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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 June 30, 2022

OR

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

For the transition period from _____to_____
Commission file number: 814-01035
NEWTEK BUSINESS SERVICES CORP.
(Exact name of registrant as specified in its charter)
 
Maryland46-3755188
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
4800 T Rex Avenue, Suite 120, Boca Raton, Florida
33431
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212356-9500
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.02 per shareNEWTNasdaq Global Market LLC
5.75% Notes due 2024NEWTLNasdaq Global Market LLC
5.50% Notes due 2026NEWTZNasdaq Global Market LLC

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



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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
As of August 5, 2022, there were 24,355,607 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 June 30, 2022 (Unaudited) and December 31, 2021
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Item 4.
Item 5.
Item 6.


Table of Contents

Defined Terms

We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to Newtek Business Services Corp. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:
Terms
1940 ActInvestment Company Act of 1940, as amended
2016-1 TrustNewtek Small Business Loan Trust, Series 2016-1, terminated in December 2021
2017-1 TrustNewtek Small Business Loan Trust, Series 2017-1
2018-1 TrustNewtek Small Business Loan Trust, Series 2018-1
2019-1 TrustNewtek Small Business Loan Trust, Series 2019-1
2021-1 TrustNewtek Small Business Loan Trust, Series 2021-1
2022 Notes7.50% Notes due 2022, redeemed in August 2019
2023 Notes6.25% Notes due 2023, redeemed in February 2021
2024 Notes5.75% Notes due 2024
2025 6.85% Notes6.85% Notes due 2025, redeemed in May 2022
2025 5.00% Notes5.00% Notes due 2025
2025 NotesCollectively, the 2025 6.85% Notes and the 2025 5.00% Notes
2026 Notes5.50% Notes due 2026
Amended 2019 ATM Distribution AgreementFirst Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents
ASCAccounting Standards Codification, as issued by the FASB
ASUAccounting Standards Updates, as issued by the FASB
2017 ATM Equity Distribution AgreementSecond Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents
2019 ATM Equity Distribution AgreementEquity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents
2020 ATM Equity Distribution AgreementEquity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents, as amended on July 20, 2022
BDCBusiness Development Company under the 1940 Act
BoardThe Company's board of directors
Capital OneCapital One Bank, National Association
CodeInternal Revenue Code of 1986, as amended
Deutsche BankDeutsche Bank AG
DRIPThe Company's dividend reinvestment plan
EBITDAEarnings before interest, taxes, depreciation and amortization
Equity Incentive PlanThe Company's 2015 Equity Incentive Plan
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
LIBORLondon Interbank Offered Rate
NAVNet Asset Value
NBL Capital One FacilityRevolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL, and Capital One
NBL Deutsche Bank FacilityRevolving Credit and Security Agreement between NBL SPV2, LLC, a wholly-owned subsidiary of NBL, and Deutsche Bank
NBL One Florida Bank FacilityRevolving Credit and Security Agreement between NBL SPV3, LLC, a wholly-owned subsidiary of NBL, and One Florida Bank
NBNYCNational Bank of New York City
Receivable and Inventory FacilityLoan and Security Agreement between NBC and Webster, as successor by merger to Sterling National Bank, as lender, to fund accounts receivable and inventory financing arrangements.
Related Party RLOCUnsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
PLPPreferred Lender Program, as authorized by the SBA
PPPPaycheck Protection Program



Related Party RLOCUnsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
RICRegulated investment company under the Code
S&PStandard and Poor's
SBAUnited States Small Business Administration
SBLCSmall Business Lending Company
SECU.S. Securities and Exchange Commission
SMBSmall-and-medium sized businesses
Stock Purchase Agreement Stock Purchase Agreement dated August 2, 2021, between the Company, NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC
Taxable SubsidiariesCompanies formed by Newtek which are taxed as corporations for income tax purposes
TrusteeU.S. Bank, National Association
U.S. GAAP or GAAPGenerally accepted accounting principles in the United States
WebsterWebster Bank, N.A.
Portfolio Companies and Subsidiaries
NSBFNewtek Small Business Finance, LLC, a consolidated subsidiary
NBLNewtek Business Lending, LLC, a wholly-owned controlled portfolio company
NCLNewtek Conventional Lending, LLC, a 50% owned portfolio company
ExponentialExponential Business Development Co., Inc., a Taxable Subsidiary
NMSNewtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company
PremierPremier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018
Mobil MoneyMobil Money, LLC, a wholly-owned controlled portfolio company
NTSNewtek Technology Solutions, Inc., a wholly-owned controlled portfolio company
IPMInternational Professional Marketing, Inc., a former wholly-owned controlled portfolio company which merged into NTS on July 1, 2021
SIDCOSIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company
EWSExcel WebSolutions, LLC, a wholly-owned controlled portfolio company
NBCCDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company
SBLSmall Business Lending, LLC, a wholly-owned controlled portfolio company
BSPADR Partners, LLC dba banc-serv Partners, LLC, a former wholly-owned controlled portfolio company
NPS or PMTPMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company
NIANewtek Insurance Agency, LLC, a wholly-owned controlled portfolio company
TAMTitanium Asset Management LLC, a wholly-owned controlled portfolio company
EMCAPEMCAP Loan Holdings, LLC
POSPOS on Cloud, LLC, dba Newtek Payment Systems, a controlled portfolio company
5




NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
June 30, 2022December 31, 2021
ASSETS(Unaudited)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $470,399 and $431,970, respectively; includes $312,677 and $344,266, respectively, related to securitization trusts)$459,981 $424,417 
SBA guaranteed non-affiliate investments (cost of $26,595 and $65,728, respectively)28,192 72,970 
Controlled investments (cost of $165,273 and $157,289, respectively)267,924 260,398 
Non-control investments (cost of $1,000 and $1,000, respectively)1,000 1,000 
Total investments at fair value757,097 758,785 
Cash4,165 2,397 
Restricted cash121,861 184,463 
Broker receivable78,721 44,537 
Due from related parties841 4,395 
Servicing assets, at fair value31,820 28,008 
Right of use assets6,695 7,310 
Other assets25,097 26,666 
Total assets$1,026,297 $1,056,561 
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable$127,414 $50,000 
2024 Notes (par: $38,250 and $38,250 as of June 30, 2022 and December 31, 2021, Note 7)37,790 37,679 
2025 6.85% Notes (par: $0 and $15,000 as of June 30, 2022 and December 31, 2021, Note 7)— 14,545 
2025 5.00% Notes (par: $30,000 and $0 as of June 30, 2022 and December 31, 2021, Note 7)29,187 — 
2026 Notes (par: $115,000 and $115,000 as of June 30, 2022 and December 31, 2021, Note 7)112,487 112,128 
Notes payable - Securitization trusts (par: $207,582 and $249,750 as of June 30, 2022 and December 31, 2021, Note 7)204,690 246,250 
Notes payable - related parties200 11,450 
Due to related parties855 1,490 
Lease liabilities8,323 9,056 
Deferred tax liabilities12,793 12,733 
Due to participants83,050 146,225 
Derivative instruments— 183 
Accounts payable, accrued expenses and other liabilities14,976 10,935 
Total liabilities631,765 652,674 
Commitment and contingencies (Note 9)
Net assets:
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding)— — 
Common stock (par value $0.02 per share; authorized 200,000 shares, 24,187 and 24,159 issued and outstanding, respectively)480 483 
Additional paid-in capital368,934 367,663 
Accumulated undistributed earnings25,118 35,741 
Total net assets394,532 403,887 
6
See accompanying notes to consolidated financial statements.


Total liabilities and net assets$1,026,297 $1,056,561 
Net asset value per common share$16.31 $16.72 
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 June 30,Six Months Ended June 30,
2022202120222021
Investment income
From non-affiliate investments:
Interest income - PPP loans$— $25,512 $— $49,720 
Interest income - SBA 7(a) loans8,032 6,248 15,111 12,197 
Servicing income3,175 2,787 6,356 5,527 
Other income2,368 1,269 3,947 2,383 
Total investment income from non-affiliate investments13,575 35,816 25,414 69,827 
From non-control investments:
Interest income— 124 — 248 
Dividend income21 21 43 47 
Total investment income from non-control investments21 145 43 295 
From controlled investments:
Interest income670 576 1,334 1,109 
Dividend income4,960 51 12,784 51 
Total investment income from controlled investments5,630 627 14,118 1,160 
Total investment income19,226 36,588 39,575 71,282 
Expenses:
Salaries and benefits4,499 5,926 9,608 10,376 
Interest5,828 4,968 10,495 10,040 
Depreciation and amortization60 79 123 164 
Professional fees1,512 859 2,813 2,047 
Origination and loan processing1,882 2,998 4,336 5,969 
Origination and loan processing - related party5,239 4,510 9,268 7,653 
Loss on extinguishment of debt417 — 417 955 
Other general and administrative costs2,043 1,706 3,796 3,341 
Total expenses21,480 21,046 40,856 40,545 
Net investment (loss) income(2,254)15,542 (1,281)30,737 
Net realized and unrealized gains (losses):
Net realized gain on non-affiliate investments - SBA 7(a) loans19,891 11,414 35,186 18,807 
Net realized gain on derivative transactions— — 445 — 
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments(4,917)(1,983)(5,645)2,410 
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments(872)198 (2,862)1,585 
Net unrealized appreciation (depreciation) on controlled investments1,566 (7,920)(458)(5,545)
Change in deferred taxes886 1,356 (57)723 
Net unrealized appreciation (depreciation) on non-control investments— (3)— 524 
Net unrealized depreciation on servicing assets(781)(1,193)(2,340)(1,706)
Net unrealized appreciation (depreciation) on derivative transactions— (37)183 (37)
Net realized and unrealized gains$15,773 $1,832 $24,452 $16,761 
Net increase in net assets resulting from operations$13,519 $17,374 $23,171 $47,498 
Net increase in net assets resulting from operations per share$0.56 $0.77 $0.96 $2.12 
Net investment (loss) income per share$(0.09)$0.69 $(0.05)$1.37 
8
See accompanying notes to consolidated financial statements.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Dividends and distributions declared per common share$0.75 $0.70 $1.40 $1.20 
Weighted average number of shares outstanding24,157 22,524 24,156 22,431 
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 June 30,Six Months Ended June 30,
2022202120222021
Increase in net assets:
Net investment income (loss)$(2,254)$15,542 $(1,281)$30,737 
Net realized gain on investments19,891 11,414 35,631 18,807 
Net unrealized depreciation on investments(4,118)(9,582)(11,179)(2,046)
Net increase in net assets resulting from operations13,519 17,374 23,171 47,498 
Dividends to common stockholders(18,008)(15,646)(33,593)(26,812)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan373 214 598 354 
Stock-based compensation expense467 480 1,248 1,174 
Purchase of vested stock for employee payroll tax withholding(299)(271)(779)(1,535)
Issuance of common stock, net of offering costs— — — 8,970 
Net increase in net assets from capital share transactions541 423 1,067 8,963 
Total increase (decrease) in net assets(3,948)2,151 (9,355)29,649 
Net assets at beginning of period398,480 366,851 403,887 339,353 
Net assets at end of period$394,532 $369,002 $394,532 $369,002 
Common shares outstanding at end of period24,187 22,530 24,187 22,530 
Capital share activity:
Shares issued under dividend reinvestment plan21 30 12 
Shares issued in connection with sales of common stock— — — 430 
Purchase of vested stock for employee payroll tax withholding(12)(10)(30)(56)
Restricted shares issued under Equity Incentive Plan, net of forfeitures17 28 173 
Net increase (decrease) in capital share activity26 (1)28 559 
10
See accompanying notes to consolidated financial statements.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net increase in net assets resulting from operations$23,171 $47,498 
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net unrealized depreciation on controlled investments458 5,545 
Net unrealized depreciation (appreciation) on non-affiliate investments8,507 (4,524)
Net unrealized depreciation on servicing assets2,340 1,706 
Net unrealized (appreciation) depreciation on derivative transactions(183)37 
Net realized gains on non-affiliate investments(29,035)(15,781)
Loss on extinguishment of debt417 955 
Amortization of deferred financing costs1,250 1,200 
Deferred income taxes60 (723)
Depreciation and amortization124 164 
Purchase of guaranteed SBA loans— (7,332)
Funding of guaranteed non-affiliate SBA loans(273,251)(885,602)
Funding of unguaranteed non-affiliate SBA loans(90,653)(35,679)
Funding of controlled investments(19,750)(20,395)
Proceeds from sale of non-affiliate SBA loans345,510 887,828 
Principal received on SBA non-affiliate investments47,459 34,971 
Principal received from controlled investments2,025 — 
Principal received from non-control investments— 32 
Return of investment from controlled investments9,741 15,000 
Other, net1,523 1,451 
Changes in operating assets and liabilities:
Broker receivable(34,184)17,628 
Due to/from related parties2,919 (625)
Other assets1,767 908 
Due to participants(63,175)78,042 
Accounts payable, accrued expenses and other liabilities3,923 3,005 
Capitalized servicing asset(6,152)(3,025)
Other, net25 
Net cash (used in) provided by operating activities(65,181)122,309 
Cash flows from investing activities:
Purchase of fixed assets(11)— 
Cash flows from financing activities:
Net borrowings (repayments) on bank notes payable77,414 (41,339)
Proceeds from common shares sold, net of offering costs— 8,969 
Net repayments under related party line of credit(11,250)(14,540)
Proceeds from 2024 Notes— 15,000 
Proceeds from 2025 6.85% Notes— 10,000 
Proceeds from 2025 5.00% Notes30,000 — 
Proceeds from 2026 Notes— 115,000 
Redemption of 2023 Notes— (57,500)
Redemption of 2025 6.85% Notes(15,000)— 
Payments on Notes Payable - Securitization Trusts(42,168)(28,769)
11
See accompanying notes to consolidated financial statements.


