Office of Swati P Mantione, P.C. | 12 Thadford St, East Northport, NY 11731 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Amanda Reynal Interiors | 1417 Walnut St, Ste D, Des Moines, IA 50309 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.8 | 1.8 | 1.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Clark A Miller Sales LTD | 1205 Tuscany Ct, Alpharetta, GA 30004 | PPP | Term Loan | 1.0% | 7/15/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lucy McRae | 1340 E 6th St, Los Angeles, CA 90021 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Great Escape Room Tampa LLC | 300 E Madison St, #301, Tampa, FL 33602 | PPP | Term Loan | 1.0% | 7/15/2022 | 4.7 | 4.7 | 4.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
293
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Woodrow Orlando LLC DBA The Great Escape Room Orlando | 525 Woodstead Ct, Longwood, FL 32779 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mary Jane Marchisotto dba MJM Advisory, LLC | 245 E 87th St, Apt 9F, New York, NY 10128 | PPP | Term Loan | 1.0% | 7/15/2022 | 0.6 | 0.6 | 0.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Copperfield Investment & Development Company | 1721 Crystal Ann Ave, Las Vegas, NV 89106 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Score OKC | 18509 N Meridian Ave, Edmond, OK 73012 | PPP | Term Loan | 1.0% | 7/15/2022 | 3.0 | 3.0 | 3.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Lead Tek Plating | 27555 SW Boones Ferry Rd, Wilsonville, OR 97070 | PPP | Term Loan | 1.0% | 7/15/2022 | 20.0 | 20.0 | 20.0 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dan Counts & Associates, Inc. | 1780 Prescott Ave, Monterey, CA 93940 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.1 | 1.1 | 1.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Diamondback Golf Course, LLC | 500 Harborview Drive, Third Floor, Baltimore, MD 21230 | PPP | Term Loan | 1.0% | 7/15/2022 | 7.6 | 7.6 | 7.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Josh Madonick Physical Therapy | 86 Eucalyptus Rd, Petaluma, CA 94952 | PPP | Term Loan | 1.0% | 7/15/2022 | 0.3 | 0.3 | 0.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| RHBerman Consulting | 161 Falcon Rd, Guilford, CT 6437 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| MPYRE HOLDING CO | 1723 23rd Ave, San Francisco, CA 94122 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.7 | 1.7 | 1.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| NICK A. DEFILIPPIS, PHD, PC | 990 Hammond Dr, Ste 575, Sandy Springs, GA 30328 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.6 | 1.6 | 1.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Orloff Eye Group, Inc. | 1 Plume Grass Way, Westhampton, NY 11977 | PPP | Term Loan | 1.0% | 7/15/2022 | 4.8 | 4.8 | 4.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Protestant Episcopal Church In The Diocese of California | 2791 Driscoll Rd, Fremont, CA 94539 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.5 | 2.5 | 2.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Great Escape Room New York LLC | 1150 University Ave Bldg 5, Ste 12A, Rochester, NY 14607 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.2 | 2.2 | 2.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| K.S.M Enterprises Inc. DBA Michaels Shell | 2589 N Lakewood Blvd, Long Beach, CA 90815 | PPP | Term Loan | 1.0% | 7/15/2022 | 4.0 | 4.0 | 4.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bobbie Baron Inc. | 1633 Broadway, New York, NY 10019 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| DEAFLINK INC | 57 Ludlow Ln, Palisades, NY 10964 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Joseph L. Lester, M.D., P.C. | 2201 Evans Drive, Opelika, AL 36801 | PPP | Term Loan | 1.0% | 7/15/2022 | 5.5 | 5.5 | 5.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Weber Brands, LLC | 50 Pine Hill Rd, Great Neck, NY 11020 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Robert M. Tudisco, Esq. | 90 Stebbins Ave, Eastchester, NY 10709 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Propel A Charter Management Group Inc | 5200 Irwindale Ave, Irwindale, CA 91706 | PPP | Term Loan | 1.0% | 7/15/2022 | 29.8 | 29.8 | 29.8 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sunburst Decorative Rock, Inc | 282 Live Oak Ave, Irwindale, CA 91706 | PPP | Term Loan | 1.0% | 7/15/2022 | 18.3 | 18.3 | 18.3 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Nancy R. Reinish | 336 Central Park West, New York, NY 10025 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
294
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Great Escape Room Chicago | 160 E Grand Ave, #400, Chicago, IL 60611 | PPP | Term Loan | 1.0% | 7/15/2022 | 3.9 | 3.9 | 3.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Daydream Reels LLC | 3615 N Kenilworth St, Arlington, VA 22207 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.3 | 1.3 | 1.3 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| C Sensei Group LLC | 1730 S Federal Hwy, Ste 280, Delray Beach, FL 33483 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Dockum Research Lab, Inc | 844 E Mariposa St, Altadena, CA 91001 | PPP | Term Loan | 1.0% | 7/15/2022 | 6.4 | 6.4 | 6.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 306 Hollywood LLC | 14 West 17th St, New York, NY 10011 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Irvine Optometry | 17585 Harvard Ave,, Ste E, Irvine, CA 92614 | PPP | Term Loan | 1.0% | 7/15/2022 | 4.5 | 4.5 | 4.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Double H Farms, LLC | 15050 Golden Point Ln, Wellington, FL 33414 | PPP | Term Loan | 1.0% | 7/15/2022 | 12.9 | 12.9 | 12.9 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| The Nashville Dermatology And Skin Cancer Clinic, P.C. | 2222 State St, Ste A, Nashville, TN 37203 | PPP | Term Loan | 1.0% | 7/15/2022 | 4.4 | 4.4 | 4.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Harper Road Treatment Center | 1802 Harper Rd, Ste 202, Beckley, WV 25801 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.6 | 2.6 | 2.6 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Sense Education, Inc. | 1 W 85th St, New York, NY 10024 | PPP | Term Loan | 1.0% | 7/15/2022 | 12.0 | 12.0 | 12.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PR Realty Management LLC | 2207 Coney Island Ave, Brooklyn, NY 11223 | PPP | Term Loan | 1.0% | 7/15/2022 | 19.2 | 19.2 | 19.2 | 0.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Roadtrip Productions Inc | One Penn Plaza, Ste 3500, New York, NY 10119 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hirezi & Hirezi, D.M.D., P.A. | 4495 Baymeadows Rd, Jacksonville, FL 32217 | PPP | Term Loan | 1.0% | 7/15/2022 | 7.4 | 7.4 | 7.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| NTR Partners Administration LLC | 11726 San Vicente Blvd, Ste 290, Los Angeles, CA 90049 | PPP | Term Loan | 1.0% | 7/15/2022 | 3.5 | 3.5 | 3.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Bartman Bros. | 11777 San Vicente Blvd, Ste 600, Los Angeles, CA 90049 | PPP | Term Loan | 1.0% | 7/15/2022 | 5.8 | 5.8 | 5.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kleopatra Productions, Inc. | 4230 Gardendale, Ste 101, San Antonio, TX 78229 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| PHILIP F. STOTTS | 4985 Stonehaven Dr., Yorba Linda, CA 92887 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Rajan Shah MD PA | 1060 BRd St, Newark, NJ 7102 | PPP | Term Loan | 1.0% | 7/15/2022 | 4.1 | 4.1 | 4.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Surco Products, Inc. | 14001 S Main St, Los Angeles, CA 90061 | PPP | Term Loan | 1.0% | 7/15/2022 | 7.5 | 7.5 | 7.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Joel Diaz Training Camp, LLC. | 40795 Adriatico Ct, Indio, CA 92203 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.4 | 1.4 | 1.4 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| John J. McMahon | 80 Main St, West Orange, NJ 7052 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Auto Trim Design of Northeastern New York Inc | 83 Ellison St, Milton, VT 5468 | PPP | Term Loan | 1.0% | 7/15/2022 | 7.0 | 7.0 | 7.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Steven Robert Justman aka Steven Justman | 54 Banksville Rd, North Castle, NY 10504 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.0 | 2.0 | 2.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
295
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Accrual Investments (4a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| J. Li Brand LTD | 63 Roebling St, #6L, Brooklyn, NY 11211 | PPP | Term Loan | 1.0% | 7/15/2022 | 3.5 | 3.5 | 3.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| John Berry Turbidy | 1501 Silver King Dr, Aspen, CO 81611 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Hanson & Schwam Public Relations LLC | 9350 Wilshire Blvd, #315, Beverly Hills, CA 90212 | PPP | Term Loan | 1.0% | 7/15/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Debra L. Holt | 233 NW 36th St, Miami, FL 33127 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Kenneth Baer | 16 Millstone Dr, East Windsor, NJ 8512 | PPP | Term Loan | 1.0% | 7/15/2022 | 0.5 | 0.5 | 0.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Model Partner, LLC | 19 William Close Ct, Warwick, NY 10990 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| ARJ Medical LLC | 2827 Frontier Trail, Atlanta, GA 30341 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.0 | 1.0 | 1.0 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| David Raksin | 1010 16th St, #543, San Francisco, CA 94107 | PPP | Term Loan | 1.0% | 7/15/2022 | 2.1 | 2.1 | 2.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Constance Scharff | 8584 Blue Grouse Way, Blaine, WA 98230 | PPP | Term Loan | 1.0% | 7/15/2022 | 0.7 | 0.7 | 0.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Mazza Real Estate, LLC | 402 Page St, Cary, NC 27511 | PPP | Term Loan | 1.0% | 7/15/2022 | 0.8 | 0.8 | 0.8 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| JP Davis Farms | 10100 Suzanne Dr, River Ridge, LA 70123 | PPP | Term Loan | 1.0% | 7/15/2022 | 1.2 | 1.2 | 1.2 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Guaranteed Accrual Investments | $ | 15,888.9 | $ | 15,888.9 | $ | 16,747.1 | 4.94 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
296
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| SBA Guaranteed Non-Accrual Investments (4b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MIT LLC | (*) | 11 North Peach ST., Medford, OR 97504 | Publishing Industries (except Internet) | Term Loan | Prime plus 2.75% | 3/31/2042 | 254.7 | 254.7 | 254.7 | 0.08 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Neville Galvanizing, Inc | (*) | 2983 Grand Ave, Pittsburgh, PA 15225 | Fabricated Metal Product Manufacturing | Term Loan | Prime plus 2.75% | 12/15/2042 | 707.1 | 707.1 | 707.1 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N | (*) | 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411 | Food Services and Drinking Places | Term Loan | Prime plus 2.75% | 8/23/2029 | 101.0 | 101.0 | 101.0 | 0.03 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Chavero's Auto | (*) | 1364 E Palma Vista Drive, Palmview, TX 78572 | Motor Vehicle and Parts Dealers | Term Loan | Prime plus 6.5% | 10/11/2029 | 12.5 | 12.5 | 12.5 | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Guaranteed Non-Accrual Investments | $ | 1,075.3 | $ | 1,075.3 | $ | 1,075.3 | 0.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Guaranteed Investments | $ | 16,964.2 | $ | 16,964.2 | $ | 17,822.4 | 5.25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total SBA Unguaranteed and Guaranteed Investments | $ | 437,364.1 | $ | 437,364.1 | $ | 425,570.3 | 125.41 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
297
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| Controlled Investments (5) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advanced Cyber Security Systems, LLC | (*,#) (6) (21) | 3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716 | Data processing, Hosting, and Related Services | 50% Membership Interest | —% | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 3% | Dec 2014 | 381.0 | 381.0 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Automated Merchant Services, Inc. | (*,#) (7) (21) | 12230 Forest Hill Blvd., Wellington, FL 33414 | Data processing, Hosting, and Related Services | 100% Common Stock | —% | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| CDS Business Services, Inc. | (*,#) (8) | 1985 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Common Stock | —% | — | — | 4,428.0 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit | 10% | Dec 2021 | 9,560.0 | 9,560.0 | 5,900.0 | 1.74 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Newtek Technology Solutions, Inc. | (*,#) (25) | 1904 W. Parkside Lane Phoenix, AZ 85027 | Data processing, Hosting, and Related Services | 100% Common Stock | —% | — | — | 19,503.7 | 29,999.7 | 8.84 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit | 10% | Nov 2028 | 10,821.0 | 10,821.0 | 10,821.0 | 3.19 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit | Prime plus 0.5% | April 2021 | 750.0 | 750.0 | 750.0 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Line of Credit | Prime plus 0.5% | July 2022 | 100.0 | 225.0 | 225.0 | 0.07 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Newtek Insurance Agency, LLC | (*,#) (13) | 1981 Marcus Ave., Lake Success, NY 11042 | Insurance Carriers and Related Activities | 100% Membership Interest | —% | — | — | 135.0 | 2,150.0 | 0.63 | % | |||||||||||||||||||||||||||||||||||||||||||||
| PMTWorks Payroll, LLC | (*,#) (9) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | 100% Membership Interest | —% | — | — | 1,878.1 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 10% | Oct 2021 | 435.0 | 435.0 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 10% | May 2022 | 750.0 | 750.0 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 12% | May 2022 | 500.0 | 500.0 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 10% | July 2022 | 1,000.0 | 1,000.0 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Small Business Lending, LLC | (*,#) (12) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Membership Interest | —% | — | — | 598.0 | 9,650.4 | 2.84 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Term Loan | 10% | June 2021 | 400.0 | 400.0 | 400.0 | 0.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| ADR Partners, LLC dba banc-serv Partners, LLC | (*,#) (26) | 8777 Purdue Rd, Indianapolis, IN 46268 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Membership Interest | —% | — | — | 7,085.2 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| Newtek Merchant Solutions, LLC | (#) (11) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | 100% Membership Interest | —% | — | — | 16,438.0 | 111,500.0 | 32.86 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Mobil Money, LLC | (#) (17) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | 100% Membership Interest | —% | — | — | 2,980.0 | 2,500.0 | 0.74 | % | |||||||||||||||||||||||||||||||||||||||||||||
298
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| Controlled Investments (5) (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Newtek Business Lending, LLC | (*,#) (10) | 14 East Washington St., Orlando, FL 32801 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 100% Membership Interest | —% | — | — | 39,912.0 | 43,541.8 | 12.83 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Newtek Conventional Lending, LLC | (#) (18) (23) | 1981 Marcus Ave., Lake Success, NY 11042 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 50% Membership Interest | —% | — | — | 19,002.0 | 20,028.0 | 5.90 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Titanium Asset Management, LLC | (*,#) (14) | 1981 Marcus Ave., Lake Success, NY 11042 | Administrative and Support Services | Term Loan | 10% | March 2021 | 900.0 | 900.0 | 655.1 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 100% Membership Interest | —% | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Excel WebSolutions, LLC | (*,#) (15) | 888 East Brighton Ave. Syracuse, NY 13205 | Data processing, Hosting, and Related Services | Term Loan | 10% | Sept 2021 | 159.2 | 159.2 | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
| 100% Membership Interest | — | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| POS on Cloud, LLC | (#) (20) | 1981 Marcus Ave., Lake Success, NY 11042 | Data processing, Hosting, and Related Services | Term Loan | 10% | Sept 2023 | 850.0 | 1,050.0 | 1,050.0 | 0.31 | % | |||||||||||||||||||||||||||||||||||||||||||||
| 50.14% Membership Interest | — | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Controlled Investments | $ | 26,606.2 | $ | 138,891.0 | $ | 239,171.0 | 70.48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
299
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| Non-Control Investments (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EMCAP Loan Holdings, LLC | (+,#) (19) (16) | 1140 Reservoir Ave., Cranston, RI 02920 | Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 6.04% Membership Interest | —% | — | $ | — | $ | 1,000.0 | $ | 1,000.0 | 0.29 | % | ||||||||||||||||||||||||||||||||||||||||||
| ARC Metal Stamping, LLC | (#) | 4111 Munson Hwy, Hudson, MI 49247 | Machinery Manufacturing | Term Loan | 5 Yr Tr plus 7.43% | 1/1/2045 | 5,447.4 | 5,447.4 | 5,447.4 | 1.61 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Non-Control Investments | $ | 5,447.4 | $ | 6,447.4 | $ | 6,447.4 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total Investments | $ | 469,417.7 | $ | 582,702.5 | $ | 671,188.7 | 197.78 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
^ Investment has been pledged as collateral under the Securitization Trusts.
* Non-income producing security.
# Fair value determined using significant unobservable inputs.
+ Restricted security.
(1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) The interest rates in effect on our loans as of December 31, 2020 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.14388%.
(3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.
(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in NOTE 6—FAIR VALUE MEASUREMENTS.
(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the nine months ended December 31, 2020 with affiliates the Company is deemed to control.
(6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
(8) CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions, a wholly-owned portfolio company that is part of the Company’s business finance platform, providing receivables and inventory financing and management services to small and medium size businesses; 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).
300
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| Non-Control Investments (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(9) PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (“NPS” or “PMT”), a wholly-owned portfolio company which offers an array of industry standard and competitively priced payroll management, payment and tax reporting services to SMBs; 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).
(10) Newtek Business Lending, LLC (“NBL”), a wholly-owned portfolio company that provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets; 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.
(11) Newtek Merchant Solutions, LLC (“NMS”) is a wholly-owned portfolio company that markets credit and debit card processing services, check approval services, processing equipment, and software; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.).
(12) Small Business Lending, LLC (“SBL”) is a wholly-owned portfolio company that is part of the Company’s business finance platform;100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.). SBL provides third-party loan servicing for SBA and non-SBA loans, and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. In addition, SBL provides loan and servicing solutions to other parts of the Company’s business finance platform.
(13) Newtek Insurance Agency, LLC (“NIA”), a wholly-owned portfolio company which is a retail and wholesale brokerage insurance agency, licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the small and medium size business market as well as various personal lines of insurance; 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).
(15) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.)
(16) The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018.
(17) Mobil Money, LLC (“Mobil Money”), a wholly-owned portfolio company that provides payment processing for a merchant portfolio of taxi cabs; 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a wholly-owned subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.
(19) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.)
(20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates.
(21) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(22) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.
(23) Non-qualifying asset under the Investment Company Act of 1940, as amended. Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2020, 7.7% of total assets are non-qualifying assets.
(24) The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration.
301
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020
(In Thousands)
| Portfolio Company | Tickmarks | Company Address | Industry | Type of Investment | Interest Rate (2) | Maturity | Principal | Cost | Fair Value | % of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||
| Non-Control Investments (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(25) Newtek Technology Solutions, Inc. (“NTS”) is a wholly-owned portfolio company that provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). International Professional Marketing, Inc. (“IPM”) and Sidco, LLC d/b/a Cloud Nine Services (“SIDCO”) are wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S. On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. The Schedule of Investments shows IPM and SIDCO under NTS.
(26) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).
As of December 31, 2020, the federal tax cost of investments was $582.7 million resulting in estimated gross unrealized gains and losses of $154.7 million and $57.8 million, respectively.
302
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||||||
NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:
Newtek Business Services Corp. is a Maryland corporation which was formed in August 2013 and is an internally managed, closed end, non-diversified investment company. The Company’s investment strategy is to maximize the investment portfolio’s return by generating current income from the debt investments the Company makes and generate dividend income from equity investments in controlled portfolio companies. On August 2, 2021, the Company entered into the Stock Purchase Agreement with NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC. Subject to certain regulatory approvals (the “Regulatory Approvals”) , and the Company receiving its shareholders' approval to withdraw the Company’s election as a business development company as required under the 1940 Act, this acquisition is part of the Company's plan to reposition itself as a bank holding company that has elected financial holding company status. See "Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations— Executive Summary."
The Company has formed certain Taxable Subsidiaries, which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code.
The following wholly-owned subsidiaries are consolidated in the financial statements of the Company:
Newtek Small Business Finance, LLC | ||
Newtek Asset Backed Securities, LLC | ||
CCC Real Estate Holdings, LLC | ||
The Whitestone Group, LLC | ||
Wilshire DC Partners, LLC | ||
Wilshire Holdings I, Inc. | ||
Wilshire Louisiana BIDCO, LLC | ||
Wilshire Louisiana Partners II, LLC | ||
Wilshire Louisiana Partners III, LLC | ||
Wilshire Louisiana Partners IV, LLC | ||
Wilshire New York Advisers II, LLC | ||
Wilshire New York Partners III, LLC | ||
Wilshire Partners, LLC | ||
Exponential Business Development Co., Inc. | ||
Newtek Commercial Lending, Inc. | ||
Newtek LSP Holdco, LLC | ||
NBSH Holdings, LLC | ||
Newtek Business Services Holdco 1, Inc. | ||
Newtek Business Services Holdco 2, Inc. | ||
Newtek Business Services Holdco 3, Inc. | ||
Newtek Business Services Holdco 4, Inc. | ||
Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.) | ||
Newtek Business Services Holdco 6, Inc. | ||
Except as otherwise noted, all financial information included in the tables in the following footnotes is stated in thousands, except per share data.
303
The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s Annual Report on Form 10-K for the year ended December 31, 2020. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The results of operations for an interim period may not give a true indication of the results for the entire year. The December 31, 2020 consolidated statement of assets and liabilities has been derived from the audited financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation.
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:
Fair Value
The Company applies fair value accounting to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.
The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.
Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in NOTE 6—FAIR VALUE MEASUREMENTS.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.
Consolidation
As provided under ASC Topic 946 — Investment Companies, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.
Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts and are included in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company.
Although the Company owns more than 25% of the voting securities of NCL, the Company does not have sole control over significant actions of NCL for purposes of the 1940 Act or otherwise, and does not consolidate its interest in NCL.
304
Distributions
Dividends and distributions to the Company's common stockholders are recorded on the declaration date. The timing and amount to be paid out as a dividend or distribution is determined by the Company's Board each quarter and is generally based upon the annual taxable earnings estimated by management.
Cash
The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. As of September 30, 2021, cash deposits in excess of insured amounts totaled $45.2 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 September 30, 2021.
Restricted Cash
Restricted cash includes amounts due on SBA loan-related remittances to third parties, cash reserves established as part of a voluntary agreement with the SBA, cash reserves associated with securitization transactions, and cash margin as collateral for derivative instruments. As of September 30, 2021, total restricted cash was $182.9 million.
The following table provides a reconciliation of cash and restricted cash as of September 30, 2021 and 2020 and December 31, 2020 and 2019:
| September 30, 2021 | September 30, 2020 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||
| Cash | $ | 20,193 | 5,966 | 2,073 | $ | 1,762 | |||||||||||||||||
| Restricted cash | 182,913 | 40,511 | 49,352 | 31,445 | |||||||||||||||||||
| Cash and restricted cash | $ | 203,106 | $ | 46,477 | $ | 51,425 | $ | 33,207 | |||||||||||||||
Broker Receivable
Broker receivable represents amounts due from third parties for loans which have been traded at period end but have not yet settled.
Servicing Assets
The Company accounts for servicing assets in accordance with ASC Topic 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets are measured at fair value at each reporting date and the Company reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy.
Due to Participants
Due to participants represents amounts due to third party investors in the SBA guaranteed portion of SBA 7(a) and PPP loans. When the Company receives principal payments, including PPP loan forgiveness, after the loan has been either partially or fully sold to the participant, the remittances received by the Company are either owed in part of in full to the participant and amounts are recorded as a liability on the consolidated statements of assets and liabilities.
Derivative Instruments
The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations. Derivative instruments consist of interest rate futures and are held at fair value on the balance sheet. Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or, if the Company agrees, substantially the same collateral as the market value of the interest rate futures change.
305
The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended its rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.
Income Taxes
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and made significant prospective and retroactive changes to the U.S. federal income tax laws (and certain corresponding state and local conformity measures) including: (1) 5-year net operating loss (“NOL”) carrybacks with no taxable income limitation, (2) relaxation of the limitations on interest expense deductions, (3) qualified improvement property eligible for bonus depreciation, (4) acceleration of alternative minimum tax credits and related quick tax refunds, and (5) indirect tax measures, including workplace tax credits and deferral of social security payroll tax. Management has considered the impact of the CARES Act on the Company, its Taxable Subsidiaries, and the underlying portfolio companies, and the Company has reflected these potential impacts in the financial statements, related tax disclosures, and the value of the investments.
Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.
The Company’s U.S. federal and state income tax returns prior to fiscal year 2017 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.
The Company has elected to be treated as a RIC under the Code beginning with the 2015 tax year and operates in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes Newtek Business Services Corp. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. In order to maintain its RIC tax treatment, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to any income that is distributed to its stockholders as dividends.
Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the nine months ended September 30, 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 $13.5 million and $11.4 million at September 30, 2021 and December 31, 2020, respectively, and are recorded as deferred tax liabilities on the consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
Investment Income
Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.
306
On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provided an over $2.0 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA paid all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allowed NSBF, as an SBA 7(a) lender, to originate loans under the Paycheck Protection Program (“PPP”) as an expansion of the existing SBA Section 7(a) loan program through June 30, 2020, which PPP was extended through May 31, 2021, with PPP lenders allowed to continue to close PPP loans approved by the SBA prior to May 31, 2021. Pursuant to the PPP, the SBA reimbursed NSBF for originating PPP loans and such SBA reimbursements are included as interest income on PPP loans. Such fees were accounted for under ASC-310 Receivables and deferred until the PPP loan participations were sold to one of the banks which had entered into PPP loan participation agreements with NSBF. Refer to NOTE 3—INVESTMENTS. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has continued to shift resources and refocus its efforts on funding SBA 7(a) loans.
Dividend income is recognized on an accrual basis for preferred equity securities to the extent that such amounts are expected to be collected or realized. In determining the amount of dividend income to recognize, if any, from cash distributions on common equity securities, we will assess many factors including a portfolio company’s cumulative undistributed income and operating cash flow. Cash distributions from common equity securities received in excess of such undistributed amounts are recorded first as a reduction of our investment and then as a realized gain on investment.
The Company earns servicing income related to the guaranteed portions of SBA loan investments which it sells into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.
The Company earns a variety of fees from borrowers in the ordinary course of conducting its business, including packaging, legal, late payment and prepayment fees. All other income is recorded when earned. Other income is generally non-recurring in nature and earned as “one time” fees in connection with the origination of new debt investments with non-affiliates.
Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in the fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
Stock – Based Compensation
The Company accounts for its equity-based compensation plan using the fair value method, as prescribed by ASC Topic 718 – Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of the Company’s common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term.
Recently Adopted Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,(“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting 2021-01 on the consolidated financial statements, however, the impact of the adoption is not expected to be material.The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.
In May 2020, the SEC adopted amendments to the financial disclosure requirements in Regulation S-X including the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the SEC updated the significance tests in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 by (i) revising the investment test to compare the registrant’s investments in and advances to the
307
acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv) conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendment became effective January 1, 2021.
In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2020-08 did not have a material impact on its consolidated financial statements since the Company does not have any convertible debt.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.
Segments
The Company has determined that it has a single reporting segment and operating unit structure. The Company issues debt and makes equity investments in portfolio companies in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these debt and equity investment relationships have similar business and economic characteristics, they have been aggregated into a single lending and investment segment.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation.
NOTE 3—INVESTMENTS:
Investments, all of which are in portfolio companies in the United States, consisted of the following at:
| September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
| Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
| Non-affiliate debt investments | $ | 449,297 | $ | 442,622 | $ | 437,364 | $ | 425,570 | ||||||||||||||||||
| Non-control investments: | ||||||||||||||||||||||||||
| Equity | 1,000 | 1,000 | 1,000 | 1,000 | ||||||||||||||||||||||
| Debt | 5,400 | 5,921 | 5,447 | 5,447 | ||||||||||||||||||||||
| Controlled investments: | ||||||||||||||||||||||||||
| Equity | 104,458 | 216,612 | 92,958 | 199,342 | ||||||||||||||||||||||
| Equity interest in NCL (Joint Venture) | 19,047 | 20,600 | 19,002 | 20,028 | ||||||||||||||||||||||
| Debt | 37,371 | 25,704 | 26,931 | 19,801 | ||||||||||||||||||||||
| Total investments | $ | 616,573 | $ | 712,459 | $ | 582,702 | $ | 671,188 | ||||||||||||||||||
SBA unguaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
| September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
| Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
| Accrual | $ | 365,818 | $ | 379,958 | $ | 364,957 | $ | 378,329 | ||||||||||||||||||
| Non-Accrual | 50,834 | 26,623 | 55,443 | 29,419 | ||||||||||||||||||||||
| Total SBA unguaranteed investments | $ | 416,652 | $ | 406,581 | $ | 420,400 | $ | 407,748 | ||||||||||||||||||
308
SBA guaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
| September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
| Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
| Accrual | $ | 31,228 | $ | 34,598 | $ | 15,889 | $ | 16,747 | ||||||||||||||||||
| Non-Accrual | 1,418 | 1,443 | 1,075 | 1,075 | ||||||||||||||||||||||
| Total SBA guaranteed investments | $ | 32,646 | $ | 36,041 | $ | 16,964 | $ | 17,822 | ||||||||||||||||||
As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through June 30, 2020. During the duration of the PPP through December 31, 2020, NSBF funded approximately 10,570 PPP loans totaling $1.2 billion, with an additional $0.7 billion funded during nine months ended ended September 30, 2021. Beginning in July 2020, NSBF restarted funding SBA 7(a) loans, and since that time has continued to shift resources and refocus its efforts on funding SBA 7(a) loans.
To facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”), collectively the “Participants.” The participation interests were sold at par due to the short term maturity of the loans. NSBF and the Participants share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel, and Amalgamated amended their agreements with NSBF to allow the banks to purchase 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100%, while Morgan Stanley continues to hold 90% participation interests as of September 30, 2021. NSBF continues to hold the PPP loan notes and the PPP loan documents for PPP loans yet to be forgiven by the SBA, in order to service the loans and facilitate the PPP loan forgiveness process. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.
In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan notes, the PPP loan documents and service the PPP loans (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a deficiency in the manner in which the PPP loan was originated, funded, or serviced by NSBF, the SBA may deny its liability under the guaranty, reduce the amount of the guaranty, or, if it has already paid under the guaranty, seek recovery of any loss related to the deficiency. NSBF has agreed that it will repurchase from the Participants on demand the Participants’ Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF.
The following table shows the Company’s SBA guaranteed accrual loans by SBA loan type at:
| September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
| Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
| 7(a) | $ | 29,030 | $ | 32,400 | $ | 9,369 | $ | 10,227 | ||||||||||||||||||
PPP1 | 2,198 | 2,198 | 6,520 | 6,520 | ||||||||||||||||||||||
| Accrual SBA guaranteed investments | $ | 31,228 | $ | 34,598 | $ | 15,889 | $ | 16,747 | ||||||||||||||||||
(1) 112 SBA guaranteed loans originated under the PPP by NSBF; comprised of 107 loans in which NSBF holds 10% participation interests and 5 loans voluntarily repurchased from participants during the second quarter of 2021 that are 100% owned by NSBF. The total of 100% NSBF-owned PPP loans at September 30, 2021 is $0.1 million.
309
The following table shows the Company’s portfolio investments by industry at:
| September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
| Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
| Data Processing, Hosting, and Related Services | $ | 57,125 | $ | 165,963 | $ | 56,900 | $ | 156,874 | ||||||||||||||||||
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | 83,963 | 75,159 | 63,635 | 61,135 | ||||||||||||||||||||||
| Food Services and Drinking Places | 43,749 | 45,876 | 38,142 | 38,832 | ||||||||||||||||||||||
| Amusement, Gambling, and Recreation Industries | 28,522 | 29,232 | 25,187 | 25,509 | ||||||||||||||||||||||
| Professional, Scientific, and Technical Services | 24,542 | 24,198 | 26,571 | 25,998 | ||||||||||||||||||||||
| Specialty Trade Contractors | 23,108 | 22,923 | 17,207 | 16,673 | ||||||||||||||||||||||
| Truck Transportation | 27,520 | 22,224 | 30,684 | 24,341 | ||||||||||||||||||||||
| Repair and Maintenance | 18,166 | 19,084 | 17,650 | 18,521 | ||||||||||||||||||||||
| Fabricated Metal Product Manufacturing | 17,572 | 18,741 | 15,834 | 16,484 | ||||||||||||||||||||||
| Ambulatory Health Care Services | 20,760 | 18,181 | 20,365 | 17,626 | ||||||||||||||||||||||
| Administrative and Support Services | 15,339 | 14,566 | 14,612 | 13,962 | ||||||||||||||||||||||
| Merchant Wholesalers, Durable Goods | 13,162 | 13,585 | 12,507 | 12,843 | ||||||||||||||||||||||
| Accommodation | 12,579 | 12,421 | 11,704 | 12,072 | ||||||||||||||||||||||
| Merchant Wholesalers, Nondurable Goods | 12,443 | 12,135 | 13,607 | 12,853 | ||||||||||||||||||||||
| Food Manufacturing | 13,557 | 12,101 | 13,923 | 12,990 | ||||||||||||||||||||||
| Personal and Laundry Services | 11,303 | 12,078 | 13,303 | 14,192 | ||||||||||||||||||||||
| Social Assistance | 9,607 | 10,599 | 10,075 | 11,147 | ||||||||||||||||||||||
| Rental and Leasing Services | 7,975 | 7,869 | 8,955 | 8,505 | ||||||||||||||||||||||
| Machinery Manufacturing | 7,322 | 7,706 | 7,119 | 6,969 | ||||||||||||||||||||||
| Nonstore Retailers | 7,474 | 7,366 | 6,403 | 6,319 | ||||||||||||||||||||||
| Gasoline Stations | 6,678 | 7,084 | 7,928 | 7,727 | ||||||||||||||||||||||
| Building Material and Garden Equipment and Supplies Dealers | 6,339 | 6,705 | 6,660 | 6,862 | ||||||||||||||||||||||
| Motor Vehicle and Parts Dealers | 6,313 | 6,216 | 5,838 | 5,863 | ||||||||||||||||||||||
| Support Activities for Mining | 5,717 | 5,577 | 4,583 | 4,548 | ||||||||||||||||||||||
| NCL (Joint Venture) | 19,047 | 20,600 | 19,002 | 20,028 | ||||||||||||||||||||||
| Other | 116,691 | 114,270 | 114,308 | 112,315 | ||||||||||||||||||||||
| Total | $ | 616,573 | $ | 712,459 | $ | 582,702 | $ | 671,188 | ||||||||||||||||||
Newtek Conventional Lending, LLC
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 a 50/50 joint venture between Newtek Commercial Lending, Inc. a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL ceased funding new non-conventional conforming loans during 2020 due to the COVID-19 pandemic. The Company anticipates relaunching its non-conforming conventional commercial loan program during the fourth quarter of 2021 through new joint venture partnerships.
The following table shows NCL’s individual investments as of September 30, 2021:
| Portfolio Company | Industry | Investment Type | Interest Rate | Maturity | Principal | Cost | Fair Value1 | ||||||||||||||||||||||||||||||||||
| 10 28th Ave SW Associates LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus 5.50% | 4/1/2045 | $ | 2,236 | $ | 2,192 | $ | 2,161 | |||||||||||||||||||||||||||||||
| 10 28th Ave SW Associates LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus 5.50% | 4/1/2045 | 1,259 | 1,231 | 1,217 | ||||||||||||||||||||||||||||||||||
| Cocoa Beach Office LLC | Other Activities Related to Credit Intermediation | Term Loan | 2 Yr Libor plus 5.70% | 8/1/2044 | 424 | 409 | 423 | ||||||||||||||||||||||||||||||||||
| Foxhall Hospitality, LLC | Hotels (except Casino Hotels) and Motels | Term Loan | 5 Yr Libor plus 6.00% | 11/1/2044 | 10,360 | 10,153 | 10,651 | ||||||||||||||||||||||||||||||||||
| Foxhall Hospitality, LLC | Hotels (except Casino Hotels) and Motels | Term Loan | 5 Yr Libor plus 6.00% | 11/1/2044 | 6,059 | 5,939 | 6,230 | ||||||||||||||||||||||||||||||||||
310
| The Camera Division, LLC | Commercial & Industrial Machinery & Equipment | Term Loan | 5 Yr Libor plus 7.25% | 9/1/2029 | 11,144 | 10,821 | 11,143 | ||||||||||||||||||||||||||||||||||
| The Emerald Green Group, LLC | Full-Service Restaurant | Term Loan | 2 Yr Libor plus 5.65% | 8/1/2029 | 5,887 | 5,717 | 5,530 | ||||||||||||||||||||||||||||||||||
| XL Soccer World Orlando II LLC | Fitness and Recreational Sport Centers | Term Loan | Prime plus 3.25% | 11/1/2045 | 5,020 | 4,869 | 5,018 | ||||||||||||||||||||||||||||||||||
| XL Sports World NJ LLC and XL Soccer World Orlando LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus 5.50% | 8/1/2044 | 6,118 | 5,966 | 6,360 | ||||||||||||||||||||||||||||||||||
| XL Sports World NJ LLC and XL Soccer World Orlando LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus 5.50% | 8/1/2044 | 4,704 | 4,587 | 4,828 | ||||||||||||||||||||||||||||||||||
| Tricare Unlimited LLC and Geron Enterprises LLC | Nursing Care Facilities(Skilled Nursing Facilities) | Term Loan | 2 Yr Treasury plus 6.51% | 1/1/2045 | 5,637 | 5,482 | 5,951 | ||||||||||||||||||||||||||||||||||
| E Entities LLC | Exterminating & Pest Control Services | Term Loan | 5 Yr Treasury plus 7.71% | 1/1/2030 | 5,351 | 5,218 | 5,705 | ||||||||||||||||||||||||||||||||||
| Trinity MCC Realty, LLC | Motor Vehicle and Parts Dealers | Term Loan | 5 Yr Treasury plus 6.58% | 2/1/2045 | 5,103 | 4,960 | 5,353 | ||||||||||||||||||||||||||||||||||
| Jaffe Real Estate LLC | Full-Service Restaurant | Term Loan | 5 Yr Treasury plus 7.93% | 4/1/2045 | 2,235 | 2,173 | 2,235 | ||||||||||||||||||||||||||||||||||
| Berry Ventures Inc | Painting & Wall Covering Contractors | Term Loan | 5 Yr Treasury plus 7.25% | 4/1/2045 | 387 | 374 | 416 | ||||||||||||||||||||||||||||||||||
| Total | $ | 71,924 | $ | 70,091 | $ | 73,221 | |||||||||||||||||||||||||||||||||||
(1) Fair value determined using significant unobservable inputs.
The following table shows NCL’s individual investments as of December 31, 2020:
| Portfolio Company | Industry | Investment Type | Interest Rate | Maturity | Principal | Cost | Fair Value1 | ||||||||||||||||||||||||||||||||||
| 10 28th Ave SW Associates LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus 5.50% | 4/1/2045 | $ | 2,268 | $ | 2,223 | $ | 2,130 | |||||||||||||||||||||||||||||||
| 10 28th Ave SW Associates LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus 5.50% | 4/1/2045 | 1,277 | 1,248 | 1,199 | ||||||||||||||||||||||||||||||||||
| Cocoa Beach Office LLC | Other Activities Related to Credit Intermediation | Term Loan | 2 Yr Libor plus 5.70% | 8/1/2044 | 429 | 414 | 430 | ||||||||||||||||||||||||||||||||||
| Foxhall Hospitality, LLC | Hotels (except Casino Hotels) and Motels | Term Loan | 5 Yr Libor plus 6.00% | 11/1/2044 | 10,470 | 10,261 | 10,840 | ||||||||||||||||||||||||||||||||||
| Foxhall Hospitality, LLC | Hotels (except Casino Hotels) and Motels | Term Loan | 5 Yr Libor plus 6.00% | 11/1/2044 | 6,124 | 6,002 | 6,340 | ||||||||||||||||||||||||||||||||||
| The Camera Division, LLC | Commercial & Industrial Machinery & Equipment | Term Loan | 5 Yr Libor plus 7.25% | 9/1/2029 | 11,144 | 10,802 | 11,144 | ||||||||||||||||||||||||||||||||||
| The Emerald Green Group, LLC | Full-Service Restaurant | Term Loan | 2 Yr Libor plus 5.65% | 8/1/2029 | 6,127 | 5,947 | 6,049 | ||||||||||||||||||||||||||||||||||
| XL Soccer World Orlando II LLC | Fitness and Recreational Sport Centers | Term Loan | Prime plus 3.25% | 11/1/2045 | 4,557 | 4,405 | 4,517 | ||||||||||||||||||||||||||||||||||
| XL Sports World NJ LLC and XL Soccer World Orlando LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus 5.50% | 8/1/2044 | 6,193 | 6,039 | 6,544 | ||||||||||||||||||||||||||||||||||
| XL Sports World NJ LLC and XL Soccer World Orlando LLC | Fitness and Recreational Sport Centers | Term Loan | 5 Yr Libor plus 5.50% | 8/1/2044 | 4,762 | 4,644 | 4,970 | ||||||||||||||||||||||||||||||||||
| JW Aviation LLC and 21 Air LLC and AMN Doral LLC | Other Nonscheduled Air Transportation | Term Loan | 2 Yr Libor plus 8.25% | 12/1/2044 | 2,497 | 2,410 | 2,497 | ||||||||||||||||||||||||||||||||||
| Tricare Unlimited LLC and Geron Enterprises LLC | Nursing Care Facilities(Skilled Nursing Facilities) | Term Loan | 2 Yr Treasury plus 6.51% | 1/1/2045 | 5,695 | 5,538 | 6,145 | ||||||||||||||||||||||||||||||||||
| E Entities LLC | Exterminating & Pest Control Services | Term Loan | 5 Yr Treasury plus 7.71% | 1/1/2030 | 5,656 | 5,515 | 6,028 | ||||||||||||||||||||||||||||||||||
| Trinity MCC Realty, LLC | Motor Vehicle and Parts Dealers | Term Loan | 5 Yr Treasury plus 6.58% | 2/1/2045 | 5,240 | 5,096 | 5,616 | ||||||||||||||||||||||||||||||||||
| Jaffe Real Estate LLC | Full-Service Restaurant | Term Loan | 5 Yr Treasury plus 7.93% | 4/1/2045 | 2,257 | 2,195 | 2,257 | ||||||||||||||||||||||||||||||||||
| Berry Ventures Inc | Painting & Wall Covering Contractors | Term Loan | 5 Yr Treasury plus 7.25% | 4/1/2045 | 472 | 459 | 513 | ||||||||||||||||||||||||||||||||||
| Total | $ | 75,168 | $ | 73,198 | $ | 77,219 | |||||||||||||||||||||||||||||||||||
(1) Fair value determined using significant unobservable inputs.
311
The following tables show certain summarized financial information for NCL:
| Selected Statement of Assets and Liabilities Information | September 30, 2021 | December 31, 2020 | |||||||||
| (Unaudited) | |||||||||||
| Cash | $ | 1,218 | $ | 1,493 | |||||||
| Investments in loans, at fair value (amortized cost of $70,091 and $73,197, respectively) | 73,221 | 77,219 | |||||||||
| Other assets | 781 | 1,274 | |||||||||
| Total assets | $ | 75,220 | $ | 79,986 | |||||||
| Bank notes payable | $ | 33,916 | $ | 38,792 | |||||||
| Other liabilities | 187 | 1,138 | |||||||||
| Total liabilities | 34,103 | 39,930 | |||||||||
| Net assets | 41,116 | 40,056 | |||||||||
| Total liabilities and net assets | $ | 75,219 | $ | 79,986 | |||||||
| Selected Statements of Operations Information | Three Months Ended September 30, | ||||||||||
| 2021 | 2020 | ||||||||||
| Interest and other income | $ | 1,558 | $ | 41 | |||||||
| Total expenses | 587 | (550) | |||||||||
| Net investment (loss) income | 971 | 591 | |||||||||
| Net unrealized appreciation (depreciation) on investments | (464) | (300) | |||||||||
| Net increase in net assets resulting from operations | $ | 507 | $ | 291 | |||||||
Non-Control Debt Investments
As of September 30, 2021, the Company holds one loan purchased from NBL, a wholly-owned controlled portfolio company, in September of 2020 at par. During the three and nine months ended September 30, 2021, the Company recognized $3 thousand of unrealized depreciation and $0.5 million of unrealized appreciation relating to the loan, respectively. The Company is not affiliated with the borrower of the loan.
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 nine months ended September 30, 2021 were as follows:
312
| Portfolio Company | Fair Value at December 31, 2020 | Purchases (Cost) | Principal Received | Net Realized Gains/(Losses) | Net Unrealized Gains/(Losses) | Fair Value at September 30, 2021 | Interest and Other Income | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
| Controlled Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Newtek Merchant Solutions, LLC (NMS) | $ | 111,500 | $ | — | $ | — | $ | — | $ | — | $ | 111,500 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
| Mobil Money, LLC | 2,500 | — | — | — | 1,000 | 3,500 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Newtek Technology Solutions, Inc. (NTS)1 | 41,796 | — | — | — | 6,000 | 47,796 | 848 | — | ||||||||||||||||||||||||||||||||||||||||||
| CDS Business Services, Inc. | 5,900 | 10,440 | — | — | (6,540) | 9,800 | 745 | — | ||||||||||||||||||||||||||||||||||||||||||
| Small Business Lending, LLC | 10,050 | — | — | — | (5,650) | 4,400 | 30 | — | ||||||||||||||||||||||||||||||||||||||||||
| Newtek Insurance Agency, LLC | 2,150 | 950 | — | — | (950) | 2,150 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| PMTWorks Payroll, LLC | — | 500 | — | — | 1,500 | 2,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Titanium Asset Management LLC | 655 | — | — | — | 3 | 658 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| POS on Cloud, LLC | 1,050 | — | — | — | — | 1,050 | 80 | — | ||||||||||||||||||||||||||||||||||||||||||
| Newtek Conventional Lending, LLC | 20,028 | 45 | — | — | 527 | 20,600 | — | 51 | ||||||||||||||||||||||||||||||||||||||||||
| Newtek Business Lending, LLC | 43,542 | 25,050 | (15,000) | — | 5,870 | 59,462 | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Total Controlled Investments | $ | 239,171 | $ | 36,985 | $ | (15,000) | $ | — | $ | 1,760 | $ | 262,916 | $ | 1,703 | $ | 51 | ||||||||||||||||||||||||||||||||||
| Non-Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
| EMCAP Loan Holdings, LLC | $ | 1,000 | $ | — | $ | — | $ | — | $ | — | $ | 1,000 | $ | — | $ | 70 | ||||||||||||||||||||||||||||||||||
| Total Affiliate Investments | $ | 240,171 | $ | 36,985 | $ | (15,000) | $ | — | $ | 1,760 | $ | 263,916 | $ | 1,703 | $ | 121 | ||||||||||||||||||||||||||||||||||
(1) On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The above table reflects the combined fair values, unrealized appreciation and amount of dividends credited to income.
Related Party Transactions
Notes Payable - Related Parties
In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38.0 million. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50.0 million. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.
At September 30, 2021, the Related Party RLOC interest rate was 2.71%. The Related Party RLOC has a maturity date of November 8, 2023. There were no outstanding borrowings from NMS at September 30, 2021 under the Related Party RLOC.
For the three months ended September 30, 2021 and 2020, interest expense was $109,000 and $7,000 respectively.
For the nine months ended September 30, 2021 and 2020, interest expense was $275,000 and $298,000, respectively.
Expenses Incurred from Controlled Portfolio Companies
The Company incurs expenses from certain controlled portfolio companies including managed technology services from NTS, origination and loan processing fees from various related parties and payroll processing fees from PMT.
313
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||
| Managed technology services | $ | 532 | $ | 461 | $ | 1,475 | $ | 1,285 | ||||||||||||||||||
| Origination and loan processing | 3,187 | 2,710 | 10,856 | 8,464 | ||||||||||||||||||||||
| Loan servicing | 14 | — | 41 | — | ||||||||||||||||||||||
| Payroll processing fees | 8 | 8 | 25 | 25 | ||||||||||||||||||||||
| Total | $ | 3,741 | $ | 3,179 | $ | 12,397 | $ | 9,774 | ||||||||||||||||||
The Company also sub-leases portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| Portfolio Company | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
| Newtek Merchant Solutions, LLC | $ | 63 | $ | 52 | $ | 187 | $ | 169 | ||||||||||||||||||
| Newtek Technology Solutions, Inc. | 2 | 3 | 8 | 8 | ||||||||||||||||||||||
| Small Business Lending, LLC | 80 | 74 | 230 | 221 | ||||||||||||||||||||||
| Newtek Insurance Agency, LLC | 17 | 13 | 52 | 43 | ||||||||||||||||||||||
| CDS Business Services, Inc. | 18 | 21 | 56 | 59 | ||||||||||||||||||||||
| PMTWorks Payroll, LLC | 3 | 7 | 14 | 23 | ||||||||||||||||||||||
| Newtek Business Lending, LLC | 2 | 1 | 5 | 4 | ||||||||||||||||||||||
| Total | $ | 185 | $ | 171 | $ | 552 | $ | 527 | ||||||||||||||||||
Amounts due from related parties were $5.8 million and $6.1 million at September 30, 2021 and December 31, 2020, respectively. Amounts due to related parties were $4.2 million and $2.1 million at September 30, 2021 and December 31, 2020, respectively.
Managerial Assistance Fees from Controlled Investments
The Company offers managerial assistance to all portfolio companies and currently provides managerial assistance to certain controlled portfolio companies. Fees are recorded on a quarterly basis, are recurring in nature, and are charged consistently based on estimates of time and effort spent by certain employees providing managerial services. The table below summarizes amounts charged to each controlled portfolio company, and are recorded as a credit to salaries and benefits in the consolidated statements of operations.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| Portfolio Company | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
| Newtek Merchant Solutions, LLC | $ | 106 | $ | 107 | $ | 338 | $ | 292 | ||||||||||||||||||
Newtek Technology Solutions, Inc.1 | 107 | 125 | 358 | 379 | ||||||||||||||||||||||
| PMTWorks Payroll, LLC | 23 | 22 | 65 | 83 | ||||||||||||||||||||||
| Newtek Insurance Agency, LLC | 32 | 32 | 95 | 95 | ||||||||||||||||||||||
| Newtek Conventional Lending, LLC | 5 | — | 5 | — | ||||||||||||||||||||||
| CDS Business Services, Inc. | 64 | 30 | 148 | 89 | ||||||||||||||||||||||
International Professional Marketing, Inc.1 | — | 24 | — | 68 | ||||||||||||||||||||||
SIDCO, LLC1 | — | 23 | — | 73 | ||||||||||||||||||||||
| Mobil Money, LLC | 28 | 25 | 86 | 96 | ||||||||||||||||||||||
| Newtek Business Lending, LLC | 43 | 34 | 119 | 101 | ||||||||||||||||||||||
| Small Business Lending, LLC | 130 | 126 | 382 | 381 | ||||||||||||||||||||||
| Total | $ | 538 | $ | 548 | $ | 1,596 | $ | 1,657 | ||||||||||||||||||
(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.
NOTE 5—SERVICING ASSETS:
Servicing assets are measured at fair value. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells.
314
The following tables summarizes the fair value and valuation assumptions related to servicing assets at September 30, 2021 and December 31, 2020:
| Servicing Assets | Weighted | Range | ||||||||||||||||||||||||||||||
| Date | Fair Value | Unobservable Input | Average | Minimum | Maximum | |||||||||||||||||||||||||||
| September 30, 2021 | $ | 28,899 | Discount factor1 | 11.24 | % | 11.24 | % | 11.24 | % | |||||||||||||||||||||||
| Cumulative prepayment rate | 22.00 | % | 22.00 | % | 22.00 | % | ||||||||||||||||||||||||||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | ||||||||||||||||||||||||||
| December 31, 2020 | $ | 26,061 | Discount factor1 | 11.24 | % | 11.24 | % | 11.24 | % | |||||||||||||||||||||||
| Cumulative prepayment rate | 20.00 | % | 20.00 | % | 20.00 | % | ||||||||||||||||||||||||||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | ||||||||||||||||||||||||||
(1) Determined based on risk spreads and observable secondary market transactions.
Servicing fee income earned for the three months ended September 30, 2021 and 2020 was $2.8 million and $2.9 million, respectively. Servicing fee income earned for the nine months ended September 30, 2021 and 2020 was $8.3 million and $8.4 million, respectively.
NOTE 6—FAIR VALUE MEASUREMENTS:
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, management uses various valuation approaches, all of which have been approved by the Company’s Board. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). The levels of the fair value hierarchy are as follows:
Level 1Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
Level 2Observable 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 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the nine months ended September 30, 2021 or 2020.
315
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities.
For certain investments, the Company generally calculates the fair value of the investment primarily based on the net asset NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded. In addition, the COVID-19 pandemic is an unprecedented circumstance that could further negatively impact the fair value of the Company’s investments after September 30, 2021 by circumstances and events that are not yet known.
In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022.
The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of September 30, 2021 and December 31, 2020:
| Fair Value Measurements at September 30, 2021 | |||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| SBA unguaranteed non-affiliate investments | $ | 406,581 | $ | — | $ | — | $ | 406,581 | |||||||||||||||
| SBA guaranteed non-affiliate investments | 36,041 | — | 36,041 | — | |||||||||||||||||||
| Controlled investments | 242,316 | — | — | 242,316 | |||||||||||||||||||
Other real estate owned1 | 2,738 | — | 2,738 | — | |||||||||||||||||||
| Non-control investments | 6,921 | — | — | 6,921 | |||||||||||||||||||
| Servicing assets | 28,899 | — | — | 28,899 | |||||||||||||||||||
Derivative instruments3 | 304 | — | 304 | — | |||||||||||||||||||
Controlled investments measured at NAV2 | 20,600 | — | — | — | |||||||||||||||||||
| Total assets | $ | 744,400 | $ | — | $ | 39,083 | $ | 684,717 | |||||||||||||||
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities.
(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
(3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.
The change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to Level 3 investments held at September 30, 2021 includes $2.6 million in unrealized depreciation on SBA unguaranteed non-affiliate investments, $1.2 million in unrealized depreciation on controlled investments and $3.3 million in unrealized depreciation on servicing assets.
316
| Fair Value Measurements at December 31, 2020 | |||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| SBA unguaranteed non-affiliate investments | $ | 407,748 | $ | — | $ | — | $ | 407,748 | |||||||||||||||
| SBA guaranteed non-affiliate investments | 17,822 | — | 17,822 | — | |||||||||||||||||||
| Controlled investments | 219,143 | — | — | 219,143 | |||||||||||||||||||
Other real estate owned1 | 2,717 | — | 2,717 | — | |||||||||||||||||||
| Non-control investments | 6,447 | — | — | 6,447 | |||||||||||||||||||
| Servicing assets | 26,061 | — | — | 26,061 | |||||||||||||||||||
Controlled investments measured at NAV2 | 20,028 | — | — | — | |||||||||||||||||||
| Total assets | $ | 699,966 | $ | — | $ | 20,539 | $ | 659,399 | |||||||||||||||
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities.