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Six Months Ended June 30,
20222021
Dividends paid(32,995)(26,458)
Additions to deferred financing costs(864)(3,999)
Purchase of vested stock for employee payroll tax withholding(779)(1,535)
Net cash provided by (used in) financing activities4,358 (25,171)
Net (decrease) increase in cash and restricted cash(60,834)97,138 
Cash and restricted cash—beginning of period (Note 2)186,860 51,425 
Cash and restricted cash—end of period (Note 2)$126,026 $148,563 
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired$676 $710 
Dividends declared but not paid during the period$2,003 $— 
Issuance of common shares under dividend reinvestment plan$598 $354 
            


12
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Nerds Xpress, LLC and Barlow Executive Properties(#)25240 Lasher Rd,, Southfield, MI 48033Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/30/2047$310.0 $310.0 $325.3 0.08 %
Paris Woodhull(#)112 S Gay St, Knoxville, TN 37902Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 6.5%6/30/203220.0 20.0 20.3 0.01 %
Storm-Tek, INC(#)100 Glenborough Dr, Houston, TX 77060Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%6/30/2032125.0 125.0 116.3 0.03 %
Westside Quick Services LLC(#)9018 Cambridge Ave N, Minneapolis, MN 55443Administrative and Support ServicesTerm LoanPrime plus 6.5%6/30/203225.0 25.0 25.4 0.01 %
Performance Paint INC and Snyder Holding LLC(#)431 E Main St, Brownsburg, IN 46112Repair and MaintenanceTerm LoanPrime plus 2.75%6/30/2047101.0 101.0 114.0 0.03 %
Priam Vineyards LLC; Winiarski Family Properties LLC(#)11 Shailor Hill Rd, Colchester, CT 06415Beverage and Tobacco Product ManufacturingTerm LoanPrime plus 2.75%6/30/2047742.5 742.5 773.7 0.20 %
Zeigler Concrete Reinforcing, Inc(#)2334 Babbitt Ave, Orlando, FL 32833Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/30/2032106.3 106.3 94.1 0.02 %
2XP VENTURES LLC(#)4670 Azalea Dr, Naples, FL 34119Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/30/203222.5 22.5 22.9 0.01 %
Art of Touch Therapeutic Massage and Healing Clinic Audra Erickson LLC(#)4415 NE Sandy Blvd, Portland, OR 97213Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/30/20329.0 9.0 9.1 — %
Omega Express Home Loans Corporation(#)6016 Belfast Way, Roseville, CA 95747Credit Intermediation and Related ActivitiesTerm LoanPrime plus 2.75%6/30/203217.3 17.3 15.2 — %
Orthologo Inc.(#)911 N MacArthur Blvd, Irving, TX 75061Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/30/2032162.5 162.5 169.7 0.04 %
Scenic Vans LLC dba Scenic Vanlife Rentals(#)3250 Granite Creek Pl, Newcastle, CA 95658Rental and Leasing ServicesTerm LoanPrime plus 2.75%6/30/203270.0 70.0 74.1 0.02 %
J. F. Medeiros Construction Inc(#)20471 3rd St, Hilmar, CA 95324Construction of BuildingsTerm LoanPrime plus 2.75%6/30/203262.8 62.8 55.2 0.01 %
Nerds Xpress, LLC and Barlow Executive Properties(#)25240 Lasher Rd, Southfield, MI 48033Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/30/2032165.0 165.0 145.2 0.04 %
Industrial Control Concepts Inc;ICC Northwest Inc & 301 Memorial LLC(#)301 Memorial Dr, St. Louis, MO 63102Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/30/20471,250.0 1,250.0 1,283.4 0.33 %
Learn Smart Pre School Inc(#)145 Mortimer Ave, Rutherford, NJ 07070Social AssistanceTerm LoanPrime plus 2.75%6/30/2047225.0 225.0 248.2 0.06 %
VELEZ ENTERPRISES, LLC(#)5602 Heritage Oak Dr, Portola Hills, CA 92679Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/30/2032334.3 334.3 294.1 0.07 %
The Blonde Bistro LLC and Ciara June Semack(#)2042 Axemann Rd, Bellefonte, PA 16823Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/29/2047141.3 141.3 157.5 0.04 %
AA LLC(#)5761 W 73rd St, Indianapolis, IN 46278Administrative and Support ServicesTerm LoanPrime plus 2.75%6/29/2032427.5 427.5 384.5 0.10 %
Gyer Medical Billing LLC(#)26210 Christen Canyon Ln, Richmond, TX 77406Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/29/203220.0 20.0 20.3 0.01 %
Car Venient Auto LLC(#)2035 Ashby Rd, St. Louis, MO 63114Motor Vehicle and Parts Dealers Term LoanPrime plus 2.75%6/29/204755.6 55.6 62.4 0.02 %
13
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Nano Pharmaceutical Laboratories, LLC(#)700 W. Mississippi Ave, Denver, CO 80223Chemical ManufacturingTerm LoanPrime plus 2.75%6/29/2032750.0 750.0 688.5 0.17 %
JAG Medical Services(#)105 S Cedar St, Summerville, SC 29483Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/29/203215.0 15.0 13.5 — %
SHY Beauty Inc(#)5458 N Ashland Ave, Chicago, IL 60640Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/29/203222.5 22.5 22.9 0.01 %
Viking Athletics LLC(#)635 New Park Ave, West Hartford, CT 06110Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 6.5%6/29/203225.0 25.0 25.4 0.01 %
Stephen Key(#)9140 Stonegarden Dr, Lorton, VA 22079Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/28/203214.1 14.1 12.4 — %
Knowledge Analytics Inc(#)11716 Woodthrush Ln, Potomac, MD 20854Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/28/2032175.0 175.0 154.0 0.04 %
BOBWHITE COUNTER LLC(#)150 Warren St, Jersey City, NJ 07302Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/28/2032150.0 150.0 133.1 0.03 %
Tres Marine Corp and Mark Compeaux(#)142 Evangeline Dr, Houma, LA 70360Support Activities for MiningTerm LoanPrime plus 2.75%6/28/2032900.0 900.0 840.1 0.21 %
TRI-COUNTY SWEEPING SERVICES, INC(#)4900 SW 51st St, Davie, FL 33314Administrative and Support ServicesTerm LoanPrime plus 2.75%6/28/2032175.0 175.0 154.0 0.04 %
T Z Trading Inc(#)25511 Budde Rd Ste 1503, The Woodlands, TX 77380Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%6/28/2032212.5 212.5 214.1 0.05 %
Digimatics Inc(#)4011 Vermaas Ave, Toledo, OH 43612Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/28/203252.5 52.5 54.6 0.01 %
Skladco LLC(#)25 Wareham St, Middleborough, MA 02346Nonstore Retailers Term LoanPrime plus 2.75%6/28/203216.5 16.5 14.5 — %
T.S.W RESIDENTIAL & COMMERCIAL SERVICES, INC(#)787 Commerce Dr, Venice, FL 34292Construction of BuildingsTerm LoanPrime plus 2.75%6/28/2032175.0 175.0 154.0 0.04 %
JT Way LLC ;Genthree LLC ;Case Restaurant Group &Sonshine Group(#)330 Greater Butler Mart, Butler, PA 16001Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/27/2032200.0 200.0 176.7 0.04 %
Fara Bender DMD PA(#)6169 Jog Rd Unit B-5, Lake Worth, FL 33467Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/27/203264.9 64.9 60.8 0.02 %
Jump Jump LLC(#)12600 Appaloosa Chase Dr, Austin, TX 78732Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/27/2047194.5 194.5 212.4 0.05 %
SAM'S PLACE LOTTERY & TOBACCO, INC(#)189 Manheim Rd, Schuylkill Haven, PA 17972Miscellaneous Store Retailers Term LoanPrime plus 2.75%6/27/2032250.0 250.0 219.6 0.06 %
Torchmark Enterprises Inc dba Mwah Flowers(#)1086 Broadway , Brooklyn, NY 11221Miscellaneous Store Retailers Term LoanPrime plus 2.75%6/27/2032105.8 105.8 92.9 0.02 %
Solshine Yoga LLC(#)96 College Heights Blvd, Clemson, SC 29631Personal and Laundry ServicesTerm LoanPrime plus 2.75%9/27/203212.3 12.3 13.0 — %
Recovery Pathways LLC(#)863 N Pine Rd Ste A, Essexville, MI 48732Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/27/2032138.8 138.8 121.9 0.03 %
ESD Homes LLC(#)196 14th St NW, Atlanta, GA 30318Construction of BuildingsTerm LoanPrime plus 2.75%6/27/203275.0 75.0 65.9 0.02 %
Golden Phoenix Construction Company, Inc(#)37 N Altadenda Dr, Pasadena, CA 91107Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/27/2032462.5 462.5 434.0 0.11 %
14
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