(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
The following tables represents the changes in investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the nine months ended September 30, 2021 and 2020:
| Nine Months Ended September 30, 2021 | |||||||||||||||||||||||
| SBA Unguaranteed Investments | Controlled Investments | Servicing Assets | Non-Control Investments | ||||||||||||||||||||
| Fair value, December 31, 2020 | $ | 407,748 | $ | 219,143 | $ | 26,061 | $ | 6,447 | |||||||||||||||
| Net change in unrealized appreciation (depreciation) | 2,583 | 1,233 | (3,322) | 521 | |||||||||||||||||||
| Realized loss | (7,297) | — | — | — | |||||||||||||||||||
| SBA unguaranteed non-affiliate investments, funded | 48,473 | — | — | — | |||||||||||||||||||
| Foreclosed real estate acquired | (1,654) | — | — | — | |||||||||||||||||||
| Purchase of investments | — | 36,940 | — | — | |||||||||||||||||||
| Purchase of loans from SBA | 6,945 | — | — | — | |||||||||||||||||||
| Return of investment | — | (15,000) | — | — | |||||||||||||||||||
| Principal payments received on debt investments | (50,217) | — | — | (47) | |||||||||||||||||||
| Additions to servicing assets | — | — | 6,160 | — | |||||||||||||||||||
| Fair value, September 30, 2021 | $ | 406,581 | $ | 242,316 | $ | 28,899 | $ | 6,921 | |||||||||||||||
| Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
| SBA Unguaranteed Investments | Controlled Investments | Servicing Assets | Non-Control Investments | Contingent Consideration Liabilities1 | |||||||||||||||||||||||||
| Fair value, December 31, 2019 | $ | 417,223 | $ | 199,694 | $ | 24,411 | $ | 1,000 | $ | 621 | |||||||||||||||||||
| Net change in unrealized appreciation (depreciation) | (6,012) | (10,747) | (1,299) | — | — | ||||||||||||||||||||||||
| Realized loss | (5,712) | — | — | — | — | ||||||||||||||||||||||||
| SBA unguaranteed non-affiliate investments, funded | 20,619 | — | — | — | — | ||||||||||||||||||||||||
| Foreclosed real estate acquired | (646) | — | — | — | — | ||||||||||||||||||||||||
| Purchase of investments | — | 18,800 | — | — | — | ||||||||||||||||||||||||
| Purchase of loans from SBA | 5,522 | — | — | — | — | ||||||||||||||||||||||||
| Change in fair value of contingent consideration liabilities | — | — | — | — | 54 | ||||||||||||||||||||||||
| Payment of contingent consideration | — | — | — | — | (675) | ||||||||||||||||||||||||
| Net accretion of premium/discount | (7) | — | — | — | — | ||||||||||||||||||||||||
| Return of investment | — | (15,996) | — | — | — | ||||||||||||||||||||||||
| Principal payments received on debt investments | (37,698) | (625) | — | — | — | ||||||||||||||||||||||||
| Additions to servicing assets | — | — | 1,445 | — | — | ||||||||||||||||||||||||
| Fair value, September 30, 2020 | $ | 393,290 | $ | 191,126 | $ | 24,557 | $ | 1,000 | $ | — | |||||||||||||||||||
317
(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.
The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of September 30, 2021 and December 31, 2020. In addition to the inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at September 30, 2021 and December 31, 2020.
| Fair Value as of | Weighted | Range | ||||||||||||||||||||||||||||||
| September 30, 2021 | Unobservable Input | Average1 | Minimum | Maximum | ||||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||||
| SBA unguaranteed non-affiliate investments - accrual loans | $ | 379,958 | Market yields | 4.00 | % | 4.00 | % | 4.00 | % | |||||||||||||||||||||||
| Cumulative prepayment rate | 22.00 | % | 22.00 | % | 22.00 | % | ||||||||||||||||||||||||||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | ||||||||||||||||||||||||||
| SBA unguaranteed non-affiliate investments - non-accrual loans | $ | 26,623 | Market yields | 4.21 | % | 4.21 | % | 4.21 | % | |||||||||||||||||||||||
| Average cumulative default rate | 30.00 | % | 30.00 | % | 30.00 | % | ||||||||||||||||||||||||||
Controlled equity investments1 | $ | 216,612 | EBITDA multiples-TTM2 | 8.2x | 7.00x | 9.00x | ||||||||||||||||||||||||||
EBITDA multiples-NTM2 | 7.3x | 6.00x | 8.00x | |||||||||||||||||||||||||||||
Revenue multiples2 | 2.79x | 1.00x | 3.75x | |||||||||||||||||||||||||||||
Weighted average cost of capital2 | 12.76 | % | 11.20 | % | 18.10 | % | ||||||||||||||||||||||||||
| Controlled debt investments | $ | 25,704 | Market yields | 8.20 | % | 3.80 | % | 12.00 | % | |||||||||||||||||||||||
| Non-control equity investments | $ | 1,000 | Net asset value | N/A | N/A | N/A | ||||||||||||||||||||||||||
| Non-control debt investments | $ | 5,921 | Market yields | 5.25 | % | 5.25 | % | 5.25 | % | |||||||||||||||||||||||
| Cumulative prepayment rate | 75.00 | % | 75.00 | % | 75.00 | % | ||||||||||||||||||||||||||
| Average cumulative default rate | 20.00 | % | 20.00 | % | 20.00 | % | ||||||||||||||||||||||||||
| Servicing assets | $ | 28,899 | Market yields | 11.24 | % | 11.24 | % | 11.24 | % | |||||||||||||||||||||||
| Cumulative prepayment rate | 22.00 | % | 22.00 | % | 22.00 | % | ||||||||||||||||||||||||||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | ||||||||||||||||||||||||||
(1) Weighted by relative fair value.
(2) The Company valued $149.7 million of investments using a combination of EBITDA, both trailing twelve months (“TTM”) and next twelve months (“NTM”), and revenue multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $67.0 million of investments using only discounted cash flows.
| Fair Value as of | Weighted | Range | ||||||||||||||||||||||||||||||
| December 31, 2020 | Unobservable Input | Average1 | Minimum | Maximum | ||||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||||
| SBA unguaranteed non-affiliate investments - accrual loans | $ | 378,329 | Market yields | 4.00 | % | 4.00 | % | 4.00 | % | |||||||||||||||||||||||
| Cumulative prepayment rate | 20.00 | % | 20.00 | % | 20.00 | % | ||||||||||||||||||||||||||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | ||||||||||||||||||||||||||
| SBA unguaranteed non-affiliate investments - non-accrual loans | $ | 29,419 | Market yields | 4.34 | % | 4.34 | % | 4.34 | % | |||||||||||||||||||||||
| Average cumulative default rate | 30.00 | % | 30.00 | % | 30.00 | % | ||||||||||||||||||||||||||
Controlled equity investments1 | $ | 199,342 | EBITDA multiples2 | 9.20x | 6.00x | 10.00x | ||||||||||||||||||||||||||
Revenue multiples2 | 1.17x | 1.0x | 2.30x | |||||||||||||||||||||||||||||
Weighted average cost of capital2 | 12.73 | % | 11.10 | % | 18.40 | % | ||||||||||||||||||||||||||
| Controlled debt investments | $ | 19,801 | Market yields | 9.69 | % | 3.80 | % | 10.00 | % | |||||||||||||||||||||||
| Non-control equity investments | $ | 1,000 | Net asset value | N/A | N/A | N/A | ||||||||||||||||||||||||||
| Non-control debt investments | $ | 5,447 | Recent transaction | N/A | N/A | N/A | ||||||||||||||||||||||||||
| Servicing assets | $ | 26,061 | Market yields | 11.24 | % | 11.24 | % | 11.24 | % | |||||||||||||||||||||||
| Cumulative prepayment rate | 20.00 | % | 20.00 | % | 20.00 | % | ||||||||||||||||||||||||||
| Average cumulative default rate | 25.00 | % | 25.00 | % | 25.00 | % | ||||||||||||||||||||||||||
318
(1) Weighted by relative fair value.
(2) The Company valued $143.7 million of investments using an equal weighting of EBITDA and revenue multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $55.7 million of investments using only discounted cash flows.
NOTE 7—BORROWINGS:
At September 30, 2021 and December 31, 2020, the Company had borrowings comprised of the following:
| September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
| Commitments | Borrowings Outstanding | Weighted Average Interest Rate | Commitments | Borrowings Outstanding | Weighted Average Interest Rate | ||||||||||||||||||||||||||||||
Capital One line of credit - guaranteed1 | $ | 150,000 | $ | 69,000 | 2.50 | % | $ | 150,000 | $ | 52,500 | 2.50 | % | |||||||||||||||||||||||
Capital One line of credit - unguaranteed1 | — | 45,986 | 3.50 | % | — | 33,839 | 3.50 | % | |||||||||||||||||||||||||||
| Notes due 2023 | — | — | — | % | 57,500 | 56,505 | 6.25 | % | |||||||||||||||||||||||||||
| Notes due 2024 | 78,250 | 76,993 | 5.75 | % | 63,250 | 61,774 | 5.75 | % | |||||||||||||||||||||||||||
| Notes due 2025 | 15,000 | 14,516 | 6.85 | % | 5,000 | 4,735 | 6.85 | % | |||||||||||||||||||||||||||
| Notes due 2026 | 115,000 | 111,948 | 5.50 | % | — | — | — | % | |||||||||||||||||||||||||||
| Notes payable - related parties | 50,000 | — | 2.71 | % | 50,000 | 24,090 | 2.74 | % | |||||||||||||||||||||||||||
| Notes payable - Securitization Trusts | 177,602 | 174,876 | 2.14 | % | 221,752 | 218,339 | 2.39 | % | |||||||||||||||||||||||||||
| Total | $ | 585,852 | $ | 493,319 | 3.79 | % | $ | 547,502 | $ | 451,782 | 3.50 | % | |||||||||||||||||||||||
(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150.0 million at September 30, 2021 and December 31, 2020.
On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018. As of September 30, 2021, our asset coverage was 173%.
Outstanding borrowings under the 2023 Notes, 2024 Notes, 2025 Notes, 2026 Notes, and Notes payable - Securitization Trusts consisted of the following:
| September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Due 2024 | Notes Due 2025 | Notes Due 2026 | Notes Payable- Securitization Trusts | Notes Due 2023 | Notes Due 2024 | Notes Due 2025 | Notes Payable- Securitization Trusts | |||||||||||||||||||||||||||||||||||||||||||
| Principal balance | $ | 78,250 | $ | 15,000 | $ | 115,000 | $ | 177,602 | $ | 57,500 | $ | 63,250 | $ | 5,000 | $ | 221,752 | ||||||||||||||||||||||||||||||||||
| Unamortized deferred financing costs | (1,257) | (484) | (3,052) | (2,726) | (995) | (1,476) | (265) | (3,413) | ||||||||||||||||||||||||||||||||||||||||||
| Net carrying amount | $ | 76,993 | $ | 14,516 | $ | 111,948 | $ | 174,876 | $ | 56,505 | $ | 61,774 | $ | 4,735 | $ | 218,339 | ||||||||||||||||||||||||||||||||||
At September 30, 2021 and December 31, 2020, the carrying amount of the Company’s borrowings under the Capital One lines of credit, Notes payable - related parties and Notes payable - Securitization Trusts, approximates fair value due to their variable interest rates.
The fair values of the fixed rate 2026 Notes and 2024 Notes are based on the closing public share price on the date of measurement. On September 30, 2021, the closing price of the 2026 Notes was $25.85 per note, or $118.9 million. On September 30, 2021, the closing price of the 2024 Notes was $25.34 per note, or $79.3 million. On December 31, 2020, the closing price of the 2024 Notes was $25.26 per note, or $63.9 million. These borrowings are not recorded at fair value on a recurring basis. The fixed rate 2025 Notes are held at par as of September 30, 2021.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the nine months ended September 30, 2021 and 2020 was $15.2 million and $13.7 million, respectively. Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended September 30, 2021 and 2020 was $5.2 million and $3.9 million, respectively.
NOTE 8—DERIVATIVE INSTRUMENTS:
In November 2020, the SEC published Release No. IC-34084 Use of Derivatives by Registered Investment Companies and
319
Business Development Companies and adopted rules amending Rule 18f-4 and Rule 6c-11. Under the newly adopted rules, BDCs that use derivatives will be subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Compliance is required by August 19, 2022. The Company does not expect the adoption to have a material impact on its consolidated financial statements.
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 September 30, 2021:
| Fair Value | Remaining | |||||||||||||||||||||||||
| Contract Type | Notional | Asset1 | Liability1 | Maturity (years) | ||||||||||||||||||||||
| 5-year Swap Futures | $ | 41,791 | $ | 304 | $ | — | 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 three and nine months ended September 30, 2021:
| Three Months Ended | September 30, 2021 | Nine Months Ended | September 30, 2021 | |||||||||||||||||||||||
| Contract Type | Unrealized Gain/(Loss) | Realized Gain/(Loss) | Unrealized Gain/(Loss) | Realized Gain/(Loss) | ||||||||||||||||||||||
| 5-year Swap Futures | $ | 341 | $ | (268) | $ | 304 | $ | (268) | ||||||||||||||||||
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 September 30, 2021, which is included in restricted cash in the consolidated balance sheets. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.
NOTE 9—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 September 30, 2021 for future minimum cash payments required under operating lease and employment agreements:
| Year | Operating Leases | Employment Agreements1 | Total | ||||||||||||||
| 2021 | $ | 460 | $ | 596 | $ | 1,056 | |||||||||||
| 2022 | 1,876 | 763 | 2,639 | ||||||||||||||
| 2023 | 1,928 | — | 1,928 | ||||||||||||||
| 2024 | 1,981 | — | 1,981 | ||||||||||||||
| 2025 | 2,035 | — | 2,035 | ||||||||||||||
| Thereafter | 2,354 | — | 2,354 | ||||||||||||||
| Total | $ | 10,634 | $ | 1,359 | $ | 11,993 | |||||||||||
(1) Employment agreements with certain of the Company’s named executive officers
320
Legal Matters
In the ordinary course of business, the Company and its wholly-owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit.
As a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35.0 million. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At September 30, 2021, total principal owed by NBC was $8.6 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At September 30, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the NBL Capital One Facility. Maximum borrowings under the NBL Facility are $75.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lender’s commitments terminate in November 2022, with all amounts due under the NBL Facility maturing in November 2023. At September 30, 2021, total principal owed by NBL was $29.0 million. At September 30, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the NBL Deutsche Bank Facility. Maximum borrowings under the NBL Deutsche Bank Facility are $100.0 million. The Deutsche Bank Facility matures in March 2023. At September 30, 2021, total principal owed by NBL was $5.7 million. At September 30, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50.0 million. The Webster Facility matures in November 2023. At September 30, 2021, total principal outstanding was $26.3 million. At September 30, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee.
Unfunded Commitments
At September 30, 2021, 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.
321
NOTE 10—FINANCIAL HIGHLIGHTS:
The financial highlights for the Company are as follows:
| Nine Months Ended September 30, | ||||||||||||||
| 2021 | 2020 | |||||||||||||
Per share data¹ | ||||||||||||||
| Net asset value at beginning of period | $ | 15.45 | $ | 15.70 | ||||||||||
| Net investment income (loss) | 1.07 | 1.49 | ||||||||||||
| Net realized gain on investments | 1.69 | 0.12 | ||||||||||||
| Net realized loss on derivative transactions | (0.01) | — | ||||||||||||
| Net unrealized appreciation (depreciation) on investments | 0.33 | (0.84) | ||||||||||||
| Net unrealized depreciation on servicing assets | (0.15) | (0.06) | ||||||||||||
| Net unrealized depreciation on derivative transactions | 0.01 | — | ||||||||||||
| Change in deferred taxes | (0.09) | 0.14 | ||||||||||||
| Net increase in net assets resulting from operations | 2.85 | 0.85 | ||||||||||||
| Distributions to common stockholders | (2.10) | (1.58) | ||||||||||||
| Stock-based compensation expense | 0.07 | 0.01 | ||||||||||||
| Accretive effect of stock offerings (issuing shares above NAV per share) | 0.09 | 0.17 | ||||||||||||
| Accretive effect of shares issued in connection with DRIP (issuing shares above NAV per share) | 0.01 | — | ||||||||||||
| Dilutive effect of purchase of vested stock for employee payroll tax withholding (purchase of shares above NAV) | (0.03) | — | ||||||||||||
| Dilutive effect of restricted stock awards | (0.14) | — | ||||||||||||
Other⁴ | 0.03 | (0.02) | ||||||||||||
| Net asset value at end of period | $ | 16.23 | $ | 15.13 | ||||||||||
| Per share market value at end of period | $ | 27.73 | $ | 18.57 | ||||||||||
| Total return based on market value² ⁷ | 52.06 | % | (9.86) | % | ||||||||||
| Total return based on change in NAV³ ⁷ | 18.64 | % | 6.43 | % | ||||||||||
| Shares outstanding at end of period (in thousands) | 22,559 | 21,435 | ||||||||||||
| Ratios/Supplemental Data: | ||||||||||||||
| Net assets at end of period | $ | 366,020 | $ | 324,391 | ||||||||||
| Ratio of expenses to average net assets⁸ | 21.98 | % | 19.22 | % | ||||||||||
| Ratio of net investment income (loss) to average net assets⁸ | 8.99 | % | 12.93 | % | ||||||||||
Portfolio turnover6 | 152.77 | % | 196.04 | % | ||||||||||
| Average debt outstanding | $ | 470,289 | $ | 393,023 | ||||||||||
| Average debt outstanding per share | $ | 20.85 | $ | 18.34 | ||||||||||
| Asset coverage ratio⁵ | 173 | % | 183 | % | ||||||||||
| Senior securities outstanding | $ | 500,839 | $ | 393,158 | ||||||||||
(1) 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.
(2) 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.
(3) 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.
(4) 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.
(5) Calculated based on the amount of senior securities outstanding at period end.
(6) 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 beginning in the second quarter of 2020.
(7) Not annualized.
(8) Annualized for the nine months ended September 30, 2021. Loss on extinguishment of debt has not been annualized.
322
NOTE 11—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 September 30, 2021.
Restricted Stock authorized under the plan1 | 1,500,000 | |||||||
| Less net restricted stock (granted)/forfeited during: | ||||||||
| Year ended December 31, 2016 | (120,933) | |||||||
| Year ended December 31, 2017 | (5,007) | |||||||
| Year ended December 31, 2018 | (93,568) | |||||||
| Year ended December 31, 2019 | (6,285) | |||||||
| Year ended December 31, 2020 | 2,639 | |||||||
| Nine months ended September 30, 2021 | (184,088) | |||||||
| Restricted stock available for issuance as of September 30, 2021 | 1,092,758 | |||||||
(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 September 30, 2021, there was $2.9 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 2.4 years as of September 30, 2021.
For the three months ended September 30, 2021 and 2020 the Company recognized total stock-based compensation expense of $0.3 million and $0.1 million, respectively. For the nine months ended September 30, 2021 and 2020 the Company recognized total stock-based compensation expense of $1.5 million and $0.4 million, respectively.
NOTE 12—COMMON STOCK:
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.
The following table summarizes the total shares sold and net proceeds received under the Amended 2019 ATM Equity Distribution Agreement:
| Nine Months Ended September 30, 2021 | Year Ended December 31, 2020 | |||||||||||||
| Shares sold | — | 359,819 | ||||||||||||
| Net weighted average price per share | $ | — | $ | 20.40 | ||||||||||
| Net proceeds | $ | — | $ | 7,342 | ||||||||||
323
On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. The company paid the placement agents $0.2 million in compensation during the nine months ended September 30, 2021. As of September 30, 2021, there were 1,546,951 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.
The following table summarizes the total shares sold and net proceeds received under the 2020 ATM Equity Distribution Agreement:
| Nine Months Ended September 30, 2021 | Year Ended December 31, 2020 | |||||||||||||
| Shares sold | 430,470 | 1,022,579 | ||||||||||||
| Net weighted average price per share | $ | 20.93 | $ | 17.95 | ||||||||||
| Net proceeds | $ | 9,011 | $ | 18,334 | ||||||||||
The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.
NOTE 13—EARNINGS PER SHARE:
The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the three and nine months ended September 30, 2021 and 2020:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 16,614 | $ | (453) | $ | 64,112 | $ | 17,761 | ||||||||||||||||||
| Weighted average shares outstanding | 22,541 | 21,192 | 22,468 | 20,942 | ||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations per share | $ | 0.74 | $ | (0.02) | $ | 2.85 | $ | 0.85 | ||||||||||||||||||
NOTE 14—LEASES:
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 6 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:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) | $ | 385 | $ | 407 | $ | 1,169 | $ | 1,646 | ||||||||||||||||||
| Weighted-average remaining lease term - operating leases | 5.60 years | 6.35 years | 5.60 years | 6.35 years | ||||||||||||||||||||||
| Weighted-average discount rate - operating leases | 4.55 | % | 4.76 | % | 4.55 | % | 4.76 | % | ||||||||||||||||||
| Total lease costs (included in other general and administrative costs on the consolidated statements of operations) | $ | 236 | 222 | $ | 676 | $ | 637 | |||||||||||||||||||
324
The following table represents the maturity of the Company’s operating lease liabilities as of September 30, 2021:
| Maturity of Lease Liabilities | |||||
| 2021 | 460 | ||||
| 2022 | 1,876 | ||||
| 2023 | 1,928 | ||||
| 2024 | 1,981 | ||||
| 2025 | 2,035 | ||||
| Thereafter | 2,383 | ||||
| Total future minimum lease payments | $ | 10,663 | |||
| Less: Imputed interest | $ | (1,253) | |||
| Present value of future minimum lease payments | $ | 9,410 | |||
NOTE 15—DIVIDENDS AND DISTRIBUTIONS:
The Company’s dividends and distributions are recorded on the declaration date. The following table summarizes the Company’s dividend declarations and distributions during the nine months ended September 30, 2021 and 2020.
| Date Declared | Record Date | Payment Date | Amount Per Share | Cash Distribution | DRIP Shares Issued | DRIP Shares Value | ||||||||||||||||||||||||||||||||
| Nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
| February 23, 2021 | March 22, 2021 | March 31, 2021 | $ | 0.50 | $ | 11,025 | 6 | $ | 140 | |||||||||||||||||||||||||||||
| May 11, 2021 | June 15, 2021 | June 30, 2021 | $ | 0.70 | $ | 15,433 | 6 | $ | 213 | |||||||||||||||||||||||||||||
| August 10, 2021 | September 20, 2021 | September 30, 2021 | $ | 0.90 | $ | 19,895 | 10 | $ | 264 | |||||||||||||||||||||||||||||
| Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||
| February 5, 2020 | March 18, 2020 | March 31, 2020 | $ | 0.44 | $ | 8,882 | 18 | $ | 224 | |||||||||||||||||||||||||||||
| June 12, 2020 | July 15, 2020 | July 31, 2020 | $ | 0.56 | $ | 11,450 | 13 | $ | 235 | |||||||||||||||||||||||||||||
| July 20, 2020 | September 21, 2020 | September 30, 2020 | $ | 0.58 | $ | 12,107 | 13 | $ | 231 | |||||||||||||||||||||||||||||
During the nine months ended September 30, 2021 and 2020, an additional 7,600 and 9,600 shares valued at $213,000 and $173,000, respectively, were issued related to dividends on unvested restricted stock awards.
NOTE 16—SUPPLEMENTAL FINANCIAL DATA:
Summarized Financial Information of Our Unconsolidated Subsidiaries
The Company holds a controlling interest as defined by the 1940 Act in portfolio companies that are not consolidated in the Company’s condensed consolidated financial statements. Below is a brief description of a portfolio companies that are required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information.
Newtek Merchant Solutions, LLC
NMS markets and sells credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment.
325
The summarized financial information of our unconsolidated subsidiary is as follows:
| Balance Sheets - Newtek Merchant Solutions, LLC | As of September 30, 2021 | As of December 31, 2020 | ||||||||||||
| Current assets | $ | 23,504 | $ | 7,119 | ||||||||||
| Noncurrent assets | 17,027 | 40,264 | ||||||||||||
| Total assets | $ | 40,531 | $ | 47,383 | ||||||||||
| Current liabilities | 6,858 | 16,594 | ||||||||||||
| Noncurrent liabilities | 22,750 | 24,954 | ||||||||||||
| Total liabilities | $ | 29,608 | $ | 41,548 | ||||||||||
| Total member’s equity | $ | 10,923 | $ | 5,835 | ||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| Statements of Income - Newtek Merchant Solutions, LLC | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
| Revenue | $ | 4,864 | $ | 8,914 | $ | 15,191 | $ | 25,132 | ||||||||||||||||||
| Expenses | 2,227 | 5,769 | 6,873 | 17,306 | ||||||||||||||||||||||
| Income from operations | $ | 2,637 | $ | 3,145 | $ | 8,318 | $ | 7,826 | ||||||||||||||||||
| Interest (expense) income, net | (120) | (151) | (424) | (600) | ||||||||||||||||||||||
| Income before tax | $ | 2,517 | $ | 2,994 | $ | 7,894 | $ | 7,226 | ||||||||||||||||||
The Company recorded the following related to its investment in NMS:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
| Dividend income | $ | — | $ | 1,700 | $ | — | $ | 7,100 | ||||||||||||||||||
| Unrealized depreciation | $ | — | $ | — | $ | — | $ | (6,250) | ||||||||||||||||||
Newtek Technology Solutions, Inc.
NTS offers web hosting and eCommerce, managed IT services, secure private cloud hosting, managed backup and disaster recovery, web design and application development, information technology security solutions, and other related services to customers worldwide.
The summarized financial information of our unconsolidated subsidiary is as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| Newtek Technology Solutions, LLC Statements of Income | 20211 | 2020 | 20211 | 2020 | ||||||||||||||||||||||
| Revenue | $ | 7,300 | $ | 3,058 | $ | 31,546 | $ | 9,533 | ||||||||||||||||||
| Costs of revenue | 4,957 | 746 | 17,382 | 2,243 | ||||||||||||||||||||||
| Expenses | 1,701 | 1,721 | 11,616 | 5,881 | ||||||||||||||||||||||
| Income from operations | $ | 642 | $ | 591 | $ | 2,548 | $ | 1,409 | ||||||||||||||||||
| Interest expense, net | 286 | 277 | 848 | 817 | ||||||||||||||||||||||
| Income before tax | $ | 356 | $ | 314 | $ | 1,700 | $ | 592 | ||||||||||||||||||
326
(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. As a result, the 2021 results for NTS include IPM and SIDCO.
The Company recorded the following related to its investment in NTS:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
| Dividend income | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| Unrealized appreciation (depreciation) | $ | — | $ | 500 | $ | 6,000 | $ | 500 | ||||||||||||||||||
NOTE 17—SUBSEQUENT EVENTS:
Common Stock
From September 1, 2021 through November 11, 2021 the Company sold 1,509,290 shares of its common stock at a weighted average price of $27.33 per share under the 2020 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $41.3 million. As of November 11, 2021, there were 37,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.
Dividends
On October 20, 2021, the Company declared a third quarter 2021 cash dividend of $1.05 per share, which is payable on December 30, 2021 to shareholders of record as of December 20, 2021.
327
Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Nine Months Ended September 30, 2021
| Portfolio Company | Type of Investment1 | Amount of Realized Gain (Loss) | Amount of Unrealized Appreciation (Depreciation) | Amount of Interest or Dividends Credited to Income3 | Fair Value at December 31, 2020 | Gross Additions4 | Gross Reductions5 | Fair Value at September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
| Automated Merchant Services, Inc. | 100% Common Stock2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| CDS Business Services, Inc. | 100% Common Stock2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Line of Credit (10%) | — | (6,540) | 745 | 5,900 | 10,440 | (6,540) | 9,800 | |||||||||||||||||||||||||||||||||||||||||||
Newtek Technology Solutions, Inc.7 | 100% Common Stock2 | — | 6,000 | — | 30,000 | 6,000 | — | 36,000 | ||||||||||||||||||||||||||||||||||||||||||
| Line of Credit (10%) | — | — | 821 | 10,821 | — | — | 10,821 | |||||||||||||||||||||||||||||||||||||||||||
Line of Credit (Prime + 0.5%)6 | — | — | 21 | 750 | — | — | 750 | |||||||||||||||||||||||||||||||||||||||||||
Line of Credit (Prime + 0.5%)6 | — | — | 6 | 225 | — | — | 225 | |||||||||||||||||||||||||||||||||||||||||||
| Newtek Insurance Agency, LLC | 100% Membership Interest2 | — | (950) | — | 2,150 | 950 | (950) | 2,150 | ||||||||||||||||||||||||||||||||||||||||||
| PMTWorks Payroll, LLC | 100% Membership Interest2 | — | 1,500 | — | — | 500 | (500) | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loans (10%-12%)2 | — | — | — | — | 2,000 | — | 2,000 | |||||||||||||||||||||||||||||||||||||||||||
| Small Business Lending, LLC | 100% Membership Interest2 | — | (5,650) | — | 9,650 | — | (5,650) | 4,000 | ||||||||||||||||||||||||||||||||||||||||||
| Term Loan (10%) | — | — | 30 | 400 | — | — | 400 | |||||||||||||||||||||||||||||||||||||||||||
| banc-serv Partners, LLC | 100% Membership Interest2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Newtek Merchant Solutions, LLC | 100% Membership Interest | — | — | — | 111,500 | — | — | 111,500 | ||||||||||||||||||||||||||||||||||||||||||
| Titanium Asset Management, LLC | 100% Membership Interest2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan (10%)2 | — | 3 | — | 655 | 4 | (1) | 658 | |||||||||||||||||||||||||||||||||||||||||||
| Newtek Business Lending, LLC | 100% Membership Interest2 | — | 5,870 | — | 43,542 | 30,920 | (15,000) | 59,462 | ||||||||||||||||||||||||||||||||||||||||||
| Newtek Conventional Lending, LLC | 50% Membership Interest | — | 527 | 51 | 20,028 | 765 | (193) | 20,600 | ||||||||||||||||||||||||||||||||||||||||||
| Mobil Money, LLC | 100% Membership Interest | — | 1,000 | — | 2,500 | 1,000 | — | 3,500 | ||||||||||||||||||||||||||||||||||||||||||
328
| Portfolio Company | Type of Investment1 | Amount of Realized Gain (Loss) | Amount of Unrealized Appreciation (Depreciation) | Amount of Interest or Dividends Credited to Income3 | Fair Value at December 31, 2020 | Gross Additions4 | Gross Reductions5 | Fair Value at September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||
| POS on Cloud, LLC | 50.1% Membership Interest2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
| Term Loan (10%) | — | — | 80 | 1,050 | — | — | 1,050 | |||||||||||||||||||||||||||||||||||||||||||
| Excel WebSolutions LLC | Term Loans (10%)2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
100% Membership Interest2 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
| Total Controlled Investments | $ | — | $ | 1,760 | $ | 1,754 | $ | 239,171 | $ | 52,579 | $ | (28,834) | $ | 262,916 | ||||||||||||||||||||||||||||||||||||
| Non-Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
| EMCAP Loan Holdings, LLC | 4.67% Membership Interest | — | — | 70 | 1,000 | — | — | 1,000 | ||||||||||||||||||||||||||||||||||||||||||
| Total Affiliate Investments | $ | — | $ | 1,760 | $ | 1,824 | $ | 240,171 | $ | 52,579 | $ | (28,834) | $ | 263,916 | ||||||||||||||||||||||||||||||||||||
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) The principal amount and ownership detail as shown in the Company’s Consolidated Schedule of Investments.
(2) Represents non-income producing security.
(3) Represents the total amount of interest, fees or dividends credited to income for the period.
(4) 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.
(5) 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.
(6) Index based floating rate debt investments bear interest at rate of Prime plus a contractual spread which typically resets monthly. At September 30, 2021, the Prime rate in effect was 3.25%.
(7) On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. As a result, the Schedule of Investments in and Advances to Affiliates shows IPM and SIDCO within NTS.
329
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward-Looking Statements
The matters discussed in this report, as well as in future oral and written statements by management of Newtek Business Services Corp., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, including the impact of the COVID-19 pandemic, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this report include statements as to:
•our future operating results;
•our business prospects and the prospects of our prospective portfolio companies, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;
•the impact of investments that we expect to make;
•our informal relationships with third parties;
•the dependence of our future success on the general economy and its impact on the industries in which we invest;
•our ability to access debt markets and equity markets;
•our ability to consummate the transactions contemplated by the Stock Purchase Agreement;
•our receipt of certain Regulatory Approvals to operate as a bank holding company and acquire NBNYC;
•our ability to receive approval from shareholders to withdraw our election as a BDC;
•our management’s ability to operate as a bank holding company;
•our intended operations and structure as a bank holding company;
•our tax and accounting treatment as a C Corporation if we convert to a bank holding company;
•the decrease in our dividend payout due to no longer operating as a BDC and RIC if we receive approval from shareholders to withdraw our election as a BDC and the transaction with NBNYC is consummated;
•our expected financings and investments;
•our regulatory structure and tax status;
•our ability to operate as a BDC and a RIC;
•NSBF’s ability to maintain its license and PLP status under the SBA 7(a) program;
•NSBF’s ability to sell the guaranteed portions of SBA 7(a) loans at premiums;
•the adequacy of our cash resources and working capital;
•the timing of cash flows, if any, from the operations of our portfolio companies;
•the impact of inflation on our business prospects and the prospects of our portfolio companies;
•the timing, form and amount of any dividend distributions;
•the impact of fluctuations in interest rates on our business including as a result of the decommissioning of LIBOR and implementation of alternatives to LIBOR;
•the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
•our ability to recover unrealized losses;
•NSBF’s ability to issue SBA 7(a) guaranteed loans;
•the effect of legal, tax and regulatory changes, including the Coronavirus Aid, Relief and Economic Security Act signed into law in December 2020 and the American Rescue Plan Act of 2021, signed into law in March 2021;
•the ability of our SBA 7(a) borrowers to pay principal and interest, including after any deferment period granted by NSBF; and
•the ability to enter into and/or maintain joint ventures or other financing arrangements.
The following discussion should be read in conjunction with our condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this report. In addition to historical information, the following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Item 1A-“Risk Factors” of Part II of this quarterly report on Form 10-Q, Item 1A-“Risk Factors” of our annual report on Form 10-K filed with the SEC on March 29, 2021 and under “Forward-Looking Statements” of this Item 2.
330
Executive Overview
We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial solutions to SMBs. Newtek's and its portfolio companies’ business and financial solutions include: Business Lending, including origination of SBA 7(a), SBA 504, and nonconforming (non SBA) conventional loans, as well as PPP loans in the second and third quarters of 2020, as well as the first quarter of 2021, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll and Benefits Solutions to SMB accounts nationwide across all industries. We have an established and reliable platform that is not limited by client size, industry type, or location. As a result, we believe we have a strong and diversified client base across every state in the United States. and across a variety of different industries. In addition, we have developed a financial and technology based business model that enables us and our controlled portfolio companies to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management technology software, which is similar to, but we believe better suited for our needs than, the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.
On August 2, 2021, the Company entered into the Stock Purchase Agreement to acquire all of the issued and outstanding stock of NBNYC. This acquisition is part of a plan to reposition the Company as a bank holding company that intends to elect financial holding company status, and is subject to Regulatory Approvals and the approval of the Company’s shareholders to withdraw the Company’s election as a BDC under the 1940 Act. The transaction is currently expected to close during the third quarter of 2022. The consideration payable by the Company at closing will be $20.0 million in cash, subject to certain adjustments. In addition, the Stock Purchase Agreement contemplates that, as of the closing and subject to Regulatory Approvals, NBNYC will dividend to the NBNYC selling shareholders (“Sellers”) both NBNYC’s owned property in Flushing, New York and cash in the amount equal to the excess, if any, of NBNYC’s tangible common equity as of the closing date over $20.0 million. The Stock Purchase Agreement contains certain customary representations and warranties made by each party. The Company and the Sellers have the right to terminate the Stock Purchase Agreement under certain circumstances, including if the purchase has not occurred on or prior to November 2, 2022 or if the requisite applications and Regulatory Approvals have been denied. If the Stock Purchase Agreement is terminated in certain circumstances specified therein, the Company may be required to pay NBNYC a fee of $0.2 million.
Following the closing of the transaction, the Company intends to operate as a bank holding company. Specifically, subject to certain Regulatory Approvals, the Company intends to contribute certain of its wholly-owned lending portfolio companies to NBNYC, and to provide a centralized lending operations through NBNYC. The Company intends to further develop the Company’s current patented technology, which the Company intends to complement its proposed banking offerings, subject to Regulatory Approvals, The Company also intends to retain its current board of directors and management, as supplemental by additional personnel with banking experience. However, there can be no assurances that the Company will close the transaction, receive the required Regulatory Approvals, or that the Company will be able to successfully operate as a bank holding company.
If the Company obtains the required Regulatory Approvals, obtains the approval of its shareholders to withdraw its election to be treated as a BDC, and converts to a bank holding company, the Company will no longer be subject to the 1940 Act, and the Company would lose its ability to be taxed on a pass-through basis as a RIC. Additionally, as a bank holding company, the Company would be subject to regulation and supervision that may be different from its current regulation and supervision, and would be required to comply with accounting and financial reporting requirements that may be different from its current reporting requirements. Moreover, converting to a bank holding company may make it more difficult for the Company to be acquired. For information on the risks of converting to a bank holding company, see “Item 1A. Risk Factors – Risk Related to Converting to a Bank Holding Company.”
331
We consolidate the following wholly-owned subsidiaries:
| Newtek Small Business Finance, LLC | ||
| Newtek Asset Backed Securities, LLC | ||
| CCC Real Estate Holdings, LLC | ||
| The Whitestone Group, LLC | ||
| Wilshire DC Partners, LLC | ||
| Wilshire Holdings I, Inc. | ||
| Wilshire Louisiana BIDCO, LLC | ||
| Wilshire Louisiana Partners II, LLC | ||
| Wilshire Louisiana Partners III, LLC | ||
| Wilshire Louisiana Partners IV, LLC | ||
| Wilshire New York Advisers II, LLC | ||
| Wilshire New York Partners III, LLC | ||
| Wilshire Partners, LLC | ||
| Exponential Business Development Co., Inc. | ||
| Newtek Commercial Lending, Inc. | ||
| Newtek LSP Holdco, LLC | ||
| Newtek Business Services Holdco 1, Inc. (surviving entity of January 2021 merger with Newtek Business Services Holdco 2, Inc.) | ||
| Newtek Business Services Holdco 2, Inc. | ||
| Newtek Business Services Holdco 3, Inc. | ||
| Newtek Business Services Holdco 4, Inc. | ||
| Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.) | ||
| Newtek Business Services Holdco 6, Inc. | ||
We are an internally-managed, closed-end, non-diversified investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under the Code beginning with our 2015 tax year. As a BDC and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. As a result, previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies at fair value. NSBF is a consolidated subsidiary and originates loans under the SBA's 7(a) loan program.
However, as part of our plan to reposition ourself as a bank holding company that intends to elect financial holding company status, and if we receive the required Regulatory Approvals, and our shareholders' approval to withdraw the Company's election as a business development company as required under the 1940 Act, we will no longer be subject to the investment restrictions under the 1940 Act, and no longer qualify as a RIC under the Code. See "Risk Factors - Risks of Converting to a Bank Holding Company."
Our common shares are currently listed on the Nasdaq Global Market under the symbol “NEWT”.
NSBF, a nationally licensed SBA lender under the federal Section 7(a) loan program, has been granted PLP status and originates, sells and services SBA 7(a) loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender with PLP status allows NSBF to expedite the origination of loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status would adversely impact our marketing efforts and ultimately our loan origination volume, which would negatively impact our results of operations.
As a BDC, our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance ecosystem and our equity investments in certain portfolio companies that we control.
332
We target our debt investments, which are principally made through our business finance ecosystem under the SBA 7(a) program, to produce a coupon rate of prime plus 2.25% to 2.75% which enables us to generate rapid sales of guaranteed portions of SBA 7(a) loans in the secondary market. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity. The amount of new debt investments, particularly SBA 7(a) loans that we originate, will directly impact future investment income. In addition, future amounts of unrealized appreciation or depreciation on our investments, as well as the amount of realized gains or losses, will also fluctuate depending upon economic conditions and the performance of our investment portfolio. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.
We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have what we believe are strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise the majority of our overall investments in number and dollar volume.
While the vast majority of our investments have been structured as debt, we have in the past and expect in the future to make selective equity investments primarily as either strategic investments to enhance the integrated operating platform or, to a lesser degree, under the Capco programs. For investments in our controlled portfolio companies, we focus more on tailoring them to the long term growth needs of the companies than to return. Our objectives with these companies is to foster the development of the businesses as a part of the integrated operational platform of serving the SMB market, so we may reduce the burden on these companies to enable them to grow faster than they would otherwise and as another means of supporting their development.
We regularly engage in discussions with third parties with respect to various potential transactions. We may acquire an investment or a portfolio of investments or an entire company or sell a portion of our portfolio on an opportunistic basis. We, our subsidiaries, or our affiliates may also agree to manage certain other funds that invest in debt, equity or provide other financing or services to companies in a variety of industries for which we may earn management or other fees for our services. We may also invest in the equity of these funds, along with other third parties, from which we would seek to earn a return and/or future incentive allocations. We may enter into new joint venture partnerships to create additional third-party capital to originate loans. Some of these transactions could be material to our business. Consummation of any such transaction will be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions including, without limitation, the approval of our board of directors and required regulatory or third-party consents and, in certain cases, the approval of our shareholders. Accordingly, there can be no assurance that any such transaction would be consummated. Any of these transactions or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction.
On March 27, 2020, the CARES Act was signed into law in response to the COVID-19 pandemic and established the PPP. NSBF participated in the PPP and funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources used to originate PPP loans to the origination of SBA 7(a) loans. Income earned in connection with the PPP should not be viewed as recurring.
COVID-19 Developments
In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization and in response to the outbreak, management instituted a work from home policy until it is deemed safe to return to the office.
We have and continue to assess the impact of COVID-19 on our portfolio companies. We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide, the effectiveness of governmental responses designed to mitigate strain to businesses and the economy and the magnitude of the economic impact of the outbreak. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, cancellations of events and travel. In addition, while economic activity remains healthy and well improved from the beginning of the COVID-19 pandemic, we continue to observe supply chain interruptions, labor difficulties, commodity inflation and elements of economic and financial market instability both globally and in the United States.
333
We continue to closely monitor our portfolio companies; however, we are unable to predict the duration of any business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition.
Price Range of Common Stock
Our common stock is traded on the Nasdaq Global Market under the symbol “NEWT.” High and low prices for the common stock over the previous two years are set forth below, based on the highest and lowest intraday sales price per share during that period.
| Price Range | NAV1 | Premium of High Sales Price to NAV2 | Premium of Low Sales Price to NAV2 | ||||||||||||||||||||||||||
| High | Low | ||||||||||||||||||||||||||||
| 2019 | |||||||||||||||||||||||||||||
| Third Quarter | $23.99 | $20.21 | $15.41 | 56% | 31% | ||||||||||||||||||||||||
| Fourth Quarter | $23.73 | $20.75 | $15.70 | 51% | 32% | ||||||||||||||||||||||||
| 2020 | |||||||||||||||||||||||||||||
| First Quarter | $23.09 | $7.59 | $15.00 | 54% | (49)% | ||||||||||||||||||||||||
| Second Quarter | $18.84 | $9.03 | $15.66 | 20% | (42)% | ||||||||||||||||||||||||
| Third Quarter | $20.50 | $16.73 | $15.13 | 35% | 11% | ||||||||||||||||||||||||
| Fourth Quarter | $19.82 | $16.24 | $15.45 | 28% | 5% | ||||||||||||||||||||||||
| 2021 | |||||||||||||||||||||||||||||
| First Quarter | $28.63 | $18.77 | $16.28 | 76% | 15% | ||||||||||||||||||||||||
| Second Quarter | $38.78 | $26.41 | $16.38 | 137% | 61% | ||||||||||||||||||||||||
| Third Quarter | $36.41 | $24.07 | $16.23 | 124% | 48% | ||||||||||||||||||||||||
(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.
Revenues
We generate revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. Our debt investments typically have terms of 10 to 25 years and bear interest at prime plus a margin. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We receive servicing income related to the guaranteed portions of SBA investments which we originate and sell into the secondary market. These recurring fees are earned daily and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment, legal and late fees. We record such fees related to loans as other income. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain. In addition, under the PPP that began in the second quarter of 2020 and concluded during the third quarter of 2021, the SBA reimbursed the Company for originating loans and such SBA reimbursements are included as interest income on PPP loans. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources used to generate PPP loans to the origination of SBA 7(a) loans.
334
We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and assets that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments or servicing assets, as appropriate, in the consolidated statements of operations.
Expenses
Our primary operating expenses are salaries and benefits, interest expense, origination and servicing and other general and administrative costs, such as professional fees, marketing, referral fees, servicing costs and rent. Since we are an internally-managed BDC with no outside adviser or management company, the BDC incurs all the related costs to operate the Company.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35.0 million. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At September 30, 2021, total principal owed by NBC was $8.6 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At September 30, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee.
The Company is a guarantor on the NBL Capital One Facility and NBL Deutsche Bank Facility. Maximum borrowings under the NBL Capital One Facility are $75.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lenders’ commitments terminate in November 2022, with all amounts due under the NBL Capital One Facility maturing in November 2023. Maximum borrowings under the NBL Deutsche Bank facility $100.0 million with a maturity date in March 2023. At September 30, 2021, total principal owed by NBL was $34.7 million. At September 30, 2021, the Company determined that it is not probable that payments would be required to be made under these guarantees.
The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50.0 million. The Webster Facility matures in November 2023. At September 30, 2021, total principal outstanding was $26.3 million. At September 30, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee.
Newtek Conventional Lending, LLC (NCL)
We established a 50/50 joint venture, NCL, between Newtek Commercial Lending, Inc., a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL provided non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL ceased funding new loans during 2020 due to the COVID-19 pandemic. Refer to NOTE 3—INVESTMENTS for selected financial information and a schedule of investments of NCL as of September 30, 2021. The Company anticipates relaunching its non-conforming conventional commercial loan program during the second half of 2021 through new joint venture partnerships.
Unfunded Commitments
At September 30, 2021, 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.
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 September 30, 2021 and December 31, 2020, respectively, in thousands. The tables include loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at September 30, 2021 and December 31, 2020 is $18.5 million and $16.9 million, respectively.
335
Distribution by Business Type
| As of September 30, 2021 | ||||||||||||||||||||||||||
| Business Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||||||||||||
| Existing Business | 2,042 | $ | 336,047 | $ | 165 | 80.7 | % | |||||||||||||||||||
| Business Acquisition | 317 | 58,657 | 207 | 14.1 | % | |||||||||||||||||||||
| Start-Up Business | 235 | 21,944 | 96 | 5.3 | % | |||||||||||||||||||||
| Total | 2,594 | $ | 416,649 | $ | 161 | 100.0 | % | |||||||||||||||||||
| As of December 31, 2020 | ||||||||||||||||||||||||||
| Business Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||||||||||||
| Existing Business | 1,850 | $ | 342,636 | $ | 185 | 81.5 | % | |||||||||||||||||||
| Business Acquisition | 275 | 56,797 | 207 | 13.5 | % | |||||||||||||||||||||
| Start-Up Business | 222 | 20,965 | 96 | 5.0 | % | |||||||||||||||||||||
| Total | 2,347 | $ | 420,398 | $ | 179 | 100.0 | % | |||||||||||||||||||
Distribution by Borrower Credit Score
| September 30, 2021 | ||||||||||||||||||||||||||
| Credit Score | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||||||||||||
| 500 to 550 | 17 | $ | 3,782 | $ | 222 | 0.9 | % | |||||||||||||||||||
| 551 to 600 | 58 | 15,298 | 264 | 3.7 | % | |||||||||||||||||||||
| 601 to 650 | 296 | 59,981 | 203 | 14.4 | % | |||||||||||||||||||||
| 651 to 700 | 739 | 117,170 | 159 | 28.2 | % | |||||||||||||||||||||
| 701 to 750 | 848 | 131,014 | 154 | 31.4 | % | |||||||||||||||||||||
| 751 to 800 | 555 | 80,997 | 146 | 19.4 | % | |||||||||||||||||||||
| 801 to 850 | 78 | 8,307 | 107 | 2.0 | % | |||||||||||||||||||||
| Not available | 3 | 99 | 33 | 0.0 | % | |||||||||||||||||||||
| Total | 2,594 | $ | 416,649 | $ | 161 | 100.0 | % | |||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||
| Credit Score | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||||||||||||
| 500 to 550 | 19 | $ | 4,038 | $ | 213 | 1.0 | % | |||||||||||||||||||
| 551 to 600 | 61 | 16,435 | 269 | 3.9 | % | |||||||||||||||||||||
| 601 to 650 | 316 | 64,564 | 204 | 15.4 | % | |||||||||||||||||||||
| 651 to 700 | 704 | 119,077 | 169 | 28.3 | % | |||||||||||||||||||||
| 701 to 750 | 717 | 125,217 | 175 | 29.8 | % | |||||||||||||||||||||
| 751 to 800 | 462 | 82,507 | 179 | 19.6 | % | |||||||||||||||||||||
| 801 to 850 | 65 | 8,451 | 130 | 2.0 | % | |||||||||||||||||||||
| Not available | 3 | 109 | 36 | 0.0 | % | |||||||||||||||||||||
| Total | 2,347 | $ | 420,398 | $ | 179 | 100.0 | % | |||||||||||||||||||
336
Distribution by Primary Collateral Type
| September 30, 2021 | ||||||||||||||||||||||||||
| Collateral Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||||||||||||
| Commercial Real Estate | 983 | $ | 219,046 | $ | 223 | 52.6 | % | |||||||||||||||||||
| Machinery and Equipment | 424 | 75,374 | 178 | 18.1 | % | |||||||||||||||||||||
| Accts Receivable and Inventory | 296 | 46,252 | 156 | 11.1 | % | |||||||||||||||||||||
| Residential Real Estate | 608 | 41,060 | 68 | 9.9 | % | |||||||||||||||||||||
| Other | 94 | 28,430 | 302 | 6.8 | % | |||||||||||||||||||||
| Unsecured | 147 | 3,919 | 27 | 0.9 | % | |||||||||||||||||||||
| Furniture and Fixtures | 28 | 1,670 | 60 | 0.4 | % | |||||||||||||||||||||
| Liquid Assets | 14 | 897 | 64 | 0.2 | % | |||||||||||||||||||||
| Total | 2,594 | $ | 416,649 | $ | 161 | 100.0 | % | |||||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||||||||
| Collateral Type | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||||||||||||
| Commercial Real Estate | 933 | $ | 218,958 | $ | 235 | 52.1 | % | |||||||||||||||||||
| Machinery and Equipment | 403 | 78,356 | 194 | 18.6 | % | |||||||||||||||||||||
| Residential Real Estate | 259 | 44,270 | 171 | 10.5 | % | |||||||||||||||||||||
| Accounts Receivable and Inventory | 500 | 39,406 | 79 | 9.4 | % | |||||||||||||||||||||
| Other | 89 | 30,653 | 344 | 7.3 | % | |||||||||||||||||||||
| Unsecured | 124 | 5,421 | 44 | 1.3 | % | |||||||||||||||||||||
| Furniture and Fixtures | 25 | 1,695 | 68 | 0.4 | % | |||||||||||||||||||||
| Liquid Assets | 14 | 1,639 | 117 | 0.4 | % | |||||||||||||||||||||
| Total | 2,347 | $ | 420,398 | $ | 179 | 100.0 | % | |||||||||||||||||||
Distribution by Days Delinquent
| September 30, 2021 | ||||||||||||||||||||||||||
| Delinquency Status | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||||||||||||
| Current | 2,261 | $ | 329,898 | $ | 145,908 | 79.2 | % | |||||||||||||||||||
| 1 to 30 days | 84 | 16,270 | 193,686 | 3.9 | % | |||||||||||||||||||||
| Accrual | ||||||||||||||||||||||||||
| Current | 2,345 | $ | 346,169 | $ | 148 | 83.0 | % | |||||||||||||||||||
| 31 to 60 days | 43 | 8,968 | 209 | 2.2 | % | |||||||||||||||||||||
| 61 to 90 days | — | — | — | — | % | |||||||||||||||||||||
| 91 days or greater | 42 | 10,678 | 254 | 2.6 | % | |||||||||||||||||||||
| Non-accrual | 164 | 50,834 | 310 | 12.2 | % | |||||||||||||||||||||
| Total | 2,594 | $ | 416,649 | $ | 161 | 100.0 | % | |||||||||||||||||||
337
| December 31, 2020 | ||||||||||||||||||||||||||
| Delinquency Status | # of Loans | Balance | Average Balance | % of Balance | ||||||||||||||||||||||
| Accrual | ||||||||||||||||||||||||||
| Current | 2,071 | $ | 340,756 | $ | 165 | 81.1 | % | |||||||||||||||||||
| 31 to 60 days | 62 | 12,679 | 205 | 3.0 | % | |||||||||||||||||||||
| 61 to 90 days | — | — | — | — | % | |||||||||||||||||||||
| 91 days or greater | 32 | 11,520 | 360 | 2.7 | % | |||||||||||||||||||||
| Non-accrual | 182 | 55,443 | 305 | 13.2 | % | |||||||||||||||||||||
| Total | 2,347 | $ | 420,398 | $ | 179 | 100.0 | % | |||||||||||||||||||
Consolidated Results of Operations
As a BDC and a RIC, we are subject to certain constraints on our operations, including limitations imposed by the 1940 Act and the Code.
Comparison of the three months ended September 30, 2021 and 2020
Investment Income
| (in thousands) | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Change | ||||||||||||||
| Investment income: | |||||||||||||||||
| Interest income - PPP loans | $ | 269 | $ | 3,085 | $ | (2,816) | |||||||||||
| Interest income - SBA 7(a) loans | 7,725 | 6,357 | 1,368 | ||||||||||||||
| Interest income - non-control investments | 126 | 107 | 19 | ||||||||||||||
| Dividend income | 23 | 2,265 | (2,242) | ||||||||||||||
| Servicing income | 2,819 | 2,875 | (56) | ||||||||||||||
| Other income | 1,446 | 240 | 1,206 | ||||||||||||||
| Total investment income | $ | 12,408 | $ | 14,929 | $ | (2,521) | |||||||||||
Interest Income
The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act, which allowed NSBF, as an SBA 7(a) lender, to originate loans under the PPP. Under the PPP, SBA 7(a) lenders were automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses. During the three months ended September 30, 2021, NSBF originated $6.4 million of PPP loans resulting in $0.3 million of fees generated. Pursuant to the PPP, the interest rate on PPP loans is capped at 1.0%. For PPP loans made on or after December 27, 2020, SBA paid lenders fees based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts: (i) for loans of not more than $50,000, an amount equal to the lesser of fifty (50) percent or $2,500; (ii) five (5) percent for loans of more than $50,000 and not more than $350,000; (iii) three (3) percent for loans of more than $350,000 and less than $2,000,000; and (iv) one (1) percent for loans of at least $2,000,000. Such SBA reimbursements are included in Interest Income - PPP loans. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
The decrease in interest income on PPP loans was attributable to the decrease in the volume of PPP loans originated during the three months ended September 30, 2021 compared to the three months ended September 30, 2020. The increase in interest income on SBA 7(a) loans was attributable to an increase in the average outstanding performing portfolio of SBA non-affiliate investments to $413.7 million from $359.1 million for the three months ended September 30, 2021 and 2020, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.
The interest income on non-control investments is attributable to interest on one loan purchased from NBL, a wholly-owned controlled portfolio company, in September of 2020. The Company is not affiliated with the borrower of the loan.
338
Dividend Income
Dividend income was earned from the following portfolio companies for the three months ended September 30, 2021 and 2020:
| (in thousands) | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Change | ||||||||||||||
| Newtek Merchant Solutions, LLC (NMS) | $ | — | $ | 1,700 | $ | (1,700) | |||||||||||
International Professional Marketing, Inc. (IPM)1 | — | 125 | (125) | ||||||||||||||
SIDCO, LLC1 | — | 175 | (175) | ||||||||||||||
| Newtek Conventional Lending, LLC | — | 234 | (234) | ||||||||||||||
| EMCAP Loan Holdings, LLC | 23 | 31 | (8) | ||||||||||||||
| Total dividend income | $ | 23 | $ | 2,265 | $ | (2,242) | |||||||||||
(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.
Dividend income is dependent on portfolio company earnings and portfolio company capital investment objectives and opportunities. Current quarter and historical dividend income may not be indicative of future period dividend income, particularly in light of the COVID-19 pandemic. See “COVID-19 Developments.”
NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the three months ended September 30, 2021 and 2020:
| (in thousands): | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Change | ||||||||||||||
| Total NSBF originated servicing portfolio | $ | 1,839,239 | $ | 1,675,217 | $ | 164,022 | |||||||||||
Total average NSBF originated portfolio earning servicing income | $ | 1,152,909 | $ | 1,109,271 | $ | 43,638 | |||||||||||
| Total servicing income earned | $ | 2,819 | $ | 2,875 | $ | (56) | |||||||||||
The servicing portfolio and related servicing income was relatively flat period over period. The 2% decrease in servicing income resulted from the reversal of servicing income related to loans transferred to non-accrual status during the third quarter of 2021, offset by a 4% increase in total portfolio investments for which we earn servicing income period over period.
Other Income
Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was
related to an increase in legal, prepayment and packaging fees earned as a result of the higher volume of SBA 7(a) loans originated of $163.9 million compared to $13.0 million for the three months ended September 30, 2021 and 2020, respectively. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through July 2021, when NSBF funded the balance of its PPP loans. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
Expenses:
| (in thousands) | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Change | ||||||||||||||
| Salaries and benefits | $ | 2,351 | $ | 3,669 | $ | (1,318) | |||||||||||
| Interest | 5,177 | 3,939 | 1,238 | ||||||||||||||
| Depreciation and amortization | 72 | 93 | (21) | ||||||||||||||
| Professional fees | 1,418 | 651 | 767 | ||||||||||||||
| Origination and loan processing | 4,586 | 1,120 | 3,466 | ||||||||||||||
| Origination and loan processing - related party | 3,177 | 2,705 | 472 | ||||||||||||||
| Other general and administrative costs | 2,322 | 1,082 | 1,240 | ||||||||||||||
| Total expenses | $ | 19,103 | $ | 13,259 | $ | 5,844 | |||||||||||
339
Salaries and Benefits
The decrease in salaries and benefits was attributable to a decrease in salaries and bonuses and related accruals during the third quarter of 2021.
Interest Expense
The following is a summary of interest expense by facility for the three months ended September 30, 2021 and 2020:
| (in thousands) | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Change | ||||||||||||||
| Notes payable - Securitization Trusts | $ | 1,297 | $ | 1,579 | $ | (281) | |||||||||||
| Bank notes payable | 486 | 322 | 164 | ||||||||||||||
| Notes due 2023 | — | 1,016 | (1,016) | ||||||||||||||
| Notes due 2024 | 1,238 | 1,015 | 223 | ||||||||||||||
| Notes due 2025 | 286 | — | 286 | ||||||||||||||
| Notes due 2026 | 1,760 | — | 1,760 | ||||||||||||||
| Notes payable - related parties | 109 | 7 | 102 | ||||||||||||||
| Total interest expense | $ | 5,176 | $ | 3,939 | $ | 1,237 | |||||||||||
The increase in interest expense period over period is primarily from additional interest on the Notes due 2026 of $1.8 million. In addition, there was additional interest expense on the 2025 and 2024 Notes of $0.3 million and $0.2 million, respectively.The increase was partially offset by the redemption of the 2023 Notes on February 22, 2021 which resulted in a reduction of $1.0 million of interest expense, and a decrease of $0.3 million in interest on Notes payable - Securitization Trusts related to a decrease in the average outstanding balance and interest rates period over period.
Origination and Loan Processing
The increase in Origination and Loan Processing expenses was attributed to an increase in SBA 7(a) loan fundings. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
Origination and Loan Processing - Related Party
The increase in related party origination and loan processing expenses was attributed to an increase in underwriting, origination, closing and compliance fees related to the increase in SBA 7(a) loan fundings period over period. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
Net Realized Gains and Net Unrealized Appreciation and Depreciation
Net realized gains (losses) from SBA non-affiliate investments for the three months ended September 30, 2021 and 2020 were a net realized gain of $19.3 million and net realized loss of $0.7 million, respectively. This included realized losses of $3.2 million and $2.4 million, respectively.
Net Realized Gains on SBA 7(a) Non-Affiliate Investments
| Three Months Ended | |||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
| # of Debt Investments | $ Amount (in thousands) | # of Debt Investments | $ Amount (in thousands) | ||||||||||||||||||||
| SBA non-affiliate investments originated during the quarter | 218 | $ | 163,929 | 9 | $ | 12,958 | |||||||||||||||||
| SBA guaranteed non-affiliate investments sold during the quarter | 205 | $ | 148,092 | 16 | $ | 11,826 | |||||||||||||||||
| Realized gains recognized on sale of SBA guaranteed non-affiliate investments | — | $ | 22,437 | — | $ | 1,647 | |||||||||||||||||
Average sale price as a percent of principal balance1 | — | 113.04 | % | — | 111.79 | % | |||||||||||||||||
(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.
340
As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020, resulting in a higher volume of SBA 7(a) loans for the three months ended September 30, 2021 compared to 2020 as NSBF has redeployed resources used to generate PPP loans to the origination of SBA 7(a) loans.
Net Unrealized Appreciation (Depreciation) on Investments
| (in thousands) | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Change | ||||||||||||||
| Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments | $ | 123 | $ | (111) | $ | 234 | |||||||||||
| Net unrealized appreciation on SBA unguaranteed non-affiliate investments | 998 | 132 | 866 | ||||||||||||||
| Net unrealized appreciation (depreciation) on controlled investments | 7,305 | (285) | 7,590 | ||||||||||||||
| Change in deferred taxes | (2,843) | 70 | (2,913) | ||||||||||||||
| Net unrealized appreciation on derivative instruments | 341 | — | 341 | ||||||||||||||
| Net unrealized depreciation on non-control investments | (3) | — | (3) | ||||||||||||||
| Total net unrealized appreciation (depreciation) on investments | $ | 5,921 | $ | (194) | $ | 6,115 | |||||||||||
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 (depreciation) 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 SBA 7(a) loans are sold.
The net unrealized appreciation on SBA unguaranteed non-affiliate investments was driven primarily by an increase in the fair value of the portfolio from December 31, 2020. The primary driver of the portfolio’s unrealized appreciation was due to current market conditions improving year over year since the start of the pandemic. See “COVID-19 Developments” for additional information.
The net unrealized depreciation on derivative instruments is attributable to interest rate movement on interest rate futures contracts.
The net unrealized depreciation on non-control investments is attributable to a decrease in the fair value of one loan purchased from NBL, a wholly-owned controlled portfolio company, in September of 2020. The Company is not affiliated with the borrower of the loan.
Net Unrealized Appreciation (Depreciation) on Controlled Investments
Unrealized appreciation (depreciation) was derived from the following portfolio companies for the three months ended September 30, 2021 and 2020:
| (in thousands) | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Change | ||||||||||||||
| Mobil Money, LLC | 1,000 | — | 1,000 | ||||||||||||||
Newtek Technology Solutions, Inc.1 | 4,500 | — | 4,500 | ||||||||||||||
| CDS Business Services, Inc. | (3,540) | — | (3,540) | ||||||||||||||
| PMTWorks Payroll, LLC | 1,500 | (35) | 1,535 | ||||||||||||||
| Newtek Insurance Agency, LLC | (950) | — | (950) | ||||||||||||||
| Newtek Business Lending, LLC | 4,500 | — | 4,500 | ||||||||||||||
| Newtek Conventional Lending, LLC | 296 | (250) | 546 | ||||||||||||||
| Titanium Asset Management LLC | (1) | — | (1) | ||||||||||||||
| Total net unrealized appreciation (depreciation) on controlled investments | $ | 7,305 | $ | (285) | $ | 7,590 | |||||||||||
(1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS and as a result the valuation of NTS and related unrealized appreciation represents that of the combined entity. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity.
341
Provision for Deferred Taxes on Unrealized Appreciation of Investments
Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the three months ended September 30, 2021 and 2020, we recognized a provision for deferred taxes of $2.8 million and $0.07 million, respectively, related to the net unrealized appreciation and depreciation of controlled portfolio company investments.
Comparison of the nine months ended September 30, 2021 and 2020
Investment Income
| (in thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | Change | ||||||||||||||
| Investment income: | |||||||||||||||||
| Interest income - PPP loans | $ | 49,989 | $ | 37,742 | $ | 12,247 | |||||||||||
| Interest income - SBA 7(a) loans | 21,031 | 20,805 | 226 | ||||||||||||||
| Interest income - non-control investments | 374 | 107 | 267 | ||||||||||||||
| Dividend income | 121 | 8,955 | (8,834) | ||||||||||||||
| Servicing income | 8,346 | 8,367 | (21) | ||||||||||||||
| Other income | 3,829 | 1,449 | 2,380 | ||||||||||||||
| Total investment income | $ | 83,690 | $ | 77,425 | $ | 6,265 | |||||||||||
Interest Income
The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act. Under the PPP, SBA 7(a) lenders were automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses. During the nine months ended September 30, 2021, NSBF originated $0.7 billion of PPP loans resulting in $50.0 million of fees generated. Pursuant to the PPP, the interest rate on PPP loans is capped at 1.0%. For PPP loans made on or after December 27, 2020, SBA will pay lenders fees based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts: (i) for loans of not more than $50,000, an amount equal to the lesser of fifty (50) percent or $2,500; (ii) five (5) percent for loans of more than $50,000 and not more than $350,000; (iii) three (3) percent for loans of more than $350,000 and less than $2,000,000; and (iv) one (1) percent for loans of at least $2,000,000. Such SBA reimbursements are included in Interest Income - PPP loans. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
The increase in interest income on PPP loans was attributable to the higher volume of PPP loans originated during the nine months ended September 30, 2021 compared to the first half of 2020, which included only a partial period in 2020 as the Company began earning PPP income in April 2020. The increase in interest income from SBA 7(a) loans was attributable to the average outstanding accrual portfolio of SBA non-affiliate investments increasing to $405.1 million from $371.0 million for the nine months ended September 30, 2021 and 2020, respectively. The increase was partially offset by decrease in the average Prime Rate in effect on our portfolio from 3.75% to 3.25% over the twelve month period. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.
342
Dividend Income
Dividend income was earned from the following portfolio companies for the nine months ended September 30, 2021 and 2020:
| (in thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | Change | ||||||||||||||
| Newtek Merchant Solutions, LLC (NMS) | $ | — | $ | 7,100 | $ | (7,100) | |||||||||||
International Professional Marketing, Inc. (IPM)1 | — | 275 | (275) | ||||||||||||||
SIDCO, LLC1 | — | 675 | (675) | ||||||||||||||
| Newtek Conventional Lending, LLC | 51 | 834 | (783) | ||||||||||||||
| EMCAP Loan Holdings, LLC | 70 | 71 | (1) | ||||||||||||||
| Total dividend income | $ | 121 | $ | 8,955 | $ | (8,834) | |||||||||||
(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.
Dividend income is dependent on portfolio company earnings and portfolio company capital investment objectives and opportunities. Current year and historical dividend income may not be indicative of future period dividend income, particularly in light of the COVID-19 pandemic. See “COVID-19 Developments.”
NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the nine months ended September 30, 2021 and 2020:
| (in thousands): | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | Change | ||||||||||||||
| Total NSBF originated servicing portfolio | $ | 1,839,239 | $ | 1,675,217 | $ | 164,022 | |||||||||||
Total average NSBF originated portfolio earning servicing income | $ | 1,126,181 | $ | 1,119,159 | $ | 7,022 | |||||||||||
| Total servicing income earned | $ | 8,346 | $ | 8,367 | $ | (21) | |||||||||||
Servicing income was relatively flat period over period. The 0.3% increase in servicing income related to the transfer of loans from non-accrual to accrual status in the first half of 2021, as well as higher SBA 7(a) guarantee percentage being serviced, offset by a 1% reduction in servicing increase from a decrease in the total portfolio investments for which we earn servicing income period over period.
Other Income
Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was
related to an increase in legal, prepayment and packaging fees earned as a result of the higher volume of SBA 7(a) loans originated of $362.6 million compared to $83.1 million for the nine months ended September 30, 2021 and 2020, respectively. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through the conclusion of round one of the PPP during 2020.
343
Expenses:
| (in thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | Change | ||||||||||||||
| Salaries and benefits | $ | 12,727 | $ | 10,856 | $ | 1,871 | |||||||||||
| Interest | 15,217 | 13,727 | 1,490 | ||||||||||||||
| Depreciation and amortization | 236 | 312 | (76) | ||||||||||||||
| Professional fees | 3,465 | 2,822 | 643 | ||||||||||||||
| Origination and loan processing | 10,555 | 5,666 | 4,889 | ||||||||||||||
| Origination and loan processing - related party | 10,830 | 8,438 | 2,392 | ||||||||||||||
| Change in fair value of contingent consideration liabilities | — | 54 | (54) | ||||||||||||||
| Loss on extinguishment of debt | 955 | — | 955 | ||||||||||||||
| Other general and administrative costs | 5,663 | 4,415 | 1,248 | ||||||||||||||
| Total expenses | $ | 59,648 | $ | 46,290 | $ | 13,358 | |||||||||||
Salaries and Benefits
The increase in salaries and benefits was attributable to an increase in salaries and bonuses and related accruals during the second quarter of 2021 as a result of an increase in staffing for the PPP and SBA 7(a) programs.
Interest Expense
The following is a summary of interest expense by facility for the nine months ended September 30, 2021 and 2020:
| (in thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | Change | ||||||||||||||
| Notes payable - Securitization Trusts | $ | 4,002 | $ | 6,298 | $ | (2,296) | |||||||||||
| Bank notes payable | 1,142 | 1,041 | 101 | ||||||||||||||
| Notes due 2023 | 549 | 3,047 | (2,498) | ||||||||||||||
| Notes due 2024 | 3,488 | 3,042 | 446 | ||||||||||||||
| Notes due 2025 | 848 | — | 848 | ||||||||||||||
| Notes due 2026 | 4,913 | — | 4,913 | ||||||||||||||
| Notes payable - related parties | 275 | 298 | (23) | ||||||||||||||
| Total interest expense | $ | 15,217 | $ | 13,726 | $ | 1,491 | |||||||||||
The increase in interest expense period over period is primarily from additional interest on the Notes due 2026 of $4.9 million. In addition, there was additional interest expense on the 2025 and 2024 Notes of $0.8 million and $0.4 million, respectively. The increase was partially offset by the redemption of the 2023 Notes on February 22, 2021 which resulted in a reduction of $2.5 million of interest expense, and a decrease of $2.3 million in interest on Notes payable - Securitization Trusts related to a decrease in the average outstanding balance and interest rates period over period.
Origination and Loan Processing
The increase in Origination and Loan Processing expenses was attributed to an increase in SBA 7(a) loan fundings.
Origination and Loan Processing - Related Party
The increase in related party origination and loan processing expenses was attributed to an increase in underwriting, origination, closing and compliance fees related to the increase in SBA 7(a) loan fundings period over period.
Net Realized Gains and Net Unrealized Appreciation and Depreciation
Net realized gains from SBA non-affiliate investments for the nine months ended September 30, 2021 and 2020 were $38.1 million and $2.6 million, respectively, which included realized losses of $7.3 million and $5.7 million, respectively.
344
Net Realized Gains on SBA Non-Affiliate Investments
| Nine Months Ended | |||||||||||||||||||||||
| September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
| # of Debt Investments | $ Amount (in thousands) | # of Debt Investments | $ Amount (in thousands) | ||||||||||||||||||||
| SBA non-affiliate investments originated | 499 | $ | 362,568 | 96 | $ | 83,149 | |||||||||||||||||
| SBA guaranteed non-affiliate investments sold | 454 | $ | 293,381 | 101 | $ | 68,601 | |||||||||||||||||
| Realized gains recognized on sale of SBA guaranteed non-affiliate investments | — | $ | 45,376 | — | $ | 8,289 | |||||||||||||||||
Average sale price as a percent of principal balance1 | — | 113.38 | % | — | 109.98 | % | |||||||||||||||||
(1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA.
As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020, resulting in a higher volume of SBA 7(a) loans for the nine months ended September 30, 2021 compared to 2020 as NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans in 2021.
Net Unrealized Appreciation (Depreciation) on Investments
| (in thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | Change | ||||||||||||||
| Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments | $ | 2,533 | $ | (494) | $ | 3,027 | |||||||||||
| Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments | 2,583 | (6,012) | 8,595 | ||||||||||||||
| Net unrealized appreciation (depreciation) on controlled investments | 1,760 | (11,156) | 12,916 | ||||||||||||||
| Net unrealized appreciation on derivative transactions | 304 | — | 304 | ||||||||||||||
| Change in deferred taxes | (2,120) | 3,010 | (5,130) | ||||||||||||||
| Net unrealized appreciation on non-control/non-affiliate investments | 521 | — | 521 | ||||||||||||||
| Total net unrealized appreciation (depreciation) on investments | $ | 5,581 | $ | (14,652) | $ | 20,233 | |||||||||||
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments relates to guaranteed portions of SBA debt investments made which the Company sells into a secondary market. Unrealized appreciation of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the guaranteed portions of the SBA 7(a) loans are sold.
The net unrealized depreciation on derivative instruments is attributable to interest rate movement on interest rate futures contracts.
The net unrealized appreciation on non-control investments is attributable to an increase in the fair value of one loan purchased from NBL, a wholly-owned controlled portfolio company, in September of 2020. The Company is not affiliated with the borrower of the loan.
345
Net Unrealized Appreciation (Depreciation) on Controlled Investments
Unrealized appreciation (depreciation) was derived from the following portfolio companies for the nine months ended September 30, 2021 and 2020:
| (in thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | Change | ||||||||||||||
| Newtek Merchant Solutions, LLC (NMS) | $ | — | $ | (6,250) | $ | 6,250 | |||||||||||
Newtek Technology Solutions, Inc. (NTS)1 | 6,000 | 500 | 5,500 | ||||||||||||||
| CDS Business Services, Inc. | (6,540) | (750) | (5,790) | ||||||||||||||
| PMTWorks Payroll, LLC | 1,500 | (120) | 1,620 | ||||||||||||||
| Small Business Lending, LLC | (5,650) | (2,802) | (2,848) | ||||||||||||||
| Newtek Insurance Agency, LLC | (950) | — | (950) | ||||||||||||||
| Newtek Business Lending, LLC | 5,870 | — | 5,870 | ||||||||||||||
| Newtek Conventional Lending, LLC | 527 | (410) | 937 | ||||||||||||||
| Titanium Asset Management LLC | 3 | (75) | 78 | ||||||||||||||
| Mobil Money, LLC | 1,000 | (1,250) | 2,250 | ||||||||||||||
| Total net unrealized appreciation (depreciation) on controlled investments | $ | 1,760 | $ | (11,157) | $ | 12,917 | |||||||||||
(1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS and as a result, the year ended December 31, 2020 valuation of NTS and related unrealized appreciation represents that of the combined entity. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity.
Provision for Deferred Taxes on Unrealized Appreciation of Investments
Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the nine months ended September 30, 2021 and 2020, we recognized a provision for deferred taxes of $2.1 million and $3.0 million related to the net unrealized appreciation of controlled portfolio company investments, respectively.
Liquidity and Capital Resources
Overview
Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2024 Notes, 2025 Notes, 2026 Notes, securitization transactions and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our borrowings and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. We may raise additional equity or debt capital through both registered offerings off a shelf registration, including “at-the-market”, or ATM, and private offerings of securities. On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018. As of September 30, 2021, our asset coverage was 173% based on $500.8 million of aggregate principal amount of senior securities outstanding.
Public Offerings
ATM Program
On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement, as amended on February 28, 2020. The Amended 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through June 24, 2020, we sold 1,716,517 shares of our common stock at a weighted average price of $21.88 per share. Proceeds, net of offering costs and expenses were $37.6 million. On June 24, 2020, the Company terminated the Amended 2019 ATM Equity Distribution Agreement. The Company paid the ATM placement agents $0.8 million in compensation.
346
We used the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies and for general corporate purposes including funding investments, repaying outstanding indebtedness and other general corporate purposes.
On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through September 30, 2021, we sold 430,470 shares of our common stock at a weighted average price of $20.93 per share. Proceeds, net of offering costs and expenses were $9.0 million. The company paid the placement agents $0.2 million in compensation during the nine months ended September 30, 2021. As of September 30, 2021, there were 1,546,951 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement. For more information, see “Recent Developments.”
Debt Offerings
In January 2021, the Company and the Trustee entered into the Seventh Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $115.0 million aggregate principal amount of 5.50% Notes due 2026, including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The sale of the 2026 Notes generated proceeds of approximately $111.3 million, net of underwriter's fees and expenses. The 2026 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2026 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.
The 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2022, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price equal to the following amounts, plus accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed plus (2) the sum of the present value of the scheduled payments of interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed from the redemption date until February 1, 2023, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after February 1, 2023 (the date falling three years prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% 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 September 30, 2021, the Company was in compliance with all covenants related to the 2026 Notes.
On November 27, 2020, the Company and Trustee entered into the Fifth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the issuance, offer and sale of $5.0 million aggregate principal amount of its 2025 Notes. The offering was consummated pursuant to the terms of a purchase agreement (the "Purchase Agreement") among the Company and an accredited investor. The Purchase Agreement provided for the 2025 Notes to be issued to the purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act. The net proceeds from the sale of the Notes were approximately $4.8 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The 2025 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2025 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. The Company exercised its option to issue up to $10 million of additional 2025 Notes to the purchaser, and issued $10 million in additional 2025 Notes to the purchaser in an exempt offering in January 2021.
In July 2019, the Company and the Trustee entered into the Fourth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $55.0 million aggregate principal amount of 5.75% Notes due 2024. The Company granted an overallotment option of up to $8.25 million in aggregate principal amount of the 2024 Notes. The sale of the 2024 Notes generated proceeds of approximately $53.2 million, net of underwriter's fees and expenses. In July 2019 the underwriters exercised their option to purchase $8.25 million in aggregate principal amount of 2024
347
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 September 30, 2021, the Company was in compliance with all covenants related to the 2024 Notes.
On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The new 2024 Notes are treated as a single series with the prior 2024 Notes and have the same terms as the prior 2024 Notes. The existing 2024 Notes have the same CUSIP number and are fungible and rank equally with the prior 2024 Notes.
In February 2018, the Company and the Trustee entered into the Third Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $50.0 million aggregate principal amount of 6.25% Notes due 2023. The Company granted an overallotment option of up to $7.5 million in aggregate principal amount of the 2023 Notes. The sale of the Notes generated proceeds of approximately $47.9 million, net of underwriter's fees and expenses. In February 2018, the underwriters exercised their option to purchase $7.5 million in aggregate principal amount of notes for an additional $7.3 million in net proceeds. The 2023 Notes were the Company’s direct unsecured obligations and ranked: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2023 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.
The 2023 Notes were scheduled to mature on March 1, 2023 and could be redeemed in whole or in part at the Company’s option at any time or from time to time on or after March 1, 2020, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2023 Notes bear interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1, and December 1 of each year, commencing on June 1, 2018, and trade on the Nasdaq Global Market under the trading symbol “NEWTI.” On February 22, 2021, the Company used the proceeds from the issuance of the 2026 Notes to redeem all $57.5 million in aggregate principal amount of the 2023 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 1, 2020, through, but excluding, the redemption date.
In September 2015, the Company and the Trustee entered into the Base Indenture and the First Supplemental Indenture relating to the Company's issuance, offer, and sale of $8.3 million, including the underwriter's partial exercise of their over-allotment option, in aggregate principal amount of the 7.5% Notes due 2022. The 2022 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.
On August 29, 2019, the Company redeemed all $8.3 million in aggregate principal amount of the 2022 Notes on the redemption date of August 29, 2019 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1, 2019, through, but excluding, the redemption date.
The Base Indenture, and each supplemental indenture thereto, contains certain covenants including 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)
348
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. 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. At September 30, 2021, the Company was in compliance with all covenants related to the Notes.
Capital One Facilities
In May 2017, NSBF amended its Capital One facility to increase the facility from $50.0 million to $100.0 million and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100.0 million to $150.0 million. On May 7, 2020, NSBF amended its existing line of credit with Capital One to, among other things, extend the maturity date on which the credit facility will convert into a term loan for a period of three years to May 7, 2023, with the term loan maturing on May 7, 2025.
At September 30, 2021, there was $46.0 million and $69.0 million outstanding under the unguaranteed and guaranteed lines of credit, respectively. At September 30, 2021, 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 were $38.0 million. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50.0 million. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or at a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.
At September 30, 2021, the Related Party RLOC interest rate was 2.71%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings due to NMS at September 30, 2021 were $0.0 million.
Securitization Transactions
Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. In the securitization, it uses a special purpose entity (the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. NSBF therefore consolidated the entity using the carrying amounts of the Trust’s assets and liabilities. NSBF reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Consolidated Statements of Assets and Liabilities.
In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56.1 million of unguaranteed portions of SBA loans to the 2016-1 Trust. The 2016-1 Trust in turn issued securitization notes for the par amount of $53.4 million, consisting of $43.6 million Class A notes and $9.8 million of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at an average rate of 1 month LIBOR plus 3.0% and 4.25%, respectively. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2016-1 securitization transaction documents.
349
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.
In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108,551,000 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 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 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.
PPP Loan Participations
Beginning in April 2020, NSBF engaged in the origination of PPP loans. To facilitate NSBF’s involvement as a lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold 90% participating interests to the Participants. The participations were sold at par due to the short term maturity of the loans. NSBF and the Participants share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel and Amalgamated amended their participation agreements with NSBF to allow the banks purchase up to 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100%, while Morgan Stanley continues to hold 90% participation interests as of September 30, 2021. In total, during the nine months ended September 30, 2021, NSBF sold participations in $729.0 million of PPP loans and continues to hold the PPP loan notes and the PPP loan documents in order to service the loans and facilitate the PPP loan forgiveness process. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.
A transfer of financial assets must meet the sale criteria under the accounting rules in ASC Topic 860, Transfers and Servicing, in order to be considered a sale instead of a secured borrowing. The Company determined that the sale criteria are met and the Participants’ interests in the PPP loans are not held on the Company’s consolidated balance sheets. As stated in the PPP loan participation agreements, the intention of the parties is for the participation agreements to be absolute and true sales and not secured borrowings. In accordance with the terms of the PPP loan participation agreements and SBA regulations and guidance, NSBF, as the originating lender, retains all servicing rights and is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. For the 100% participations, the entire financial asset is considered to have been sold since a 100% ownership interest in the underlying asset’s cash flows has been sold to a third party and only the servicing rights remain with NSBF. For the 90% participations, the transfers met all the conditions of a participating interest as defined by ASC 860 to potentially qualify for sale accounting including (i) there is a proportionate ownership interest in an entire financial asset, (ii) all cash flows are divided proportionately among the participants, (iii) the parties’ rights are parri passu, and (iv) no party has the right to pledge or exchange the entire PPP loan unless all participating interest holders agree. The Company obtained true sale opinions and concluded that legal isolation is met under ASC 860-10-45-5a. As required under ASC 860 for sale accounting, the Company does not have an option or obligation to reacquire the assets, except for standard representations and warranties, such as in the event of fraud, gross negligence, or willful misconduct on the part of the Company, or failure to meet the ongoing contractual obligations to service the PPP loans. Owners of participations in PPP loans also have credit protection in the form of a 100% irrevocable government guarantee.
350
Congress enacted the Economic Aid Act on December 27, 2020, which, among other things, provided funding for PPP loans. On March 25, 2021, Congress passed the PPP Extension Act of 2021, which extended the PPP through May 31, 2021. During the duration of the PPP through December 31, 2020, NSBF funded approximately 10,570 PPP loans totaling $1.2 billion, with an additional $0.7 billion funded during nine months ended ended September 30, 2021. For more information, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations - Executive Summary.” NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans. Income earned in connection with the PPP should not be viewed as recurring.
Cash Flows and Liquidity
As of September 30, 2021, the Company’s unused sources of liquidity consisted of $25.1 million available through the Capital One facility; $29.4 million available through notes payable with related parties; and $20.2 million in unrestricted cash.
Restricted cash of $182.9 million as of September 30, 2021 is primarily held by NSBF. The majority, or $181.9 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.
The Company generated and used cash as follows:
| (in thousands) | Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||
| Net cash provided by operating activities | $ | 151,700 | $ | 76,292 | |||||||
| Net cash used in investing activities | — | (10) | |||||||||
| Net cash used in financing activities | (19) | (63,012) | |||||||||
| Net increase in cash and restricted cash | 151,681 | 13,270 | |||||||||
| Cash and restricted cash, beginning of period | 51,425 | 33,207 | |||||||||
| Cash and restricted cash, end of period | $ | 203,106 | $ | 46,477 | |||||||
During the nine months ended September 30, 2021, operating activities provided cash of $151.7 million, consisting primarily of (i) $1,061.6 million of proceeds from the sale of SBA 7(a) guaranteed loan investments, (ii) $57.4 million of principal payments received from SBA non-affiliate investments.
These increases were offset by (i) $1.1 billion of SBA 7(a) and PPP loan investments funded and (ii) $37.0 million of investments in controlled portfolio companies and (iii) a $8.2 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 settled during the current period end and the
cash was not received from the purchasing broker during the current period; the amount varies depending on loan origination
volume and timing of sales at quarter end.
Net cash used in financing activities was $0.02 million consisting primarily of (i) a redemption of $57.5 million of the 2023 Notes; (ii) $44.2 million of principal payments related to securitization notes payable (iii) $28.6 million of net repayments under our bank notes payable, (iv) net repayments under the Related Party RLOC of $24.1 million and (v) $46.4 million of dividend payments.
These uses were offset by (i) $115.0 million, $10.0 million and $15.0 million of issuances of the 2026 Notes, 2025 Notes, and 2024 Notes, respectively, and (ii) $9.0 million of net proceeds from the sale of common shares under the 2020 ATM Equity Distribution Agreement.
351
Contractual Obligations
The following table represents the Company’s obligations and commitments as of September 30, 2021:
| (in thousands) | Payments due by period | ||||||||||||||||||||||||||||||||||||||||
| Contractual Obligations | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||||||
| Bank notes payable | $ | 114,986 | $ | — | $ | — | $ | 114,986 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Securitization notes payable1 | 177,602 | — | — | — | — | — | 177,602 | ||||||||||||||||||||||||||||||||||
Notes due 20241 | 78,250 | — | — | — | 78,250 | — | — | ||||||||||||||||||||||||||||||||||
Notes due 20251 | 15,000 | — | — | — | — | 15,000 | — | ||||||||||||||||||||||||||||||||||
Notes due 20261 | 115,000 | — | — | — | — | — | 115,000 | ||||||||||||||||||||||||||||||||||
| Employment agreements | 1,359 | 596 | 763 | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Operating leases | 10,634 | 460 | 1,876 | 1,928 | 1,981 | 2,035 | 2,354 | ||||||||||||||||||||||||||||||||||
| Totals | $ | 512,831 | $ | 1,056 | $ | 2,639 | $ | 116,914 | $ | 80,231 | $ | 17,035 | $ | 294,956 | |||||||||||||||||||||||||||
(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See NOTE 7—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.
Fair Value Measurements
We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by our Board under our valuation policy and process. We may seek pricing information with respect to certain of our investments from pricing services or brokers or dealers in order to value such investments. We also employ independent third party valuation firms for certain of our investments for which there is not a readily available market value.
The application of our valuation methods may include comparisons of the portfolio companies to peer companies that are public, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, discounted cash flow, the markets in which the portfolio company does business and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from values that may ultimately be received or settled.
Our Board is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels for disclosure purposes. The Company carries all investments at fair value. Additionally, the Company carries its servicing assets at fair value. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of the significant input to its valuation. The levels of the fair value hierarchy are as follows:
352
| Level 1 | Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets. | |||||||
| Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale. | |||||||
| 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 December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022.
Valuation of Investments
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.
When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary methods for determining enterprise value include a discounted cash flow analysis and a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker.
For certain investments, the Company generally calculates the fair value of the investment primarily based on the NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
353
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.
Changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. We determine the fair value of each individual investment and record changes in fair value as unrealized appreciation or depreciation. Our investment portfolio is carried on the consolidated statements of assets and liabilities at fair value with any adjustments to fair value recognized as "Net unrealized appreciation (depreciation)" on the consolidated statements of operations until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a "Net realized gains (losses)."
Our Board has the final responsibility for overseeing, reviewing and approving, in good faith, our determination of the fair value for our investment portfolio and our valuation procedures, consistent with 1940 Act requirements. We believe our investment portfolio as of September 30, 2021 and December 31, 2020 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.
Valuation of Servicing Assets
The Company accounts for servicing assets in accordance with ASC 860-50 - Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets are measured at fair value at each reporting date and the Company reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy.
Income Recognition
Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.
In addition, under the PPP that began in the second quarter of 2020, the SBA reimbursed the Company for originating loans. Such SBA reimbursements are included as interest income on PPP loans. Such fees are accounted for under ASC-310 Receivables and deferred until the loan was sold to one of our Participants. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.
We receive servicing income related to the guaranteed portions of SBA loan investments which we sell into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.
We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, legal fees, late fees and prepayment fees. All other income is recorded when earned.
Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from a portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.
354
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 2017 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.
The Company has elected to be treated as a RIC under the Code beginning with the 2015 tax year and operates in a manner so as to continue to qualify for the tax treatment applicable to RICs. The RIC tax return includes Newtek Business Services Corp. and NSBF, a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC tax return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not included in the RIC tax return. In order to maintain its RIC tax treatment, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. The Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to any income that is distributed to its stockholders as dividends.
Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the nine months ended September 30, 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 $13.5 million and $11.4 million at September 30, 2021 and December 31, 2020, respectively, and are recorded as deferred tax liabilities on the consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
Recently Adopted Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,(“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting 2021-01 on the consolidated financial statements, however, the impact of the adoption is not expected to be material.The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.
In May 2020, the SEC adopted amendments to the financial disclosure requirements in Regulation S-X including the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the SEC updated the significance tests in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 by (i) revising the investment test to compare the registrant’s investments in and advances to the acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv) conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendment became effective January 1, 2021.
In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable
355
Fees and Other Costs, (“ASU 2020-08”). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2020-08 did not have a material impact on its consolidated financial statements since the Company does not have any convertible debt.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.
Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of September 30, 2021.
Recent Developments
Common Stock
From September 1, 2021 through November 11, 2021 the Company sold 1,509,290 shares of its common stock at a weighted average price of $27.33 per share under the 2020 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $41.3 million. As of November 11, 2021, there were 37,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.
Dividends
On October 20, 2021, the Company declared a third quarter 2021 cash dividend of $1.05 per share, which is payable on December 30, 2021 to shareholders of record as of December 20, 2021.
356
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Uncertainty with respect to the economic effects of the COVID-19 pandemic has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.
We consider the principal types of risk in our investing activities to be fluctuations in interest rates and loan portfolio valuations and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.
NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One revolver lines are on a prime plus or minus a fixed factor basis and the securitization notes are at prime or 1 month LIBOR, plus a fixed margin, whichever is less. As a result, the Company believes it has matched its cost of funds to its interest income in its financing activities. However, because of the differential between the amount lent and the smaller amount financed a significant change in market interest rates will have a material effect on our income. In periods of sharply rising interest rates, our cost of funds will increase at a slower rate than the interest income earned on the loans we have originated; this should improve our net investment income, holding all other factors constant. However, a reduction in interest rates will result in the Company experiencing a reduction in investment income; that is, its interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.
NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. Sale prices for guaranteed portions of SBA 7(a) loans could be negatively impacted by market conditions, in particular a higher interest rate environment, which typically lead to higher prepayments during the period, resulting in lower sale prices in the secondary market. A reduction in the price of guaranteed SBA 7(a) loans could negatively impact our business.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents and restricted cash) which was approximately $203.1 million at September 30, 2021. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.
We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. As of September 30, 2021, cash deposits in excess of insured amounts totaled approximately $45.2 million.
ITEM 4. CONTROLS AND PROCEDURES.
(a) Evaluation of Disclosure Controls and Procedures:
As of September 30, 2021 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Accounting Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Accounting Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
(b) Changes in Internal Controls Over Financial Reporting
There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
357
PART II
ITEM 1. LEGAL PROCEEDINGS.
In the ordinary course of business, the Company and its wholly-owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is not currently involved in any litigation matters that are expected to have a material impact on the Company’s financial condition. For legal proceedings involving controlled portfolio companies, refer to Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020.
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 1A. RISK FACTORS.
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. In addition to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020, the following are additional risk factors that we believe are relevant to our business.
RISKS RELATED TO CONVERTING TO A FINANCIAL HOLDING COMPANY
We operate in a highly regulated environment, and if we are found to be in violation of any of the federal, state, or local laws or regulations applicable to us, our business could suffer.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, was enacted in 2010. The Dodd-Frank Act significantly changed federal financial services regulation and affects, among other things, the lending, deposit, investment, trading, and operating activities of financial institutions and their holding companies. In addition to the statutory requirements under the Dodd-Frank Act, the legislation also delegated authority to US banking, securities and derivatives regulators to impose additional restrictions through required rulemaking. The Dodd-Frank Act requires a company that owns an bank to serve as a “source of strength” to the institution. We believe that we have the ability to serve in the future as a source of strength to our NBNYC, subject to the relevant Regulatory Approvals and required shareholder approval to withdraw our election as a BDC. A company that owns a bank is also subject to the Dodd-Frank Act “Volcker Rule.” We do not believe that the “Volcker Rule” materially impacts our operations as presently conducted.
For so long as we remain a BDC, the 1940 Act imposes numerous constraints on our operations. For a discussion of those constraints. See “Item 1. Business — Regulation” in our Annual Report on Form 10-K, filed March 29, 2021. Any failure to comply with the requirements imposed on BDCs by the 1940 Act, if applicable, could have material adverse consequences to us or our investors, including possible enforcement action by the SEC.
Other changes in the laws or regulations applicable to us more generally, may negatively impact the profitability of our business activities, require us to change certain of our business practices, materially affect our business model, limit the activities in which we may engage, affect retention of key personnel, require us to raise additional regulatory capital, increase the amount of liquid assets that we hold, otherwise affect our funding profile or expose us to additional costs (including increased compliance costs). Any such changes may also require us to invest significant management attention and resources to make any necessary changes and may adversely affect our ability to conduct our business as previously conducted or our results of operations or financial condition.
We are also subject to, and may become subject to, a wide range of federal, state, and local laws and regulations, such as local licensing requirements, and retail financing, debt collection, consumer protection, environmental, health and safety, creditor, wage-hour, anti-discrimination, whistleblower and other employment practices laws and regulations and we expect these costs to increase going forward. The violation of these or future requirements or laws and regulations could result in administrative, civil, or criminal sanctions against us, which may include fines, a cease and desist order against the subject operations or even revocation or suspension of our license to operate the subject business. As a result, we have incurred and may incur increased capital and operating expenditures and other costs to comply with these requirements and laws and regulations.
358
Changes in laws, regulations, or policies may adversely affect our business.
We are unable to predict all of the ways in which this change in the regulatory environment could impact our anticipated business models or objectives. The laws and regulations governing lending, servicing, and debt collection activities or the regulatory or enforcement environment at the federal level or in any of the states in which we anticipate operating may change at any time which may have an adverse effect on our current or anticipated business.
We are unable to predict how future legislative proposals or programs will be administered or implemented or in what form, or whether any additional or similar changes to statutes or regulations, including the interpretation or implementation thereof, will occur in the future. Any such action could affect us in substantial and unpredictable ways and could have an adverse effect on our anticipated business operations.
Our inability to comply with regulatory requirements in a particular jurisdiction could have a material adverse effect on our anticipated operations in that market and on our reputation generally. No assurance can be given that applicable laws or regulations will not be amended or construed differently or that new laws and regulations will not be adopted, either of which could materially adversely affect our anticipated business.
We will become subject to extensive regulation and supervision upon becoming a financial holding company, which may adversely affect our business.
Upon becoming a financial holding company, we will become subject to a wide range of statutory and regulatory restrictions and requirements that will affect many aspects of our business, including our lending practices, capital structure, investment practices, dividend policy and growth. We may be required to restructure, terminate or divest certain of our businesses to comply with applicable requirements, which may impose additional costs and adversely affect our business, results of operations or financial condition. Failure to comply with laws, regulations, policies or other regulatory guidance could result in civil or criminal sanctions by regulatory agencies, civil monetary penalties and damage to our reputation. In addition, we will be required to serve as a “source of strength” to NBNYC. A company that owns a bank is also subject to the Dodd-Frank Act “Volcker Rule.” We do not believe that the “Volcker Rule” materially impacts our operations as presently conducted.
Congress and federal regulatory agencies continually review banking laws, regulations, policies and other supervisory guidance for possible changes. Other changes in the laws or regulations that will be applicable to us as a financial holding company, including changes in the interpretation or implementation of those regulations or policies, may negatively impact the profitability of our business activities, require us to change certain of our business practices, materially affect our business model, limit the activities in which we may engage, affect retention of key personnel, require us to raise additional regulatory capital, increase the amount of liquid assets that we hold, otherwise affect our funding profile or expose us to additional costs (including increased compliance costs). Any such changes may also require us to invest significant management attention and resources to make any necessary changes and may adversely affect our ability to conduct our business as previously conducted or our results of operations or financial condition.
Federal law may discourage certain acquisitions of our common stock which could have a material adverse effect on our shareholders.
Federal law may make it more difficult for someone to acquire our common stock in certain circumstances. Under federal law and subject to certain exemptions, a person, entity or group must notify the federal banking agencies before acquiring control of a bank holding company. An acquisition of 10% or more of any class of voting stock of a bank holding company generally creates a rebuttable presumption that the acquirer “controls” the bank holding company. In addition, a bank holding company must obtain the prior approval of the Board of Governors of the Federal Reserve System before, among other things, acquiring direct or indirect ownership or control of more than 5 percent of the voting shares of any bank, including NBNYC. If the transaction is consummated, investors will be responsible for ensuring that they do not, directly or indirectly, acquire shares of our common stock in excess of the amount which can be acquired without regulatory approval. These provisions could delay or prevent a third party from acquiring us, despite the possible benefit to our shareholders, or otherwise adversely affect the market price of our common stock.
If we withdraw the Company’s election to be regulated as a BDC in the future, we will no longer be subject to regulation under the 1940 Act.
As part of our plan to reposition the Company as a bank holding company, we intend to ask our shareholders to approve the proposal to withdraw our election to be regulated as a BDC under the 1940 Act. If our shareholders approve the withdrawal of our BDC election, we will, effective upon receipt by the SEC of our application for withdrawal, no longer be regulated as a BDC and will no longer be subject to the regulatory provisions of the 1940 Act, which is designed to protect the interests of investors in investment companies, including certain laws and regulations related to insurance, custody, capital structure, composition of the Board of Directors, affiliated transactions, leverage limitations, and compensation arrangements.
359
The withdrawal of the Company’s election to be regulated as a BDC would result in a significant change in our accounting and financial reporting requirements.
If the Company withdraws its election to be regulated as a BDC, the Company would no longer be subject to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, which would result in a significant change in our accounting and financial reporting requirements. Our financial statements are currently presented and accounted for under the specialized method of accounting applicable to investment companies, which requires us to recognize our investments, including controlled investments, at fair value. As a BDC, we are currently precluded from consolidating any entity other than another investment company that acts as an extension of our investment operations and facilitates the execution of our investment strategy or an investment in a controlled operating company that provides substantially all of its services to us. Our financial statements currently consolidate the accounts of the Company and NSBF, and excludes other wholly-owned portfolio investments. Our financial statements reflect our investments at fair value, as determined in good faith by our Board of Directors. Certain of our portfolio companies’ financial statements are separately provided as significant unconsolidated wholly-owned subsidiaries. If the Company withdraws its election to be regulated as a BDC, the Company expects that it will be required to consolidate the financial statements of certain of its controlled or majority-owned portfolio investments together with those of the Company, which would be a significant change in our accounting and financial reporting requirements.
Our shareholders would no longer have the protections of the 1940 Act upon the withdrawal of the Company’s election to be regulated as a BDC.
If the Company ceases to operate as a BDC, our shareholders would no longer have the following protections of the 1940 Act:
•we would no longer be subject to the requirement under the 1940 Act that we maintain a ratio of assets to senior securities of at least 150%;
•we would no longer be subject to provisions of the 1940 Act prohibiting us from protecting any director or officer against any liability to the Company or our shareholders arising from willful malfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of that person’s office;
•we would no longer be required to provide and maintain an investment company blanket bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement;
•while the majority of our directors would still be required to be “independent” under applicable NASDAQ regulations, we would no longer be required to ensure that a majority of our directors are persons who are not “interested persons,” as defined in the 1940 Act, and certain persons who would be prevented from serving on our Board of Directors if we were a BDC would be able to serve on our Board of Directors;
•we would no longer be subject to provisions of the 1940 Act regulating transactions between BDCs and certain affiliates;
•we would no longer be subject to provisions of the 1940 Act restricting our ability to issue shares below net asset value or in exchange for services or to issue warrants and options;
•we would no longer be required to disclose the Company’s net asset value per share in our financial statements;
•we would no longer be subject to provisions of the 1940 Act restricting our ability to change the nature of our business or fundamental investment policies without having to obtain the approval of our shareholders;
•we would no longer be subject to the provisions of the 1940 Act limiting our ability to grant stock based compensation to officers, directors and employees or to provide a profit sharing program for them; and
•we would no longer be subject to the other protective provisions set out in the 1940 Act and the rules and regulations promulgated under the 1940 Act.
In addition, we are very much affected by the legal, regulatory, tax and accounting regimes under which we operate. We periodically evaluate whether those regimes and our existing corporate structure are the optimum means for the operation and capitalization of our business. As a result of these evaluations, we may decide to proceed with structural and organizational changes (certain of which may require the approval of our shareholders), which could result in material dispositions of various assets, changes in our corporate form or other fundamental changes. We may incur certain costs in completing these evaluations and may receive no benefit from these expenditures, particularly if we do not proceed with any changes.
Loss of pass-through tax treatment would substantially reduce net assets and income available for dividends.
We have operated so as to qualify as a RIC. If we meet source of income, diversification and distribution requirements, we will qualify for effective pass-through tax treatment. Upon withdrawing our election to be regulated as a BDC, we would cease to qualify for such pass-through tax treatment. If we fail to qualify as a RIC, we will have to pay corporate-level taxes on all of our income whether or not we distribute it, which would substantially reduce the amount of income available for distribution to our shareholders, and all of our distributions will be taxed to our shareholders as ordinary corporate distributions.
360
RISKS RELATED TO SBA LENDING
Curtailment of the government-guaranteed loan programs could adversely affect our results of operations.
Although the program has been in existence since 1953, there can be no assurance that the federal government will maintain the SBA 7(a) loan program, or that it will continue to guarantee loans at current levels. Furthermore, in an effort to support our communities during the pandemic, we participated in the PPP under the CARES Act whereby loans to small businesses were made and those loans are subject to the regulatory requirements that would require forbearance of loan payments for a specified time or that would 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 are at the heightened risk of holding these loans at unfavorable interest rates as compared to the loans to customers that we would have otherwise extended credit. If we cannot continue originating and selling government-guaranteed loans, we will generate fewer origination fees and our ability to generate gains on the sale of loans will decrease. From time-to-time, the government agencies that guarantee these loans reach their internal budgeted limits and cease to guarantee loans for a stated time period. In addition, these agencies may change their rules for extending loans. Also, Congress may adopt legislation that would have the effect of discontinuing or changing the SBA’s programs. Non-governmental programs could replace government programs for some borrowers, but the terms might not be equally acceptable. If these changes occur, the volume of loans to SMBs and industrial borrowers of the types that now qualify for government-guaranteed loans could decline, as could the profitability of these loans.
Curtailment of our ability to utilize the SBA 7(a) Loan Program by the Federal government could adversely affect our results of operations.
We are dependent upon the federal government to maintain the SBA 7(a) Program. There can be no assurance that the program will be maintained or that loans will continue to be guaranteed at current levels. From time-to-time the SBA has reached its internal budgeted limits and ceased to guarantee loans for a stated period of time. In addition, the SBA may change its rules regarding loans or Congress may adopt legislation or fail to approve a budget that would have the effect of discontinuing, reducing availability of funds for, or changing loan programs. Non-governmental programs could replace government programs for some borrowers, but the terms might not be equally acceptable. If these changes occur, the volume of loans to small businesses that now qualify for government guaranteed loans could decline, as could the profitability of these loans.
A governmental failure to fund the SBA could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.
We are dependent upon the Federal government to maintain the SBA 7(a) Program. NSBF’s lending business could be materially and adversely affected by circumstances or events limiting the availability of funds for this program. In October 2013, Congress failed to approve a budget, which, in turn, eliminated availability of funds for the SBA 7(a) program. At the time, the government shutdown affected SBA 7(a) lenders’ ability to originate SBA 7(a) loans. More recently, the government shut down in January 2018 due to a lapse in appropriations, and the SBA closed all non-disaster related programs and activities, including the SBA 7(a) program. The government could again fail to fund the SBA which would affect NSBF’s ability to originate government guaranteed loans and to sell the government guaranteed portions of those loans in the secondary market. Any failure to fund the SBA could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.
Moreover, due to what has been described as a technical drafting error, the CARES Act and the PPP did not initially create separate authorization levels for the SBA 7(a) program and the PPP, which could have left the SBA 7(a) program temporarily unfunded. The error was corrected with the July 4, 2020 extension of the PPP; however, if the SBA 7(a) program were to become unfunded, NSBF will not be able to originate SBA 7(a) loans until such funding is restored.
As a participating lender in the SBA Paycheck Protection Program (“PPP”), the Company and NSBF are subject to additional credit risks and risks of litigation from NSBF’s customers or other parties regarding NSBF’s processing of loans for the PPP and risks that the SBA may not fund some or all PPP loan guaranties.
On March 27, 2020, President Trump signed the CARES Act, which included a $349 billion loan program administered through the SBA referred to as the PPP. Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. After the $349 billion earmarked for the PPP was exhausted on or about April 16, 2020, Congress subsequently approved additional funding for the PPP of approximately $320 billion on April 24, 2020. The first round of the PPP closed on August 8, 2020. Congress then enacted the Economic Aid Act on December 27, 2020, which provided funding for PPP loans through March 31, 2021 and subsequently enacted the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers
361
with approved PPP loans (i.e., PPP loans with an assigned SBA loan number) could continue to have their PPP loans closed and funded by lenders. NSBF funded the balance of its PPP loans by the end of July 2021. During the duration of the PPP through November 11, 2021, NSBF funded approximately 26,190 PPP loans totaling $1.9 billion.
Since the opening of the PPP, several large banks participating in the PPP have been subject to litigation regarding the process and procedures that such banks have used in processing applications for the PPP. The Company and NSBF may be exposed to the risk of litigation, from both customers and non-customers that approached the Company and NSBF regarding PPP loans, regarding its process and procedures used in processing applications for the PPP. If any such litigation is filed against the Company or NSBF and is not resolved in a manner favorable to the Company or NSBF, it may result in significant financial liability or adversely affect the Company’s or NSBF’s reputation. In addition, litigation can be costly, regardless of outcome. Any financial liability, litigation costs or reputational damage caused by PPP related litigation could have a material adverse impact on our business, financial condition and results of operations.
Moreover, after the PPP launched, rules and guidance regarding the PPP were not readily available at the start of the program, and the SBA and other government agencies continue to release additional rules and guidance that change or update the requirements and expectations of the regulatory agencies administering the PPP and regulating participating lenders. As of the date of this report, there remains some ambiguity in the laws, rules, and guidance regarding the operation of the PPP, with a number of important aspects of the PPP where regulatory agencies have not provided adequate or complete guidance, particularly with respect to process, procedures and criteria for forgiveness and servicing of PPP loans.
NSBF also has credit risk on PPP loans if a determination is made by the SBA that there is a deficiency in the manner in which a PPP loan was originated, funded, or serviced by NSBF, such as an issue with the eligibility of a borrower to receive a PPP loan, which may or may not be related to the ambiguity in the laws, rules and guidance regarding the operation of the PPP or additional or new laws, rules, and guidance. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a deficiency in the manner in which the PPP loan was originated, funded, or serviced by NSBF, the SBA may deny its liability under the guaranty, reduce the amount of the guaranty, or, if it has already paid under the guaranty, seek recovery of any loss related to the deficiency from the Company.
In addition, in order to facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold participating interests to four banks. See “PPP Loan Participations.” In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan note, the PPP loan documents and service the PPP loan (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. NSBF has agreed that it will repurchase from the Participants on demand the Participants’ Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF.
RISKS RELATED TO OUR INVESTMENTS
The interest rates of our term loans to our portfolio companies that extend beyond 2021 might be subject to change based on recent regulatory changes, including the decommissioning of LIBOR.
LIBOR is the basic rate of interest used in lending transactions between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. We typically use LIBOR as a reference rate in term loans we extend to portfolio companies such that the interest due to us pursuant to a term loan extended to a portfolio company is calculated using LIBOR. The terms of our debt investments generally include minimum interest rate floors which are calculated based on LIBOR.
On March 5, 2021, the United Kingdom’s Financial Conduct Authority (the “FCA”), which regulates LIBOR, announced that (i) 24 LIBOR settings would cease to exist immediately after December 31, 2021 (all seven euro LIBOR settings; all seven Swiss franc LIBOR settings; the Spot Next, 1-week, 2-month, and 12-month Japanese yen LIBOR settings; the overnight, 1-week, 2-month, and 12-month sterling LIBOR settings; and the 1-week and 2-month US dollar LIBOR settings); (ii) the overnight and 12-month US LIBOR settings would cease to exist after June 30, 2023; and (iii) the FCA would consult on whether the remaining nine LIBOR settings should continue to be published on a synthetic basis for a certain period using the FCA’s proposed new powers that the UK government is legislating to grant to them.
362
To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee (“ARRC”), a U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. On July 29, 2021, the ARCC formally recommended SOFR as its preferred alternative replacement rate for LIBOR. It is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere or, whether the COVID-19 outbreak will have further effect on LIBOR transition plans.
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 and/or transferability of value 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 we will still need to renegotiate the credit agreements extending beyond 2021 with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and our results of operations. Moreover, 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.
Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
In November 2020, the SEC adopted new rules regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. BDCs that use derivatives would be subject to a value-at-risk leverage limit, certain other derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements would apply unless the BDC qualified as a “limited derivatives user,” as defined in the SEC’s adopted rules. A BDC that enters into reverse repurchase agreements or similar financing transactions would need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of the Section 18 of the 1940 Act when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivative transactions under the adopted rule. Under the adopted rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this test, it is required to treat unfunded commitments as a derivatives transaction subject to the requirements of the rule. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.
To the extent we borrow money to finance our investments, changes in interest rates will affect our cost of capital and net investment income.
To the extent we borrow money to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we borrow money to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and/or long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. If we do not implement these techniques properly, we could experience losses on our hedging positions, which could be material. In addition, depending on the frequency and magnitude of rising interest rates, these interest rate increases could negatively impact premiums received on the sale of guaranteed SBA loans, and further, could increase prepayment speeds on outstanding SBA loans, potentially negatively impacting the Company’s financial results.
We may expose ourselves to risks if we engage in hedging transactions.
If we engage in hedging transactions, we may 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 our portfolio positions from changes in market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain
363
from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions increase. It may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against interest rate fluctuations affecting the value of securities in our portfolio.
The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. In addition, while the majority of our LIBOR-linked loans contemplate that LIBOR may cease to exist and allow for amendment to a new base rate without the approval of 100% of the lenders, if LIBOR ceases to exist, we will still need to renegotiate the credit agreements extending beyond 2021 with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and, as a result on our results of operations. Moreover, if LIBOR ceases to exist, we may need to renegotiate certain terms of our credit facilities. If we are unable to do so, amounts drawn under our credit facilities may bear interest at a higher rate, which would increase the cost of our borrowings and, in turn, affect our results of operations.
We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business.
Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. The Biden Administration has proposed significant changes to the existing U.S. tax rules, and there are a number of proposals in Congress that would similarly modify the existing U.S. tax rules. The likelihood of any such legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our investors of such qualification, or could have other adverse consequences. Investors are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our common stock.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
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 three and nine months ended September 30, 2021 we issued 10,000 and 22,000 shares of common stock, respectively, valued at $0.3 million and $0.6 million, respectively to shareholders in connection with the DRIP. During the three and nine months ended September 30, 2020 we issued 13,100 and 44,100 shares of common stock, respectively, valued at $0.2 million and $0.7 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 three and nine months September 30, 2021 we issued an additional 1,200 and 7,600 shares, respectively, valued at $0.02 million and $0.2 million, respectively, related to dividends on unvested restricted stock awards. During the three and nine months ended September 30, 2020 we issued an additional 9,600 and 18,200 shares, respectively, valued at $0.2 million and $0.3 million, respectively, related to dividends on unvested restricted stock awards.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
None.
ITEM 5. OTHER INFORMATION.
364
None.