ACME Saw and Supply and Lodgepole, INC(#)1204 E Main St, Stockton, CA 95205Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%6/27/2032536.5 536.5 479.9 0.12 %
Suha Restaurants LLC(#)8211 Byron Center Ave SW, Byron Center, MI 49315Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/24/203218.8 18.8 19.8 0.01 %
AVVA MINA INC dba Doctor's Choice Pharmacy(#)639 N 13th Ave, Upland, CA 91786Health and Personal Care Stores Term LoanPrime plus 2.75%6/24/2032125.0 125.0 109.8 0.03 %
JDT Pickup and Delivery Service LLC(#)2870 Gonzaga Ave, Richmond, CA 94806Couriers and MessengersTerm LoanPrime plus 6.5%6/24/203225.0 25.0 25.3 0.01 %
Jadar Entertainment LLC(#)468 N Camden Dr, Beverly Hills, CA 90210Performing Arts, Spectator Sports, and Related IndustriesTerm LoanPrime plus 2.75%6/24/203287.5 87.5 76.9 0.02 %
Northern Builders LLC(#)30 Porter St, Littleton, NH 03561Construction of BuildingsTerm LoanPrime plus 2.75%6/24/2032450.0 450.0 415.5 0.11 %
Don Green Electric LLC(#)Don Green Electric LLC, Stuart, FL 34994Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/24/203282.8 82.8 72.7 0.02 %
Digital Dream Labs, Inc(#)6022 Broad St, Pittsburgh, PA 15206Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/24/2032875.0 875.0 785.9 0.20 %
The Concrete Company, LLC and Cabriales Holding LLC(#)10940 S Parker Rd, Parker, CO 80134Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%6/24/2047347.5 347.5 335.6 0.09 %
Creamalicious Inc(#)6953 Tarragon Ct, Liberty Township, OH 45011Food ManufacturingTerm LoanPrime plus 2.75%6/23/203288.8 88.8 77.9 0.02 %
Perfect Day NY LLC(#)384 Knickerbocker Ave, Brooklyn, NY 11237Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 6.5%6/23/203224.1 24.1 24.3 0.01 %
ABC Intercargo LLC(#)2700 Glades Cir, Weston, FL 33327Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/23/2032103.8 103.8 91.6 0.02 %
TRUYOU RENEW LLC(#)38221 Plymouth Rd, Livonia, MI 48150Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/23/203245.0 45.0 42.4 0.01 %
JNH Consulting Services, LLC and AllTax Associates, LLC(#)2107 Sherry St, Arlington, TX 76010Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/23/2032117.5 117.5 103.2 0.03 %
CT Mets Baseball Academy LLC(#)216 Foxon Rd, North Branford, CT 06471Educational ServicesTerm LoanPrime plus 2.75%6/23/203258.5 58.5 51.6 0.01 %
Penny Almond, LPC, LLC(#)1401 Malvern Ave Ste 260, Hot Springs, AR 71901Social AssistanceTerm LoanPrime plus 6.5%6/23/203225.0 25.0 25.3 0.01 %
Chicago Knife Works Inc(#)6427 Dempster St, Morton Grove, IL 60053Nonstore Retailers Term LoanPrime plus 2.75%6/23/203275.0 75.0 65.9 0.02 %
Ebony T Grimes dba Grimes Day Care(#)5231 Oxford Ave, Philadelphia, PA 19124Social AssistanceTerm LoanPrime plus 6.5%6/23/203212.5 12.5 12.7 — %
Adelko Inc(#)9937 Shirley Ave, Northridge, CA 91324Real EstateTerm LoanPrime plus 2.75%6/23/203252.5 52.5 46.1 0.01 %
Tocino Strategies LLC(#)7133 E Plata Ave, Mesa, AZ 85212Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/23/203225.0 25.0 25.3 0.01 %
The Hills Tandem LLC(#)132 Palmer Pointe Way, Holly Springs, NC 27540Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/22/203260.0 60.0 53.0 0.01 %
15
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Nerac, Inc(#)1 Technology Dr aka 303 Merrow Rd, Tolland, CT 06084Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/22/2047492.5 492.5 556.0 0.14 %
Diabs, LLC(#)2395 San Siro St, Henderson, NV 89044Sporting Goods, Hobby, Musical Instrument, and Book Stores Term LoanPrime plus 2.75%6/22/20329.2 9.2 8.1 — %
Talley Brothers, Inc(#)210 Executive Dr, Newark, DE 19702Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/22/203287.5 87.5 76.9 0.02 %
Power Move Ventures LLC(#)3700 S Conway Rd, Orlando, FL 32812Nonstore Retailers Term LoanPrime plus 2.75%6/22/203222.5 22.5 19.8 0.01 %
Orbilibrium Corporation and Mathew Wanyama(#)102 Pawnee Dr, Montgomery, TX 77316Real EstateTerm LoanPrime plus 2.75%6/22/204722.5 22.5 25.4 0.01 %
On Point Med Spa & Wellness Center LLC(#)799 Christmas Ave, Bethlehem, GA 30620Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/22/203286.3 86.3 77.5 0.02 %
MJ Enterprise Holdings Inc(#)2600 Cabover Dr, Hanover, MD 21076Repair and MaintenanceTerm LoanPrime plus 2.75%6/22/203221.4 21.4 19.0 — %
Conliff Solutions LLC(#)23664 Jayadev Ter, Brambleton, VA 20148Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/22/203215.0 15.0 13.2 — %
MedAir Labs, LLC(#)10500 Antenucci Blvd, Garfield Heights, OH 44125Machinery ManufacturingTerm LoanPrime plus 2.75%6/22/2032375.0 375.0 396.3 0.10 %
Ageless Simplicity LLC(#)21800 Towncenter Plz 239, Sterling, VA 20164Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/22/203222.5 22.5 21.0 0.01 %
Truth Excavation LLC(#)164 Wahikuli Rd, Lahaina, HI 96761Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/22/203287.5 87.5 92.5 0.02 %
Empire Countertops LLC(#)1137 Enterprise Dr, Pilot Point, TX 76258Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%6/21/2032275.0 275.0 290.6 0.07 %
Prancing Paws Grooming Salon LLC(#)120 N Main St, Germantown, OH 45327Personal and Laundry ServicesTerm LoanPrime plus 2.75%6/21/204717.6 17.6 19.0 — %
Empire Countertops LLC(#)1137 enterprise Dr, Pilot Point, TX 76258Nonmetallic Mineral Product ManufacturingTerm LoanPrime plus 2.75%6/21/2032850.0 850.0 799.8 0.20 %
Maria Pena(#)537 Swallow Ln, Lodi, CA 95240Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/21/203217.3 17.3 17.8 — %
Shawn Soiland(#)10 Ascot Dr, Santa Rosa, CA 95403Repair and MaintenanceTerm LoanPrime plus 2.75%6/20/203287.5 87.5 81.3 0.02 %
Jason Howard(#)5459 Sherman Ave SE, Huron, SD 57350Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/20/203218.9 18.9 16.6 — %
Teleflex Group Inc dba TL Cargo(#)8520 nw 66 St, Miami, FL 33166Support Activities for TransportationTerm LoanPrime plus 2.75%6/17/203242.5 42.5 38.3 0.01 %
YDK Enterprise LLC(#)115 Mowbray Dr, Kew Gardens, NY 11415Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/17/203225.0 25.0 25.3 0.01 %
Carlos Eduardo Cuesta(#)2304 Silver Palm Dr, Kissimmee, FL 34747Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/17/203219.8 19.8 17.4 — %
H & M Associates LLC(#)108 Harlow St, Pittsburgh, PA 15218Heavy and Civil Engineering ConstructionTerm LoanPrime plus 2.75%6/17/203222.5 22.5 19.8 0.01 %
Mendoza Trucking and Logistics INC(#)2320 Greenbriar Dr, Chula Vista, CA 91915Truck TransportationTerm LoanPrime plus 2.75%6/17/203222.5 22.5 19.8 0.01 %
16
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Mistry's Custom Solutions LLC dba American Body Works(#)420 S Mill St., Lewisville, TX 75057Repair and MaintenanceTerm LoanPrime plus 2.75%6/17/203287.5 87.5 76.9 0.02 %
HYGCO(#)2000 Anchor Ct, Thousand Oaks, CA 91320Chemical ManufacturingTerm LoanPrime plus 2.75%6/17/2032187.5 187.5 182.4 0.05 %
Foundation Business Enterprises, LLC(#)744 Noah Dr, Jasper, GA 30143Construction of BuildingsTerm LoanPrime plus 2.75%6/17/2032131.3 131.3 115.3 0.03 %
STAFFINGPOINT LLC(#)3371 Baywood Terrace, Fremont, CA 94536Administrative and Support ServicesTerm LoanPrime plus 2.75%6/17/203215.0 15.0 13.2 — %
Biocanic, Inc(#)4976 Foothill Blvd, San Diego, CA 92109Publishing Industries (except Internet)Term LoanPrime plus 2.75%6/17/203262.5 62.5 54.9 0.01 %
Muse Enterprises Inc(#)498 County Rd 4711, Kempner, TX 76539Construction of BuildingsTerm LoanPrime plus 2.75%6/17/203251.3 51.3 49.1 0.01 %
Finch Clinic, P.L.L.C. dba Axcel Treatment and Recovery(#)1105 Memorial Dr,, Denison, TX 75020Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/17/203273.1 73.1 69.2 0.02 %
SM Car Sales Inc(#)2340 Royal Ln,, Dallas, TX 75229Motor Vehicle and Parts Dealers Term LoanPrime plus 6.5%6/16/203225.0 25.0 25.3 0.01 %
Erin Cervantes dba Security Carpet Cleaners(#)P O Box 28215, San Antonio, TX 78228Administrative and Support ServicesTerm LoanPrime plus 2.75%6/16/203211.1 11.1 9.9 — %
Edgar Almanzar Insurance Agency Inc.(#)477 central Ave, White Plains, NY 10606Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%6/16/203222.5 22.5 19.8 0.01 %
KT Supply LLC(#)39 Graphic Place, Moonachie, NJ 07024Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/16/203287.5 87.5 76.9 0.02 %
Soapbox Studio, LLC and The Vault Recording Lounge, LLC(#)4031 Fambrough Dr, Powder Springs, GA 30127Motion Picture and Sound Recording IndustriesTerm LoanPrime plus 2.75%6/16/20325.3 5.3 5.5 — %
Gentle Partners in Hospice LLC(#)1635 NE Interstate 410 Loop Ste 501, San Antonio, TX 78209Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%6/16/203268.8 68.8 60.4 0.02 %
Premier Healthcare Service(#)1015 Eden Way North, Chesapeake, VA 23320Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%10/16/204790.7 90.7 102.4 0.03 %
Daedalus Works LLC(#)17 RD 3500, Flora Vista, NM 87415Machinery ManufacturingTerm LoanPrime plus 2.75%6/15/203247.5 47.5 46.4 0.01 %
KLZS Electric LLC dba Mr Electric of Middleton(#)285 E Deer Trail Rd, Clayton, DE 19938Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/15/203212.0 12.0 10.5 — %
Rupisan Companies, LLC(#)30 N Gould St, Sheridan, WY 82801General Merchandise Stores Term LoanPrime plus 2.75%6/14/203222.5 22.5 19.8 0.01 %
Jand J Darling Ventures dba Clean Air Lawn Care Austin NW(#)5404 Pendleton LN, Austin, TX 78723Administrative and Support ServicesTerm LoanPrime plus 6.5%6/14/203210.0 10.0 10.1 — %
Signature Nail Salon Inc.(#)11505 NE Fourth Plain Blvd, Ste F3, Vancouver, WA 98662Personal and Laundry ServicesTerm LoanPrime plus 6.5%6/14/203215.0 15.0 15.2 — %
Spend Less Store LLC(#)516 E Juanita Ave, Ste 3, Mesa, AZ 85204Food and Beverage Stores Term LoanPrime plus 6.5%6/14/203225.0 25.0 25.3 0.01 %
Innovative Concepts Construction LLC(#)2196 Fenton Pkwy,, San Diego,, CA 92108Construction of BuildingsTerm LoanPrime plus 2.75%6/14/203211.3 11.3 9.9 — %
17
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