ITEM 6. EXHIBITS.
| Number | Description | |||||||
* Filed herewith
** Furnished herewith
365
SIGNATURES
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.
| NEWTEK BUSINESS SERVICES CORP. | ||||||||
| Date: November 12, 2021 | By: | /S/ BARRY SLOANE | ||||||
| Barry Sloane | ||||||||
| Chief Executive Officer, President and Chairman of the Board (Principal Executive Officer) | ||||||||
| Date: November 12, 2021 | By: | /S/ NICHOLAS LEGER | ||||||
| Nicholas Leger | ||||||||
| Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer) | ||||||||
366
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 1 of 31 MORTGAGE WAREHOUSE LOAN AND SECURITY AGREEMENT THIS MORTGAGE WAREHOUSE LOAN AND SECURITY AGREEMENT (as amended, modified, restated, or supplemented at any time or from time to time, the “Agreement”) is made and entered into as of this ___ day of ___________, 2021 by and among One Florida Bank, a Florida banking corporation, having an address 33 W. Pineloch Ave., Suite A, Orlando, FL 32806, and its successors and assigns (the “Bank”) and NBL SPV III, LLC, a Delaware limited liability company, having an address of 14 E. Washington Street, Suite 600 J, Orlando, FL 32801 (“Borrower”). W I T N E S S E T H: WHEREAS, Borrower is engaged in the business of acquiring Mortgage loans secured by Mortgages upon improved owner-occupied commercial real property from Newtek Business Lending, LLC, a Florida limited liability company, having an address of 14 E. Washington Street, Suite 600 J, Orlando, FL 32801 (“NBL”) and NBL’s Subsidiaries; and WHEREAS, Borrower desires to borrow money from Bank under a line of credit to assist in funding the purchase of such Mortgage loans, and the Bank is willing to provide such financing but only pursuant to the terms and conditions of this Agreement. NOW, THEREFORE, in consideration of the mutual provisions, covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: ARTICLE ONE DEFINITIONS 1.01 Defined Terms. For purposes of this Agreement, in addition to the terms defined elsewhere herein, including without limitation the preamble to this Agreement, the following terms shall have the meanings set forth below (such meanings to be equally applicable to the singular and plural forms thereof): “Advance” shall have the meaning given to it in Section 2.01(a) hereof. “Advance Rate” shall mean 80% of the amount of an Eligible 1st Mortgage Loan and 90% of the amount of the Eligible 2nd Mortgage Loan. “Affiliate” shall mean, as to any Person: (i) each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified and (ii) any officer, director, manager, or general partner of such Person. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “controlled” have meanings correlative thereto. A Person shall be deemed to be controlled by another Person if such other Person beneficially owns or holds directly or indirectly, 51% or more of the voting control or equity interests of such Person. “Agreement Regarding Closing of the Loan” shall mean that certain Agreement Regarding Closing of Loan, if any, dated as of even date herewith, between Bank and Loan Parties and relating to any conditions hereof or of the Loan or making of advances which were to have been met or satisfied prior to the Closing but which have not been met or satisfied as of the Closing. “Allonge” shall mean the Allonge to the Real Estate Note delivered from NBL or one of its Subsidiaries, as applicable, to the Borrower with respect to each Eligible Real Estate Loan purchased by Borrower from NBL or its Subsidiaries. 21st September
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 2 of 31 “Assignment of Mortgage” shall mean the Assignment of Mortgage from NBL or one of its Subsidiaries, as applicable, to the Borrower with respect to each Eligible Real Estate Loan purchased by Borrower from NBL or its Subsidiaries. “Business Day” shall mean any day other than (i) a Saturday or a Sunday or (ii) a day on which commercial banks in Orlando, Florida are authorized or required by law to close. “Collateral” shall mean, collectively, the Real Estate Loan Collateral and the Collateral Personal Property. “Collateral Allonge” shall mean the Allonge to the Real Estate Note, in the form and substance substantially similar to the Allonge attached hereto as Exhibit “A”, to be approved by the Bank in its sole discretion. “Collateral Assignment” shall mean each of the Collateral Assignments of Mortgage from Borrower to Bank, in the form and substance substantially similar to the Collateral Assignments of Mortgage attached hereto as Exhibit “B”, approved by the Lender and enforceable under the laws of the state of Florida, pledging Borrower's interest in the Mortgage described therein as collateral securing repayment of the Note and performance of the obligations under the Loan Documents, together with any and all extensions, modifications, renewals and amendments thereof. “Collateral Loan” shall mean an Eligible Real Estate Loan funded in whole or in part with an Advance under the Loan, the Advance for which has not been repaid. “Collateral Real Estate” shall mean the real property pledged in the Mortgage as collateral for the Eligible Real Estate Loan. “Collateral Personal Property” shall mean all the assets of the Borrower, whether now owned or hereinafter acquired, including but not limited to the following: (i) all tangible and intangible personal property; all Equipment (including, without limitation, all motor vehicles); furniture, Fixtures, and Goods; Accounts (including without limitation, all accounts receivable and all Healthcare Insurance Receivables); Inventory (including, without limitation returned or repossessed goods); Chattel Paper (including, without limitation, Tangible Chattel Paper and Electronic Chattel Paper); General Intangibles (including without limitation all Payment Intangibles and Software); Investment Property (including without limitation all Certificated Securities, Uncertificated Securities, Securities Entitlements, Securities Accounts, Securities Certificates, Commodity Contracts, and Commodity Accounts); Documents; Instruments; Deposit Accounts; money, cash or cash equivalents; Supporting Obligations; Letter-of-Credit Rights; Commercial Tort Claims; Contract Rights; Certificates of Deposit; trademarks, patents, and copyrights; and (ii) any and all present and future additions, substitutions, replacements, and Proceeds of the foregoing. In the event of any inconsistency between this definition and the definition of collateral in any Security Agreement, such Security Agreement shall control. "Consistent Basis" shall mean, in reference to the application of GAAP, the accounting principles observed in the current period are comparable in all material respects to those applied in the preceding period. “Collections Account” shall having the meaning given to it in Section 5.03 hereof. “DACA” shall having the meaning given to it in Section 5.03 hereof. “Default Condition” shall mean any event or condition that, with the passage of time or giving of notice, or both, would constitute an Event of Default. “Eligible 1st Mortgage Loan” shall mean a third party lender loan made by NBL as a third party lender pursuant to a properly authorized and issued Authorization for Debenture Guarantee for SBA 504 Loan and acquired by Borrower from NBL or one of NBL’s Subsidiaries.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 3 of 31 “Eligible 2nd Mortgage Loan” shall mean an interim loan made by NBL as an interim lender pursuant to a properly authorized and issued Authorization for Debenture Guarantee for SBA 504 Loan and acquired by Borrower from NBL or one of NBL’s Subsidiaries. “Eligible Real Estate Loan” shall mean each commercial loan evidenced by a Real Estate Note, Mortgage, and related documents, which has been purchased by the Borrower and which has been or is to be pledged to the Bank as collateral for the Loan, and which meets all of the following criteria: (i) The Collateral Real Estate is (a) commercial real estate, (b) owner-occupied, and located in Florida. (ii) The loan is either (a) an Eligible 1st Mortgage Loan or (b) an Eligible 2nd Mortgage Loan. (iii) For Eligible 1st Mortgage Loans, the Borrower has or will have a first priority Mortgage lien on the Collateral Real Estate. (iv) For Eligible 2nd Mortgage Loans, the Borrower has or will have a second priority Mortgage lien on the Collateral Real Estate. (v) It is otherwise acceptable to the Bank in its sole discretion. “Entity” or “Entities” shall mean, in the singular, a Person that is not a natural person and in the plural Persons that are not natural persons. “Environmental Laws” shall mean any and all federal, state and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, rules of common law and orders of courts or any Governmental Authority, relating to the protection of human health or occupational safety or the environment, now or hereafter in effect and in each case as amended from time to time, including, without limitation, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Substances, including, without limitation, the following federal laws: the Resource Conservation Recovery Act, the Comprehensive Environmental Response Compensation and Liability Act, the Superfund Amendments and Reauthorization Act, the Toxic Substances Control Act, the Hazardous Materials Transportation Act, the Clean Air Act, and the Clean Water Act. “Environmental Liability” shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental investigation and remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities) of the Borrower directly or indirectly resulting from or based upon (i) any actual or alleged violation of any Environmental Law, (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Substances, (iii) any actual or alleged exposure to any Hazardous Substances, (iv) the release or threatened release of any Hazardous Substances or (v) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. “ERISA Event” shall mean (i) any “reportable event”, as defined in Section 4043 of the Employee Retirement Income Security Act (“ERISA”) or the regulations issued thereunder with respect to an employee benefit (“Plan”) (other than an event for which the 30-day notice period is waived); (ii) the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (iii) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (iv) the incurrence by Borrower or NBL of any liability under Title IV of ERISA with respect to the termination of any Plan; (v) the receipt by Borrower or NBL from the Pension Benefit Guaranty Corporation (“PBGC”) or a plan administrator appointed by the PBGC of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (vi) the incurrence by Borrower or NBL of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (vii) the receipt by Borrower or NBL of any notice, or the receipt by any multiemployer plan, as defined in ERISA, from Borrower or NBL of any notice, concerning the imposition of withdrawal liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. "Event of Default" shall mean any event so designated in Section 9.01 of this Agreement or specifically identified as such in any of the other Loan Documents.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 4 of 31 “Financial Officer” shall mean the vice president of finance, chief financial officer, principal or chief accounting officer, controller or treasurer of a Loan Party. "Financial Statements" shall mean as to any Person statements of the assets, liabilities (direct or contingent), income, expenses and cash flow prepared in accordance with GAAP or the tax accrual method, or other standards reasonably satisfactory to Bank. "Financing Statements" shall mean the financing statements from the Borrower to Bank to perfect Bank's security interest in the Collateral Personal Property described in the Security Agreement and the other Loan Documents. “Fiscal Year” shall mean any fiscal year of the Borrower. “GAAP” shall mean generally accepted accounting principles in the United States. “Governmental Authority” shall mean any nation or government, any state or local government political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing. “Guarantor(s)” shall mean each of NBL and NBSC. “Hazardous Substances” shall mean any substances or materials (i) that are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants or toxic substances under any applicable Environmental Law, (ii) that are defined by any applicable Environmental Law as toxic, explosive, corrosive, ignitable, infectious, radioactive, carcinogenic, mutagenic, or otherwise hazardous (iii) the presence of which require investigation, removal, remediation or any other response of any kind under any applicable Environmental Law or causes or threatens to cause a nuisance upon any property of the Borrower or NBL or to any adjacent properties or poses or threatens to pose a hazard to the health or safety of persons on or about any such property, (iv) that consist of underground or aboveground storage tanks, whether empty, filled or partially filled with any substance, or (v) that contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or wastes, crude oil, nuclear fuel, natural gas, synthetic gas, radon gas, radioactive materials, or isotopes. “Indebtedness” of any Person shall mean, without duplication (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person in respect of the deferred purchase price of property or services (other than (A) trade payables incurred in the ordinary course of business not more than ninety (90) days past due and (B) and accrued obligations), (iv) all obligations of such Person under any conditional sale or other title retention agreement(s) relating to property acquired by such Person (other than accrued obligations), (v) all capital lease obligations of such Person, (vi) all obligations, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions of credit, (vii) all guaranties of such Person of the type of Indebtedness described in clauses (i) through (vi) above, (viii) the value of property owned by such Person securing the Indebtedness of a third party, whether or not such Indebtedness has been assumed by such Person, (ix) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any common stock of such Person, (x) all off-balance sheet liabilities or such Person, (xi) all merchant cash advances, including but not limited to lump-sum payments in exchange for agreed-upon percentages or future sales, and (xii) all mezzanine, shareholder, and investor debt. The Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture in which such Person is a general partner or a joint venturer, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor. “Insider” shall mean the following: (i) with respect to a Loan Party that is a natural person, (A) a relative (within the first degree of consanguinity or affinity) of the natural person or of a general partner of the natural person, (B) a partnership in which the natural person is a general partner, (C) a general partner in a partnership in which the natural person is a general partner, (D) a corporation of which the natural
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 5 of 31 person is a director, officer, or person in control, or (E) any Affiliate of the natural person or any Affiliate of any Insider of the natural person; (ii) with respect to a Loan Party that is a corporation, (A) a director of the corporation, (B) an officer of the corporation, (C) a person in control of the corporation, (D) a partnership in which the corporation is a general partner, (E) a general partner in a partnership in which the corporation is a general partner, (F) a relative of a general partner, director, officer, or person in control of the corporation, or (G) any Affiliate of the corporation or any Affiliate of any Insider of the corporation; (iii) with respect to a Loan Party that is a partnership, (A) a general partner in the partnership, (B) a relative (within the first degree of consanguinity or affinity) of a general partner in, a general partner of, or a person in control of the partnership, (C) another partnership in which the partnership is a general partner, (D) a general partner in a partnership in which the partnership is a general partner, (E) a person in control of the partnership, or (F) any Affiliate of the partnership or any Affiliate of any Insider of the partnership. "Laws" shall mean all statutes, laws, ordinances, regulations, orders, writs, judgments, injunctions, decrees or awards of the United States or any state, county, municipality or other Governmental Authority. “Lien” shall mean any Mortgage, pledge, hypothecation, assignment, security interest, lien (statutory or otherwise), preference, priority, charge or other encumbrance of any nature, whether voluntary or involuntary, including, without limitation, the interest of any vendor or lessor under any conditional sale agreement, title retention agreement, capital lease or any other lease or arrangement having substantially the same effect as any of the foregoing. “Line of Credit” shall having the meaning given to it in Section 2.01(a) hereof. “Line of Credit Commitment” shall having the meaning given to it in Section 2.01(a) hereof. “Loan” shall mean the Line of Credit as defined in Section 2.01(a) hereof. “Loan Documents” shall mean, collectively, this Agreement, the Note, the Security Agreement(s), any Subordination Agreement, any Guaranty, and all other agreements, instruments, documents and certificates now or hereafter executed and delivered to the Bank by or on behalf of any Loan Party with respect to this Agreement and the transactions contemplated hereby, in each case as amended, modified, supplemented or restated from time to time. “Loan Parties” shall mean, collectively, Borrower and each of the Guarantors. “Master Note” shall having the meaning given to it in Section 2.01(a) hereof. “Material Adverse Effect” shall mean a material adverse effect upon (i) the financial condition, operations, business, properties, liabilities (actual or contingent), assets, or prospects of Borrower or any of the other Loan Parties, (ii) the ability of any of the Loan Parties to substantially perform its respective obligations under the Loan Documents to which it is party or (iii) the legality, validity or enforceability of this Agreement or any of the other Loan Documents or the rights and remedies of Bank hereunder and thereunder. “Material Indebtedness” shall mean Indebtedness (other than the Loan Obligations) of Borrower, individually or in an aggregate principal amount exceeding $100,000.00. “Maturity Date” shall be as stated in the Note. “Mortgage” shall mean the mortgage granting to the Borrower, or the holder of such Mortgage, a lien upon the property therein described as security for the Eligible Real Estate Loan. “NBSC” shall mean Newtek Business Services Corp, a Maryland corporation, having an address of 1981 Marcus Ave., Suite 130, Lake Success, NY 11042. “Note” shall have the meaning given to it in Section 2.01(a) hereof.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 6 of 31 “Obligations” shall mean (a) all amounts owing by any of the Loan Parties to Bank pursuant to or in connection with the Note, this Agreement or any other Loan Document or otherwise with respect to the Loan, including without limitation, all principal, interest (including any interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to any Loan Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), all reimbursement obligations, fees, expenses, indemnification and reimbursement payments, costs and expenses (including all fees and expenses of counsel to Bank incurred pursuant to the Note, this Agreement or any other Loan Document), whether direct or indirect, absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder, (b) all Treasury Management Obligations, (c) any obligations under any purchasing card or credit card account established for a Loan Party by Bank or any affiliate of Bank, and (d) all other indebtedness of whatever kind arising of any Loan Party to Bank or any affiliate of Bank, together with all renewals, extensions, modifications or refinancings of any of the foregoing. “Operating Account” shall having the meaning given to it in Section 5.03 hereof. “Organizational Documents” shall mean as to any Person which is not a natural person, the documents and/or instruments creating and/or governing the formation or operation of such Person, including without limitation such documents required to be filed with any Governmental Authority having jurisdiction over the creation or formation of such Person and including without limitation, articles of incorporation, bylaws, shareholder agreements, voting trust agreements, articles of organization, operating agreements, management agreements, certificates of limited partnership, partnership agreements, statements of qualification, trust agreements or indentures or other agreements or instruments as appropriate for such Person. “Permitted Liens” means: (a) Liens securing taxes, assessments or governmental charges or levies or the claims or demands of materialmen, mechanics, carriers, warehousemen, and other like persons not yet due; (b) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance, social security and other like Laws; (c) Liens on fixed assets securing purchase money Indebtedness; provided, that, (i) such Lien attached to such assets concurrently, or within 20 days of the acquisition thereof, and only to the assets so acquired, and (ii) a description of the asset acquired is furnished to Administrative Agent in writing; (d) customary rights of setoff, revocation, refund or chargeback under deposit agreements or under the UCC or common law of banks or other financial institutions where Borrower maintains deposits (other than deposits intended as cash collateral) or securities accounts solely to the extent incurred in connection with the maintenance of such accounts in the ordinary course of business; (e) Liens created under the Loan Documents for the benefit of Bank; and (f) common law, statutory, and contractual landlords Liens on the executive office of Borrower. “Person” shall mean any natural person, corporation, association, joint venture, partnership, limited liability company, company, association, trust, Governmental Authority or other entity. “Real Estate Borrower” shall mean the person or persons executing and delivering the Real Estate Note and Mortgage. “Real Estate Loan Collateral” shall have the meaning given to it in Section 8.01 hereof. “Real Estate Note” shall mean an original promissory note evidencing an Eligible 1st Mortgage Loan or an Eligible 2nd Mortgage Loan. “Request for Line of Credit Advance” shall have the meaning given to it in Section 2.01(c) hereof. “Responsible Officer” shall mean with respect to the Borrower any of the president, the chief executive officer, the chief operating officer, the chief financial officer, the controller, the treasurer, secretary or a vice president or a manager or managing member or a general partner or managing general partner of the Borrower or such other representative of the Borrower as may be designated in writing by any one of the foregoing with the consent of Bank; and, with respect to the financial covenants only, the chief
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 7 of 31 financial officer, controller or the treasurer of the Borrower. Any document delivered in connection with this Agreement or any of the other Loan Documents that is signed by a Responsible Officer of the Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership or other entity action on the part of the Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Borrower. “Security Agreement” shall mean the Security Agreement executed by the Borrower. “Subordination Agreements” shall mean the collective reference to, and “Subordination Agreement” means each of, any intercreditor or subordination agreement, in form and substance satisfactory to Bank, from the holders of any subordinate debt of Borrower in favor of Bank. “Subsidiary” shall mean, with respect to any Person, any corporation or other Person of which more than fifty percent (50%) of the outstanding capital stock or other equity interests having ordinary voting power to elect a majority of the board of directors, board of managers or other governing body of such Person, is at the time, directly or indirectly, owned or controlled by such Person and one or more of its other Subsidiaries or a combination thereof (irrespective of whether, at the time, securities of any other class or classes of any such corporation or other Person shall or might have voting power by reason of the happening of any contingency). “Treasury Management Obligations” shall mean, collectively, all obligations and other liabilities of Borrower owing to Bank or any affiliate of Bank pursuant to any agreements governing the provision to Borrower of treasury or cash management services, including deposit accounts, funds transfer, automated clearing house, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services. 1.02 Accounting Terms and Determinations. Unless otherwise defined or specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all Financial Statements required to be delivered hereunder (except for personal Financial Statements) shall be prepared, in accordance with GAAP as in effect from time to time, applied on a Consistent Basis or other standard acceptable to Bank. Notwithstanding any other provision contained herein, all Financial Statements delivered hereunder shall be prepared, and all financial covenants contained herein shall be calculated, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any similar accounting principle) permitting a Person to value its financial liabilities at the fair value thereof. For purposes of determining compliance with any covenant (including computation of any financial covenant) contained herein, Indebtedness of any Loan Party shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB Accounting Standards Codification 825 on financial liabilities shall be disregarded. 1.03 Internal References & Interpretation of Terms. Unless otherwise specified or unless the context otherwise requires, all references herein to sections, annexes, schedules and exhibits are references to sections, annexes, schedules and exhibits in and to this Agreement, and all terms defined in this Agreement shall have the defined meanings when used in any other Loan Document or any certificate or other document made or delivered pursuant hereto. Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall”; and the words “asset” and “property” shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. The terms lease and license shall include sub-lease and sub-license, as applicable. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. Except as otherwise expressly provided herein or therein, any reference in this Agreement or any other Loan Document to any agreement, document or instrument shall mean such agreement, document or instrument as amended, restated, supplemented or otherwise modified from time
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 8 of 31 to time, in each case, in accordance with the express terms of this Agreement or such Loan Document. Any reference herein or in any other Loan Document to the satisfaction, repayment, or payment in full of the Obligations (or words of like import) shall mean the payment or repayment in full in immediately available funds of (i) the principal amount of, and interest accrued and unpaid with respect to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the Loans, (ii) all costs and expenses payable by the Loan Parties to the Bank pursuant to the Loan Documents and that have accrued and are unpaid regardless of whether demand has been made therefor, and (iii) all fees or charges that have accrued hereunder or under any other Loan Document and are unpaid. ARTICLE TWO LOAN 2.01 Line of Credit. (a) Line of Credit. Subject to the terms and conditions of this Agreement, Bank agrees to make available to Borrower a revolving line of credit (the “Line of Credit”). Borrower may borrow, re-pay and re-borrow on a revolving basis advances (each an “Advance” and collectively, “Advances”) in the aggregate outstanding at any one time or from time to time, the maximum principal sum of $20,000,000.00 (the “Line of Credit Commitment”), provided that the amount advanced for any one Eligible Real Estate Loan shall not exceed the Advance Rate. The Line of Credit shall be evidenced by that certain Revolving Line of Credit Promissory Note (together with any renewals, modifications, amendments, restatements, supplements or substitutions thereof, the “ Note”) made by Borrower and payable to the order of Bank in the amount of the Line of Credit, which shall be executed and delivered simultaneously with the execution and delivery of this Agreement, and shall accrue interest as provided in and as payable under the Note, with principal and interest to be payable under and pursuant to the Note as provided in the of Note. (b) Purpose. The Line of Credit shall be used solely for business purposes to: Provide partial funding for Eligible Real Estate Loans purchased by the Borrower. (c) Procedure for Requesting Advances. When the Borrower desires that the Bank make an Advance under the Line of Credit, the Borrower shall (i) deliver to the Bank a written request (“Request for Line of Credit Advance”), which shall identify the proposed advance amount, and (ii) provide to the Bank all of the required following: (i) Proposed form for the Real Estate Note, Mortgage, Allonge and Assignment of Mortgage. (ii) NBL’s approval package for the loan that is the subject of the Request for Line of Credit Advance. (iii) Loan title insurance policy commitment to insure Borrower's interest in the Mortgage as a first priority lien (for Eligible 1st Mortgage Loans) and second priority lien (for Eligible 2nd Mortgage Loans) on the Collateral Real Estate written upon an underwriter and containing only such title exceptions as are reasonably acceptable to Bank. (iv) Current appraisal of the Collateral Real Estate. (v) Phase 1 environmental report (and phase 2 if warranted) on Collateral Real Estate (commercial real estate only) (vi) Survey of the Collateral Real Estate. (vii) Flood determination for the Collateral Real Estate. (viii) Such other information as Bank may request in its sole discretion. (d) Bank’s Discretion. The Bank shall have sole discretion to determine whether it will make the requested Advance under the Line of Credit. If the Bank agrees to make the requested Advance, the Borrower shall provide and execute all information and documents required by the Bank to give effect to such Advance. (e) Advance Documentation. Each Advance shall be evidenced by documents that the Bank may require in its sole discretion, including without limitation, a Collateral Assignment and a Collateral Allonge. The Collateral Assignment and the Collateral Allonge shall be held in escrow by the Bank. At the
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 9 of 31 Bank’s discretion, upon an Event of Default (and following any applicable cure periods), the Bank shall record the Collateral Assignment in the official records in the county where the respective Collateral Real Estate is located as required under the laws of the state where the Collateral Real Estate is located. (f) Required Deliverables Before Advance. Prior to the Bank making an Advance, the following shall be delivered to the Bank: (i) Scanned digital copies of the executed Real Estate Note, Allonge, Mortgage, Assignment of Mortgage, loan agreement for the subject Eligible Real Estate Loan, Collateral Allonge, and Collateral Assignment (“Required Closing Documents”). (ii) Copy of signed HUD-1/Settlement Statement. (iii) Copies of all other affidavits, certificates, agreements, and other documents executed in connection with the Real Estate Note. (iv) Copy of properly authorized, issued, and signed Authorization for Debenture Guarantee for SBA 504 Loan. (v) Marked up loan title insurance policy commitment to the sole satisfaction of the Bank (vi) Evidence of real estate hazard insurance, to the reasonable satisfaction of the Bank, identifying Bank as the loss payee. (vii) Evidence of flood insurance, if required, to the reasonable satisfaction of the Bank, identifying the Bank as the loss payee. (viii) All fees and costs required to be paid to the Bank under Section 2.01(h)(iii) of this Agreement. (ix) Confirmation from Bank’s legal counsel. (x) Such other information or documents as Bank may request in its sole discretion. (g) Required Deliverables After Advance. As soon as possible after each Advance is funded, and in any event within the time frames specified below (subject to delays outside the Borrower’s control), Borrower shall deliver or cause to be delivered to the Bank the following: (i) Original executed Required Closing Documents – to be sent within seven (7) days after the Advance is funded. (ii) Original recorded Mortgage and original recorded Assignment of Mortgage – to be delivered within sixty (60) days after the Advance is funded. (iii) A true, complete and correct copy of the Loan title insurance policy insuring Borrower’s interest in the Mortgage as a first priority lien on the Collateral Real Estate written upon an underwriter and containing only such title exceptions as are reasonably acceptable to Bank – to be effective as of the date of recording of the Mortgage, and delivered within sixty (60) days after the Mortgage is recorded. (iv) Such other information or documents as Bank may reasonably request in its sole discretion. (h) Fees and Costs (i) Loan Fee. Borrower shall unconditionally pay to Bank a fee (the “Loan Fee”) of $150,000.00 (i.e. 0.75% of the Line of Credit Commitment), which is due and payable in full in good collected funds as of the date of the execution and delivery of this Agreement. There shall be no remittance to the Borrower of any part of the Loan Fee for any reason, including but not limited to the prepayment of the Loan or any Advance in whole or in part prior to the Maturity Date. (ii) Annual Renewal Fee. If on any anniversary date of this Agreement, the Maturity Date as of such anniversary date is scheduled pursuant to a writing executed by both Bank and Borrower for a date that is at least two (2) years following the date of such anniversary date, then the Borrower shall unconditionally pay to Bank a fee (the “Renewal Fee”) of $50,000.00 (i.e. 0.25% of the Line of Credit Commitment), in full in good collected funds on each such anniversary date of this Agreement (or if such date is not a Business Day, on the next succeeding Business Day). In the event that Borrower does not pay any Renewal Fee as herein required, Bank, without prejudice to its right to declare an Event of Default as a result of such failure, may terminate the Line
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 10 of 31 of Credit Commitment by giving written notice of such termination to Borrower, whereupon Borrower shall have no further entitlement to receive Advances under the Line of Credit. (iii) Due Diligence & Review Costs. The Borrower shall pay all of the Bank’s reasonable attorney’s fees and costs associated with the Bank’s and Bank’s legal counsel’s due diligence and review of the Request for Line of Credit Advance and related documents, with expectation that the ordinary and expected fees and costs will not exceed $500.00 per Request for Line of Credit Advance. If the fees and costs for any Request for Line of Credit Advance will exceed $500.00, Borrower shall approve such fees and costs before the Bank will incur them. Such fees and costs shall be paid by the Borrower in good and collected funds on the date the Advance is made. (iv) In the event that Borrower does not pay any fees or costs as provided in this Section 2.01(h) within ten (10) calendar days of written demand to Borrower therefor, Bank, without prejudice to its right to declare an Event of Default as a result of such failure, may terminate the Line of Credit Commitment by giving written notice of such termination to Borrower, whereupon Borrower shall have no further entitlement to receive Advances under the Line of Credit. ARTICLE THREE CONDITIONS TO LOAN(S) 3.01 Conditions To Closing of the Loan(s). The obligations of Bank to extend the Loan shall not become effective until the date on which the last of the following conditions is satisfied: (a) Bank shall have received all attorney fees and all other costs, fees, and expenses incurred by Bank in relation to the preparation of the Loan Documents and the closing of the Loan, not to exceed a amount of $50,000.00, and all other fees and other amounts due and payable on or prior to the date hereof, required to be reimbursed or paid by Borrower hereunder or under any other Loan Document. (b) The Bank shall have received the following (all of which shall be in form and substance satisfactory to Bank in its sole discretion): (i) This Agreement signed by or on behalf of each party hereto. (ii) Duly executed Note payable to the Bank. (iii) Duly executed other Loan Documents, including without limitation, the Security Agreement. (iv) Certificate of the secretary, authorized officer, general partner, manager or member of the Borrower in form and substance acceptable to the Bank, attaching (if not provided previously) and certifying copies of its Organizational Documents, including without limitation its Operating Agreement, and authorizing resolutions or unanimous written consents, as appropriate for Borrower, authorizing the execution, delivery and performance of the Loan Documents to which it is a party and certifying the name, title and true signature of each officer, or other authorized representative, as applicable, executing the Loan Documents to which the Borrower is a party. (v) Certificates of good standing, status, or existence, as applicable, from the Secretary of State or other proper governmental office of the jurisdiction of organization of the Borrower and each other jurisdiction where any such Loan Party is required to be qualified to do business as a foreign entity. (vi) Certified copies of all consents, approvals, authorizations, registrations and filings and orders required or advisable to be made or obtained under any requirement
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 11 of 31 of Law in connection with the execution, delivery, performance, validity and enforceability of the Loan Documents, and such consents, approvals, authorizations, registrations, filings and orders shall be in full force and effect and all applicable waiting periods shall have expired. (vii) Subordination Agreements executed by each other Person specified by Bank. (viii) Each DACA fully executed. (ix) Evidence of Borrower’s compliance with Section 5.04(a) reasonably satisfactory to Bank; (x) Duly executed certification of beneficial ownership for Borrower. (xi) Duly executed Agreement Regarding Closing of the Loan. (xii) Borrower shall have provided to the Bank a properly executed IRS Form W-9. (xiii) Duly executed and completed Authorization to Debit Account for Loan Payments. (xiv) The following searches (to be performed by Bank or its counsel) as to the Borrower and all Guarantors, with the results being satisfactory to the Bank in its sole discretion: (a) UCC-1 Financing Statement search; (b) judgment lien search; (c) federal lien search. (xv) All signors shall provide legible copies of their driver’s licenses. (c) Each document (including, without limitation, any Uniform Commercial Code financing statements) required by the Security Agreement or under law or reasonably requested by the Bank to be filed, registered or recorded in order to create in favor of the Bank a perfected Lien on the Collateral Personal Property described therein, prior and superior in right to any other Person (other than with respect to Permitted Liens and other Liens expressly permitted pursuant to the terms of this Agreement or the Security Agreement), shall be in proper form for filing, registration or recordation. 3.02 Conditions to Advances. The obligation of the Bank to make any Advance under the Line of Credit is subject to the satisfaction of the following conditions: (a) At the time of and immediately after giving effect to such Advance, no Default Condition or Event of Default shall exist. (b) At the time of and immediately after giving effect to such Advance, all representations, warranties, and covenants of each Loan Party set forth in this Agreement and every other Loan Document shall be true and correct in all material respects (except where the same are qualified by materiality or by Material Adverse Effect, in which case the same shall be true and correct in all respects) on and as of the date of such Advance, in each case before and after giving effect thereto. (c) Those items shown on the Schedule of Post-Closing Items attached to the Agreement Regarding Closing of the Loan shall have been completed, if the required completion date shown on the Schedule of Post-Closing Items is prior to the date of such Advance. (d) The Collections Account and the Operating Account shall have been established with the applicable DACAs in place.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 12 of 31 (e) Borrower shall have delivered all other information and documents required to be delivered by the Borrower to the Bank pursuant to this Agreement or any of the Loan Documents, including without limitation those items set forth in Sections 2.01(c) and 2.01(f) herein. Each Request for Line of Credit Advance shall be deemed to constitute a representation and warranty by Borrower that all conditions specified in this Section 3.02 have been satisfied. 3.03 Delivery of Documents. All of the Loan Documents, certificates, legal opinions and other documents and papers referred to in this Article Three, unless otherwise specified, shall be delivered to Bank and in sufficient counterparts or copies as Bank shall require and shall be in form and substance satisfactory in all respects to Bank. ARTICLE FOUR REPRESENTATIONS AND WARRANTIES To induce Bank to enter into this Agreement and to extend to Borrower the Loan, Borrower represents and warrants to Bank both before and after giving effect to the transactions contemplated hereby, which representations and warranties shall be deemed made as of the date of this Agreement, as follows: 4.01 Continuing Nature of Warranties. The representations and warranties made herein shall be true and correct as of the date hereof and shall remain true and correct in all material respects at all times hereafter so long as any portion of the Loan shall remain outstanding. All such representations and warranties are given as an inducement to Bank to extend credit to Borrower. Bank is relying on the validity and accuracy of such representations and warranties and all of such representations and warranties shall survive any and all bankruptcy, reorganization, arrangement, liquidation, dissolution or insolvency proceedings relating to Borrower or Guarantors. 4.02 Existence; Power. Borrower (i) is duly organized, validly existing and in good standing as a corporation, partnership, or limited liability company, as applicable, under the laws of the State of the entity’s formation, (ii) has all requisite power and authority to carry on its respective business as now conducted, and (iii) is duly qualified to do business, and is in good standing, in each jurisdiction where such qualification is required, except where a failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect. 4.03 Organizational Power; Authorization. The execution, delivery and performance by Borrower of the Loan Documents to which it is a party are within Borrower’s organizational powers, and have been duly authorized, as applicable, by all necessary organizational, and if required, shareholder, partner, member, or manager action. This Agreement and each other Loan Document to which Borrower is a party dated the date hereof has been duly executed and delivered by Borrower, and constitutes, and each other Loan Document to which Borrower will become a party, when executed and delivered by Borrower shall constitute, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 4.04 Places of Business; Fictitious Names; Location of Collateral Personal Property. Borrower’s correct legal name and address is as set forth in the preamble to this Agreement and (i) Borrower was organized in the jurisdiction of Borrower as set forth in the preamble to this Agreement; (ii) the principle office of Borrower is as set forth in the preamble to this Agreement (the “Borrower’s Principal Office”); (iii) the Borrower has no other material places of business; (iv) Borrower has not been organized in any other jurisdiction, nor changed any such location in the last five (5) years, (v) Borrower has not changed its name in the last five (5) years, and (vi) during such period Borrower has not used, nor does Borrower now use, any fictitious or trade name. The Collateral Personal Property consisting of inventory and equipment is located at the Borrower’s Principal Office. The books and records relating to the Collateral Personal Property consisting of accounts receivable is as also located at the Borrower’s Principal Office.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 13 of 31 4.05 Pending Litigation. There are no judgments or judicial or administrative orders, proceedings or investigations (civil or criminal) pending or, to the knowledge of Borrower, threatened, against any Borrower in any court or before any Governmental Authority, which, if adversely determined, could reasonably be expected to cause a Material Adverse Effect. No member, manager, partner, shareholder, director, or executive officer of Borrower has been indicted or convicted in connection with or is engaging in any racketeering or other similar criminal conduct or activity, or is currently subject to any lawsuit or proceeding or under investigation in connection with any racketeering or other similar criminal conduct or activity. 4.06 Governmental Approvals; No Conflicts. The execution, delivery and performance by Borrower of this Agreement, and the other Loan Documents to which it is a party (i) do not require any consent or approval of, registration or filing with, or any action by, any Governmental Authority, except those as have been obtained or made and are in full force and effect, (ii) do not violate or result in the breach of any of the terms and provisions of any of Borrower’s Organizational Document, (iii) will not violate any requirements of Law applicable to Borrower, or any judgment, order or ruling of any Governmental Authority, (iv) will not violate or result in a default under any indenture, material agreement or other material instrument binding Borrower or any of its assets or give rise to a right thereunder to require any payment to be made by Borrower and (v) will not result in the creation or imposition of any Lien on any asset of Borrower, except Liens created under the Loan Documents. 4.07 Financial Statements. The Financial Statements of NBL and Borrower delivered to Bank in connection with the Loan (including in all cases the notes thereto, if any) have been prepared in accordance with GAAP or other standard acceptable to Bank, are accurate and complete in all material respects as of the respective dates thereof, are consistent with Borrower’s books and records (which, in turn, are accurate and complete in all material respects), present fairly in all material respects Borrower’s financial condition, results of operations and cash flows as of the times and for the periods referred to therein. Borrower represents and warrants that there have been no changes to the financial condition of NBL since the most recent Financial Statements of NBL delivered to Bank which have had or could reasonably be expected to have, singly or in the aggregate, a Material Adverse Effect. Borrower has no material Indebtedness and has not granted any Liens in its property other than those granted in connection with the Loan and other Permitted Liens. 4.08 Compliance with Laws and Agreements. Borrower represents and warrants that it and its respective Subsidiaries, if any, are substantially in compliance with (a) all requirements of Law and all judgments, decrees and orders of any Governmental Authority and (b) all indentures, agreements or other instruments binding upon it or its properties, except where non-compliance, either singly or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 4.09 Taxes. Borrower represents and warrants that it has timely filed or caused to be filed all Federal and state income tax returns and all other material tax returns that are required to be filed by it, and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or its property, except where the same are currently being contested in good faith by appropriate proceedings and in the case of the Borrower has set aside on its books adequate reserves in accordance with GAAP. Borrower represents and warrants that the charges, accruals and reserves on its books in respect of such taxes are adequate, and no tax liabilities that could be materially in excess of the amount so provided are anticipated. 4.10 ERISA. Borrower represents and warrants that it is in compliance with all applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and published interpretations thereunder with respect to all employee benefit plans covered thereby. Borrower represents and warrants that no ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. 4.11 Investment Company Act, etc. Borrower is not (i) an “investment company” under the Investment Company Act of 1940, as amended, or (ii) otherwise subject to any other regulatory
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 14 of 31 scheme limiting its ability to incur debt or requiring any approval or consent from or registration or filing with, any Governmental Authority in connection therewith. 4.12 Margin Regulations. None of the proceeds of the Loan will be used, directly or indirectly, for “purchasing” or “carrying” any “margin stock” with the respective meanings of each of such terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect or for any purpose that violates the provisions of the Regulation U. None of the Loan Parties is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying “margin stock.” 4.13 Ownership of Property. (a) The Borrower has good title to, or valid leasehold interests in, all of its real and personal property material to the operation of its business free and clear of Liens other than Permitted Liens. All leases that individually or in the aggregate are material to the business or operations of the Borrower are valid, subsisting and in full force and effect. (b) The Borrower owns, or is licensed or otherwise has the right to use, all patents, trademarks, service marks, trade names, copyrights and other intellectual property material to its business, and to Borrower’s knowledge the use thereof by Borrower does not infringe in any material respect on the rights of any other Person. (c) Borrower represents and warrants that the properties of Borrower is insured with financially sound and reputable insurance carriers which are not Affiliates of the Loan Parties, in such amounts with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower operates. 4.14 Subsidiaries and Affiliates. Borrower has no Subsidiaries. 4.15 Loan Party Disclosures. Borrower has disclosed to Bank for itself, all agreements, instruments, and corporate or other restrictions to which Borrower is subject, and all other matters known to any of them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Borrower represents and warrants that none of the reports, Financial Statements, certificates nor other information furnished by or on behalf of any Loan Party to the Bank in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or thereunder (as modified or supplemented by any other information so furnished) contains any material misstatement of fact nor omits to state any material fact necessary to make the statements therein, taken as a whole, in light of the circumstances under which they were made, not misleading. 4.16 Labor Relations. Borrower is not a party to any collective bargaining agreement nor has any labor union been recognized as the representative of its employees. There are no strikes, lockouts, collective bargaining activities or other material labor disputes or grievances against Borrower, or, to Borrower’s knowledge, threatened against or affecting Borrower, and no significant unfair labor practice, charges or grievances are pending against Borrower, or to Borrower’s knowledge, threatened against it before any Governmental Authority, except where the result of any of the foregoing, either singly or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 4.17 OFAC. Borrower represents and warrants that it (i) is not a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) does not engage in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such person in any manner violative of Section 2, or (iii) is not a person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order. 4.18 Patriot Act; Foreign Corrupt Practices Act. Borrower represents and warrants that it is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 15 of 31 amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (ii) the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA Patriot Act of 2001). No part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 4.19 Absence of Defaults. Borrower represents and warrants that no Default Condition or Event of Default has occurred or is continuing. 4.20 No Loans by Insiders. None of the Insiders have made any loan(s) to the Borrower, except as identified in Section 4.21 hereof. 4.21 Mezzanine, Shareholder, & Investor Debt. Borrower has no current mezzanine, shareholder, or investor debt. Borrower shall notify the Bank prior to incurring any mezzanine, shareholder, or investor debt, and Borrower shall not incur any mezzanine, shareholder, or investor debt without written approval of the Bank. Bank may condition its approval on the execution of an Intercreditor Agreement or Subordination Agreement in form and substance satisfactory to the Bank in its sole discretion. 4.22 Eligible Real Estate Loans. With respect to each Eligible Real Estate Loan for which the Bank makes an Advance, the Borrower makes the following specific representations and warranties: (a) The Real Estate Note has been funded and, except as disclosed to Bank, the original face amount is still owing and unpaid according to the terms and provisions thereof, and is subject to no offsets, credits, or concessions. The Real Estate Note, Mortgage, and all other documents executed in connection with the Eligible Real Estate Loan are true, correct and complete in all material respects with no changes, modifications, or other agreements except as specifically disclosed in writing to Lender. (b) The Real Estate Note was originated in compliance with all Laws. (c) The Real Estate Note was originated in accordance with NBL's accepted underwriting practices unless otherwise disclosed to Lender. (d) Borrower is the sole owner and holder of the Real Estate Note, Mortgage, and all other documents executed in connection with the Eligible Real Estate Loan, and has full power and authority to assign same to Lender in accordance with the terms hereof and such assignment will not conflict with any other agreement to which Borrower is a party or under which Borrower is obligated, nor shall such assignment constitute a default under the terms of any such agreement, except as specifically disclosed in writing to Bank. (e) In making, handling, and servicing the Real Estate Note, the Borrower will exercise the same care as it normally exercises with respect to a Real Estate Note held entirely for the Borrower's own account. ARTICLE FIVE AFFIRMATIVE COVENANTS Borrower covenants and agrees until such time as the Obligations have been indefeasibly paid in full in cash and any obligation of Bank to fund any portion of the Loan has terminated or expired: 5.01 Payment of Obligations. Borrower shall pay principal, interest, fees and other charges on the Loan and the other Obligations as and when due pursuant to the Note, this Agreement, and the other Loan Documents.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 16 of 31 5.02 Financial Statements and Other Reporting. (a) Annual Audited Financial Statements of NBL. Within one hundred twenty (120) days after the end of each Fiscal Year Borrower shall submit to Bank consolidated annual financial statements for NBL, and any and all Subsidiaries of NBL, for the Fiscal Year most recently ended, prepared in conformity with GAAP consistently applied and consisting of a balance sheet, and related statements of income, equity and cash flows (together with footnotes thereto) of NBL and its respective Subsidiaries audited by an independent certified public accountant acceptable to Bank (without a “going concern” or like qualification, exception or explanation and without any qualification or exception as to scope of such audit) to the effect that such financial statements present fairly in all material respects the financial condition and the results of operations of NBL and its respective Subsidiaries for such Fiscal Year on a consolidated basis certified to the Bank by a Financial Officer of the Borrower. (b) Annual Company Prepared Financial Statements of Borrower. Within one hundred twenty (120) days after the end of each Fiscal Year, Borrower shall submit to Bank internally prepared financial statements for the Fiscal Year most recently ended, prepared in conformity with GAAP consistently applied and consisting of a balance sheet, and related statements of income, equity and cash flows, which financial statements shall present fairly in all material respects the financial condition and the results of operations of the Borrower for such Fiscal Year, certified to the Bank by a Financial Officer of the Borrower. (c) Quarterly Financial Statements of NBL. Within forty-five (45) days after the end of each quarter of the year, NBL shall submit to Bank internally prepared financial statements including consolidated balance sheets of NBL and its respective Subsidiaries as of the end of such quarter, and the related consolidated statements of income and cash flows and profit and loss statements of NBL and its respective Subsidiaries, for such quarter and the then elapsed portion of such year, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of NBL’s previous year certified to Bank by a Financial Officer of NBL, all of which shall be prepared in accordance with GAAP. (d) Borrower Tax Return. Upon request by the Bank, Borrower shall submit to Bank a complete copy of its federal income tax return for each calendar year together with all schedules or exhibits thereto. (e) NBSC 10-K. Within thirty (30) days of the date of filing thereof, Borrower shall submit to Bank a complete copy of NBSC’s 10-K. (f) NBSC 10-Q. Within thirty (30) days of the date of filing thereof, Borrower shall submit to Bank a complete copy of NBSC 10-Q. (g) Monthly Collateral Loan Report. Borrower shall furnish to the Bank within thirty (30) days of each calendar month’s end a monthly report containing an aging of the Real Estate Notes receivable (“Receivables List”). The Receivables List shall, for each Real Estate Note: (i) identify each Real Estate Note by name of Real Estate Borrower, (ii) show the total principal amount outstanding on each Real Estate Note, (iii) show the total accrued and unpaid interest on each Real Estate Note, (iv) show all delinquency/past due information, as applicable, and (v) provide such other information as Bank may reasonably require. (h) Notice of Real Estate Note Default. Borrower shall notify the Bank in the event that any Collateral Loan becomes thirty-two (32) or more calendar days past within thirty (30) days of the occurrence thereof. Bank may, in its sole discretion, require the Borrower to immediately repay the remaining balance of the Advance made on any Real Estate Note that is in default. (i) Upon occurrence, Borrower shall provide to Bank prompt written notice of any change (i) in the Loan Party’s organizational name, (ii) in the jurisdiction of organization or formation of the Loan Party, (iii) in any Loan Party’s identity or form of organization or (iv) in any Loan Party’s Federal Taxpayer Identification Number. Borrower agrees not to effect or permit any change referred to in the preceding sentence to the extent within the Loan Parties’ control, unless all filings have been made under the UCC or otherwise that are required in order for the Bank to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 17 of 31 (j) Loan Parties shall promptly provide to Bank such other information regarding the results of operations, business affairs and financial condition of the Loan Parties as Bank may reasonably request in writing. All financial statements or records submitted to Bank via electronic means, including, without limitation by facsimile, open internet communications or other telephonic or electronic methods, including, without limitation, documents in Tagged Image Format Files (“TIFF”) or Portable Document Format (“PDF”) shall be treated as originals, fully binding and with full legal force and effect and the parties waive any rights they may have to object to such treatment. The Bank may rely on all such records in good faith as complete and accurate records produced or maintained by or on behalf of the party submitting such records. 5.03 Deposit Account Control Agreements. Borrower shall have established a “Collections Account” and an “Operating Account” at Capital One, N.A. or other depository institution reasonably acceptable to Bank (the “Depository Institution”) in the name of the Borrower. Bank, Borrower and the applicable Depository Institution shall enter into springing Deposit Account Control Agreements with respect to each of the Collections Account and the Operating Account in form and substance acceptable to the Bank, providing at a minimum that the Bank may take exclusive control over the applicable account following the occurrence of an Event an Event for so long as an Event of Default is continuing (each a “DACA” and collectively, the “DACAs”). All payments and fees on the Real Estate Collateral Loans shall be made to the Collections Account and may be moved by the Borrower to the Operating Account. The Borrower shall be required to notify all Real Estate Borrowers to make all payments to the Collections Account. Upon request by the Bank, the Borrower shall provide a statement of all transactions in the Collections Account and the Operating Account to the Bank. 5.04 Maintenance of Insurance, Financial Records and Existence. (a) Required Insurance. Borrower shall maintain or cause to be maintained insurance on Borrower’s properties and assets against fire, casualty, public liability, as well as general liability, and other liability insurance related to the business of Borrower as is customary for such business, all in such amounts, with such deductibles and with such insurers as are customary for such business (the “Required Insurance”). All of the policies relating to the Required Insurance shall contain standard “Mortgage” (where applicable), “lender loss payable” and “additional insured” (where applicable) clauses issued in favor of Bank pursuant to which all losses thereunder shall be paid to Bank as Bank’s interests may appear. Such policies shall expressly provide that the Required Insurance cannot be altered in any way adverse to Bank or canceled without thirty (30) days’ (or ten (10) days with respect to nonpayment of premium) prior written notice to Bank and shall insure Bank notwithstanding the act or neglect of the insured. At or prior to the date hereof, Borrower shall furnish Bank with insurance certificates certified as true and correct and being in full force and effect as of the date hereof or such other evidence of the Required Insurance as Bank may reasonably require. In the event the Borrower fails to procure or causes to be procured any of the Required Insurance or to timely pay or cause to be paid the premium(s) on any of the Required Insurance, Bank may do so for Borrower, but Borrower shall continue to be liable for the same. Borrower further covenants that all insurance premiums owing under its current casualty policy or policies will be paid when due. Borrower also agrees to notify Bank, promptly, upon Borrower’s receipt of a notice of termination, cancellation or non- renewal from its insurance company of any of the Required Insurance. Borrower hereby appoints Bank as its attorney-in-fact, exercisable at Bank’s option upon the occurrence and during the continuance of an Event of Default, to endorse any check which may be payable to Borrower in order to collect the proceeds of the Required Insurance. The foregoing general requirements shall not be in limitation or derogation of any other requirement of Borrower to obtain and/or maintain insurance as specified in any other Loan Document, including without limitation, any Security Agreement. (b) Financial Records. Borrower shall keep current and accurate books of records and accounts in which full and correct entries in all material respects will be made of all of their respective business transactions, and will reflect in its Financial Statements adequate accruals and appropriations to reserves, all in accordance with GAAP or other standards approved by Bank in writing. Borrower shall not change its Fiscal Year end date without prior written notice to Bank. (c) Existence; Rights; Conduct of Business. The Borrower shall do (or cause to be done) all things reasonably necessary to preserve and keep in full force and effect its legal existence and good
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 18 of 31 standing and the Borrower’s rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade names material to the conduct of its business, and will continue to engage in the same business as presently conducted or such other businesses that are reasonably related thereto. 5.05 Notices of Material Events. Borrower shall furnish to Bank prompt written notice of the following: (a) The occurrence of any Default Condition or Event of Default. (b) The filing or commencement of any action, suit, proceeding or investigation by or before any arbitrator or Governmental Authority, against or, to the knowledge of Borrower, affecting Borrower, which, if adversely determined, could reasonably be expected to result in a Material Adverse Effect. (c) Any change in the nature or extent of Hazardous Substances maintained on or with respect to any property of Borrower or the occurrence of any event or any other development by which Borrower (i) fails to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) becomes subject to any Environmental Liability, (iii) receives notice of any claim with respect to any Environmental Liability, or (iv) becomes aware of any basis for any Environmental Liability and in each of the preceding clauses, which individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. (d) The occurrence of any ERISA Event with respect to Borrower that alone, or together with any other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect. (e) The occurrence of any default or event of default, or the receipt by Borrower of any written notice of an alleged default or event of default, in respect of any Material Indebtedness of Borrower. (f) Any other development with respect to Borrower that results in, or could reasonably be expected to result in, a Material Adverse Effect. Each notice delivered under this hereunder shall be accompanied by a written statement of a Responsible Officer of Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 5.06 Litigation. Borrower shall give prompt notice to Bank of any litigation claiming in excess of $100,000.00 from Borrower or which, if adversely determined, could reasonably be expected to cause a Material Adverse Effect. 5.07 Taxes. Borrower shall pay or cause to be paid, all taxes when due (other than taxes levied upon Bank based upon or measured by Bank’s income or revenues), if any, in connection with the Loan, the Loan Documents and/or the execution, delivery or recording of any Mortgage, deed of trust, security deed, security agreement, financing statements or other Loan Documents. The Obligations of the Borrower under this section shall survive the payment of Borrower’s Obligations under this Agreement and the termination of this Agreement. 5.08 Compliance with Laws, etc. The Borrower shall: (i) comply with all laws, rules, regulations and requirements of any Governmental Authority applicable to its business and properties, including without limitation, all Environmental Laws, ERISA, and the Occupational Safety and Health Act of 1970, as amended (“OSHA”), except where the failure to do so, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; (ii) at all times maintain its properties in compliance with all applicable Environmental Laws and free of any Hazardous Substances; (iii) pay, perform or otherwise satisfy any fine, charge, penalty, fee, damage, order, judgment, decree or imposition related thereto which, if unpaid, would constitute a lien or encumbrance on any Collateral, other than a Permitted Encumbrance, unless (a) the validity thereof shall be contested diligently and in good faith by appropriate proceedings and with counsel reasonably satisfactory to Bank and (b) so long as Borrower shall at all times have deposited with Bank, or posted a bond satisfactory to Bank in, a sum equal to the amount necessary (in the reasonable discretion of Bank) to comply with such order or directive (including,
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 19 of 31 but not limited to, the amount of any fine, penalty, interest or cost that may become due thereon by reason of or during such contest); provided, however, that Bank shall be subrogated to the rights of the payee of such amount upon payment in full with respect to such fine, charge, or any portion thereof; and (iv) to take all appropriate response actions, including any removal or remedial actions, in the event of a release, emission, discharge, or disposal of any Hazardous Substances in, on, under or their respective properties necessary in order for such property to be or remain in compliance with all Environmental Laws.. 5.09 Payment of Obligations. Borrower shall pay and discharge at or before maturity, all of their respective obligations and liabilities (including without limitation all tax liabilities and claims that could result in a statutory Lien) before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 5.10 Visitation, Inspection, etc. The Borrower shall permit any of Bank’s officers or other representatives to visit and inspect any location(s) of Borrower or under Borrower’s control where any Collateral or any records of Collateral is kept during regular business hours to examine and audit Borrower’s books of account, records, reports and other papers in connection with each Eligible Real Estate Loan, to make copies and extracts therefrom and to discuss its affairs, finances and accounts with its officers, employees and independent certified public accountants and attorneys. As long as there is no Event of Default, the Bank will provide reasonable notice prior to making such visitations or inspections. If there is an Event of Default, visitations and inspections may at the Bank’s sole discretion be made without notice while such Event of Default is continuing. Borrower shall pay to Bank all reasonable fees, costs and expenses actually incurred by Bank in connection with up to one such inspection per year performed while no Event of Default is continuing and all such inspections performed while an Event of Default is continuing. In the event the Bank, its officers or other representatives obtain access to any other records of Borrower not pertaining to the Eligible Real Estate Loans, Bank shall immediately return such records, not retain any copies, and shall keep all such information confidential to the same standard Bank exercises in connection with the non-public personal information of its own customers. 5.11 Maintenance of Properties. Borrower shall keep and maintain (and, if applicable cause each direct or indirect Subsidiary of Borrower to keep and maintain) all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 5.12 Use of Proceeds. Borrower shall use the proceeds of the Loan to purchase Real Estate Mortgage Loans from NBL or one of NBL’s Subsidiaries. No part of the proceeds of the Loan will be used, whether directly or indirectly, for any purpose that would violate any rule or regulation of the Board of Governors of the Federal Reserve System, including without limitation Regulations T, U or X. 5.13 Leased Premises. In the event that any Collateral or books and records related thereto is or becomes located on any of the properties leased by the Loan Parties, the Borrower shall cause the applicable Loan Party to promptly, upon written request by Bank, seek to obtain from the owner and landlord of such leased properties a Landlord’s Waiver and Consent Agreement in form and substance reasonably acceptable to Bank and forward same to Bank. 5.14 Further Assurances. Borrower shall execute and/or deliver any and all further documents, financing statements, agreements and instruments, and take all further action (including filing Uniform Commercial Code and other financing statements, Mortgages and deeds of trust and preparing all documentation relating to filings under the Federal Assignment of Claims Act) that may be required under applicable law, or that Bank may reasonably request, in order to effectuate the transactions contemplated by the Loan Documents and in order to grant, preserve, protect and perfect the validity and first priority of the security interests created or intended to be created by the Security Agreements. In addition, from time to time, Borrower shall, at their sole cost and expense, promptly secure the Obligations by pledging or creating, or causing to be pledged or created, perfected security interests with respect to such of its assets and properties as the Bank shall designate (it being understood that it is the intent of the parties that the Obligations shall be secured by substantially all the assets of the Borrower (including properties acquired subsequent to the date hereof)). Such security interests and Liens will be created under the Security