Coast 2 Coast Consulting, LLC(#)5630 S Garth Ave, Los Angeles, CA 90056Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/13/203222.5 22.5 19.8 0.01 %
Sebastian Castelli, PA(#)12187 Beach Blvd, Jacksonville, FL 32246Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/10/203275.0 75.0 66.4 0.02 %
J LaMendola Physical Therapy PC(#)1100 Clove Rd Ste G-C, Staten Island, NY 10301Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%12/10/2047151.0 151.0 166.0 0.04 %
Nepal Dog Treat LLC(#)11775 Stratford House Pl #303,, Reston, VA 20190Miscellaneous Store Retailers Term LoanPrime plus 2.75%6/10/2032250.0 250.0 219.6 0.06 %
Spartan Bikes, LLC(#)2974 N Alma School Rd, Chandler, AZ 85224Sporting Goods, Hobby, Musical Instrument, and Book Stores Term LoanPrime plus 2.75%6/10/203222.5 22.5 19.8 0.01 %
Code 3 Security LLC(#)6401 Eldorado Pkwy, McKinney, TX 75070Administrative and Support ServicesTerm LoanPrime plus 2.75%6/10/203222.5 22.5 19.8 0.01 %
American Plumbing Solutions Inc(#)34 11th Ave, Farmingdale, NY 11735Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/10/203222.5 22.5 19.8 0.01 %
ALLIANCE DIGITAL PROPERTIES INC(#)1407 Foothill Blvd 305, La Verne, CA 91750Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/10/203222.5 22.5 19.8 0.01 %
Ridge Renovation and Construction LLC(#)1736 E Greenway St, Mesa, AZ 85203Construction of BuildingsTerm LoanPrime plus 2.75%6/10/203257.5 57.5 51.8 0.01 %
Triple Bs Inc(#)12189 Livingston Rd, Manassas, VA 20109Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 2.75%6/10/203287.5 87.5 77.4 0.02 %
Ballard Construction LLC(#)440 Timothy St, Junction City, OR 97448Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/9/203287.5 87.5 92.5 0.02 %
3Dio, LLC(#)5900 NE 152nd Ave, Vancouver, WA 98682Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%6/9/2032100.0 100.0 87.8 0.02 %
Machfu Inc(#)9200 Corporate Blvd, Rockville, MD 20850Computer and Electronic Product ManufacturingTerm LoanPrime plus 2.75%6/9/203287.5 87.5 76.9 0.02 %
TKSPizza LLC(#)505 Hansen Ave, Butler, PA 16001Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/9/203222.5 22.5 23.7 0.01 %
Lighting Management Inc(#)618 Corporate Way, Valley Cottage, NY 10989Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/9/2032375.0 375.0 329.4 0.08 %
Folcon LLC(#)516 West Walnut St, Kalamazoo, MI 49007Real EstateTerm LoanPrime plus 2.75%6/9/204742.3 42.3 46.0 0.01 %
GEMsmash LLC(#)2025 Belford Dr, Walnut Creek, CA 94598Waste Management and Remediation ServicesTerm LoanPrime plus 2.75%6/9/203287.5 87.5 81.6 0.02 %
EDIA World LLC(#)3345 SW 67th Ave, Miami, FL 33155Nonstore Retailers Term LoanPrime plus 6.5%6/9/203225.0 25.0 25.3 0.01 %
ALL OFF GRID, LLC(#)10927 Big Lake Rd, Wasilla, AK 99694Specialty Trade ContractorsTerm LoanPrime plus 2.75%6/8/203222.5 22.5 21.6 0.01 %
Hurricane Beauty LLC(#)1110 Vandon Loop, Berlin, NJ 08009Nonstore Retailers Term LoanPrime plus 2.75%6/8/203215.0 15.0 13.2 — %
Stella del Mare, LLC(#)2804 NE 8th St, Homestead, FL 33033Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/8/203212.8 12.8 11.2 — %
Iron Valley Insurance Services Inc(#)2366 Navigation Circle, Placentia, CA 92870Insurance Carriers and Related ActivitiesTerm LoanPrime plus 2.75%6/8/203211.3 11.3 9.9 — %
18
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2022
(In Thousands)
Portfolio CompanyTickmarksCompany AddressIndustryType of InvestmentInterest Rate (2)MaturityPrincipalCostFair Value% of Net Assets
SBA Unguaranteed Accrual Investments (1) (22)