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 20 of 31 Agreements and other security agreements, Mortgages, deeds of trust and other instruments and documents in form and substance reasonably satisfactory to Bank, and Borrower shall deliver or cause to be delivered to Bank all such instruments and documents (including legal opinions, title insurance policies, ownership and encumbrances reports and lien searches) as Bank shall reasonably request to evidence compliance with this Section. In furtherance of the foregoing, Borrower shall give prompt notice to Bank of the acquisition by Borrower (and, if applicable, by any direct or indirect Subsidiary) of any real property (or any interest in real property) or of any acquisition by Borrower of personal property that is maintained in a title form, such has vehicles or equipment. 5.15 Cross-Collateralization & Cross-Default. All future Obligations of the Borrower in favor of the Bank shall be cross-collateralized and cross-defaulted with the Loan and with each other. 5.16 Notification to Real Estate Borrower. Borrower acknowledges and agrees that upon an Event of Default, the Bank shall have the right to notify any Real Estate Borrower of the Collateral Assignment in favor of the Bank and, may direct the Real Estate Borrower to make all payments due under the Real Estate Note to the Bank. ARTICLE SIX NEGATIVE COVENANTS The Borrower covenants and agrees until such time as the Obligations have been indefeasibly paid in full in cash and any obligation of Bank to fund any portion of the Loan has terminated or expired: 6.01 Fundamental Changes. (a) Borrower shall not (and, if applicable, shall not permit any of its direct or indirect Subsidiaries to) merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, lease, transfer or otherwise dispose of (in a single transaction or a series of transactions) all or substantially all of its assets (sales of Eligible Real Estate Loans in the ordinary course of business shall not be deemed a sale of all or substantially all of the Borrower’s assets, even if such loans sold constitute all or substantially all of the Borrower’s assets) (in each case, whether now owned or hereafter acquired) or all or substantially all of the equity interests of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), liquidate, dissolve or create or acquire any additional Subsidiary. (b) Borrower shall not (and, if applicable, shall not permit any of its direct or indirect Subsidiaries to) engage in any business other than businesses that are similar or complementary to the type conducted by Borrower (or, as applicable, such Subsidiary) on the date hereof and businesses complementary or reasonably related thereto. (c) Borrower will do or cause to be done all things necessary to preserve and to keep in full force and effect their corporate existence and rights and its franchises, trade names, patents, trademarks and permits which are necessary for the continuance of its business; and continue to engage principally in the business currently operated by Borrower. (d) Borrower shall not permit or suffer to exist any of the following: (i) the transfer, exchange or acquisition of ownership, directly or indirectly, beneficially or of record, by any person or group the outstanding shares of voting stock or other equity interests of Borrower other than by the Guarantors except if same is by operation of law, pursuant to a judicial decree, order or administrative directive (but Borrower is under no duty to contest or appeal any such decree, order or administrative directive) ; or (ii) management of Borrower to be anything other than member-managed by NBL. (e) Borrower shall not permit or suffer to exist any event where Guarantors cease to be in control of the management of the Borrower.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 21 of 31 6.02 Amendment to Material Documents. Borrower shall not amend, modify or waive any of its rights in a manner materially adverse to the Bank, or which could otherwise be reasonably expected to have a Material Adverse Effect under (i) its Organizational Documents or (ii) any material contract. 6.03 Accounting Changes. Borrower shall not make any significant change in accounting treatment or reporting practices, except as required or permitted by GAAP, or change the Fiscal Year of any such Loan Party. 6.04 Subordinated Debt Payments. The Loan Parties shall not make any payment on Subordinated Debt in contravention of the terms and conditions of any Subordination Agreements. 6.05 Modification of Collateral Loans. Borrower will not modify, amend, or change the terms of any Collateral Loan except in ordinary course of business and, if any such modification, amendment, or change or terms will either (i) result in Material Adverse Effect on the Borrower or (ii) negatively affect the Collateral, then the Borrower will not make such modification, amendment, or change of terms without prior written consent of the Bank. ARTICLE SEVEN FINANCIAL COVENANTS The Borrower covenants and agrees until such time as the Obligations have been indefeasibly paid in full in cash and any obligation of Bank to fund any portion of the Loan has terminated or expired: 7.01 Minimum Interest Coverage Ratio. Borrower shall maintain an Interest Coverage Ratio of not less than 1.20 to 1.00, tested annually, based upon the financial statements required to be delivered pursuant to Section 5.02 hereof. “Interest Coverage Ratio” means the Borrower’s earnings before interest expense, depreciation expense, and amortization expense divided by the Borrower’s interest expense. 7.02 Minimum Cash Balance. Borrower shall establish and thereafter maintain with Bank until such time as the Obligations have been indefeasibly paid in full in good collected funds and the commitment to fund the Line of Credit has been terminated a depository account (“Depository Account”). Borrowers shall at all times maintain a minimum cash balance of $80,000.00 in the Depository Account. ARTICLE EIGHT SECURITY 8.01 Grant of Security Interest. As security for the full and timely payment and satisfaction of all of the Borrower’s obligations hereunder and under the Note, or under any other note or agreement with the Bank, the Borrower hereby grants to Bank a security interest in and to, and hereby collaterally pledges, assigns, conveys, Mortgages, and transfers, the following, and to the extent the documents, instruments or other items evidencing and representing the following (for the avoidance of doubt, other than cash) have not been delivered to Borrower, Borrower hereby covenants and agrees to deliver such documents, instruments, or other items to Bank (the “Real Estate Loan Collateral”): (a) The Real Estate Note for or with respect to each Collateral Loan, and all of the indebtedness evidenced by such Real Estate Notes. (b) All of its right, title and interest in and to the Mortgages and other instruments securing the payment of the indebtedness evidenced by the Real Estate Notes for Collateral Loans, including, but not limited to, all escrows included thereunder and all servicing rights and proceeds from the sale of servicing rights, (and in the Event of Default, Borrower hereby subrogates the Bank to its position as lien
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 22 of 31 holder to the end that Bank may, at its election, exercise, if necessary, in Borrower’s name, all of the rights of the beneficiary of said Mortgages and other similar security instruments). (c) All proceeds from the sale or transfer of each Collateral Loan, up to the amount necessary to pay the remaining unpaid amount of the Advance made for the respective Collateral Loan. (d) All deposits of Borrower (whether general or special, time or demand, provisional or final, or individual or joint) maintained with or at Bank or any of its affiliates, custodians or designees (e) All escrows, deposits, and other monies or consideration received by or on behalf of Borrower with respect to each Collateral Loan, including, but not limited to, escrows for insurance, taxes and interest and payments made under the Eligible Real Estate Loan by the Real Estate Borrower. (f) All proceeds of any hazard insurance which may arise from damage to or destruction of any property directly or indirectly securing Borrower’s indebtedness which may arise under this Agreement. (g) Borrower’s right, title and interest in and to any private Mortgage insurance in effect with respect to any Collateral Loan and the proceeds thereof. (h) Borrower’s right, title and interest in and to any hazard insurance, liability insurance and title insurance pertaining to any Collateral Real Estate securing any Collateral Loan and proceeds thereof. (i) All appraisals, surveys, insurance certificates, termite reports and other loan documents pertaining to the Collateral Loans delivered to the Bank. (j) All general intangibles pertaining to the Collateral Loans delivered to the Bank. (k) All of the Borrower’s ledger and account cards, computer tapes, disks and printouts, and books and records of Borrower in connection with the Collateral Loans. (l) Any and all other properties and assets of Borrower of whatever nature, tangible or intangible, wherever located and whether now or hereafter existing relating to the Collateral Loans delivered to the Bank other than those properties and assets not unique to such Collateral Loans used in the Borrower’s business for operational purposes and properties and assets pertaining to any other loans by Borrower not secured by this Agreement, whether now existing or hereafter acquired or created, whether owned beneficially or of record and whether owned individually, jointly or otherwise, together with any and all products and proceeds thereof, all payments and other distributions with respect thereto and any and all renewals, substitutions, modifications and extensions of any and all of the foregoing; provided, however, that the foregoing shall not include any products, proceeds, payments or distributions received by Borrower from the sale of any Eligible Real Estate Loan if Borrower has repaid the Advance received by it under the Loan with the proceeds of the sale or otherwise substituted another a Collateral Loan for the Eligible Real Estate Loan so sold. 8.02 Authority to File; Further Assurances. Borrower authorizes Bank at any time, without further consent or the signature of Borrower, to file (including by any electronic method) in any jurisdiction, financing statements, amendments to financing statements, continuations of financing statements, or other documents covering the Real Estate Loan Collateral, or any part thereof, including, without limitation, any filings with any County or State. Borrower also ratifies its authorization for Bank to have filed in any Uniform Commercial Code jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. Borrower further agrees to promptly take such additional actions and to execute such additional documents as Bank deems reasonably necessary or advisable to perfect, continue the perfection of, maintain the priority of, and otherwise to protect and preserve Bank’s security interest in, the Real Estate Loan Collateral and to prevent the accrual of prescription or statute of limitations with respect to the Real Estate Loan Collateral. Borrower shall execute any endorsements, collateral assignments, and stock powers with respect to the Real Estate Loan Collateral, in form and substance satisfactory to Bank that Bank may request. As may be necessary or advisable to ensure the attachment, perfection, or priority of, or ability of the Bank to enforce its security interest in, the Real Estate Loan Collateral, Borrower will: (i) comply with any provision of any statute, regulation, or treaty of the United
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 23 of 31 States as to any Real Estate Loan Collateral; (ii) obtain any governmental and other third party consents or approvals; and (iv) obtain subordinations and/or waivers from mortgagees or landlords in form and substance satisfactory to Bank. 8.03 Release of Real Estate Loan Collateral. Items released in writing by Bank from time to time from the lien of this Agreement shall no longer be considered Real Estate Loan Collateral hereunder. This assignment is made for the purpose of securing an indebtedness of the Borrower to the Bank, and it is a condition hereof that if no Event of Default has occurred and is continuing, this assignment shall not be enforceable by the Bank. But in the event any Event of Default (subject to any applicable cure period) has occurred and is continuing, then, and in such event, Bank shall have all rights accorded Borrower under such documents, and Bank may take and receive all payment under the Real Estate Note(s) for Collateral Loans and other Real Estate Loan Collateral assigned hereby and any and all proceeds or product thereof, and take any legal action in respect of such Real Estate Loan Collateral as the Borrower might absent this assignment. This assignment constitutes a pledge and creates and grants, and Borrower hereby creates and grants, to Bank a security interest, under the terms of the Uniform Commercial Code in the above described Real Estate Loan Collateral and all remedies afforded by the Uniform Commercial Code are hereby granted unto the Bank. Furthermore, the pledge created hereunder may be perfected by the delivery of the Real Estate Notes to a third party as bailee and failure of Bank to have physical possession thereof shall not in such event invalidate this pledge or its perfection, if such bailee is given notice of this assignment. 8.04 Security Interest in Collateral Personal Property. In additional to the security interest granted in this Agreement, the Borrower shall have executed the Security Agreement granting to the Bank a security interest in the Collateral Personal Property. 8.05 Custodial Arrangement for Collateral Loan Files. Borrower hereby agrees to deliver to Bank promptly following the acquisition (or such subsequent amendment or modification) of a Collateral Loan, all of the loan documents constituting the loan closing file related thereto and any subsequent amendments and modifications thereto (each, a “Collateral Loan File”), including without limitation the original Note, original Allonge, and original Collateral Allonge, and Bank agrees to take custody of and safeguard each Collateral Loan File so received from Borrower. Bank will permit periodic inspection of the Collateral Loan Files by Borrower upon reasonable advance notice. Bank will also provide Borrower copies of any of the documents in the Collateral Loan Files as reasonably requested by Borrower from time to time. Bank shall take the same or substantially similar precautions to protect and preserve the Collateral Loan Files that it uses to protect its own loan files of similar import, but in any event, no less than a reasonable standard of care consistent with the importance of the Collateral Loan Files. Within three (3) business days of repayment in full of the Advance made under the Loan with respect to any Eligible Real Estate Loan, the Bank shall return to the Borrower the respective Collateral Loan File, including without limitation the originals of the Note, the Collateral Assignment, the Collateral Allonge, the Allonge, and all other documents relating to the Eligible Real Estate Loan the Advance on which has been repaid in full. Bank shall release in writing its interests, including without limitation security interests and liens, in any Real Estate Collateral with respect to which the underlying Eligible Real Estate Loan was funded in whole or in part by with an Advance under the Loan upon the repayment of such Advance if requested by the Borrower. ARTICLE NINE DEFAULTS AND REMEDIES UPON DEFAULTS 9.01 Events of Default. Any one or more of the following shall constitute an “Event of Default” hereunder: (a) the failure by a Loan Party to pay within ten (10) calendar days when due (i) any payment of principal and/or interest on or with respect to (A) the Loan under the Note, (B) any other Obligation, or (C) any other Loan Document, whether a regularly scheduled payment, at maturity or by acceleration, or (ii) any taxes or assessments required to be paid hereunder, or (iii) any insurance premiums required to keep the insurance coverage required hereunder or pursuant to any Security Agreement or any other Loan Document in full force and effect at any time, or (iv) any other monetary sum required to be paid pursuant to the terms of any other Loan Document; or
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 24 of 31 (b) any representation or warranty made or deemed made by or on behalf of any Loan Party in or in connection with this Agreement or any other Loan Document (including the Schedules attached thereto) and any amendments or modifications hereof or waivers hereunder, or in any certificate, report, financial statement or other document submitted to Bank by any Loan Party, or any representative thereof pursuant to or in connection with this Agreement or any other Loan Document shall prove to be materially incorrect when made or deemed made or submitted if not cured within thirty (30) days after written notice thereof from Bank to Borrower; or (c) the breach of any (i) affirmative covenant as provided in Article Five, (ii) negative covenant as provided in Article Six hereof or (iii) any financial covenant as provided in Article Seven hereof if not cured within thirty (30) days after written notice thereof from Bank to Borrower; or (d) a default or breach which is not otherwise the subject of any other provision of this Article Nine shall occur in the performance of any of the covenants or agreements of any Loan Party contained in this Agreement, the Note, any Guaranty, the Security Agreements or any other Loan Document and such default is not capable of being cured, or if capable of being cured shall continue uncured to the reasonable satisfaction of Bank for a period of thirty (30) days after written notice thereof from Bank to Borrower, or such other lesser or greater period of time, if any, with or without notice as specifically set forth in the applicable document or instrument. (e) Borrower (whether as primary obligor or as guarantor or other surety) shall default on any Indebtedness of such Person other than the Obligations; or (f) any Loan Party shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official of it or any substantial part of its property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i), (iii) apply for or consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for any Loan Party or for a substantial part of their assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing; or (g) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other similar relief in respect of any Loan Party or their debts, or any substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of a custodian, trustee, receiver, liquidator or other similar official for Borrower, any other Loan Party or for a substantial part of their assets, and in any such case, such proceeding or petition shall remain undismissed for a period of sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; or (h) any Loan Party shall become unable to pay, shall admit in writing its inability to pay, or shall fail to pay, its debts as they become due; or (i) an ERISA Event shall have occurred that, in the opinion of Bank, when taken together with other ERISA Events that have occurred, could reasonably be expected to result in liability to Borrower or NBL in an aggregate amount exceeding $25,000.00; or (j) any judgment, garnishment, seizure, tax lien, levy or order for the payment of money, not fully covered by insurance or a bond, in excess of $100,000.00 in the aggregate shall be rendered against Borrower or NBL or any assets of such Loan Party which is not released or satisfied within thirty (30) calendar days of the entry thereof; or (k) any non-monetary judgment or order shall be rendered against Borrower or NBL that could reasonably be expected to have a Material Adverse Effect; or (l) any security interest or Lien purported to be created by any Security Agreement shall cease to be, or shall be asserted by any Loan Party not to be, a valid, perfected, first priority (except as
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 25 of 31 otherwise expressly provided in this Agreement or such Security Agreement) security interest in the securities, assets or properties covered thereby; or (m) Borrower shall be prohibited or otherwise restrained from conducting the business theretofore conducted by it in any manner that has or could reasonably be expected to have or result in a Material Adverse Effect by virtue of any determination, ruling, decision, decree, ordinance, or order of any court of competent jurisdiction, Governmental Authority, or municipality except where such is not in effect pending appeal or rehearing; or (n) there shall be any evidence received by Bank that reasonably leads it to believe that the Loan Parties may have directly or indirectly been engaged in any type of criminal activity which would be reasonably likely to result in the forfeiture of a material portion of their assets or properties to any Governmental Authority or which would otherwise result in a Material Adverse Effect. 9.02 Rights Upon Event of Default. Upon the occurrence of an Event of Default and in every such event (other than an event with respect to the Loan Parties described in subparagraph (f) or (g) of Section 9.01 hereof) and at any time thereafter during the continuance of such event, Bank may take, without limitation, any or all of the following actions, at the same or different times: (i) declare the principal of and any accrued interest on the Loan, and all other Obligations, to be, whereupon the same shall become, due and payable immediately in full, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties, (ii) to the extent that Borrower has any right to receive Advances under the Loan, terminate the Borrower’s right to obtain or receive Advances, (iii) exercise all rights and remedies contained in the Security Agreements, (iv) exercise all rights and remedies contained in any other Loan Document, and (v) exercise any other remedies available at law or in equity; and that, if an Event of Default specified in either subparagraph (f) or (g) of Section 9.01 hereof shall occur, the principal of the Loan then outstanding, together with accrued interest thereon, and all fees, and all other Obligations shall automatically immediately become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties. Notwithstanding the foregoing, if any note of Borrower to Bank constituting any of the Obligations, including without limitation, any of the Note[s], shall be a demand instrument, however, the recitation of the right of Bank to declare any and all Obligations to be immediately due and payable, whether such recitation is contained in such note or in this Agreement, as well as the recitation of the above events permitting Bank to declare all Obligations due and payable, shall not constitute an election by Bank to waive its right to demand payment under a demand feature at any time and in any event, as Bank in its discretion may deem appropriate. 9.03 Application of Proceeds from Collateral. All proceeds from each sale of, or other realization upon, all or any part of the Collateral by the Bank after an Event of Default arises shall be applied as follows: (a) first, to the reimbursable expenses of the Bank incurred in connection with such sale or other realization upon the Collateral, until the same shall have been paid in full; (b) second, to the fees and other reimbursable expenses of the Bank then due and payable pursuant to any of the Loan Documents, including without limitation attorneys’ fees and expenses and other costs of collection or enforcement, until the same shall have been paid in full; (c) third, to interest then due and payable under the terms of the Note[s], until the same shall have been paid in full; (d) fourth, to the outstanding principal amount of the Loan, in such order as Bank shall determine in its sole discretion; (e) fifth, to all other Obligations until the same shall have been paid in full to Bank; and (f) sixth, to the extent any proceeds remain, to the Borrower or other parties lawfully entitled.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 26 of 31 ARTICLE TEN MISCELLANEOUS 10.01 Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications to any party herein to be effective shall be in writing and shall be either (i) sent by reputable overnight courier service to the address for the Party listed in the preamble of this Agreement; or (ii) hand delivered to the address for the Party listed in the preamble of this Agreement. (b) Notices and communications shall be deemed to have been received when delivered in person or by courier service. (c) If any Party delivers any notice or other communication pursuant to Sections 10.01(a), then the Party shall also deliver a duplicate copy of the notice or communication as follows: As to the Borrower and Guarantors: Copy to: Newtek Business Services Corp. Attn: Chief Legal Officer 1981 Marcus Ave., Suite 130 Lake Success, NY 11042 Email: mschwartz@newtekone.com As to the Bank: Copy to: Sarah Pape, Attorney Zimmerman, Kiser, & Sutcliffe, P.A. 315 East Robinson St. Suite 600 Orlando, FL 32801 Email: spape@zkslawfirm.com (d) Any party hereto may change its address or email address for notices and other communications hereunder by notice to the other parties hereto. (e) Any agreement of the Bank to receive certain notices by telephone or email is solely for the convenience and at the request of Borrower. Bank shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Loan Parties to give such notice and Bank shall not have any liability to the Loan Parties or other Person on account of any action taken or not taken by Bank in reliance upon such telephonic or email notice. The obligation of the Loan Parties to repay the Loan and all other Obligations hereunder shall not be affected in any way or to any extent by any failure of Bank to receive written confirmation of any telephonic or email notice or the receipt by Bank of a confirmation which is at variance with the terms understood by Bank to be contained in any such telephonic or email notice. 10.02 Waiver; Amendments. No failure or delay by Bank in exercising any right or power hereunder or any other Loan Document, and no course of dealing between the Loan Parties and Bank, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power hereunder or thereunder. The rights and remedies of Bank hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies provided by law. No amendment or waiver of any provision of this Agreement or the other Loan Documents, nor consent to any departure by the Loan Parties therefrom, shall in any event be effective unless the same shall be in writing and signed by the Loan Parties and Bank and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. Without limiting the generality of the foregoing, the making of
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 27 of 31 an Advance under the Loan shall not be construed as a waiver of any Default Condition or Event of Default, regardless of whether the Bank may have had notice or knowledge of such Default Condition or Event of Default at the time. 10.03 Expenses; Indemnification. (a) Borrower shall pay (i) all reasonable, out-of-pocket costs and expenses of Bank, including the reasonable fees, charges and disbursements of counsel for Bank, in connection with the preparation and administration of the Loan Documents and any amendments, modifications or waivers thereof (whether or not the transactions contemplated in this Agreement or any other Loan Document shall be consummated); provided, however, that notwithstanding the foregoing or anything else in the Loan Documents to the contrary, including without limitation Section 10.03(b) below, Borrower’s responsibility for Bank’s attorney fees and all other costs, fees, and expenses incurred by Bank in preparation of the initial Loan Documents and the closing of the Loan shall not exceed $50,000.00 in the aggregate; and (ii) all out- of-pocket costs and expenses (including, without limitation, the reasonable fees, charges and disbursements of outside counsel and the allocated cost of inside counsel) incurred by Bank in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loan or other Obligations, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loan or other Obligations. (b) Borrower shall indemnify Bank and any of its affiliates, as well as their respective shareholders, directors, officers, employees, or agents (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Loan Parties arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) the Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Substances on or from, or migrating to or from, any property owned or operated by any Loan Party, or any actual or alleged Environmental Liability related in any way to any Loan Party or any Collateral, (iv) any breach by Borrower of any representation, warranty or covenant contained herein, or (v) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Loan Parties, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee. (c) Borrower shall pay, and hold Bank harmless from and against, any and all present and future stamp, documentary, indebtedness, and other similar taxes with respect to this Agreement and any other Loan Documents, any collateral described therein, or any payments due thereunder, and shall defend, indemnify and save the Bank harmless from and against any and all liabilities with respect to, or resulting from any delay or omission to pay such taxes except for any delay or omission caused by the gross negligence or willful misconduct of Bank or any Indemnitee. (d) To the extent permitted by applicable law, the Loan Parties shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result of, this Agreement or any agreement or instrument contemplated hereby, the transactions contemplated therein, any loan or the use of proceeds thereof. (e) All amounts due under this Section shall be payable promptly after written demand therefor. 10.04 Multiple Obligors.
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 28 of 31 (a) Bank may deal with Borrower as if it were the sole obligor, without impairing in any way the liability of any other Loan Party. Without limiting the generality of that right, Bank may in particular release, impair, or fail to perfect an interest in any collateral of any Person comprising Loan Parties, waive defaults by any of them, or extend or compromise the liability of any of them without the consent of the other obligors. (b) Any and all present and future debt and other obligations of any of Borrower to any other Loan Party is hereby subordinated to the full payment and performance of all Obligations due to Bank, whether under this Agreement, the Note or otherwise. (c) Borrower is presently informed as to the financial condition of every other Loan Party and all other circumstances of each other relating to the Loan, this Agreement, and the other Loan Documents which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the amounts due or to become due hereunder. Borrower hereby covenants that it will continue to keep itself informed as to the financial condition of the other Loan Parties, and all circumstances which bear upon the risk of nonpayment. Absent written request from a Loan Party to Bank for information (and such request shall not be unreasonably denied by Bank), Borrower hereby waives any and all rights it may have to require Bank to disclose to Borrower any information which Bank may now or hereafter acquire concerning the condition or circumstances of the other Loan Parties. 10.05 Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Loan Parties may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Bank. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, and Participants as provided in subparagraph (b) below) any legal or equitable right, remedy or claim under or by reason of this Agreement. 10.06 Governing Law; Jurisdiction; Venue. This Agreement is made and delivered in the State of Florida and shall be governed by and construed in accordance with the laws thereof without reference to the conflicts of law principles that would cause the application of the laws of another jurisdiction. Borrower hereby irrevocably submits and consents to the exclusive personal jurisdiction and venue of any state or federal court in Florida located in the same judicial district as the office of Bank specified in the first paragraph of this Agreement and agrees that all actions or proceedings arising directly, indirectly or otherwise in connection with, out of, related to or from this Agreement shall be litigated only in one of the foregoing described courts. Borrower, for itself, and its respective heirs, successors and its assigns, and for any person claiming under or through any of them, hereby knowingly and voluntarily waives any and all rights to contest the jurisdiction or venue as set forth above and hereby knowingly and voluntarily waives any and all rights to remove this action to, or to transfer, dismiss, or change venue to, any other court. Borrower further acknowledges and agrees that neither Bank nor any person acting on behalf of Bank has represented to Borrower that the provisions of this paragraph have been waived or will not be fully enforced by Bank. Notwithstanding the foregoing, Bank may initiate necessary judicial actions in any jurisdiction to recover Collateral securing the Loan or any other Obligation. 10.07 WAIVER OF JURY TRIAL. BORROWER KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS BORROWER MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BASED ON, ARISING OUT OF, OR IN ANY WAY RELATED TO: THIS AGREEMENT; THE OBLIGATIONS; ANY NOTES, LOAN AGREEMENTS, OR ANY OTHER LOAN DOCUMENTS OR AGREEMENT EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONNECTION WITH ANY OF THE OBLIGATIONS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. THIS JURY WAIVER ALSO APPLIES TO ANY CLAIM OR, COUNTERCLAIM, CAUSE OF ACTION OR DEMAND ARISING FROM OR RELATED TO (I) ANY COURSE OF CONDUCT, COURSE OF DEALING, OR RELATIONSHIP OF ANY LOAN PARTY, ANY OBLIGOR, OR ANY OTHER PERSON WITH BANK OR ANY EMPLOYEE, OFFICER, DIRECTOR OR ASSIGNEE OF BANK IN CONNECTION WITH THE
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 29 of 31 OBLIGATIONS WITH BANK; OR (II) ANY STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PERSON BY OR ON BEHALF OF BANK TO ANY LOAN PARTY, ANY OBLIGOR, OR ANY OTHER PERSON IN CONNECTION WITH THE OBLIGATIONS OR BANK REGARDLESS OF WHETHER SUCH CAUSE OF ACTION ARISES BY CONTRACT, TORT OR OTHERWISE. BORROWER ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT TO THE BANK IN EXTENDING CREDIT TO BORROWER, THAT THE BANK WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT EACH LOAN PARTY HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER. BORROWER FURTHER CERTIFIES THAT NO PERSON HAS REPRESENTED TO IT, EXPRESSLY OR OTHERWISE, THAT BANK OR ANY OTHER PERSON WOULD NOT, IN THE EVENT OF A LEGAL PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER. 10.08 Right of Setoff. In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, Bank shall have the right, at any time or from time to time upon the occurrence and during the continuance of an Event of Default, without prior notice to the Loan Parties, any such notice being expressly waived by Borrower to the extent permitted by applicable law, to set off and apply against all deposits (general or special, time or demand, provisional or final) of Borrower at any time held or other obligations at any time owing by Bank to or for the credit or the account of Borrower against any and all Obligations held by Bank, irrespective of whether Bank shall have made demand hereunder. Bank agrees to promptly notify the Loan Parties after any such set-off and any application made by Bank; provided, that the failure to give such notice shall not affect the validity of such set-off and application. 10.09 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Any party to this Agreement may execute a counterpart copy of this Agreement and deliver the same by telecopier, or by an electronically or digitally scanned copy signed counterpart stored in an electronic or digital format (e.g., “.pdf” or “.tft” format) which preserves the graphical or pictorial appearance of the original and delivered by electronic or digital means, such as electronic mail, so that the same may be printed in a tangible format, which shall be deemed an original for all purposes. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 10.10 Entire Agreement. This Agreement, the Note, and the other Loan Documents constitute the entire agreement among the parties hereto and thereto regarding the subject matters hereof and thereof and supersede all prior agreements and understandings, oral or written, regarding such subject matters. No course of dealing, course of performance, usage of trade or evidence of any prior, contemporaneous or subsequent oral agreements or discussions or other extrinsic evidence of any nature shall be used to contradict, vary, supplement or modify any term of this Agreement or the other Loan Documents. There are no oral agreements between the parties. 10.11 Survival. All covenants, agreements, representations and warranties made by the Loan Parties herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by Bank and shall survive the execution and delivery of this Agreement and the making of any Advance of the Loan, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Bank may have had notice or knowledge of any Default Condition or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on the Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as any commitment of Bank to make Advances under the Loan has not expired or terminated. The provision entitled “Expenses; Indemnification” above shall survive and remain in full
#13836.21|82165v10 Loan Agreement: Newtek Business Lending et al Page 30 of 31 force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loan, the expiration or termination of the Loan or the termination of this Agreement or any provision hereof. All representations and warranties made herein, in the certificates, reports, notices, and other documents delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement and the other Loan Documents, and the making of any Advance by Bank under the Loan. 10.12 Severability. Any provision of this Agreement or any other Loan Document held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 10.13 Gender and Number. In this Agreement, whenever the context so requires, the neuter gender includes the feminine and/or masculine, as the case may be and the singular number includes the plural. 10.14 Headings. Any captions or headings in this Agreement are for convenience and reference and are not to be considered a part hereof and shall not limit or otherwise affect any of the provisions or terms hereof. 10.15 Interpretation. No provision of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such Person having or being deemed to have structured, written or dictated such provision. 10.16 Lack of Duress. Borrower represents and warrants to Bank that each Loan Party is a sophisticated business Person, having had substantial experience in connection with financing and credit arrangements such as contemplated by this Agreement, was duly represented by or had the opportunity to be represented by an attorney in the negotiation of the documentation to evidence and secure the Loan and bargained with Bank at arm's length and without duress of any kind whatsoever relative to all of the terms and conditions pursuant to which Bank agreed to make available the Loan including, but not limited to, the terms and conditions contained in this section. 10.17 Interest Rate Limitation. The parties hereto stipulate and agree that it is their common and overriding intent to contract in strict compliance with the applicable usury laws. Notwithstanding anything herein to the contrary, if at any time the interest rate or rates applicable to the Loan, together with all fees, charges and other amounts which may be treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate of interest (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by Bank in accordance with applicable law, the rate of interest payable in respect of the Loan, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate. If for any reason the charges paid by any Loan Party exceed the Maximum Rate, Bank shall credit against the principal balance of the Loan (or, if such indebtedness shall have been paid in full, refund to the payor of such charges) such portion of said charges as shall be necessary to ensure that the total charges do not exceed the Maximum Rate. 10.18 Patriot Act. The Bank hereby notifies Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies Loan Parties, which information includes the name and address of such Person and other information that will allow such Bank to identify such Person in accordance with the Patriot Act. Borrower shall provide such information and take such other actions as are reasonably requested by the Bank in order to assist the Bank in maintaining compliance with the Patriot Act. [Remainder of Page Intentionally Blank]
IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the day and year first above written. "BANK" One Flo' y Richard A. Anderson, Jr Executive Vice President BORROWER" NBL SPV Ill, LLC, a Delaware limited liability company By: #13836.21182165v10 Loan Agreement: Newtek Business Lending et al Barry Sloane, Chief Executive Officer Page 31 of 31
EXHIBIT A FORM OF ALLONGE ALLONGE This Allonge forms a part of that certain Promissory Note dated in the original principal amount of $ , executed by , and made payable to the order of Newtek Business Lending, LLC, a Florida limited liability company and assigned to NBL SPV III, LLC, a Delaware limited liability company. Pay to the order of: ONE FLORIDA BANK, its successors and assigns. This endorsement is made without representation, recourse, or warranty by the undersigned. Dated: , 20 #13836.21184835v1 NBL SPV III, a Delaware limited liability company By: Name: Its:
EXHIBIT B FORM OF ASSIGNMENT OF MORTGAGE ASSIGNMENT OF MORTGAGE This Instrument Prepared By And When Recorded Return To: NBL SPV III, LLC Attn: [ 14 E. Washington St, Ste 600-J Orlando, FL 32801 SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE ONLY ASSIGNMENT OF MORTGAGE NBL SPV III, LLC, a Delaware limited liability company, residing or located at 14 E. Washington St, Ste 600-J, Orlando, FL 32801 ("Assignor"), for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby assigns, transfers, sets over and conveys to One Florida Bank, a Florida banking corporation, residing or located at 33 W. Pineloch Ave., Suite A, Orlando, FL 32806 ("Assignee"), all of Assignor's right, title and interest in and to that certain MORTGAGE dated as of , 202_, made by ,a ("Mortgagor"), in favor of NEWTEK BUSINESS LENDING, LLC, a Florida limited liability company, residing or located at 14 E. Washington Street, Suite 600-J, Orlando, Florida 32801, who further assigned to Assignor, encumbering the property located in the [City/Township/Etc.] of , in the County of , State of and legally described on Scheduled A attached hereto (the "Mortgage"). The Mortgage was recorded on , in the Public Records of [INSERT NAME OF COUNTY], [INSERT STATE], under Instrument Number , Book Page and further assigned to Assignor by that certain Assignment of Mortgage recorded on , in the Public Records of [INSERT NAME OF COUNTY], [INSERT STATE] under Instrument Number , Book Page #13836.21184695v2
TO HAVE AND TO HOLD the same unto the Assignee and its successors and assigns forever, subject only to the terms and conditions of the Mortgage. The Assignee is not acting as a nominee of the Mortgagor, and the Mortgage continues to secure bona fide obligations. In all references in this Assignment to any parties, persons, entities or corporations the use of any particular gender or the plural or singular number is intended to include the appropriate gender or number as the text of the within instrument may require. IN WITNESS WHEREOF, Assignor has caused these presents to be signed and sealed the day and year first above written. STATE OF COUNTY OF ASSIGNOR: NBL SPV III, LLC By Name: Title: ACKNOWLEDGMENT ) SS The foregoing instrument was acknowledged before me by means of ❑ physical presence or ❑ online notarization, this day of 202_, by , as the of NBL SPV III, LLC, a Delaware limited liability company. He is personally known to me or has produced his driver's license as identification. Notary Public #13836.21184695v2
SCHEDULE A LEGAL DESCRIPTION [INSERT LEGAL DECRIPTION] #13836.21184695v2
EXECUTION VERSION 739191471 20664933 MASTER REPURCHASE AGREEMENT Dated as of March 18, 2021 by and among NBL SPV II, LLC, as Seller and DEUTSCHE BANK AG, NEW YORK BRANCH, as Buyer
TABLE OF CONTENTS Page 739191471 20664933 i 1. APPLICABILITY .............................................................................................................. 1 2. DEFINITIONS ................................................................................................................... 1 3. INITIATION; CONFIRMATION; TERMINATION; FEES; EXTENSION ................. 32 4. MARGIN MAINTENANCE ........................................................................................... 38 5. INCOME PAYMENTS AND PRINCIPAL PAYMENTS ............................................. 39 6. SECURITY INTEREST .................................................................................................. 41 7. PAYMENT, TRANSFER AND CUSTODY .................................................................. 42 8. SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED LOANS ............................................................................................................................ 43 9. REPRESENTATIONS AND WARRANTIES OF SELLER .......................................... 44 10. NEGATIVE COVENANTS OF SELLER ...................................................................... 49 11. AFFIRMATIVE COVENANTS OF SELLER ................................................................ 51 12. RELEASE OF COLLATERAL ....................................................................................... 55 13. EVENTS OF DEFAULT; REMEDIES ........................................................................... 55 14. ACCOUNTS .................................................................................................................... 62 15. ACKNOWLEDGMENT AND CONSENT TO BAIL-IN OF EEA INSTITUTIONS .............................................................................................................. 62 16. NOTICES AND OTHER COMMUNICATIONS........................................................... 63 17. ENTIRE AGREEMENT; SEVERABILITY ................................................................... 63 18. ASSIGNABILITY ........................................................................................................... 64 19. GOVERNING LAW ........................................................................................................ 65 20. NO WAIVERS, ETC ....................................................................................................... 65 21. USE OF EMPLOYEE PLAN ASSETS ........................................................................... 65 22. INTENT ........................................................................................................................... 66 23. DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS .................... 67 24. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL ..................................... 67 25. NO RELIANCE ............................................................................................................... 68 26. INDEMNITY ................................................................................................................... 69 27. DUE DILIGENCE ........................................................................................................... 70 28. SERVICING .................................................................................................................... 71 29. TAXES ............................................................................................................................. 72 30. MISCELLANEOUS ........................................................................................................ 75
739191471 20664933 ii ANNEXES, EXHIBITS AND SCHEDULES ANNEX I Names and Addresses for Communications between Parties EXHIBIT I Form of Confirmation EXHIBIT II Form of Funding Certification EXHIBIT III Form of Power of Attorney EXHIBIT IV Underwriting Criteria SCHEDULE I Restricted Parties SCHEDULE II Representations and Warranties with Respect to Purchased Loans F
739191471 20664933 THIS MASTER REPURCHASE AGREEMENT (this “Agreement”) is dated as of March 18, 2021 (the “Closing Date”), by and between NBL SPV II, LLC (“Seller”), a Delaware limited liability company and DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of a foreign banking institution (“Deutsche Bank” and “Buyer”). 1. APPLICABILITY From time to time, the parties hereto may enter into transactions in which Seller agrees to transfer to Buyer certain Eligible Loans (as hereinafter defined), in each case, against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Eligible Loans at a date certain or on demand, as applicable, against the transfer of funds by Seller. Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in any exhibits identified herein as applicable hereunder. 2. DEFINITIONS (a) As used in this Agreement, the following terms shall have the following meanings: “1934 Act” shall have the meaning specified in Section 23(a). “Accelerated Repurchase Date” shall have the meaning specified in Section 13(b)(i) of this Agreement. “Accepted Servicing Practices” with respect to the Mortgage Loans, the same degree of care and diligence in service, collections, resale and reporting (x) that is exercised by other prudent servicers servicing small business mortgage loans in the states where the mortgaged properties are located and (y) that the related Servicer uses to service other small business mortgage loans similar to the Mortgage Loans, but without regard to any relationship which the Servicer or any of its affiliates may have with the related mortgagor or affiliate of such mortgagor or the Servicer’s right to receive compensation for its services, in each case, in accordance with applicable law. “Account” shall mean the Collection Account and the Distribution Account and any subaccount thereof. “Additional Amounts” shall have the meaning specified in Section 29(b) of this Agreement. “Advance Rate” shall have the meaning set forth in the Letter Agreement. “Affected Financial Institution” shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution. “Affiliate” shall mean, with respect to any Person, any other Person controlling, controlled by or under common control with such Person. For purposes of this definition, “control” means the power to direct the management and policies of a Person, directly or
2 739191471 20664933 indirectly, whether through ownership of voting securities, by contract or otherwise and “controlling” and “controlled” shall have meanings correlative to the foregoing. “Aggregate Business Debt” shall mean, with respect to any Mortgage Loan, the annual debt service obligations of the related Mortgagor, which shall be comprised of (a) obligations associated with the proposed Mortgage Loan and (b) ancillary debt obligations as set forth on a debt schedule provided by the Mortgagor to the Seller and to the applicable Certified Development Company. “Aggregate Outstanding Amount” shall mean, as of any date of determination, the aggregate Purchase Price with respect to all Purchased Loans subject to a Transaction as of such date of determination. “Aggregate Outstanding Repurchase Price” shall mean, as of any date of determination, the aggregate Repurchase Price with respect to all Purchased Loans subject to a Transaction as of such date of determination. “Agreement” shall have the meaning set forth in the introduction. “Annual Cap” shall mean $150,000. “Applicable Spread” shall have the meaning set forth in the Letter Agreement. “Appraisal” shall mean an appraisal which (i) satisfies the guidelines in Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and the guidelines of the Uniform Standards of Professional Appraisal Practice, each as in effect on the date of such appraisal, (ii) was conducted by an appraiser who (A) is certified by the state in which such appraiser is located, (B) (x) has received an MAI designation from the Appraisal Institute or (y) is named on the Seller’s approved list of appraisers (which list may be updated from time to time with the prior consent of the Buyer) and (C) is satisfactory to the Buyer in its reasonable discretion and (iii) is not based on assumptions provided by or influenced by Seller Parties, any equity holder in Seller Parties, or any Affiliates of the foregoing, other than in accordance with customary market practices. “Appraised Value” shall mean, as of any date of determination, with respect to (i) any Mortgage Loan that is not a Light Rehabilitation Mortgage Loan, the “as-is” value of the Mortgaged Property or (ii) any Light Rehabilitation Mortgage Loan, the “as completed” value of the Mortgaged Property subject to the Mortgage related to such Mortgage Loan based on the most recent Current Appraisal of such Mortgaged Property. “Approved Representation Exception” shall mean, with respect to any Purchased Loan, any representation contained in this Agreement which is not satisfied and which has been approved by Buyer in its sole and absolute discretion. “Asset Diligence” shall have the meaning specified in Section 27. “Asset Documents” shall mean with respect to any Mortgage Loan, the documents included or required to be included, as the context may require, in the related Asset File.
3 739191471 20664933 “Asset File” shall mean with respect to each Mortgage Loan, the “Mortgage File” as defined in the Custodial Agreement. “Asset Value” shall mean, with respect to each Purchased Loan, an amount equal to the least of (i) the related Market Value of such Purchased Loan, (ii) the Cost-Basis Value of such Purchased Loan and (iii) the Unpaid Principal Balance of such Purchased Loan. “Assignment of Mortgage” shall mean, with respect to any Mortgage Loan, an assignment of the mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the assignment and pledge of the Mortgage, subject to the terms, covenants and provisions of this Agreement. “Authorized Representative” shall mean each of the authorized representatives of Seller as certified by Seller on the Closing Date or from time to time thereafter upon notice to Buyer. “Available Debt Service Cash Flow” shall mean, with respect to any Mortgage Loan, an amount equal to the reasonable sources of cashflow available to the related Mortgagor to service its debt, comprised of the sum of (a) the Mortgagor’s EBITDA, (b) the net amount (which may be negative) of wages, cashflow and business debt service payments from other businesses owned by the guarantor of such Mortgage Loan, and (c) discounted cashflow available from any fully executed leases with at least two year terms remaining, in each case as determined by the Seller and the applicable Certified Development Company. “Available Funds” shall mean with respect to any Payment Date, the sum, without duplication, of (i) all Net Cash Flow with respect to the Mortgage Loans deposited into the Distribution Account during the related Collection Period, (ii) all interest earned for such period on funds on deposit in the Distribution Account, (iii) all proceeds from repurchases of Mortgage Loans by the Originator from the Seller and (iv) cash deposited into the Distribution Account pursuant to Section 14 of the Agreement. “Available Tenor” shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of a Collection Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Accrual Period” pursuant to Section 3(k). “Back-up Guarantor” shall mean Newtek Business Services Corp. “Back-up Guaranty” shall mean that certain Back-up Guaranty Agreement, dated on or about the date hereof, made from the Back-up Guarantor to Buyer, as the same may be amended, modified and/or restated from time to time. “Back-up Servicer” shall mean U.S. Bank National Association, and any other entity responsible for back-up servicing or back-up subservicing, as the case may be, of any of the Mortgage Loans subject to Transactions hereunder that has that has been approved by Buyer in writing, or, in each case, any successor or permitted assigns thereof; provided, the Buyer may (in
4 739191471 20664933 its sole discretion) revoke a Back-up Servicer’s authorization to back-up service or back-up subservice a Mortgage Loan at any time following the occurrence and continuance of an Event of Default. “Back-up Servicer Termination Event” shall mean any default, event of default or breach of terms and provisions of the Back-up Servicing Agreement. “Back-up Servicing Agreement” shall mean the Back-up Servicing Agreement, dated as of the Closing Date, among the Seller, Back-up Servicer and Servicer, and any additional servicing agreements among the Seller, Back-up Servicer, Servicer and Buyer in form and substance reasonably acceptable to the Buyer. “Back-up Servicing Agreement Side Letter” shall mean the side letter agreement related to the Back-up Servicing Agreement among the Seller, the Back-up Servicer and the Buyer. “Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. “Bail-In Legislation” shall mean (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). “Bankruptcy Code” shall mean the United States Bankruptcy Code (11 U.S.C. § 101 et seq.), as amended from time to time or any successor statute or rule promulgated thereto. “Benchmark” shall mean, initially, LIBOR; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (x) of Section 3(h). “Benchmark Replacement” shall mean, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Buyer for the applicable Benchmark Replacement Date: (1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; (2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; (3) the sum of: (a) the alternate benchmark rate that has been selected by the Buyer as the replacement for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated or bilateral
5 739191471 20664933 credit facilities at such time and (b) the related Benchmark Replacement Adjustment; provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Buyer in its reasonable discretion. If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents. “Benchmark Replacement Adjustment” shall mean, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Accrual Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: (1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Buyer: (a) the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Accrual Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; (b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Accrual Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and (2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Buyer for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities; provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Buyer in its reasonable discretion. “Benchmark Replacement Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Business Day,” the definition of “Interest Accrual Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing
6 739191471 20664933 requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Buyer reasonably decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Buyer in a manner substantially consistent with market practice (or, if the Buyer decides that adoption of any portion of such market practice is not administratively feasible or if the Buyer determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Buyer decides is reasonably necessary in connection with the administration of this Indenture and the other Transaction Documents). “Benchmark Replacement Date” shall mean the earliest to occur of the following events with respect to the then-current Benchmark: (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; or (3) in the case of an Early Opt-in Election, the thirtieth (30th) calendar day after the date notice of such Early Opt-in Election is provided to the Seller. For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). “Benchmark Transition Event” shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark: (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); (2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark
7 739191471 20664933 (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or (3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative. For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). “Benchmark Unavailability Period” shall mean the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 3(h) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with Section 3(h). “Beneficial Ownership Certificate” shall mean a certificate regarding beneficial ownership as required by the Beneficial Ownership Regulation. “Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230. “Breakeven Deficit” shall have the meaning specified in Section 4(a). “Business Day” shall mean a day other than (i) a Saturday or Sunday, or (ii) a day in which the New York Stock Exchange or banks in the State of New York are authorized or obligated by law or executive order to be closed. When used with respect to a Pricing Rate Determination Date, “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banks in London, England are closed for interbank or foreign exchange transactions. “Buyer” shall mean Deutsche Bank AG, New York Branch, or any successor or assignee thereof. “Calculation Agent” shall mean U.S. Bank National Association. “Calculation Agent Side Agreement” shall mean that certain Calculation Agent Side Agreement, dated as of the date hereof, among Buyer, Seller and Calculation Agent.
8 739191471 20664933 “Cash” shall mean such coin or currency of the United States of America as at the time shall be legal tender for payment of all public and private debts. “Change of Control” shall mean the occurrence of any of the following: (i) Back-up Guarantor ceases to own, directly or indirectly, 100% of the Equity Interests in the Guarantor or SBL, (ii) Guarantor ceases to own, directly or indirectly, 100% of the Equity Interests of the Seller, and (iii) SBL ceases to be an Affiliate of Seller. “Closing Date” shall have the meaning set forth in the introductory statement. “Closing Date Conditions Precedent” shall mean the satisfaction of each of the following conditions precedent as of the Closing Date: (a) Receipt by the Buyer of the items described below: (i) Opinions of counsel to Seller Parties as to such matters as the Buyer may reasonably request, including, without limitation, with respect to UCC matters; a non-contravention, enforceability and corporate opinions with respect to the Seller Parties; an opinion with respect to the Investment Company Act matters with respect to the Seller Parties; an opinion with respect to the Volcker Rule with respect to the Seller; a securities contract opinion with respect to this Agreement and the Guaranty, each in form and substance acceptable to the Buyer; (ii) A certified copy of Guarantor’s, Back-up Guarantor’s, Servicer’s and Seller’s certificate of formation and operating agreement (or corresponding organizational documents) and a certificate of good standing (or equivalent) issued by the appropriate official in such Person’s applicable jurisdiction of organization, in each case, dated no less recently than thirty (30) days prior to the Closing Date; (iii) An officer’s certificate from Guarantor, Back-up Guarantor, Servicer and Seller dated as of the Closing Date, certifying as to customary incumbency and authorization matters and attaching resolutions of the board of managers of Guarantor, Back-up Guarantor, Servicer and Seller (or its equivalent governing body or Person) authorizing the execution of the Transaction Documents; (iv) An executed counterpart of each Transaction Document; (v) Receipt of the errors and omissions insurance policy or mortgage impairment insurance policy and blanket bond coverage policy, in each case covering the Servicer, or certificates of insurance for such policies, all in form and content reasonably satisfactory to the Buyer; (vi) Evidence of preparation for filing at the appropriate filing office of financing statements relating to the perfection of the Collateral; (vii) Evidence of the establishment of the Accounts;
9 739191471 20664933 (viii) Confirmation that the Buyer has completed due diligence to its satisfaction of each Seller Party and the initial Purchased Loans; (ix) Buyer’s receipt of a Beneficial Ownership Certificate with respect to Seller; (x) Receipt by Buyer of the Upfront Fee and any other amounts due hereunder; and (xi) Such other documents as the Buyer may reasonably require. “CLTV Ratio” shall mean, with respect to any Mortgage Loan, the ratio of the aggregate Unpaid Principal Balance of the related First Lien Mortgage Loan and Second Lien Mortgage Loan to the Appraised Value of the related Mortgaged Property. “Code” shall mean the United States Internal Revenue Code of 1986, as amended. “Collateral” shall have the meaning specified in Section 6 of this Agreement. “Collection Account” shall mean the account at Capital One, N.A. with the account number 7528956973 maintained in the name of the Seller, or such other replacement deposit account or securities account acceptable to the Buyer in its sole discretion. “Collection Account Control Agreement” shall mean the Deposit Account Control Agreement, dated as of the Closing Date, by and among the Seller, Buyer and Capital One, N.A. “Collection Period” shall mean, with respect to any Payment Date, the period commencing on (and including) the first day of the calendar month immediately prior to the calendar month in which such Payment Date occurs (or, in the case of the initial Payment Date, the period commencing on (and including) the Closing Date) and ending on (and including) the last day of the calendar month immediately prior to the calendar month in which such Payment Date occurs. “Collections” shall mean, with respect to any Collection Period, the sum of (i) all amounts received by any Servicer, including any proceeds of Dispositions, as payments in connection with Purchased Loans (which, for the avoidance of doubt, shall include any advances of Purchased Loan proceeds to pay interest on such Purchased Loan) and all interest earned for such Collection Period on funds on deposit in any Account, but excluding any Excluded Amount and amounts due to such Servicer under the applicable Servicing Agreement for such Collection Period. “Concentration Limits” shall mean, on any date of determination, the satisfaction of each of the following limitations, unless otherwise agreed by the Buyer in its sole and absolute discretion: (i) The aggregate Eligible Loan Amount with respect to all Purchased Loans which are secured by Special Purpose Properties shall not exceed 30% of the Eligible Loan Amount of all Purchased Loans;
10 739191471 20664933 (ii) The aggregate Eligible Loan Amount with respect to all Purchased Loans related to a single NAICS U.S. industry title, other than as identified in clause (i) above, shall not exceed 30% of the Eligible Loan Amount of all Purchased Loans; (iii) The aggregate Eligible Loan Amount with respect to all Purchased Loans which are Second Lien Mortgage Loans shall not exceed 35% of the Eligible Loan Amount of all Purchased Loans; (iv) The aggregate Eligible Loan Amount with respect to all Purchased Loans which are Delinquent Mortgage Loans shall not exceed 3% of the Eligible Loan Amount of all Purchased Loans; (v) The aggregate Eligible Loan Amount with respect to all Purchased Loans secured by Mortgaged Properties located in the State with the highest concentration of Purchased Loans, by Eligible Loan Amount, shall not exceed 35% of the Eligible Loan Amount of all Purchased Loans; (vi) The aggregate Eligible Loan Amount with respect to all Purchased Loans secured by Mortgaged Properties located in the State with the second highest concentration of Purchased Loans, by Eligible Loan Amount, shall not exceed 30% of the Eligible Loan Amount of all Purchased Loans; (vii) The aggregate Eligible Loan Amount with respect to all Purchased Loans that have a CLTV Ratio greater than 90% and less than or equal to 95% shall not exceed 5% of the Eligible Loan Amount of all Purchased Loans; (viii) The aggregate Eligible Loan Amount with respect to all Purchased Loans that are Light Rehabilitation Mortgage Loans shall not exceed 30% of the Eligible Loan Amount of all Purchased Loans; (ix) The aggregate Eligible Loan Amount with respect to all Purchased Loans with Maximum Principal Balances at origination greater than $7,500,000 and less than or equal to $11,400,000 shall not exceed 10% of the Eligible Loan Amount of all Purchased Loans; (x) The aggregate Eligible Loan Amount with respect to all Purchased Loans that are High LTV Mortgage Loans shall not exceed 10% of the Eligible Loan Amount of all Purchased Loans; (xi) The aggregate Eligible Loan Amount with respect to all Purchased Loans that are First Lien Mortgage Loans that have been subject to a Transaction for greater than 180 days shall not exceed 10% of the Eligible Loan Amount of all Purchased Loans; and (xii) The aggregate Eligible Loan Amount with respect to all Purchased Loans that are Second Lien Mortgage Loans that have been subject to a Transaction for greater than 150 days shall not exceed 35% of the Eligible Loan Amount of all Purchased Loans that are Second Lien Mortgage Loans.
11 739191471 20664933 “Confirmation” shall have the meaning specified in Section 3(b) of this Agreement. “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. “Cost-Basis Value” shall mean, with respect to any Mortgage Loan, the price Seller or any Affiliate of Seller paid to acquire such Mortgage Loan in an arms-length transaction with an unaffiliated third party. “Current Appraisal” shall mean, with respect to any Mortgaged Property, an Appraisal of such Mortgaged Property issued no more than six (6) months prior to the applicable Purchase Date of the Mortgage Loan secured thereby. “Custodial Agreement” shall mean that certain Custodial Agreement, dated on or about the Closing Date, among the Seller, the Buyer, the Servicer and the Custodian. “Custodial Receipt” shall mean a receipt issued by Custodian in accordance with the Custodial Agreement confirming the Custodian’s possession of certain Asset Files which are the property of and held by Custodian for the benefit of Buyer or a bailment arrangement with counsel or other third party acceptable to Buyer in its sole discretion. “Custodian” shall mean U.S. Bank National Association, in its capacity as Custodian under the Custodial Agreement, or its successors in such capacity. “Daily Simple SOFR” shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Buyer in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Buyer decides that any such convention is not administratively feasible for the Buyer, then the Buyer may establish another convention in its reasonable discretion. “Debt Service Coverage Ratio” shall mean, with respect to any Mortgage Loan on any date of determination, the percentage, expressed as a ratio of (a) the Available Debt Service Cash Flow for such Mortgage Loan to (b) the Aggregate Business Debt for such Mortgage Loan. “Debtor Relief Laws” shall mean the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States of America or other applicable jurisdictions from time to time in effect affecting the rights of creditors generally. “Default” shall mean any Event of Default or any occurrence that is, or with the giving of notice or the lapse of time or both would become, an Event of Default. “Defaulted Mortgage Loan” shall mean a Mortgage Loan with respect to which (a)(i) any payment is 90 days or more delinquent (under the MBA Method) or (ii) Seller determines that it is reasonably likely that the Mortgagor will not be able to make a delinquent payment within 90
12 739191471 20664933 days after such payment was due, (b) the Mortgagor or the related guarantor is subject to an Insolvency Event, (c) there exists a default, other than a payment default, that the Seller determines is reasonably likely to result, or that has resulted, in the acceleration of such Mortgage Loan, (d) the Seller has determined that a default, other than a payment default, that is reasonably likely to result in the acceleration of such Mortgage Loan is imminent, or (e) has been subject to any Material Modification that has not been consented to by the Buyer. “Delinquent Mortgage Loan” shall mean any Mortgage Loan, as of any date of determination, with respect to which any scheduled principal or interest payment is more than 30 days contractually delinquent (under the MBA Method) but is not a Defaulted Mortgage Loan. “Deposit Account Control Agreement” shall mean the Deposit Account Control Agreement, dated as of the Closing Date, by and among the Seller, Buyer and the Calculation Agent. “Deutsche Bank” shall have the meaning set forth in the introductory statement. “Diligence Cap” shall mean $35,000. “Disposed” or “Disposition” shall mean with respect to a Mortgage Loan, any repayment in full (including an early payoff), sale, assignment, liquidation or other disposition of such Mortgage Loan (including a discounted payoff, Securitization Takeout or other final resolution of a Mortgage Loan). The term “Dispose” or “Disposed” shall mean to subject a Mortgage Loan to a Disposition. “Disposition Proceeds” shall mean all proceeds, without duplication, including accrued interest, received with respect to any Mortgage Loan following a Disposition for which the Seller has obtained a release of the applicable Lien on such Mortgage Loan pursuant to the Transaction Documents, net of any Liquidation Expenses. “Distribution Account” shall mean the account number [●] maintained at the Calculation Agent in the name of the Seller and subject to the Deposit Account Control Agreement. “Document Defect” shall mean with respect to any Mortgage Loan, the occurrence of any one of the following: (i) any document required to have been delivered as contemplated by clause (i)(C) of the definition of “Transaction Conditions Precedent” or the Custodial Agreement has not been so delivered, or (ii) any of the documents that were so delivered have not been properly executed, contains information that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule or is defective on its face. “Dollar,” “U.S. $” or “$” shall mean a U.S. dollar or other equivalent unit in Cash. “Early Opt-in Election” shall mean, if the then-current Benchmark is LIBOR, the election by the Buyer to trigger a fallback from LIBOR and the provision by the Buyer of written notice of such election to the Seller. “Early Partial Repurchase Amount” shall have the meaning specified in Section 3(q).
13 739191471 20664933 “Early Repurchase Date” shall have the meaning set forth in Section 12. “EEA Financial Institution” shall mean (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. “EEA Member Country” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway. “EEA Resolution Authority” shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. “Eligible Loan” shall mean a Mortgage Loan that is eligible to be purchased by the Buyer hereunder. As of any date of determination, and with respect to each Mortgage Loan, the Buyer shall have the right to determine if such Mortgage Loan is an Eligible Loan in its sole and absolute discretion. A Mortgage Loan shall be an Eligible Loan if: (i) Each of the representations and warranties set forth on Schedule II with respect to such Mortgage Loan are true and correct in all material respects (subject to any Approved Representation Exceptions); (ii) With respect to any Second Lien Mortgage Loan, the related First Lien Mortgage Loan is a Purchased Loan; (iii) With respect to any First Lien Mortgage Loan, the Maximum Principal Balance of such Mortgage Loan at origination was no greater than $11,400,000; (iv) With respect to any Second Lien Mortgage Loan, the Maximum Principal Balance of such Mortgage Loan at origination was no greater than $5,300,000; (v) Such Mortgage Loan was originated and is in conformance with the Underwriting Criteria in all respects; (vi) Such Mortgage Loan is an SBA 504 Loan in compliance with any and all SBA requirements (notwithstanding that the applicable certified development company is responsible for ensuring SBA eligibility for a Second Lien Mortgage Loan); (vii) With respect to any Second Lien Mortgage Loan, an executed SBA authorization to purchase such Second Lien Mortgage Loan has been obtained; (viii) [Reserved];
14 739191471 20664933 (ix) Such Mortgage Loan is a business purpose loan, and not for primarily consumer, family or household purposes, as evidenced by a Mortgagor Affidavit in the related Asset File; (x) The Mortgaged Property securing such Mortgage Loan is a commercial property for which 51% or more of such Mortgaged Property (by square footage) is owner-occupied; (xi) Each guarantor that owns 20% or more of the Equity Interests in the related Mortgagor has a FICO Score of 625 or above; (xii) No payment of principal or interest with respect to such Mortgage Loan is 90 days or more delinquent (under the MBA Method); (xiii) The Debt Service Coverage Ratio (or in the event there are no historical financial statements or the related Mortgage Loan is a Light Rehabilitation Loan, the Projected Debt Service Coverage Ratio) for any Mortgage Loan secured by a Special Purpose Property shall not be less than 1.20x; (xiv) The Debt Service Coverage Ratio (or in the event there are no historical financial statements or the related Mortgage Loan is a Light Rehabilitation Loan, the Projected Debt Service Coverage Ratio) for any Mortgage Loan which is secured by a Multi-Purpose Property shall not be less than 1.10x; (xv) The LTV Ratio with respect to any First Lien Mortgage Loan secured by a Special Purpose Property is not greater than 60%; (xvi) The LTV Ratio with respect to any First Lien Mortgage Loan secured by a Multi-Purpose Property is not greater than 65%; (xvii) The CLTV Ratio with respect to any Mortgage Loan is not greater than 95%; (xviii) Such Mortgage Loan is guaranteed by a natural person; (xix) No guarantor of such Mortgage Loan who owns 51% or more of the Equity Interests in the related Mortgagor directly or indirectly has been subject to an Insolvency Event or foreclosure proceeding within the past five years; (xx) The related Mortgagor and any guarantors of such Mortgage Loan are domiciled in the United States and the Mortgage Loan is payable solely in U.S. Dollars and the Asset Documents for such Mortgage Loan do not permit the currency or place of payment to be changed; (xxi) Such Mortgage Loan is secured by a pledge of collateral, which security interest is validly perfected under applicable law;
15 739191471 20664933 (xxii) Such Mortgage Loan is (A) not subject to a payment deferral and (B) is not a Defaulted Mortgage Loan; (xxiii) Solely with respect to Second Lien Mortgage Loans, such Second Lien Mortgage Loan was originated within 60 (or, with respect to any Light Rehabilitation Mortgage Loan, 180) calendar days of the SBA’s funding of its related debenture; (xxiv) Such Mortgage Loan provides for periodic payments of interest in cash no less frequently than quarterly; (xxv) Such Mortgage Loan and the related Asset Documents provide for a fixed amount of principal payable in cash no later than the stated maturity identified in the Asset Documents, without regard to any preliminary interest-only period that does not exceed twelve (12) months; (xxvi) Such Mortgage Loan has an original maturity date no later than 25 years after its origination date; (xxvii) Such Mortgage Loan has a stated interest rate equal to or greater than the applicable Pricing Rate for such Mortgage Loan; (xxviii)Such Mortgage Loan is not secured by a hotel property or hospitality property; (xxix) Such Mortgage Loan has not been deemed uncollectible by the Seller; (xxx) No selection procedure adverse to the interests of the Buyer was utilized by the Seller in the selection of such Mortgage Loan as a Purchased Loan; (xxxi) Such Mortgage Loan is not secured by a Mortgaged Property that requires any rehabilitation or construction, unless such Mortgage Loan is a Light Rehabilitation Mortgage Loan; (xxxii) The related Mortgaged Property is in good repair and free of any damage, waste or defective condition that would materially and adversely affect the value of such property and there is no proceeding pending or known to be forthcoming proceeding for the total or partial condemnation of the such property and there is no pending or known to be forthcoming eminent domain proceedings affecting the such property; (xxxiii)Such Mortgage Loan is marketable in the secondary market and eligible for a Securitization Takeout; (xxxiv) No guarantor of such Mortgage Loan has been subject to any final judgments finding them liable for failure to pay a material debt when due;
16 739191471 20664933 (xxxv) Solely with respect to a First Lien Mortgage Loan, such Mortgage Loan has not been subject to a Transaction hereunder for more than 270 days; (xxxvi) Solely with respect to a Second Lien Mortgage Loan, such Mortgage Loan has not subject to a Transaction hereunder for more than 180 days. “Eligible Loan Amount” shall mean, with respect to a Mortgage Loan that is an Eligible Loan, the Asset Value of such Eligible Loan; provided, however, that if, as of any date of determination after the Ramp-up Period, any Concentration Limit shall have been exceeded, then the Eligible Loan Amount of one or more Eligible Loans shall be reduced, in an amount determined by the Buyer, to the extent necessary so that no Concentration Limits shall have been exceeded as of such date of determination; provided, further, that for each Mortgage Loan that is not an Eligible Loan, the Eligible Loan Amount shall be $0; provided, further, that if a Purchased Loan causes the Concentration Limit with respect to High LTV Mortgage Loans to be exceeded and the Buyer permits such excess in its sole discretion, the Eligible Loan Amount of such Purchased Loans in excess of the Concentration Limits shall be reduced by 50.0%. “Environmental Law” shall mean any present or future federal, state or local law, statute, regulation or ordinance, any judicial or administrative order or judgment thereunder, pertaining to health, industrial hygiene, hazardous substances or the environment, including, but not limited to, each of the following, as enacted as of the date hereof or as hereafter amended: the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. §§ 9601 et seq.; the Resource Conservation and Recovery Act of 1976, 42 U.S.C. §§ 6901 et seq.; the Toxic Substance Control Act, 15 U.S.C. §§ 2601 et seq.; the Water Pollution Control Act (also known as the Clean Water Act, 22 U.S.C. §§ 1251 et seq.), the Clean Air Act, 42 U.S.C. §§ 7401 et seq. and the Hazardous Materials Transportation Act, 49 U.S.C. §§ 1801 et seq. “Equity Interests” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests, limited liability company interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing. “ERISA” shall mean the United States Employee Retirement Income Security Act of 1974, as amended. “ERISA Affiliate” shall mean any person (as defined in Section 3(9) of ERISA) that together with the Seller, Guarantor, or any Subsidiary thereof is a member of the same “controlled group” or treated as a single employer within the meaning of Section 414 of the Code or ERISA Section 4001. “Excluded Amount” shall mean (a) any amount received in the Collection Account with respect to any Purchased Loan, which amount is attributable to the reimbursement of payment by the Seller of any Tax, fee or other charge imposed by any Governmental Authority on such Purchased Loan or any related Collateral, (b) any reimbursement of insurance premiums paid by the Seller, (c) any escrows relating to Taxes, insurance and other amounts in connection with
17 739191471 20664933 Purchased Loans which are held in an escrow account for the benefit of the Mortgagor and the secured party pursuant to escrow arrangements under the Mortgage Loan Documents or (d) any amount deposited into the Collection Account in error. “Excluded Taxes” shall have the meaning specified in Section 29(b) of this Agreement. “Exit Fee” shall have the meaning given thereto in the Letter Agreement. “EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. “Event of Default” shall have the meaning specified in Section 13(a). “Extension Period” shall have the meaning specified in the Letter Agreement. “Facility Termination Date” shall have the meaning specified in the Letter Agreement. “FATCA” shall mean Code sections 1471-1474, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Code section 1471(b)(1), and any treaty, law, regulation, or other official guidance enacted in any other jurisdiction relating to any intergovernmental agreement between the United States and any other jurisdiction which facilitates the implementation of the foregoing. “FDIA” shall have the meaning specified in Section 22(c). “FDICIA” shall have the meaning specified in Section 22(d). “Federal Funds Rate” shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions received by Buyer from three (3) federal funds brokers of recognized standing selected by it; provided, that such selected brokers shall be the same brokers as selected for all of Buyer’s other repurchase customers where the Federal Funds Rate is to be applied, to the extent such brokers are available. “FICO Score” shall mean the credit score of the Person provided by Fair, Isaac & Company, Inc. or such other organization providing credit scores on the origination date of a Mortgage Loan. “Financial Covenants” shall mean the financial covenants applicable to Back-up Guarantor under that certain Loan and Security Agreement, dated April 25, 2019, by and among NCL SPV LLC, Buyer and other lenders party thereto from time to time, as amended.
18 739191471 20664933 “First Lien Mortgage Loan” shall mean any Mortgage Loan secured by a first lien on the Mortgaged Property. “Floor” means 0%. “Funding Certification” shall have the meaning specified in Section 3(a). “GAAP” shall mean United States generally accepted accounting principles consistently applied as in effect from time to time. “Governing Documents” shall mean with respect to any specific Person, the articles of incorporation, certificate of incorporation, by-laws, certificate of limited partnership, limited partnership agreement, limited liability company agreement, certificate of formation, certificate of trust, trust agreement, articles of association and similar charter documents, as applicable to such Person. “Governmental Authority” shall mean any national or federal government, any state, regional, local or other political subdivision thereof with jurisdiction and any Person with jurisdiction exercising executive, legislative, judicial, regulatory, monetary or administrative functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). “Guarantor” shall mean Newtek Business Lending, LLC, or any other Guarantor approved by the Buyer after the date hereof in its sole discretion that owns Equity Interests of the Seller. “Guaranty” shall mean the Guaranty, dated as of the Closing Date, from the Guarantor to Buyer, as the same may be amended, modified and/or restated from time to time. “Hazardous Materials” shall mean oil, flammable explosives, asbestos, urea formaldehyde insulation, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including any substances which are “hazardous substances,” “hazardous wastes,” “hazardous materials,” “toxic substances,” “wastes,” “regulated substances,” “industrial solid wastes,” or “pollutants” under Environmental Laws. “High LTV Mortgage Loan” shall mean a First Lien Mortgage Loan with an LTV Ratio between 50% and 60%. “Indemnified Amounts” shall have the meaning specified in Section 26. “Indemnified Parties” shall have the meaning specified in Section 26. “Insolvency Event” shall mean the occurrence of any of the following events: (i) such Person shall become insolvent or generally fail to pay, or admit in writing its inability to pay, its debts as they become due, or shall voluntarily commence any proceeding or file any petition under any Debtor Relief Law or similar law or seeking dissolution, liquidation or reorganization or the appointment of a receiver, trustee,
19 739191471 20664933 custodian, conservator or liquidator for itself or a substantial portion of its property, assets or business or to effect a plan or other arrangement with its creditors, or shall file any answer admitting the jurisdiction of the court and the material allegations of an involuntary petition filed against it in any bankruptcy, insolvency or similar proceeding, or shall be adjudicated bankrupt, or shall make a general assignment for the benefit of creditors, or such Person, or a substantial part of its property, assets or business, shall be subject to, consent to or acquiesce in the appointment of a receiver, trustee, custodian, conservator or liquidator for itself or a substantial property, assets or business; (ii) corporate action shall be taken by such Person for the purpose of effectuating any of the foregoing; (iii) an order for relief shall be entered in a case under any Debtor Relief Law in which such Person is a debtor; or (iv) involuntary proceedings or an involuntary petition shall be commenced or filed against such Person under any Debtor Relief Law or similar law or seeking the dissolution, liquidation or reorganization of such Person or the appointment of a receiver, trustee, custodian, conservator or liquidator for such Person or of a substantial part of the property, assets or business of such Person, or any writ, order, judgment, warrant of attachment, execution or similar process shall be issued or levied against a substantial part of the property, assets or business of such Person, and such proceeding or petition shall not be dismissed, or such execution or similar process shall not be released, vacated or fully bonded, within ninety (90) days after commencement, filing or levy, as the case may be. “Interest Accrual Period” means the period commencing on (and including) each Payment Date and ending on (and excluding) the next succeeding Payment Date; provided that the initial Interest Accrual Period will be the period commencing on (and including) the Closing Date and ending on (and excluding) the first Payment Date. “Investment Company Act” shall mean the United States Investment Company Act of 1940, as amended. “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto. “Letter Agreement” shall mean that certain fee letter agreement, dated as the Closing Date, between Buyer and the Seller, as the same may be amended, modified and/or restated from time to time. “LIBOR” shall mean, with respect to each Pricing Rate Period, the rate (expressed as a percentage per annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) for deposits in U.S. dollars, for a three-month period, that appears on Reuters Screen LIBOR03 (or the successor thereto) as of 11:00 a.m., London time, on the related Pricing Rate Determination
20 739191471 20664933 Date. If such rate does not appear on Reuters Screen LIBOR03 as of 11:00 a.m., London time, on such Pricing Rate Determination Date, Buyer shall request the principal London office of any four major reference banks in the London interbank market selected by Buyer to provide such bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London interbank market for deposits in U.S. dollars for a three-month period as of 11:00 a.m., London time, on such Pricing Rate Determination Date for amounts of not less than the Aggregate Outstanding Amount. If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, Buyer shall request any three major banks in New York City selected by Buyer to provide such bank’s rate (expressed as a percentage per annum) for loans in U.S. dollars to leading European banks for a three-month period as of approximately 11:00 a.m., New York City time on the applicable Pricing Rate Determination Date for amounts of not less than the Aggregate Outstanding Amount. If at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates. LIBOR shall be determined by Buyer or its agent, which determination shall be conclusive absent manifest error. “Lien” shall mean any lien, claim, charge, pledge, security interest, mortgage, deed of trust or other encumbrance. “Light Rehabilitation Mortgage Loan” shall mean a Mortgage Loan for which (a) 20% or more of the proceeds of such Mortgage Loan are intended to be utilized for improvements to the Mortgaged Property and (b) the completion timeline for such improvements does not exceed 120 calendar days. “Liquidation Expenses” shall mean with respect to any Mortgage Loan, the aggregate amount of all out of pocket expenses reasonably incurred by a Servicer (including amounts paid to any subservicer) and any reasonably allocated costs of counsel (if any), in each case in accordance with the applicable Servicing Agreement, in connection with the foreclosure or repossession, refurbishing and disposition of any property securing such Mortgage Loan upon or after the occurrence of an event of default under such Mortgage Loan and other out of pocket costs related to the liquidation of any such property. “LTV Ratio” shall mean, with respect to any Mortgage Loan, the ratio of the Unpaid Principal Balance of such Mortgage Loan to the Appraised Value of the related Mortgaged Property. “Mandatory Early Repurchase Event” shall mean, with respect to any Purchased Loan, the occurrence of any of the following: (i) such Purchased Loan ceases to be an Eligible Loan; (ii) such Mortgage Loan becomes a Resolved Mortgage Loan; (iii) any Material Document Defect; (iv) [reserved]; or
21 739191471 20664933 (v) any other event or condition specifically designated as a Mandatory Early Repurchase Event in the applicable Confirmation for such Purchased Loan. “Margin Deficit” shall have the meaning specified in Section 4(a) hereof. “Margin Notice” shall have the meaning specified in Section 4(b) hereof. “Market Value” shall mean, as of any date of determination and for any Eligible Loan, the reasonable and good faith bid-side fair market value in an arms-length transaction between two consenting parties of such Eligible Loan, expressed as a Dollar amount, as determined by the Buyer in its sole discretion. The Buyer shall determine the Market Value of the Eligible Loans at such intervals as determined by the Buyer in its sole discretion. The Buyer’s election, in its sole and absolute discretion, not to determine the Market Value of an Eligible Loan at any time shall not in any way limit or impair its right to make such determination in the future. Unless otherwise agreed by the Buyer in its sole discretion, the Market Value of each Mortgage Loan that is not an Eligible Loan shall be $0. “Material Adverse Event” shall mean (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties or financial condition of Seller Party; (b) a material impairment of the ability of Seller Party to perform its obligations under any Transaction Document; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability of any Transaction Document against Seller Party, in each case as determined by the Buyer in its sole good faith discretion. “Material Document Defect” shall mean with respect to any Mortgage Loan, a Document Defect that (i) materially and adversely affects the value of the Mortgage Loan or the interests of the Buyer in the affected Mortgage Loan and (ii) remains unremedied for ten (10) Business Days after the Seller’s actual knowledge of such Document Defect. “Material Modification” shall mean any modification, waiver or amendment of any term of, or any other acts with respect to, any Mortgage Loan that would: (i) (A) affect the amount or timing of any related payment of principal, interest or other amount payable (other than penalty charges) under such Mortgage Loan, or otherwise extend the stated maturity date of such Mortgage Loan or (B) materially and adversely affect the security for such Mortgage Loan; (ii) release the related guarantor or otherwise materially modify the terms of the related guaranty; (iii) result in the release, addition or substitution of any collateral for an outstanding Mortgage Loan; or (iv) result in any subordinated or mezzanine debt with respect to such Mortgage Loan or the related Mortgaged Property. “Maximum Amount” shall have the meaning set forth in the Letter Agreement.
22 739191471 20664933 “Maximum Principal Balance” shall mean, with respect to any Mortgage Loan, the maximum principal balance of such Mortgage Loan under the terms of the Mortgage Loan Documents. “MBA Method” shall mean a method of calculating delinquency of a Mortgage Loan based upon the Mortgage Bankers Association method, under which method a Mortgage Loan is considered delinquent if the payment had not been received by the end of the day immediately preceding the Mortgage Loan’s next due date (generally the last day of the month in which the payment was due). For example, a Mortgage Loan with a due date of March 1, 2020, with no payment received by the close of business on March 31, 2020, would have been reported as delinquent on April 1, 2020. “Minimum Maintenance Amount” shall mean, with respect to any Eligible Loan and as of any date of determination, the product of (a) the Asset Value of such Eligible Loan as of such date of determination and (b) the applicable Advance Rate. “Mortgage” shall mean with respect to any Mortgage Loan, the fee simple deed of trust or fee simple mortgage or fee simple deed to secure debt securing the related Mortgage Note and encumbering the related Mortgaged Property. “Mortgage Loan” shall mean a loan evidenced by a Mortgage Note and secured by a Mortgage on Mortgaged Property. “Mortgage Loan Document” shall mean each document that is part of the Asset File. “Mortgage Loan Schedule” shall mean a schedule attached to each Confirmation containing asset data regarding the Mortgage Loans to be subject to the proposed Transaction, in form and substance reasonable satisfactory to the Buyer. “Mortgage Note” shall mean with respect to any Mortgage Loan, a mortgage note evidencing such Mortgage Loan and secured by the related Mortgage on the related Mortgaged Property. “Mortgaged Property” shall mean, with respect to any Mortgage Loan, the real property encumbered by the Mortgage related to such Mortgage Loan. “Mortgagor” shall mean the obligor on a Mortgage Note and the mortgagor/grantor under the related Mortgage(s). “Mortgagor Affidavit” shall mean an affidavit signed by a Mortgagor or guarantor attesting, among other things, that (i) such Mortgagor does not intend to use the proceeds of the Mortgage Loan for personal, family, or household purposes, (ii) the Mortgagor or guarantor does not inhabit and does not plan to inhabit the related Mortgaged Property and (iii) the principal residence of such Mortgagor or guarantor is separate and distinct from the related Mortgaged Property. “Multiemployer Plan” shall mean a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been, or were required to have been, made by Seller,
23 739191471 20664933 Guarantor, any Subsidiary thereof, or any ERISA Affiliate thereof and which is covered by Title IV of ERISA. “Multi-Purpose Property” shall mean a Mortgaged Property which is not a Special Purpose Property. “Net Cash Flow” shall mean, in the aggregate, with respect to all Mortgage Loans at any time, the sum of an amount equal to (without duplication) (i) all Collections, minus (ii) all payments required to be remitted by Seller to any Servicer in connection with the maintenance, management and servicing of the Mortgage Loans pursuant to the applicable Servicing Agreement. “OFAC” shall mean the U.S. Department of Treasury’s Office of Foreign Asset Control. “Officer’s Certificate” shall mean with respect to the Seller, any certificate executed by an Authorized Representative thereof. Unless otherwise expressly provided herein, any Officer’s Certificate required to be delivered under this Agreement may be given on behalf of the relevant entity and shall be without personal liability to the signing Authorized Representative. “Originator” shall mean Newtek Business Lending, LLC and each other originator approved by Buyer in its sole and absolute discretion, and their respective permitted successors and assigns. “Other Connection Taxes” means, with respect to Buyer, Taxes imposed as a result of a present or former connection between Buyer and the jurisdiction imposing such Tax (other than connections arising from Buyer having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Transaction Document). “Participant Register” shall have the meaning specified in Section 18(d). “Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L. 107-56 (signed into law October 26, 2001), as amended. “Paying Agent” shall mean U.S. Bank National Association. “Payment Date” shall mean the twenty-fifth (25th) day of each month, or if such day is not a Business Day, then the next Business Day, commencing in the month immediately following the month in which the first Purchase Date occurs. “PBGC” means the Pension Benefit Guaranty Corporation. “Permitted Encumbrances” shall mean, with respect to any Mortgaged Property, (a) the Lien for current real property taxes, water charges, sewer rents and assessments not yet due and payable, or that are being contested by appropriate proceedings conducted in good faith and with diligence, (b) covenants, conditions and restrictions, rights of way, easements, mineral right
24 739191471 20664933 reservations and other matters of public record (i) as of the date of recording of the Mortgage specifically referred to in any mortgagee’s policy of title insurance, or (ii) which are shown in updated title reports in existence as of the most recent title report received prior to the Closing Date for the Mortgaged Property, (c) the rights of tenants (as tenants only) under leases (including subleases) pertaining to the related Mortgaged Property and condominium declarations, and (d) other matters to which like properties are commonly subject that do not, individually or in the aggregate, materially and adversely affect the value of the related Mortgage Loan. “Permitted Liens” shall mean (a) Permitted Encumbrances, (b) Liens under the Transaction Documents or otherwise arising in favor of Buyer, (c) any standard and customary right of set off granted in favor of any financial institution in respect of the Accounts permitted pursuant to the Collection Account Control Agreement or the Deposit Account Control Agreement, as applicable, and (d) Liens imposed by law for taxes that (i) are being contested in good faith and against which adequate reserves have been established in accordance with GAAP or (ii) are not yet due. “Person” shall mean an individual, corporation, limited liability company, business trust, partnership, joint tenant or tenant-in-common, trust, unincorporated organization, or other entity, or a federal, state or local government or any agency or political subdivision thereof or other entity. “Plan” shall mean an employee benefit plan established or maintained by Seller, Guarantor, any Subsidiary thereof, or any ERISA Affiliate thereof during the five year period ended prior to the date of this Agreement or to which Seller, Guarantor, any Subsidiary thereof, or any ERISA Affiliate thereof makes, is obligated to make or has, within the five year period ended prior to the date of this Agreement, been required to make contributions and that is covered by Title IV of ERISA or Section 302 of ERISA or Section 412 of the Code, other than a Multiemployer Plan. “Plan Assets” shall mean “plan assets” within the meaning of 29 C.F.R. § 2510.3-101, as modified in operation by Section 3(42) of ERISA. “Platform Charged-off Loan” shall mean a Platform Loan which has been charged-off by the Servicer in accordance with Accepted Servicing Practices. “Platform Charged-off Percentage” shall mean the annualized percentage, as of the last day of each calendar quarter, resulting from the ratio of (i) the aggregate Unpaid Principal Balance of all Platform Loans that became Platform Charged-off Loans during the three months prior to such date of determination divided by (ii) the aggregate Unpaid Principal Balance of all Platform Loans as of such date of determination. “Platform Defaulted Loans” shall mean a Platform Loan that is a Defaulted Mortgage Loan. “Platform Defaulted Percentage” shall mean the percentage, as of the last day of each calendar quarter, resulting from the ratio of (i) the aggregate Unpaid Principal Balance of all Platform Loans that are Platform Defaulted Loans as of such date of determination divided by
25 739191471 20664933 (ii) the aggregate Unpaid Principal Balance of all Platform Loans as of such date of determination. “Platform Loans” shall mean all SBA 504 Loans (i) originated by Seller, Guarantor or its Subsidiaries and (ii) owned by Seller or any of its Affiliates. “Portfolio Interest Certificate” shall have the meaning specified in Section 29(c). “Price Differential” shall mean, with respect to any Transaction as of any date, the aggregate amount obtained by daily application of the product of (a) the Pricing Rate for such Purchased Loan and (b) the outstanding Purchase Price for such Purchased Loan, as applicable, on a 360-day-per-year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of determination. “Pricing Rate” shall mean for each Pricing Rate Period, an annual rate equal to LIBOR for such Pricing Rate Period plus the relevant Applicable Spread for such Transaction and shall be subject to adjustment and/or conversion as provided in Section 3(k) of this Agreement, calculated based on a 360 day year for the actual number of days in the period. “Pricing Rate Determination Date” shall mean, with respect to any Pricing Rate Period, the first Business Day of such Pricing Rate Period. “Pricing Rate Period” shall mean, with respect to all Transactions, a period coinciding with each Interest Accrual Period, provided that (i) Price Differential shall only begin to accrue with respect to any Purchased Loan commencing on and including the Purchase Date for such Purchased Loan and (ii) in no event shall any Pricing Rate Period for any Transaction end subsequent to the Repurchase Date for such Transaction. “Principal Payment” shall mean, with respect to any Mortgage Loan, any payment or prepayment of principal received by the Seller, any Affiliate of Seller, the applicable Servicer or the Calculation Agent in respect thereof and the proceeds of any sale of such Mortgage Loan or any interest therein received by the Seller, any Affiliate of Seller, the applicable Servicer or the Calculation Agent. “Principal Proceeds” shall mean the following, without duplication: (i) Principal Payments (including unscheduled principal payments and any casualty or condemnation proceeds used to reduce the Unpaid Principal Balance of the related Mortgage Loan) received with respect to Mortgage Loans; (ii) Disposition Proceeds; and (iii) all proceeds paid under any insurance policy or in connection with the full or partial condemnation of a Mortgaged Property, in each case, to the extent not required to be applied to restore the related Mortgaged Property or released to the related Mortgagor or any tenants or ground lessors, in each case, up to the Unpaid Principal Balance of the related Mortgage Loan.
26 739191471 20664933 “Projected Debt Service Coverage Ratio” shall mean, with respect to any Mortgage Loan on any date of determination, the ratio of (a) the projected Available Debt Service Cash Flow for such Mortgage Loan once the Mortgaged Property is fully leased, as determined by the Buyer based on the Mortgagor’s business plan submitted by Seller to Buyer to (b) the Aggregate Business Debt for such Mortgage Loan. “Purchase Date” shall mean the date on which a Mortgage Loan and the rights related thereto are transferred by the Seller to Buyer. “Purchase Period” shall mean the period beginning on the Closing Date and ending on the earliest to occur of (i) the Extension Period, (ii) the Facility Termination Date, and (iii) the occurrence and continuance of an Event of Default. “Purchase Price” shall mean, with respect to any Purchased Loan, the price at which such Purchased Loan is transferred by Seller to Buyer on the applicable Purchase Date. The Purchase Price as of any Purchase Date for any Purchased Loan shall be an amount (expressed in dollars) equal to the product obtained by multiplying (i) the Eligible Loan Amount of such Purchased Loan, by (ii) the Advance Rate for such Purchased Loan. The Purchase Price as of any date of determination following the Purchase Date for any Purchased Loan shall be an amount equal to the original Purchase Price reduced by any cash actually received by Buyer in respect of the Purchase Price of such Purchased Loan pursuant to Sections 3(m), 4(b), or 5(c) of this Agreement or other amounts applied to reduce the Purchase Price hereunder. “Purchased Loans” shall mean (i) with respect to any Transaction, the Eligible Loan or Eligible Loans sold by the Seller to Buyer in such Transaction and (ii) with respect to the Transactions in general, all Eligible Loans sold by the Seller to Buyer, together with all Asset Files, Servicing Agreements, Servicing Records, Servicing Rights, insurance, collection and escrow accounts relating to any such Eligible Loans. “Ramp-up Period” shall mean the period of time (x) beginning on the Closing Date and ending on the date that is ninety (90) days after the Closing Date and (y) beginning on the date of any Securitization Takeout or Whole Loan Sale in which substantially all of the Eligible Loans owned by the Seller are sold and ending on the date that is ninety (90) days after such Securitization Takeout or Whole Loan Sale. “Real Estate Settlement Procedures Act” shall mean the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. §§ 2601 et seq. “Reference Time” shall mean with respect to any setting of the then-current Benchmark means (1) if such Benchmark is LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBOR, the time determined by the Buyer in its reasonable discretion. “Register” shall have the meaning specified in Section 18(c) of this Agreement. “Registrar” shall have the meaning specified in Section 18(c) of this Agreement.
27 739191471 20664933 “Regulatory Event” shall mean, with respect to the Buyer, any event that results in (i) any explicit or implicit charge, assessment, cost or expense by reason of the amount or type of assets, capital or supply of funding the Buyer or any of its Affiliates is required to maintain in connection with the Transactions, without regard to whether it is determined in reference to a reduction in the rate of return on the Buyer’s or any Affiliate’s assets or capital, an inherent cost of the establishment or maintenance of a reserve of stable funding, a reduction in the amount of any sum received or receivable by the Buyer or its Affiliates or otherwise, or (ii) any other imputed cost or expense arising by reason of the actual compliance by the Buyer or any of its Affiliates with the Basel III regulations in connection with its maintenance of the Transactions. “Relevant Governmental Body” shall mean the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto. “Remittance Date” shall mean, with respect to each Payment Date, the Business Day immediately preceding such Payment Date. “Reportable Event” shall mean any of the events set forth in Section 4043(c) of ERISA other than events for which the 30 day notice period has been waived. “Repurchase Date” shall have the meaning set forth in the Letter Agreement. “Repurchase Obligations” shall have the meaning specified in Section 6. “Repurchase Price” shall mean, with respect to any Purchased Loan as of any date, the price at which such Purchased Loan is to be transferred from Buyer to the Seller upon termination of the related Transaction; such price will be determined in each case as the sum of (i) the Purchase Price of such Purchased Loan as of such date of determination, (ii) the accrued but unpaid Price Differential with respect to such Purchased Loan as of such date of such determination and (iii) any fees, indemnification amounts or other amounts due to the Buyer hereunder or under any other Transaction Document. “Requirement of Law” shall mean any law, treaty, rule, regulation, code, directive, policy, order or requirement or determination of an arbitrator or a court or other Governmental Authority whether now or hereafter enacted or in effect. “Resolution Authority” shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority. “Resolved Mortgage Loan” shall mean any Mortgage Loan subject to a Disposition. “Restricted Party” shall mean each Person listed on Schedule I as updated from time to time by the Seller with the consent of the Buyer, and any Affiliate of such Person. “SBA” shall mean the U.S. Small Business Administration.
28 739191471 20664933 “SBA 504 Loan” shall mean a first or second lien loan originated pursuant to and in accordance with the SBAs 504 Loan Program. “SBA 504 Loan Program” shall mean the Development Company Loan Program set forth in Subpart H of Title 13 Code of Federal Regulations Part 120. “SBA SOP” shall mean the SBA Standard Operating Procedure 50 10 6, as may be amended, restated and/or updated from time to time. “SBL” shall mean Small Business Lending, LLC. “SEC” shall have the meaning specified in Section 23(a). “Second Lien Mortgage Loan” shall mean any Mortgage Loan secured by a second lien on the Mortgaged Property. “Securitization Takeout” shall mean a public or private transfer, sale or financing of one or more of the Purchased Loans by which Seller or one or more of its Affiliates directly or indirectly securitizes a pool of one or more of the Purchased Loans, including, without limitation, any such transaction involving the sale of Purchased Loans to a special purpose entity organized for the purpose of issuing asset-backed or mortgaged-backed or mortgage pass- through securities of any kind. “Seller” shall have the meaning set forth in the introductory statement. “Seller Parties” shall mean each of the Seller, the Servicer (but only if the Servicer is an Affiliate of the Seller), the Back-up Guarantor and the Guarantor. “Servicer” shall mean SBL and any other entity responsible for servicing or subservicing, as the case may be, of any of the Mortgage Loans subject to Transactions hereunder that has been approved by Buyer in writing, or, in each case, any successor or permitted assigns thereof; provided, the Buyer may (in its sole discretion) revoke a Servicer’s authorization to service or subservice a Mortgage Loan at any time following the occurrence and continuance of an Event of Default. “Servicer Acknowledgment” shall mean each acknowledgment (if any) executed in connection with the related Servicing Agreement by a Servicer in favor of the Buyer in form and substance reasonably acceptable to the Buyer. “Servicer Termination Event” shall mean any of the following: (i) Failure of any Servicer to perform its duties under the Servicing Agreement or Servicer Acknowledgment in any material respect; (ii) The suspension or termination of the Servicer as an approved servicer under any government program;
29 739191471 20664933 (iii) Failure of any Servicer to make any Servicing Advance required to be made pursuant to the terms of the Servicing Agreement; (iv) (A) Any failure of the Servicer to maintain any license required for the Servicer to service the Mortgage Loans or termination of a substantial portion of the Servicer’s existing servicing contracts or (B) any material dispute, licensing issue, litigation, audit, revocation, sanctions, penalties, investigation, proceeding or suspension between any Servicer or subservicer and any governmental authority, including the SBA, as to which individually or in the aggregate, in Buyer's sole discretion is reasonably likely to give rise to a Material Adverse Event; (v) An Insolvency Event with respect to the Servicer shall occur; (vi) The occurrence of an “Event of Default” or equivalent event as defined in the applicable Servicing Agreement or Servicer Acknowledgment with respect to any Servicer; or (vii) Failure of the Servicer to comply with the deposit requirements set forth in the applicable Servicing Agreement or applicable Servicer Acknowledgment. “Servicing Advances” shall mean all customary, reasonable and necessary “out-of- pocket” costs and expenses incurred by any Servicer after the start of the initial Collection Period with respect to such Servicer in the performance of its servicing obligations under the applicable Servicing Agreement, including (a) the cost of preservation, inspection, restoration, protection and repair of a Mortgaged Property, including without limitation advances in respect of prior liens, real estate taxes, assessments and insurance premiums, (b) the cost of any collection, enforcement or judicial proceedings, including without limitation foreclosures, collections and liquidations or any suits brought against the Servicer by any Mortgagor or any third party, (c) the cost of obtaining any legal documentation required to be included in the servicing file and/or correcting any outstanding title issues (i.e., any lien or encumbrance on the Mortgaged Property that prevents the effective enforcement of the intended lien position) reasonably necessary for such Servicer to perform their respective obligations under the Servicing Agreements, (d) the cost of executing and recording instruments of satisfaction, deeds of reconveyance or Assignments of Mortgage to the extent not recovered from the related Mortgagor, and (e) any fees and expenses incurred in connection with sales, refinancings or short refinancings of Mortgage Loans. “Servicing Agreement” shall mean the Servicing Agreement, dated as of the Closing Date, among the Seller, Servicer and Buyer, and any additional servicing agreements between the Seller and a Servicer in form and substance reasonably acceptable to the Buyer. “Servicing Records” shall have the meaning specified in Section 28(b). “Servicing Rights” shall mean Seller’s right, title and interest in and to any and all of the following, in each case as the same may be subject to the terms of any applicable Servicing Agreements and the provisions of the documentation for the applicable Mortgage Loans: (a) any and all rights of Seller to service the Mortgage Loans or to appoint (or terminate the appointment of) any third party as servicer of the Mortgage Loans; (b) any payments to or monies received by
30 739191471 20664933 or payable to Seller Party (as opposed to any third-party servicer) as compensation for servicing the Mortgage Loans (including, without limitation, workout fees, consent fees, liquidation fee, late fees, penalties or similar amounts payable to Seller Party); (c) all agreements or documents creating, defining or evidencing any such servicing rights to the extent they relate to such servicing rights and all rights of Seller Party (individually or as servicer) thereunder (including all rights to set the compensation of any third-party servicer); (d) the right, if any, to appoint a special servicer or liquidator of the Mortgage Loans; and (e) all rights of Seller Party to give directions with respect to the management and distribution of any collections, escrow accounts, reserve accounts or other similar payments or accounts in connection with the Mortgage Loans. “SIPA” shall have the meaning specified in Section 23(a). “SOFR” shall mean, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. “SOFR Administrator” shall mean the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate). “SOFR Administrator’s Website” shall mean the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. “Special Purpose Property” shall mean a Mortgaged Property which is a “Limited or Special Purpose Property” as defined in the SBA SOP. “Subsidiary” shall mean with respect to any Person, any corporation, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person. “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. “Term SOFR” shall mean, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. “Transaction” shall have the meaning specified in Section 1. “Transaction Conditions Precedent” shall mean, with respect to each proposed Transaction,
31 739191471 20664933 (i) Seller shall have delivered to Buyer, in form and substance satisfactory to Buyer and not later than the Transaction Request Deadline (or such later date as is specified below): (A) the related Funding Certification with respect to each Eligible Loan in accordance with the provisions of Section 3(a); (B) a Mortgage Loan Schedule reflecting the Mortgage Loans subject to the proposed Transaction; (C) to the extent not already delivered, an electronic copy of the Asset File for the related Mortgage Loans shall have been delivered to the Custodian no later than 5:00 PM Eastern two (2) Business Days prior to the requested Purchase Date (and the original paper copy of the Asset File to be delivered within five (5) Business Days of such Purchase Date via a reputable overnight courier service for delivery to the Custodian) and the Custodian shall have delivered its Custodial Receipt in accordance with the provisions of the Custodial Agreement or, solely with respect to the initial Purchase Date, such later date consented to by Buyer in its discretion, provided, that if Seller cannot deliver, or cause to be delivered by such time, (A) any Mortgage Loan Document (other than the Mortgage Note) that is required by its terms to be recorded, due to a delay caused solely by the public recording office where such document or instrument has been delivered for recordation, then Seller shall deliver to Buyer or Custodian (x) within five (5) Business Days of the applicable Purchase Date, a duplicate original thereof, together with a receipt from a representative of the title company to which such document was delivered for recording and (y) within thirty (30) days of the applicable Purchase Date, either the original of such document, or an electronic copy thereof, with official evidence of submission for recording (including stamp filed copies) thereon, if applicable and (B) any document in the Asset File other than a Mortgage Loan Document required by its terms to be recorded, due to an unavoidable delay outside the control of Seller, then Seller shall deliver to Buyer or Custodian within thirty (30) days of the applicable Purchase Date, either the original of such document, or an electronic copy thereof certified by Seller to be a true and correct copy of the original; (D) such other documents pertaining to the Transaction as Buyer may reasonably request, from time to time; (ii) the Buyer shall have decided to enter into the proposed Transaction in its sole and absolute discretion; (iii) Each Mortgage Loan in the proposed Transaction is an Eligible Loan; (iv) Seller shall have paid all fees, expenses, indemnity payments and other amounts that are then due and owing under the Transaction Documents;
32 739191471 20664933 (v) the representations and warranties of the Seller set forth in Article 9 hereof shall be true and correct in all material respects as if made on and as of the date of each Transaction; provided that any such representations and warranties permitted to be excepted or waived by the Buyer in writing shall be excluded and, provided, further, that if any such representations and warranties are expressly made only as of a prior date, such representations and warranties shall be true as of such prior date; provided, further, that at the request of Buyer, Seller shall provide an Officer’s Certificate signed by a responsible officer of the Seller certifying as to the truth and accuracy of the same; (vi) Seller, Back-up Guarantor and Guarantor shall have performed all agreements to be performed by them hereunder, under the Back-up Guaranty and under the Guaranty, respectively; (vii) no Default, Event of Default or Material Adverse Event shall have occurred and be continuing or would result from such Transaction; (viii) with respect to the Servicer, (i) a (x) Servicing Agreement duly executed by such Servicer and Seller, and (y) if required by Buyer, an executed Servicer Acknowledgment, in form and substance satisfactory to Buyer, shall each have been delivered to Buyer and (ii) immediately prior to such Transaction, and immediately after giving effect to such Transaction, no Servicer Termination Event shall exist and be continuing, and no notice of removal or resignation of any Servicer shall have been given; (ix) Buyer shall have received a copy of any amendments or updates to the Underwriting Criteria certified by Seller to be a true and complete copy (to the extent not already delivered to Buyer) that clearly identifies the changes to the Underwriting Criteria, and such amendments shall have been approved, in each case, to the extent required pursuant to this Agreement; (x) Buyer shall have received for each Mortgage Loan subject to a hedging arrangement, if any, an assignment of such hedging arrangement duly executed by Seller and the related hedging party, and in favor of Buyer; (xi) Seller shall have, or have caused to be, deposited all amounts required under Article 5 into the Distribution Account; (xii) Buyer shall have received a security release certification for each Mortgage Loan that is subject to a security interest (including any precautionary security interest) immediately prior to the Purchase Date that is duly executed by the related secured party and Seller and in form and substance satisfactory to Buyer, and such secured party shall have filed Uniform Commercial Code termination statements in respect of any Uniform Commercial Code filings made in respect of such Mortgage Loan, and each such release and Uniform Commercial Code termination statement has been delivered to Buyer prior to each Transaction and to the Custodian as part of the Asset File;
33 739191471 20664933 (xiii) the Purchase Price for each proposed Transaction shall not cause the aggregate Eligible Loan Amount for all relevant Purchased Loans to exceed any Concentration Limit, as applicable; (xiv) no Regulatory Event shall exist and be continuing; (xv) proposed funds to be advanced shall in the aggregate be no less than $2,000,000 and no more frequently than two (2) times per calendar week; (xvi) immediately prior to such Transaction, and after giving effect to such Transaction, the Aggregate Outstanding Amount shall be no greater than the Maximum Amount; (xvii) immediately prior to such Transaction, and immediately after giving effect to such Transaction, no Breakeven Deficit shall exist and be continuing; (xviii) no Insolvency Event shall have occurred with respect to any Seller Party; (xix) with respect to the Back-up Servicer, (i) (x) the Back-up Servicing Agreement duly executed by the Back-up Servicer and Seller, and (y) an executed Back- up Servicing Agreement Side Letter, in form and substance satisfactory to Buyer, shall each have been delivered to Buyer and (ii) no Back-up Servicer Termination Event shall have occurred and be continuing; and (xx) the Extension Period is not in effect. provided, however, that any Transaction Condition Precedent may be waived in writing (which written waiver may be in the form of an email) by the Buyer in its sole and absolute discretion. “Transaction Documents” shall mean, collectively, this Agreement, the Letter Agreement, all Confirmations executed pursuant to this Agreement, the Guaranty, the Back-up Guaranty, the Custodial Agreement, any Deposit Account Control Agreement, any Servicer Acknowledgment, the Collection Account Control Agreement, the Calculation Agent Side Agreement and any and all other documents and agreements executed and delivered by Seller Party in connection with this Agreement or any Transactions hereunder, as they may be amended, restated or otherwise modified from time to time. “Transaction Request Deadline” shall mean 10:30 a.m. (New York City time) two (2) Business Days prior to the requested Purchase Date. “Transfer” shall have the meaning specified in Section 10(b). “Treasury Regulations” shall mean the income tax regulations, including temporary regulations, promulgated under the Code, as such regulations are amended from time to time. “Truth in Lending Act” shall mean the Truth in Lending Act of 1968, 15 U.S.C. §§1601 et seq.
34 739191471 20664933 “UCC” shall have the meaning specified in Section 6 of this Agreement. “UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. “UK Resolution Authority” shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution. “Unadjusted Benchmark Replacement” shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment. “Underwriting Criteria” shall mean the criteria used by the Originator or the Seller, as applicable, in originating commercial mortgage loans, as in effect as of the Closing Date and attached hereto as Exhibit IV, which underwriting criteria may be modified from time to time solely with the consent of the Buyer (such consent not to be unreasonably withheld or delayed). “Unpaid Principal Balance” shall mean with respect to each Mortgage Loan and any date of determination, the principal amount of such Mortgage Loan advanced at its origination or thereafter, less all Principal Proceeds, forgiveness of principal and other amounts credited against the principal balance of such Mortgage Loan prior to such date of determination. For the avoidance of doubt, any deferral of principal approved by a Servicer in accordance with the terms of a Servicing Agreement shall not reduce the Unpaid Principal Balance of a Mortgage Loan. “Upfront Fee” shall have the meaning given thereto in the Letter Agreement. “Volcker Rule” shall mean Section 619 of the Dodd Frank Wall Street Reform and Consumer Protection Act. “Whole Loan Sale” shall mean the sale of one or more Purchased Loans by Seller to an unaffiliated third party in a single transaction, or to the same unaffiliated party in any calendar month. “Write-Down and Conversion Powers” shall mean (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.
35 739191471 20664933 (b) Under this Agreement, all accounting terms not specifically defined herein shall be construed in accordance with GAAP and all accounting determinations made and all financial statements prepared hereunder shall be made and prepared in accordance with GAAP. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. The words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole, including the exhibits and schedules hereto, as the same may from time to time be amended or supplemented and not to any particular paragraph, section, subsection, or clause contained in this Agreement. Each of the definitions set forth in Section 2 hereof shall be equally applicable to both the singular and plural forms of the defined terms. Unless specifically stated otherwise, all references herein to any agreements, documents or instruments shall be references to the same as amended, restated, supplemented or otherwise modified from time to time. 3. INITIATION; CONFIRMATION; TERMINATION; FEES; EXTENSION (a) Subject to the terms and conditions set forth in this Agreement (including, without limitation, the satisfaction of the Closing Date Conditions Precedent and Transaction Conditions Precedent set forth herein), during the Purchase Period, Buyer agrees to consider, on an uncommitted basis, entering into Transactions from time to time, no more than twice per calendar week, pursuant to written request at the initiation of Seller as provided in this Agreement. No later than the Transaction Request Deadline, the Seller shall deliver to the Buyer (i) a certification (each, a “Funding Certification”, substantially in the form specified in Exhibit II hereto) in the affirmative with respect to each Transaction Condition Precedent listed on such Funding Certification, (ii) a current monthly report from the Calculation Agent, which report may be in electronic form and (iii) a Confirmation with respect to the related Transaction (including any Approved Representation Exceptions proposed by Seller). Buyer shall have the right to review all Mortgage Loans proposed to be sold to Buyer in any Transaction and to conduct its own due diligence investigation of such Mortgage Loans as Buyer determines in accordance with Section 27. For the avoidance of doubt, Buyer shall not be required to consider entering into any Transaction if an Event of Default has occurred and is continuing with respect to any Transaction Documents. (b) Upon agreeing to enter into a Transaction hereunder, provided each of the Closing Date Conditions Precedent and Transaction Conditions Precedent shall have been satisfied or waived, as determined by Buyer in its sole and absolute discretion, Seller shall promptly execute a written confirmation (which shall also be in electronic form) in the form of Exhibit I attached hereto with respect to such Transaction (a “Confirmation”). Such Confirmation shall describe each Mortgage Loan relating to such Transaction and shall set forth: (i) the Purchase Date, (ii) the Unpaid Principal Balance, (iii) the Maximum Principal Balance, (iv) the Advance Rate, (v) the Eligible Loan Amount,
36 739191471 20664933 (vi) the Purchase Price, (vii) the initial Repurchase Date, (viii) the initial Pricing Rate (including the Applicable Spread) applicable to the Transaction, (ix) any Approved Representation Exceptions, and (x) any additional terms or conditions required by Buyer in connection with the Transaction. The initial Pricing Rate shall be determined on the initial Pricing Rate Determination Date and shall be reset on a monthly basis for all Purchased Loans then subject to Transactions. Buyer or its agent shall determine the Pricing Rate on each Pricing Rate Determination Date for the related Pricing Rate Period and notify the Seller of such rate for such period on such Pricing Rate Determination Date. (c) Each Confirmation executed by Seller and accepted by Buyer shall, together with this Agreement, be conclusive evidence of the terms of the Transactions covered thereby. In the event of any conflict between the terms of such Confirmation and the terms of this Agreement, the Confirmation shall prevail. (d) [Reserved]. (e) [Reserved]. (f) Seller shall be entitled from time to time to reduce the Aggregate Outstanding Amount on any Business Day; provided, however, that: (A) Seller notifies Buyer in writing of its intent to reduce the Aggregate Outstanding Amount no later than ten (10) Business Days prior to such payment, with a copy to the Calculation Agent; (B) on the applicable prepayment date, Seller’s prepayment shall be applied to reduce pro rata the Purchase Price of all Purchased Loans subject to Transactions under this Agreement as of such prepayment date; and (C) no Purchased Loan shall be released from the Lien of this Agreement except in accordance with Section 12. (g) On the applicable Repurchase Date for any Transaction, termination of such Transaction, as consented to in writing by Buyer, shall be effected by transfer to the Seller or its agent of the applicable Purchased Loans (free of any Lien created by Buyer pursuant to Section 8(a)) against the simultaneous transfer of the Repurchase Price for such Transaction to an account of Buyer. Immediately following such payment, Buyer shall be deemed to have released all of its direct and indirect interests in such Purchased Loans, without further action by any Person and Buyer shall direct Custodian to release the related Asset File to the Seller or its
37 739191471 20664933 designee pursuant to the Custodial Agreement and, to the extent any UCC financing statement filed against Seller specifically identifies such Purchased Loans, Buyer shall deliver or cause to be delivered an amendment thereto or termination thereof evidencing the release of such Purchased Loan from Buyer’s security interest therein. Notwithstanding anything to the contrary contained herein or in any other Transaction Document, Buyer shall not release any of its right, title or interest in any Purchased Loan unless and until the Seller has irrevocably paid in full the Repurchase Price for each Purchased Loan subject to a Transaction and satisfied all of the Repurchase Obligations hereunder with respect thereto, whereupon Buyer shall promptly direct Custodian to return the applicable Asset File and all applicable transfer documents to the Seller. (h) Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then, (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, or in connection with an Early Opt-in Election, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Seller without any amendment to this Agreement or any other Transaction Document, or further action or consent of the Seller. (i) In connection with the implementation of a Benchmark Replacement, the Buyer will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of the Seller. (j) The Buyer will promptly notify the Seller with a copy to the Calculation Agent of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (k) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Buyer pursuant to this Section 3(j) including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from the Seller. (k) Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark
38 739191471 20664933 Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Buyer in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Buyer may modify the definition of “Pricing Rate Period” for any Benchmark settings at or after such time to remove such unavailable or non- representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Buyer may modify the definition of “Pricing Rate Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor without consent from the Seller. (l) Notwithstanding any other provision herein, if Buyer shall have reasonably determined that the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful for Buyer to effect or continue Transactions as contemplated by the Transaction Documents Buyer shall not enter into new Transactions. If the Buyer requests any payment of amounts pursuant to this Section 3(l), the Seller shall have the right to prepay the facility in full and repurchase all of the Purchased Loans by payment of the aggregate Repurchase Price, and such prepayment shall not be subject to the Exit Fee. (m) Upon demand by Buyer, Seller shall indemnify Buyer and hold Buyer harmless from any net actual, out of pocket loss or expense (not to include any lost profit or opportunity) (including, without limitation, reasonable actual attorneys’ fees and disbursements) which Buyer may sustain or incur as a consequence of (i) failure by Seller to terminate any Transaction after Seller has given a notice in accordance with Section 3(f) of a termination of a Transaction or (ii) any payment of all or any portion of the Repurchase Price for any Purchased Loan on any day other than a Payment Date or the Repurchase Date for such Purchased Loan (including, without limitation, any actual out of pocket loss, cost or expense arising from reemployment of funds obtained by Buyer to maintain Transactions hereunder or from customary and reasonable fees payable to terminate deposits from which such funds were obtained). A certificate as to such actual costs, losses, damages and expenses, setting forth the calculations therefor shall be submitted promptly by Buyer to Seller and shall be prima facie evidence of the information set forth therein. (n) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by any Governmental Authority or compliance by Buyer with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority having jurisdiction over Buyer made subsequent to the date hereof: (i) shall subject the Buyer to any tax of any kind whatsoever with respect to the Transaction Documents (excluding Taxes described in clause (ii) or (iii) of the definition of Excluded Taxes and Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes) or change the basis of
39 739191471 20664933 taxation of payments to Buyer in respect thereof; shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, or other extensions of credit by, or any other acquisition of funds by, any office of the Buyer which is not otherwise included in the determination of LIBOR hereunder; or (ii) shall impose on Buyer any other condition; and the result of any of the foregoing is to increase the cost to Buyer, by an amount which Buyer deems to be material, of continuing to perform its obligations hereunder or to reduce any amount due or owing hereunder in respect thereof, or (in the case of any change in a Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by Buyer or any Person controlling Buyer with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof) shall have the effect of reducing the rate of return on Buyer’s or such controlling Person’s capital as a consequence of its obligations as under the Transaction Documents to a level below that which Buyer or such controlling Person could have achieved but for such adoption, change or compliance (taking into consideration Buyer’s or such controlling Person’s policies with respect to capital adequacy) by an amount deemed by Buyer to be material then, in any such case, Buyer may, within ninety (90) days of the event resulting in such increased costs or reduced amount, invoice Seller for such additional amount or amounts as calculated by Buyer in good faith as will compensate Buyer for such increased cost or reduced amount and include with such invoice an explanation of the event that gave rise to such increased costs or reduced amount, and such invoiced amount shall be payable to Buyer on the Payment Date following such invoice; provided, that no payment will be required hereunder in respect of any tax that is imposed under FATCA; provided, further, that Buyer shall use its reasonable efforts to minimize any increased costs payable pursuant to this Section 3(n). If the Buyer requests any payment of amounts pursuant to this Section 3(n), the Seller shall have the right to prepay the facility in full and repurchase all of the Purchased Loans by payment of the aggregate Repurchase Price, and such prepayment shall not be subject to the Exit Fee. (o) If Buyer shall have reasonably determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by Buyer or any corporation controlling Buyer with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof does or shall have the effect of increasing the amount of capital to be held by Buyer in respect of any Transaction hereunder or reducing the rate of return on Buyer’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which Buyer or such corporation could have achieved but for such adoption, change or compliance (taking into consideration Buyer’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by Buyer, in the exercise of its reasonable business judgment, to be material, then from time to time, after submission by Buyer to the Seller of a written request therefor, the Seller shall pay to Buyer such additional amount or amounts as will compensate Buyer for such reduction. Such notification as to the calculation of any additional amounts payable pursuant to this subsection shall be submitted by Buyer to the Seller and shall be prima facie evidence of such additional amounts.