CarrThom Development, LLC(#)52 T St NW, Washington, DC 20001Construction of BuildingsTerm LoanPrime plus 2.75%6/8/2032107.5 107.5 94.4 0.02 %
MFT Solutions LLC(#)110 E 43rd St, Boise, ID 83714Repair and MaintenanceTerm LoanPrime plus 6.5%6/8/203215.0 15.0 15.2 — %
Black Martin Brands LLC(#)9N915 Heatherington Place, Elgin, IL 60124Miscellaneous Store Retailers Term LoanPrime plus 2.75%6/8/203222.5 22.5 19.8 0.01 %
PERU Q PRODUCTS LLC(#)21772 Ladyslipper Square, Ashburn, VA 20147Merchant Wholesalers, Nondurable Goods Term LoanPrime plus 2.75%6/8/203218.8 18.8 16.5 — %
BARSE & CO INC(#)8701 John W. Carpenter Fwy, Dallas, TX 75247Merchant Wholesalers, Durable Goods Term LoanPrime plus 2.75%6/7/203215.0 15.0 13.2 — %
Reliant Medical Group LLC(#)3935 W Reno Ave, Las Vegas, NV 89118Miscellaneous ManufacturingTerm LoanPrime plus 2.75%6/7/203287.5 87.5 84.0 0.02 %
ANK Mexican Grill Inc(#)74 Roosevelt St, Pequannock Township, NJ 07440Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/7/2032343.1 343.1 301.4 0.08 %
ANK Waterfront Real estate Inc and ANK Waterfront Inc(#)74 Roosevelt St, Pequannock Township, NJ 07440Food Services and Drinking PlacesTerm LoanPrime plus 2.75%6/7/2047489.4 489.4 507.3 0.13 %
FOOTHILL FEED AND MERCANTILE LLC(#)1330 GEIGER GRADE Rd, RENO, NV 89521Building Material and Garden Equipment and Supplies Dealers Term LoanPrime plus 6.5%6/7/203219.5 19.5 19.7 0.01 %
SMART LOGISTICS LLC(#)600 Getty Ave, Clifton, NJ 07011Truck TransportationTerm LoanPrime plus 2.75%6/7/203222.5 22.5 19.8 0.01 %
C.I.I. INC(#)6001 S Decatur Blvd.,, Las Vegas, NV 89118Furniture and Home Furnishings Stores Term LoanPrime plus 2.75%6/7/2032373.3 373.3 328.0 0.08 %
AB Liquor LLC(#)16900 Chenal Pkwy, Little Rock, AR 72223Food and Beverage Stores Term LoanPrime plus 2.75%6/7/203287.5 87.5 92.5 0.02 %
J Michelle's LLC(#)620 Windham St, Petersburg, VA 23803Food Services and Drinking PlacesTerm LoanPrime plus 6.5%6/7/20325.9 5.9 6.0 — %
Bellasky LLC DBA Happy Day(#)26279 CO-74, Kittredge, CO 80457Amusement, Gambling, and Recreation IndustriesTerm LoanPrime plus 2.75%6/6/204776.3 76.3 86.1 0.02 %
T&F Express Services, LLC(#)16420 SE McGillivary, Vancouver, WA 98663Administrative and Support ServicesTerm LoanPrime plus 2.75%6/6/203215.0 15.0 13.2 — %
CWM Professional Consulting Inc(#)19490 SW 24th St, Miramar, FL 33029Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/3/203222.5 22.5 19.8 0.01 %
Gun Guardian, LLC(#)1136 Brick Rd, Winter Garden, FL 34787Plastics and Rubber Products ManufacturingTerm LoanPrime plus 2.75%8/3/203227.5 27.5 27.3 0.01 %
Que Duong LLC(#)6 W. 126th St, Apt 5F, New York, NY 10027Professional, Scientific, and Technical ServicesTerm LoanPrime plus 6.5%6/3/203217.5 17.5 17.7 — %
C.A.L.M. Home, LLC(#)757 West Magma Rd, San Tan Valley, AZ 85143Nursing and Residential Care FacilitiesTerm LoanPrime plus 2.75%6/3/203274.8 74.8 65.7 0.02 %
805 Transportation LLC(#)132 Easy St, Buellton, CA 93427Transit and Ground Passenger TransportationTerm LoanPrime plus 6.5%6/3/203225.0 25.0 25.3 0.01 %
Spine and Orthopedic Center of New Mexico PC(#)400 N Pennsylvania Ave, Roswell, NM 88201Ambulatory Health Care ServicesTerm LoanPrime plus 2.75%6/3/203275.0 75.0 65.9 0.02 %
KRAMER LLC dba Kramer Injury Law LLC(#)161 N Clark St, Chicago, IL 60601Professional, Scientific, and Technical ServicesTerm LoanPrime plus 2.75%6/3/203215.8 15.8 13.8