40 739191471 20664933 This covenant shall survive the termination of this Agreement and the repurchase by Seller of any or all of the Purchased Loans. If the Buyer requests any payment of amounts pursuant to this Section 3(o), the Seller shall have the right to prepay the facility in full and repurchase all of the Purchased Loans by payment of the aggregate Repurchase Price, and such prepayment shall not be subject to the Exit Fee. (p) Seller shall have the right at any time, upon ten (10) Business Days prior notice to Buyer, to transfer cash to Buyer for the purpose of reducing the Purchase Price of, but not terminating, any Transaction. (q) Except upon the occurrence and during the continuance of an Event of Default, following receipt of a Margin Notice, Seller may, upon prior written notice to the Buyer, make a partial prepayment (an “Early Partial Repurchase Payment”) of the Purchase Price in an amount up to the Breakeven Deficit specified on the most recent Margin Notice. (r) Upon the occurrence of a Mandatory Early Repurchase Event with respect to any Purchased Loan, Buyer may, upon written notice to the Seller, accelerate the Repurchase Date of such Purchased Loan to the date (the “Mandatory Early Repurchase Date”) which is five (5) Business Days following such notice, and require that the Seller pay the Repurchase Price relating to such Purchased Loan to Buyer on such Mandatory Early Repurchase Date in accordance with Section 3(g). (s) If Buyer shall exercise its rights under Sections 3(h), 3(i), 3(k) or 3(l), Buyer shall provide written notice thereof to Seller, and Seller shall then shall have the right, at any time thereafter (unless Buyer has at such time waived any claims pursuant to such Sections or such Sections no longer apply) to terminate this Agreement or all Transactions hereunder and, in connection with any such termination, notwithstanding anything to the contrary contained herein or in any other Transaction Document, there shall be no prepayment fee, premium, breakage fee or similar payment due to Buyer or payable by Seller, and provided that such repurchase and termination occurs within fifteen (15) days of receipt of Buyer’s written notice, then Seller shall not be responsible for any increased costs for any period prior to such termination. 4. MARGIN MAINTENANCE (a) Buyer shall determine the Market Value and Minimum Maintenance Amount of each Purchased Loan on each Business Day and shall determine (i) the amount, if any, by which the Minimum Maintenance Amount is less than the Purchase Price for each Purchased Loan (a “Margin Deficit”), and (ii) the amount, if any, by which the Aggregate Outstanding Amount exceeds the sum of the Minimum Maintenance Amount of all Purchased Loans (the “Breakeven Deficit”). (b) If at any time a Breakeven Deficit in an aggregate amount equal to at least $150,000 exists, then Buyer may by notice (which notice shall include a copy sent by electronic mail in accordance with Section 16 hereof) (a “Margin Notice”) to the Seller, with a copy to the Calculation Agent, require the Seller to make an Early Partial Repurchase Payment with respect to the Purchased Loans in an amount equal to the Breakeven Deficit in accordance with Section 3(q) by no later than the date that is (i) if notified by the Buyer before 3:00 PM Eastern on a
41 739191471 20664933 Business Day, then by 6:00 PM Eastern on the next Business Day following such Business Day or (ii) if notified by the Buyer on or after 3:00 PM Eastern on a Business Day, then by 6:00 PM Eastern two Business Days following such Business Day. Any Early Partial Repurchase Amount shall be applied to reduce ratably the Margin Deficit of each Purchased Loan which has a Margin Deficit. (c) The failure of, or delay by, Buyer on any one or more occasions, to exercise its rights under Sections 4(b) of this Agreement shall not (i) change or alter the terms and conditions to which this Agreement is subject, (ii) limit the right of Buyer to do so at a later date or (iii) limit Buyer’s rights under this Agreement or otherwise existing by law. 5. INCOME PAYMENTS AND PRINCIPAL PAYMENTS (a) On each Payment Date, Seller shall be obligated to pay to Buyer, to the extent not paid on such date through the distributions required pursuant to Section 5(c), the accrued but unpaid Price Differential for each Transaction due as of such Payment Date (along with any other amounts then due and payable), by wire transfer in immediately available funds. Seller shall cause all Collections to be remitted to the Distribution Account in accordance with Section 14. All amounts transferred into the Distribution Account shall be remitted by the Calculation Agent in accordance with the provisions of Section 5(c) and Section 13(b)(iii) of this Agreement. (b) Seller shall cause each Servicer (other than the initial Servicer) to enter into a Servicer Acknowledgment. If a Servicer forwards any Collections to Seller or any of their respective Affiliates rather than in accordance with Section 14 and the applicable Servicer Acknowledgment, Seller shall (or shall cause such Affiliate to) (i) redeliver an executed copy of the Servicer Acknowledgment to the applicable Servicer, and make other commercially reasonable efforts to cause such Servicer to forward such amounts in accordance with Section 14 and such Servicer Acknowledgment, (ii) hold such amounts in trust for the benefit of Buyer and (iii) within two (2) Business Days after receipt thereof deposit any Collections in the Collection Account. (c) All Available Funds on deposit in the Distribution Account shall be applied by the Paying Agent on the related Payment Date in the following order of priority: (i) first, to the Custodian, the Paying Agent, the Back-up Servicer and the Calculation Agent, pro rata, to pay all fees, reimbursable expenses or indemnification payments owed to each such party, with such expenses and indemnification payments subject to the Annual Cap; (ii) second, to the Servicer, to pay fees and expenses owed to the Servicer to the extent not already withheld by the Servicer prior to remitting Collections on the Mortgage Loans to the Collection Account; (iii) third, to the Servicer, to reimburse the Servicer for any Servicing Advances made by the Servicer under and pursuant to the Servicing Agreement and not previously reimbursed;
42 739191471 20664933 (iv) fourth, to remit to Buyer any unpaid fees, costs, expenses, indemnity amounts and any and all other amounts due from Seller under this Agreement or the other Transaction Documents in respect of the immediately preceding Collection Period; (v) fifth, to remit to the Buyer an amount equal to the aggregate Price Differential which has accrued and is outstanding in respect of all of the Purchased Loans as of such Payment Date; (vi) sixth, to remit to the Buyer, in an amount necessary to cure any outstanding Margin Deficit; (vii) seventh, during the Purchase Period, to remit to Buyer with respect to any Principal Proceeds received during the related Collection Period, an amount equal to the product of (x) the Advance Rate applicable to each Purchased Loan with respect to which Principal Proceeds were received and (y) the amount of Principal Proceeds received with respect to such Purchased Loan, in reduction of the outstanding Purchase Price of such Purchased Loan; (viii) eighth, to remit to the Buyer, after the expiration of the Purchase Period, all remaining Available Funds until the Aggregate Outstanding Repurchase Price is reduced to zero; (ix) ninth, to remit to Buyer all other amounts due and owing from Seller to Buyer under this Agreement or the other Transaction Documents; (x) tenth, to the Custodian, the Servicer, the Paying Agent, the Back-up Servicer and the Calculation Agent, pro rata, to pay all reimbursable expenses or indemnification payments of such party, to the extent not already paid; and (xi) eleventh, to remit to the Seller the remainder, if any. Notwithstanding the preceding provisions, if a Default or an Event of Default has occurred and is continuing, all Available Funds shall be applied by the Paying Agent on each Payment Date to pay all fees, reimbursable expenses (including Servicing Advances) and indemnities owed to the Custodian, the Paying Agent, the Back-up Servicer including in its role as successor Servicer and the Calculation Agent, with any remaining amounts paid by the Paying Agent as determined by the Buyer in its sole discretion; provided that after the Repurchase Obligations have been satisfied in full, the Buyer shall promptly instruct Paying Agent to remit any remaining Available Funds to the Seller. 6. SECURITY INTEREST Buyer and Seller intend, for all purposes other than those described in Section 22(e), that all Transactions hereunder be sales to Buyer of the Purchased Loans and not loans from Buyer to
43 739191471 20664933 Seller secured by the Purchased Loans. However, in the event any such Transaction is deemed to be a loan: Seller hereby pledges all of its right, title, and interest in, to and under and grants a lien on, and security interest in (which lien and security interest shall be of first priority), all of its right, title, and interest in all of its assets, including but not limited to the following property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located (collectively, the “Collateral”) to Buyer to secure the payment and performance of all other amounts or obligations owing to Buyer pursuant to this Agreement and the other Transaction Documents (the “Repurchase Obligations”) (it being understood that the grant of security interest in any items described below which are otherwise sold to Buyer pursuant to any Transaction hereunder is made to secure Buyer’s interest therein in the event any such Transaction is deemed to be a loan) (i) the Purchased Loans, all payments thereon or with respect thereto due after the related Purchase Date, all related Asset Files, the Accounts and all other escrow accounts, reserve accounts and security entitlements with respect to the Mortgage Loans, the Seller’s rights (but not its obligations) under each Transaction Document, the Servicing Records, Servicing Rights and all insurance relating to the Mortgage Loans, (ii) all “general intangibles”, “accounts” and “chattel paper” as defined in the UCC relating to or constituting any and all of the foregoing; and (iii) all replacements, substitutions or distributions on or proceeds, payments, Collections and profits of, and records and files relating to any and all of any of the foregoing. For purposes of the grant of the security interest pursuant to this Section 6, this Agreement shall be deemed to constitute a security agreement under the New York Uniform Commercial Code (the “UCC”). Buyer shall have all of the rights and may exercise all of the remedies of a secured creditor under the UCC and the other laws of the State of New York. In furtherance of the foregoing, (a) Seller, at Seller’s sole cost and expense, shall cause to be filed (or authorize Buyer to file) in such locations as may be reasonably necessary to perfect and maintain perfection and priority of the security interest granted hereby, UCC financing statements and continuation statements, and (b) Seller shall from time to time take such further actions as may be reasonably requested by Buyer to maintain and continue the perfection and priority of the security interest granted hereby. Seller hereby irrevocably authorizes Buyer at any time and from time to time to file in any filing office in any jurisdiction any initial financing statements and amendments thereto that (1) indicate the Collateral (i) as all Purchased Loans or words of similar effect, regardless of whether the description of the Mortgage Loans in such financing statements includes every component set forth in the definition, or (ii) as being of an equal or lesser scope or with greater detail, and (2) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including whether Seller is an organization and the type of organization. Seller also ratifies its authorization for Buyer to have filed in any jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. Without limiting the foregoing, Seller also hereby irrevocably authorizes the Buyer and its counsel to file, at Seller’s expense, UCC financing statements in form and substance satisfactory to the Buyer, including UCC financing statements naming the Seller as debtor and describing the Collateral as “all assets” of the debtor
44 739191471 20664933 “whether now owned or hereafter acquired or arising and wheresoever located, including all accessions thereto and products and proceeds thereof” or words of similar effect. Buyer’s security interest in the Purchased Loans, or the Collateral as a whole, shall terminate only upon (i) in the case of an individual Purchased Loan, the repurchase or release thereof in accordance with this Agreement and (ii) in the case of the Collateral as a whole, the termination of the Seller’s obligations under this Agreement and the documents delivered in connection herewith and therewith. Upon any such termination, Buyer shall authorize the Seller to file such UCC termination statements and other release documents as may be commercially reasonable to evidence the release of Buyer’s lien on and security interest in the applicable Purchased Loans, or the Collateral, as applicable and to return the Asset Files for the related Mortgage Loans to the Seller. 7. PAYMENT, TRANSFER AND CUSTODY (a) On the Purchase Date for each Transaction, ownership of the applicable Purchased Loans shall be transferred to Buyer or its designee (including the Custodian) against the simultaneous transfer to an account of the Seller specified in the Confirmation relating to such Transaction of the difference between (i) the Purchase Price specified in the Confirmation minus (ii) any and all fees, costs and expenses including, without limitation, reasonable attorneys’ fees and disbursements payable to Buyer pursuant to Section 27 or Section 30(d) in connection with such Transaction. (b) In connection with each sale, transfer, conveyance and assignment of a Purchased Loan(s), on or prior to each Purchase Date with respect to such Purchased Loan, the Seller shall cause the Custodian to deliver a Custodial Receipt on the Purchase Date concerning the receipt of the Asset Files pertaining to each of the Mortgage Loans identified in the related Confirmation. (c) The Asset Files shall be maintained in accordance with the Custodial Agreement. Any Asset Files not delivered to Buyer or its designee (including the Custodian) are and shall be held in trust by the Seller or its designees for the benefit of Buyer as the owner thereof. Seller or its designees shall maintain a copy of the Asset File and the originals of the Asset Files not delivered to Buyer or Custodian as its designee. The possession of the Asset Files by the Seller or its designees is at the will of Buyer for the sole purpose of servicing the related Mortgage Loans, and such retention and possession by the Seller or its designees is in a custodial capacity only. The books and records (including, without limitation, any computer records or tapes) of the Seller or its designees with respect to each Purchased Loan shall be marked appropriately to reflect clearly the interest of Buyer hereunder with respect to the related Mortgage Loan. Seller or its designee (including the Custodian) shall release its custody of the Asset Files only in accordance with written instructions from Buyer and in accordance with the provisions of the Custodial Agreement, unless such release is required as incidental to the servicing of the Mortgage Loans or is in connection with a repurchase of any Mortgage Loan by the Seller or as otherwise required by law. From time to time as available, Seller shall forward (or cause to be forwarded) to the Custodian additional original documents or additional copies of documents evidencing any assumption, modification, consolidation or extension of a Mortgage Loan approved in accordance with the terms of the Servicing Agreements and Servicer
45 739191471 20664933 Acknowledgments, and shall cause the Custodian to hold the same in accordance with the Custodial Agreement. With respect to all of the Mortgage Loans delivered by Seller to Buyer or its designee (including the Custodian), the Seller shall execute an omnibus power of attorney substantially in the form of Exhibit III attached hereto irrevocably appointing Buyer its attorney- in-fact with full power to, during the occurrence and continuance of an Event of Default, (i) complete and record all Assignments of Mortgage, (ii) complete the endorsements of the Mortgage Notes and (iii) take such other steps as may be reasonably necessary or desirable to enforce Buyer’s rights against such Mortgage Loans and the related Asset Files and the Servicing Records. 8. SALE, TRANSFER, HYPOTHECATION OR PLEDGE OF PURCHASED LOANS (a) Title to all Purchased Loans shall pass to Buyer on the applicable Purchase Date, and Buyer shall have free and unrestricted use of all Purchased Loans, subject, however, to the terms of this Agreement and the other Transaction Documents; provided, however, that except in connection with its exercise of remedies upon the occurrence and during the continuance of an Event of Default, Buyer shall not sell or otherwise transfer title to any Purchased Loan to any third party (other than its permitted successors and assigns) without the prior consent of the Seller, such consent not to be unreasonably withheld, conditioned or delayed. Subject to this Section 8(a) and Section 18(b), nothing in this Agreement or any other Transaction Document shall preclude Buyer from engaging in repurchase transactions with the Purchased Loans that are subject to Transactions or otherwise selling, transferring, pledging, repledging, hypothecating, or rehypothecating such Purchased Loans, but no such transaction shall relieve Buyer of its obligations to transfer the Purchased Loans to Seller pursuant to Section 3 of this Agreement or of Buyer’s obligation to credit Available Funds to the obligations of Seller pursuant to Section 5 hereof. (b) Buyer may, at its option, deliver or cause to be delivered to the Custodian any Purchased Loans delivered to (or at the direction of) Buyer by Seller. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, no Purchased Loan shall remain in the custody of Seller or any Affiliate thereof. 9. REPRESENTATIONS AND WARRANTIES OF SELLER (a) Seller Representations. The Seller represents and warrants to Buyer as of the Closing Date and as of each Purchase Date as follows: (i) Organization and Authority. The Seller is a limited liability company, duly organized, validly existing and in good standing solely under the laws of the State of Delaware. The Seller (i) has all requisite power and authority to own its properties and assets (including, without limitation, the Collateral) and to carry on its business as now being conducted and as contemplated in the Transaction Documents, and (ii) is duly qualified to do business in each jurisdiction in which failure to so qualify would have or result in a Material Adverse Event. The Seller has all requisite power and authority to execute, deliver and perform the Transaction Documents to which it is a party.
46 739191471 20664933 (ii) Due Authorization and Execution; No Conflict. The execution, delivery and performance by the Seller of the Transaction Documents to which it is a party, and the consummation by the Seller of the transactions contemplated thereby, (i) have been duly authorized by all requisite action of the Seller and have been duly executed and delivered by the Seller; (ii) do not violate any provisions of (A) any applicable law or order of any Governmental Authority binding on the Seller or any of its properties, the effect of which would have or result in a Material Adverse Event, or (B) its organizational documents; (iii) are not in conflict with, and do not result in a breach or default of or constitute an event of default, or an event, fact, condition or circumstance which, with notice or passage of time, or both, would constitute or result in a conflict, breach, default or event of default under, any indenture, agreement or other instrument to which the Seller is a party, or by which the properties or assets of the Seller is bound, the effect of which would have or result in a Material Adverse Event; (iv) except as set forth herein or therein, will not result in the creation or imposition of any Lien of any nature upon any of the properties or assets of the Seller, (v) except for filings in connection with the perfection of Buyer’s Liens, do not require the consent, approval or authorization of, or filing, registration or qualification with, any Governmental Authority or any other Person that has not been obtained except where the failure to so obtain would have or result in a Material Adverse Event and (vi) do not require compliance with any bulk sales act or similar law. (iii) Enforceability. Each of the Transaction Documents to which it is a party constitutes the legal, valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms, subject to the effect of any applicable bankruptcy, moratorium, insolvency, reorganization or other similar law affecting the enforceability of creditors’ rights generally and to the effect of general principles of equity (whether in a proceeding at law or in equity). (iv) Litigation. (i) The Seller is not a party to any pending or threatened action, suit, proceeding or investigation related to the business of the Seller, (ii) there is no pending or, to the knowledge of the Seller, threatened action, suit, proceeding or investigation involving the Seller or its businesses, in any case that could reasonably be expected to prevent or materially delay the consummation by the Seller of the transactions contemplated herein, (iii) the Seller has not had any reason to believe that any action, suit, proceeding or investigation may be brought or threatened against the Seller’s business that would have or result in a Material Adverse Event, (iv) the Seller is not a party or subject to any order, writ, injunction, judgment or decree of any Governmental Authority, nor is there any action, suit, proceeding, inquiry or investigation by any Governmental Authority, in either case, that could reasonably be expected to prevent or materially delay the consummation by the Seller of the
47 739191471 20664933 transactions contemplated herein, and (v) the Seller has not had any material existing accrued and/or unpaid penalties, fines or sanctions imposed by and owing to any Governmental Authority or any other governmental payor related to its business or the owning, origination, acquisition, servicing or financing of mortgage loans. (v) No Broker. Seller has not dealt with any broker, investment banker, agent, or other Person (other than Buyer or an Affiliate of Buyer) who may be entitled to any commission or compensation in connection with the sale of Purchased Loans pursuant to any of the Transaction Documents. (vi) Financial Statements and Reports. Any financial statements and financial information relating to the Seller that may hereafter be delivered to Buyer by the Seller (i) are consistent with the books of account and records of the Seller, (ii) other than interim financial statements, have been prepared in accordance with GAAP, on a consistent basis throughout the indicated periods, except that any unaudited financial statements contain no footnotes or year-end adjustments, and (iii) are complete and correct in all material respects and present fairly in all material respects the financial condition, assets and liabilities and results of operations of the Seller at the dates and for the relevant periods indicated in accordance with GAAP on a basis consistently applied. The Seller has no material obligations or liabilities of any kind required to be disclosed therein that are not disclosed in such financial statements, and since the date of the most recent financial statements submitted to Buyer pursuant to this Agreement, there has not occurred any event or condition that would have or result in a Material Adverse Event. (vii) Good Title. On the date hereof and immediately prior to the purchase of any Mortgage Loans by Buyer from Seller, Seller owned such Mortgage Loans, free and clear of any lien, encumbrance or impediment to transfer (including any “adverse claim” as defined in Section 8-102(a)(1) of the UCC), and Seller is the record and beneficial owner of and has good and marketable title to and the right to sell and transfer such to Buyer and, upon transfer thereof to Buyer, Buyer shall be the owner of such Mortgage Loans free of any adverse claim, subject to the rights of Seller pursuant to the terms of this Agreement. In the event that any Transaction is characterized as a secured financing of the related Mortgage Loans, the provisions of this Agreement are effective to create in favor of Buyer a valid “security interest” (as defined in Section 1-201(b)(37) of the UCC) in all rights, title and interest of Seller in, to and under the Collateral and Buyer shall have a valid perfected first priority security interest in the Collateral. (viii) Compliance with Law. The Seller (i) is in compliance with all applicable laws, and (ii) is not in violation of any order of any Governmental Authority or other board or tribunal, except, in the case of both (i) and (ii),
48 739191471 20664933 where noncompliance or violation could not reasonably be expected to be, have or result in a Material Adverse Event. The Seller has maintained all records required to be maintained by any applicable Governmental Authority except where a failure to do so could not reasonably be expected to be, have or result in a Material Adverse Event. (ix) Solvency. The Seller is and, after giving effect to the transactions and the incurrence of indebtedness contemplated by the Transaction Documents, will be solvent and able to meet its obligations and liabilities as they become due, and the assets of the Seller, at a fair valuation, exceed the total liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Seller, and no unreasonably small capital base exists with respect to the Seller. (x) No Default. No Event of Default or Default exists under or with respect to the Transaction Documents. (xi) Disclosure. No document, certificate, or written statement furnished to Buyer and prepared by or on behalf of the Seller in connection with the transactions contemplated by the Transaction Documents, nor any representation or warranty made by the Seller in any Transaction Document, contains any untrue statement of material fact or omits to state any fact necessary to make the factual statements therein taken as a whole not materially misleading in light of the circumstances under which it was furnished. There is no fact known to the Seller which has not been disclosed to Buyer in writing which would have or result in a Material Adverse Event. (xii) Names. The Seller’s exact legal name is as set forth on its signature page hereto. Neither the Seller nor any of its predecessors has conducted business under or used any other name (whether corporate, partnership or assumed). (xiii) Non-Subordination. The Repurchase Obligations are not subordinated in any way to any other obligations of the Seller or to the rights of any other Person. (xiv) Use of Proceeds. The Seller is not engaged in the business of extending credit for the purpose of purchasing or carrying any “margin stock” or “margin security” (within the meaning of Regulations T, U or X issued by the Board of Governors of the Federal Reserve System), and no proceeds of the Purchase Price will be used by the Seller to purchase or carry any margin stock or margin security or to extend credit to others for the purpose of purchasing or carrying any margin stock or margin security. (xv) Anti-Terrorism; OFAC.
49 739191471 20664933 (A) Neither the Seller nor any Person controlling or controlled by the Seller, nor any Person having a beneficial interest in the Seller, nor any Person for whom the Seller is acting as agent or nominee in connection with this transaction (“Transaction Persons”) (A) is a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (B) engages in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such Person in any manner violative of Section 2 of such executive order, or (C) is a Person on the list of Specially Designated Nationals and Blocked Persons or is in violation of the limitations or prohibitions under any other OFAC regulation or executive order. (B) No part of the proceeds of the Purchase Price will be used, directly or indirectly, by any Seller Party for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. (C) The Seller acknowledges by executing this Agreement that the Buyer has notified the Seller that, pursuant to the requirements of the Patriot Act, Buyer is required to obtain, verify and record such information as may be necessary to identify the Seller, and confirm that the applicable direct or indirect owner of Equity Interests of the Seller has obtained, verified and recorded such information as may be necessary to identify any Person owning ten percent (10.00%) or more of the direct or indirect Equity Interests of the Seller (including, without limitation, the name and address of such Person) in accordance with the Patriot Act. (xvi) ERISA. The assets of the Seller do not constitute Plan Assets and the Seller is not subject to any applicable law that regulates investments of, and fiduciary obligations with respect to, governmental plans, that is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code and that would be violated by the transactions contemplated by this Agreement or any other Transaction Document. (xvii) Representations and Warranties Regarding the Mortgage Loans. With respect to each Purchased Loan, each representation and warranty set forth on Schedule II is true and correct.
50 739191471 20664933 (xviii) Investment Company Act. The Back-up Guarantor (a) has elected to be regulated as a business development company under the Investment Company Act, (b) is neither an “affiliate” (within the meaning of Section 23A of the Federal Reserve Act, as amended) of the Buyer, nor is a person of which the Buyer, or any “affiliated person” of the Buyer, is an “affiliated person” (as defined in Section 2(a)(3) of the Investment Company Act), (c) is not a person with respect to which the Buyer or any “affiliated person” of the Buyer has acted in the capacity of “principal underwriter” or “promoter” (as those terms are defined in Section 2(a)(20) and (30) of the Investment Company Act) and (d) has duly elected to be regulated as a “business development company” within the meaning of the Investment Company Act and is eligible to make such an election. The Seller is structured so as not to constitute a “covered fund” as defined in the final regulations issued December 10, 2013, implementing the Volcker Rule, as amended. (xix) Taxes. Seller has filed or caused to be filed all federal and other material Tax returns which would be delinquent if they had not been filed on or before the date hereof and has paid all Taxes shown to be due and payable on or before the date hereof on such returns or on any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it and any of its assets by any Governmental Authority except for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP; no Tax liens have been filed against any of Seller’s assets and, to the best knowledge of Seller, no claims are being asserted with respect to any such Taxes, fees or other charges. (xx) Tax Status. Seller is a disregarded entity within the meaning of U.S. Treasury Regulation § 301.7701-3 that is wholly owned by a United States person (as defined in Code section 7701(a)(30)). Seller is not subject to any Tax in any jurisdiction outside the United States. Seller has not taken (or permitted any other Person to take) any action that would reasonably be expected to cause Seller to be subject to any material amount of Taxes imposed by a state or local taxing authority, other than an action contemplated under the Transaction Documents. (xxi) Judgments/Bankruptcy. Except as disclosed in writing to Buyer there are no judgments against Seller Party unsatisfied of record or docketed in any court located in the United States of America and no Insolvency Event has ever occurred with respect to Seller Party. (xxii) Notice Address; Jurisdiction of Organization. On the date of this Agreement, Seller’s address for notices is as set forth on Annex I attached hereto. Seller’s jurisdiction of formation is Delaware. The location where
51 739191471 20664933 Seller keeps its books and records, including all computer tapes and records relating to the Collateral, is its notice address. (b) On the Purchase Date for any Transaction, Seller shall be deemed to have made all of the representations set forth in this Section 9 as of such Purchase Date. 10. NEGATIVE COVENANTS OF SELLER During the term of this Agreement and so long as any Transaction is in effect hereunder, Seller shall not without the prior written consent of Buyer: (a) take any action which would directly or indirectly impair or adversely affect Buyer’s title or interest to any of the Purchased Loans subject to Transactions, or claim any credit on, make any deduction from, or dispute the enforceability of, the payment of any amounts payable in respect of the Repurchase Obligations (other than amounts required to be paid, deducted or withheld in accordance with any applicable law or regulation of a Governmental Authority as provided herein) or assert any claim against Buyer by reason of the payment of any taxes levied or assessed upon any part of the Collateral; (b) except as otherwise permitted under this Agreement or any other Transaction Document, transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge, encumber or hypothecate, directly or indirectly (any of the foregoing, a “Transfer”), any interest in the Mortgage Loans (or any of them) while subject to Transactions to any Person other than Buyer, engage in repurchase transactions or similar transactions with respect to the Mortgage Loans (or any of them) while subject to Transactions with any Person other than Buyer, or (A) incur or assume or guarantee any indebtedness, other than the Repurchase Obligations or (B) issue any additional class of securities, other than membership interests in Seller; (c) (A) permit the validity or effectiveness of this Agreement or any grant of security hereunder to be impaired, or permit the lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Agreement, except as may be expressly permitted hereby, (B) permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any interest therein or the proceeds thereof, except as may be expressly permitted hereby or (C) take any action that would permit the lien of this Agreement not to constitute a valid first priority security interest in the Collateral, except as may be expressly permitted hereby; (d) cause any Mortgage Loan subject to a Transaction to be serviced by any servicer other than a Servicer expressly approved in writing by Buyer, or amend any Servicing Agreement, except with the prior written consent of Buyer or, solely with respect to immaterial amendments, prior written notice to Buyer; (e) send a payment redirection letter to the Mortgagor of any Mortgage Loan subject to a Transaction, or otherwise instruct any Mortgagor to make any payment due on such
52 739191471 20664933 Mortgage Loan to any account, other than a restricted or other similar account established in connection with a Servicing Agreement; (f) sponsor or maintain any Plans or have an obligation to contribute to or have any direct liability to any Plan or Multiemployer Plan; or permit Seller’s Subsidiaries, Guarantor, Guarantor’s Subsidiaries, or any ERISA Affiliate to sponsor or maintain any Plans or make any contributions to, or have any liability or obligation (direct or contingent) with respect to, any Plan or Multiemployer Plan that could possibly result in material liability for Seller or Guarantor; (g) become an entity deemed to hold Plan Assets or become subject to any applicable law that regulates investments of, and fiduciary obligations with respect to, governmental plans, that is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code and that would be violated by the transactions contemplated by this Agreement or any other Transaction Document; (h) dissolve or liquidate in whole or in part, except as permitted hereunder; (i) make or incur any capital expenditures, except as reasonably required to perform its functions and operate its business in accordance with the terms of this Agreement or any other Transaction Document; (j) in the case of the Seller, become liable in any way, whether directly or by assignment or as a guarantor or other surety, for the obligations of the lessee under any lease, hire any employees (other than its managers to the extent they would be deemed to be employees) or, pay any distribution to its equity holders except for amounts released to the Seller (or its designee) in accordance with Section 5(c) and Mortgage Loans repurchased by the Seller from the Buyer; (k) in the case of the Seller, maintain any bank accounts other than pursuant to the Transaction Documents; (l) engage in any activity that would cause the Seller to be subject to U.S. federal, state, local or foreign income, franchises or similar tax in excess of $1,000 in any year; (m) in the case of Seller, consolidate or merge with or into any other Person or transfer or convey all or substantially all of its assets to any Person; (n) enter into any agreements, other than the Asset Documents, after the date hereof unless such agreements contain customary “non-petition” or “limited recourse” provisions; (o) permit the formation of any subsidiaries without prior consent of the Buyer; (p) engage in any business or activity other than (i) performing its obligations pursuant to this Agreement and any supplements thereto and the other Transaction Documents, (ii) entering into the Transaction Documents to which it is a party, (iii) acquiring, owning, holding and transferring Purchased Loans and the other Collateral in connection with this Agreement and (iv) originating the Mortgage Loans, and such other activities which are
53 739191471 20664933 necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; (q) enter into any Whole Loan Sale with respect to any Purchased Loans if (i) such sale would result in a Margin Deficit or (ii) Seller shall not have provided two (2) Business Days prior written notice to the Buyer; (r) directly or indirectly, seek to treat this Agreement as, or seek a judicial or similar determination that this Agreement is, unenforceable, pursuant to Section 47 of the Investment Company Act. The Seller shall not enter into any material new agreements (other than any Transaction Document to which it is a party or other agreement (including, without limitation, in connection with the sale of Collateral by the Seller) without the prior written consent of the Buyer and shall provide notice of all new agreements (other than any agreement specifically contemplated by the Transaction Documents (including, without limitation, in connection with the sale of Collateral by the Seller)) to the Buyer. 11. AFFIRMATIVE COVENANTS OF SELLER During the term of this Agreement and so long as any Transaction is in effect hereunder: (a) Seller shall duly and punctually pay Price Differential and Repurchase Price in respect of the outstanding Transactions in accordance with the terms of this Agreement. (b) So long as any Repurchase Obligation is outstanding, Seller shall maintain in full force and effect its existence, rights and franchises as a limited liability company under the laws of the State of Delaware and shall obtain and preserve its qualification to do business as a foreign limited liability company in each jurisdiction in which such qualifications are or shall be necessary to protect the validity and enforceability of this Agreement or any of the Collateral; provided that Seller shall be entitled to change its jurisdiction of registration to any other jurisdiction reasonably selected thereby so long as (i) such change is not disadvantageous in any material respect to the Buyer, (ii) written notice of such change shall have been given by Seller to Buyer within fifteen (15) days prior to such change, (iii) on or prior to the 15th day following such notice the Buyer shall not have reasonably objected to such change and (iv) the Buyer files (or authorizes the filing) in the appropriate filing office of any financing statements necessary to maintain or preserve the lien (and the priority thereof) of this Agreement following such change of Seller’s jurisdiction of registration, such filings not to be unreasonably withheld, conditioned or delayed by Buyer. (c) At Seller’s cost and expense, the Seller shall (i) within five (5) Business Days (or such longer period in the case of actions involving third parties as determined by Buyer in its reasonable discretion) after Buyer’s reasonable demand, take such further actions, use commercially reasonable efforts to obtain such consents and approvals and shall duly execute and deliver such further assignments, instructions or documents as Buyer may reasonably request in order to effectuate the purposes, terms and conditions of the Transaction Documents and the consummation of the transactions contemplated thereby, whether before, at or after the performance and/or consummation of the transactions contemplated hereby or the occurrence
54 739191471 20664933 and during the continuation of a Default or Event of Default and (ii) upon the exercise by Buyer or any of its Affiliates of any power, right, privilege or remedy pursuant to any Asset Document or under applicable law or at equity which requires any consent, approval, registration, qualification or authorization of such Person (including, without limitation, any Governmental Authority), execute and deliver, or cause the execution and delivery of, all applications, certificates, instruments and other documents that may be so reasonably required for such consent, approval, registration, qualification or authorization. (d) Seller shall each give notice to the Buyer of any amendments to its Governing Documents. In addition, so long as any Repurchase Obligations are outstanding, Seller shall not amend its Governing Documents without the prior written consent of the Buyer with respect thereto, which consent shall not be unreasonably withheld, conditioned or delayed; provided that no such consent from the Buyer will be required in connection with any amendment to such Governing Document the sole purpose of which is to (i) correct inconsistencies, typographical or other errors, defects or ambiguities, in each case in a manner not materially adverse to the Buyer or (ii) conform such Governing Document to this Agreement, as it may be amended or supplemented from time to time. (e) Seller shall not take any action, and shall use its commercially reasonable efforts not to permit any action to be taken by others, that would release any Person from any of such Person’s covenants or obligations under any instrument included in the Collateral, except in the case of enforcement action taken with respect to any Mortgage Loan in accordance with the provisions hereof and as otherwise required hereby. Seller may, with the prior written consent of Buyer, contract with other Persons or any Servicer, for the performance by such Persons of actions and obligations to be performed by Seller, as applicable, hereunder and the performance of the actions and other obligations with respect to the Collateral of the nature set forth in the Servicing Agreements by each Servicer. Notwithstanding any such arrangement with respect to actions and obligations to be performed by Seller, the Seller, as applicable, shall remain primarily liable with respect thereto. In the event of such contract, Seller shall punctually perform, and use commercially reasonable efforts to cause the applicable Servicer or such other Person to perform, all of their obligations and agreements contained in such Servicing Agreement or such other agreement. (f) On or before December 31, in each calendar year, commencing in 2021, the Seller shall deliver to the Buyer an Officer’s Certificate stating, as to each signer thereof, that, since the date of the last certificate or, in the case of the first certificate, the Closing Date, to the best of the knowledge, information and belief of the Authorized Representative, the Seller has fulfilled all of its obligations under this Agreement or, if there has been a Default in the fulfillment of any such obligation, specifying each such Default known to them and the nature and status thereof. (g) Seller shall file, or cause to be filed, all U.S. federal and all other material tax returns required to be filed by it, and shall pay, or shall cause to be paid, all U.S. federal income and other material taxes due and payable by it and all assessments received by it, except any such taxes being contested in good faith and against which adequate reserves have been established in accordance with GAAP. Seller shall not file or elect to be characterized as an association taxable as a corporation for U.S. federal income tax purposes.
55 739191471 20664933 (h) Seller shall remain at all times either a disregarded entity within the meaning of U.S. Treasury Regulation § 301.7701-3 that is wholly owned by a United States person (as defined in Code section 7701(a)(30)) or a partnership all of the partners of which are United States persons (as defined in Code section 7701(a)(30)). If Seller is classified as a partnership for U.S. federal income tax purposes as of any taxable year, then prior to or as of such taxable year, it will make an election under section 6221(b) or section 6226(a) of the Code (or any similar election available pursuant to Treasury Regulations under sections 6221 through 6241 of the Code at such time) with respect to determinations of adjustments at the partnership level. (i) Seller shall promptly notify Buyer of any Material Adverse Event; provided, however, that nothing in this Section 11 shall relieve Seller of its obligations under this Agreement. (j) Seller shall provide Buyer with copies of such documents or certifications as Buyer may reasonably request evidencing the accuracy of the representations set forth in Section 9. (k) Seller (i) shall defend the right, title and interest of Buyer in and to the Collateral against, and take such other action as is necessary to remove, the liens, security interests, claims and demands of all Persons (other than security interests by or through Buyer) and (ii) shall, at Buyer’s reasonable request, take all action reasonably necessary to ensure that Buyer will have a first priority security interest in the Mortgage Loans subject to any of the Transactions in the event such Transactions are recharacterized as secured financings. (l) Seller shall notify Buyer of the occurrence of any Default or Event of Default as soon as possible but in no event later than the second (2nd) Business Day after obtaining actual knowledge of such event. (m) Seller will permit Buyer or its designated representative, in each case at Seller’s sole cost and expense, to inspect Seller’s records with respect to the Collateral and the conduct and operation of its business related thereto upon reasonable prior written notice from Buyer or its designated representative, at such reasonable times and with reasonable frequency (but not more than twice in any calendar year so long as no Event of Default exists), and to make copies of extracts of any and all thereof, subject to the terms of any confidentiality agreement between Buyer and the Seller. (n) At any time from time to time upon the reasonable request of Buyer, at the sole expense of the Seller, Seller will promptly and duly execute and deliver to Buyer such further instruments and documents and take such further actions as Buyer may reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement including the security interests granted hereunder and of the rights and powers herein granted (including, among other things, filing such UCC financing statements as Buyer may reasonably request). If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be immediately delivered to Buyer, duly endorsed in a manner reasonably satisfactory to Buyer, to be held as Collateral pursuant to this Agreement, and the documents delivered in connection herewith.
56 739191471 20664933 (o) Seller or, if applicable, the Buyer, shall direct each Servicer to deposit all Collections received by such Servicer on any Mortgage Loans to be remitted to the Collection Account within two (2) Business Days of such Servicer’s receipt thereof. Seller or, if applicable, the Buyer, shall cause all amounts on deposit in the Collection Account to be remitted to the Distribution Account on or prior to the Remittance Date. (p) Seller shall at all times comply in all material respects with all laws, ordinances, rules and regulations of any federal, state, municipal or other public authority having jurisdiction over Seller or any of its assets and Seller shall do or cause to be done all things reasonably necessary to preserve and maintain in full force and effect its legal existence, and all licenses material to its business. (q) Seller shall at all times keep proper books of records and accounts in which full, true and correct entries shall be made of its transactions in accordance with GAAP and set aside on its books from its earnings for each fiscal year all such proper reserves in accordance with GAAP. (r) Seller shall observe, perform and satisfy all the terms, provisions, covenants and conditions required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the Transaction Documents. Seller shall pay and discharge all Taxes, levies, liens and other charges on its assets and on the Collateral that, in each case, in any manner would create any lien or charge upon the Collateral, except for any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided in accordance with GAAP in all material respects. Seller shall timely file all Tax returns required to be filed by it or with respect to all or any portion of the Collateral. (s) Seller shall advise Buyer in writing of the opening of any new chief executive office or the closing of any such office and of any change in Seller’s name or organizational structure or the places where the books and records pertaining to the Mortgage Loans are held not less than thirty (30) days prior to taking any such action. (t) Seller will maintain records with respect to the Collateral and the conduct and operation of its business with no less a degree of prudence than if the Collateral were held by Seller for its own account and will furnish Buyer, upon reasonable request by Buyer or its designated representative, with reasonable information reasonably obtainable by Seller with respect to the Collateral and the conduct and operation of its business. (u) Seller shall provide Buyer with reasonable access to any operating statements, any occupancy status and any other property level information (including without limitation any periodic reports deliverable under a Servicing Agreement) with respect to the Mortgage Loans, plus any such additional reports as Buyer may reasonably request, in each case, to the extent available to or obtainable by Seller through commercially reasonable efforts. (v) Seller shall maintain its existence as a limited liability company organized solely and in good standing under the law of the State of Delaware and shall not dissolve, liquidate, merge with or into any other Person or otherwise change its organizational structure or
57 739191471 20664933 documents or incorporate or organize in any other jurisdiction, without the prior written approval of Buyer, which approval shall not be unreasonably withheld, conditioned or delayed. (w) The Seller shall provide to Buyer: (i) a new Beneficial Ownership Certificate, in form and substance reasonably acceptable to Buyer, when the individual(s) identified therein as beneficial owners have changed; and (ii) such other information and documentation as may reasonably be requested by Buyer from time to time for purposes of compliance by Buyer with applicable laws and any policy or procedure implemented by the Buyer to comply therewith. As soon as practicable, and in any event within five (5) days after an Authorized Representative of the Seller obtains knowledge thereof, Seller shall provide to Buyer written notice of any change in the information provided in the Seller’s most recently furnished Beneficial Ownership Certificate that would result in a change to the list of beneficial owners identified therein. (x) Seller shall notify Buyer of any waiver, forbearance, deferral, work-out, re-aging or other modification of any type with respect to any Eligible Loan within ten (10) Business Days following such modification; provided, however, any Material Modification shall require the prior written consent of Buyer. 12. RELEASE OF COLLATERAL Provided that no Event of Default or Default has occurred and is continuing, Seller may repurchase a Mortgage Loan subject to a Transaction hereunder by paying to Buyer, subject to Sections 3(m), 10(q) and 29(b), the related Repurchase Price (whether in connection with a Securitization Takeout, a Whole Loan Sale or otherwise). Upon receipt of the applicable Repurchase Price (the “Early Repurchase Date”), as set forth above, Buyer shall with respect to any such Mortgage Loan, deliver or shall cause the Custodian to deliver the related Asset Files to Seller or Seller’s designee, if such documents have not already been delivered pursuant to a bailee agreement. 13. EVENTS OF DEFAULT; REMEDIES (a) After the occurrence and during the continuance of an Event of Default, Seller hereby appoints Buyer as attorney-in-fact of Seller for the purpose of carrying out the provisions of this Agreement and taking any action and executing or endorsing any instruments that Buyer may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Each of the following shall constitute an “Event of Default”: (i) failure of Seller to transfer the Purchased Loans to Buyer on the applicable Purchase Date (provided Buyer has tendered the related Purchase Price) and such failure continues unremedied for two (2) Business Days after Seller’s receipt of notice from Buyer of such failure; (ii) failure of Seller to repurchase any Purchased Loan on the applicable Repurchase Date and such failure continues unremedied for two (2) Business Days after Seller’s receipt of notice from Buyer of such failure;
58 739191471 20664933 (iii) failure of Seller to pay the Aggregate Outstanding Repurchase Price in full on the Facility Termination Date; (iv) Seller defaults in the payment of any accrued and unpaid Price Differential or defaults in the payment of any other amount owing under this Agreement or the other Transaction Documents when the same becomes due and payable within two (2) Business Days of notice of such default; (v) Seller’s failure to cure any Breakeven Deficit as required by Section 4 within two (2) Business Days of notice of such failure; (vi) failure of any Seller Party to deliver any report (including financial statements) required to be delivered hereunder; (vii) failure of any Seller Party to deposit any amounts required to be deposited into the Distribution Account or Collection Account, as applicable, and such failure continues unremedied for two (2) Business Day following the applicable due date; (viii) (i) Any Seller Party or any Affiliate of any Seller Party shall default (following the expiration of all applicable notice and cure periods for defaults other than payment defaults) under, or fail to perform as required under, or shall otherwise breach the terms of any instrument, agreement or contract evidencing indebtedness between any Seller Party or any Affiliate of any Seller Party, on the one hand, and Buyer or any of Buyer’s Affiliates on the other; or (ii) any Seller Party or any Affiliate of any Seller Party shall (A) default (following the expiration of all applicable notice and cure periods for defaults other than payment defaults) under, or fail to perform as required under, the terms of any repurchase agreement, loan and security agreement or similar credit facility or agreement for borrowed funds entered into by any Seller Party or any Affiliate of any Seller Party, on the one hand, and any third party on the other, (B) such default is in respect of obligations thereunder in an aggregate outstanding principal amount of at least $5,000,000, with respect to the Guarantor, and $1,000,000, with respect to the Seller, and (C) such default results in the failure to pay a matured obligation or permits the acceleration of the maturity of obligations by another party to or beneficiary of such contract; (ix) any representation, or warranty made or deemed made herein (other than the representations and warranties set forth on Schedule II hereto) or in any other Transaction Document by any Seller Party or any certificate furnished to Buyer pursuant to the provisions thereof, shall prove to have been false or misleading in any material respect as of the time made or furnished and such occurrence shall not have been remedied within ten (10) Business Days after such Seller Party’s receipt of notice from Buyer of such breach;
59 739191471 20664933 (x) any lien, security interest or control granted under or in connection with the Transaction Documents or Purchased Loans terminates, is declared null and void, ceases to be valid and effective, ceases to be the legal, valid, binding and enforceable obligation of Seller or any other Person, or the validity, effectiveness, binding nature or enforceability thereof is contested, challenged, denied or repudiated by Seller or any other Person, in each case directly, indirectly, in whole or in part; (xi) the failure of any Seller Party to perform, comply with or observe any other term, covenant or agreement applicable to such Seller Party as contained in this Agreement or any Transaction Documents and such occurrence shall not have been remedied within the cure period provided therein; (xii) an Insolvency Event shall have occurred with respect to any Seller Party; (xiii) one or more judgments or decrees shall be entered against Seller involving a liability in excess of $1,000,000 in the aggregate or against Guarantor or SBL involving a liability in excess of $5,000,000 in the aggregate, all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within thirty (30) days after entry thereof; (xiv) any Plan shall be terminated within the meaning of Title IV of ERISA or a trustee shall be appointed by an appropriate United States District Court to administer any Plan, or the PBGC shall institute proceedings to terminate any Plan or to appoint a trustee to administer any Plan if, as of the date thereof, Seller’s, Seller’s Subsidiaries’, Guarantor’s, or Guarantor’s Subsidiaries’ liability or any of their respective ERISA Affiliates’ liability to the PBGC, the Plan or any other entity on termination under the Plan is reasonably expected to or does result in a Material Adverse Event; (xv) Seller, Guarantor, any Subsidiary thereof or any of their respective ERISA Affiliates, in each case, as employer under a Multiemployer Plan shall have made a complete or partial withdrawal from such Multiemployer Plan and the plan sponsor of such Multiemployer Plan shall have notified such withdrawing employer that such employer has incurred a withdrawal liability that is reasonably expected to or does result in a Material Adverse Event; (xvi) (i) any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) a determination that a Plan is “at risk” (within the meaning of Section 303 of ERISA) or any Lien in favor of the PBGC or a Plan shall arise on the assets of Seller, Guarantor, any Subsidiary thereof, or any of their respective ERISA Affiliates, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a
60 739191471 20664933 trustee shall be appointed, to administer or to terminate, any Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of Buyer, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) Seller, Guarantor, any of their respective Subsidiaries, or any of their respective ERISA Affiliates shall file an application for a minimum funding waiver under Section 302 of ERISA or Section 412 of the Code with respect to any Plan, (v) any unfunded or uninsured obligation for post-retirement medical costs (other than as required by COBRA) exists, or (vi) any other event or condition shall occur or exist with respect to a Plan that is reasonably expected to result in liability under Title IV of ERISA to Seller, Guarantor, any of their respective Subsidiaries, or any of their respective ERISA Affiliates; and in each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to result in a Material Adverse Event or (vii) the assets of Seller, Guarantor or any Subsidiary thereof are deemed to constitute Plan Assets or become subject to any applicable law that regulates investments of, and fiduciary obligations with respect to, governmental plans, that is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code and that would be violated by the transactions contemplated by this Agreement or any other Transaction Document; (xvii) The Platform Defaulted Percentage as of the last day of any calendar quarter is greater than 5.0%; (xviii) The Platform Charged-off Percentage as of the last day of any calendar quarter is greater than 2.5%; (xix) any Governmental Authority or any person, agency or entity acting or purporting to act under governmental authority shall have taken any action to (i) condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property or assets of the Seller; (ii) displace the management of the Seller or to curtail its authority in the conduct of its business; or (iii) to remove, limit or restrict the approval of Seller as originator, buyer, owner, seller or servicer of Mortgage Loans, and any such action provided for in this subsection (xv) shall not have been discontinued or stayed within thirty (30) days; (xx) a Guarantor Event of Default shall occur; (xxi) Back-up Guarantor shall breach any Financial Covenant; (xxii) Back-up Guarantor shall fail to perform its obligations under the Back-up Guaranty; (xxiii) [reserved];
61 739191471 20664933 (xxiv) any Transaction Document shall for any reason (including an event of default thereunder), other than due to the negligence, action or omission by Buyer, be terminated, without the consent of Buyer, or this Agreement shall for any reason cease to create a valid, first priority perfected security interest or ownership interest upon transfer in any of the Purchased Loans; (xxv) a Servicer Termination Event shall occur; (xxvi) a Change of Control shall occur; (xxvii) the occurrence of a Material Adverse Event with respect to any Seller Party; (xxviii)each Seller Party’s representation and warranty in Section 9(a)(xviii) (Investment Company Act) of this Agreement shall be false or misleading at any time; (xxix) any Seller Party shall assign any of its rights and obligations under this Agreement or any Transaction Document to which it is a party without the prior written consent of Buyer; (xxx) any Seller Party shall make any changes to its underwriting, credit or collection policies and practices with respect to Mortgage Loans without prior approval of Buyer in its sole discretion; (xxxi) any Seller Party or the Servicer shall fail to maintain any license or satisfy any regulatory requirement necessary to remain in good standing with any regulator or licensing authority, including the SBA, the failure of which is reasonably expected to or results in a Material Adverse Event; and (xxxii) failure of the Seller to make any Servicing Advance required to be made by the Servicer, if the Servicer fails to do so. (b) Upon obtaining actual knowledge of the occurrence of an Event of Default, Seller and Buyer, as applicable, shall promptly notify the other parties hereto in writing. If an Event of Default shall occur and be continuing, the following rights and remedies shall be available to Buyer: (i) At the option of Buyer, exercised by written notice to Seller (which option shall be deemed to have been exercised, even if no notice is given, immediately upon the occurrence of an Insolvency Event), the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to occur (the date on which such option is exercised or deemed to have been exercised being referred to hereinafter as the “Accelerated Repurchase Date”).
62 739191471 20664933 (ii) If Buyer exercises or is deemed to have exercised the option referred to in Section 13(b)(i) of this Agreement: (A) Seller’s obligations hereunder to repurchase all Purchased Loans shall become immediately due and payable on and as of the Accelerated Repurchase Date; and (B) the Repurchase Price with respect to each Transaction (determined as of the Accelerated Repurchase Date) shall include the accrued and unpaid Price Differential with respect to each Purchased Loan accrued at the Pricing Rate applicable upon the occurrence of an Event of Default; and (C) Seller shall cause the Custodian to, upon the request of Buyer, deliver to Buyer all Asset Files, instruments, certificates and other documents then held by the Custodian relating to the Mortgage Loans. (iii) Upon the occurrence of an Event of Default after giving effect to any applicable grace or cure period, Buyer may (upon making reasonable effort to provide prior notice to the Seller; provided, however, than any failure by Buyer to deliver such notice shall in no way impair Buyer’s right to exercise remedies under this Article 13) immediately sell, at a public or private sale in a commercially reasonable manner and at such price or prices as Buyer may deem satisfactory in its sole and absolute discretion any or all of the Mortgage Loans subject to any Transaction. The proceeds of any disposition of Mortgage Loans effected pursuant to this Section 13(b)(iii) shall be applied, (v) first, to the costs and expenses incurred by Buyer in connection with Seller’s defaults; (w) second, to any and all amounts due under Section 3(l), including, but not limited to, costs of cover, if any; (x) third, to reduce the Repurchase Price of the Purchased Loans, to be allocated among the Purchased Loans by Buyer in its sole discretion; and (y) fourth, to return any excess to the Seller. (iv) The parties acknowledge and agree that (1) the Mortgage Loans relating to Transactions hereunder are not instruments traded in a recognized market, and, in the absence of a generally recognized source for prices or bid or offer quotations for any Mortgage Loans, Buyer may establish the source therefor in its sole and absolute discretion and (2) all prices, bids and offers shall be determined together with accrued available Collections (except to the extent contrary to market practice with respect to the relevant Mortgage Loans). The parties recognize that it may not be possible to purchase or sell all of the Mortgage Loans on a particular Business Day, or in a transaction with the same purchaser, or in the same manner because the market for such Mortgage Loans may not be liquid at such time. In view of the nature of the Mortgage Loans, the parties agree that liquidation of a Transaction, the Mortgage Loans pursuant to this
63 739191471 20664933 Section 13(b) does not require a public purchase or sale and that a good faith private purchase or sale shall be deemed to have been made in a commercially reasonable manner. Accordingly, Buyer may elect, in its sole and absolute discretion, the time and manner of liquidating any Mortgage Loans pursuant to this Section 13(b) and nothing contained herein shall (A) obligate Buyer to liquidate any Mortgage Loans on the occurrence and during the continuance of an Event of Default or to liquidate any or all of the Mortgage Loans in the same manner or on the same Business Day or (B) constitute a waiver of any right or remedy of Buyer. (v) Seller shall be liable to Buyer for (A) the amount of all expenses, including reasonable out-of-pocket legal fees and expenses, actually incurred by Buyer in connection with or as a consequence of an Event of Default and (B) any other actual out-of-pocket loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default. (vi) Buyer shall have, in addition to its rights and remedies under the Transaction Documents, all of the rights and remedies provided by applicable federal, state and local laws (including, without limitation, if the Transactions are characterized as secured financings, the rights and remedies of a secured party under the UCC of the State of New York, to the extent that the UCC is applicable, and the right to offset any mutual debt and claim), in equity, and under any other agreement between Buyer and the Seller Parties. Without limiting the generality of the foregoing, Buyer shall be entitled to set off the proceeds of the liquidation of the Mortgage Loans against all of the Seller Parties’ obligations to Buyer under this Agreement and the other Transaction Documents, whether or not such obligations are then due, without prejudice to Buyer’s right to recover any deficiency. (vii) Subject to the notice and grace periods set forth herein, Buyer may exercise any or all of the remedies available to Buyer immediately upon the occurrence of an Event of Default and at any time during the continuance thereof. Except as expressly required herein or in the other Transaction Documents, Buyer shall not be required to give notice to the Seller Parties or any other Person prior to exercising any remedy in respect of an Event of Default. All rights and remedies arising under the Transaction Documents, as amended from time to time, are cumulative and not exclusive of any other rights or remedies which Buyer may have. (viii) Buyer may enforce its rights and remedies hereunder without prior judicial process or hearing, and Seller hereby expressly waives any defenses Seller might otherwise have to require Buyer to enforce its rights by judicial process. Seller also waives any defense Seller might otherwise have arising from the use of nonjudicial process, disposition of any or all of the
64 739191471 20664933 Mortgage Loans, or from any other election of remedies. Seller recognizes that nonjudicial remedies are consistent with the usages of the trade, are responsive to commercial necessity and are the result of a bargain at arm’s length. (ix) Upon the designation of any Accelerated Repurchase Date, Buyer may, without prior notice to the Seller Parties, set off any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by the Seller Parties to Buyer or any Affiliate of Buyer against any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Buyer or any Affiliate of Buyer to the Seller Parties. Buyer will give notice to the other party of any set off effected under this Section 13(b)(ix). If a sum or obligation is unascertained, Buyer may estimate in good faith that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section 13(b)(ix) shall be effective to create a charge or other security interest. This Section 13(b)(ix) shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other rights to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise). (x) Seller shall, within two (2) Business Days following Buyer’s written request, execute and deliver to Buyer such documents, instruments, certificates, assignments and other writings, and do such other acts as Buyer may reasonably request for the purposes of assuring, perfecting and evidencing Buyer’s ownership of and security interests in the Purchased Loans, including without limitation: (i) forwarding, to Buyer or Buyer’s designee (including, if applicable, the Custodian), any payments Seller may hereafter receive on account of the Mortgage Loans, in each case promptly upon receipt thereof; (ii) delivering to Buyer or such designee any originals of certificates, instruments, documents, notices or files evidencing or relating to the Mortgage Loans which are in Seller’s possession or under its control; (iii) delivering to Buyer underwriting summaries, credit memos, assets summaries, status reports or similar documents relating to the Mortgage Loans and in Seller’s possession or under its control. 14. ACCOUNTS Seller shall, prior to the Closing Date, cause the Paying Agent to establish the Distribution Account at the Paying Agent, as a non-interest bearing account subject to the Deposit Account Control Agreement, into which the Seller shall cause to be remitted all Collections with respect to the Mortgage Loans in accordance with Section 11(o). All funds on
65 739191471 20664933 deposit in the Distribution Account shall be held uninvested. On each Payment Date, the Paying Agent shall distribute amounts on deposit in the Distribution Account in accordance with Section 5(c). 15. ACKNOWLEDGMENT AND CONSENT TO BAIL-IN OF EEA INSTITUTIONS Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the write- down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any applicable Resolution Authority. 16. NOTICES AND OTHER COMMUNICATIONS Unless otherwise provided in this Agreement, all notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all purposes if delivered by one of the following methods: (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (d) email, to the address specified in Annex I hereto or at such other address and person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section 16. A notice shall be deemed to have been given (a) in the case of hand delivery, at the time of delivery, (b) in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day, (c) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day, or (d) in the case of email, upon delivery, provided that the transmitting party did not receive an electronic notice of a transmission failure. A party receiving a notice which does
66 739191471 20664933 not comply with the technical requirements for notice under this Section 16 may elect to waive any deficiencies and treat the notice as having been properly given. 17. ENTIRE AGREEMENT; SEVERABILITY This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 18. ASSIGNABILITY (a) The rights and obligations of the Seller under this Agreement and the other Transaction Documents and under any Transaction shall not be assigned by the Seller without the prior written consent of Buyer, which consent may be granted or withheld in Buyer’s sole discretion. (b) Buyer may sell, assign or otherwise transfer any interest or obligation under this Agreement and the other Transaction Documents and/or under any Transaction, provided that Buyer shall obtain the prior written consent of Seller to any such sale, assignment or other transfer, including a participation, to any Restricted Party. Notwithstanding the foregoing, Buyer’s interests and obligations shall be freely transferable (A) following the occurrence of a Regulatory Event (a “Regulatory Transfer”), (B) following the occurrence and continuation of an Event of Default or (C) to any Affiliate of Buyer. Buyer shall notify the Seller at least five (5) Business Days prior to any Regulatory Transfer. Buyer may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 18(b), disclose to the assignee or participant or proposed assignee or participant (which is not a Restricted Party), as the case may be, any information relating to Seller or to any aspect of the transactions contemplated by the Transaction Documents that has been furnished to Buyer by or on behalf of Seller; provided that such assignee or participant agrees to hold such information subject to the confidentiality provisions of this Agreement and any confidentiality provisions applicable to any of the documents related thereto. Notwithstanding the foregoing or anything herein to the contrary, to the extent Buyer sells, assigns or otherwise transfers any interest or obligation under this Agreement, Seller shall continue to take direction solely from Buyer, unless Buyer assigns all of its interests under this Agreement. (c) Buyer shall, acting for this purpose as a non-fiduciary agent of Seller (the “Registrar”), maintain a record of ownership (the “Register”) on which is entered the name and address of all assignees of Buyer and each such assignee’s interest in the rights and obligations under this Agreement and the other Transaction Documents. All assignments pursuant to Section 18 hereof shall be recorded on the Register. This provision is intended to be interpreted so that the indebtedness (for federal income tax purposes, as set forth in Section 22(e)) evidenced by the Transaction Documents is treated as being in registered form in accordance with Section 5f.103- 1(c) of the Treasury Regulations. The Register shall be available for inspection by Seller at any reasonable time and from time to time upon reasonable prior notice. The entries in the Register shall be conclusive absent manifest error, and Buyer and Seller shall treat each Person whose
67 739191471 20664933 name is recorded in the Register pursuant to the terms hereof as a Buyer hereunder for all purposes of this Agreement and any other Transaction Document notwithstanding notice to the contrary, subject to the provisions of this Section 18. Buyer may, at any time, designate any other Person, including Seller, to be the successor Registrar. (d) If Buyer sells a participation, Buyer shall, acting for this purpose as a non- fiduciary agent of Seller, maintain a register on which is entered the name and address of each participant and such participant’s interest in the rights and obligations under this Agreement and the other Transaction Documents (the “Participant Register”) and no participation shall be effective until recorded on the Participant Register; provided that, Buyer shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any rights or obligations under this Agreement and the other Transaction Documents) to any Person except to the extent that such disclosure is necessary to establish that such rights or obligations are in registered form in accordance with Section 5f.103-1(c) of the Treasury Regulations. The entries in each Participant Register shall be conclusive absent manifest error, and Buyer shall treat each Person whose name is recorded in such Participant Register as the owner of the related rights and obligations for all purposes of this Agreement notwithstanding notice to the contrary, subject to the provisions of this Section 18. (e) Subject to the foregoing, this Agreement and the other Transaction Documents and any Transactions shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. Nothing in this Agreement or the other Transaction Documents, express or implied, shall give to any Person, other than the parties to the Transaction Documents and their respective successors and permitted assigns, any benefit or any legal or equitable right, power, remedy or claim under the Transaction Documents. 19. GOVERNING LAW This Agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law principles thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 20. NO WAIVERS, ETC. No express or implied waiver of any Default or Event of Default by Buyer shall constitute a waiver of any other Default or Event of Default and no exercise of any right or remedy hereunder by Buyer shall constitute a waiver of its right to exercise any other right or remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by each of the parties hereto; provided that no amendment, waiver or other modification of this Agreement that would adversely affect the Custodian, Back-up Servicer (in such role or in the role of successor Servicer), Paying Agent or Calculation Agent may be made without the prior written consent of Custodian, Back-up Servicer, Paying Agent or Calculation Agent, respectively.
68 739191471 20664933 21. RESERVED 22. INTENT (a) The parties intend, agree and acknowledge that: (i) each Transaction involving a Purchased Loan with a Repurchase Date less than one year after the Purchase Date qualifies as a “repurchase agreement” as that term is defined in Section 101(47) of the Bankruptcy Code, (ii) each Transaction involving a Purchased Loan qualifies as a “securities contract” as that term is defined in Section 741(7) of the Bankruptcy Code, (iii) each payment under this Agreement has been made by, to or for the benefit of a financial institution as defined in section 101(22) of the Bankruptcy Code, a financial participant as defined in section 101(22A) of the Bankruptcy Code or repo participant as defined in section 101(46) of the Bankruptcy Code, (iv) the grant of a security interest set forth in Section 6 hereof to secure the rights of Buyer hereunder also constitutes a “repurchase agreement” (where applicable) as contemplated by Section 101(47)(A)(v) of the Bankruptcy Code and a “securities contract” as contemplated by Section 741(7)(A)(xi) of the Bankruptcy Code and are a part of this Agreement and (v) each of the Purchased Loans shall constitute a “security” as defined in Section 101(49) of the Bankruptcy Code, a mortgage loan or an interest in a mortgage loan. It is further understood that this Agreement is intended to constitute a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code, as amended, with respect to each Transaction so constituting a “repurchase agreement” (where applicable), or “securities contract”. Each party hereto hereby further agrees that it shall not challenge the characterization of this Agreement as a “repurchase agreement,” “securities contract” and/or “master netting agreement” within the meaning of the Bankruptcy Code. (b) The parties intend, agree and acknowledge that either party’s right to accelerate or terminate this Agreement or to liquidate the Mortgage Loans delivered to it in connection with the Transactions hereunder or to exercise any other remedies pursuant to Section 13 hereof is a contractual right to liquidate such Transaction as described in Sections 555 and 559 of Title 11 of the United States Code, as amended. It is further understood and agreed that either party’s right to cause the termination, liquidation, or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with, this Agreement or any Transaction hereunder is a contractual right to cause the termination, liquidation, or acceleration of, or to offset net termination values, payment amounts or other transfer obligations arising under or in connection with, this Agreement as described in Section 561 of the Bankruptcy Code. (c) The parties intend, agree and acknowledge that if a party hereto is an “insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). (d) It is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual
69 739191471 20664933 payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). (e) The parties intend, agree and acknowledge that it is its intent for U.S. federal, state and local income and franchise tax purposes to treat the Transactions as indebtedness of the Seller that is secured by the Purchased Loans, and the Purchased Loans as owned by Seller for such purposes, and agrees to take no action inconsistent with such treatment, unless required by law, in which case such party shall promptly notify the other party of such requirement. (f) In light of the intent set forth above in this Section 22, Seller agrees that, from time to time upon the written request of Buyer, Seller will execute and deliver any supplements, modifications, addendums or other documents as may be necessary or desirable, in Buyer’s sole discretion, in order to cause this Agreement and the Transactions contemplated hereby to qualify for, comply with the provisions of, or otherwise satisfy, maintain or preserve the criteria for safe harbor treatment under the Bankruptcy Code for “repurchase agreements” (where applicable), “securities contracts” and “master netting agreements”; provided, however, that Buyer’s failure to request, or Buyer’s or Seller’s failure to execute, such supplements, modifications, addendums or other documents does not in any way alter or otherwise change the intention of the parties hereto that this Agreement and the Transactions hereunder constitute “repurchase agreements” (where applicable), “securities contracts” and/or a “master netting agreement” as such terms are defined in the Bankruptcy Code. 23. DISCLOSURE RELATING TO CERTAIN FEDERAL PROTECTIONS The parties acknowledge that they have been advised that: (a) in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission (“SEC”) under Section 15 of the Securities Exchange Act of 1934 (“1934 Act”), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party with respect to any Transaction hereunder; (b) in the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and (c) in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. 24. CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL (a) Each party irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, solely for the purpose of any suit, action or proceeding brought to enforce its obligations under this Agreement or relating in any way to this Agreement
70 739191471 20664933 or any Transaction under this Agreement and (ii) waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and any right of jurisdiction on account of its place of residence or domicile. (b) To the extent that any party has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity in respect of any action brought to enforce its obligations under this Agreement or relating in any way to this Agreement or any Transaction under this Agreement. (c) The parties hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding and irrevocably consent to the service of any summons and complaint and any other process by the mailing of copies of such process to them at their respective address specified herein. The parties hereby agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Section 24 shall affect the right of any party to serve legal process in any other manner permitted by law or affect the right of any party to bring any action or proceeding against the other party or its property in the courts of other jurisdictions. (d) EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED HEREUNDER OR THEREUNDER. 25. NO RELIANCE Each of Buyer and Seller hereby acknowledges, represents and warrants that, in connection with the negotiation of, the entering into, and the performance under, this Agreement and the Transaction Documents and each Transaction hereunder and thereunder: (i) It is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the other party to the Transaction Documents, other than the representations expressly set forth in the Transaction Documents; (ii) It has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent that it has deemed necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the other party; (iii) It is a sophisticated and informed Person that has a full understanding of all the terms, conditions and risks (economic and otherwise) of the
71 739191471 20664933 Transaction Documents and each Transaction thereunder and is capable of assuming and willing to assume (financially and otherwise) those risks; (iv) It is entering into the Transaction Documents and each Transaction thereunder for the purposes of managing its borrowings or investments or hedging its Mortgage Loans or liabilities and not for purposes of speculation; and (v) It is not acting as a fiduciary or financial, investment or commodity trading advisor for the other party and has not given the other party (directly or indirectly through any other Person) any assurance, guaranty or representation whatsoever as to the merits (either legal, regulatory, tax, business, investment, financial accounting or otherwise) of the Transaction Documents or any Transaction thereunder. 26. INDEMNITY Seller hereby agrees to indemnify, defend and hold harmless Buyer, Buyer’s Affiliates, and each of their respective officers, directors, employees and agents (“Indemnified Parties”) from and against any and all liabilities, obligations, actual out-of-pocket losses, actual out-of- pocket damages, actual out-of-pocket penalties, actions, judgments, suits, actual out-of-pocket taxes (including stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement and the Transaction Documents and the documents delivered in connection herewith and therewith, other than Excluded Taxes), actual out-of-pocket fees, actual out-of-pocket costs, actual out-of-pocket expenses (including reasonable, third-party attorneys’ fees and disbursements, including, without limitation, costs and expenses of enforcing the obligations of any other party to this Agreement) or disbursements (all of the foregoing, collectively “Indemnified Amounts”) which may at any time (including, without limitation, such time as this Agreement, the Transaction Documents shall no longer be in effect and the Transactions shall have been repaid in full) be imposed on or asserted against any Indemnified Party in any way whatsoever arising out of or in connection with, or relating to, this Agreement, the Transaction Documents or any Transactions hereunder or thereunder or any action taken or omitted to be taken by any Indemnified Party under or in connection with any of the foregoing; provided, that Seller shall not be liable for Indemnified Amounts resulting from the bad faith, gross negligence or willful misconduct of any Indemnified Party. Without limiting the generality of the foregoing, Seller agrees to indemnify, defend and hold Buyer and the other Indemnified Parties harmless from and indemnify Buyer and the other Indemnified Parties against all Indemnified Amounts with respect to all Purchased Loans relating to or arising out of any (A) breach of any representation or warranty relating to Environmental Law or Hazardous Materials made by Seller hereunder or under any Transaction Document or any violation or alleged violation of any Environmental Law or (B) any violation or alleged violation of any consumer credit laws, including without limitation ERISA, the Truth in Lending Act and/or the Real Estate Settlement Procedures Act, except to the extent same results from an Indemnified Party’s bad faith, gross negligence or willful misconduct. In any suit, proceeding or action brought by Buyer in connection with any Purchased Loan for any sum owing thereunder, or to enforce any provisions of any Purchased Loan, the Seller will save, indemnify and hold Buyer harmless from
72 739191471 20664933 and against all actual out-of-pocket costs and expenses (including reasonable attorneys’ fees), losses or damages suffered by reason of any defense, set-off, counterclaim, recoupment or reduction or liability whatsoever of the account debtor or obligor thereunder, arising out of a breach by Seller of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to or in favor of such account debtor or obligor or its successors from Seller. Seller also agrees to reimburse Buyer as and when billed by Buyer for (i) all Buyer’s actual, documented out-of-pocket costs and expenses incurred in connection with the initial preparation and negotiation of this Agreement and the Transaction Documents and the closing of the transactions contemplated hereby and thereby, including, without limitation, the reasonable out-of-pocket fees and disbursements of its counsel and (ii) all Buyer’s actual, documented out-of-pocket expenses incurred in connection with Buyer's due diligence reviews with respect to any loan which is proposed by Seller to be subject to a Transaction hereunder, including without limitation, those incurred under Section 27 and the reasonable fees and disbursements of its counsel, subject in all cases under this clause (ii), to the terms and conditions of Section 27. Additionally, Seller also agrees to reimburse Buyer as and when billed by Buyer for all of Buyer’s actual, documented out-of-pocket costs and expenses incurred in connection with the enforcement or the preservation of Buyer’s rights under this Agreement and the Transaction Documents or any Transaction contemplated hereby or thereby, including, without limitation, the reasonable fees and disbursements of its counsel. 27. DUE DILIGENCE Asset Diligence. The Buyer, at the expense of the Seller (or its designee), shall at any time have the opportunity to conduct the following diligence (collectively, “Asset Diligence”) with respect to any Mortgage Loan: (i) verify (A) that all recorded legal documents have been received by the Custodian in accordance with the terms of this Agreement, subject to any cure and/or grace periods provided herein, (B) that the endorsement or allonge in blank to any Mortgage Note, the Assignment of Mortgage in blank and the assignment of leases and rents, if any, in blank are included in the Asset File and (C) the receipt by the Custodian of any other documents required to be included in the Asset File held by the Custodian that were not previously delivered to the Custodian; (ii) review the title policy or certificate of lender’s title insurance for accuracy and confirm (A) that such title policy insures the first priority (or other priority to the extent permitted under this Agreement) lien of the related Mortgage, which lien is subject only to Permitted Encumbrances, (B) the policy is in the amount of the Mortgage Loan (or with respect to a loan secured by multiple properties, an amount equal to at least the allocated loan amount with respect to the title policy for each such property) and (C) there are no unexpected liens, unexpected judgments or other unexpected impediments that are senior or co-equal with the lien of the related Mortgage;
73 739191471 20664933 (iii) conduct a review of any Mortgage Loan to confirm that it complies with the representations and warranties made with respect thereto hereunder or otherwise (as of the date of such representations and warranties and subject to any exceptions thereto); (iv) ask a knowledgeable financial or accounting officer of any Seller Party (or its administrator or manager, as applicable) (who shall answer candidly and fully) any and all reasonable questions that any authorized representative of the Buyer may have with respect to the Mortgage Loans; and (v) any other due diligence reasonably requested on reasonable advance notice (provided that, upon the occurrence and during the continuance of an Event of Default, no such advance notice shall be required) by the Buyer. Without limiting the generality of the foregoing, the Seller acknowledges that Buyer is entering into the transactions contemplated by this Agreement based solely upon the information provided by the Seller and the representations, warranties and covenants contained in the Transaction Documents, and that Buyer, at its option has the right at any time to re-underwrite any of the Mortgage Loans itself or engage a third-party underwriter to do so at Seller’s cost and expense; provided, however, that Seller shall not be responsible for any costs and expenses in any calendar year in excess of the Diligence Cap; provided further, that upon the occurrence and during the continuance of an Event of Default, the Diligence Cap shall not apply. Seller agrees to cooperate with the Buyer and any third-party underwriter in connection with such re- underwriting, including, but not limited to, providing the Buyer and any third-party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Mortgage Loans in the possession, or under the control of, Seller Party. Seller agrees that all reasonable and documented out-of-pocket expenses incurred by the Buyer (or its designee) in connection with the Buyer’s activities pursuant to this Section 27 shall be paid by (or on behalf of) the Seller. 28. SERVICING (a) Seller and Buyer agree that all Servicing Rights with respect to the Mortgage Loans shall be transferred hereunder to Buyer on the applicable Purchase Date and such Servicing Rights shall be transferred by Buyer to the Seller upon Seller’s payment of the Repurchase Price for such Mortgage Loans. Notwithstanding the transfer and pledge of Servicing Rights to Buyer, the Seller shall be entitled to exercise all discretion with respect to any directions or consents to be given to the Servicer of the Mortgage Loans (except as otherwise provided in the applicable Servicer Acknowledgment) and to appoint Servicers; provided, however, that upon the occurrence and during the continuance of an Event of Default, Seller’s rights to exercise such discretion with respect to the Mortgage Loans shall automatically terminate and be of no further force and effect. Seller, on Buyer’s behalf, shall contract with the Servicer to interim service the Mortgage Loans in accordance with the terms of the Servicing Agreement and this Agreement. The right of Seller or the Servicer, as applicable, to service the
74 739191471 20664933 Mortgage Loans is on an interim basis only and does not provide or confer a contractual, ownership or other right for Seller or the Servicer, as applicable, to service the Mortgage Loans, it being understood that upon payment of the Purchase Price, Buyer owns the Servicing Rights. Seller shall cause interim servicing of the Mortgage Loans to be performed in accordance with the related Servicing Agreement and Servicing Agreement Side Letter and Accepted Servicing Practices, including applicable law. (b) Seller agrees that Buyer is the owner of all servicing records, including but not limited to any and all Servicing Agreements, files, documents, records, data bases, computer tapes, copies of computer tapes, proof of insurance coverage, insurance policies, appraisals, other closing documentation, payment history records, and any other records relating to or evidencing servicing (collectively, the “Servicing Records”) of Mortgage Loans so long as the Mortgage Loans are subject to this Agreement. Seller covenants to safeguard all Servicing Records relating to the Mortgage Loans (if any are in Seller Party’s possession) and to deliver them promptly to Buyer or its designee (including the Custodian) at Buyer’s request. (c) Upon the occurrence of a Servicer Termination Event, but prior to the occurrence and continuance of an Event of Default, the Seller may designate a successor Servicer acceptable to the Buyer. If no successor Servicer reasonably acceptable to the Buyer (1) is identified within twenty (20) Business Days or (2) accepts transfer of all authority to service such Mortgage Loans within 120 days, the Buyer may appoint a successor Servicer. (d) Upon the occurrence and during the continuance of an Event of Default, Buyer may, in its sole and absolute discretion, subject to Section 13 and any terms in the applicable Servicing Agreements and/or Servicer Acknowledgments approved by Buyer, (i) sell its rights to any or all of the Mortgage Loans on a servicing released basis or (ii) terminate any Servicer or sub-servicer of any or all of the Mortgage Loans, with or without cause, in each case without payment of any termination fee and appoint the Back-up Servicer to service the Mortgage Loans. Seller shall cause each Servicer to cooperate with Buyer in effecting such termination and transferring all authority to service such Mortgage Loans to the Back-up Servicer or any successor servicer, including requiring such Servicer to (i) promptly transfer all data in its possession relating to the applicable Mortgage Loans to the Back-up Servicer or any successor servicer in such electronic format as the Back-up Servicer or any successor servicer may reasonably request, (ii) promptly transfer to the Back-up Servicer or any successor servicer, Buyer or Buyer’s designee, the Asset File and all other files, records, correspondence and documents in its possession relating to the applicable Mortgage Loans and (iii) use commercially reasonable efforts to cooperate and coordinate with the Back-up Servicer or any successor servicer and/or Buyer to comply with any applicable so-called “goodbye” letter requirements or other applicable requirements of the Real Estate Settlement Procedures Act or other applicable legal or regulatory requirements associated with the transfer of the servicing of the applicable Mortgage Loans. Seller agrees that if Seller Party or any such Servicer fails to cooperate with Buyer, the Back-up Servicer or any successor servicer in effecting the termination of such Servicer as servicer of any Mortgage Loans or the transfer of all authority to service such Mortgage Loans to such successor servicer in accordance with the terms hereof and the Servicing Agreement, Buyer will be irreparably harmed and entitled to injunctive relief. (e) Back-up Servicer
75 739191471 20664933 (i) Seller shall contract with the Back-up Servicer to provide backup servicing functions with respect to the Mortgage Loans in accordance with the terms of the Back-up Servicing Agreement. (ii) Seller shall not, and shall cause each Servicer not to, interfere with Back- up Servicer’s performance of its duties under the Back-up Servicing Agreement or to take any action that would be inconsistent in any way with the terms of the Back-up Servicing Agreement. Seller shall, and shall cause each Servicer to, provide any and all information and data reasonably requested by Back-up Servicer to be provided promptly to Back-up Servicer in the manner and form reasonably requested by Back- up Servicer. (iii) Seller shall provide Buyer with prompt written notice upon the Seller’s actual knowledge of the occurrence of a Back-up Servicer Termination Event. Provided no Event of Default has occurred and is continuing, upon the occurrence of a Back-up Servicer Termination Event, Seller shall terminate, or shall cause the termination of, the Back-up Servicer and shall appoint a successor back-up servicer reasonably acceptable to Buyer. If Seller does not terminate the Back-up Servicer or fails to appoint a successor backup servicer to act in the Back-up Servicer’s place, Buyer shall have the right to terminate the Back-up Servicer and appoint a successor backup servicer in its sole and absolute discretion. Following the occurrence of an Event of Default, the Buyer shall have the right to terminate the Back-up Servicer and appoint a successor back-up servicer in its sole and absolute discretion. 29. TAXES (a) Transfer taxes, stamp taxes, documentary, filing, recording and all similar costs with respect to the transfer of Collateral or in connection with any of the transactions contemplated by this Agreement and the other Transaction Documents, and the documents delivered in connection herewith and therewith, other than any such taxes and costs that are attributable to an assignment or grant of a participation by Buyer pursuant to Section 18 (but only if no Event of Default has occurred and is continuing), shall be paid by the Seller. (b) All amounts payable by Seller Party to Buyer in respect of any transaction under the Transaction Documents shall be paid free and clear of, and without withholding or deduction for, any Taxes, unless the withholding or deduction of such Tax is required by law. In that event, if such Tax is not an Excluded Tax, the Seller shall pay such additional amounts (for purposes of this Section 29, the “Additional Amounts”) as will result in the net amounts received by Buyer (after taking account of such withholding or deduction) being equal to such amounts as would have been received by Buyer had no such Tax been required to be withheld or deducted. For purposes of this Agreement, the term “Excluded Taxes” shall mean (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes (A) imposed as a result of Buyer being organized under the laws of, or having its principal office located in, the jurisdiction (or any political subdivision thereof) imposing such Tax or (B) that
76 739191471 20664933 are Other Connection Taxes; (ii) Taxes that would have not arisen but for the failure of Buyer to comply with the requirements of Section 29(c) or Section 29(d); and (iii) U.S. federal withholding Taxes imposed under FATCA, or any U.S. federal withholding Taxes imposed on amounts payable to or for the account of Buyer made under any Transaction Documents pursuant to a law in effect on the date on which Buyer acquires any interest in the Transaction Documents, except to the extent that such amounts with respect to such Taxes were payable to such Buyer’s assignor immediately before such Buyer became a party hereto. Seller shall indemnify and pay to Buyer, within ten (10) days after demand therefor, the full amount of any Taxes, other than Excluded Taxes, but including Taxes imposed or asserted on or attributable to Additional Amounts payable pursuant to this Section 29(b), payable or paid by Buyer or required to be withheld or deducted from a payment to Buyer and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Seller accompanied by a written statement setting forth the calculation of such amounts shall be conclusive absent manifest error. As soon as practicable after any payment of Taxes by Seller to a Governmental Authority pursuant to this Section 29(b), Seller shall deliver to Buyer the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Buyer. (c) (i) If Buyer is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document, Buyer shall deliver to the Seller, at the time or times reasonably requested by Seller, such properly completed and executed documentation reasonably requested by Seller as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, Buyer, if reasonably requested by Seller, shall deliver such other documentation prescribed by applicable law or reasonably requested by Seller as will enable Seller to determine whether or not Buyer is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 29(c)(ii) and 29(d) below) shall not be required if in Buyer’s reasonable judgment such completion, execution or submission would subject Buyer to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of Buyer. (ii) Without limiting the generality of the foregoing, on or before the date hereof, on or before the date such Person becomes a party to this Agreement or a participant, as applicable, and at the reasonable request of Seller, Buyer and each assignee of Buyer will provide to Seller two copies of, as applicable, a properly completed and duly executed United States Internal Revenue Service Form W-9, W-8BEN, W-8BEN-E, W-8ECI, or W-8IMY (or successor form) (with applicable attachments, including, in the case of a Person claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, a certificate reasonably satisfactory to Seller to the effect that such Person is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Seller within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (the “Portfolio Interest Certificate”)). In addition, Buyer shall, to the extent it is legally entitled to do so, deliver to Seller (in such number of copies as shall be requested by Seller) on or prior to the date on which such Buyer becomes a Buyer under this
77 739191471 20664933 Agreement (and from time to time thereafter upon the reasonable request of Seller), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Seller to determine the withholding or deduction required to be made. Seller shall provide to Buyer a properly executed United States Internal Revenue Service Form W-9 or other applicable forms as described by the United States Internal Revenue Service, dated on or before the Closing Date, evidencing a complete exemption from withholding or deduction of Tax from amounts payable by Buyer to Seller under the Transaction Documents pursuant to applicable laws in effect on the Closing Date. Each party hereto agrees that if any form or certification it previously delivered pursuant to this Section 29(c) expires, it shall update such form or certification or promptly notify the other party in writing of its legal inability to do so. Each party hereto agrees to notify the other party of any circumstance known to it that causes a certificate or document provided by it pursuant to this Section 29(c) to fail to be true and to provide two copies of a properly completed and duly executed updated form and, if applicable, a Portfolio Interest Certificate, upon any previously delivered form becoming invalid, obsolete or inaccurate. (d) If a payment made to Buyer under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if Buyer were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), Buyer shall deliver to Seller at the time or times prescribed by law and at such time or times reasonably requested by Seller such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Seller as may be necessary for Seller to comply with its obligations under FATCA and to determine that Buyer has complied with Buyer’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 29(d), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. (e) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 29 (including by the payment of additional amounts pursuant to this Section 29), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 29(e) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 29(e), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 29(e) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 29(e) shall not be construed to require any indemnified party to make available its
78 739191471 20664933 Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. (f) Each party’s obligations under this Section 29 shall survive any assignment of rights by Buyer, the termination of this Agreement and the repurchase or release of any or all of the Purchased Loans. 30. MISCELLANEOUS (a) All rights, remedies and powers of Buyer hereunder and in connection herewith are irrevocable and cumulative, and not alternative or exclusive, and shall be in addition to all other rights, remedies and powers of Buyer whether under law, equity or agreement. In addition to the rights and remedies granted to it in this Agreement, to the extent this Agreement is determined to create a security interest, Buyer shall have all rights and remedies of a secured party under the UCC. (b) This Agreement may be executed in one or more counterparts (which may be delivered electronically), each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. The words “execution,” signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Each of the parties hereto agrees that the transaction consisting of this Agreement may be conducted by electronic means. Each party agrees, and acknowledges that it is such party’s intent, that if such party signs this Agreement using an electronic signature, it is signing, adopting, and accepting this Agreement and that signing this Agreement using an electronic signature is the legal equivalent of having placed its handwritten signature on this Agreement on paper. Each party acknowledges that it is being provided with an electronic or paper copy of this Agreement in a usable format. (c) The headings in this Agreement are for convenience of reference only and shall not affect the interpretation or construction of this Agreement. (d) Without limiting the rights and remedies of Buyer under this Agreement or the other Transaction Documents, Seller shall pay Buyer’s actual, documented out-of-pocket costs and expenses up to the Diligence Cap, including reasonable fees and expenses of accountants, attorneys and advisors, incurred in connection with the preparation, negotiation, execution and consummation of and any amendment, supplement or modification to, this Agreement and/or the other Transaction Documents and the Transactions thereunder; provided however, that upon the
79 739191471 20664933 occurrence and during the continuance of an Event of Default, the Diligence Cap shall not apply. Seller agrees to pay Buyer on demand all actual, documented out-of-pocket costs and expenses (including reasonable expenses for legal services of every kind) of any subsequent enforcement of any of the provisions of this Agreement and/or the other Transaction Documents, or of the performance by Buyer of any obligations of the Seller in respect of the Purchased Loans, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of the Collateral and for the custody, care or preservation of the Collateral (including insurance costs) and defending or asserting rights and claims of Buyer in respect thereof, by litigation or otherwise. All such expenses shall be recourse obligations of Seller to Buyer under this Agreement. (e) Each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. (f) This Agreement together with the Transaction Documents contain a final and complete integration of all prior expressions by the parties with respect to the subject matter hereof and thereof and shall constitute the entire agreement among the parties with respect to such subject matter, superseding all prior oral or written understandings. (g) The parties understand that this Agreement is a legally binding agreement that may affect such party’s rights. Each party represents to the other that it has received legal advice from counsel of its choice regarding the meaning and legal significance of this Agreement and that it is satisfied with its legal counsel and the advice received from it. (h) Should any provision of this Agreement require judicial interpretation, it is agreed that a court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against any Person by reason of the rule of construction that a document is to be construed more strictly against the Person who itself or through its agent prepared the same, it being agreed that all parties have participated in the preparation of this Agreement. [NO FURTHER TEXT ON THIS PAGE]
739191471 20664933 S-1 Master Repurchase Agreement IN WITNESS WHEREOF, the parties have executed this Agreement as of the day first written above. SELLER: NBL SPV II, LLC By: ______________________________ Name: Title: [Signature pages continue on next page]
739191471 20664933 S-2 Master Repurchase Agreement BUYER: DEUTSCHE BANK AG, NEW YORK BRANCH By:___________________________________ Name: Title: By:___________________________________ Name: Title:
25022134.2 INDEMNIFICATION AGREEMENT THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this 1st day of November, 2021, by and between Newtek Business Services Corp., a Maryland corporation (the “Company”), and the undersigned (“Indemnitee”). WHEREAS, at the request of the Company, Indemnitee currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his service; and WHEREAS, as an inducement to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein; and WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows: Section 1. Definitions. For purposes of this Agreement: (a) “Change of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement: (i) the sale or other disposition of all or substantially all of the Company’s assets; or (ii) the acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or (iii) the individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”) cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board. (b) “Corporate Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company. DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 (c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. (d) “Effective Date” means the date set forth in the first paragraph of this Agreement. (e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld. (g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement or (ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. Section 2. Services by Indemnitee. Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. Section 3. Indemnification — General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940 and the regulations promulgated thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would violate the Investment Company Act. Section 4. Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with a Proceeding by DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 reason of his Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his conduct was unlawful. Section 5. Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services. Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances: (a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or (b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses. Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Section 8. Advance of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 shall ultimately be established that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for his or her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification . To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. Section 9. Procedure for Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. Section 10. Presumptions and Effect of Certain Proceedings. (a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. (b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. Section 11. Remedies of Indemnitee. (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten days after a determination has been DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his rights under Section 7 of this Agreement. (b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. (c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. (d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. Section 12. Defense of the Underlying Proceeding. (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. (b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. (c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter. Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance; Investment Company Act. (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Amendment and Restatement of the Company (as amended from time to time, the “Charter”) or the Amended and Restated Bylaws of the Company (as amended from time to time, the “Bylaws”), any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. (b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. (c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act. Section 14. Insurance. The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. Section 15. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, he shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. Section 16. Duration of Agreement; Binding Effect. (a) This Agreement shall continue until and terminate ten years after the date that Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto. (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. (c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Section 17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Section 18. Exception to Right of Indemnification or Advance of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s Bylaws, the Charter, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent such indemnification or advance of Expenses would conflict with any provision of the Company’s Bylaws or the Charter, in each case without giving effect to the non-exclusivity provision set forth in Section 7.8 of the Charter; provided, that foregoing restriction not apply and shall be of no force or effect if and to the extent the Company’s common stock is qualified as a “covered security,” as such term is defined in Section 18 of the Securities Act of 1933, as amended. Section 19. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement. Section 20. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. Section 21. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Section 22. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: (a) If to Indemnitee, to: the address set forth on the signature page hereto. (b) If to the Company, to: Newtek Business Services Corp. 1981 Marcus Avenue, Suite 130 Lake Success,| NY 11042 Att: Chief Legal Officer or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 Section 23. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment Company Act, the latter shall control. Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. [SIGNATURE PAGE FOLLOWS] DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. NEWTEK BUSINESS SERVICES CORP. By: Name: Barry Sloane Title: Chief Executive Officer INDEMNITEE Name: Peter Downs Title: Director DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 EXHIBIT A FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED The Board of Directors of Newtek Business Services Corp. Re: Undertaking to Repay Expenses Advanced Ladies and Gentlemen: This undertaking is being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated the ___day of _______________, 2014, by and between Newtek Business Services Corp. (the “Company”) and the undersigned Indemnitee (“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection with [Description of Proceeding] (the “Proceeding”). Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I was involved as director of the Company, in any of the facts or events giving rise to the Proceeding, I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis. IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___day of ______________, 2014. WITNESS: (SEAL) DocuSign Envelope ID: C47477AD-237F-46F9-AE59-664DA53391E1612086B1-F57E-495B-8F5E-71E5C7776254
25022134.2 INDEMNIFICATION AGREEMENT THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this 1st day of November, 2021, by and between Newtek Business Services Corp., a Maryland corporation (the “Company”), and the undersigned (“Indemnitee”). WHEREAS, at the request of the Company, Indemnitee currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his service; and WHEREAS, as an inducement to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein; and WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows: Section 1. Definitions. For purposes of this Agreement: (a) “Change of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement: (i) the sale or other disposition of all or substantially all of the Company’s assets; or (ii) the acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or (iii) the individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”) cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board. (b) “Corporate Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company. DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 (c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. (d) “Effective Date” means the date set forth in the first paragraph of this Agreement. (e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld. (g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement or (ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. Section 2. Services by Indemnitee. Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. Section 3. Indemnification — General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940 and the regulations promulgated thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would violate the Investment Company Act. Section 4. Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with a Proceeding by DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 reason of his Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his conduct was unlawful. Section 5. Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services. Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances: (a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or (b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses. Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Section 8. Advance of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 shall ultimately be established that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for his or her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification . To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. Section 9. Procedure for Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. Section 10. Presumptions and Effect of Certain Proceedings. (a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. (b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. Section 11. Remedies of Indemnitee. (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten days after a determination has been DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his rights under Section 7 of this Agreement. (b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. (c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. (d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. Section 12. Defense of the Underlying Proceeding. (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. (b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. (c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter. Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance; Investment Company Act. (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Amendment and Restatement of the Company (as amended from time to time, the “Charter”) or the Amended and Restated Bylaws of the Company (as amended from time to time, the “Bylaws”), any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. (b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. (c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act. Section 14. Insurance. The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. Section 15. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, he shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. Section 16. Duration of Agreement; Binding Effect. (a) This Agreement shall continue until and terminate ten years after the date that Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto. (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. (c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Section 17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Section 18. Exception to Right of Indemnification or Advance of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s Bylaws, the Charter, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent such indemnification or advance of Expenses would conflict with any provision of the Company’s Bylaws or the Charter, in each case without giving effect to the non-exclusivity provision set forth in Section 7.8 of the Charter; provided, that foregoing restriction not apply and shall be of no force or effect if and to the extent the Company’s common stock is qualified as a “covered security,” as such term is defined in Section 18 of the Securities Act of 1933, as amended. Section 19. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement. Section 20. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. Section 21. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Section 22. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: (a) If to Indemnitee, to: the address set forth on the signature page hereto. (b) If to the Company, to: Newtek Business Services Corp. 1981 Marcus Avenue, Suite 130 Lake Success,| NY 11042 Att: Chief Legal Officer or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 Section 23. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment Company Act, the latter shall control. Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. [SIGNATURE PAGE FOLLOWS] DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. NEWTEK BUSINESS SERVICES CORP. By: Name: Barry Sloane Title: Chief Executive Officer INDEMNITEE Name: Salvatore Mulia Title: Director DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 EXHIBIT A FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED The Board of Directors of Newtek Business Services Corp. Re: Undertaking to Repay Expenses Advanced Ladies and Gentlemen: This undertaking is being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated the ___day of _______________, 2014, by and between Newtek Business Services Corp. (the “Company”) and the undersigned Indemnitee (“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection with [Description of Proceeding] (the “Proceeding”). Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I was involved as director of the Company, in any of the facts or events giving rise to the Proceeding, I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis. IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___day of ______________, 2014. WITNESS: (SEAL) DocuSign Envelope ID: D742A832-066E-4A62-B5D5-10639B50B468
25022134.2 INDEMNIFICATION AGREEMENT THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this 1st day of November, 2021, by and between Newtek Business Services Corp., a Maryland corporation (the “Company”), and the undersigned (“Indemnitee”). WHEREAS, at the request of the Company, Indemnitee currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his service; and WHEREAS, as an inducement to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein; and WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows: Section 1. Definitions. For purposes of this Agreement: (a) “Change of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement: (i) the sale or other disposition of all or substantially all of the Company’s assets; or (ii) the acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or (iii) the individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”) cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board. (b) “Corporate Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company. DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 (c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. (d) “Effective Date” means the date set forth in the first paragraph of this Agreement. (e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld. (g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement or (ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. Section 2. Services by Indemnitee. Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. Section 3. Indemnification — General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940 and the regulations promulgated thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would violate the Investment Company Act. Section 4. Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with a Proceeding by DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 reason of his Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his conduct was unlawful. Section 5. Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services. Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances: (a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or (b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses. Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Section 8. Advance of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 shall ultimately be established that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for his or her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification . To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. Section 9. Procedure for Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. Section 10. Presumptions and Effect of Certain Proceedings. (a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. (b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. Section 11. Remedies of Indemnitee. (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten days after a determination has been DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his rights under Section 7 of this Agreement. (b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. (c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. (d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. Section 12. Defense of the Underlying Proceeding. (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. (b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. (c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter. Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance; Investment Company Act. (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Amendment and Restatement of the Company (as amended from time to time, the “Charter”) or the Amended and Restated Bylaws of the Company (as amended from time to time, the “Bylaws”), any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. (b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. (c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act. Section 14. Insurance. The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. Section 15. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, he shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. Section 16. Duration of Agreement; Binding Effect. (a) This Agreement shall continue until and terminate ten years after the date that Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto. (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. (c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Section 17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Section 18. Exception to Right of Indemnification or Advance of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s Bylaws, the Charter, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent such indemnification or advance of Expenses would conflict with any provision of the Company’s Bylaws or the Charter, in each case without giving effect to the non-exclusivity provision set forth in Section 7.8 of the Charter; provided, that foregoing restriction not apply and shall be of no force or effect if and to the extent the Company’s common stock is qualified as a “covered security,” as such term is defined in Section 18 of the Securities Act of 1933, as amended. Section 19. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement. Section 20. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. Section 21. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Section 22. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: (a) If to Indemnitee, to: the address set forth on the signature page hereto. (b) If to the Company, to: Newtek Business Services Corp. 1981 Marcus Avenue, Suite 130 Lake Success,| NY 11042 Att: Chief Legal Officer or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 Section 23. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment Company Act, the latter shall control. Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. [SIGNATURE PAGE FOLLOWS] DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. NEWTEK BUSINESS SERVICES CORP. By: Name: Barry Sloane Title: Chief Executive Officer INDEMNITEE Name: Richard Salute Title: Director DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 EXHIBIT A FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED The Board of Directors of Newtek Business Services Corp. Re: Undertaking to Repay Expenses Advanced Ladies and Gentlemen: This undertaking is being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated the ___day of _______________, 2014, by and between Newtek Business Services Corp. (the “Company”) and the undersigned Indemnitee (“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection with [Description of Proceeding] (the “Proceeding”). Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I was involved as director of the Company, in any of the facts or events giving rise to the Proceeding, I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis. IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___day of ______________, 2014. WITNESS: (SEAL) DocuSign Envelope ID: E7F1321B-FE05-4955-87FD-297DD2995BC3
25022134.2 INDEMNIFICATION AGREEMENT THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this 1st day of November, 2021, by and between Newtek Business Services Corp., a Maryland corporation (the “Company”), and the undersigned (“Indemnitee”). WHEREAS, at the request of the Company, Indemnitee currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his service; and WHEREAS, as an inducement to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein; and WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows: Section 1. Definitions. For purposes of this Agreement: (a) “Change of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement: (i) the sale or other disposition of all or substantially all of the Company’s assets; or (ii) the acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or (iii) the individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”) cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board. (b) “Corporate Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company. DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 (c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. (d) “Effective Date” means the date set forth in the first paragraph of this Agreement. (e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld. (g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement or (ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. Section 2. Services by Indemnitee. Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. Section 3. Indemnification — General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940 and the regulations promulgated thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would violate the Investment Company Act. Section 4. Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with a Proceeding by DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 reason of his Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his conduct was unlawful. Section 5. Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services. Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances: (a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or (b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses. Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Section 8. Advance of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 shall ultimately be established that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for his or her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification . To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. Section 9. Procedure for Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. Section 10. Presumptions and Effect of Certain Proceedings. (a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. (b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. Section 11. Remedies of Indemnitee. (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten days after a determination has been DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his rights under Section 7 of this Agreement. (b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. (c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. (d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. Section 12. Defense of the Underlying Proceeding. (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. (b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. (c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter. Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance; Investment Company Act. (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Amendment and Restatement of the Company (as amended from time to time, the “Charter”) or the Amended and Restated Bylaws of the Company (as amended from time to time, the “Bylaws”), any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. (b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. (c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act. Section 14. Insurance. The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. Section 15. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, he shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. Section 16. Duration of Agreement; Binding Effect. (a) This Agreement shall continue until and terminate ten years after the date that Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto. (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. (c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Section 17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Section 18. Exception to Right of Indemnification or Advance of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s Bylaws, the Charter, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent such indemnification or advance of Expenses would conflict with any provision of the Company’s Bylaws or the Charter, in each case without giving effect to the non-exclusivity provision set forth in Section 7.8 of the Charter; provided, that foregoing restriction not apply and shall be of no force or effect if and to the extent the Company’s common stock is qualified as a “covered security,” as such term is defined in Section 18 of the Securities Act of 1933, as amended. Section 19. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement. Section 20. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. Section 21. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Section 22. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: (a) If to Indemnitee, to: the address set forth on the signature page hereto. (b) If to the Company, to: Newtek Business Services Corp. 1981 Marcus Avenue, Suite 130 Lake Success,| NY 11042 Att: Chief Legal Officer or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 Section 23. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment Company Act, the latter shall control. Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. [SIGNATURE PAGE FOLLOWS] DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. NEWTEK BUSINESS SERVICES CORP. By: Name: Richard Salute Title: Chairman, Audit Committee INDEMNITEE Name: Barry Sloane Title: Chief Executive Officer DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 EXHIBIT A FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED The Board of Directors of Newtek Business Services Corp. Re: Undertaking to Repay Expenses Advanced Ladies and Gentlemen: This undertaking is being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated the ___day of _______________, 2014, by and between Newtek Business Services Corp. (the “Company”) and the undersigned Indemnitee (“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection with [Description of Proceeding] (the “Proceeding”). Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I was involved as director of the Company, in any of the facts or events giving rise to the Proceeding, I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis. IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___day of ______________, 2014. WITNESS: (SEAL) DocuSign Envelope ID: 349B0D68-8B55-41AA-9360-E0C2FE207A99
25022134.2 INDEMNIFICATION AGREEMENT THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this 1st day of November, 2021, by and between Newtek Business Services Corp., a Maryland corporation (the “Company”), and the undersigned (“Indemnitee”). WHEREAS, at the request of the Company, Indemnitee currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his service; and WHEREAS, as an inducement to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein; and WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows: Section 1. Definitions. For purposes of this Agreement: (a) “Change of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement: (i) the sale or other disposition of all or substantially all of the Company’s assets; or (ii) the acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or (iii) the individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”) cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board. (b) “Corporate Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company. DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 (c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. (d) “Effective Date” means the date set forth in the first paragraph of this Agreement. (e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld. (g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement or (ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. Section 2. Services by Indemnitee. Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. Section 3. Indemnification — General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940 and the regulations promulgated thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would violate the Investment Company Act. Section 4. Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with a Proceeding by DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 reason of his Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his conduct was unlawful. Section 5. Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services. Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances: (a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or (b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses. Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Section 8. Advance of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 shall ultimately be established that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for his or her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification . To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. Section 9. Procedure for Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. Section 10. Presumptions and Effect of Certain Proceedings. (a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. (b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. Section 11. Remedies of Indemnitee. (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten days after a determination has been DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his rights under Section 7 of this Agreement. (b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. (c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. (d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. Section 12. Defense of the Underlying Proceeding. (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. (b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. (c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter. Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance; Investment Company Act. (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Amendment and Restatement of the Company (as amended from time to time, the “Charter”) or the Amended and Restated Bylaws of the Company (as amended from time to time, the “Bylaws”), any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. (b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. (c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act. Section 14. Insurance. The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. Section 15. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, he shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. Section 16. Duration of Agreement; Binding Effect. (a) This Agreement shall continue until and terminate ten years after the date that Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto. (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. (c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Section 17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Section 18. Exception to Right of Indemnification or Advance of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s Bylaws, the Charter, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent such indemnification or advance of Expenses would conflict with any provision of the Company’s Bylaws or the Charter, in each case without giving effect to the non-exclusivity provision set forth in Section 7.8 of the Charter; provided, that foregoing restriction not apply and shall be of no force or effect if and to the extent the Company’s common stock is qualified as a “covered security,” as such term is defined in Section 18 of the Securities Act of 1933, as amended. Section 19. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement. Section 20. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. Section 21. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Section 22. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: (a) If to Indemnitee, to: the address set forth on the signature page hereto. (b) If to the Company, to: Newtek Business Services Corp. 1981 Marcus Avenue, Suite 130 Lake Success,| NY 11042 Att: Chief Legal Officer or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 Section 23. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment Company Act, the latter shall control. Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. [SIGNATURE PAGE FOLLOWS] DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. NEWTEK BUSINESS SERVICES CORP. By: Name: Barry Sloane Title: Chief Executive Officer INDEMNITEE Name: Gregory Zink Title: Director DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 EXHIBIT A FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED The Board of Directors of Newtek Business Services Corp. Re: Undertaking to Repay Expenses Advanced Ladies and Gentlemen: This undertaking is being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated the ___day of _______________, 2014, by and between Newtek Business Services Corp. (the “Company”) and the undersigned Indemnitee (“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection with [Description of Proceeding] (the “Proceeding”). Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I was involved as director of the Company, in any of the facts or events giving rise to the Proceeding, I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis. IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___day of ______________, 2014. WITNESS: (SEAL) DocuSign Envelope ID: FBF3F194-4136-4E0E-9D80-83C6B6F34305
25022134.2 INDEMNIFICATION AGREEMENT THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into this 1st day of November, 2021, by and between Newtek Business Services Corp., a Maryland corporation (the “Company”), and the undersigned (“Indemnitee”). WHEREAS, at the request of the Company, Indemnitee currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of her service; and WHEREAS, as an inducement to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein; and WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows: Section 1. Definitions. For purposes of this Agreement: (a) “Change of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement: (i) the sale or other disposition of all or substantially all of the Company’s assets; or (ii) the acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934, as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding common stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or (iii) the individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”) cease to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board. (b) “Corporate Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company. DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 (c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. (d) “Effective Date” means the date set forth in the first paragraph of this Agreement. (e) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld. (g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one (i) initiated by an Indemnitee pursuant to Section 11 of this Agreement to enforce her rights under this Agreement or (ii) pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. Section 2. Services by Indemnitee. Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any. Section 3. Indemnification — General. The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (“MGCL”). Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940 and the regulations promulgated thereunder (the “Investment Company Act”), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would violate the Investment Company Act. Section 4. Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of her Corporate Status, she is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by her or on her behalf in connection with a Proceeding by DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 reason of her Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that her conduct was unlawful. Section 5. Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of her Corporate Status, she is, or is threatened to be, made a party to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by her or on her behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services. Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances: (a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or (b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses. Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of her Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, she shall be indemnified for all Expenses actually and reasonably incurred by her or on her behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by her or on her behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Section 8. Advance of Expenses. The Company shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 shall ultimately be established that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for her or her undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification . To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. Section 9. Procedure for Determination of Entitlement to Indemnification. (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. Section 10. Presumptions and Effect of Certain Proceedings. (a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. (b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. Section 11. Remedies of Indemnitee. (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten days after a determination has been DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of her entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce her rights under Section 7 of this Agreement. (b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. (c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. (d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce her rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. Section 12. Defense of the Underlying Proceeding. (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. (b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. (c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that she may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter. Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance; Investment Company Act. (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Amendment and Restatement of the Company (as amended from time to time, the “Charter”) or the Amended and Restated Bylaws of the Company (as amended from time to time, the “Bylaws”), any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in her Corporate Status prior to such amendment, alteration or repeal. (b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. (c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act. Section 14. Insurance. The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. Section 15. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of her Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, she shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by her or on her behalf in connection therewith. Section 16. Duration of Agreement; Binding Effect. (a) This Agreement shall continue until and terminate ten years after the date that Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto. (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. (c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Section 17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. Section 18. Exception to Right of Indemnification or Advance of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s Bylaws, the Charter, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent such indemnification or advance of Expenses would conflict with any provision of the Company’s Bylaws or the Charter, in each case without giving effect to the non-exclusivity provision set forth in Section 7.8 of the Charter; provided, that foregoing restriction not apply and shall be of no force or effect if and to the extent the Company’s common stock is qualified as a “covered security,” as such term is defined in Section 18 of the Securities Act of 1933, as amended. Section 19. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement. Section 20. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. Section 21. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. Section 22. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed: (a) If to Indemnitee, to: the address set forth on the signature page hereto. (b) If to the Company, to: Newtek Business Services Corp. 1981 Marcus Avenue, Suite 130 Lake Success,| NY 11042 Att: Chief Legal Officer or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 Section 23. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment Company Act, the latter shall control. Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. [SIGNATURE PAGE FOLLOWS] DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. NEWTEK BUSINESS SERVICES CORP. By: Name: Barry Sloane Title: Chief Executive Officer INDEMNITEE Name: Halli Razon Title: Director DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
25022134.2 EXHIBIT A FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED The Board of Directors of Newtek Business Services Corp. Re: Undertaking to Repay Expenses Advanced Ladies and Gentlemen: This undertaking is being provided pursuant to that certain Indemnification Agreement (the “Indemnification Agreement”) dated the ___day of _______________, 2014, by and between Newtek Business Services Corp. (the “Company”) and the undersigned Indemnitee (“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection with [Description of Proceeding] (the “Proceeding”). Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I was involved as director of the Company, in any of the facts or events giving rise to the Proceeding, I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis. IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this ___day of ______________, 2014. WITNESS: (SEAL) DocuSign Envelope ID: 0119BFCA-D289-4FC8-BAA7-140AEE3A0504
Exhibit 31.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Barry Sloane, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: November 12, 2021 | /S/ BARRY SLOANE | ||||
| Barry Sloane | |||||
| Principal Executive Officer | |||||
Exhibit 31.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002
I, Nicholas Leger, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| Date: November 12, 2021 | /S/ NICHOLAS LEGER | ||||
| Nicholas Leger | |||||
| Principal Financial Officer | |||||
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2021 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Barry Sloane, as Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.
| Date: November 12, 2021 | /S/ BARRY SLOANE | ||||
| Barry Sloane, | |||||
| Principal Executive Officer | |||||
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q for the period ended September 30, 2021 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Nicholas Leger, as Principal Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.
| Date: November 12, 2021 | /S/ NICHOLAS LEGER | ||||
| Nicholas Leger, | |||||
| Principal Financial Officer | |||||